Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Apr. 30, 2014 | 22-May-14 | |
Entity Listings [Line Items] | ' | ' |
Entity Registrant Name | 'SHILOH INDUSTRIES INC | ' |
Entity Central Index Key | '0000904979 | ' |
Current Fiscal Year End Date | '--10-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Apr-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 17,194,784 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Apr. 30, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $579 | $398 |
Investment in marketable securities | 1,631 | 0 |
Accounts receivable, net of allowance for doubtful accounts of $379 and $341 at April 30, 2014 and October 31, 2013, respectively | 120,638 | 116,837 |
Related-party accounts receivable | 3,032 | 673 |
Inventories, net | 53,907 | 42,924 |
Deferred income taxes | 2,828 | 2,829 |
Prepaid expenses | 5,862 | 3,095 |
Other Assets | 0 | 23 |
Total current assets | 188,477 | 166,779 |
Property, plant and equipment, net | 198,556 | 197,874 |
Goodwill | 10,098 | 6,768 |
Intangible assets, net | 16,516 | 17,605 |
Other assets | 2,879 | 2,927 |
Total assets | 416,526 | 391,953 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' |
Current debt | 798 | 882 |
Accounts payable | 99,557 | 87,977 |
Accrued income taxes, | 1,876 | 1,666 |
Other accrued expenses | 27,526 | 26,416 |
Total current liabilities | 129,757 | 116,941 |
Long-term debt | 118,550 | 119,384 |
Long-term benefit liabilities | 19,904 | 21,287 |
Deferred income taxes | 644 | 969 |
Interest rate swap agreement | 903 | 0 |
Other liabilities | 1,921 | 2,223 |
Total liabilities | 271,679 | 260,804 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $.01 per share; 5,000,000 shares authorized; no shares issued and outstanding at April 30, 2014 and October 31, 2013, respectively | 0 | 0 |
Common stock, par value $.01 per share; 25,000,000 shares authorized; 17,194,784 and 17,031,316 shares issued and outstanding at April 30, 2014 and October 31, 2013, respectively | 172 | 170 |
Paid-in capital | 67,605 | 66,312 |
Retained earnings | 103,817 | 90,749 |
Accumulated other comprehensive loss: Pension related liability, net | -26,747 | -26,082 |
Total stockholders’ equity | 144,847 | 131,149 |
Total liabilities and stockholders’ equity | $416,526 | $391,953 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets - Parentheticals (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $379 | $341 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 17,194,784 | 17,031,316 |
Common stock, shares outstanding | 17,194,784 | 17,031,316 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Revenue, Net | $208,972 | $182,146 | $392,511 | $327,529 |
Cost of sales | 187,971 | 162,810 | 353,663 | 297,456 |
Gross profit | 21,001 | 19,336 | 38,848 | 30,073 |
Selling, general and administrative expenses | 11,208 | 7,828 | 22,153 | 14,440 |
Asset recovery | 2,906 | 0 | 4,026 | 7 |
Operating income | 12,699 | 11,508 | 20,721 | 15,640 |
Interest expense | 927 | 564 | 1,813 | 994 |
Interest Income | 2 | 13 | 5 | 19 |
Other expense | 25 | 22 | 44 | 46 |
Income before income taxes | 11,749 | 10,935 | 18,869 | 14,619 |
Provision for income taxes | 3,620 | 3,686 | 5,801 | 4,787 |
Net income | $8,129 | $7,249 | $13,068 | $9,832 |
Earnings per share: | ' | ' | ' | ' |
Basic earnings per share | $0.48 | $0.43 | $0.77 | $0.58 |
Basic weighted average number of common shares | 17,081 | 16,998 | 17,063 | 16,993 |
Diluted earnings per share | $0.47 | $0.43 | $0.76 | $0.58 |
Diluted weighted average number of common shares | 17,158 | 17,043 | 17,148 | 17,041 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $8,129 | $7,249 | $13,068 | $9,832 |
Actuarial net gain | 269 | 0 | 538 | 0 |
Asset net loss | -606 | 0 | -1,145 | 0 |
Recognized gain | 717 | 0 | 331 | 0 |
Income tax - (expense) benefit | 144 | 0 | -105 | 0 |
Total defined benefit pension plans & other post retirement benefits, net of tax | 236 | 0 | -171 | 0 |
Unrealized gain on marketable securities | 104 | 0 | 104 | 0 |
Income taxes on marketable securities | -37 | 0 | -37 | 0 |
Unrealized gain on marketable securities, net of tax | 67 | 0 | 67 | 0 |
Unrealized loss on interest rate swap agreements | -903 | 0 | -903 | 0 |
Income taxes on interest rate swap agreements | 342 | 0 | 342 | 0 |
Change in fair value of derivative instruments, net of tax | -561 | 0 | -561 | 0 |
Comprehensive income, net | $7,871 | $7,249 | $12,403 | $9,832 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $13,068 | $9,832 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 12,885 | 9,392 |
Asset recovery | 4,026 | 7 |
Amortization of deferred financing costs | 465 | 150 |
Deferred income taxes | 86 | 36 |
Stock-based compensation expense | 289 | 374 |
Gain on sale of assets | -131 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -5,986 | -18,029 |
Inventories | -10,983 | 5,945 |
Prepaids and other assets | -3,143 | 479 |
Payables and other liabilities | 8,173 | 920 |
Accrued income taxes | 210 | 3,300 |
Net cash provided by (used for) operating activities | 10,907 | 12,392 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -11,549 | -12,449 |
Investment in marketable securities | -1,527 | 0 |
Acquisitions, net of cash acquired | -349 | -63,066 |
Proceeds from sale of assets | 4,163 | 7 |
Net cash used for investing activities | -9,262 | -75,508 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payment of dividends | 0 | -4,226 |
Payment of capital lease | -56 | 0 |
Proceeds from long-term borrowings | 8,600 | 81,750 |
Repayments of long-term borrowings | -10,737 | -14,200 |
Payment of deferred financing costs | -16 | -349 |
Proceeds from exercise of stock options | 745 | 110 |
Net cash provided by (used for) financing activities | -1,464 | 63,085 |
Net increase (decrease) in cash and cash equivalents | 181 | -31 |
Cash and cash equivalents at beginning of period | 398 | 174 |
Cash and cash equivalents at end of period | 579 | 143 |
Supplemental Cash Flow Information: | ' | ' |
Cash paid for interest | 1,522 | 789 |
Cash paid for income taxes | 5,713 | 1,341 |
Non-cash Investing and Financing Activities: | ' | ' |
Equipment acquired under capital lease | $1,679 | $0 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Apr. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
—Basis of Presentation | |
The condensed consolidated financial statements have been prepared by Shiloh Industries, Inc. and its subsidiaries (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Although the Company believes that the disclosures are adequate to make the information presented not misleading, these condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2013. | |
Revenues and operating results for the six months ended April 30, 2014 are not necessarily indicative of the results to be expected for the full year. | |
Prior Year Reclassification | |
Certain prior year amounts have been reclassified to conform with current year presentation. | |
New_Accounting_Standards
New Accounting Standards | 6 Months Ended |
Apr. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
—New Accounting Standards | |
There were no new accounting pronouncements adopted or issued during the six month period ended April 30, 2014 that have had or are expected to have a material impact on our financial statements. |
Acquisitions
Acquisitions | 6 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Acquisitions [Abstract] | ' | ||||||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||||||||||||||
—Acquisitions | |||||||||||||||||
Albany-Chicago Company LLC | |||||||||||||||||
On December 28, 2012, the Company, through a wholly-owned subsidiary, entered into and consummated the transactions contemplated by a Membership Interest Purchase Agreement, dated December 28, 2012 (the "Purchase Agreement"), among the subsidiary and all of the equity owners of Albany-Chicago Company LLC ("Pleasant Prairie"), a producer of aluminum die cast and machined parts for the motor vehicle industry. | |||||||||||||||||
The Company acquired Pleasant Prairie in order to further our investment in lightweighting technologies and expand the diversity of our customer base, product offering and geographic footprint. Pleasant Prairie's results of operations are reflected in the Company's condensed consolidated statements of income from the acquisition date. | |||||||||||||||||
The aggregate fair value of consideration transferred in connection with the Purchase Agreement was $56,390, consisting of $56,792 ($56,337 net of cash acquired), in cash on the date of acquisition. Of this amount, $3,000 in cash was placed into escrow, and serves as security for any indemnification claims made by the Company under the Purchase Agreement. Subsequent to the acquisition date, $381 of working capital adjustments were paid during the second quarter of fiscal 2013 to the seller, a reduction in purchase price of $850 as a result of a settlement agreement on asset valuation for tax purposes occurred during the third quarter of fiscal 2013, which was taken out of the escrow balance, and a working capital adjustment of $67 paid to the seller during the third quarter of fiscal 2013. During the first quarter of fiscal 2014, certain settlements occurred resulting in $1,000 in escrow funds being returned to the Company for settlement of excess tooling expenses and was included in the Company's operating results and $200 in escrow funds being released to the sellers for volumes on certain programs exceeding agreed levels, leaving a remaining escrow balance of $950. | |||||||||||||||||
The acquisition of Pleasant Prairie has been accounted for using the acquisition method in accordance with the FASB Accounting Standards Codification ("ASC") Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. The fair values of identifiable intangible assets were based on valuations using the income approach and estimates provided by management. The excess of the purchase price over the estimated fair values of the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The allocation of the purchase price is based upon a valuation of certain assets acquired and liabilities assumed. The final purchase price allocation was as follows: | |||||||||||||||||
Cash and cash equivalents | $ | 455 | |||||||||||||||
Accounts receivable | 9,195 | ||||||||||||||||
Inventory | 2,711 | ||||||||||||||||
Prepaid assets and other | 1,851 | ||||||||||||||||
Property, plant and equipment | 26,100 | ||||||||||||||||
Goodwill | 5,492 | ||||||||||||||||
Intangible assets | 16,056 | ||||||||||||||||
Other non-current assets | 67 | ||||||||||||||||
Accounts payable and other | (5,537 | ) | |||||||||||||||
Net assets acquired | $ | 56,390 | |||||||||||||||
The Company utilized a third party to assist in the fair value determination of certain components of the purchase price allocation, namely property, plant and equipment and intangible assets. | |||||||||||||||||
The Company believes the amount of goodwill resulting from the purchase price allocation is attributable to the workforce of the acquired business (which is not eligible for separate recognition as an identifiable intangible asset) and the synergies expected after the Company's acquisition of Pleasant Prairie. All of the goodwill was allocated to the Company's Pleasant Prairie subsidiary. The total amount of goodwill expected to be deductible for tax purposes is $14,291 and is estimated to be deductible over approximately 15 years. | |||||||||||||||||
Of the $16,056 of acquired intangible assets, $13,462 was assigned to customers that have a useful life of approximately 13 years, $1,850 was assigned to trade names with an estimated useful life of approximately 15 years, and $744 was assigned to non-competition agreements with an estimated useful life of approximately 2 years. The fair values assigned to identifiable intangible assets acquired has been determined primarily by using the income approach, which discounts expected future cash flows to present value using estimates and assumptions determined by management. The Company utilized a third party to assist in assigning a fair value to acquired intangible assets. The total amount of identifiable intangible assets expected to be deductible for tax purposes is $16,056 and is estimated to be deductible over approximately 15 years. | |||||||||||||||||
Atlantic Tool & Die - Alabama, Inc. | |||||||||||||||||
On December 13, 2012, the Company, through a wholly owned subsidiary, acquired certain assets of Atlantic Tool & Die - Alabama, Inc. (“Anniston”), a metal stamping, welding and value added assembly company. The fair value of consideration paid for the acquired assets was $6,347. The Company acquired Anniston in order to expand the diversity of our customer base and the availability of desired assets. The results of operations for Anniston are included in the Company's condensed consolidated financial statements from the date of acquisition. | |||||||||||||||||
The acquisition of Anniston has been accounted for using the acquisition method in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. The allocation of the purchase price is based upon a valuation of certain assets acquired and liabilities assumed. | |||||||||||||||||
The Company utilized a third party to assist in the fair value determination of certain components of the final purchase price allocation, namely fixed assets and intangible assets. The Company acquired typical working capital items of inventories and other assets, net of certain employee benefit liabilities assumed, of $1,214, and property, plant and equipment of $5,361, resulting in a bargain purchase gain of $228. The Company was able to realize a gain on the acquisition as a result of the Company's ability to favorably negotiate the settlement of certain assumed liabilities, which was recognized in the fourth quarter of fiscal year 2013. | |||||||||||||||||
Contech Castings, LLC | |||||||||||||||||
On June 11, 2013, the Company, through a wholly-owned subsidiary, entered into an Asset Purchase Agreement (the “Contech Agreement”), with Contech Castings, LLC (“Contech”) and its subsidiary Contech Casting Real Estate Holdings, LLC (“Contech Real Estate” and together with Contech, “Contech Sellers”). Contech is engaged in the business of die casting and machining motor vehicle parts and further producing engineered high pressure aluminum die cast and machined parts for the motor vehicle industry, and Contech Real Estate owned the real property used by Contech in its business. The acquisition closed on August 2, 2013. Under the terms of the Contech Agreement, the Company acquired the assets of the business located at the purchased facilities and assumed certain specified liabilities from the Contech Sellers for $42,536, consisting of $42,187 in cash on the date of the acquisition after adjustments in working capital, certain assumed liabilities and amounts of capital expenditures. Of this amount, $3,825 in cash was placed into escrow, and serves as security for any indemnification claims made by the Company under the Contech Agreement. Subsequent to the acquisition date, $349 of settlements were paid to the seller net of certain closing costs refunded to the Company during the second quarter of fiscal 2014 | |||||||||||||||||
The Company acquired Contech's businesses in order to further enhance our investment in lightweighting technologies, expand our capabilities in aluminum die casting machining and expand the diversity of our customer base, product offering and geographic footprint. Contech's results of operations are reflected in the Company's condensed consolidated statements of income from the acquisition date. | |||||||||||||||||
The acquisition of Contech has been accounted for using the acquisition method in accordance with the FASB ASC Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. The fair values of identifiable intangible assets were based on valuations using the income approach and estimates provided by management. The excess of the purchase price over the estimated fair values of the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The allocation of the purchase price is based upon a valuation of certain assets acquired and liabilities assumed. The preliminary purchase price allocation was as follows: | |||||||||||||||||
Accounts receivable | $ | 2,126 | |||||||||||||||
Inventory | 1,529 | ||||||||||||||||
Prepaid assets and other | 170 | ||||||||||||||||
Property, plant and equipment | 36,976 | ||||||||||||||||
Goodwill | 4,605 | ||||||||||||||||
Intangible assets | 2,898 | ||||||||||||||||
Accounts payable and other | (5,768 | ) | |||||||||||||||
Net assets acquired | $ | 42,536 | |||||||||||||||
The Company utilized a third party to assist in the fair value determination of certain components of the purchase price allocation, namely property, plant and equipment and intangible assets. As a result of the valuation completed during the quarter ended April 30, 2014, the assigned value to property, plant and equipment was revised to $36,976, which is a reduction of $2,981 from the previous estimate, and resulted in an increase to goodwill and a decrease to property, plant and equipment by the corresponding amount. | |||||||||||||||||
The Company believes the amount of goodwill resulting from the purchase price allocation is attributable to the workforce of the acquired business (which is not eligible for separate recognition as an identifiable intangible asset) and the synergies expected after the Company's acquisition of Contech. The total amount of goodwill expected to be deductible for tax purposes is $4,605 and is estimated to be deductible over approximately 15 years. | |||||||||||||||||
Of the $2,898 of acquired intangible assets, $25 was assigned to trade names with an estimated useful life of approximately 0.25 years, $166 was assigned to trademarks with an estimated useful life of approximately 10 years, and $2,707 was assigned to developed technologies with an estimated useful life of 5 years. The Company utilized a third party to assist in assigning a fair value to acquired intangible assets. The total amount of identifiable intangible assets expected to be deductible for tax purposes is $2,898 and is estimated to be deductible over approximately 15 years. | |||||||||||||||||
Pro Forma Consolidated Results | |||||||||||||||||
The following supplemental pro forma information presents the actual financial results for the three and six months ended April 30, 2014 and pro forma financial results for the three months and six months ended April 30, 2013 as if the Pleasant Prairie acquisition had occurred on November 1, 2012. The pro forma results do not include any anticipated cost synergies, costs or other effects of the integration of Pleasant Prairie. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the acquisition been completed on the dates indicated, nor are they indicative of the future operating results of the combined company. In addition, the pro forma information includes amortization expense related to intangible assets acquired of $406 and $308 for the three months ended April 30, 2014 and April 30, 2013, respectively, and $811 and $691 six months ended April 30, 2014 and April 30, 2013, respectively. Pro forma information related to the Anniston and Contech acquisitions are not included in the table below as their financial results were not considered to be significant to the Company's operating results for the periods presented. | |||||||||||||||||
Pro forma consolidated results | Three Months Ended April 30, | Six Months Ended April 30, | |||||||||||||||
(in thousands, except for per share data): | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 208,972 | $ | 182,146 | $ | 392,511 | $ | 337,779 | |||||||||
Net income | $ | 8,129 | $ | 7,249 | $ | 13,068 | $ | 9,570 | |||||||||
Basic earnings per share | $ | 0.47 | $ | 0.43 | $ | 0.76 | $ | 0.56 | |||||||||
Diluted earnings per share | $ | 0.47 | $ | 0.43 | $ | 0.76 | $ | 0.56 | |||||||||
Asset_Impairment_and_Recoverie
Asset Impairment and Recoveries | 6 Months Ended |
Apr. 30, 2014 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
Asset Recoveries | |
Asset recoveries of $2,906 were recorded during the second quarter of fiscal 2014 for cash received upon sales of assets from the Company's former Mansfield Blanking facility, which were impaired in fiscal 2010. | |
Asset recoveries of $4,026 were recorded during the first six months of fiscal 2014 and impairment recoveries of $7 were recorded during the first six months of fiscal 2013 for cash received upon sales of assets from the Company's former Mansfield Blanking facility, which were impaired in fiscal 2010. |
Related_Party_Receivables
Related Party Receivables | 6 Months Ended |
Apr. 30, 2014 | |
Related Party Receivables [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Related Party Receivables | |
The Company had related party receivable balances for the period ended April 30, 2014 and October 31, 2013 of $3,032 and $673, respectively, due from MTD Products Inc. and its affiliates. | |
On March 11, 2014, the Company entered into a manufacturing agreement with Velocys, plc (LSE:VLS). As part of the agreement, the Company invested $2,000, which is comprised of Velocys stock with a market value of $1,527 on the date of acquisition and a premium paid of $473 which is being amortized over the remaining life of the related supplier agreement. The Company remeasures available-for-sale securities at fair value and records the unrealized gain or loss in other comprehensive income until realized. A cumulative market-to-market favorable adjustment of $67, net of tax, was recordedas a gain to other comprehensive income for the six months ended April 30, 2014. |
Inventories
Inventories | 6 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Inventories | ||||||||
Inventories consist of the following: | ||||||||
April 30, 2014 | 31-Oct-13 | |||||||
Raw materials | $ | 21,729 | $ | 16,827 | ||||
Work-in-process | 9,322 | 7,742 | ||||||
Finished goods | 9,253 | 9,573 | ||||||
Total material | 40,304 | 34,142 | ||||||
Tooling | 13,603 | 8,782 | ||||||
Total inventory | $ | 53,907 | $ | 42,924 | ||||
Total cost of inventory is net of reserves to reduce certain inventory from cost to net realizable value. Such reserves aggregated $162 and $853 at April 30, 2014 and October 31, 2013, respectively. | ||||||||
Customer reimbursed tooling inventories totaling $13,603 as of April 30, 2014 increased $4,821 from October 31, 2013, for tooling related to new program awards that go into production over the next two years. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 6 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment consist of the following: | ||||||||
April 30, | October 31, | |||||||
2014 | 2013 | |||||||
Land and improvements | $ | 11,259 | $ | 11,050 | ||||
Buildings and improvements | 111,081 | 109,977 | ||||||
Machinery and equipment | 413,305 | 411,847 | ||||||
Furniture and fixtures | 11,713 | 11,568 | ||||||
Construction in progress | 33,784 | 28,982 | ||||||
Total, at cost | 581,142 | 573,424 | ||||||
Less: Accumulated depreciation | 382,586 | 375,550 | ||||||
Property, plant and equipment, net | $ | 198,556 | $ | 197,874 | ||||
Depreciation expense was $11,795 and $8,972 for the six months ended April 30, 2014 and April 30, 2013, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | ||||||||||||||
Apr. 30, 2014 | |||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||
Intangible Assets | |||||||||||||||
Goodwill | |||||||||||||||
The table below reflects the changes in the carrying value of goodwill for the six month period ending April 30, 2014: | |||||||||||||||
October 31, 2013 | Fair Value Valuation | April 30, 2014 | |||||||||||||
Goodwill | $6,768 | $3,330 | $10,098 | ||||||||||||
The increase in goodwill of $3,330 is the result of the completion of the fair value valuation of acquired intangible assets and property, plant and equipment and other purchase price adjustments related to the Contech acquisition during the second quarter of 2014, that are detailed in Note 3. | |||||||||||||||
Intangible Assets | |||||||||||||||
The following table reflects intangible assets and related accumulated amortization: | |||||||||||||||
April 30, 2014 | |||||||||||||||
Useful Life | Cost | Accumulated Amortization | Net | ||||||||||||
Trade Name (Albany-Chicago) | 15 years | $ | 1,850 | $ | (164 | ) | $ | 1,686 | |||||||
Non-compete (Albany-Chicago) | 2 years | 744 | (496 | ) | 248 | ||||||||||
Customer Relationships (Albany-Chicago) | 13 years | 13,462 | (1,335 | ) | 12,127 | ||||||||||
Trade Name (Contech) | 0.25 years | 25 | (25 | ) | — | ||||||||||
Trademark (Contech) | 10 years | 166 | (12 | ) | 154 | ||||||||||
Developed Technology (Contech) | 5 years | 2,707 | (406 | ) | 2,301 | ||||||||||
$ | 18,954 | $ | (2,438 | ) | $ | 16,516 | |||||||||
October 31, 2013 | |||||||||||||||
Useful Life | Cost | Accumulated Amortization | Net | ||||||||||||
Trade Name (Albany-Chicago) | 15 years | $ | 1,850 | $ | (103 | ) | $ | 1,747 | |||||||
Non-compete (Albany-Chicago) | 2 years | 744 | (310 | ) | 434 | ||||||||||
Customer Relationships (Albany-Chicago) | 13 years | 13,462 | (771 | ) | 12,691 | ||||||||||
Trade Name (Contech) | 0.25 years | 25 | (25 | ) | — | ||||||||||
Trademark (Contech) | 10 years | 166 | (4 | ) | 162 | ||||||||||
Developed Technology (Contech) | 5 years | 2,707 | (136 | ) | 2,571 | ||||||||||
$ | 18,954 | $ | (1,349 | ) | $ | 17,605 | |||||||||
Total amortization expense was $1,090 and $420 for the six months ended April 30, 2014 and April 30, 2013, respectively. Amortization expense related to intangible assets for the fiscal years ending is estimated to be as follows: | |||||||||||||||
Remainder of 2014 | $ | 1,090 | |||||||||||||
2015 | 1,779 | ||||||||||||||
2016 | 1,717 | ||||||||||||||
2017 | 1,717 | ||||||||||||||
2018 | 1,582 | ||||||||||||||
Thereafter | 8,631 | ||||||||||||||
$ | 16,516 | ||||||||||||||
Financing_Arrangements
Financing Arrangements | 6 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Financing Arrangements [Text Block] | ' | ||||||||||||||||
Financing Arrangements | |||||||||||||||||
Debt consists of the following: | |||||||||||||||||
30-Apr-14 | 31-Oct-13 | ||||||||||||||||
Credit Agreement —interest rate at 1.89% and 1.95% at April 30, 2014 and October 31, 2013, respectively | $ | 115,500 | $ | 117,400 | |||||||||||||
Equipment security note | 2,224 | 2,461 | |||||||||||||||
Capital lease obligations | 1,624 | — | |||||||||||||||
Insurance broker financing agreement | — | 405 | |||||||||||||||
Total debt | 119,348 | 120,266 | |||||||||||||||
Less: Current debt | 798 | 882 | |||||||||||||||
Total long-term debt | $ | 118,550 | $ | 119,384 | |||||||||||||
The weighted average interest rate of all debt was 1.92% and 1.90% for the six months ended April 30, 2014 and April 30, 2013, respectively. | |||||||||||||||||
On October 25, 2013, the Company entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities, LLC as Joint Lead Arrangers and Joint Book Managers, The PrivateBank and Trust Company, Compass Bank and RBS Citizens, N.A., as Co-Documentation Agents, and the other lender parties thereto. The Company's domestic subsidiaries have guaranteed certain of the Company's obligations under the Credit Agreement. | |||||||||||||||||
The Credit Agreement has a five-year term and provides for a $300,000 secured revolving line of credit, which may be increased up to an additional $100,000 subject to the Company’s compliance with the terms of the Credit Agreement and pro forma compliance with certain financial covenants, notice to the Administrative Agent and the Company obtaining commitments for such increase. Funds borrowed from the Credit Agreement were used to payoff borrowed funds under the Company's prior credit agreement. | |||||||||||||||||
Borrowings under the Credit Agreement bear interest, at LIBOR plus the applicable rate as referenced in the Credit Agreement or at the option of the Company the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America, N.A. as its prime rate or (c) the Eurocurrency Rate plus 1.00%. In addition to interest charges, the Company will pay in arrears a quarterly commitment fee ranging from 0.20% - 0.35% based on the Company’s daily revolving exposure. | |||||||||||||||||
The Credit Agreement contains customary restrictive and financial covenants, including covenants regarding the Company’s outstanding indebtedness and maximum leverage and interest coverage ratios. The Credit Agreement also contains standard provisions relating to conditions of borrowing. In addition, the Credit Agreement contains customary events of default, including the non-payment of obligations by the Company and the bankruptcy of the Company. If an event of default occurs, all amounts outstanding under the Credit Agreement may be accelerated and become immediately due and payable. The Company was in compliance with the financial covenants as of April 30, 2014, and October 31, 2013. | |||||||||||||||||
On December 30, 2013, the Company entered into a First Amendment Agreement (the “First Amendment”) amending the Credit Agreement. | |||||||||||||||||
The First Amendment permits the incurrence of state or local Governmental Authority bonds as part of a government tax incentive program, the proceeds of which are used to finance or refinance the acquisition, construction, equipping or improvement of facilities or property used by the Company, subject to a cap of $30,000 and certain other terms and conditions, and was executed in connection with the issuance of certain Development Authority of Jefferson, Georgia Taxable Industrial Development Revenue Bonds (Jefferson Blanking Inc.) Series 2013 with a principal amount not exceeding $8,000. As of April 30, 2014 , there were no borrowings under this agreement. | |||||||||||||||||
After considering letters of credit of $2,180 that the Company has issued, available funds under the Credit Agreement were $182,320 at April 30, 2014. | |||||||||||||||||
Borrowings under the Credit Agreement are collateralized by a first priority security interest in substantially all of the tangible and intangible property of the Company and its domestic subsidiaries and 65% of the stock of foreign subsidiaries. | |||||||||||||||||
In July 2013, the Company entered into a finance agreement with an insurance broker for various insurance policies that bears interest at a fixed rate of 2.15% requiring an initial down payment of $186 due with the first monthly payment of $68. The monthly payments extended through April 2014. As of April 30, 2014, $0 remained outstanding under this agreement. | |||||||||||||||||
On September 2, 2013, the Company entered into an equipment security note that bears interest at a fixed rate of 2.47% and requires monthly payments of $44 through September 2018. As of April 30, 2014, $2,224 remained outstanding under this agreement and $483 was classified as current debt and $1,741 was classified as long term debt in the Company’s condensed consolidated balance sheets. | |||||||||||||||||
On December 27, 2013, the Company entered into a master lease agreement with The Huntington National Bank for machinery and equipment. The lease bears interest at a fixed rate of 3.05% and requires monthly payments of $8 through November 2018. As of April 30, 2014, $429 remained outstanding under this agreement and $89 was classified as current debt and $340 was classified as long term debt in the Company's condensed consolidated balance sheets. | |||||||||||||||||
On March 24, 2014, the Company entered into a master lease agreement with PNC Equipment Finance, LLC for machinery and equipment. The lease bears interest at a fixed rate of 3.55% and requires monthly payments of $22 through March 2019. As of April 30, 2014, $1,195 remained outstanding under this agreement and $226 was classified as current debt and $969 was classified as long term debt in the Company's condensed consolidated balance sheets. | |||||||||||||||||
On February 25, 2014, the Company entered into aninterest rate swap with an aggregate notional amount of $75,000 designated as fair value hedges of a portion of the Company's $300,000 secured revolving line of credit dated October 25, 2013 to manage interest rate exposure on the Company’s floating rate LIBOR based debt. The interest rate swap is an agreement to exchange payment streams based on a notional principal amount. This agreement fixes the Company’s future interest payments at 2.74% plus the applicable rate (defined above), the designated benchmark interest rate being hedged (the “hedged risk”), on an amount of the Company’s debt principal equal to the then-outstanding swap notional amount. The forward interest rate swap commences on March 1, 2015 with an initial $25,000 base notional with $25,000 increases to the base notional amount on September 1, 2015 and March 1, 2015, respectively. The base notional amount plus each incremental addition to the base notional amount have a five year maturity which mature on February 28, 2020, August 31, 2020 and February 28, 2021, respectively. On the date the interest swap is entered into, the Company designated the interest rate swap as a hedge of the variability of cash flows to be paid relative to its variable rate monies borrowed. Any ineffectiveness in the hedging relationship is recognized immediately into earnings. On April 30, 2014, the Company determined the mark-to-market adjustment for the interest rate swap to be a liability of $561, net of tax which is reflected in other comprehensive income. | |||||||||||||||||
Scheduled repayments under the terms of the Agreement including repayments of other debt for the next five years are listed below: | |||||||||||||||||
Twelve Months Ending April 30, | Credit Agreement | Equipment Security Note | Capital Lease Obligations | Total | |||||||||||||
2015 | $ | — | $ | 483 | $ | 315 | $ | 798 | |||||||||
2016 | — | 495 | 326 | 821 | |||||||||||||
2017 | — | 507 | 338 | 845 | |||||||||||||
2018 | — | 520 | 349 | 869 | |||||||||||||
2019 | 115,500 | 219 | 296 | 116,015 | |||||||||||||
Total | $ | 115,500 | $ | 2,224 | $ | 1,624 | $ | 119,348 | |||||||||
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefit Matters | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||||
Pension and Other Post-Retirement Benefit Matters | ||||||||||||||||
The components of net periodic benefit cost for the three and six months ended April 30, 2014 and 2013 are as follows: | ||||||||||||||||
Pension Benefits | Other Post-Retirement | |||||||||||||||
Benefits | ||||||||||||||||
Three Months Ended April 30, | Three Months Ended April 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 937 | $ | 815 | $ | 9 | $ | 8 | ||||||||
Expected return on plan assets | (1,070 | ) | (934 | ) | — | — | ||||||||||
Recognized net actuarial loss | 268 | 348 | 10 | 12 | ||||||||||||
Net periodic benefit cost | $ | 135 | $ | 229 | $ | 19 | $ | 20 | ||||||||
Pension Benefits | Other Post-Retirement | |||||||||||||||
Benefits | ||||||||||||||||
Six Months Ended April 30, | Six Months Ended April 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 1,874 | $ | 1,630 | $ | 19 | $ | 17 | ||||||||
Expected return on plan assets | (2,141 | ) | (1,867 | ) | — | — | ||||||||||
Recognized net actuarial loss | 537 | 696 | 21 | 24 | ||||||||||||
Net periodic benefit cost | $ | 270 | $ | 459 | $ | 40 | $ | 41 | ||||||||
The Company made contributions of $920 and $1,872 to the defined benefit pension plans during the three and six months ended April 30, 2014 respectively. The Company expects contributions to be $2,505 for the remainder of fiscal 2014. |
Equity_Matters
Equity Matters | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||
Equity Matters | ||||||||||||||||
For the Company, FASB ASC Topic 718 “Compensation – Stock Compensation” affects the stock options that have been granted and requires the Company to expense share-based payment (“SBP”) awards with compensation cost for SBP transactions measured at fair value. The Company has elected to use the simplified method of calculating the expected term of the stock options and historical volatility to compute fair value under the Black-Scholes option-pricing model. The risk-free rate for periods within the contractual life of the option is based on the U.S. zero coupon Treasury yield in effect at the time of grant. Forfeitures have been estimated based upon the Company’s historical experience. | ||||||||||||||||
1993 Key Employee Stock Incentive Plan | ||||||||||||||||
The Company maintains the Amended and Restated 1993 Key Employee Stock Incentive Program (as amended and restated December 12, 2002 and December 10, 2009) (the “Incentive Plan”), which authorizes grants to officers and other key employees of the Company and its subsidiaries of (i) stock options that are intended to qualify as incentive stock options, (ii) nonqualified stock options and (iii) restricted stock awards. An aggregate of 2,700,000 shares of Common Stock, subject to adjustment upon occurrence of certain events to prevent dilution or expansion of the rights of participants that might otherwise result from the occurrence of such events, was reserved for issuance pursuant to the Incentive Plan. An individual’s award of stock options is limited to 500,000 shares in a five-year period. | ||||||||||||||||
Non-qualified stock options, incentive stock options and restricted stock awards have been granted to date and all options have been granted at the market price at the date of grant. Options expire over a period not to exceed ten years from the date of grant and vest ratably over a three year period. Restricted stock awards vest ratably over a four year period. Incentive stock options were not granted in fiscal 2013 or during the first six months of 2014. During the first six months of fiscal 2014, 77,000 shares of restricted stock were granted to several employees as incentives for future performance. The market value of the Company's stock on the date of awards ranged between $14.97 and $20.64. | ||||||||||||||||
Activity in the Company’s incentive plan for the six months ended April 30, 2014 and 2013 was as follows: | ||||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | |||||||||||||
Shares | Average | Remaining | Intrinsic | |||||||||||||
Exercise Price | Contractual | Value | ||||||||||||||
Per Share | Term (Years) | |||||||||||||||
Options outstanding at November 1, 2012 | 362,085 | $9.99 | ||||||||||||||
Options: | ||||||||||||||||
Granted | — | $0.00 | ||||||||||||||
Exercised | (18,167 | ) | $5.90 | |||||||||||||
Canceled | (75,149 | ) | $12.47 | |||||||||||||
Outstanding at April 30, 2013 | 268,769 | $9.57 | 6.53 | $486 | ||||||||||||
Options exercisable at April 30, 2013 | 207,771 | $9.44 | 6.05 | $432 | ||||||||||||
Options outstanding at November 1, 2013 | 236,134 | $9.93 | ||||||||||||||
Options: | ||||||||||||||||
Granted | — | $0.00 | ||||||||||||||
Exercised | (86,468 | ) | $9.92 | |||||||||||||
Canceled | (12,333 | ) | $7.19 | |||||||||||||
Outstanding at April 30, 2014 | 137,333 | $9.73 | 5.76 | $1,374 | ||||||||||||
Options exercisable at April 30, 2014 | 127,666 | $9.86 | 5.61 | $1,262 | ||||||||||||
At April 30, 2014, the exercise price of all of the Company's stock option grants were lower than the market value of the Company's stock. At April 30, 2013, the exercise price of some of the Company’s stock option grants were higher than the market value of the Company’s stock. The stock option grants whose exercise price is higher that the market value of the Company's stock are excluded from the computation of aggregate intrinsic value of the Company’s outstanding and exercisable stock options. | ||||||||||||||||
For the three and six months ended April 30, 2014 the Company recorded compensation expense related to stock options currently vesting, effectively reducing income before taxes by $22 and $106, respectively. For the three and six months ended April 30, 2013, the Company recorded compensation expense related to stock options currently vesting, effectively reducing income before taxes by $114 and $228, respectively. For the three and six months ended April 30, 2014, there was no impact on earnings per share and for the three and six months ended April 30, 2013 the impact on earnings per share was a reduction of $0.01 per share basic and diluted. The total compensation cost related to unvested stock options not yet recognized is expected to be a combined total of $45 over the next two fiscal years. For the six months ended April 30, 2014 and 2013, the total compensation cost related to the restricted stock currently vested was $183 and $146, respectively. The total estimated compensation cost related to the non-vested restricted stock is $243 over the next two fiscal years. | ||||||||||||||||
Earnings per Share | ||||||||||||||||
Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. In addition, the shares of Common Stock issuable pursuant to stock options outstanding under the Incentive Plan are included in the diluted earnings per share calculation to the extent they are dilutive. For the six months ended April 30, 2014, 257 stock options were excluded from the computation of diluted earnings per share because they were anti-dilutive. There were no anti-dilutive stock options excludable from the computation of diluted earnings per share for the three months ended April 30, 2014. For the three and six months ended April 30, 2013, 72,535 and 67,793, respectively, stock options were excluded from the computation of diluted earnings per share because they were anti-dilutive. The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for net income per share: | ||||||||||||||||
(Shares in thousands) | Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income available to common stockholders | $ | 8,129 | $ | 7,249 | $ | 13,068 | $ | 9,832 | ||||||||
Basic weighted average shares | 17,081 | 16,998 | 17,063 | 16,993 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options | 77 | 45 | 85 | 48 | ||||||||||||
Diluted weighted average shares | 17,158 | 17,043 | 17,148 | 17,041 | ||||||||||||
Basic income per share | $ | 0.48 | $ | 0.43 | $ | 0.77 | $ | 0.58 | ||||||||
Diluted income per share | $ | 0.47 | $ | 0.43 | $ | 0.76 | $ | 0.58 | ||||||||
Comprehensive Income | ||||||||||||||||
Comprehensive income for the six months ended April 30, 2014 and 2013 was $12,403 and $9,832, respectively. Beginning with the first quarter of fiscal year 2014, the pension plan will be remeasured on a quarterly basis. Comprehensive income includes an adjustment of $105 to estimated deferred taxes associated with the pension adjustments included in accumulated other comprehensive income. In addition, comprehensive income includes an unrealized gain, net of tax, on investment in marketable securities of $67 and an unrealized loss of $561, net of tax, on the change in fair value of derivative instruments, net of tax |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended |
Apr. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Value of Financial Instruments |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Apr. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
The Company is from time to time involved in legal proceedings, claims or investigations. In the opinion of management, the Company’s liability or recovery, if any, under pending litigation and claims would not materially affect its financial condition, results of operations or cash flow. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events | 6 Months Ended |
Apr. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On May 21, 2014, Shiloh Holdings Sweden AB, a wholly-owned subsidiary of Shiloh Industries, Inc. (the “Subsidiary”), entered into a Share Sale and Purchase Agreement with Finnveden Bulten AB (publ.) and Finnveden AB (“Finnveden”), a wholly-owned subsidiary of Finnveden Bulten AB (publ.), pursuant to which the Subsidiary will purchase all of the issued and outstanding shares of Finnveden Metal Structures AB from Finnveden at a purchase price of SEK 372,300 (approximately $56,600 USD based on a SEK to USD foreign currency exchange rate in effect as of May 21, 2014) plus the assumption of indebtedness in the amount of SEK 118,200 ($17,960 USD), as adjusted for certain transfers of value, employee bonus payments and transaction expenses, plus accrued interest at a rate of 2% per annum from March 31, 2014 until the closing date of the transaction. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Acquisitions [Abstract] | ' | ||||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | ||||||||||||||||
The final purchase price allocation was as follows: | |||||||||||||||||
Cash and cash equivalents | $ | 455 | |||||||||||||||
Accounts receivable | 9,195 | ||||||||||||||||
Inventory | 2,711 | ||||||||||||||||
Prepaid assets and other | 1,851 | ||||||||||||||||
Property, plant and equipment | 26,100 | ||||||||||||||||
Goodwill | 5,492 | ||||||||||||||||
Intangible assets | 16,056 | ||||||||||||||||
Other non-current assets | 67 | ||||||||||||||||
Accounts payable and other | (5,537 | ) | |||||||||||||||
Net assets acquired | $ | 56,390 | |||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||||||
The preliminary purchase price allocation was as follows: | |||||||||||||||||
Accounts receivable | $ | 2,126 | |||||||||||||||
Inventory | 1,529 | ||||||||||||||||
Prepaid assets and other | 170 | ||||||||||||||||
Property, plant and equipment | 36,976 | ||||||||||||||||
Goodwill | 4,605 | ||||||||||||||||
Intangible assets | 2,898 | ||||||||||||||||
Accounts payable and other | (5,768 | ) | |||||||||||||||
Net assets acquired | $ | 42,536 | |||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||
Pro forma information related to the Anniston and Contech acquisitions are not included in the table below as their financial results were not considered to be significant to the Company's operating results for the periods presented. | |||||||||||||||||
Pro forma consolidated results | Three Months Ended April 30, | Six Months Ended April 30, | |||||||||||||||
(in thousands, except for per share data): | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 208,972 | $ | 182,146 | $ | 392,511 | $ | 337,779 | |||||||||
Net income | $ | 8,129 | $ | 7,249 | $ | 13,068 | $ | 9,570 | |||||||||
Basic earnings per share | $ | 0.47 | $ | 0.43 | $ | 0.76 | $ | 0.56 | |||||||||
Diluted earnings per share | $ | 0.47 | $ | 0.43 | $ | 0.76 | $ | 0.56 | |||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories consist of the following: | ||||||||
April 30, 2014 | 31-Oct-13 | |||||||
Raw materials | $ | 21,729 | $ | 16,827 | ||||
Work-in-process | 9,322 | 7,742 | ||||||
Finished goods | 9,253 | 9,573 | ||||||
Total material | 40,304 | 34,142 | ||||||
Tooling | 13,603 | 8,782 | ||||||
Total inventory | $ | 53,907 | $ | 42,924 | ||||
Property_Plant_and_Equipment_T
Property Plant and Equipment (Tables) | 6 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment consist of the following: | ||||||||
April 30, | October 31, | |||||||
2014 | 2013 | |||||||
Land and improvements | $ | 11,259 | $ | 11,050 | ||||
Buildings and improvements | 111,081 | 109,977 | ||||||
Machinery and equipment | 413,305 | 411,847 | ||||||
Furniture and fixtures | 11,713 | 11,568 | ||||||
Construction in progress | 33,784 | 28,982 | ||||||
Total, at cost | 581,142 | 573,424 | ||||||
Less: Accumulated depreciation | 382,586 | 375,550 | ||||||
Property, plant and equipment, net | $ | 198,556 | $ | 197,874 | ||||
Goodwil_and_Intangible_Assets_
Goodwil and Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||
Apr. 30, 2014 | |||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||
The table below reflects the changes in the carrying value of goodwill for the six month period ending April 30, 2014: | |||||||||||||||
October 31, 2013 | Fair Value Valuation | April 30, 2014 | |||||||||||||
Goodwill | $6,768 | $3,330 | $10,098 | ||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||
: | |||||||||||||||
April 30, 2014 | |||||||||||||||
Useful Life | Cost | Accumulated Amortization | Net | ||||||||||||
Trade Name (Albany-Chicago) | 15 years | $ | 1,850 | $ | (164 | ) | $ | 1,686 | |||||||
Non-compete (Albany-Chicago) | 2 years | 744 | (496 | ) | 248 | ||||||||||
Customer Relationships (Albany-Chicago) | 13 years | 13,462 | (1,335 | ) | 12,127 | ||||||||||
Trade Name (Contech) | 0.25 years | 25 | (25 | ) | — | ||||||||||
Trademark (Contech) | 10 years | 166 | (12 | ) | 154 | ||||||||||
Developed Technology (Contech) | 5 years | 2,707 | (406 | ) | 2,301 | ||||||||||
$ | 18,954 | $ | (2,438 | ) | $ | 16,516 | |||||||||
October 31, 2013 | |||||||||||||||
Useful Life | Cost | Accumulated Amortization | Net | ||||||||||||
Trade Name (Albany-Chicago) | 15 years | $ | 1,850 | $ | (103 | ) | $ | 1,747 | |||||||
Non-compete (Albany-Chicago) | 2 years | 744 | (310 | ) | 434 | ||||||||||
Customer Relationships (Albany-Chicago) | 13 years | 13,462 | (771 | ) | 12,691 | ||||||||||
Trade Name (Contech) | 0.25 years | 25 | (25 | ) | — | ||||||||||
Trademark (Contech) | 10 years | 166 | (4 | ) | 162 | ||||||||||
Developed Technology (Contech) | 5 years | 2,707 | (136 | ) | 2,571 | ||||||||||
$ | 18,954 | $ | (1,349 | ) | $ | 17,605 | |||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||
Amortization expense related to intangible assets for the fiscal years ending is estimated to be as follows: | |||||||||||||||
Remainder of 2014 | $ | 1,090 | |||||||||||||
2015 | 1,779 | ||||||||||||||
2016 | 1,717 | ||||||||||||||
2017 | 1,717 | ||||||||||||||
2018 | 1,582 | ||||||||||||||
Thereafter | 8,631 | ||||||||||||||
$ | 16,516 | ||||||||||||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 6 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||
Debt consists of the following: | |||||||||||||||||
30-Apr-14 | 31-Oct-13 | ||||||||||||||||
Credit Agreement —interest rate at 1.89% and 1.95% at April 30, 2014 and October 31, 2013, respectively | $ | 115,500 | $ | 117,400 | |||||||||||||
Equipment security note | 2,224 | 2,461 | |||||||||||||||
Capital lease obligations | 1,624 | — | |||||||||||||||
Insurance broker financing agreement | — | 405 | |||||||||||||||
Total debt | 119,348 | 120,266 | |||||||||||||||
Less: Current debt | 798 | 882 | |||||||||||||||
Total long-term debt | $ | 118,550 | $ | 119,384 | |||||||||||||
Schedule of Maturities of Debt [Table Text Block] | ' | ||||||||||||||||
Scheduled repayments under the terms of the Agreement including repayments of other debt for the next five years are listed below: | |||||||||||||||||
Twelve Months Ending April 30, | Credit Agreement | Equipment Security Note | Capital Lease Obligations | Total | |||||||||||||
2015 | $ | — | $ | 483 | $ | 315 | $ | 798 | |||||||||
2016 | — | 495 | 326 | 821 | |||||||||||||
2017 | — | 507 | 338 | 845 | |||||||||||||
2018 | — | 520 | 349 | 869 | |||||||||||||
2019 | 115,500 | 219 | 296 | 116,015 | |||||||||||||
Total | $ | 115,500 | $ | 2,224 | $ | 1,624 | $ | 119,348 | |||||||||
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Table) | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | ' | |||||||||||||||
The components of net periodic benefit cost for the three and six months ended April 30, 2014 and 2013 are as follows: | ||||||||||||||||
Pension Benefits | Other Post-Retirement | |||||||||||||||
Benefits | ||||||||||||||||
Three Months Ended April 30, | Three Months Ended April 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 937 | $ | 815 | $ | 9 | $ | 8 | ||||||||
Expected return on plan assets | (1,070 | ) | (934 | ) | — | — | ||||||||||
Recognized net actuarial loss | 268 | 348 | 10 | 12 | ||||||||||||
Net periodic benefit cost | $ | 135 | $ | 229 | $ | 19 | $ | 20 | ||||||||
Pension Benefits | Other Post-Retirement | |||||||||||||||
Benefits | ||||||||||||||||
Six Months Ended April 30, | Six Months Ended April 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 1,874 | $ | 1,630 | $ | 19 | $ | 17 | ||||||||
Expected return on plan assets | (2,141 | ) | (1,867 | ) | — | — | ||||||||||
Recognized net actuarial loss | 537 | 696 | 21 | 24 | ||||||||||||
Net periodic benefit cost | $ | 270 | $ | 459 | $ | 40 | $ | 41 | ||||||||
Equity_Matters_Tables
Equity Matters (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of stock option activity | ' | |||||||||||||||
Activity in the Company’s incentive plan for the six months ended April 30, 2014 and 2013 was as follows: | ||||||||||||||||
Number of | Weighted | Weighted Average | Aggregate | |||||||||||||
Shares | Average | Remaining | Intrinsic | |||||||||||||
Exercise Price | Contractual | Value | ||||||||||||||
Per Share | Term (Years) | |||||||||||||||
Options outstanding at November 1, 2012 | 362,085 | $9.99 | ||||||||||||||
Options: | ||||||||||||||||
Granted | — | $0.00 | ||||||||||||||
Exercised | (18,167 | ) | $5.90 | |||||||||||||
Canceled | (75,149 | ) | $12.47 | |||||||||||||
Outstanding at April 30, 2013 | 268,769 | $9.57 | 6.53 | $486 | ||||||||||||
Options exercisable at April 30, 2013 | 207,771 | $9.44 | 6.05 | $432 | ||||||||||||
Options outstanding at November 1, 2013 | 236,134 | $9.93 | ||||||||||||||
Options: | ||||||||||||||||
Granted | — | $0.00 | ||||||||||||||
Exercised | (86,468 | ) | $9.92 | |||||||||||||
Canceled | (12,333 | ) | $7.19 | |||||||||||||
Outstanding at April 30, 2014 | 137,333 | $9.73 | 5.76 | $1,374 | ||||||||||||
Options exercisable at April 30, 2014 | 127,666 | $9.86 | 5.61 | $1,262 | ||||||||||||
Reconciliation of the numerator and denominator of earnings per share | ' | |||||||||||||||
The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for net income per share: | ||||||||||||||||
(Shares in thousands) | Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income available to common stockholders | $ | 8,129 | $ | 7,249 | $ | 13,068 | $ | 9,832 | ||||||||
Basic weighted average shares | 17,081 | 16,998 | 17,063 | 16,993 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options | 77 | 45 | 85 | 48 | ||||||||||||
Diluted weighted average shares | 17,158 | 17,043 | 17,148 | 17,041 | ||||||||||||
Basic income per share | $ | 0.48 | $ | 0.43 | $ | 0.77 | $ | 0.58 | ||||||||
Diluted income per share | $ | 0.47 | $ | 0.43 | $ | 0.76 | $ | 0.58 | ||||||||
AlbanyChicago_Company_LLC_Deta
Albany-Chicago Company LLC (Details) (USD $) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 10 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jul. 30, 2013 | Apr. 15, 2013 | Apr. 30, 2014 | Jul. 31, 2013 | Oct. 31, 2013 | Dec. 28, 2012 | Apr. 30, 2014 | Dec. 28, 2012 | Apr. 30, 2014 | Oct. 31, 2013 | Dec. 28, 2012 | Apr. 30, 2014 | Oct. 31, 2013 | Dec. 28, 2012 | Apr. 30, 2014 | Oct. 31, 2013 | Dec. 28, 2012 |
Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Goodwill [Member] | Goodwill [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | ||
Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | Pleasant Prairie [Member] | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | $56,390 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | 56,792 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net of Cash Acquired | ' | ' | ' | ' | ' | ' | 56,337 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Acquired Placed In Escrow | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Working Capital | ' | 67 | 381 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements Paid To The Seller | ' | ' | ' | ' | 850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow Deposit Disbursements Related to Property Acquisition | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow Deposits Disbursements, Funds Returned to Seller | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow Deposits Disbursements, Funds Remaining | 950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash And Cash Equivalents | ' | ' | 455 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable | ' | ' | 9,195 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | 2,711 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid Assets And Other | ' | ' | 1,851 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant, and Equipment | ' | ' | 26,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | 5,492 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangibles | ' | ' | 16,056 | ' | ' | ' | ' | ' | ' | ' | ' | 744 | ' | ' | 13,462 | ' | ' | 1,850 |
Other Non-Current Assets | ' | ' | 67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and other | ' | ' | -5,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill Deductible for Tax Purposes | ' | ' | ' | ' | ' | ' | ' | ' | 14,291 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangibles Deductible for Tax Purposes | ' | ' | ' | ' | ' | ' | $16,056 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | '15 years | ' | ' | ' | '15 years | ' | '2 years | '2 years | ' | '13 years | '13 years | ' | '15 years | '15 years | ' |
Atlantic_Tool_Die_Alabama_Deta
Atlantic Tool & Die - Alabama (Details) (Anniston [Member], USD $) | 11 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 13, 2012 |
Anniston [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Net Assets and Liabilities Acquired | $6,347 | ' | ' |
Inventories and Other Assets Net of Employee Benefit Liabilities | ' | ' | 1,214 |
Property, Plant, and Equipment | ' | ' | 5,361 |
Bargain Purchase, Gain Recognized | ' | $228 | ' |
Acquisitions_Contech_Details
Acquisitions Contech (Details) (Contech [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 17, 2014 | Aug. 02, 2013 |
Contech [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Net assets acquired | ' | ' | $42,536 | ' |
Net of Cash Acquired | ' | ' | ' | 42,187 |
Cash Acquired Placed In Escrow | ' | ' | ' | 3,825 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 349 | ' | ' | ' |
Accounts Receivable | ' | ' | 2,126 | ' |
Inventory | ' | ' | 1,529 | ' |
Prepaid Assets And Other | ' | ' | 170 | ' |
Property, Plant, and Equipment | ' | ' | 36,976 | ' |
Goodwill | ' | ' | 4,605 | ' |
Intangible assets | ' | ' | 2,898 | ' |
Accounts payable and other | ' | ' | -5,768 | ' |
Goodwill, Other Changes | ' | 3,330 | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | ' | ($2,981) | ' | ' |
Acquisitions_Contech_Intangibl
Acquisitions Contech Intangibles (Details) (Contech [Member], USD $) | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 17, 2014 | Aug. 02, 2013 | Apr. 30, 2014 | Oct. 31, 2013 | Aug. 02, 2013 | Apr. 30, 2014 | Aug. 02, 2013 | Apr. 30, 2014 | Oct. 31, 2013 | Aug. 02, 2013 | Apr. 30, 2014 | Oct. 31, 2013 | Aug. 02, 2013 |
Developed Technology Rights [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | Goodwill [Member] | Goodwill [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill Deductible for Tax Purposes | ' | ' | ' | ' | ' | ' | ' | $4,605 | ' | ' | ' | ' | ' | ' |
Useful Life | '15 years | ' | ' | '5 years | '5 years | ' | '15 years | ' | '0 years 3 months | '0 years 3 months | ' | '10 years | '10 years | ' |
Acquired Intangible Assets | ' | ' | 2,898 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangibles | ' | $2,898 | ' | ' | ' | $2,707 | ' | ' | ' | ' | $25 | ' | ' | $166 |
Pleasant_Prairie_Pro_Forma_Res
Pleasant Prairie Pro Forma Results (Details) (Pleasant Prairie [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Pleasant Prairie [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | $406 | $308 | $811 | $691 |
Revenue | 208,972 | 182,146 | 392,511 | 337,779 |
Net income | $8,129 | $7,249 | $13,068 | $9,570 |
Basic earnings per share | $0.47 | $0.43 | $0.76 | $0.56 |
Diluted earnings per share | $0.47 | $0.43 | $0.76 | $0.56 |
Asset_Impairment_and_Recoverie1
Asset Impairment and Recoveries (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 |
Mansfield Blanking Division [Member] | Mansfield Blanking Division [Member] | Mansfield Blanking Division [Member] | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Recovery of Impairment Charge | $2,906 | $0 | $4,026 | $7 | $2,906 | $4,026 | $7 |
Related_Party_Receivables_Deta
Related Party Receivables (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Oct. 31, 2013 | Mar. 11, 2014 | Oct. 31, 2013 |
Velocys [Member] | MTD Holdings Inc. [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Document Period End Date | ' | ' | 30-Apr-14 | ' | ' | ' | ' |
Related-party accounts receivable | $3,032 | ' | $3,032 | ' | $673 | ' | $673 |
Payments to Acquire Marketable Securities | ' | ' | ' | ' | ' | 2,000 | ' |
Marketable Securities | ' | ' | ' | ' | ' | 1,527 | ' |
Premium Paid, Investments | ' | ' | ' | ' | ' | 473 | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | $67 | $0 | $67 | $0 | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Oct. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Raw Materials | $21,729 | $16,827 |
Work-in-process | 9,322 | 7,742 |
Finished goods | 9,253 | 9,573 |
Total material | 40,304 | 34,142 |
Tooling | 13,603 | 8,782 |
Total inventory | 53,907 | 42,924 |
Inventory Valuation Reserves | 162 | 853 |
Tooling Inventory, Increase During Period | $4,821 | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Oct. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Land and improvements | $11,259 | ' | $11,050 |
Buildings and improvements | 111,081 | ' | 109,977 |
Machinery and equipment | 413,305 | ' | 411,847 |
Furniture and fixtures | 11,713 | ' | 11,568 |
Construction in Progress | 33,784 | ' | 28,982 |
Total, at cost | 581,142 | ' | 573,424 |
Less: Accumulated depreciation | 382,586 | ' | 375,550 |
Property, plant and equipment, net | 198,556 | ' | 197,874 |
Depreciation | $11,795 | $8,972 | ' |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Oct. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Oct. 31, 2013 |
Plesant Prairie [Member] | Plesant Prairie [Member] | Plesant Prairie [Member] | Plesant Prairie [Member] | Plesant Prairie [Member] | Plesant Prairie [Member] | Plesant Prairie [Member] | Contech [Member] | Contech [Member] | Contech [Member] | Contech [Member] | Contech [Member] | Contech [Member] | Contech [Member] | ||||
Trade Name, Finite Intangible Asset [Member] | Trade Name, Finite Intangible Asset [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Trade Name, Finite Intangible Asset [Member] | Trade Name, Finite Intangible Asset [Member] | Trademarks [Member] | Trademarks [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $10,098 | ' | $6,768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Other Changes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,330 | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | ' | '15 years | '15 years | '15 years | '2 years | '2 years | '13 years | '13 years | '15 years | '0 years 3 months | '0 years 3 months | '10 years | '10 years | '5 years | '5 years |
Cost | 18,954 | ' | 18,954 | ' | 1,850 | 1,850 | 744 | 744 | 13,462 | 13,462 | ' | 25 | 25 | 166 | 166 | 2,707 | 2,707 |
Accumulated Amortization | -2,438 | ' | -1,349 | ' | -164 | -103 | -496 | -310 | -1,335 | -771 | ' | -25 | -25 | -12 | -4 | -406 | -136 |
Net | 16,516 | ' | 17,605 | ' | 1,686 | 1,747 | 248 | 434 | 12,127 | 12,691 | ' | 0 | 0 | 154 | 162 | 2,301 | 2,571 |
Amortization of Intangible Assets | $1,090 | $420 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Document Period End Date | 30-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Amortization_Expen
Schedule of Amortization Expense Next 5 Years (Details) (USD $) | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
Remainder of 2014 | $1,090 |
2015 | 1,779 |
2016 | 1,717 |
2017 | 1,717 |
2018 | 1,582 |
Thereafter | 8,631 |
Future Amortization | $16,516 |
Financing_Balances_at_Period_E
Financing Balances at Period End (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
Debt Instrument [Line Items] | ' | ' | ' |
Credit Agreement Interest Rate: | 1.89% | ' | 1.95% |
Document Period End Date | 30-Apr-14 | ' | ' |
Total Debt | $119,348 | $119,348 | $120,266 |
Debt, Current | 798 | 798 | 882 |
Long-term debt | 118,550 | 118,550 | 119,384 |
Insurance Financing Agreement [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Short-term Debt | 0 | ' | 405 |
Revolving Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 115,500 | 115,500 | 117,400 |
Notes Payable to Banks [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 2,224 | ' | 2,461 |
Long-term debt | 1,741 | ' | ' |
Capital Lease Obligations [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | $1,624 | $1,624 | $0 |
Financing_Arrangements_Financi
Financing Arrangements Financing Arrangements (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||
Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Oct. 31, 2013 | Apr. 30, 2014 | Dec. 30, 2013 | Oct. 25, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Dec. 30, 2013 | Feb. 24, 2014 | |
Lender Group Two [Member] | Lender Group Two [Member] | Lender Group Two [Member] | Prime Rate [Member] | Eurodollar [Member] | Minimum [Member] | Maximum [Member] | Insurance Financing Agreement [Member] | Insurance Financing Agreement [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | GEORGIA | Interest Rate Swap [Member] | ||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Lender Group Two [Member] | Lender Group Two [Member] | Lender Group Two [Member] | Lender Group Two [Member] | Huntington Bank [Member] | PNC Equipment Finance, LLC [Member] | Lender Group Two [Member] | Lender Group Two [Member] | |||||||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | 1.92% | ' | 1.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Increase Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special Assessment Bond | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' |
Letters of Credit Outstanding, Amount | 2,180,000 | ' | ' | ' | 2,180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | 182,320,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral Agreement | 65.00% | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.15% | ' | 2.47% | ' | ' | ' | ' | 3.05% | 3.55% | ' | ' |
Debt Instrument, Down Payment | ' | ' | ' | ' | 186,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,000 | ' | 44,000 | ' | ' | ' | ' | 8,000 | 22,000 | ' | ' |
Short-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 405,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,224,000 | 2,461,000 | 1,624,000 | 1,624,000 | 0 | 429,000 | 1,195,000 | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 226,000 | ' | ' | ' | 226,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 483,000 | ' | 315,000 | ' | ' | 89,000 | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 118,550,000 | 118,550,000 | ' | ' | 118,550,000 | ' | 119,384,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,741,000 | ' | ' | ' | ' | 340,000 | 969,000 | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.74% |
Derivative, Incremental Amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 |
Derivatives, Interest Rate Swap, Maturity | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of derivative instruments, net of tax | ($561,000) | ' | $0 | ' | ($561,000) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Debt_Maturities_De
Schedule of Debt Maturities (Details) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |||
2014 Long-Term Debt | $226 | ' | ' |
2014 Total | 798 | ' | ' |
2015 | 821 | ' | ' |
2016 | 845 | ' | ' |
2017 | 869 | ' | ' |
2018 and thereafter | 116,015 | ' | ' |
Total Debt | 119,348 | 119,348 | 120,266 |
Revolving Credit Facility [Member] | ' | ' | ' |
2014 Long-Term Debt | 0 | ' | ' |
2015 | 0 | ' | ' |
2016 | 0 | ' | ' |
2017 | 0 | ' | ' |
2018 and thereafter | 115,500 | ' | ' |
Long-term Debt | 115,500 | 115,500 | 117,400 |
Notes Payable to Banks [Member] | ' | ' | ' |
2014 Long-Term Debt | 483 | ' | ' |
2015 | 495 | ' | ' |
2016 | 507 | ' | ' |
2017 | 520 | ' | ' |
2018 and thereafter | 219 | ' | ' |
Long-term Debt | 2,224 | ' | 2,461 |
Capital Lease Obligations [Member] | ' | ' | ' |
2014 Long-Term Debt | 315 | ' | ' |
2015 | 326 | ' | ' |
2016 | 338 | ' | ' |
2017 | 349 | ' | ' |
2018 and thereafter | 296 | ' | ' |
Long-term Debt | $1,624 | $1,624 | $0 |
Components_of_Net_Periodic_Ben1
Components of Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
United States Pension Plans of US Entity, Defined Benefit [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest cost | ' | ' | $937 | $815 | $1,874 | $1,630 | $9 | $8 | $19 | $17 |
Expected return on plan assets | ' | ' | -1,070 | -934 | -2,141 | -1,867 | 0 | 0 | 0 | 0 |
Recognized net actuarial net loss | ' | ' | 268 | 348 | 537 | 696 | 10 | 12 | 21 | 24 |
Net periodic benefit cost | ' | ' | 135 | 229 | 270 | 459 | 19 | 20 | 40 | 41 |
Pension Contributions | 1,872 | 920 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Future Employer Contributions in Next Fiscal Year | $2,505 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted_Average_Assumptions_f
Weighted Average Assumptions for Grants (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jan. 31, 2014 | Apr. 30, 2014 | |
Class of Stock [Line Items] | ' | ' |
Number of Shares Available for Grant | 2,700,000 | ' |
Maximum Number of Shares Per Employee | 500,000 | ' |
Granted | ' | 77,000 |
Minimum [Member] | Restricted Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Grant Date Fair Value | 14.97 | ' |
Maximum [Member] | Restricted Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Grant Date Fair Value | 20.64 | ' |
Stock_Option_Activity_Details
Stock Option Activity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Number of Shares | ' | ' | ' | ' |
Options, Outstanding Beginning of Period | 236,134 | 362,085 | 236,134 | 362,085 |
Granted | 0 | 0 | ' | ' |
Exercised | -86,468 | -18,167 | ' | ' |
Canceled | -12,333 | -75,149 | ' | ' |
Options, Outstanding End of Period | 137,333 | 268,769 | ' | ' |
Options, Exercisable, End of Period | 127,666 | 207,771 | ' | ' |
Weighted-Average Exercise Price | ' | ' | ' | ' |
Options, Outstanding, Beginning of Period, Weighted Average Exercise Price Per Share | $9.93 | $9.99 | $9.93 | $9.99 |
Granted, Weighted Average Exercise Price Per Share | $0 | $0 | ' | ' |
Exercised, Weighted Average Exercise Price Per Share | $9.92 | $5.90 | ' | ' |
Canceled, Weighted Average Exercise Price Per Share | $7.19 | $12.47 | ' | ' |
Options, Outstanding, End of Period, Weighted Average Exercise Price Per Share | $9.73 | $9.57 | ' | ' |
Options, Exercisable, Weighted Average Exercise Price Per Share | $9.86 | $9.44 | ' | ' |
Options Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '5 years 9 months 5 days | '6 years 6 months 10 days |
Options Outstanding, Intrinsic Value | $1,374 | $486 | ' | ' |
Options Exercisable, Weighted Average Remaining Contractual Term | ' | ' | '5 years 7 months 8 days | '6 years 0 months 17 days |
Options Exercisable, Intrinsic Value | $1,262 | $432 | ' | ' |
Narrative_Details
Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Compensation Expense Recognized | $22 | ' | $114 | $106 | $228 |
Decrease in Basic and Diluted Earnings Per Share | ' | $0 | ' | ' | $0.01 |
Compensation Cost, Nonvested Awards, Not yet Recognized | 45 | ' | ' | 45 | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 72,535 | 257 | 67,793 |
Restricted Stock [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Compensation Expense Recognized | ' | ' | ' | 183 | 146 |
Compensation Cost, Nonvested Awards, Not yet Recognized | $243 | ' | ' | $243 | ' |
Reconciliation_of_Numerator_an
Reconciliation of Numerator and Denominator of the basic and diluted earnings per share computation (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $8,129 | ' | $7,249 | ' | $13,068 | $9,832 | ' | ' |
Basic weighted average shares | 17,081 | ' | 16,998 | ' | 17,063 | 16,993 | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options | ' | 77 | ' | 45 | ' | ' | 85 | 48 |
Diluted weighted average shares | 17,158 | 17,158 | 17,043 | 17,043 | 17,148 | 17,041 | 17,148 | 17,041 |
Basic earnings per share | $0.48 | ' | $0.43 | ' | $0.77 | $0.58 | ' | ' |
Diluted earnings per share | $0.47 | ' | $0.43 | ' | $0.76 | $0.58 | ' | ' |
Comprehensive income | 7,871 | ' | 7,249 | ' | 12,403 | 9,832 | ' | ' |
Adjustment to estimated deferred taxes associated with pension adjustments included in accumulated other comprehensive income | -144 | ' | 0 | ' | 105 | 0 | ' | ' |
Unrealized gain on marketable securities | 67 | ' | 0 | ' | 67 | 0 | ' | ' |
Change in fair value of derivative instruments, net of tax | ($561) | ' | $0 | ' | ($561) | $0 | ' | ' |
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Events (Details) (Subsequent Event [Member], Shiloh Holdings Sweden AB [Member], Finnveden [Member]) | 0 Months Ended | |||
In Thousands, unless otherwise specified | 21-May-14 | 21-May-14 | 22-May-14 | 22-May-14 |
USD ($) | SEK | USD ($) | SEK | |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Business Combination, Consideration Transferred | $56,600 | 372,300 | ' | ' |
Liabilities assumed | ' | ' | $17,960 | 118,200 |
Business Combination, Interest Rate on Indebtedness | 2.00% | 2.00% | ' | ' |