Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | INTRICON CORP | |
Entity Central Index Key | 88790 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,855,023 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash | $693 | $328 |
Restricted cash | 594 | 640 |
Accounts receivable, less allowance for doubtful accounts of $113 at March 31, 2015 and $120 at December 31, 2014 | 7,666 | 7,673 |
Inventories | 9,948 | 9,983 |
Other current assets | 745 | 1,013 |
Total current assets | 19,646 | 19,637 |
Machinery and equipment | 35,807 | 35,104 |
Less: Accumulated depreciation | 31,207 | 30,859 |
Net machinery and equipment | 4,600 | 4,245 |
Goodwill | 9,194 | 9,194 |
Investment in partnerships | 338 | 387 |
Other assets, net | 443 | 498 |
Total assets | 34,221 | 33,961 |
Current liabilities: | ||
Checks written in excess of cash | 516 | |
Current maturities of long-term debt | 1,890 | 1,886 |
Accounts payable | 5,628 | 5,438 |
Accrued salaries, wages and commissions | 2,393 | 2,519 |
Deferred gain | 110 | 110 |
Other accrued liabilities | 1,293 | 1,364 |
Total current liabilities | 11,314 | 11,833 |
Long-term debt, less current maturities | 5,118 | 4,627 |
Other postretirement benefit obligations | 483 | 485 |
Accrued pension liabilities | 685 | 741 |
Deferred gain | 28 | 55 |
Other long-term liabilities | 102 | 113 |
Total liabilities | 17,730 | 17,854 |
Commitments and contingencies (Note 12) | ||
Shareholders' equity: | ||
Common stock, $1.00 par value per share; 20,000 shares authorized; 5,855 and 5,844 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 5,855 | 5,844 |
Additional paid-in capital | 17,138 | 16,939 |
Accumulated deficit | -5,990 | -6,274 |
Accumulated other comprehensive loss | -512 | -402 |
Total shareholders' equity | 16,491 | 16,107 |
Total liabilities and shareholders' equity | $34,221 | $33,961 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Condensed Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $113 | $120 |
Common shares, par value | $1 | $1 |
Common shares, shares authorized | 20,000,000 | 20,000,000 |
Common shares, shares issued | 5,855,000 | 5,844,000 |
Common shares, shares outstanding | 5,855,000 | 5,844,000 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Condensed Statements Of Operations [Abstract] | ||
Sales, net | $16,602 | $17,310 |
Cost of sales | 12,274 | 12,537 |
Gross profit | 4,328 | 4,773 |
Operating expenses: | ||
Sales and marketing | 987 | 1,007 |
General and administrative | 1,709 | 1,624 |
Research and development | 1,226 | 1,168 |
Restructuring charges (Note 3) | 83 | |
Total operating expenses | 3,922 | 3,882 |
Operating income | 406 | 891 |
Interest expense | -103 | -138 |
Other income | 136 | 60 |
Income from continuing operations before income taxes and discontinued operations | 439 | 813 |
Income tax expense | 155 | 26 |
Income before discontinued operations | 284 | 787 |
Loss on sale of discontinued operations | -120 | |
Loss from discontinued operations, net of income taxes (Note 4) | -150 | |
Net income | $284 | $517 |
Basic income (loss) per share: | ||
Continuing operations | $0.05 | $0.14 |
Discontinued operations | ($0.05) | |
Net income per share: | $0.05 | $0.09 |
Diluted income (loss) per share: | ||
Continuing operations | $0.05 | $0.14 |
Discontinued operations | ($0.05) | |
Net income per share: | $0.05 | $0.09 |
Average shares outstanding: | ||
Basic | 5,849 | 5,729 |
Diluted | 6,227 | 5,859 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Condensed Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net income | $284 | $517 |
Change in fair value of interest rate swap | -2 | 10 |
Gain (loss) on foreign currency translation adjustment | -108 | 10 |
Comprehensive income | $174 | $537 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $284 | $517 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 423 | 559 |
Stock-based compensation | 169 | 142 |
Change in deferred gain | -28 | -28 |
Change in allowance for doubtful accounts | 7 | 1 |
Equity in loss of partnerships | 49 | 35 |
Loss on sale of discontinued operation | 120 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 92 | -1,133 |
Inventories | 41 | -381 |
Other assets | 297 | 343 |
Accounts payable | 181 | 544 |
Accrued expenses | -382 | 306 |
Other liabilities | 38 | -50 |
Net cash provided by operating activities | 1,171 | 975 |
Cash flows from investing activities: | ||
Proceeds from sale of property, plant and equipment | 21 | |
Proceeds from sale of discontinued operation | 500 | |
Purchases of property, plant and equipment | -711 | -241 |
Net cash (used in) provided by investing activities | -711 | 280 |
Cash flows from financing activities: | ||
Proceeds from long-term borrowings | 2,926 | 2,999 |
Repayments of long-term borrowings | -2,430 | -3,980 |
Proceeds from employee stock purchases and exercise of stock options | 42 | 23 |
Change in restricted cash | 79 | -128 |
Change in checks written in excess of cash | -516 | 178 |
Net cash provided by (used in) financing activities | 101 | -908 |
Effect of exchange rate changes on cash | -196 | 12 |
Net increase in cash | 365 | 359 |
Cash, beginning of period | 328 | 217 |
Cash, end of period | $693 | $576 |
General
General | 3 Months Ended |
Mar. 31, 2015 | |
General [Abstract] | |
General | 1. General |
In the opinion of management, the accompanying consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly IntriCon Corporation's (“IntriCon” or the “Company”) consolidated financial position as of March 31, 2015 and December 31, 2014, and the consolidated results of its operations and cash flows for the three months ended March 31, 2015 and 2014. Results of operations for the interim periods are not necessarily indicative of the results of operations expected for the full year or any other interim period. | |
On June 13, 2013, the Company announced a global restructuring plan to accelerate future growth and reduce costs by approximately $3.0 million annually. As part of the restructuring, the Company sold its security and certain microphone and receiver operations on January 27, 2014 to Sierra Peaks Corporation. For all periods presented, the Company classified these businesses as discontinued operations (Note 4). | |
The Company has evaluated subsequent events occurring after the date of the consolidated financial statements for events requiring recording or disclosure in the financial statements. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements |
In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, or ASU 2015-02. ASU 2015-02 amends current consolidation guidance by modifying the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminating the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis of reporting entities that are involved with variable interest entities. ASU No. 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. All legal entities are subject to reevaluation under the revised consolidation model. The adoption of ASU 2015-02 is not expected to have a material impact on our consolidated financial position, results of operations or cash flows. | |
In May 2014, the Financial Accounting Standards Board issued new accounting guidance related to revenue recognition. This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company beginning January 1, 2017 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are currently assessing the impact on the Company’s consolidated financial statements. | |
Restructuring_Charges
Restructuring Charges | 3 Months Ended |
Mar. 31, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | 3. Restructuring Charges |
On June 13, 2013, the Company announced a global strategic restructuring plan designed to accelerate the Company’s future growth by focusing resources on the highest potential growth areas and reduce costs. The plan was approved by the Company’s Board of Directors on June 12, 2013. As part of this plan, the Company: reduced investment in certain non-core professional audio communications product lines; transferred specific product lines from Singapore to the Company’s lower-cost manufacturing facility in Batam, Indonesia; reduced global administrative and support workforce; transferred the medical coil operations from the Company’s Maine facility to Minnesota to better leverage existing manufacturing capacity; sold its remaining security, microphone and receiver operations; added experienced professionals in value hearing health; and focused more resources in medical biotelemetry. During the first quarter of 2014, the Company incurred charges of $83, primarily related to employee termination benefits, from the restructuring of its continuing operations. In the future, the Company does not expect to incur any additional cash charges related to this restructuring. | |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Discontinued Operations [Abstract] | ||||||
Discontinued Operations | 4. Discontinued Operations | |||||
On June 13, 2013, the Company announced a global strategic restructuring plan designed to accelerate the Company’s future growth and reduce costs. See Note 3 for additional information. As part of the global strategic restructuring plan, the Company decided to exit the security and certain microphone and receiver businesses. On January 27, 2014, the Company completed the sale of the security business and certain microphone and receiver businesses of IntriCon Tibbetts Corporation, IntriCon’s wholly owned subsidiary based in Camden, Maine, to Sierra Peaks Corporation, pursuant to an Asset Purchase Agreement entered into on January 27, 2014 between Sierra Peaks Corporation, as the buyer, and IntriCon Tibbetts Corporation as the seller. Sierra Peaks Corporation paid $500 cash at closing for the assets and assumed certain operating liabilities of the businesses. | ||||||
The Company recorded a loss on the sale of $120. The net loss was computed as follows: | ||||||
Accounts receivable, net | $ | 384 | ||||
Inventory, net | 128 | |||||
Property, plant and equipment, net | 127 | |||||
Other assets | 1 | |||||
Accounts payable | -69 | |||||
Total | $ | 571 | ||||
Cash proceeds received from Sierra Peaks | 500 | |||||
Net assets sold | -571 | |||||
Transaction costs | -49 | |||||
Loss on sale of discontinued operations | $ | -120 | ||||
The following table shows the results of operations of the Company’s discontinued operations: | ||||||
Three Months Ended | ||||||
March 31, | March 31, | |||||
2015 | 2014 | |||||
(Unaudited) | (Unaudited) | |||||
Sales, net | $ | - | $ | 207 | ||
Operating costs and expenses | - | -357 | ||||
Operating loss | - | -150 | ||||
Other income, net | - | - | ||||
Net loss from discontinued operations | $ | - | $ | -150 | ||
Product_Warranty
Product Warranty | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Product Warranty [Abstract] | ||||||
Product Warranty | 5. Product Warranty | |||||
In general, the Company warrants its products to be free from defects in material and workmanship and will fully conform to and perform to specifications for a period of one year. The following table presents changes in the Company’s warranty liability for the three months ended March 31, 2015 and the year ended December 31, 2014: | ||||||
March 31, | December 31, | |||||
2015 | 2014 | |||||
Beginning balance | $ | 100 | $ | 72 | ||
Warranty expense | 20 | 122 | ||||
Closed warranty claims | -12 | -94 | ||||
Ending balance | $ | 108 | $ | 100 | ||
Geographic_Information
Geographic Information | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Geographic Information [Abstract] | |||||||
Geographic Information | 6. Geographic Information | ||||||
The geographical distribution of long-lived assets to geographical areas consisted of the following at: | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
United States | $ | 3,738 | $ | 3,307 | |||
Other – primarily Asia | 862 | 938 | |||||
Consolidated | $ | 4,600 | $ | 4,245 | |||
Long-lived assets consist of property and equipment and certain other assets that are difficult to move and relatively illiquid. Excluded from long-lived assets are investments in partnerships, patents, license agreements and goodwill. The Company capitalizes long-lived assets pertaining to the production of specialized parts. These assets are periodically reviewed to assure the net realizable value from the estimated future production based on forecasted cash flows exceeds the carrying value of the assets. | |||||||
The geographical distribution of net sales to geographical areas for the three months ended March 31, 2015 and 2014 were as follows: | |||||||
Three Months Ended | |||||||
Net Sales to Geographical Areas | 31-Mar-15 | 31-Mar-14 | |||||
United States | $ | 12,582 | $ | 12,822 | |||
Switzerland | 629 | 332 | |||||
Germany | 528 | 591 | |||||
Vietnam | 437 | 364 | |||||
China | 434 | 699 | |||||
Japan | 371 | 322 | |||||
United Kingdom | 282 | 523 | |||||
Turkey | 264 | 193 | |||||
France | 241 | 534 | |||||
Hong Kong | 195 | 178 | |||||
Singapore | 85 | 111 | |||||
All other countries | 554 | 641 | |||||
Consolidated | $ | 16,602 | $ | 17,310 | |||
Geographic net sales are allocated based on the location of the customer. All other countries include net sales primarily to various countries in Europe and in the Asian Pacific. Customer concentrations greater than 10% of consolidated net sales and account receivable are disclosed below. | |||||||
For the three months ended March 31, 2015, one customer accounted for 39% of the Company’s consolidated net sales. For the three months ended March 31, 2014, two customers accounted for 49% of the Company’s consolidated net sales. | |||||||
At March 31, 2015, two customers combined accounted for 33% of the Company’s consolidated accounts receivable. At December 31, 2014, two customers accounted for a combined 29% of the Company’s consolidated accounts receivable. | |||||||
Inventories
Inventories | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Inventories [Abstract] | ||||||||||||
Inventories | 7. Inventories | |||||||||||
Inventories consisted of the following at: | ||||||||||||
Raw materials | Work-in process | Finished products and components | Total | |||||||||
31-Mar-15 | ||||||||||||
Domestic | $ | 3,783 | $ | 1,520 | $ | 1,923 | $ | 7,226 | ||||
Foreign | 1,774 | 746 | 202 | 2,722 | ||||||||
Total | $ | 5,557 | $ | 2,266 | $ | 2,125 | $ | 9,948 | ||||
31-Dec-14 | ||||||||||||
Domestic | $ | 3,993 | $ | 1,300 | $ | 1,838 | $ | 7,131 | ||||
Foreign | 1,894 | 720 | 238 | 2,852 | ||||||||
Total | $ | 5,887 | $ | 2,020 | $ | 2,076 | $ | 9,983 | ||||
Short_And_LongTerm_Debt
Short And Long-Term Debt | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Short And Long-Term Debt [Abstract] | ||||||
Short And Long-Term Debt | 8. Short and Long-Term Debt | |||||
Short and long-term debt is summarized as follows: | ||||||
March 31, | December 31, | |||||
2015 | 2014 | |||||
Domestic Asset-Based Revolving Credit Facility | $ | 1,093 | $ | 3,843 | ||
Foreign Overdraft and Letter of Credit Facility | 915 | 920 | ||||
Domestic Term-Loan | 5,000 | 1,750 | ||||
Total Debt | 7,008 | 6,513 | ||||
Less: Current maturities | -1,890 | -1,886 | ||||
Total Long-Term Debt | $ | 5,118 | $ | 4,627 | ||
Domestic Credit Facilities | ||||||
The Company and its domestic subsidiaries are parties to a credit facility with The PrivateBank and Trust Company. The credit facility, as amended, provides for: | ||||||
§ | an $8,000 revolving credit facility, with a $200 sub facility for letters of credit. Under the revolving credit facility, the availability of funds depends on a borrowing base composed of stated percentages of the Company’s eligible trade receivables and eligible inventory, and eligible equipment less a reserve; and | |||||
§ | a term loan in the original amount of $5,000. | |||||
In March 2015, the Company and its domestic subsidiaries entered into a Seventh Amendment to the Loan and Security Agreement with The PrivateBank and Trust Company. The amendment, among other things: | ||||||
§ | increased the Company’s term loan to $5,000 from its then current balance of $1,750, as a result of which the Company borrowed an additional $3,250 under the term loan facility; | |||||
§ | extended the term loan and revolving loan maturity date to February 28, 2019, keeping the existing term loan amortization schedule in place; | |||||
§ | increased the annual capital expenditure limit to $4,500; | |||||
§ | implemented investment provisions that allow for up to $4,000 in investment spending prior to requiring bank approval; | |||||
§ | lowered interest rates on the term loan and revolving loan; | |||||
Due to the Seventh Amendment as described above, the term loan and the revolving loan maturity date has been extended to February 28, 2019. All of the borrowings under this agreement have been characterized as either a current or long-term liability on our balance sheet in accordance with the repayment terms described more fully below. | ||||||
Loans under the credit facility are secured by a security interest in substantially all of the assets of the Company and its domestic subsidiaries including a pledge of the stock of its domestic subsidiaries. Loans under the credit facility bear interest at varying rates based on the Company’s leverage ratio of funded debt / EBITDA, at the option of the Company, at: | ||||||
§ | the London InterBank Offered Rate (“LIBOR”) plus 2.50% to 4.00%, or | |||||
§ | the base rate, which is the higher of (a) the rate publicly announced from time to time by the lender as its “prime rate” and (b) the Federal Funds Rate plus 0.5%, plus (0.25)% to 1.25%; in each case, depending on the Company’s leverage ratio. | |||||
Interest is payable monthly in arrears, except that interest on LIBOR based loans is payable at the end of the one, two or three month interest periods applicable to LIBOR based loans. IntriCon is also required to pay a non-use fee equal to 0.25% per year of the unused portion of the revolving line of credit facility, payable quarterly in arrears. | ||||||
Weighted average interest on the revolving credit facility was 4.39% for the three months ended March 31, 2015 and 4.51% for the year ended December 31, 2014. The outstanding balance of the revolving credit facility was $1,093 and $3,843 at March 31, 2015 and December 31, 2014, respectively. The total availability on the revolving credit facility was approximately $6,341 and $3,456 at March 31, 2015 and December 31, 2014, respectively. | ||||||
The outstanding principal balance of the term loan, as amended, is payable in quarterly installments of $250. Any remaining principal and accrued interest is payable on February 28, 2019. IntriCon is also required to use 100% of the net cash proceeds of certain asset sales (excluding inventory and certain other dispositions), sale of capital securities or issuance of debt to pay down the term loan. | ||||||
The Company was in compliance with the financial covenants under the facility as of March 31, 2015. | ||||||
Foreign Credit Facility | ||||||
In addition to its domestic credit facilities, the Company’s wholly-owned subsidiary, IntriCon, PTE LTD., entered into an international senior secured credit agreement with Oversea-Chinese Banking Corporation Ltd. that provides for an asset based line of credit. Borrowings bear interest at a rate of .75% to 2.5% over the lender’s prevailing prime lending rate. Weighted average interest on the international credit facilities was 3.38% and 4.50% for the three months ended March 31, 2015 and the year ended December 31, 2014, respectively. The outstanding balance was $915 and $920 at March 31, 2015 and December 31, 2014, respectively. The total remaining availability on the international senior secured credit agreement was approximately $878 and $956 at March 31, 2015 and December 31, 2014, respectively. | ||||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Taxes [Abstract] | ||||||
Income Taxes | 9. Income Taxes | |||||
Income tax expense for the three months ended March 31, 2015 was $155 compared to $26 for the same period in 2014. The expense for the three months ended March 31, 2015 and 2014, was primarily due to foreign operations. The Company has net operating loss carryforwards for U.S. federal income tax purposes and, consequently, minimal federal benefit or expense from the domestic operations was recognized as the deferred tax asset has a full valuation allowance. | ||||||
The following was the income (loss) before income taxes for each jurisdiction in which the Company has operations for the three months ended March 31, 2015 and 2014. | ||||||
Three Months Ended | ||||||
31-Mar-15 | 31-Mar-14 | |||||
United States | $ | -310 | $ | 316 | ||
Singapore | 541 | 382 | ||||
Indonesia | 20 | 19 | ||||
Germany | 188 | 96 | ||||
Income before income taxes and discontinued operations | $ | 439 | $ | 813 | ||
Shareholders_Equity_And_StockB
Shareholders' Equity And Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Shareholders' Equity and Stock-Based Compensation [Abstract] | ||||||||
Shareholders' Equity And Stock-Based Compensation | 10. Shareholders’ Equity and Stock-based Compensation | |||||||
The Company has a 2001 stock option plan, a non-employee directors’ stock option plan and a 2006 Equity Incentive Plan. New grants may not be made under the 2001 and the non-employee directors’ stock option plans; however certain option grants under these plans remain exercisable as of March 31, 2015. The aggregate number of shares of common stock for which awards could be granted under the 2006 Equity Incentive Plan as of the date of adoption was 699 shares. The Plan was amended in 2010 and 2012 to authorize an additional 250 and 300 shares, respectively, for issuance under the Plan. Additionally, as outstanding options under the 2001 stock option plan and non-employee directors’ stock option plan expire, the shares of the Company’s common stock subject to the expired options will become available for issuance under the 2006 Equity Incentive Plan. | ||||||||
Under the various plans, executives, employees and outside directors receive awards of options to purchase common stock. Under the 2006 Equity Incentive Plan, the Company may also grant stock awards, stock appreciation rights, restricted stock units and other equity-based awards, although no such awards, other than awards under the director program and management purchase program described below, had been granted as of March 31, 2015. Under all awards, the terms are fixed on the grant date. Generally, the exercise price of stock options equals the market price of the Company’s stock on the date of the grant. Options under the plans generally vest over three years, and have a maximum term of 10 years. | ||||||||
Additionally, the board has established the non-employee directors’ stock fee election program, referred to as the director program, as an award under the 2006 Equity Incentive Plan. The director program gives each non-employee director the right under the 2006 Equity Incentive Plan to elect to have some or all of his quarterly director fees paid in common shares rather than cash. No shares were issued in lieu of cash for director fees under the director program for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
On July 23, 2008, the Compensation Committee of the Board of Directors approved the non-employee director and executive officer stock purchase program, referred to as the management purchase program, as an award under the 2006 Plan. The purpose of the management purchase program is to permit the Company’s non-employee directors and executive officers to purchase shares of the Company’s Common Stock directly from the Company. Pursuant to the management purchase program, as amended, participants may elect to purchase shares of Common Stock from the Company not exceeding an aggregate of $100 during any fiscal year. Participants may make such election one time during each twenty business day period following the public release of the Company’s earnings announcement, referred to as a window period, and only if such participant is not in possession of material, non-public information concerning the Company and subject to the discretion of the Board to prohibit any transactions in Common Stock by directors and executive officers during a window period. There were no shares purchased under the management purchase program during the three months ended March 31, 2015 and 2014, respectively. | ||||||||
On April 24, 2015, the shareholders of the Company approved the 2015 Equity Incentive Plan. The new plan replaces the 2006 Plan. | ||||||||
Stock option activity as of and during the three months ended March 31, 2015 was as follows: | ||||||||
Weighted-average | Aggregate | |||||||
Number of Shares | Exercise Price | Intrinsic Value | ||||||
Outstanding at December 31, 2014 | 1,313 | $ | 5.86 | |||||
Options forfeited or cancelled | - | - | ||||||
Options granted | 128 | 6.87 | ||||||
Options exercised | -11 | 3.52 | ||||||
Outstanding at March 31, 2015 | 1,430 | $ | 5.97 | $ | 3,836 | |||
Exercisable at March 31, 2015 | 1,082 | $ | 6.06 | $ | 3,031 | |||
Available for future grant at December 31, 2014 | 175 | |||||||
Available for future grant at March 31, 2015 | 50 | |||||||
The number of shares available for future grants at March 31, 2015 does not include a total of up to 147 shares subject to options outstanding under the 2001 stock option plans and non-employee directors’ stock option plans as of March 31, 2015, which will become available for grant under the 2006 Equity Incentive Plan in the event of the expiration of such options. | ||||||||
The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of subjective assumptions, including the expected stock price volatility. Because the Company’s options have characteristics different from those of traded options, in the opinion of management, the existing models do not necessarily provide a reliable single measure of the fair value of its options. The weighted average fair value of options granted was $4.37 for options granted during the three months ended March 31, 2015. The weighted average fair value of options granted was $3.85 for options granted during the three months ended March 31, 2014. | ||||||||
The Company calculates expected volatility for stock options and awards using the Company’s historical volatility. | ||||||||
The Company currently estimates a zero percent forfeiture rate for stock options, but will continue to review this estimate in future periods. | ||||||||
The risk-free rates for the expected terms of the stock options and awards are based on the U.S. Treasury yield curve in effect at the time of grant. | ||||||||
The weighted average remaining contractual life of options exercisable at March 31, 2015 was 4.10 years. | ||||||||
The Company recorded $169 of non-cash stock option expense for the three months ended March 31, 2015. The Company recorded $142 of non-cash stock option expense for the three months ended March 31, 2014. As of March 31, 2015, there was $904 of total unrecognized compensation costs related to non-vested awards that are expected to be recognized over a weighted-average period of 2.29 years. | ||||||||
The Company also has an Employee Stock Purchase Plan (the “Purchase Plan”). The Purchase Plan initially provided that a maximum of 100 shares may be sold under the Purchase Plan as of the date of adoption. On April 27, 2011, the Company’s shareholders approved an amendment to the Purchase Plan to increase the number of shares which may be purchased under the plan by an additional 100 shares. There were 3 shares purchased under the plan for the three months ended March 31, 2015 and a total of 5 shares purchased for the three months ended March 31, 2014. | ||||||||
Income_Per_Share
Income Per Share | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Per Share [Abstract] | ||||||
Income Per Share | 11. Income Per Share | |||||
The following table presents a reconciliation between basic and diluted earnings per share: | ||||||
Three Months Ended | ||||||
31-Mar-15 | 31-Mar-14 | |||||
Numerator: | ||||||
Income before discontinued operations | $ | 284 | $ | 787 | ||
Loss from discontinued operations, net of income taxes (note 4) | - | -270 | ||||
Net income | $ | 284 | $ | 517 | ||
Denominator: | ||||||
Basic – weighted shares outstanding | 5,849 | 5,729 | ||||
Weighted shares assumed upon exercise of stock options | 378 | 130 | ||||
Diluted – weighted shares outstanding | 6,227 | 5,859 | ||||
Basic income (loss) per share: | ||||||
Continuing operations | $ | 0.05 | $ | 0.14 | ||
Discontinued operations | - | -0.05 | ||||
Net income per share: | $ | 0.05 | $ | 0.09 | ||
Diluted income (loss) per share: | ||||||
Continuing operations | $ | 0.05 | $ | 0.14 | ||
Discontinued operations | - | -0.05 | ||||
Net income per share: | $ | 0.05 | $ | 0.09 | ||
The dilutive impact summarized above relates to the periods when the average market price of Company stock exceeded the exercise price of the potentially dilutive option securities granted. Earnings per common share was based on the weighted average number of common shares outstanding during the periods when computing the basic earnings per share. When dilutive, stock options are included as equivalents using the treasury stock method when computing the diluted earnings per share. Individual components of basic and diluted income (loss) per share may not sum to the total income (loss) per share due to rounding. | ||||||
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2015 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | 12. Legal Proceedings |
The Company is a defendant along with a number of other parties in lawsuits alleging that plaintiffs have or may have contracted asbestos-related diseases as a result of exposure to asbestos products or equipment containing asbestos sold by one or more named defendants. These lawsuits relate to the discontinued heat technologies segment which was sold in March 2005. Due to the non-informative nature of the complaints, the Company does not know whether any of the complaints state valid claims against the Company. Certain insurance carriers have informed the Company that the primary policies for the period August 1, 1970-1978 have been exhausted and that the carriers will no longer provide defense and insurance coverage under those policies. However, the Company has other primary and excess insurance policies that the Company believes afford coverage for later years. Some of these other primary insurers have accepted defense and insurance coverage for these suits, and some of them have either ignored the Company’s tender of defense of these cases, or have denied coverage, or have accepted the tenders but asserted a reservation of rights and/or advised the Company that they need to investigate further. Because settlement payments are applied to all years a litigant was deemed to have been exposed to asbestos, the Company believes that it will have funds available for defense and insurance coverage under the non-exhausted primary and excess insurance policies. However, unlike the older policies, the more recent policies have deductible amounts for defense and settlements costs that the Company will be required to pay; accordingly, the Company expects that its litigation costs will increase in the future. Further, many of the policies covering later years (approximately 1984 and thereafter) have exclusions for any asbestos products or operations, and thus do not provide insurance coverage for asbestos-related lawsuits. The Company does not believe that the asserted exhaustion of some of the primary insurance coverage for the 1970-1978 period will have a material adverse effect on its financial condition, liquidity, or results of operations. Management believes that the number of insurance carriers involved in the defense of the suits, and the significant number of policy years and policy limits under which these insurance carriers are insuring the Company, make the ultimate disposition of these lawsuits not material to the Company's consolidated financial position or results of operations. | |
The Company’s former French subsidiary, Selas SAS, filed for insolvency in France. The Company may be subject to additional litigation or liabilities as a result of the French insolvency proceeding. | |
The Company is also involved in other lawsuits arising in the normal course of business. While it is not possible to predict with certainty the outcome of these matters, management is of the opinion that the disposition of these lawsuits and claims will not materially affect our consolidated financial position, liquidity or results of operations. | |
RelatedParty_Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 13. Related-Party Transactions |
One of the Company’s subsidiaries leases office and factory space from a partnership consisting of three present or former officers of the subsidiary, including Mark Gorder, a member of the Company’s Board of Directors and the President and Chief Executive Officer of the Company. The subsidiary is required to pay all real estate taxes and operating expenses. The total base rent expense, real estate taxes and other charges incurred under the lease were approximately $122 for the three months ended March 31, 2015 and approximately $122 for the three months ended March 31, 2014. | |
The Company uses the law firm of Blank Rome LLP for legal services. A partner of that firm is the son-in-law of the Chairman of the Company’s Board of Directors. For the three months ended March 31, 2015, the Company paid that firm approximately $48 for legal services and costs. For the three months ended March 31, 2014, the Company paid that firm approximately $39 for legal services and costs. The Chairman of our Board of Directors is considered independent under applicable Nasdaq and Securities Exchange Commission rules because (i) no payments were made to the Chairman or the partner directly in exchange for the services provided by the law firm and (ii) the amounts paid to the law firm did not exceed the thresholds contained in the Nasdaq standards. Furthermore, the aforementioned partner does not provide any legal services to the Company and is not involved in billing matters. | |
Statements_Of_Cash_Flows
Statements Of Cash Flows | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Statements Of Cash Flows [Abstract] | ||||||
Statements Of Cash Flows | 14.Statements of Cash Flows | |||||
The following table provides supplemental disclosures of cash flow information: | ||||||
Three Months Ended | ||||||
March 31, | March 31, | |||||
2015 | 2014 | |||||
Interest received | $ | 12 | $ | - | ||
Interest paid | 89 | 134 | ||||
Income taxes paid | 110 | - | ||||
Revenue_By_Market
Revenue By Market | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Revenue By Market [Abstract] | ||||||
Revenue By Market | 15.Revenue by Market | |||||
The following tables set forth, for the periods indicated, net revenue by market: | ||||||
Three Months Ended | ||||||
March 31, | March 31, | |||||
2015 | 2014 | |||||
Medical | $ | 8,957 | $ | 9,483 | ||
Hearing Health | 5,564 | 5,859 | ||||
Professional Audio Communications | 2,081 | 1,968 | ||||
Total Revenue | $ | 16,602 | $ | 17,310 | ||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Discontinued Operations [Abstract] | ||||||
Schedule Of Loss On Sale Of Discontinued Operations | ||||||
Accounts receivable, net | $ | 384 | ||||
Inventory, net | 128 | |||||
Property, plant and equipment, net | 127 | |||||
Other assets | 1 | |||||
Accounts payable | -69 | |||||
Total | $ | 571 | ||||
Cash proceeds received from Sierra Peaks | 500 | |||||
Net assets sold | -571 | |||||
Transaction costs | -49 | |||||
Loss on sale of discontinued operations | $ | -120 | ||||
Summary Of Results Of Operations | ||||||
Three Months Ended | ||||||
March 31, | March 31, | |||||
2015 | 2014 | |||||
(Unaudited) | (Unaudited) | |||||
Sales, net | $ | - | $ | 207 | ||
Operating costs and expenses | - | -357 | ||||
Operating loss | - | -150 | ||||
Other income, net | - | - | ||||
Net loss from discontinued operations | $ | - | $ | -150 | ||
Product_Warranty_Tables
Product Warranty (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Product Warranty [Abstract] | ||||||
Changes In Warranty Liability | ||||||
March 31, | December 31, | |||||
2015 | 2014 | |||||
Beginning balance | $ | 100 | $ | 72 | ||
Warranty expense | 20 | 122 | ||||
Closed warranty claims | -12 | -94 | ||||
Ending balance | $ | 108 | $ | 100 | ||
Geographic_Information_Tables
Geographic Information (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Geographic Information [Abstract] | |||||||
Geographical Distribution Of Long-Lived Assets | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
United States | $ | 3,738 | $ | 3,307 | |||
Other – primarily Asia | 862 | 938 | |||||
Consolidated | $ | 4,600 | $ | 4,245 | |||
Geographical Distribution Of Net Sales | |||||||
Three Months Ended | |||||||
Net Sales to Geographical Areas | 31-Mar-15 | 31-Mar-14 | |||||
United States | $ | 12,582 | $ | 12,822 | |||
Switzerland | 629 | 332 | |||||
Germany | 528 | 591 | |||||
Vietnam | 437 | 364 | |||||
China | 434 | 699 | |||||
Japan | 371 | 322 | |||||
United Kingdom | 282 | 523 | |||||
Turkey | 264 | 193 | |||||
France | 241 | 534 | |||||
Hong Kong | 195 | 178 | |||||
Singapore | 85 | 111 | |||||
All other countries | 554 | 641 | |||||
Consolidated | $ | 16,602 | $ | 17,310 | |||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Inventories [Abstract] | ||||||||||||
Schedule Of Inventories | ||||||||||||
Raw materials | Work-in process | Finished products and components | Total | |||||||||
31-Mar-15 | ||||||||||||
Domestic | $ | 3,783 | $ | 1,520 | $ | 1,923 | $ | 7,226 | ||||
Foreign | 1,774 | 746 | 202 | 2,722 | ||||||||
Total | $ | 5,557 | $ | 2,266 | $ | 2,125 | $ | 9,948 | ||||
31-Dec-14 | ||||||||||||
Domestic | $ | 3,993 | $ | 1,300 | $ | 1,838 | $ | 7,131 | ||||
Foreign | 1,894 | 720 | 238 | 2,852 | ||||||||
Total | $ | 5,887 | $ | 2,020 | $ | 2,076 | $ | 9,983 | ||||
Short_And_LongTerm_Debt_Tables
Short And Long-Term Debt (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Short And Long-Term Debt [Abstract] | ||||||
Summary Of Short And Long-Term Debt | ||||||
March 31, | December 31, | |||||
2015 | 2014 | |||||
Domestic Asset-Based Revolving Credit Facility | $ | 1,093 | $ | 3,843 | ||
Foreign Overdraft and Letter of Credit Facility | 915 | 920 | ||||
Domestic Term-Loan | 5,000 | 1,750 | ||||
Total Debt | 7,008 | 6,513 | ||||
Less: Current maturities | -1,890 | -1,886 | ||||
Total Long-Term Debt | $ | 5,118 | $ | 4,627 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Taxes [Abstract] | ||||||
Income (Loss) Before Income Tax By Jurisdiction | ||||||
Three Months Ended | ||||||
31-Mar-15 | 31-Mar-14 | |||||
United States | $ | -310 | $ | 316 | ||
Singapore | 541 | 382 | ||||
Indonesia | 20 | 19 | ||||
Germany | 188 | 96 | ||||
Income before income taxes and discontinued operations | $ | 439 | $ | 813 | ||
Shareholders_Equity_And_StockB1
Shareholders' Equity And Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Shareholders' Equity and Stock-Based Compensation [Abstract] | ||||||||
Summary Of Stock Option Activity | ||||||||
Weighted-average | Aggregate | |||||||
Number of Shares | Exercise Price | Intrinsic Value | ||||||
Outstanding at December 31, 2014 | 1,313 | $ | 5.86 | |||||
Options forfeited or cancelled | - | - | ||||||
Options granted | 128 | 6.87 | ||||||
Options exercised | -11 | 3.52 | ||||||
Outstanding at March 31, 2015 | 1,430 | $ | 5.97 | $ | 3,836 | |||
Exercisable at March 31, 2015 | 1,082 | $ | 6.06 | $ | 3,031 | |||
Available for future grant at December 31, 2014 | 175 | |||||||
Available for future grant at March 31, 2015 | 50 | |||||||
Income_Per_Share_Tables
Income Per Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Per Share [Abstract] | ||||||
Reconciliation Of Basic And Diluted Income Per Share | ||||||
Three Months Ended | ||||||
31-Mar-15 | 31-Mar-14 | |||||
Numerator: | ||||||
Income before discontinued operations | $ | 284 | $ | 787 | ||
Loss from discontinued operations, net of income taxes (note 4) | - | -270 | ||||
Net income | $ | 284 | $ | 517 | ||
Denominator: | ||||||
Basic – weighted shares outstanding | 5,849 | 5,729 | ||||
Weighted shares assumed upon exercise of stock options | 378 | 130 | ||||
Diluted – weighted shares outstanding | 6,227 | 5,859 | ||||
Basic income (loss) per share: | ||||||
Continuing operations | $ | 0.05 | $ | 0.14 | ||
Discontinued operations | - | -0.05 | ||||
Net income per share: | $ | 0.05 | $ | 0.09 | ||
Diluted income (loss) per share: | ||||||
Continuing operations | $ | 0.05 | $ | 0.14 | ||
Discontinued operations | - | -0.05 | ||||
Net income per share: | $ | 0.05 | $ | 0.09 | ||
Statements_Of_Cash_Flows_Table
Statements Of Cash Flows (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Statements Of Cash Flows [Abstract] | ||||||
Supplemental Disclosures Of Cash Flow Information | ||||||
Three Months Ended | ||||||
March 31, | March 31, | |||||
2015 | 2014 | |||||
Interest received | $ | 12 | $ | - | ||
Interest paid | 89 | 134 | ||||
Income taxes paid | 110 | - | ||||
Revenue_By_Market_Tables
Revenue By Market (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Revenue By Market [Abstract] | ||||||
Schedule Of Net Revenue By Market | ||||||
Three Months Ended | ||||||
March 31, | March 31, | |||||
2015 | 2014 | |||||
Medical | $ | 8,957 | $ | 9,483 | ||
Hearing Health | 5,564 | 5,859 | ||||
Professional Audio Communications | 2,081 | 1,968 | ||||
Total Revenue | $ | 16,602 | $ | 17,310 | ||
General_Details
General (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jun. 13, 2013 |
General [Abstract] | |
Expected annual cost reduction amount | $3 |
Restructuring_Charges_Details
Restructuring Charges (Details) (Employee Termination And Moving Costs [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Employee Termination And Moving Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Incurred restructuring charges | $83 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Jan. 27, 2014 | Mar. 31, 2014 |
Discontinued Operations [Line Items] | ||
Proceeds from sale of business | $500 | $500 |
Loss on sale of discontinued operations | -120 | -120 |
Microphone And Receiver Businesses [Member] | ||
Discontinued Operations [Line Items] | ||
Proceeds from sale of business | $500 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Loss On Sale Of Discontinued Operations) (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Jan. 27, 2014 | Mar. 31, 2014 |
Discontinued Operations [Abstract] | ||
Accounts receivable, net | $384 | |
Inventory, net | 128 | |
Property, plant and equipment, net | 127 | |
Other assets | 1 | |
Accounts payable | -69 | |
Total | 571 | |
Cash proceeds received from Sierra Peaks | 500 | 500 |
Net assets sold | -571 | |
Transaction costs | -49 | |
Loss on sale of discontinued operations | ($120) | ($120) |
Discontinued_Operations_Summar
Discontinued Operations (Summary Of Results Of Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Discontinued Operations [Abstract] | ||
Sales, net | $207 | |
Operating costs and expenses | -357 | |
Operating loss | -150 | |
Other income, net | ||
Net loss from discontinued operations | ($150) |
Product_Warranty_Changes_In_Wa
Product Warranty (Changes In Warranty Liability) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Product Warranty [Abstract] | ||
Product warranty period | 1 year | |
Beginning balance | $100 | $72 |
Warranty expense | 20 | 122 |
Closed warranty claims | -12 | -94 |
Ending balance | $108 | $100 |
Geographic_Information_Narrati
Geographic Information (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
customer | customer | customer | |
Net Sales [Member] | One Customer [Member] | |||
Revenue, Major Customer [Line Items] | |||
Number of customers | 1 | ||
Percentage of sales and/or receivables | 39.00% | ||
Net Sales [Member] | Two Customers [Member] | |||
Revenue, Major Customer [Line Items] | |||
Number of customers | 2 | ||
Percentage of sales and/or receivables | 49.00% | ||
Accounts Receivable [Member] | Two Customers [Member] | |||
Revenue, Major Customer [Line Items] | |||
Number of customers | 2 | 2 | |
Percentage of sales and/or receivables | 33.00% | 29.00% |
Geographic_Information_Geograp
Geographic Information (Geographical Distribution Of Long-Lived Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $4,600 | $4,245 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 3,738 | 3,307 |
Other - Primarily Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $862 | $938 |
Geographic_Information_Geograp1
Geographic Information (Geographical Distribution Of Net Sales) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $16,602 | $17,310 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 12,582 | 12,822 |
Switzerland [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 629 | 332 |
Germany [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 528 | 591 |
Vietnam [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 437 | 364 |
China [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 434 | 699 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 371 | 322 |
UK [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 282 | 523 |
Turkey [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 264 | 193 |
France [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 241 | 534 |
Hong Kong [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 195 | 178 |
Singapore [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 85 | 111 |
All Other Countries [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $554 | $641 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ||
Raw materials | $5,557 | $5,887 |
Work-in process | 2,266 | 2,020 |
Finished products and components | 2,125 | 2,076 |
Total | 9,948 | 9,983 |
Domestic Inventories [Member] | ||
Inventory [Line Items] | ||
Raw materials | 3,783 | 3,993 |
Work-in process | 1,520 | 1,300 |
Finished products and components | 1,923 | 1,838 |
Total | 7,226 | 7,131 |
Foreign Inventories [Member] | ||
Inventory [Line Items] | ||
Raw materials | 1,774 | 1,894 |
Work-in process | 746 | 720 |
Finished products and components | 202 | 238 |
Total | $2,722 | $2,852 |
Short_And_LongTerm_Debt_Narrat
Short And Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2015 | Aug. 31, 2011 | Feb. 28, 2015 | Aug. 13, 2009 | Dec. 31, 2014 | |
Short And Long-Term Debt [Line Items] | ||||||
Line of credit facility, Non-use fee percentage | 0.25% | |||||
Quarterly installment amounts | $250,000 | |||||
Percentage of proceeds from certain asset sales required to pay down term loan | 100.00% | |||||
Federal Funds Rate [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Basis spread on variable rate of debt instruments | 0.50% | |||||
Domestic Term-Loan [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Loan amount | 1,750,000 | 5,000,000 | ||||
Seventh Amendment to the Loan and Security Agreement [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Increase in the annual capital expenditure limit | 4,500,000 | |||||
Seventh Amendment to the Loan and Security Agreement [Member] | Domestic Term-Loan [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Loan amount | 5,000,000 | 5,000,000 | ||||
Additional term loan facility borrowed | 3,250,000 | |||||
Debt instrument maturity date | 28-Feb-19 | |||||
Domestic Asset-Based Revolving Credit Facility [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Weighted average interest rate of debt instruments | 4.39% | 4.39% | 4.51% | |||
International Credit Facility [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Amount outstanding | 915,000 | 915,000 | 920,000 | |||
Remaining borrowing capacity under credit facility | 878,000 | 878,000 | 956,000 | |||
Weighted average interest rate of debt instruments | 3.38% | 3.38% | 4.50% | |||
Minimum interest rate of debt instruments | 0.75% | |||||
Maximum interest rate of debt instruments | 2.50% | |||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Basis spread on variable rate of debt instruments | 2.50% | |||||
Minimum [Member] | Federal Funds Rate [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Basis spread on variable rate of debt instruments | -0.25% | |||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Basis spread on variable rate of debt instruments | 4.00% | |||||
Maximum [Member] | Federal Funds Rate [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Basis spread on variable rate of debt instruments | 1.25% | |||||
Maximum [Member] | Seventh Amendment to the Loan and Security Agreement [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Investment spending prior to requiring bank approval | 4,000,000 | |||||
Revolving Credit Facility [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Credit facility, borrowing capacity | 8,000,000 | |||||
Amount outstanding | 1,093,000 | 1,093,000 | 3,843,000 | |||
Remaining borrowing capacity under credit facility | 6,341,000 | 6,341,000 | 3,456,000 | |||
Letters Of Credit [Member] | ||||||
Short And Long-Term Debt [Line Items] | ||||||
Credit facility, borrowing capacity | $200,000 |
Short_And_LongTerm_Debt_Summar
Short And Long-Term Debt (Summary Of Short And Long-Term Debt) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total Debt | $7,008 | $6,513 |
Less: Current maturities | -1,890 | -1,886 |
Total Long-Term Debt | 5,118 | 4,627 |
Domestic Asset-Based Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 1,093 | 3,843 |
Foreign Overdraft And Letter Of Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 915 | 920 |
Domestic Term-Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $5,000 | $1,750 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Taxes [Abstract] | ||
Income tax expense (benefit) | $155 | $26 |
Income_Taxes_Income_Loss_Befor
Income Taxes (Income (Loss) Before Income Tax By Jurisdiction) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Loss Carryforwards [Line Items] | ||
Income from continuing operations before income taxes and discontinued operations | $439 | $813 |
Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes, United States | -310 | 316 |
Singapore [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes, Foreign | 541 | 382 |
Indonesia [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes, Foreign | 20 | 19 |
Germany [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income (loss) before income taxes, Foreign | $188 | $96 |
Shareholders_Equity_And_StockB2
Shareholders' Equity And Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2014 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Aggregate number of shares of common stock which awards could be granted | 50,000 | 175,000 | |||
Maximum amount of common stock participants may elect to purchase | $100 | ||||
Window period | 20 days | ||||
Weighted average fair value of options granted | $4.37 | $3.85 | |||
Expected forfeiture rate of stock options | 0.00% | ||||
Weighted average remaining contractual life of options exercisable, years | 4 years 1 month 6 days | ||||
Stock option expense | 169 | 142 | |||
Unrecognized compensation costs on non-vested awards | $904 | ||||
Unrecognized compensation costs, period of recognition, years | 2 years 3 months 15 days | ||||
2006 Equity Incentive Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Aggregate number of shares of common stock which awards could be granted | 699,000 | ||||
Increase in maximum number of shares approved | 300,000 | 250,000 | |||
Vesting period of options under equity incentive plan | 3 years | ||||
Shares issued in lieu of cash for director fees under director program | 0 | 0 | |||
2001 Stock Option Plan And Non-Employee Directors' Stock Option Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Aggregate number of shares of common stock which awards could be granted | 147,000 | ||||
Management Purchase Program [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares purchased for award | 0 | 0 | |||
Employee Stock Purchase Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Increase in maximum number of shares approved | 100,000 | ||||
Maximum number of shares approved under purchase plan | 100,000 | ||||
Shares purchased for award | 3,000 | 5,000 | |||
Maximum [Member] | 2006 Equity Incentive Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Term of options | 10 years |
Shareholders_Equity_And_StockB3
Shareholders' Equity And Stock-Based Compensation (Summary Of Stock Option Activity) (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Shareholders' Equity and Stock-Based Compensation [Abstract] | |
Number of Shares, Outstanding | 1,313 |
Number of Shares, Options granted | 128 |
Number of Shares, Options exercised | -11 |
Number of Shares, Outstanding | 1,430 |
Number of Shares, Exercisable | 1,082 |
Number of Shares, Available for future grant at December 31, 2014 | 175 |
Number of Shares, Available for future grant at March 31, 2015 | 50 |
Weighted-average Exercise Price, Outstanding | $5.86 |
Weighted-average Exercise Price, Options granted | $6.87 |
Weighted-average Exercise Price, Options exercised | $3.52 |
Weighted-average Exercise Price, Outstanding | $5.97 |
Weighted-average Exercise Price, Exercisable | $6.06 |
Aggregate Intrinsic Value, Outstanding at March 31, 2015 | $3,836 |
Aggregate Intrinsic Value, Exercisable | $3,031 |
Income_Per_Share_Reconciliatio
Income Per Share (Reconciliation Of Basic And Diluted Income Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Per Share [Abstract] | ||
Income before discontinued operations | $284 | $787 |
Loss from discontinued operations, net of income taxes (note 4) | -270 | |
Net income | $284 | $517 |
Basic - weighted shares outstanding | 5,849 | 5,729 |
Weighted shares assumed upon exercise of stock options | 378 | 130 |
Diluted - weighted shares outstanding | 6,227 | 5,859 |
Continuing operations | $0.05 | $0.14 |
Discontinued operations | ($0.05) | |
Net income per share: | $0.05 | $0.09 |
Continuing operations | $0.05 | $0.14 |
Discontinued operations | ($0.05) | |
Net income per share: | $0.05 | $0.09 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Related-Party Transactions [Abstract] | ||
Annual base rent expense, real estate taxes and other charges | $122 | $122 |
Legal service costs | $48 | $39 |
Statements_Of_Cash_Flows_Detai
Statements Of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statements Of Cash Flows [Abstract] | ||
Interest received | $12 | |
Interest paid | 89 | 134 |
Income taxes paid | $110 |
Revenue_By_Market_Schedule_Of_
Revenue By Market (Schedule Of Net Revenue By Market) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total Revenue | $16,602 | $17,310 |
Medical [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenue | 8,957 | 9,483 |
Hearing Health [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenue | 5,564 | 5,859 |
Professional Audio Communications [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Revenue | $2,081 | $1,968 |