Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Apr. 04, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'AMERICAN LOCKER GROUP INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,687,319 | ' |
Entity Public Float | ' | ' | $1,878,752 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000008855 | ' | ' |
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-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $279,288 | $413,353 |
Accounts receivable, less allowance for doubtful accounts of approximately $199,000 in 2013 and $162,000 in 2012 | 2,097,644 | 2,385,644 |
Inventories, net | 2,738,813 | 2,671,616 |
Prepaid expenses | 299,730 | 298,185 |
Deferred income taxes | ' | 287,417 |
Total current assets | 5,415,475 | 6,056,215 |
Property, plant and equipment: | ' | ' |
Land | 0 | 500 |
Buildings and leasehold improvements | 552,561 | 803,021 |
Machinery and equipment | 12,089,799 | 11,292,235 |
12,642,360 | 12,095,756 | |
Less allowance for depreciation and amortization | -9,226,076 | -8,861,997 |
3,416,284 | 3,233,759 | |
Other noncurrent assets | 123,856 | 45,173 |
Deferred income taxes | ' | 628,351 |
Total assets | 8,955,615 | 9,963,498 |
Current liabilities: | ' | ' |
Accounts payable | 2,496,331 | 1,856,023 |
Customer deposits | 216,107 | 255,753 |
Commissions, salaries, wages, and taxes thereon | 77,101 | 157,087 |
Income taxes payable | 5,326 | 3,888 |
Revolving line of credit | 1,580,611 | 1,300,000 |
Current portion of long-term debt | 240,000 | 200,000 |
Note payable to a related party | 200,000 | ' |
Current portion of capital lease obligation | 13,883 | ' |
Accrued settlement, current portion | 156,000 | ' |
Other accrued expenses | 660,771 | 690,584 |
Total current liabilities | 5,646,130 | 4,463,335 |
Long-term liabilities: | ' | ' |
Long-term debt, net of current portion | 920,000 | 400,000 |
Capital lease obligation, net of current portion | 59,768 | ' |
Accrued settlement, net of current portion | 130,000 | ' |
Pension and other benefits | 1,274,173 | 2,128,210 |
2,383,941 | 2,528,210 | |
Total liabilities | 8,030,071 | 6,991,545 |
Stockholders’ equity: | ' | ' |
Common stock, $1.00 par value: Authorized shares – 4,000,000; Issued shares – 1,879,319 in 2013 and 1,879,319 in 2012; Outstanding shares – 1,687,319 in 2013 and 1,687,319 in 2012 | 1,879,319 | 1,879,319 |
Other capital | 271,381 | 288,395 |
Retained earnings | 1,565,134 | 4,386,520 |
Treasury stock at cost, 192,000 shares | -2,112,000 | -2,112,000 |
Accumulated other comprehensive loss | -978,290 | -1,470,281 |
Total stockholders’ equity | 925,544 | 2,971,953 |
Total liabilities and stockholders’ equity | 8,955,615 | 9,963,498 |
Series C Preferred Stock [Member] | ' | ' |
Stockholders’ equity: | ' | ' |
Series C redeemable, convertible preferred stock, $1.00 par value: Liquidation preference of $5 per share; Authorized shares - 100,000; Issued and outstanding shares - 60,000 in 2013 and 0 in 2012 | $300,000 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts (in Dollars) | $199,000 | $162,000 |
Series C redeemable, convertible preferred stock, Authorized shares | 1,000,000 | ' |
Common stock, par value (in Dollars per share) | $1 | $1 |
Common stock, authorized shares | 4,000,000 | 4,000,000 |
Common stock, issued shares | 1,879,319 | 1,879,319 |
Common stock, outstanding shares | 1,687,319 | 1,687,319 |
Treasury stock at cost, shares | 192,000 | 192,000 |
Series C Preferred Stock [Member] | ' | ' |
Series C redeemable, convertible preferred stock, par value (in Dollars per share) | $1 | $1 |
Series C redeemable, convertible preferred stock, Authorized shares | 100,000 | 100,000 |
Series C redeemable, convertible preferred stock, Liquidation preference (in Dollars per share) | $5 | $5 |
Series C redeemable, convertible preferred stock, Issued | 60,000 | 0 |
Series C redeemable, convertible preferred stock, outstanding shares | 60,000 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net sales | $14,625,889 | $13,676,186 | $13,386,336 |
Cost of products sold | 11,580,713 | 9,767,377 | 9,286,025 |
Gross profit | 3,045,176 | 3,908,809 | 4,100,311 |
Selling, general and administrative expenses | 4,794,750 | 3,991,280 | 4,070,957 |
Restructuring costs | ' | 283,924 | ' |
Settlement expense | 441,583 | ' | ' |
Total operating income (loss) | -2,191,157 | -366,395 | 29,354 |
Other income (expense): | ' | ' | ' |
Gain on sale of property | 205,055 | ' | ' |
Interest income | 28,042 | 13,637 | -47 |
Other income (expense) – net | -32,703 | -14,005 | 120,033 |
Interest expense | -192,018 | -116,382 | -68,733 |
Total other income (expense) | 8,376 | -116,750 | 51,253 |
Income (loss) before income taxes | -2,182,781 | -483,145 | 80,607 |
Income tax expense | -638,605 | -131,433 | -43,516 |
Net income (loss) | -2,821,386 | -614,578 | 37,091 |
Provision for preferred stock dividends | -5,338 | ' | ' |
Net income (loss) applicable to common shareholders | ($2,826,724) | ($614,578) | $37,091 |
Weighted average common shares: | ' | ' | ' |
Basic (in Shares) | 1,687,319 | 1,682,994 | 1,655,805 |
Diluted (in Shares) | 1,687,319 | 1,682,994 | 1,655,805 |
Net income (loss) per share applicable to common shareholders: | ' | ' | ' |
Basic (in Dollars per share) | ($1.68) | ($0.37) | $0.02 |
Diluted (in Dollars per share) | ($1.68) | ($0.37) | $0.02 |
Dividends per share of common stock (in Dollars per share) | $0 | $0 | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net income (loss) | ($2,821,386) | ($614,578) | $37,091 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustment | -109,199 | -6,130 | -18,028 |
Adjustment to minimum pension liability, net of tax effect of $302,275 in 2013, $91,544 in 2012, and $158,869 in 2011 | 601,190 | -187,078 | -610,220 |
Other comprehensive income (loss) | 491,991 | -193,208 | -628,248 |
Total comprehensive loss | ($2,329,395) | ($807,786) | ($591,157) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax effect on adjustment to minimum pension liability | $302,275 | $91,544 | $158,869 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (USD $) | Series C Preferred Stock [Member] | Common Stock [Member] | Other Additional Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2010 | ' | $1,834,106 | $265,271 | $4,964,007 | ($2,112,000) | ($648,825) | $4,302,559 |
Common stock issued as compensation | ' | 37,893 | 19,207 | ' | ' | ' | 57,100 |
Net income (loss) | ' | ' | ' | 37,091 | ' | ' | 37,091 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | ' | ' | ' | ' | ' | -18,028 | -18,028 |
Minimum pension liability adjustment, net of tax benefit | ' | ' | ' | ' | ' | -610,220 | -610,220 |
Balance at Dec. 31, 2011 | ' | 1,871,999 | 284,478 | 5,001,098 | -2,112,000 | -1,277,073 | 3,768,502 |
Common stock issued as compensation | ' | 7,320 | 3,917 | ' | ' | ' | 11,237 |
Net income (loss) | ' | ' | ' | -614,578 | ' | ' | -614,578 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | ' | ' | ' | ' | ' | -6,130 | -6,130 |
Minimum pension liability adjustment, net of tax benefit | ' | ' | ' | ' | ' | -187,078 | -187,078 |
Balance at Dec. 31, 2012 | 0 | 1,879,319 | 288,395 | 4,386,520 | -2,112,000 | -1,470,281 | 2,971,953 |
Series C redeemable, convertible preferred stock issued (60,000 shares) | 300,000 | ' | -17,014 | ' | ' | ' | 282,986 |
Net income (loss) | ' | ' | ' | -2,821,386 | ' | ' | -2,821,386 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | ' | ' | ' | ' | ' | -109,199 | -109,199 |
Minimum pension liability adjustment, net of tax benefit | ' | ' | ' | ' | ' | 601,190 | 601,190 |
Balance at Dec. 31, 2013 | $300,000 | $1,879,319 | $271,381 | $1,565,134 | ($2,112,000) | ($978,290) | $925,544 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders’ Equity (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Minimum pension liability adjustment, tax | $302,275 | $91,544 | $158,869 |
Series C Preferred Stock [Member] | ' | ' | ' |
Series C redeemable, issued | 60,000 | ' | ' |
Common Stock [Member] | ' | ' | ' |
Common stock issued as compensation | ' | 7,320 | 37,893 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net income (loss) | ($2,821,386) | ($614,578) | $37,091 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 851,980 | 744,094 | 671,009 |
Gain on sale of property | -205,055 | ' | ' |
Provision for uncollectible accounts | 114,686 | 48,342 | 22,585 |
Equity based compensation | ' | 11,237 | 62,025 |
Deferred income taxes | 622,507 | -770 | -297,640 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | 159,698 | -740,794 | 1,000,269 |
Inventories | -67,745 | 174,037 | -300,472 |
Prepaid expenses | -82,815 | 32,680 | -103,376 |
Deferred revenue | ' | ' | -341,000 |
Accounts payable, customer deposits, accrued legal settlement (current and long-term) and accrued expenses | 785,183 | 345,205 | -274,209 |
Pension and other benefits | 20,968 | -65,830 | 4,519 |
Income taxes | 1,438 | -11,844 | 123,983 |
Net cash provided by (used in) operating activities | -620,541 | -78,221 | 604,784 |
Investing activities: | ' | ' | ' |
Purchase of property, plant and equipment | -971,117 | -413,737 | -1,227,798 |
Proceeds from sale of property, net of selling costs | 210,612 | ' | ' |
Net cash used in investing activities | -760,505 | -413,737 | -1,227,798 |
Financing activities: | ' | ' | ' |
Borrowings from note payable to a related party | 200,000 | ' | ' |
Payment of capital lease obligations | -3,481 | ' | ' |
Proceeds from issuance of preferred stock, net of issuance costs | 282,986 | ' | ' |
Net cash provided by financing activities | 1,320,116 | 400,000 | 500,000 |
Effect of exchange rate changes on cash | -73,135 | -20,321 | -1,306 |
Net decrease in cash and cash equivalents | -134,065 | -112,279 | -124,320 |
Cash and cash equivalents at beginning of period | 413,353 | 525,632 | 649,952 |
Cash and cash equivalents at end of period | 279,288 | 413,353 | 525,632 |
Cash paid for: | ' | ' | ' |
Interest | 170,700 | 107,057 | 67,555 |
Income taxes | 15,064 | 15,210 | 15,647 |
Purchase of equipment under capital lease obligation | 77,132 | ' | ' |
Bank of America Merrill Lynch [Member] | ' | ' | ' |
Financing activities: | ' | ' | ' |
Long-term debt payments | -750,000 | -200,000 | -200,000 |
Long-term debt borrowings | 150,000 | ' | ' |
Borrowings on line of credit | 220,000 | 600,000 | 700,000 |
Payments on line of credit with Bank of America Merrill Lynch | -1,520,000 | ' | ' |
Triumph Commercial Finance [Member] | ' | ' | ' |
Financing activities: | ' | ' | ' |
Long-term debt payments | -40,000 | ' | ' |
Long-term debt borrowings | 1,200,000 | ' | ' |
Borrowings on line of credit | $1,580,611 | ' | ' |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 12 Months Ended | ||
Dec. 31, 2013 | |||
Disclosure Text Block [Abstract] | ' | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||
1. Basis of Presentation | |||
Consolidation and Business Description | |||
The consolidated financial statements include the accounts of American Locker Group Incorporated and its subsidiaries (the “Company”), all of which are wholly owned. Intercompany accounts and transactions have been eliminated in consolidation. The Company’s products can be categorized as mailboxes, lockers or contract manufacturing services. Mailboxes are used for the delivery of mail, packages and other parcels to multi-tenant facilities. Lockers are used for applications other than mail delivery, and most of our lockers are key-controlled checking lockers. The Company is best known for manufacturing and servicing the key and lock system with the plastic orange cap. The Company also provides locker concession services to certain of its customers whereby the Company retains ownership of the lockers and receives a portion of the revenue generated by the locker operations. Contract manufacturing services involve producing fabricated sheet metal parts and enclosures for third parties. The Company serves customers in a variety of industries in all 50 states and in Canada, Mexico, Europe, Asia and South America. | |||
Liquidity | |||
We have incurred substantial losses in each of the last two fiscal years and, as of December 31, 2013, had a working capital deficit. Further, we are dependent on our ability to obtain short term financing and ultimately to generate sufficient cash flow to meet our obligations on a timely basis, as well as successfully obtain financing on favorable terms to fund our long term plans. In addition, as of December 31, 2013, the Company was not in compliance with certain financial covenants under the terms of its loan agreement pursuant to which it has an outstanding revolving line of credit and term loan. These circumstances have negatively impacted our liquidity and raise substantial doubt about our ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. | |||
Management’s plans to address the Company’s liquidity and working capital needs include the following: | |||
● | As more fully described in Note 4, in February 2014, the Company sold the lockers, kiosks and other assets related to a locker concession arrangement to a third party. The Company received gross proceeds of approximately $1.2 million upon closing of the sale, which has significantly improved our liquidity and working capital position. | ||
● | Management has focused efforts to increase core locker sales in 2014 through new product development and to increase contract manufacturing revenues by continuing its efforts to grow this segment of our business. While the Company was able to grow contract manufacturing revenue by 7.5% in 2013, we expect stronger growth in our contract manufacturing business in 2014 as a result of these efforts. | ||
● | In conjunction with its focus on increasing revenues, management has taken steps to improve overall margins and profits in 2014 through cost containment, including steps taken to better manage inventory, labor costs, and discretionary expenditures. | ||
We believe the Company’s sources of liquidity will provide sufficient capital resources to support the working capital and capital expenditure requirements of our operations in 2014. However, such expectations rely upon projections based upon assumptions and forecasts, including factors beyond our control, and we can give no assurances that actual results will not vary significantly from our projections. We can give no assurance that our plans and efforts to achieve the above steps will be successful. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
2. Summary of Significant Accounting Policies | |
Cash and Cash Equivalents | |
Cash and cash equivalents include currency on hand and demand deposits with financial institutions. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash and cash equivalents on deposit in amounts in excess of federally insured limits. The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant risk. | |
Accounts Receivable | |
The Company grants credit to its customers and generally does not require collateral. Accounts receivable are reported at net realizable value and do not accrue interest. Management uses judgmental factors such as a customer’s payment history, the general economic climate and the age and past-due status of invoices in assessing collectability and establishing allowances for doubtful accounts. Accounts receivable are written off after all collection efforts have been exhausted. | |
Estimated losses for bad debts are provided for in the consolidated financial statements through a charge to expense of approximately $115,000, $48,000, and $23,000 for 2013, 2012 and 2011, respectively. The net charge-off of bad debts was approximately $78,000, $29,000, and $1,300 for 2013, 2012 and 2011, respectively. | |
Inventories | |
Inventories are stated at the lower of cost or market value using the FIFO method and are categorized as raw materials, work-in-progress or finished goods. | |
The Company records reserves for estimated obsolescence or unmarketable inventory equal to the difference between the actual cost of inventory and the estimated market value based upon assumptions about future demand and market conditions and management’s review of existing inventory. If actual demand and market conditions are less favorable than those projected by management, additional inventory reserves resulting in a charge to expense would be required. | |
Property, Plant and Equipment | |
Property, plant and equipment are stated at historical cost. Depreciation is computed by the straight-line and declining-balance methods for financial reporting purposes and by accelerated methods for income tax purposes. Estimated useful lives for financial reporting purposes are 20 to 40 years for buildings and 3 to 12 years for machinery and equipment. Leasehold improvements are amortized over the shorter of the life of the building or the lease term. Expenditures for repairs and maintenance are expensed as incurred. Gains and losses resulting from the sale or disposal of property and equipment are included in other income. | |
Long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of those assets may not be recoverable in accordance with appropriate guidance. The Company uses undiscounted cash flows to determine whether impairment exists and measures any impairment loss using discounted cash flows. The Company recorded no asset impairment charges related to property, plant and equipment in 2013, 2012 or 2011. | |
Depreciation expense was $851,980 in 2013, of which $784,771 was included in cost of products sold, and $67,209 was included in selling, administrative and general expenses. Depreciation expense was $744,094 in 2012, of which $728,869 was included in cost of products sold, and $15,225 was included in selling, administrative and general expenses. Depreciation expense was $671,009 in 2011, of which $651,237 was included in cost of products sold, and $19,772 was included in selling, administrative and general expenses. | |
Pensions and Postretirement Benefits | |
The Company has two defined benefit plans that recognize a net liability or asset and an offsetting adjustment to accumulated other comprehensive income (loss) to report the funded status of the plans. The plan assets and obligations are measured at their year-end balance sheet date. Refer to Note 10 “Pensions and Other Postretirement Benefits” for further detail on the plans. | |
Revenue Recognition | |
The Company recognizes revenue upon passage of title and when risks and rewards have passed to customers, which occurs at the time of shipment to the customer. The Company derived approximately 14.4%, 25.5%, and 16.9% of its revenue in 2013, 2012 and 2011, respectively, from sales to distributors. These distributors do not have a right to return unsold products; however, returns may be permitted in specific situations. Historically, returns have not had a significant impact on the Company’s results of operations. Revenues are reported net of discounts and returns and net of sales tax. | |
For concession operations, the Company recognizes revenue when receipts are collected. Revenue is recognized for the Company’s proportional share of receipts with the remaining amounts collected recorded as an accrued liability until they are remitted to the concession contract counterparty. | |
Shipping and Handling Costs | |
Shipping and handling costs are expensed as incurred and are included in selling, administrative and general expenses in the accompanying consolidated statements of operations. These costs were approximately $668,000, $674,000, and $696,000 during 2013, 2012 and 2011, respectively. | |
Advertising Expense | |
The cost of advertising is generally expensed as incurred. The cost of catalogs and brochures are recorded as a prepaid cost and are expensed over their useful lives, generally one year. The Company incurred approximately $97,000, $165,000, and $149,000 in advertising costs during 2013, 2012 and 2011, respectively. | |
Income Taxes | |
The Company and its domestic subsidiaries file a consolidated U.S. income tax return. Canadian operations file income tax returns in Canada. Hong Kong operations file income tax returns in Hong Kong. The Company accounts for income taxes using the liability method in accordance with appropriate accounting guidance. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recorded to reduce the Company’s deferred tax assets to the amount that is more likely than not to be realized. | |
Pursuant to appropriate accounting guidance, ASC-740—Income Taxes, when establishing a valuation allowance, the Company considers future sources of taxable income such as “future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards” and “tax planning strategies.” Appropriate accounting guidance defines a tax planning strategy as “an action that: is prudent and feasible; an enterprise ordinarily might not take, but would take to prevent an operating loss or tax credit carryforward from expiring unused; and would result in realization of deferred tax assets.” In the event the Company determines that the deferred tax assets will not be realized in the future, the valuation adjustment to the deferred tax assets is charged to earnings in the period in which the Company makes such a determination. If it is later determined that it is more likely than not the deferred tax assets will be realized, the Company will release the valuation allowance to current earnings. | |
The amount of income taxes the Company pays is subject to ongoing audits by federal, state and foreign tax authorities. The Company’s estimate of the potential outcome of any uncertain tax issue is subject to management’s assessment of relevant risks, facts and circumstances existing at that time, pursuant to appropriate accounting guidance. Appropriate accounting guidance requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company records a liability for the difference between the benefit recognized and measured pursuant to appropriate accounting guidance and tax position taken or expected to be taken on the tax return. To the extent that the Company’s assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The Company reports tax-related interest and penalties as a component of income tax expense. | |
Research and Development | |
The Company engages in research and development activities relating to new and improved products. It expended approximately $178,000, $99,000, and $77,000 in 2013, 2012 and 2011, respectively, for such activity in its continuing businesses. Research and development costs are included in selling, administrative and general expenses. | |
Earnings Per Share | |
The Company reports earnings per share in accordance with appropriate accounting guidance. Under appropriate accounting guidance basic earnings per share excludes any dilutive effects of stock options, whereas diluted earnings per share assumes exercise of stock options, when dilutive, resulting in an increase in outstanding shares. Please refer to Note 13 for further information. | |
Foreign Currency | |
In accordance with appropriate accounting guidance, the Company translates the financial statements of the Canadian and Hong Kong subsidiaries from its functional currency into the U.S. dollar. Assets and liabilities are translated into U.S. dollars using exchange rates in effect at the balance sheet date. Income statement amounts are translated using the average exchange rate for the year. All translation gains and losses resulting from the changes in exchange rates from year to year have been reported in other comprehensive income. Foreign currency gains and losses resulting from current year exchange rate transactions are insignificant for all years presented. | |
Fair Value of Financial Instruments | |
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and long-term debt approximate fair value. | |
Comprehensive Income | |
Comprehensive income consists of net income, foreign currency translation and minimum pension liability adjustments and is reported in the consolidated statements of stockholders’ equity. | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include allowance for doubtful accounts, inventory obsolescence, product returns, pension, post-retirement benefits, contingencies, and deferred tax asset valuation allowance. Actual results could differ from those estimates. | |
New Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The update requires companies to present either in a single note or parenthetically on the face of the financial statements the effect of significant amounts of reclassifications from each component of accumulated other comprehensive income based on its source and the income statement lines affected by the reclassification. For public entities, the amendments that are subject to the transition guidance were effective for fiscal periods beginning after December 15, 2012. Adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We believe adoption of this new guidance will not have a significant impact on the Company’s consolidated financial statements. |
Note_3_Sale_of_Property
Note 3 - Sale of Property | 12 Months Ended |
Dec. 31, 2013 | |
Property, plant and equipment: [Abstract] | ' |
Property, Plant and Equipment Disclosure [Text Block] | ' |
3. Sale of Property | |
On September 18, 2009, the Company sold its headquarters and primary manufacturing facility to the City of Grapevine, Texas (the “City”) for a purchase price of $2,747,000. The Company was entitled to continue to occupy the facility, through December 31, 2010 at no cost. The City further agreed to pay the Company’s relocation costs within the Dallas-Fort Worth area and to pay the Company’s real property taxes for the facility through June 2011. During May 2011, the Company relocated its corporate headquarters and primary manufacturing facility from Grapevine, Texas to a 100,500 sq. ft. building in DFW Airport, Texas. The Company received a $341,000 payment towards the moving costs at closing which was recorded as “Deferred revenue” in the Company’s consolidated balance sheet as of December 31, 2010. The Company offset $211,768 of moving expense against deferred revenue in 2011. The difference of $129,232 between the deferred revenue balance at December 31, 2010 and the amount offset against moving expenses was recorded as “Other income.” Proceeds of the sale were used to pay off the $2 million mortgage secured by the property and for general working capital purposes. The Company invested approximately $875,000 during 2011 for leasehold improvements and machinery and equipment related to relocating. | |
On August 8, 2013, the Company completed the sale of certain real property located in Ellicottville, New York pursuant to a Purchase and Sale Agreement dated May 7, 2013 by and between American Locker Security Systems, Inc., a wholly-owned subsidiary of the Company, and Michael Young. Mr. Young purchased the real property, consisting of an approximately 12,800 square foot building, for total consideration of $212,500. The Company received proceeds, net of selling costs, of approximately $211,000 and recorded a gain on the sale of this property of approximately $205,000. The sale of this property concluded the relocation and consolidation of its Ellicottville, New York operations into its Texas facility. |
Note_4_Concession_Agreement_an
Note 4 - Concession Agreement and Disposition of Assets | 12 Months Ended |
Dec. 31, 2013 | |
Concession Agreement Disclosure [Abstract] | ' |
Concession Agreement Disclosure [Text Block] | ' |
4. Concession Agreement and Disposition of Assets | |
In 2010, the Company entered into a five-year agreement with a large theme-park operator to provide approximately 4,300 lockers under a locker concession arrangement. The Company retained ownership of the lockers and received a portion of the revenue generated by the locker operations. Under appropriate accounting guidance, the Company capitalized its costs related to the concession agreement and was depreciating such costs over the five-year term of the agreement. The Company recognized its portion of the revenue as it was collected. | |
In February 2014, the Company sold the lockers, kiosks and other assets related to that locker concession arrangement to a third party and entered into a subcontract agreement pursuant to which the third party agreed to perform the locker concession and management services previously performed by the Company for the theme-park operator in exchange for the right to receive all of the payments owed to the Company under such arrangement. The Company received $1,218,075 in total consideration for the disposition of these assets. |
Note_5_Inventories
Note 5 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
5. Inventories | |||||||||
Inventories consist of the following: | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Finished products | $ | 373,281 | $ | 602,753 | |||||
Work-in-process | 817,456 | 666,830 | |||||||
Raw materials | 1,548,076 | 1,402,033 | |||||||
Net Inventories | $ | 2,738,813 | $ | 2,671,616 | |||||
Note_6_Other_Accrued_Expenses_
Note 6 - Other Accrued Expenses and Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
6. Other Accrued Expenses and Current Liabilities | |||||||||
Accrued expenses consist of the following at December 31: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Restructuring liability | $ | — | $ | 39,883 | |||||
Accrued rent liability | 322,436 | 286,544 | |||||||
Accrued expenses, other | 338,335 | 364,157 | |||||||
Total accrued expenses | $ | 660,771 | $ | 690,584 | |||||
Note_7_Debt
Note 7 - Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
7. Debt | |||||||||
Long-term debt consists of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Term loan payable to Triumph Commercial Finance through September 2016 at $20,000 monthly plus interest at the U.S. Prime Rate plus 400 basis points (7.25% at December 31, 2013) collateralized by accounts receivable, inventory, and equipment | $ | 1,160,000 | $ | — | |||||
Term loan payable to Bank of America Merrill Lynch through December 2015 at $16,667 monthly plus interest at LIBOR rate plus 375 basis points (3.963% at December 31, 2012) collateralized by accounts receivable, inventory, and equipment | — | $ | 600,000 | ||||||
Less current portion | (240,000 | ) | (200,000 | ) | |||||
Long-term portion | $ | 920,000 | $ | 400,000 | |||||
The Company entered into a credit agreement with Bank of America Merrill Lynch (“BAML”), pursuant to which it obtained a $1 million term loan, a $2.5 million revolving line of credit and a $500,000 draw note. The credit agreement contained certain covenants with which the Company was required to comply, including a debt service coverage ratio and a funded debt-to-EBITDA ratio. For the quarters ended March 31, 2013 and June 30, 2013, we were not in compliance with either covenant. On September 13, 2013, the Company entered into a Forbearance Agreement with BAML pursuant to which BAML agreed to waive the Company’s obligation to meet these financial covenants and forbear from enforcing its remedies against the Company with respect to such failure through November 30, 2013. On September 30, 2013, the Company terminated the credit agreement with BAML and repaid in full all of the borrowings under these credit facilities. | |||||||||
On September 30, 2013, the Company and its subsidiaries, Security Manufacturing Corporation and American Locker Security Systems, Inc., entered into a Loan Agreement (the “Loan Agreement”) with Triumph Savings Bank, SSB (d/b/a Triumph Commercial Finance) (the “Lender”). The Loan Agreement provides for a $2.8 million revolving credit facility (the “Revolver”) and a $1.2 million term loan facility (the “Term Loan”). The Company initially borrowed approximately $1.7 million on the Revolver and $1.2 million on the Term Loan. The Company used these proceeds to repay in full the outstanding indebtedness under the Company’s prior credit facilities and equipment leases with BAML and for working capital and general corporate purposes. | |||||||||
The Revolver matures on September 30, 2016 and the Lender may, in its sole discretion, extend the maturity of the Revolver for a period of one year, and may further extend the Revolver for one-year periods thereafter. Available borrowings under the Revolver are limited to a borrowing base of 85% of eligible trade receivables plus 50% of eligible inventory (capped at $1,000,000) less any availability reserves established by the Lender. The interest rate on the Revolver is 3.50% plus the greater of (a) the U.S. prime rate as published in The Wall Street Journal or (b) 3.25%. | |||||||||
The Term Loan is payable in equal monthly installments based on a 60-month amortization schedule. All unpaid principal on the Term Loan is due and payable on September 30, 2016, the maturity date. The interest rate on the Term Loan is 4.00% plus the greater of (a) the U.S. prime rate as published in The Wall Street Journal or (b) 3.25%. In the event of a default under the Loan Agreement, the Revolver and the Term Loan will each bear interest at the applicable rate plus an additional 2.00%. | |||||||||
The Company will pay Lender an annual facility fee of $30,000 in the first year and, thereafter, an annual facility fee of 0.75% of the Revolver amount. In addition, the Company will pay Lender a monthly unused line fee equal to 0.50% per annum of the average daily unused portion of the Revolver for the preceding month. In the event the Company desires to terminate the Loan Agreement and prepay in full the amounts outstanding under the Revolver and the Term Loan, it will pay a termination fee equal to $120,000 if terminated before September 30, 2014, $80,000 if terminated after September 30, 2014 but before September 30, 2015, and $40,000 if terminated after September 30, 2015 but before September 30, 2016. | |||||||||
The credit facilities under the Loan Agreement are secured by a security interest in substantially all of the assets of the Company, and its subsidiaries Security Manufacturing Corporation and American Locker Security Systems, Inc., including a pledge of a portion of the stock of Canadian Locker Company Limited, a subsidiary of American Locker Security Systems, Inc., and each is jointly and severally liable for all borrowings under the Loan Agreement. The Company is required to use the net cash proceeds from any asset disposition or the issuance of equity securities (excluding issuances to employees or another borrower) or debt securities to prepay, first, the Term Loan and, if any proceeds remain, to pay down the Revolver. | |||||||||
The Loan Agreement includes various representations, warranties, affirmative and negative covenants, events of default, remedies and other provisions customary for a transaction of this nature. In addition, the Company is required to comply with certain financial covenants on a monthly basis, including a maximum debt to tangible net worth ratio, a minimum fixed charge ratio and a minimum tangible net worth. For the months ended December 31, 2013, January 31, 2014 and February 28, 2014, the Company was not in compliance with these financial covenants. On April 7, 2014, Triumph waived the Company’s failure to meet these financial covenants and the parties amended the Loan Agreement to modify the ratio of debt to tangible net worth covenant, the fixed charge ratio covenant and the tangible net worth covenant. We believe we will be able to comply with each of the financial covenants in the Loan Agreement, as amended, in 2014, though we can give no assurances of such compliance. | |||||||||
On December 10, 2013, the Company executed a Promissory Note (the “Note”), effective as of November 13, 2013, in favor of Anthony B. Johnston, the Company’s Chairman and Chief Executive Officer, in the principal amount of $200,000 to evidence a loan by Mr. Johnston to the Company. The principal balance of the Note, together with accrued but unpaid interest, is due and payable on November 30, 2014. The interest rate on the Note is 6.00% and the Company may prepay the Note at any time and from time to time without premium or penalty. The Note is unsecured and contains event of default provisions that are customary for a transaction of this nature. The Company used the proceeds from the Note for working capital and general corporate purposes. |
Note_8_Leases
Note 8 - Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
8. Leases | |||||
The Company leases several operating facilities, vehicles and equipment under non-cancelable operating leases. The Company accounts for operating leases on a straight line basis over the lease term. Future minimum lease payments consist of the following at December 31, 2013: | |||||
2014 | $ | 390,766 | |||
2015 | 374,072 | ||||
2016 | 374,072 | ||||
2017 | 374,072 | ||||
2018 | 221,309 | ||||
Thereafter | — | ||||
Total | $ | 1,734,291 | |||
Rent expense amounted to approximately $451,786, $407,600, and $380,800 in 2013, 2012 and 2011, respectively. | |||||
Effective October 21, 2013, the Company entered into a five-year lease agreement for certain plant equipment under which the Company is making monthly payments of $1,480. Pursuant to terms of the lease agreement, which contains a bargain purchase option, the Company recorded a capital lease obligation of $77,000. As of December 31, 2013, the outstanding amount of the capital lease obligation was $73,651. |
Note_9_Income_Taxes
Note 9 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
9. Income Taxes | |||||||||||||
For financial reporting purposes, income before income taxes includes the following during the years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States income (loss) | $ | (2,146,877 | ) | $ | (507,197 | ) | $ | 91,329 | |||||
Foreign income (loss) | (35,904 | ) | 24,052 | (10,722 | ) | ||||||||
$ | (2,182,781 | ) | $ | (483,145 | ) | $ | 80,607 | ||||||
Significant components of the provision for income taxes are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | (68,791 | ) | $ | — | ||||||
State | 16,098 | 21,503 | 19,122 | ||||||||||
Foreign | — | — | — | ||||||||||
Total current | 16,098 | (47,288 | ) | 19,122 | |||||||||
Deferred: | |||||||||||||
Federal | 569,604 | 169,923 | 13,302 | ||||||||||
State | — | 1,628 | 463 | ||||||||||
Foreign | 52,903 | 7,170 | 10,629 | ||||||||||
622,507 | 178,721 | 24,394 | |||||||||||
$ | 638,605 | $ | 131,433 | $ | 43,516 | ||||||||
The differences between the federal statutory rate and the effective tax rate as a percentage of income before taxes are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory income tax rate | 34 | % | 34 | % | 34 | % | |||||||
State and foreign income taxes, net of federal benefit | (1 | ) | 1 | 1 | |||||||||
Change in valuation allowance | (66 | ) | (69 | ) | — | ||||||||
Foreign earnings taxed at different rate | — | — | (24 | ) | |||||||||
Change in estimated state income tax rate | — | (5 | ) | 3 | |||||||||
Other permanent differences | 4 | 12 | 40 | ||||||||||
Effective tax rate | (29% | ) | (27% | ) | 54 | % | |||||||
Differences between the application of accounting principles and tax laws cause differences between the bases of certain assets and liabilities for financial reporting purposes and tax purposes. The tax effects of these differences, to the extent they are temporary, are recorded as deferred tax assets and liabilities. Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | $ | (137,830 | ) | $ | (192,136 | ) | |||||||
Prepaid expenses and other | (4,599 | ) | (4,599 | ) | |||||||||
Total deferred tax liabilities | (142,429 | ) | (196,735 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Operating loss carryforwards | 1,975,282 | 1,209,966 | |||||||||||
Postretirement benefits | 21,360 | 22,047 | |||||||||||
Pension costs | 401,428 | 691,824 | |||||||||||
Allowance for doubtful accounts | 58,717 | 52,385 | |||||||||||
Other assets | 3,431 | 5,719 | |||||||||||
Accrued expenses | 139,654 | 171,444 | |||||||||||
Other employee benefits | 22,763 | 16,009 | |||||||||||
Inventory costs | 119,846 | 85,742 | |||||||||||
Total deferred tax assets | 2,742,481 | 2,255,136 | |||||||||||
Net | 2,600,052 | 2,058,401 | |||||||||||
Valuation allowance | (2,600,052 | ) | (1,142,633 | ) | |||||||||
Net | $ | — | $ | 915,768 | |||||||||
Current deferred tax asset | $ | — | $ | 287,417 | |||||||||
Long-term deferred tax asset | 628,351 | ||||||||||||
$ | — | $ | 915,768 | ||||||||||
As of December 31, 2013 and 2012, the Company’s gross deferred tax assets were approximately $2,600,000 and $2,058,000, respectively. Gross deferred tax assets as of December 31, 2013 and 2012 reflect the benefit of approximately $4,861,000 and $2,993,000 in net operating loss carryforwards for federal and state income tax purposes which are available to offset future federal and state income tax and which expire in varying amounts between 2027 and 2033. Gross deferred tax assets are reduced by a valuation allowance as of December 31, 2013 and 2012 of approximately $2,600,000 and $1,143,000, respectively. | |||||||||||||
Pursuant to ASC-740—Income Taxes, when establishing a valuation allowance, the Company considers future sources of taxable income such as future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards and tax planning strategies. The Company must also take into account recent trends of taxable income and/or losses and its ability to project sufficient taxable income in future periods. Under ASC 740, all available evidence, both positive and negative, shall be considered to determine whether, based on the weight of that evidence, a deferred tax asset will be realized in future periods. Due to the existence of significant negative evidence, primarily cumulative taxable losses in recent periods and limited operating income, the Company has determined that it is more likely than not that its deferred tax assets will not be realized in future periods. Accordingly, the Company increased the valuation allowance to fully offset the gross deferred tax asset balance at December 31, 2013. If it is later determined that it is more likely than not the deferred tax assets will be realized, the Company will release the valuation allowance to current earnings. | |||||||||||||
The Company has not provided deferred taxes for taxes that could result from the remittance of undistributed earnings of the Company’s foreign subsidiary since it has generally been the Company’s intention to reinvest these earnings indefinitely. Undistributed earnings that could be subject to additional income taxes if remitted were approximately $112,000 at December 31, 2013. | |||||||||||||
The Company files an income tax return in the U.S. federal jurisdiction, Texas, and a number of other U.S. state and local jurisdictions. Tax returns for the years 2009 through 2013 remain open for examination in various tax jurisdictions in which it operates. At December 31, 2013, there were no unrecognized tax benefits from uncertain tax positions and, accordingly, no interest related to uncertain tax positions had been accrued. |
Note_10_Pension_and_Other_Post
Note 10 - Pension and Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||||||||||
10. Pension and Other Postretirement Benefits | |||||||||||||||||||||||||
U.S. Pension Plan | |||||||||||||||||||||||||
The Company maintains a defined benefit pension plan for its domestic employees (the “U.S. Plan”), which was frozen effective July 15, 2005. Accordingly, no new benefits are being accrued under the U.S. Plan. Participant accounts are credited with interest at the federally mandated rates. Company contributions are based on computations by independent actuaries. | |||||||||||||||||||||||||
The plan’s assets are invested in a balanced index fund (the “Fund”) where the assets were invested during 2011, 2012 and 2013. The principal investment objective of the Fund is to provide an incremental risk adjusted return compared to a portfolio invested 50% in stocks and 50% in bonds over a full market cycle. Under normal market conditions, the average asset allocation for the Fund is expected to be approximately 50% in stocks and 50% in bonds. This benchmark allocation may be adjusted by up to 20% based on economic or market conditions and liquidity needs. Therefore, the stock allocation may fluctuate from 30% to 70% of the total portfolio, with a corresponding bond allocation of from 70% to 30%. Fund reallocation may take place at any time. | |||||||||||||||||||||||||
Canadian Pension Plan | |||||||||||||||||||||||||
Effective January 1, 2009, the Company converted its pension plan for its Canadian employees (the “Canadian Plan”) from a noncontributory defined benefit plan to a defined contribution plan. Until the conversion, benefits for the salaried employees were based on specified percentages of the employees’ monthly compensation. The conversion of the Canadian Plan has the effect of freezing the accrual of future defined benefits under the plan. Under the defined contribution plan, the Company will contribute 3% of employee compensation plus 50% of employee elective contributions up to a maximum contribution of 5% of employee compensation. | |||||||||||||||||||||||||
The Canadian Plan’s assets are invested in various pooled funds (the “Canadian Funds”) managed by a third party fund manager. The principal investment objective of the Canadian Funds is to provide an incremental risk adjusted return compared to a portfolio invested 50% in stocks and 50% in bonds over a full market cycle. Under normal market conditions, the average asset allocation for the Canadian Funds is expected to be approximately 50% in stocks and 50% in bonds. This benchmark allocation may be adjusted based on economic or market conditions and liquidity needs. | |||||||||||||||||||||||||
On July 6, 2012, the U.S. Government enacted the “Moving Ahead for Progress in the 21st Century Act”, which contained provisions that changed the interest rate methodology used to calculate Employee Retirement Income Security Act (“ERISA”) minimum pension funding requirements in the U.S. This change reduced the Company’s near-term annual cash funding requirements for the U.S. pension plan. Contributions to be made to the plan in 2014 are expected to approximate $200,000 for the U.S. Plan and $65,000 for the Canadian Plan. However, contributions for 2015 and beyond have not been quantified at this time. | |||||||||||||||||||||||||
The change in projected benefit obligation, change in plan assets and reconciliation of funded status for the plans were as follows: | |||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 4,100,047 | $ | 3,829,727 | $ | 1,500,537 | $ | 1,441,482 | |||||||||||||||||
Service cost | — | — | — | — | |||||||||||||||||||||
Interest cost | 155,248 | 166,534 | 50,692 | 58,812 | |||||||||||||||||||||
Benefit payments | (570,719 | ) | (257,958 | ) | (91,381 | ) | (94,119 | ) | |||||||||||||||||
Administrative expenses | (28,267 | ) | (28,019 | ) | — | — | |||||||||||||||||||
Actuarial (gain) loss | (394,013 | ) | 389,763 | 6,992 | 60,912 | ||||||||||||||||||||
Plan amendments | — | — | — | — | |||||||||||||||||||||
Currency translation adjustment | — | — | (100,764 | ) | 33,450 | ||||||||||||||||||||
Settlements | — | — | — | — | |||||||||||||||||||||
Projected benefit obligation at end of year | 3,262,296 | 4,100,047 | 1,366,076 | 1,500,537 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 2,248,925 | 2,067,871 | 1,287,679 | 1,212,167 | |||||||||||||||||||||
Actual return on plan assets | 336,348 | 227,201 | 85,068 | 58,042 | |||||||||||||||||||||
Benefit payments | (570,719 | ) | (257,958 | ) | (91,381 | ) | (94,119 | ) | |||||||||||||||||
Employer contribution | 162,417 | 239,830 | 76,523 | 83,387 | |||||||||||||||||||||
Administrative expenses | (28,267 | ) | (28,019 | ) | — | — | |||||||||||||||||||
Currency translation adjustment | — | — | (90,165 | ) | 28,202 | ||||||||||||||||||||
Fair value of plan assets at end of year | 2,148,704 | 2,248,925 | 1,267,724 | 1,287,679 | |||||||||||||||||||||
Plan assets (less) greater than benefit obligation | $ | (1,113,592 | ) | $ | (1,851,122 | ) | $ | (98,352 | ) | $ | (212,858 | ) | |||||||||||||
The net amounts recognized on the consolidated balance sheets were as follows: | |||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Non-current liabilities | $ | (1,113,592 | ) | $ | (1,851,122 | ) | $ | (98,352 | ) | $ | (212,858 | ) | |||||||||||||
Net amount recognized | $ | (1,113,592 | ) | $ | (1,851,122 | ) | $ | (98,352 | ) | $ | (212,858 | ) | |||||||||||||
Amounts in accumulated other comprehensive loss at year end, consist of: | |||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Unrecognized net loss | $ | 818,366 | $ | 1,636,551 | $ | 514,541 | $ | 599,824 | |||||||||||||||||
$ | 818,366 | $ | 1,636,551 | $ | 514,541 | $ | 599,824 | ||||||||||||||||||
The estimated net gain (loss) that will be amortized from accumulated other comprehensive loss for net periodic pension cost over the next year is approximately $(46,000) and $33,000 for the U.S. Plan and Canadian Plan, respectively. | |||||||||||||||||||||||||
Net pension expense is included in selling, administrative and general expenses on the consolidated statements of operations. The components of net pension expense for the plans were as follows: | |||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 21,100 | $ | — | $ | — | $ | — | |||||||||||||
Interest cost | 155,248 | 166,534 | 172,221 | 55,158 | 58,812 | 76,866 | |||||||||||||||||||
Expected return on plan assets | (167,347 | ) | (154,411 | ) | (142,104 | ) | (68,171 | ) | (73,715 | ) | (84,452 | ) | |||||||||||||
Net actuarial loss | 116,814 | 93,661 | 51,287 | — | — | — | |||||||||||||||||||
Settlement costs | 138,357 | — | — | — | — | — | |||||||||||||||||||
Amortization of prior service cost | — | — | — | 36,319 | 34,007 | 15,070 | |||||||||||||||||||
Net periodic benefit cost | $ | 243,072 | $ | 105,784 | $ | 102,504 | $ | 23,306 | $ | 19,104 | $ | 7,484 | |||||||||||||
The Fair Value Measurements and Disclosure Topic require the categorization of financial assets and liabilities, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The fair value hierarchy is described as follows: | |||||||||||||||||||||||||
Level 1 – | Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access. | ||||||||||||||||||||||||
Level 2 – | Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. | ||||||||||||||||||||||||
Level 3 – | Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. | ||||||||||||||||||||||||
The fair value hierarchy of the plan assets are as follows: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
US Plan | Canadian Plan | ||||||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 169,927 | $ | 13,788 | ||||||||||||||||||||
Mutual funds | Level 1 | 220,841 | 1,253,936 | ||||||||||||||||||||||
Corporate/Government Bonds | Level 1 | 657,373 | - | ||||||||||||||||||||||
Equities | Level 1 | 1,100,563 | - | ||||||||||||||||||||||
Total | $ | 2,148,704 | $ | 1,267,724 | |||||||||||||||||||||
The plans’ weighted-average allocations by asset category are as follows: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
US Plan | Canadian Plan | ||||||||||||||||||||||||
Equities | 51 | % | 41 | % | |||||||||||||||||||||
Fixed income | 49 | % | 59 | % | |||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Expected benefits to be paid by the plans during the next five years and in the aggregate for the five fiscal years thereafter, are as follows: | |||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2014 | $ | 145,378 | $ | 87,974 | |||||||||||||||||||||
2015 | 153,410 | 74,138 | |||||||||||||||||||||||
2016 | 162,891 | 69,650 | |||||||||||||||||||||||
2017 | 173,625 | 64,882 | |||||||||||||||||||||||
2018 | 186,231 | 60,021 | |||||||||||||||||||||||
2019 through 2023 | 952,384 | 189,317 | |||||||||||||||||||||||
Benefit obligations are determined using assumptions at the end of each fiscal year and are not impacted by expected rate of return on plan assets. The weighted average assumptions used in computing the benefit obligations for the plans were as follows: | |||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Weighted average assumptions as of December 31: | |||||||||||||||||||||||||
Discount rate | 4.78 | % | 3.85 | % | 4.39 | % | 3.6 | % | |||||||||||||||||
Rate of compensation increase | — | — | 2 | % | 2 | % | |||||||||||||||||||
The weighted average assumptions used in computing net pension expense for the plans were as follows: | |||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Weighted average assumptions as of December 31: | |||||||||||||||||||||||||
Discount rate | 3.85 | % | 4.5 | % | 3.6 | % | 4.13 | % | |||||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 5.5 | % | 6 | % | |||||||||||||||||
Rate of compensation increase | — | — | 2 | % | 2 | % | |||||||||||||||||||
The expected return on plan assets is based upon anticipated returns generated by the investment vehicle. Any shortfall in the actual return has the effect of increasing the benefit obligation. The benefit obligation represents the actuarial present value of benefits attributed to employee service rendered; assuming future compensation levels are used to measure the obligation. The accumulated benefit obligation for the U.S. Plan was $3,262,296 and $4,100,047 at December 31, 2013 and 2012, respectively. The accumulated benefit obligation for the Canadian Plan was $1,366,076 and $1,500,537 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Death Benefit Plan | |||||||||||||||||||||||||
The Company also provides a death benefit for retired former employees of the Company. Effective in 2000, the Company discontinued this benefit for active employees. The death benefit is not a funded plan. The Company pays the benefit upon the death of the retiree. The Company has fully recorded its liability in connection with this plan. The liability was approximately $62,000 at December 31, 2013 and 2012, respectively, and is recorded as long-term pension and other benefits in the accompanying consolidated balance sheets. No expense was recorded in 2013, 2012 or 2011 related to the death benefit, as the plan is closed to new participants. | |||||||||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||||||||
During 1999, the Company established a 401(k) plan for the benefit of its U.S. full-time employees. Under the Company’s 401(k) plan, the Company makes an employer matching contribution equal to $0.10 for each $1.00 of an employee’s salary contributions up to a total of 10% of that employee’s compensation. The Company’s contributions vest over a period of five years. The Company recorded expense of approximately $12,000, $12,000, and $4,000 in connection with its contribution to the plan during 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Effective January 1, 2009, the Company converted the Canadian Plan from a defined benefit plan to a defined contribution plan. Under the defined contribution plan, the Company will contribute 3% of employee compensation plus 50% of employee elective contributions up to a maximum contribution of 5% of employee compensation. The Company recorded expense of approximately $4,600, $4,600, and $4,000 in connection with its contribution to the plan during 2013, 2012 and 2011, respectively. |
Note_11_Capital_Stock
Note 11 - Capital Stock | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
11. Capital Stock | |
The Company’s Certificate of Incorporation, as amended, authorizes 4,000,000 shares of Common Stock and 1,000,000 shares of preferred stock, and 200,000 shares of preferred stock have been designated as Series A Junior Participating Preferred Stock. During 2013, the Company did not issue any shares of Common Stock. During 2012, the Company issued 3,986 shares of Common Stock as compensation to members of its board of directors and 3,334 shares as compensation to executive officers, and increased other capital by $3,917 representing compensation expense of $11,237. As of December 31, 2013, 1,879,319 shares of Common Stock had been issued, of which 1,687,319 shares were outstanding. | |
On September 13, 2013, the Company filed a Certificate of Designation with the Secretary of State of the State of Delaware to authorize the issuance of up to 100,000 shares of Series C Preferred Stock and to establish the relative rights, preferences, qualifications, limitations and restrictions of such Series C Preferred Stock. The Certificate of Designation became effective upon such filing. The rights, preferences and privileges of the Series C Preferred Stock are as follows: | |
Dividends. Holders of Series C Preferred Stock are entitled to receive cash dividends at the annual rate of 6% per share and will be paid in preference to the holders of any other class or series of capital stock. Such dividends will begin accruing on the date of issuance and will be paid only when and if a dividend payment is declared by the Board of Directors. If the dividend has not been paid or set apart in full, the Company cannot purchase or redeem any class of capital stock (except the Series C Preferred Stock) unless the persons holding more than 60% of the outstanding shares of Series C Preferred Stock (the “Majority of Holders”) have given their consent. | |
Redemption. The Company may redeem the Series C Preferred Stock at any time, in whole or in part, for $5.00 per share, plus accrued and unpaid dividends. The Company may exercise such redemption right by providing notice to the holders of the Series C Preferred Stock at least 20, but not more than 50, days prior to the date on which such redemption is to occur. If the Company elects to redeem a portion, but not all, of the outstanding Series C Preferred Stock, such redemption may be made pro rata, by lot or in such other equitable manner as determined by the Company’s Board of Directors. | |
Amendment of Certificate of Designation. Without the consent of a Majority of Holders, the Company may not: amend or change the Certificate of Designation in a manner that affects adversely the rights and preferences of the holders of Series C Preferred Stock; authorize or issue any class of stock ranking senior to, or on a parity with, the Series C Preferred Stock with respect to payment of dividends or distribution of assets; or authorize the merger or consolidation of the Company or the sale of all or substantially all of its assets. | |
Voting Rights. The holders of Series C Preferred Stock shall have no voting rights, except upon matters for which a class vote is specifically required by law or as provided in the Certificate of Designation. | |
Conversion. Any time after January 11, 2014, a holder of Series C Preferred Stock may convert each share of such stock into the number of shares of the Company’s common stock as is determined by dividing $5.00 by the average of the closing price of the Company’s common stock for the 10 trading days immediately prior to the date of such conversion. Such conversion price may be adjusted from time to time as set forth in the Certificate of Designation. | |
Liquidation Preference. In the event of a “liquidation event,” as defined in the Certificate of Designation, the holders of Series C Preferred Stock are entitled to receive, in cash, a liquidating distribution of $5.00 per share, plus all accrued but unpaid dividends, before any distribution or payment may be made to the holders of shares of any other classes of capital stock. | |
On September 13, 2013, the Company issued 60,000 shares of its newly authorized Series C Preferred Stock to certain investors pursuant to a Purchase Agreement executed with those investors. The purchase price was $5.00 per share for aggregate consideration of $300,000. Net proceeds from the offering were used by the Company to fund working capital and for general corporate purposes. Paul Luber, a member of the Company’s board of directors, purchased 20,000 shares of Series C Preferred Stock for total consideration of $100,000. |
Note_12_StockBased_Compensatio
Note 12 - Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||||
12. Stock-Based Compensation | |||||||||||||||||||||||||
In 1999, the Company adopted the American Locker Group Incorporated 1999 Stock Incentive Plan, permitting the Company to provide incentive compensation of the types commonly known as incentive stock options, stock options and stock appreciation rights. The plan terminated in 2009. At December 31, 2013 and 2012, there were no stock appreciation rights outstanding. There were no stock options vested or unvested as of December 31, 2013. | |||||||||||||||||||||||||
The following table sets forth the activity related to the Company’s stock options for the years ended December 31: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Options | Weighted Average | Options | Weighted Average | Options | Weighted Average | ||||||||||||||||||||
Exercise Price | Exercise Price | Exercise Price | |||||||||||||||||||||||
Outstanding—beginning of year | 12,000 | $ | 4.95 | 12,000 | $ | 4.95 | 12,000 | $ | 4.95 | ||||||||||||||||
Expired or forfeited | 12,000 | 4.95 | — | — | — | — | |||||||||||||||||||
Outstanding—end of year | — | $ | — | 12,000 | $ | 4.95 | 12,000 | $ | 4.95 | ||||||||||||||||
Exercisable—end of year | — | 12,000 | 12,000 | ||||||||||||||||||||||
Note_13_Earnings_Per_Share
Note 13 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
13. Earnings Per Share | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net income (loss) applicable to common shareholders | $ | (2,826,724 | ) | $ | (614,578 | ) | $ | 37,091 | |||||
Denominator: | |||||||||||||
Denominator for earnings per share (basic) ― weighted average shares | 1,687,319 | 1,682,994 | 1,655,805 | ||||||||||
Denominator for earnings per share (diluted) ― weighted average shares | 1,687,319 | 1,682,994 | 1,655,805 | ||||||||||
Net income (loss) per share applicable to common shareholders (basic): | $ | (1.68 | ) | $ | (0.37 | ) | $ | 0.02 | |||||
Net income (loss) per share applicable to common shareholders (diluted): | $ | (1.68 | ) | $ | (0.37 | ) | $ | 0.02 | |||||
For each of the years ended December 31, 2012 and 2011, 12,000 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings (loss) per share because the effect was antidilutive. |
Note_14_Geographical_Customer_
Note 14 - Geographical, Customer Concentration and Products Data | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
14. Geographical, Customer Concentration and Products Data | |||||||||||||
The Company is primarily engaged in one business, the manufacture, sale and rental of security storage products. This includes coin, key-only and electronically controlled checking lockers and related locks, plastic centralized mail and parcel distribution lockers, and fabricated metal products built to customer specifications. Net sales by product group for the years ended December 31 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Lockers | $ | 8,501,396 | $ | 8,327,294 | $ | 9,522,019 | |||||||
Mailboxes | 2,931,640 | 2,350,717 | 2,284,582 | ||||||||||
Contract manufacturing | 1,858,804 | 1,729,898 | 430,586 | ||||||||||
Concession revenues | 1,334,049 | 1,268,277 | 1,149,149 | ||||||||||
$ | 14,625,889 | $ | 13,676,186 | $ | 13,386,336 | ||||||||
The Company sells to customers in the United States, Canada and other foreign locations. Sales are attributed based on the country to which they are shipped. Net sales to external customers for the years ended December 31 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States customers | $ | 11,966,000 | $ | 11,283,881 | $ | 10,646,590 | |||||||
Canadian and other foreign customers | 2,659,889 | 2,392,305 | 2,739,746 | ||||||||||
$ | 14,625,889 | $ | 13,676,186 | $ | 13,386,336 | ||||||||
The Company did not have any customers that accounted for more than 10% of consolidated sales in 2013, 2012, or 2011. | |||||||||||||
At December 31, 2013 and 2012, the Company had unsecured trade receivables from governmental agencies of approximately $32,000 and $8,000, respectively. At December 31, 2013 and 2012, the Company had trade receivables from customers considered to be distributors of approximately $275,000 and $583,000, respectively. | |||||||||||||
At December 31, 2013, the Company had six customers that accounted for 24.0% of accounts receivable. At December 31, 2012, the Company had six customers that accounted for 27.0% of accounts receivable. Other concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of entities comprising the Company’s customer base and their dispersion across many industries. |
Note_15_Contingencies
Note 15 - Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
15. Contingencies | |
In July 2001, the Company received a letter from the New York State Department of Environmental Conservation (the “NYSDEC”) advising the Company that it is a potentially responsible party (PRP) with respect to environmental contamination at and alleged migration from property located in Gowanda, New York which was sold by the Company to Gowanda Electronics Corporation prior to 1980. In March 2001, the NYSDEC issued a Record of Decision with respect to the Gowanda site in which it set forth a remedy including continued operation of an existing extraction well and air stripper, installation of groundwater pumping wells and a collection trench, construction of a treatment system in a separate building on the site, installation of a reactive iron wall covering 250 linear feet, which is intended to intercept any contaminates and implementation of an on-going monitoring system. The NYSDEC has estimated that its selected remediation plan will cost approximately $688,000 for initial construction and a total of $1,997,000 with respect to expected operation and maintenance expenses over a 30-year period after completion of initial construction. The Company has not conceded to the NYSDEC that the Company is liable with respect to this matter and has not agreed with the NYSDEC that the remediation plan selected by NYSDEC is the most appropriate plan. This matter has not been litigated, and at the present time the Company has only been identified as a PRP. The Company also believes that other parties may have been identified by the NYSDEC as PRPs, and the allocation of financial responsibility of such parties has not been litigated. To the Company’s knowledge, the NYSDEC has not commenced implementation of the remediation plan and has not indicated when construction will start, if ever. Based upon currently available information, the Company is unable to estimate timing with respect to the resolution of this matter. The Company’s primary insurance carrier has assumed the cost of the Company’s defense in this matter, subject to a reservation of rights. | |
Beginning in September 1998 and continuing through December 31, 2013, the Company has been named as an additional defendant in approximately 239 cases pending in state court in Massachusetts and one in the state of Washington. The plaintiffs in each case assert that a division of the Company manufactured and furnished components containing asbestos to a shipyard during the period from 1948 to 1972 and that injury resulted from exposure to such products. The assets of this division were sold by the Company in 1973. During the process of discovery in certain of these actions, documents from sources outside the Company have been produced that indicate that the Company appears to have been included in the chain of title for certain wall panels which contained asbestos and which were delivered to the Massachusetts shipyards. Defense of these cases has been assumed by the Company’s insurance carrier, subject to a reservation of rights. Settlement agreements have been entered in approximately 37 cases with funds authorized and provided by the Company’s insurance carrier. Further, over 174 cases have been terminated as to the Company without liability to the Company under Massachusetts procedural rules. Therefore, the balance of unresolved cases against the Company as of December 31, 2013, the most recent date information is available, is approximately 28 cases. | |
While the Company cannot estimate potential damages or predict what the ultimate resolution of these asbestos cases may be because the discovery proceedings on the cases are not complete, based upon the Company’s experience to date with similar cases, as well as the assumption that insurance coverage will continue to be provided with respect to these cases, at the present time, the Company does not believe that the outcome of these cases will have a significant adverse impact on the Company’s operations or financial condition. | |
On February 5, 2013, the Company was notified by one of its customers that certain product purchased by that customer had quality issues. On March 11, 2013, the Company and the customer entered into an agreement whereby the Company will reimburse the customer for reasonable costs and expenses incurred on or before December 31, 2013 by the customer in its efforts to resolve the quality issue. In 2012 and 2013, the Company recorded expense of $50,000 and approximately $114,000, respectively, for costs to be reimbursed to the customer pursuant to the terms of the agreement. At December 31, 2013, approximately $12,000 of these costs were still due to be reimbursed to the customer. The Company has no current obligation to reimburse the customer for costs incurred after December 31, 2013 and has in place liability coverage for third-party injury and property damage that might occur as a result of the product’s quality issue. | |
In February 2013, a customer brought legal action against the Company alleging the Company defaulted on its obligations and failed to perform pursuant to the terms of a written agreement entered into with the Company in February 2012. The customer sought to recover its damages in an unspecified sum and liquidated damages in the amount of $50,000 as well as costs and fees. In April 2013, the customer and the Company agreed to a settlement of the customer’s claims pursuant to which the Company agreed to pay the customer an aggregate amount of $30,000. Under terms of the settlement agreement, the Company made five monthly payments of $6,000 to the customer beginning May 1, 2013, with the last payment made on September 1, 2013. | |
In March 2012, the Company was named as a defendant in a legal action brought by a competitor (which was also a former customer and supplier) who alleged that the Company and certain other third-party defendants profited improperly from the use of intellectual property developed by such competitor. The Company believed the asserted claims were without merit and that its chances of prevailing without material liability were high. However, due largely to the increasing costs of the ongoing litigation, the Company and the plaintiff entered into a settlement agreement effective as of June 12, 2013 (the “Settlement Agreement”). Under the Settlement Agreement, the Company agreed to pay all outstanding invoices due to the plaintiff from the Company as of the date of the settlement, net of existing amounts due to the Company from the plaintiff, and further to pay license, service and other fees to the plaintiff in return for the plaintiff’s providing maintenance services on lockers distributed to certain of the Company’s customers. At March 31, 2013, the Company recorded an expense of approximately $412,000 related to the settlement, with approximately $377,000 recorded as accrued settlement and approximately $35,000 included in other accrued expenses. The Company was to pay amounts due to the plaintiff under the terms of the Settlement Agreement over a minimum period of 29 months which began June 1, 2013. In connection with an asset purchase agreement entered into with the plaintiff on February 14, 2014 (see Note 4), the Settlement Agreement was amended such that, effective as of that date, the Company is no longer required to make monthly settlement payments and will pay only maintenance fees to the plaintiff on a monthly basis over the remainder of the 29-month period which began June 1, 2013. | |
The Company is involved in other claims and litigation from time to time in the normal course of business. The Company does not believe these matters will have a significant adverse impact on the Company’s operations or financial condition. |
Note_16_Restructuring
Note 16 - Restructuring | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
16. Restructuring | |
In 2009, the Company restructured its business operations to rationalize its cost structure in an uncertain economic environment. The restructuring included the relocation and consolidation of its Ellicottville, New York operations into its Texas facility. This planned relocation resulted in severance and payroll charges during the year ended December 31, 2009 of $264,000. At December 31, 2012 the balance remaining of such payments was $27,900. The outstanding balance was paid in 2013. | |
During the second quarter of 2012, the Company commenced the relocation and consolidation of its Ellicottville, New York operations into its Texas facility, resulting in the realization of expense for discontinued inventory, severance and professional fees to complete the move. As a result, the Company recorded a restructuring charge in 2012 of approximately $283,900. |
Note_17_Subsequent_Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
17. Subsequent Events | |
See Note 4 and Note 7 for disclosure of events occurring subsequent to December 31, 2013. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||
Schedule II | |||||||||||||||||||
American Locker Group Incorporated | |||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||
Year | Description | Balance at the | Additions Charged | Deductions | Balance at End of Year | ||||||||||||||
Beginning of Year | to Costs and | ||||||||||||||||||
Expense | |||||||||||||||||||
Year ended 2013 | |||||||||||||||||||
Allowance for Doubtful Accounts | $ | 162,000 | $ | 115,000 | $ | (78,000 | ) | $ | 199,000 | ||||||||||
Reserve for Inventory Valuation | 408,000 | 164,000 | (40,000 | ) | 532,000 | ||||||||||||||
Deferred income tax valuation allowance | 1,143,000 | 1,457,000 | 2,600,000 | ||||||||||||||||
Year ended 2012 | |||||||||||||||||||
Allowance for Doubtful Accounts | $ | 149,000 | $ | 48,000 | $ | (35,000 | ) | $ | 162,000 | ||||||||||
Reserve for Inventory Valuation | 693,000 | 58,000 | (343,000 | ) | 408,000 | ||||||||||||||
Deferred income tax valuation allowance | 699,000 | 444,000 | 1,143,000 | ||||||||||||||||
Year ended 2011 | |||||||||||||||||||
Allowance for Doubtful Accounts | $ | 134,000 | $ | 23,000 | $ | (8,000 | ) | $ | 149,000 | ||||||||||
Reserve for Inventory Valuation | 753,000 | 45,000 | (105,000 | ) | 693,000 | ||||||||||||||
Deferred income tax valuation allowance | 758,000 | (59,000 | ) | 699,000 | |||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Consolidation and Business Description | |
The consolidated financial statements include the accounts of American Locker Group Incorporated and its subsidiaries (the “Company”), all of which are wholly owned. Intercompany accounts and transactions have been eliminated in consolidation. The Company’s products can be categorized as mailboxes, lockers or contract manufacturing services. Mailboxes are used for the delivery of mail, packages and other parcels to multi-tenant facilities. Lockers are used for applications other than mail delivery, and most of our lockers are key-controlled checking lockers. The Company is best known for manufacturing and servicing the key and lock system with the plastic orange cap. The Company also provides locker concession services to certain of its customers whereby the Company retains ownership of the lockers and receives a portion of the revenue generated by the locker operations. Contract manufacturing services involve producing fabricated sheet metal parts and enclosures for third parties. The Company serves customers in a variety of industries in all 50 states and in Canada, Mexico, Europe, Asia and South America. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include currency on hand and demand deposits with financial institutions. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash and cash equivalents on deposit in amounts in excess of federally insured limits. The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant risk. | |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' |
Accounts Receivable | |
The Company grants credit to its customers and generally does not require collateral. Accounts receivable are reported at net realizable value and do not accrue interest. Management uses judgmental factors such as a customer’s payment history, the general economic climate and the age and past-due status of invoices in assessing collectability and establishing allowances for doubtful accounts. Accounts receivable are written off after all collection efforts have been exhausted. | |
Estimated losses for bad debts are provided for in the consolidated financial statements through a charge to expense of approximately $115,000, $48,000, and $23,000 for 2013, 2012 and 2011, respectively. The net charge-off of bad debts was approximately $78,000, $29,000, and $1,300 for 2013, 2012 and 2011, respectively. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories | |
Inventories are stated at the lower of cost or market value using the FIFO method and are categorized as raw materials, work-in-progress or finished goods. | |
The Company records reserves for estimated obsolescence or unmarketable inventory equal to the difference between the actual cost of inventory and the estimated market value based upon assumptions about future demand and market conditions and management’s review of existing inventory. If actual demand and market conditions are less favorable than those projected by management, additional inventory reserves resulting in a charge to expense would be required. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property, Plant and Equipment | |
Property, plant and equipment are stated at historical cost. Depreciation is computed by the straight-line and declining-balance methods for financial reporting purposes and by accelerated methods for income tax purposes. Estimated useful lives for financial reporting purposes are 20 to 40 years for buildings and 3 to 12 years for machinery and equipment. Leasehold improvements are amortized over the shorter of the life of the building or the lease term. Expenditures for repairs and maintenance are expensed as incurred. Gains and losses resulting from the sale or disposal of property and equipment are included in other income. | |
Long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of those assets may not be recoverable in accordance with appropriate guidance. The Company uses undiscounted cash flows to determine whether impairment exists and measures any impairment loss using discounted cash flows. The Company recorded no asset impairment charges related to property, plant and equipment in 2013, 2012 or 2011. | |
Depreciation expense was $851,980 in 2013, of which $784,771 was included in cost of products sold, and $67,209 was included in selling, administrative and general expenses. Depreciation expense was $744,094 in 2012, of which $728,869 was included in cost of products sold, and $15,225 was included in selling, administrative and general expenses. Depreciation expense was $671,009 in 2011, of which $651,237 was included in cost of products sold, and $19,772 was included in selling, administrative and general expenses. | |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' |
Pensions and Postretirement Benefits | |
The Company has two defined benefit plans that recognize a net liability or asset and an offsetting adjustment to accumulated other comprehensive income (loss) to report the funded status of the plans. The plan assets and obligations are measured at their year-end balance sheet date. Refer to Note 10 “Pensions and Other Postretirement Benefits” for further detail on the plans. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
The Company recognizes revenue upon passage of title and when risks and rewards have passed to customers, which occurs at the time of shipment to the customer. The Company derived approximately 14.4%, 25.5%, and 16.9% of its revenue in 2013, 2012 and 2011, respectively, from sales to distributors. These distributors do not have a right to return unsold products; however, returns may be permitted in specific situations. Historically, returns have not had a significant impact on the Company’s results of operations. Revenues are reported net of discounts and returns and net of sales tax. | |
For concession operations, the Company recognizes revenue when receipts are collected. Revenue is recognized for the Company’s proportional share of receipts with the remaining amounts collected recorded as an accrued liability until they are remitted to the concession contract counterparty. | |
Shipping and Handling Cost, Policy [Policy Text Block] | ' |
Shipping and Handling Costs | |
Shipping and handling costs are expensed as incurred and are included in selling, administrative and general expenses in the accompanying consolidated statements of operations. These costs were approximately $668,000, $674,000, and $696,000 during 2013, 2012 and 2011, respectively. | |
Advertising Costs, Policy [Policy Text Block] | ' |
Advertising Expense | |
The cost of advertising is generally expensed as incurred. The cost of catalogs and brochures are recorded as a prepaid cost and are expensed over their useful lives, generally one year. The Company incurred approximately $97,000, $165,000, and $149,000 in advertising costs during 2013, 2012 and 2011, respectively. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
The Company and its domestic subsidiaries file a consolidated U.S. income tax return. Canadian operations file income tax returns in Canada. Hong Kong operations file income tax returns in Hong Kong. The Company accounts for income taxes using the liability method in accordance with appropriate accounting guidance. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recorded to reduce the Company’s deferred tax assets to the amount that is more likely than not to be realized. | |
Pursuant to appropriate accounting guidance, ASC-740—Income Taxes, when establishing a valuation allowance, the Company considers future sources of taxable income such as “future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards” and “tax planning strategies.” Appropriate accounting guidance defines a tax planning strategy as “an action that: is prudent and feasible; an enterprise ordinarily might not take, but would take to prevent an operating loss or tax credit carryforward from expiring unused; and would result in realization of deferred tax assets.” In the event the Company determines that the deferred tax assets will not be realized in the future, the valuation adjustment to the deferred tax assets is charged to earnings in the period in which the Company makes such a determination. If it is later determined that it is more likely than not the deferred tax assets will be realized, the Company will release the valuation allowance to current earnings. | |
The amount of income taxes the Company pays is subject to ongoing audits by federal, state and foreign tax authorities. The Company’s estimate of the potential outcome of any uncertain tax issue is subject to management’s assessment of relevant risks, facts and circumstances existing at that time, pursuant to appropriate accounting guidance. Appropriate accounting guidance requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company records a liability for the difference between the benefit recognized and measured pursuant to appropriate accounting guidance and tax position taken or expected to be taken on the tax return. To the extent that the Company’s assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The Company reports tax-related interest and penalties as a component of income tax expense. | |
Research and Development Expense, Policy [Policy Text Block] | ' |
Research and Development | |
The Company engages in research and development activities relating to new and improved products. It expended approximately $178,000, $99,000, and $77,000 in 2013, 2012 and 2011, respectively, for such activity in its continuing businesses. Research and development costs are included in selling, administrative and general expenses. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings Per Share | |
The Company reports earnings per share in accordance with appropriate accounting guidance. Under appropriate accounting guidance basic earnings per share excludes any dilutive effects of stock options, whereas diluted earnings per share assumes exercise of stock options, when dilutive, resulting in an increase in outstanding shares. Please refer to Note 13 for further information. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' |
Foreign Currency | |
In accordance with appropriate accounting guidance, the Company translates the financial statements of the Canadian and Hong Kong subsidiaries from its functional currency into the U.S. dollar. Assets and liabilities are translated into U.S. dollars using exchange rates in effect at the balance sheet date. Income statement amounts are translated using the average exchange rate for the year. All translation gains and losses resulting from the changes in exchange rates from year to year have been reported in other comprehensive income. Foreign currency gains and losses resulting from current year exchange rate transactions are insignificant for all years presented. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Value of Financial Instruments | |
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and long-term debt approximate fair value. | |
Comprehensive Income, Policy [Policy Text Block] | ' |
Comprehensive Income | |
Comprehensive income consists of net income, foreign currency translation and minimum pension liability adjustments and is reported in the consolidated statements of stockholders’ equity. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include allowance for doubtful accounts, inventory obsolescence, product returns, pension, post-retirement benefits, contingencies, and deferred tax asset valuation allowance. Actual results could differ from those estimates. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
New Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The update requires companies to present either in a single note or parenthetically on the face of the financial statements the effect of significant amounts of reclassifications from each component of accumulated other comprehensive income based on its source and the income statement lines affected by the reclassification. For public entities, the amendments that are subject to the transition guidance were effective for fiscal periods beginning after December 15, 2012. Adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We believe adoption of this new guidance will not have a significant impact on the Company’s consolidated financial statements. |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Finished products | $ | 373,281 | $ | 602,753 | |||||
Work-in-process | 817,456 | 666,830 | |||||||
Raw materials | 1,548,076 | 1,402,033 | |||||||
Net Inventories | $ | 2,738,813 | $ | 2,671,616 |
Note_6_Other_Accrued_Expenses_1
Note 6 - Other Accrued Expenses and Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Restructuring liability | $ | — | $ | 39,883 | |||||
Accrued rent liability | 322,436 | 286,544 | |||||||
Accrued expenses, other | 338,335 | 364,157 | |||||||
Total accrued expenses | $ | 660,771 | $ | 690,584 |
Note_7_Debt_Tables
Note 7 - Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Term loan payable to Triumph Commercial Finance through September 2016 at $20,000 monthly plus interest at the U.S. Prime Rate plus 400 basis points (7.25% at December 31, 2013) collateralized by accounts receivable, inventory, and equipment | $ | 1,160,000 | $ | — | |||||
Term loan payable to Bank of America Merrill Lynch through December 2015 at $16,667 monthly plus interest at LIBOR rate plus 375 basis points (3.963% at December 31, 2012) collateralized by accounts receivable, inventory, and equipment | — | $ | 600,000 | ||||||
Less current portion | (240,000 | ) | (200,000 | ) | |||||
Long-term portion | $ | 920,000 | $ | 400,000 |
Note_8_Leases_Tables
Note 8 - Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
2014 | $ | 390,766 | |||
2015 | 374,072 | ||||
2016 | 374,072 | ||||
2017 | 374,072 | ||||
2018 | 221,309 | ||||
Thereafter | — | ||||
Total | $ | 1,734,291 |
Note_9_Income_Taxes_Tables
Note 9 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States income (loss) | $ | (2,146,877 | ) | $ | (507,197 | ) | $ | 91,329 | |||||
Foreign income (loss) | (35,904 | ) | 24,052 | (10,722 | ) | ||||||||
$ | (2,182,781 | ) | $ | (483,145 | ) | $ | 80,607 | ||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | (68,791 | ) | $ | — | ||||||
State | 16,098 | 21,503 | 19,122 | ||||||||||
Foreign | — | — | — | ||||||||||
Total current | 16,098 | (47,288 | ) | 19,122 | |||||||||
Deferred: | |||||||||||||
Federal | 569,604 | 169,923 | 13,302 | ||||||||||
State | — | 1,628 | 463 | ||||||||||
Foreign | 52,903 | 7,170 | 10,629 | ||||||||||
622,507 | 178,721 | 24,394 | |||||||||||
$ | 638,605 | $ | 131,433 | $ | 43,516 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory income tax rate | 34 | % | 34 | % | 34 | % | |||||||
State and foreign income taxes, net of federal benefit | (1 | ) | 1 | 1 | |||||||||
Change in valuation allowance | (66 | ) | (69 | ) | — | ||||||||
Foreign earnings taxed at different rate | — | — | (24 | ) | |||||||||
Change in estimated state income tax rate | — | (5 | ) | 3 | |||||||||
Other permanent differences | 4 | 12 | 40 | ||||||||||
Effective tax rate | (29% | ) | (27% | ) | 54 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | $ | (137,830 | ) | $ | (192,136 | ) | |||||||
Prepaid expenses and other | (4,599 | ) | (4,599 | ) | |||||||||
Total deferred tax liabilities | (142,429 | ) | (196,735 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Operating loss carryforwards | 1,975,282 | 1,209,966 | |||||||||||
Postretirement benefits | 21,360 | 22,047 | |||||||||||
Pension costs | 401,428 | 691,824 | |||||||||||
Allowance for doubtful accounts | 58,717 | 52,385 | |||||||||||
Other assets | 3,431 | 5,719 | |||||||||||
Accrued expenses | 139,654 | 171,444 | |||||||||||
Other employee benefits | 22,763 | 16,009 | |||||||||||
Inventory costs | 119,846 | 85,742 | |||||||||||
Total deferred tax assets | 2,742,481 | 2,255,136 | |||||||||||
Net | 2,600,052 | 2,058,401 | |||||||||||
Valuation allowance | (2,600,052 | ) | (1,142,633 | ) | |||||||||
Net | $ | — | $ | 915,768 | |||||||||
Current deferred tax asset | $ | — | $ | 287,417 | |||||||||
Long-term deferred tax asset | 628,351 | ||||||||||||
$ | — | $ | 915,768 |
Note_10_Pension_and_Other_Post1
Note 10 - Pension and Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 4,100,047 | $ | 3,829,727 | $ | 1,500,537 | $ | 1,441,482 | |||||||||||||||||
Service cost | — | — | — | — | |||||||||||||||||||||
Interest cost | 155,248 | 166,534 | 50,692 | 58,812 | |||||||||||||||||||||
Benefit payments | (570,719 | ) | (257,958 | ) | (91,381 | ) | (94,119 | ) | |||||||||||||||||
Administrative expenses | (28,267 | ) | (28,019 | ) | — | — | |||||||||||||||||||
Actuarial (gain) loss | (394,013 | ) | 389,763 | 6,992 | 60,912 | ||||||||||||||||||||
Plan amendments | — | — | — | — | |||||||||||||||||||||
Currency translation adjustment | — | — | (100,764 | ) | 33,450 | ||||||||||||||||||||
Settlements | — | — | — | — | |||||||||||||||||||||
Projected benefit obligation at end of year | 3,262,296 | 4,100,047 | 1,366,076 | 1,500,537 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 2,248,925 | 2,067,871 | 1,287,679 | 1,212,167 | |||||||||||||||||||||
Actual return on plan assets | 336,348 | 227,201 | 85,068 | 58,042 | |||||||||||||||||||||
Benefit payments | (570,719 | ) | (257,958 | ) | (91,381 | ) | (94,119 | ) | |||||||||||||||||
Employer contribution | 162,417 | 239,830 | 76,523 | 83,387 | |||||||||||||||||||||
Administrative expenses | (28,267 | ) | (28,019 | ) | — | — | |||||||||||||||||||
Currency translation adjustment | — | — | (90,165 | ) | 28,202 | ||||||||||||||||||||
Fair value of plan assets at end of year | 2,148,704 | 2,248,925 | 1,267,724 | 1,287,679 | |||||||||||||||||||||
Plan assets (less) greater than benefit obligation | $ | (1,113,592 | ) | $ | (1,851,122 | ) | $ | (98,352 | ) | $ | (212,858 | ) | |||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Non-current liabilities | $ | (1,113,592 | ) | $ | (1,851,122 | ) | $ | (98,352 | ) | $ | (212,858 | ) | |||||||||||||
Net amount recognized | $ | (1,113,592 | ) | $ | (1,851,122 | ) | $ | (98,352 | ) | $ | (212,858 | ) | |||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Unrecognized net loss | $ | 818,366 | $ | 1,636,551 | $ | 514,541 | $ | 599,824 | |||||||||||||||||
$ | 818,366 | $ | 1,636,551 | $ | 514,541 | $ | 599,824 | ||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 21,100 | $ | — | $ | — | $ | — | |||||||||||||
Interest cost | 155,248 | 166,534 | 172,221 | 55,158 | 58,812 | 76,866 | |||||||||||||||||||
Expected return on plan assets | (167,347 | ) | (154,411 | ) | (142,104 | ) | (68,171 | ) | (73,715 | ) | (84,452 | ) | |||||||||||||
Net actuarial loss | 116,814 | 93,661 | 51,287 | — | — | — | |||||||||||||||||||
Settlement costs | 138,357 | — | — | — | — | — | |||||||||||||||||||
Amortization of prior service cost | — | — | — | 36,319 | 34,007 | 15,070 | |||||||||||||||||||
Net periodic benefit cost | $ | 243,072 | $ | 105,784 | $ | 102,504 | $ | 23,306 | $ | 19,104 | $ | 7,484 | |||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
US Plan | Canadian Plan | ||||||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 169,927 | $ | 13,788 | ||||||||||||||||||||
Mutual funds | Level 1 | 220,841 | 1,253,936 | ||||||||||||||||||||||
Corporate/Government Bonds | Level 1 | 657,373 | - | ||||||||||||||||||||||
Equities | Level 1 | 1,100,563 | - | ||||||||||||||||||||||
Total | $ | 2,148,704 | $ | 1,267,724 | |||||||||||||||||||||
Schedule of Asset Retirement Obligations [Table Text Block] | ' | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
US Plan | Canadian Plan | ||||||||||||||||||||||||
Equities | 51 | % | 41 | % | |||||||||||||||||||||
Fixed income | 49 | % | 59 | % | |||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2014 | $ | 145,378 | $ | 87,974 | |||||||||||||||||||||
2015 | 153,410 | 74,138 | |||||||||||||||||||||||
2016 | 162,891 | 69,650 | |||||||||||||||||||||||
2017 | 173,625 | 64,882 | |||||||||||||||||||||||
2018 | 186,231 | 60,021 | |||||||||||||||||||||||
2019 through 2023 | 952,384 | 189,317 | |||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Weighted average assumptions as of December 31: | |||||||||||||||||||||||||
Discount rate | 4.78 | % | 3.85 | % | 4.39 | % | 3.6 | % | |||||||||||||||||
Rate of compensation increase | — | — | 2 | % | 2 | % | |||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | ||||||||||||||||||||||||
U.S. Plan | Canadian Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Weighted average assumptions as of December 31: | |||||||||||||||||||||||||
Discount rate | 3.85 | % | 4.5 | % | 3.6 | % | 4.13 | % | |||||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 5.5 | % | 6 | % | |||||||||||||||||
Rate of compensation increase | — | — | 2 | % | 2 | % |
Note_12_StockBased_Compensatio1
Note 12 - Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Options | Weighted Average | Options | Weighted Average | Options | Weighted Average | ||||||||||||||||||||
Exercise Price | Exercise Price | Exercise Price | |||||||||||||||||||||||
Outstanding—beginning of year | 12,000 | $ | 4.95 | 12,000 | $ | 4.95 | 12,000 | $ | 4.95 | ||||||||||||||||
Expired or forfeited | 12,000 | 4.95 | — | — | — | — | |||||||||||||||||||
Outstanding—end of year | — | $ | — | 12,000 | $ | 4.95 | 12,000 | $ | 4.95 | ||||||||||||||||
Exercisable—end of year | — | 12,000 | 12,000 |
Note_13_Earnings_Per_Share_Tab
Note 13 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net income (loss) applicable to common shareholders | $ | (2,826,724 | ) | $ | (614,578 | ) | $ | 37,091 | |||||
Denominator: | |||||||||||||
Denominator for earnings per share (basic) ― weighted average shares | 1,687,319 | 1,682,994 | 1,655,805 | ||||||||||
Denominator for earnings per share (diluted) ― weighted average shares | 1,687,319 | 1,682,994 | 1,655,805 | ||||||||||
Net income (loss) per share applicable to common shareholders (basic): | $ | (1.68 | ) | $ | (0.37 | ) | $ | 0.02 | |||||
Net income (loss) per share applicable to common shareholders (diluted): | $ | (1.68 | ) | $ | (0.37 | ) | $ | 0.02 |
Note_14_Geographical_Customer_1
Note 14 - Geographical, Customer Concentration and Products Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Lockers | $ | 8,501,396 | $ | 8,327,294 | $ | 9,522,019 | |||||||
Mailboxes | 2,931,640 | 2,350,717 | 2,284,582 | ||||||||||
Contract manufacturing | 1,858,804 | 1,729,898 | 430,586 | ||||||||||
Concession revenues | 1,334,049 | 1,268,277 | 1,149,149 | ||||||||||
$ | 14,625,889 | $ | 13,676,186 | $ | 13,386,336 | ||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States customers | $ | 11,966,000 | $ | 11,283,881 | $ | 10,646,590 | |||||||
Canadian and other foreign customers | 2,659,889 | 2,392,305 | 2,739,746 | ||||||||||
$ | 14,625,889 | $ | 13,676,186 | $ | 13,386,336 |
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details) (USD $) | Dec. 31, 2013 | Feb. 14, 2014 | Feb. 14, 2014 |
Subsequent Event [Member] | Contract Manufacturing [Member] | ||
Safemark Systems, Inc. [Member] | Operating Segments [Member] | ||
Note 1 - Basis of Presentation (Details) [Line Items] | ' | ' | ' |
Number of States in which Entity Operates | 50 | ' | ' |
Proceeds from Sale of Other Assets (in Dollars) | ' | $1,218,075 | ' |
Revenue, Net, Increase, Percentage | ' | ' | 7.50% |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | $115,000 | $48,000 | $23,000 |
Allowance for Doubtful Accounts Receivable, Write-offs | 78,000 | 29,000 | 1,300 |
Asset Impairment Charges | 0 | 0 | 0 |
Depreciation | 851,980 | 744,094 | 671,009 |
Cost of Goods Sold, Depreciation | 784,771 | 728,869 | 651,237 |
Depreciation, Nonproduction | 67,209 | 15,225 | 19,772 |
Percentage Sales To Distributors | 14.40% | 25.50% | 16.90% |
Shipping, Handling and Transportation Costs | 668,000 | 674,000 | 696,000 |
Finite-Lived Intangible Asset, Useful Life | '1 year | ' | ' |
Advertising Expense | 97,000 | 165,000 | 149,000 |
Research and Development Expense | $178,000 | $99,000 | $77,000 |
Building [Member] | Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Building [Member] | Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '12 years | ' | ' |
Note_3_Sale_of_Property_Detail
Note 3 - Sale of Property (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||
31-May-11 | Sep. 30, 2009 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Aug. 08, 2013 | |
sqft | Certain Real Property, Ellicottville, New York [Member] | ||||||
sqft | |||||||
Note 3 - Sale of Property (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | $2,747,000 | ' | ' | ' | ' | ' |
Relocated Facility Area (in Square Feet) | 100,500 | ' | ' | ' | ' | ' | ' |
Relocation Allowance To Offset Moving Costs | ' | ' | ' | ' | ' | 341,000 | ' |
Moving Costs Adjusted Against Deferred Revenue, Current | ' | ' | 211,768 | ' | ' | ' | ' |
Deferred Revenue, Period Increase (Decrease) | ' | ' | 129,232 | ' | ' | ' | ' |
Repayments of Secured Debt | 2,000,000 | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Additions | ' | ' | ' | ' | 875,000 | ' | ' |
Area of Real Estate Property (in Square Feet) | ' | ' | ' | ' | ' | ' | 12,800 |
Property, Plant and Equipment, Disposals | ' | ' | ' | ' | ' | ' | 212,500 |
Property, Plant and Equipment, Disposals, Net | ' | ' | ' | ' | ' | ' | 211,000 |
Gain (Loss) on Disposition of Property Plant Equipment | ' | ' | ' | $205,055 | ' | ' | $205,000 |
Note_4_Concession_Agreement_an1
Note 4 - Concession Agreement and Disposition of Assets (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Feb. 14, 2014 | Dec. 31, 2013 | |
Subsequent Event [Member] | Disney [Member] | |
Safemark Systems, Inc. [Member] | Long Term Supply Commitment [Member] | |
Note 4 - Concession Agreement and Disposition of Assets (Details) [Line Items] | ' | ' |
Duration of agreement | ' | '5 years |
Number of lockers installed | ' | 4,300 |
Amortization period | ' | '5 years |
Proceeds from Sale of Other Assets (in Dollars) | $1,218,075 | ' |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventories [Abstract] | ' | ' |
Finished products | $373,281 | $602,753 |
Work-in-process | 817,456 | 666,830 |
Raw materials | 1,548,076 | 1,402,033 |
Net Inventories | $2,738,813 | $2,671,616 |
Note_6_Other_Accrued_Expenses_2
Note 6 - Other Accrued Expenses and Current Liabilities (Details) - Other Accrued Expenses and Current Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Other Accrued Expenses and Current Liabilities [Abstract] | ' | ' |
Restructuring liability | ' | $39,883 |
Accrued rent liability | 322,436 | 286,544 |
Accrued expenses, other | 338,335 | 364,157 |
Total accrued expenses | $660,771 | $690,584 |
Note_7_Debt_Details
Note 7 - Debt (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 33 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 10, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 08, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Default [Member] | Termination before September 30, 2014 [Member] | After September 30, 2014 [Member] | After September 30, 2015 [Member] | Board of Directors Chairman [Member] | Eligible Trade Recievables [Member] | Eligible Inventory [Member] | Bank of America Merrill Lynch [Member] | Bank of America Merrill Lynch [Member] | Triumph Commercial Finance [Member] | Triumph Commercial Finance [Member] | Triumph Commercial Finance [Member] | Triumph Commercial Finance [Member] | Triumph Commercial Finance [Member] | Triumph Commercial Finance [Member] | Triumph Commercial Finance [Member] | Triumph Commercial Finance [Member] | |
Triumph Commercial Finance [Member] | Triumph Commercial Finance [Member] | Termination before September 30, 2014 [Member] | Triumph Commercial Finance [Member] | Triumph Commercial Finance [Member] | Variable Rate B [Member] | Variable Rate B [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | The Term Loan [Member] | The Term Loan [Member] | Maximum [Member] | ||||||
The Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | The Term Loan [Member] | Revolving Credit Facility [Member] | ||||||||||||
Note 7 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payable to Bank | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Drawing Of Advances Amount, Maximum | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance payment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-13 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | 1,200,000 | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | 1,200,000 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-16 | ' | ' | ' | ' | ' |
Line Of Credit Borrowing Base Calculation Percentage | ' | ' | ' | ' | ' | 85.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available Borrowings under Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 4.00% | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% | ' | ' | ' | ' | ' | ' |
Debt Related Commitment Fees and Debt Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' |
Termination Fee | ' | 120,000 | 80,000 | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Current | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Rate | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_Debt_Details_Debt
Note 7 - Debt (Details) - Debt (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 7 - Debt (Details) - Debt [Line Items] | ' | ' |
Less current portion | ($240,000) | ($200,000) |
Long-term portion | 920,000 | 400,000 |
Triumph Commercial Finance [Member] | ' | ' |
Note 7 - Debt (Details) - Debt [Line Items] | ' | ' |
Term loan payable | 1,160,000 | ' |
Bank of America Merrill Lynch [Member] | ' | ' |
Note 7 - Debt (Details) - Debt [Line Items] | ' | ' |
Term loan payable | ' | $600,000 |
Note_7_Debt_Details_Debt_Paren
Note 7 - Debt (Details) - Debt (Parentheticals) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Triumph Commercial Finance [Member] | Triumph Commercial Finance [Member] | Bank of America Merrill Lynch [Member] | Bank of America Merrill Lynch [Member] | |
Prime Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Note 7 - Debt (Details) - Debt (Parentheticals) [Line Items] | ' | ' | ' | ' |
Term loan payable, monthly | ' | $20,000 | ' | $16,667 |
Term loan payable, basis points | 4.00% | ' | 3.75% | ' |
Term loan payable, interest | ' | 7.25% | ' | 3.96% |
Note_8_Leases_Details
Note 8 - Leases (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 21, 2013 | |
Leases [Abstract] | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | ' | $451,786 | $407,600 | $380,800 | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '5 years | ' | ' | ' | ' |
Operating Lease Payment, Monthly | 1,480 | ' | ' | ' | ' |
Capital Lease Obligations | $73,651 | $73,651 | ' | ' | $77,000 |
Note_8_Leases_Details_Operatin
Note 8 - Leases (Details) - Operating Leases (USD $) | Dec. 31, 2013 |
Operating Leases [Abstract] | ' |
2014 | $390,766 |
2015 | 374,072 |
2016 | 374,072 |
2017 | 374,072 |
2018 | 221,309 |
Total | $1,734,291 |
Note_9_Income_Taxes_Details
Note 9 - Income Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | $2,600,000 | $2,058,000 |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 4,861,000 | 2,993,000 |
Deferred Tax Assets, Valuation Allowance | 2,600,000 | 1,143,000 |
Undistributed Earnings of Foreign Subsidiaries | $112,000 | ' |
Note_9_Income_Taxes_Details_Do
Note 9 - Income Taxes (Details) - Domestic and Foreign Income (Loss) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 9 - Income Taxes (Details) - Domestic and Foreign Income (Loss) [Line Items] | ' | ' | ' |
Income (loss) before income taxes | ($2,182,781) | ($483,145) | $80,607 |
UNITED STATES | ' | ' | ' |
Note 9 - Income Taxes (Details) - Domestic and Foreign Income (Loss) [Line Items] | ' | ' | ' |
Income (loss) before income taxes | -2,146,877 | -507,197 | 91,329 |
Foreign Countries [Member] | ' | ' | ' |
Note 9 - Income Taxes (Details) - Domestic and Foreign Income (Loss) [Line Items] | ' | ' | ' |
Income (loss) before income taxes | ($35,904) | $24,052 | ($10,722) |
Note_9_Income_Taxes_Details_In
Note 9 - Income Taxes (Details) - Income Before Taxes (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current: | ' | ' | ' |
Federal | ' | ($68,791) | ' |
State | 16,098 | 21,503 | 19,122 |
Total current | 16,098 | -47,288 | 19,122 |
Deferred: | ' | ' | ' |
Federal | 569,604 | 169,923 | 13,302 |
State | ' | 1,628 | 463 |
Foreign | 52,903 | 7,170 | 10,629 |
622,507 | 178,721 | 24,394 | |
$638,605 | $131,433 | $43,516 |
Note_9_Income_Taxes_Details_Co
Note 9 - Income Taxes (Details) - Components of Income Tax Expense | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Components of Income Tax Expense [Abstract] | ' | ' | ' |
Statutory income tax rate | 34.00% | 34.00% | 34.00% |
State and foreign income taxes, net of federal benefit | -1.00% | 1.00% | 1.00% |
Change in valuation allowance | -66.00% | -69.00% | ' |
Foreign earnings taxed at different rate | ' | ' | -24.00% |
Change in estimated state income tax rate | ' | -5.00% | 3.00% |
Other permanent differences | 4.00% | 12.00% | 40.00% |
Effective tax rate | -29.00% | -27.00% | 54.00% |
Note_9_Income_Taxes_Details_De
Note 9 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax liabilities: | ' | ' |
Property, plant and equipment | ($137,830) | ($192,136) |
Prepaid expenses and other | -4,599 | -4,599 |
Total deferred tax liabilities | -142,429 | -196,735 |
Deferred tax assets: | ' | ' |
Operating loss carryforwards | 1,975,282 | 1,209,966 |
Postretirement benefits | 21,360 | 22,047 |
Pension costs | 401,428 | 691,824 |
Allowance for doubtful accounts | 58,717 | 52,385 |
Other assets | 3,431 | 5,719 |
Accrued expenses | 139,654 | 171,444 |
Other employee benefits | 22,763 | 16,009 |
Inventory costs | 119,846 | 85,742 |
Total deferred tax assets | 2,742,481 | 2,255,136 |
Net | 2,600,000 | 2,058,000 |
Valuation allowance | -2,600,000 | -1,143,000 |
Deferred Tax Assets, Net | ' | 915,768 |
Current deferred tax asset | ' | 287,417 |
Long-term deferred tax asset | ' | $628,351 |
Note_10_Pension_and_Other_Post2
Note 10 - Pension and Other Postretirement Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefits Accrued | $0 | ' | ' |
Defined Contribution Plan, Cost Recognized | 0 | 0 | 0 |
Defined Contribution Plan, Employers Contribution Vesting Period | '5 years | ' | ' |
Equities [Member] | U.S. Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% | ' | ' |
Equities [Member] | U.S. Plan [Member] | Minimum [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 30.00% | ' | ' |
Equities [Member] | U.S. Plan [Member] | Maximum [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 70.00% | ' | ' |
Equities [Member] | Canadian Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% | ' | ' |
Debt Securities [Member] | U.S. Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% | ' | ' |
Debt Securities [Member] | U.S. Plan [Member] | Minimum [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 30.00% | ' | ' |
Debt Securities [Member] | U.S. Plan [Member] | Maximum [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 70.00% | ' | ' |
Debt Securities [Member] | Canadian Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% | ' | ' |
U.S. Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 20.00% | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 200,000 | ' | ' |
Defined Benefit Plan, Future Amortization of Gain (Loss) | -46,000 | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 3,262,296 | 4,100,047 | ' |
Canadian Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 65,000 | ' | ' |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 33,000 | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 1,366,076 | 1,500,537 | ' |
401 k [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% | ' | ' |
Defined Contribution Plan, Cost Recognized | 12,000 | 12,000 | 4,000 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0.1 | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | 1 | ' | ' |
Defined Contribution Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | ' | ' |
Defined Contribution Plan, Cost Recognized | 4,600 | 4,600 | 4,000 |
Defined Contribution Plan, Employer Contribution, Percentage Of Employee Elective Contribution | 50.00% | ' | ' |
Canadian Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ' | ' |
Defined Contribution Plan Employee Elective Employer Contribution Percent | 50.00% | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | ' | ' |
Death Benefit Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) [Line Items] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $62,000 | $62,000 | ' |
Note_10_Pension_and_Other_Post3
Note 10 - Pension and Other Postretirement Benefits (Details) - Components of Net Periodic Employee Benefit Cost (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Plan [Member] | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Components of Net Periodic Employee Benefit Cost [Line Items] | ' | ' |
Projected benefit obligation at beginning of year | $4,100,047 | $3,829,727 |
Change in plan assets | ' | ' |
Fair value of plan assets at beginning of year | 2,248,925 | 2,067,871 |
Actual return on plan assets | 336,348 | 227,201 |
Employer contribution | 162,417 | 239,830 |
Fair value of plan assets at end of year | 2,148,704 | 2,248,925 |
Plan assets (less) greater than benefit obligation | -1,113,592 | -1,851,122 |
Interest cost | 155,248 | 166,534 |
Benefit payments | -570,719 | -257,958 |
Administrative expenses | -28,267 | -28,019 |
Actuarial (gain) loss | -394,013 | 389,763 |
Projected benefit obligation at end of year | 3,262,296 | 4,100,047 |
Canadian Plan [Member] | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Components of Net Periodic Employee Benefit Cost [Line Items] | ' | ' |
Projected benefit obligation at beginning of year | 1,500,537 | 1,441,482 |
Change in plan assets | ' | ' |
Fair value of plan assets at beginning of year | 1,287,679 | 1,212,167 |
Actual return on plan assets | 85,068 | 58,042 |
Employer contribution | 76,523 | 83,387 |
Currency translation adjustment | -90,165 | 28,202 |
Fair value of plan assets at end of year | 1,267,724 | 1,287,679 |
Plan assets (less) greater than benefit obligation | -98,352 | -212,858 |
Interest cost | 50,692 | 58,812 |
Benefit payments | -91,381 | -94,119 |
Actuarial (gain) loss | 6,992 | 60,912 |
Currency translation adjustment | -100,764 | 33,450 |
Projected benefit obligation at end of year | $1,366,076 | $1,500,537 |
Note_10_Pension_and_Other_Post4
Note 10 - Pension and Other Postretirement Benefits (Details) - Summary of Net Amount Recognized on Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 10 - Pension and Other Postretirement Benefits (Details) - Summary of Net Amount Recognized on Consolidated Balance Sheets [Line Items] | ' | ' |
Non-current liabilities | $1,274,173 | $2,128,210 |
U.S. Plan [Member] | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Summary of Net Amount Recognized on Consolidated Balance Sheets [Line Items] | ' | ' |
Non-current liabilities | -1,113,592 | -1,851,122 |
Net amount recognized | -1,113,592 | -1,851,122 |
Canadian Plan [Member] | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Summary of Net Amount Recognized on Consolidated Balance Sheets [Line Items] | ' | ' |
Non-current liabilities | -98,352 | -212,858 |
Net amount recognized | ($98,352) | ($212,858) |
Note_10_Pension_and_Other_Post5
Note 10 - Pension and Other Postretirement Benefits (Details) - Summary of Amount in Accumulated Other Comprehensive Loss (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Plan [Member] | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Summary of Amount in Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
Unrecognized net loss | $818,366 | $1,636,551 |
818,366 | 1,636,551 | |
Canadian Plan [Member] | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Summary of Amount in Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
Unrecognized net loss | 514,541 | 599,824 |
$514,541 | $599,824 |
Note_10_Pension_and_Other_Post6
Note 10 - Pension and Other Postretirement Benefits (Details) - Components of Net Periodic Benefit Cost (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
General and Administrative Expense [Member] | U.S. Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Components of Net Periodic Benefit Cost [Line Items] | ' | ' | ' |
Service cost | ' | ' | $21,100 |
Interest cost | 155,248 | 166,534 | 172,221 |
Expected return on plan assets | -167,347 | -154,411 | -142,104 |
Net actuarial loss | 116,814 | 93,661 | 51,287 |
Settlement costs | 138,357 | ' | ' |
Net periodic benefit cost | 243,072 | 105,784 | 102,504 |
General and Administrative Expense [Member] | Canadian Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Components of Net Periodic Benefit Cost [Line Items] | ' | ' | ' |
Interest cost | 55,158 | 58,812 | 76,866 |
Expected return on plan assets | -68,171 | -73,715 | -84,452 |
Amortization of prior service cost | 36,319 | 34,007 | 15,070 |
Net periodic benefit cost | 23,306 | 19,104 | 7,484 |
U.S. Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Components of Net Periodic Benefit Cost [Line Items] | ' | ' | ' |
Interest cost | 155,248 | 166,534 | ' |
Net actuarial loss | 394,013 | -389,763 | ' |
Canadian Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Components of Net Periodic Benefit Cost [Line Items] | ' | ' | ' |
Interest cost | 50,692 | 58,812 | ' |
Net actuarial loss | ($6,992) | ($60,912) | ' |
Note_10_Pension_and_Other_Post7
Note 10 - Pension and Other Postretirement Benefits (Details) - Fair Value Hierarchy of Plan Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash and Cash Equivalents [Member] | U.S. Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Fair Value Hierarchy of Plan Assets [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | $169,927 | ' | ' |
Cash and Cash Equivalents [Member] | Canadian Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Fair Value Hierarchy of Plan Assets [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 13,788 | ' | ' |
Mutual Funds [Member] | U.S. Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Fair Value Hierarchy of Plan Assets [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 220,841 | ' | ' |
Mutual Funds [Member] | Canadian Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Fair Value Hierarchy of Plan Assets [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 1,253,936 | ' | ' |
Corporate Or Government Bonds [Member] | U.S. Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Fair Value Hierarchy of Plan Assets [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 657,373 | ' | ' |
Equities [Member] | U.S. Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Fair Value Hierarchy of Plan Assets [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 1,100,563 | ' | ' |
U.S. Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Fair Value Hierarchy of Plan Assets [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | 2,148,704 | 2,248,925 | 2,067,871 |
Canadian Plan [Member] | ' | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Fair Value Hierarchy of Plan Assets [Line Items] | ' | ' | ' |
Fair Value of Plan Assets | $1,267,724 | $1,287,679 | $1,212,167 |
Note_10_Pension_and_Other_Post8
Note 10 - Pension and Other Postretirement Benefits (Details) - Plans Weighted-Average Allocations by Asset Category | 12 Months Ended |
Dec. 31, 2013 | |
Equities [Member] | U.S. Plan [Member] | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Plans Weighted-Average Allocations by Asset Category [Line Items] | ' |
Weighted-average allocations by asset category | 51.00% |
Equities [Member] | Canadian Plan [Member] | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Plans Weighted-Average Allocations by Asset Category [Line Items] | ' |
Weighted-average allocations by asset category | 41.00% |
Fixed Income Securities [Member] | U.S. Plan [Member] | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Plans Weighted-Average Allocations by Asset Category [Line Items] | ' |
Weighted-average allocations by asset category | 49.00% |
Fixed Income Securities [Member] | Canadian Plan [Member] | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Plans Weighted-Average Allocations by Asset Category [Line Items] | ' |
Weighted-average allocations by asset category | 59.00% |
U.S. Plan [Member] | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Plans Weighted-Average Allocations by Asset Category [Line Items] | ' |
Weighted-average allocations by asset category | 100.00% |
Canadian Plan [Member] | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Plans Weighted-Average Allocations by Asset Category [Line Items] | ' |
Weighted-average allocations by asset category | 100.00% |
Note_10_Pension_and_Other_Post9
Note 10 - Pension and Other Postretirement Benefits (Details) - Expected Benefits to be Paid by the Plans (USD $) | Dec. 31, 2013 |
U.S. Plan [Member] | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Expected Benefits to be Paid by the Plans [Line Items] | ' |
2014 | $145,378 |
2015 | 153,410 |
2016 | 162,891 |
2017 | 173,625 |
2018 | 186,231 |
2019 through 2023 | 952,384 |
Canadian Plan [Member] | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Expected Benefits to be Paid by the Plans [Line Items] | ' |
2014 | 87,974 |
2015 | 74,138 |
2016 | 69,650 |
2017 | 64,882 |
2018 | 60,021 |
2019 through 2023 | $189,317 |
Recovered_Sheet1
Note 10 - Pension and Other Postretirement Benefits (Details) - Computing Net Pension Expense for the Plans | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Plan [Member] | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Computing Net Pension Expense for the Plans [Line Items] | ' | ' |
Discount rate | 4.78% | 3.85% |
Canadian Plan [Member] | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Computing Net Pension Expense for the Plans [Line Items] | ' | ' |
Discount rate | 4.39% | 3.60% |
Rate of compensation increase | 2.00% | 2.00% |
Recovered_Sheet2
Note 10 - Pension and Other Postretirement Benefits (Details) - Weighted Average Assumptions Used in Computing the Benefit Obligations for the Plans | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Plan [Member] | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Weighted Average Assumptions Used in Computing the Benefit Obligations for the Plans [Line Items] | ' | ' |
Discount rate | 3.85% | 4.50% |
Expected return on plan assets | 7.50% | 7.50% |
Canadian Plan [Member] | ' | ' |
Note 10 - Pension and Other Postretirement Benefits (Details) - Weighted Average Assumptions Used in Computing the Benefit Obligations for the Plans [Line Items] | ' | ' |
Discount rate | 3.60% | 4.13% |
Expected return on plan assets | 5.50% | 6.00% |
Rate of compensation increase | 2.00% | 2.00% |
Note_11_Capital_Stock_Details
Note 11 - Capital Stock (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 4 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 11, 2014 | Sep. 13, 2013 | Dec. 31, 2013 | Sep. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Subsequent Event [Member] | Board Member [Member] | Series A Junior Participating Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Director [Member] | Executive Officer [Member] | ||||
Series C Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member] | ||||||||||
Series C Preferred Stock [Member] | |||||||||||
Note 11 - Capital Stock (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 4,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | 1,000,000 | ' | ' | ' | ' | 200,000 | ' | 100,000 | 100,000 | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,986 | 3,334 |
Stockholders' Equity, Period Increase (Decrease) (in Dollars) | ' | $3,917 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures (in Dollars) | ' | 11,237 | 57,100 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | 1,879,319 | 1,879,319 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 1,687,319 | 1,687,319 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' |
Preferred Stock, Redemption Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' |
Conversion of Shares Calculation, Numerator (in Dollars) | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $5 | $5 | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues (in Dollars) | 282,986 | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' |
Preferred Stock, Shares Issued | ' | ' | ' | ' | 20,000 | ' | ' | 60,000 | 0 | ' | ' |
Preferred Stock, Value, Issued (in Dollars) | ' | ' | ' | ' | $100,000 | ' | ' | $300,000 | ' | ' | ' |
Note_12_StockBased_Compensatio2
Note 12 - Stock-Based Compensation (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Appreciation Rights (SARs) [Member] | ' | ' |
Note 12 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 0 |
Employee Stock Option [Member] | ' | ' |
Note 12 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 0 | ' |
Note_12_StockBased_Compensatio3
Note 12 - Stock-Based Compensation (Details) - Activity Related to the Company's Stock Options (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Activity Related to the Company's Stock Options [Abstract] | ' | ' | ' | ' |
Options | 12,000 | ' | 12,000 | 12,000 |
Weighted Average Exercise Price (in Dollars per share) | $4.95 | ' | $4.95 | $4.95 |
Exercisablebend of year | ' | 12,000 | 12,000 | ' |
Expired or forfeited | 12,000 | ' | ' | ' |
Expired or forfeited (in Dollars per share) | $4.95 | ' | ' | ' |
Options | ' | ' | 12,000 | 12,000 |
Weighted Average Exercise Price (in Dollars per share) | ' | ' | $4.95 | $4.95 |
Note_13_Earnings_Per_Share_Det
Note 13 - Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Share (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Computation of Basic and Diluted Earnings Per Share [Abstract] | ' | ' | ' |
Net income (loss) applicable to common shareholders | ($2,826,724) | ($614,578) | $37,091 |
Denominator for earnings per share (basic) b weighted average shares | 1,687,319 | 1,682,994 | 1,655,805 |
Denominator for earnings per share (diluted) b weighted average shares | 1,687,319 | 1,682,994 | 1,655,805 |
Net income (loss) per share applicable to common shareholders (basic): | ($1.68) | ($0.37) | $0.02 |
Net income (loss) per share applicable to common shareholders (diluted): | ($1.68) | ($0.37) | $0.02 |
Note_14_Geographical_Customer_2
Note 14 - Geographical, Customer Concentration and Products Data (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting [Abstract] | ' | ' |
Unsecured Trade And Other Accounts Receivable From Governmental Agencies | $32,000 | $8,000 |
Receivables from Customers | $275,000 | $583,000 |
Number Of Major Customers | 6 | 6 |
Entity Wide Accounts Receivable Major Customers Percentage | 24.00% | 27.00% |
Note_14_Geographical_Customer_3
Note 14 - Geographical, Customer Concentration and Products Data (Details) - Net Sales by Product Group (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue from External Customer [Line Items] | ' | ' | ' |
Net sales | $14,625,889 | $13,676,186 | $13,386,336 |
Operating Segments [Member] | Lockers [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Net sales | 8,501,396 | 8,327,294 | 9,522,019 |
Operating Segments [Member] | Mailboxes [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Net sales | 2,931,640 | 2,350,717 | 2,284,582 |
Operating Segments [Member] | Contract Manufacturing [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Net sales | 1,858,804 | 1,729,898 | 430,586 |
Operating Segments [Member] | Concession Revenues [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Net sales | $1,334,049 | $1,268,277 | $1,149,149 |
Note_14_Geographical_Customer_4
Note 14 - Geographical, Customer Concentration and Products Data (Details) - Net Sales to External Customers (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | $14,625,889 | $13,676,186 | $13,386,336 |
UNITED STATES | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | 11,966,000 | 11,283,881 | 10,646,590 |
Foreign Countries [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales | $2,659,889 | $2,392,305 | $2,739,746 |
Note_15_Contingencies_Details
Note 15 - Contingencies (Details) (USD $) | 1 Months Ended | 7 Months Ended | 12 Months Ended | 1 Months Ended | 5 Months Ended | ||||
Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Apr. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | |
ft | Massachusetts [Member] | Washington [Member] | Default on Obligation, Februray 2012 [Member] | Default on Obligation, Februray 2012 [Member] | Default on Obligation, Februray 2012 [Member] | ||||
Note 15 - Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Installation of a reactive iron wall covering area (in Feet) | ' | ' | ' | 250 | ' | ' | ' | ' | ' |
Environmental Remediation Estimated Initial Construction Cost | ' | ' | ' | $688,000 | ' | ' | ' | ' | ' |
Environmental Remediation Expense Expected To Be Incurred | ' | ' | ' | 1,997,000 | ' | ' | ' | ' | ' |
Estimated period | ' | ' | ' | '30 years | ' | ' | ' | ' | ' |
Loss Contingency, Pending Claims, Number | ' | ' | ' | ' | 239 | 1 | ' | ' | ' |
Loss Contingency, Claims Settled and Dismissed, Number | ' | ' | ' | ' | 37 | ' | ' | ' | ' |
Number of cases terminated | ' | ' | ' | ' | 174 | ' | ' | ' | ' |
Unresolved cases | ' | ' | ' | 28 | ' | ' | ' | ' | ' |
Loss Contingency, Loss in Period | 412,000 | ' | 114,000 | 50,000 | ' | ' | ' | ' | ' |
Loss Contingency Accrual | 377,000 | 12,000 | 12,000 | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' |
Loss Contingency, Damages Awarded, Value | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' |
Number of monthly payments to pay per damanges value | ' | 29 | ' | ' | ' | ' | ' | ' | 5 |
Payments for Legal Settlements | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 |
Other Accrued Liabilities | $35,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Note_16_Restructuring_Details
Note 16 - Restructuring (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2009 | |
Note 16 - Restructuring (Details) [Line Items] | ' | ' |
Severance Costs | ' | $264,000 |
Restructuring Charges | 283,924 | ' |
Facility Relocation One [Member] | ' | ' |
Note 16 - Restructuring (Details) [Line Items] | ' | ' |
Restructuring Reserve | $27,900 | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Year ended 2013 | ' | ' | ' |
Balance at the Beginning of Year | $162,000 | $149,000 | $134,000 |
Additions Charged to Costs and Expense | 115,000 | 48,000 | 23,000 |
Deductions | -78,000 | -35,000 | -8,000 |
Balance at End of Year | 199,000 | 162,000 | 149,000 |
Inventory Valuation Reserve [Member] | ' | ' | ' |
Year ended 2013 | ' | ' | ' |
Balance at the Beginning of Year | 408,000 | 693,000 | 753,000 |
Additions Charged to Costs and Expense | 164,000 | 58,000 | 45,000 |
Deductions | -40,000 | -343,000 | -105,000 |
Balance at End of Year | 532,000 | 408,000 | 693,000 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Year ended 2013 | ' | ' | ' |
Balance at the Beginning of Year | 1,143,000 | 699,000 | 758,000 |
Additions Charged to Costs and Expense | 1,457,000 | 444,000 | ' |
Deductions | ' | ' | -59,000 |
Balance at End of Year | $2,600,000 | $1,143,000 | $699,000 |