Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Registrant Name | 'Black Diamond, Inc. | ' |
Entity Central Index Key | '0000913277 | ' |
Trading Symbol | 'bde | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Common Stock, Shares Outstanding | ' | 32,420,747 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $4,394 | $5,111 |
Accounts receivable, less allowance for doubtful accounts of $733 and $499, respectively | 44,022 | 30,925 |
Inventories | 57,193 | 60,664 |
Prepaid and other current assets | 3,636 | 4,846 |
Income tax receivable | 292 | 659 |
Deferred income taxes | 3,128 | 2,337 |
Total current assets | 112,665 | 104,542 |
Property and equipment, net | 17,410 | 17,508 |
Definite lived intangible assets, net | 36,467 | 38,100 |
Indefinite lived intangible assets | 51,719 | 51,462 |
Goodwill | 57,744 | 57,481 |
Deferred income taxes | 49,582 | 49,631 |
Other long-term assets | 2,216 | 2,062 |
Total assets | 327,803 | 320,786 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 27,691 | 22,178 |
Current portion of long-term debt | 5,959 | 4,059 |
Total current liabilities | 33,650 | 26,237 |
Long-term debt | 40,089 | 36,429 |
Deferred income taxes | 6,654 | 8,114 |
Other long-term liabilities | 2,040 | 2,000 |
Total liabilities | 82,433 | 72,780 |
Stockholders' Equity | ' | ' |
Preferred stock, $.0001 par value; 5,000 shares authorized; none issued | ' | ' |
Common stock, $.0001 par value; 100,000 shares authorized; 32,241 and 31,838 issued and 32,166 and 31,763 outstanding | 3 | 3 |
Additional paid in capital | 476,942 | 473,628 |
Accumulated deficit | -237,940 | -231,334 |
Treasury stock, at cost | -2 | -2 |
Accumulated other comprehensive income | 6,367 | 5,711 |
Total stockholders' equity | 245,370 | 248,006 |
Total liabilities and stockholders' equity | $327,803 | $320,786 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets | ' | ' |
Allowance for doubtful accounts | $733 | $499 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 32,241,000 | 31,838,000 |
Common stock, shares outstanding | 32,166,000 | 31,763,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Sales | ' | ' | ' | ' |
Domestic sales | $19,811 | $19,128 | $55,406 | $53,569 |
International sales | 32,965 | 29,614 | 87,225 | 73,507 |
Total sales | 52,776 | 48,742 | 142,631 | 127,076 |
Cost of goods sold | 33,106 | 30,283 | 88,091 | 77,535 |
Gross profit | 19,670 | 18,459 | 54,540 | 49,541 |
Operating expenses | ' | ' | ' | ' |
Selling, general and administrative | 20,970 | 16,347 | 59,901 | 43,441 |
Restructuring charge | ' | 86 | 175 | 86 |
Merger and integration | 190 | 76 | 416 | 76 |
Transaction costs | ' | 415 | 54 | 1,665 |
Total operating expenses | 21,160 | 16,924 | 60,546 | 45,268 |
Operating (loss) income | -1,490 | 1,535 | -6,006 | 4,273 |
Other (expense) income | ' | ' | ' | ' |
Interest expense, net | 939 | 713 | 2,599 | 2,025 |
Other, net | 309 | 521 | 217 | 616 |
Total other expense, net | -630 | -192 | -2,382 | -1,409 |
(Loss) income before income tax | -2,120 | 1,343 | -8,388 | 2,864 |
Income tax (benefit) expense | -814 | 617 | -1,782 | 1,456 |
Net (loss) income | -1,306 | 726 | -6,606 | 1,408 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 3,097 | 2,628 | 1,106 | 2,491 |
Unrealized loss on hedging activities | -1,140 | -492 | -450 | -651 |
Other comprehensive income | 1,957 | 2,136 | 656 | 1,840 |
Comprehensive income (loss) | $651 | $2,862 | ($5,950) | $3,248 |
(Loss) earnings per share: | ' | ' | ' | ' |
Basic | ($0.04) | $0.02 | ($0.21) | $0.05 |
Diluted | ($0.04) | $0.02 | ($0.21) | $0.05 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 32,023 | 31,329 | 31,875 | 29,281 |
Diluted | 32,023 | 31,710 | 31,875 | 29,631 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows From Operating Activities: | ' | ' |
Net (loss) income | ($6,606) | $1,408 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' |
Depreciation of property and equipment | 3,619 | 2,695 |
Amortization of intangible assets | 2,684 | 1,397 |
Accretion of notes payable | 855 | 758 |
Loss on disposition of assets | 59 | 35 |
Stock-based compensation | 2,361 | 1,314 |
Deferred income taxes | -2,650 | 1,327 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -12,491 | -9,390 |
Inventories | 4,142 | -8,669 |
Prepaid and other current assets | 1,592 | 322 |
Accounts payable and accrued liabilities | 4,537 | 311 |
Net cash used in operating activities | -1,898 | -8,492 |
Cash Flows From Investing Activities: | ' | ' |
Purchase of businesses, net of cash received | ' | -40,128 |
Purchase of intangible assets | -750 | ' |
Proceeds from disposition of property and equipment | 21 | 33 |
Purchase of property and equipment | -3,135 | -3,637 |
Net cash used in investing activities | -3,864 | -43,732 |
Cash Flows From Financing Activities: | ' | ' |
Net proceeds of long-term debt, revolving lines of credit and capital leases | 4,521 | 1,018 |
Proceeds from exercise of stock options | 953 | 569 |
Proceeds from the sale of common stock, net | ' | 62,562 |
Net cash provided by financing activities | 5,474 | 64,149 |
Effect of foreign exchange rates on cash | -429 | -38 |
Change in cash | -717 | 11,887 |
Cash, beginning of period | 5,111 | 2,400 |
Cash, end of period | 4,394 | 14,287 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Cash (received) paid for income taxes | -242 | 843 |
Cash paid for interest | 1,658 | 1,229 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ' | ' |
Stock issued for acquisitions | ' | 3,791 |
Property and equipment purchased with accounts payable | $393 | ' |
Nature_Of_Operations_And_Summa
Nature Of Operations And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | ' |
Nature Of Operations And Summary Of Significant Accounting Policies | ' |
NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The accompanying unaudited condensed consolidated financial statements of Black Diamond, Inc. and subsidiaries (“Black Diamond” or the “Company,” which may be referred to as “we,” “us,” or “our”) as of and for the three and nine months ended September 30, 2013 and 2012, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. The results of the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be obtained for the year ending December 31, 2013. These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, filed with the Securities and Exchange Commission (the “Commission” or “SEC”). | |
Nature of Business | |
Black Diamond is a global leader in designing, manufacturing and marketing innovative active outdoor performance products for climbing, mountaineering, backpacking, skiing, cycling and a wide range of other year-round outdoor recreation activities. Our principal brands include Black Diamond®, Gregory™, POC™ and PIEPS™ and are targeted not only to the demanding requirements of core climbers, skiers and cyclists, but also to the more general outdoor performance enthusiasts and consumers interested in outdoor-inspired gear for their urban activities. Our Black Diamond®, Gregory™, POC™ and PIEPS™ brands are iconic in the active outdoor industry and linked intrinsically with the modern history of the sports we serve. We believe our brands are synonymous with the performance, innovation, durability and safety that the outdoor and action sports communities rely on and embrace in their active lifestyle. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Certain costs are estimated for the full year and allocated to interim periods based on estimates of time expired, benefit received, or activity associated with the interim period. Some of the more significant estimates relate to derivatives, revenue recognition, income taxes, and valuation of long-lived assets, goodwill, and other intangible assets. | |
Significant Accounting Policies | |
There have been no significant changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 establishes new requirements for disclosing reclassifications of items out of accumulated other comprehensive income and includes identification of the line items in net earnings affected by the reclassifications. This standard is effective for annual and interim periods for fiscal years beginning after December 15, 2012 (for us this was our 2013 first quarter). The Company adopted the provisions of this update during the three months ended March 31, 2013, which provides additional detail on those financial statements as applicable, but did not have any other impact on our financial statements. | |
Acquisitions
Acquisitions | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Acquisitions [Abstract] | ' | ||||||
Acquisitions | ' | ||||||
NOTE 2. ACQUISITIONS | |||||||
POC Sweden AB | |||||||
On July 2, 2012, the Company acquired all of the issued and outstanding shares of capital stock of POC Sweden AB (“POC”), a Stockholm-based developer and manufacturer of protective gear for action sports athletes pursuant to the terms of the Share Transfer Agreement dated as of June 7, 2012, and as amended on July 2, 2012, by and among the Company, Ember Scandinavia AB, a Swedish corporation and a wholly owned subsidiary of the Company, and the shareholders of POC. | |||||||
PIEPS Holding GmbH | |||||||
On October 1, 2012, the Company acquired all of the issued and outstanding shares of capital stock of PIEPS Holding GmbH and its subsidiaries PIEPS GmbH and Pieps Corporation (collectively, “PIEPS”), a leading Austrian designer and marketer of avalanche beacons and snow safety products pursuant to the terms of the Share Purchase Agreement dated as of September 24, 2012, by and among the Company, ADMIN BG Holding GmbH (now named Black Diamond Austria GmbH), an Austrian corporation and a wholly-owned subsidiary of the Company, and the Seidel Privatstiftung. | |||||||
Pro Forma Results | |||||||
The following pro forma results are based on the individual historical results of the Company and POC and PIEPS, with adjustments to give effect to the combined operations as if the acquisitions had been consummated at the beginning of the period presented. The pro forma results are intended for information purposes only and do not purport to represent what the Company’s results of operations would actually have been had the Company’s acquisitions of POC and PIEPS in fact occurred at the beginning of the earliest periods presented. | |||||||
Three Months Ended | Nine Months Ended, | ||||||
30-Sep-12 | 30-Sep-12 | ||||||
Sales | $ | 49,775 | $ | 135,251 | |||
Net income | $ | 1,035 | $ | -864 | |||
Net income per share - basic | $ | 0.03 | $ | -0.03 | |||
Net income per share - diluted | $ | 0.03 | $ | -0.03 | |||
Inventories
Inventories | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
NOTE 3. INVENTORIES | |||||||
Inventories, as of September 30, 2013 and December 31, 2012, were as follows: | |||||||
30-Sep-13 | 31-Dec-12 | ||||||
Finished goods | $ | 48,274 | $ | 53,009 | |||
Work-in-process | 1,168 | 1,112 | |||||
Raw materials and supplies | 7,751 | 6,543 | |||||
$ | 57,193 | $ | 60,664 | ||||
Property_And_Equipment
Property And Equipment | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Property And Equipment | ' | ||||||
NOTE 4. PROPERTY AND EQUIPMENT | |||||||
Property and equipment, net as of September 30, 2013 and December 31, 2012, were as follows: | |||||||
30-Sep-13 | 31-Dec-12 | ||||||
Land | $ | 2,850 | $ | 2,850 | |||
Building and improvements | 4,990 | 4,568 | |||||
Furniture and fixtures | 4,629 | 4,140 | |||||
Computer hardware and software | 6,273 | 4,759 | |||||
Machinery and equipment | 13,568 | 11,718 | |||||
Construction in progress | 1,001 | 1,855 | |||||
33,311 | 29,890 | ||||||
Less accumulated depreciation | -15,901 | -12,382 | |||||
$ | 17,410 | $ | 17,508 | ||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Goodwill And Other Intangible Assets [Abstract] | ' | ||||||
Goodwill And Other Intangible Assets | ' | ||||||
NOTE 5. GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||
Goodwill | |||||||
There was an increase in goodwill during the nine months ended September 30, 2013 from $57,481 to $57,744 due to the impact of foreign currency exchange rates. The following table summarizes the changes in goodwill: | |||||||
Balance at December 31, 2012 | $ | 57,481 | |||||
Impact of foreign currency exchange rates | 263 | ||||||
Balance at September 30, 2013 | $ | 57,744 | |||||
Indefinite Lived Intangible Assets | |||||||
The Company owns certain tradenames and trademarks which provide Black Diamond Equipment, Ltd. (“Black Diamond Equipment” or “BDEL”), Gregory Mountain Products, Inc. (“Gregory” or “GMP”), POC, and PIEPS with the exclusive and perpetual rights to manufacture and sell their respective products. There was an increase in tradenames and trademarks during the nine months ended September 30, 2013 due to the impact of foreign currency exchange rates. The following table summarizes the changes in indefinite lived intangible assets: | |||||||
Balance at December 31, 2012 | $ | 51,462 | |||||
Impact of foreign currency exchange rates | 257 | ||||||
Balance at September 30, 2013 | $ | 51,719 | |||||
Definite Lived Intangible Assets, net | |||||||
Intangible assets such as certain customer relationships, core technologies and product technologies are amortizable over their estimated useful lives. There was an increase in gross definite lived intangible assets during the nine months ended September 30, 2013 as a result of the Company’s purchase of customer lists and customer relationships from Kabushiki Kaisha A&F (“A&F”), the prior distributor of Gregory’s products in Japan, and due to the impact of foreign currency exchange rates. The following table summarizes the changes in gross definite lived intangible assets: | |||||||
Gross balance at December 31, 2012 | $ | 42,500 | |||||
Increase due to purchase of customer lists and relationships | 750 | ||||||
Impact of foreign currency exchange rates | 340 | ||||||
Gross balance at September 30, 2013 | $ | 43,590 | |||||
Intangible assets, net of amortization as of September 30, 2013 and December 31, 2012, were as follows: | |||||||
30-Sep-13 | 31-Dec-12 | ||||||
Customer lists and relationships | $ | 30,830 | $ | 29,890 | |||
Product technologies | 8,993 | 8,868 | |||||
Trade name | 2,262 | 2,237 | |||||
Core technologies | 1,505 | 1,505 | |||||
43,590 | 42,500 | ||||||
Less accumulated amortization | -7,123 | -4,400 | |||||
$ | 36,467 | $ | 38,100 | ||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Long-Term Debt | ' | ||||||
NOTE 6. LONG-TERM DEBT | |||||||
Long-term debt, net as of September 30, 2013 and December 31, 2012, was as follows: | |||||||
30-Sep-13 | 31-Dec-12 | ||||||
Revolving credit facilities (a) | $ | 14,439 | $ | 20,000 | |||
Foreign credit facilities (b) | 4,806 | 3,995 | |||||
5% Senior Subordinated Notes due 2017 (refer to Note 15) | 16,847 | 15,992 | |||||
Capital leases | 61 | 119 | |||||
Term notes (c) | 9,895 | 382 | |||||
46,048 | 40,488 | ||||||
Less current portion | -5,959 | -4,059 | |||||
$ | 40,089 | $ | 36,429 | ||||
(a) | As of September 30, 2013, the Company had drawn down $14,439 on a $30,000 revolving credit facility with Zions First National Bank (the “Lender”). On March 8, 2013, the Company entered into a new amended and restated loan agreement (the “Loan Agreement”) to refinance the line of credit with a new maturity date of March 8, 2016. Under the Loan Agreement, the Company has a $30,000 Revolving Line of Credit for funding general corporate needs. The Loan Agreement also provides for an Acquisition Facility which allows the Company to borrow up to $10,000 to fund permitted acquisitions. Advances less than $1,000 will not be permitted and only interest will be payable monthly for 12 months following each advance. Subsequent to 12 months of each advance, monthly payments of interest and principal will be made based on a five year amortization. Advances under the Acquisition Facility are available through March 8, 2016, with all principal and interest due six years from the date of each advance, but no later than March 8, 2021. | ||||||
The long-term debt agreements contain certain restrictive debt covenants that require the Company and its subsidiaries to maintain a minimum trailing 12-month earnings before interest, taxes, depreciation, and amortization, a positive amount of asset coverage, a minimum net worth, and a fixed charge coverage ratio. At September 30, 2013, the Company was in compliance with all associated covenants. | |||||||
(b) | The Company’s foreign subsidiaries have revolving credit facilities with various financial institutions. The Company had $1,411 and $1,488 in letters of credit as of September 30, 2013 and December 31, 2012, respectively. | ||||||
(c) | The Loan Agreement also provides for a Term Facility pursuant to which the Lender has made available $15,000 for funding permanent working capital, of which $10,000 was used upon the close of the Loan Agreement to reduce amounts owed on the already existing revolving credit facility. The remaining $5,000 is available to fund existing term debt of foreign subsidiaries or to reduce the Revolving Line of Credit Facility. The Term Facility is due and payable in monthly payments of principal and interest based on a 10-year amortization from March 8, 2013 and is adjusted monthly based on new advances. Advances under the Term Facility are available through March 8, 2016, with the all principal and interest due March 8, 2023. Other various term loans are payable to financial institutions and a government entity with interest rates ranging from 2.00% to 5.50% and monthly installments ranging from $0 to $3. The notes mature between October 2013 and January 2016 and are secured by equipment. | ||||||
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Other Long-Term Liabilities [Abstract] | ' |
Other Long-Term Liabilities | ' |
NOTE 7. OTHER LONG-TERM LIABILITIES | |
Other long-term liabilities were $2,040 and $2,000 as of September 30, 2013 and December 31, 2012, respectively, with $1,491 and $1,479 of the balance as of September 30, 2013 and December 31, 2012, respectively, relating to a pension liability with respect to the benefit plan maintained for the benefit of the Company’s employees in Switzerland that, under U.S. GAAP, is considered to be a defined benefit plan. The Company also has an insurance policy whereby any underfunded amounts related to the pension liability are expected to be recoverable. The Company has recorded a receivable of $1,491 and $1,479 as other long-term assets for the underfunded amount as of September 30, 2013 and December 31, 2012, respectively. | |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||
Derivative Financial Instruments | ' | ||||||||
NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||
The Company’s primary exchange rate risk management objective is to mitigate the uncertainty of anticipated cash flows attributable to changes in exchange rates. The Company primarily focuses on mitigating changes in cash flows resulting from sales denominated in currencies other than the U.S. dollar. The Company manages this risk primarily by using currency forward and option contracts. If the anticipated transactions are deemed probable, the resulting relationships are formally designated as cash flow hedges. | |||||||||
At September 30, 2013, the Company’s derivative contracts had a remaining maturity of less than two years. The counterparty to these transactions had both long-term and short-term investment grade credit ratings. The maximum net exposure to the counterparty, which is generally limited to the aggregate unrealized loss of all contracts with that counterparty, was $783 at September 30, 2013. The Company’s derivative counterparty has strong credit ratings and as a result, the Company does not require collateral to facilitate transactions. | |||||||||
The Company held the following contracts designated as hedged instruments as of September 30, 2013 and December 31, 2012: | |||||||||
30-Sep-13 | |||||||||
Notional | Latest | ||||||||
Amount | Maturity | ||||||||
Foreign exchange contracts - Canadian Dollars | 4,376 | 14-Feb | |||||||
Foreign exchange contracts - Norwegian Kroner | 7,320 | 14-Aug | |||||||
Foreign exchange contracts - British Pounds | 1,228 | 14-Aug | |||||||
Foreign exchange contracts - Euros | 25,706 | 15-Feb | |||||||
Foreign exchange contracts - Swiss Francs | 34,297 | 15-Feb | |||||||
Foreign exchange contracts - Japanese Yen | 946,547 | 15-Feb | |||||||
Foreign exchange contracts - Swedish Kronor | 6,034 | 15-Feb | |||||||
31-Dec-12 | |||||||||
Notional | Latest | ||||||||
Amount | Maturity | ||||||||
Foreign exchange contracts - Norwegian Kroner | 7,131 | 14-Feb | |||||||
Foreign exchange contracts - British Pounds | 1,452 | 14-Feb | |||||||
Foreign exchange contracts - Euros | 17,186 | 14-Feb | |||||||
Foreign exchange contracts - Swiss Francs | 23,838 | 14-Feb | |||||||
Foreign exchange contracts - Canadian Dollars | 10,499 | 14-Feb | |||||||
The Company accounts for these contracts as cash flow hedges and tests effectiveness by determining whether changes in the cash flow of the derivative offset, within a range, changes in the cash flow of the hedged item. For contracts that qualify as effective hedge instruments, the effective portion of gains and losses resulting from changes in fair value of the instruments are included in accumulated other comprehensive income and reclassified to sales in the period the underlying hedge item is recognized in earnings. $337 and $157 were reclassified to sales during the three months ended September 30, 2013 and 2012, respectively, and $832 and $278 were reclassified to sales during the nine months ended September 30, 2013 and 2012, respectively. | |||||||||
As of December 31, 2012, the Company reported an accumulated derivative instrument loss of $169. During the nine months ended September 30, 2013, the Company reported an adjustment to accumulated other comprehensive income of $450, as a result of the change in fair value of these contracts and reclassifications to sales, resulting in an accumulated derivative instrument loss of $619 reported as of September 30, 2013. | |||||||||
The following table presents the balance sheet classification and fair value of derivative instruments as of September 30, 2013 and December 31, 2012: | |||||||||
Classification | 30-Sep-13 | 31-Dec-12 | |||||||
Derivative instruments in asset positions: | |||||||||
Forward exchange contracts | Prepaid and other current assets | $ | 687 | $ | 680 | ||||
Derivative instruments in liability positions: | |||||||||
Forward exchange contracts | Accounts payable and accrued liabilities | $ | 1,470 | $ | 918 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||
Accumulated Other Comprehensive Income | ' | |||||||||
NOTE 9. ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||
Accumulated other comprehensive income (“AOCI”) primarily consists of foreign currency translation adjustments and changes in our forward foreign exchange contracts. The components of AOCI, net of tax, were as follows: | ||||||||||
Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Cash Flow Hedges | Total | ||||||||
Balance as of December 31, 2012 | $ | 5,880 | $ | -169 | $ | 5,711 | ||||
Other comprehensive income before reclassifications | 1,106 | 82 | 1,188 | |||||||
Amounts reclassified from other comprehensive income | - | -532 | -532 | |||||||
Net current period other comprehensive income (loss) | 1,106 | -450 | 656 | |||||||
Balance as of September 30, 2013 | $ | 6,986 | $ | -619 | $ | 6,367 | ||||
The effects on net income of amounts reclassified from unrealized gains on cash flow hedges for foreign exchange contracts for the three and nine months ended September 30, 2013 were as follows: | ||||||||||
Gains reclassified from AOCI to the Consolidated Statement of Comprehensive (Loss) Income | ||||||||||
Affected line item in the Consolidated Statement of Comprehensive (Loss) Income | For the Three Months Ended September 30, 2013 | For the Nine Months Ended September 30, 2013 | ||||||||
Sales | $ | 337 | $ | 832 | ||||||
Income tax (benefit) expense | 121 | 300 | ||||||||
Amount reclassified net of tax | $ | 216 | $ | 532 | ||||||
Fair_Value_Of_Measurements
Fair Value Of Measurements | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Of Measurements [Abstract] | ' | ||||||||||||
Fair Value Of Measurements | ' | ||||||||||||
NOTE 10. FAIR VALUE OF MEASUREMENTS | |||||||||||||
We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||
Level 1- inputs to the valuation methodology are quoted market prices for identical assets or liabilities in active markets. | |||||||||||||
Level 2- inputs to the valuation methodology include quoted prices in markets that are not active or model inputs that are | |||||||||||||
observable either directly or indirectly for substantially the full term of the asset or liability. | |||||||||||||
Level 3- inputs to the valuation methodology are based on prices or valuation techniques that are unobservable. | |||||||||||||
Assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||
30-Sep-13 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | |||||||||||||
Forward exchange contracts | $ | - | $ | 687 | $ | - | $ | 687 | |||||
$ | - | $ | 687 | $ | - | $ | 687 | ||||||
Liabilities | |||||||||||||
Forward exchange contracts | $ | - | $ | 1,470 | $ | - | $ | 1,470 | |||||
$ | - | $ | 1,470 | $ | - | $ | 1,470 | ||||||
31-Dec-12 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | |||||||||||||
Forward exchange contracts | $ | - | $ | 680 | $ | - | $ | 680 | |||||
$ | - | $ | 680 | $ | - | $ | 680 | ||||||
Liabilities | |||||||||||||
Forward exchange contracts | $ | - | $ | 918 | $ | - | $ | 918 | |||||
$ | - | $ | 918 | $ | - | $ | 918 | ||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
NOTE 11. EARNINGS PER SHARE | |||||||||||||
Basic earnings per share is computed by dividing earnings by the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed by dividing earnings by the total of the weighted average number of shares of common stock outstanding during each period, plus the effect of outstanding stock options and unvested restricted stock grants. Potentially dilutive securities are excluded from the computation of diluted earnings per share if their effect is anti-dilutive. | |||||||||||||
The following table is a reconciliation of basic and diluted shares of common stock outstanding used in the calculation of earnings per share: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||
Weighted average shares outstanding - basic | 32,023 | 31,329 | 31,875 | 29,281 | |||||||||
Effect of dilutive stock awards | - | 381 | - | 350 | |||||||||
Weighted average shares outstanding - diluted | 32,023 | 31,710 | 31,875 | 29,631 | |||||||||
(Loss) earnings per share: | |||||||||||||
Basic | $ | -0.04 | $ | 0.02 | $ | -0.21 | $ | 0.05 | |||||
Diluted | -0.04 | 0.02 | -0.21 | 0.05 | |||||||||
For the three and nine months ended September 30, 2013, basic net loss per share was the same as diluted net loss per share because all potentially dilutive securities were anti-dilutive due to the net loss for the period. For the three and nine months ended September 30, 2013, options to purchase 2,294 and 1,845 shares of common stock, respectively, were outstanding and anti-dilutive due to the net loss for the period and 18 and 6 shares of restricted stock were outstanding and anti-dilutive due to the net loss for the three and nine months September 30, 2013, respectively. Additionally, options to purchase 449 and 834 shares of common stock were outstanding and anti-dilutive because the exercise prices were higher than the average market price of the Company’s common stock for the three and nine months ended September 30, 2013, respectively, and 572 shares of unvested restricted stock were outstanding and excluded as their required performance or market conditions were not met. | |||||||||||||
For the three and nine months ended September 30, 2012, options to purchase 930 and 590 shares of common stock were outstanding and anti-dilutive because the exercise prices were higher than the average market price of the Company’s common stock for the three and nine months ended September 30, 2012, respectively, and 750 shares of unvested restricted stock as their required performance or market conditions were not met. | |||||||||||||
StockBased_Compensation_Plan
Stock-Based Compensation Plan | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Stock-Based Compensation Plan [Abstract] | ' | ||||||
Stock-Based Compensation Plan | ' | ||||||
NOTE 12. STOCK-BASED COMPENSATION PLAN | |||||||
Under the Company’s 2005 Stock Incentive Plan (the “2005 Plan”), the Board of Directors has flexibility to determine the type and amount of awards to be granted to eligible participants, who must be employees, directors, officers or consultants of the Company or its subsidiaries. The 2005 Plan allows for grants of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and restricted units. The aggregate number of shares of common stock that may be granted through awards under the 2005 Plan to any employee in any calendar year may not exceed 500 shares. The 2005 Plan will continue in effect until June 2015 unless terminated sooner. | |||||||
During the nine months ended September 30, 2013, the Company issued 560 stock options under the Company’s 2005 Plan to employees of the Company. Of the 560 options issued, 40 will vest in four equal consecutive quarterly tranches from the date of grant. 35 options granted will vest in three installments as follows: 14 shall vest on December 31, 2014 and the remaining shares shall vest equally on December 31, 2015 and December 31, 2016. 5 options granted will vest in three installments as follows: 2 shall vest on March 31, 2015 and the remaining shares shall vest equally on March 31, 2016 and March 31, 2017. 40 options granted will vest in three installments as follows: 16 shall vest on December 31, 2015 and the remaining shares shall vest equally on December 31, 2016 and December 31, 2017. The remaining 440 vested immediately. | |||||||
For computing the fair value of the stock-based awards, the fair value of each option grant has been estimated as of the date of grant using the Black-Scholes option-pricing model with the following assumptions: | |||||||
Options Granted During the Nine Months Ended September 30, 2013 | |||||||
Number of options | 120 | 440 | |||||
Option vesting period | 1- 5 Years | Immediate | |||||
Grant price | $8.02 - $10.20 | $10.40 | |||||
Dividend yield | 0.00% | 0.00% | |||||
Expected volatility (a) | 52.8% - 55.2% | 53.90% | |||||
Risk-free interest rate | 1.04% - 1.98% | 1.62% | |||||
Expected life (years) | 5.31 - 6.95 (b) | 5.00 (c) | |||||
Discount for post-vesting restrictions (d) | 0.00% | 16.0% - 35.0% | |||||
Weighted average fair value | $4.23 - $5.38 | $1.59 - $3.64 | |||||
(a) | Since the Company’s historical volatility was not representative of the ongoing future business, the Company’s historical volatility was based on a combination of the Company’s volatility and the historical volatility of a peer group of companies within similar industries and similar size as the Company. | ||||||
(b) | Because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for these grants, the Company utilized the simplified method in developing an estimate of the expected term of these options. | ||||||
(c) | The Company considered the applicable employee groups as well as the anticipated exercise behavior over the contractual term of the award in developing an estimate of the expected term of these options. | ||||||
(d) | Because options with post-vesting restrictions create a lack of marketability, the Company discounted the market price used in the Black-Scholes option-pricing model. The Company utilized the Finnerty model to calculate the discount. | ||||||
Using these assumptions, the fair value of all stock options granted during the nine months ended September 30, 2013 was $1,906, which will be recognized over the vesting period of the options. The fair value attributable to the 440 stock options immediately vested was $1,357. | |||||||
During the nine months ended September 30, 2013, the Company awarded 3 shares of common stock to an employee. At the date the awards were issued the common stock was valued at $7.85 per share. | |||||||
During the nine months ended September 30, 2013, the Company awarded 90 shares of restricted stock to employees. The vesting of 72 shares is contingent on meeting various service conditions and sales targets, which were deemed probable. The remaining 18 shares vest in two to five years assuming the employees remain employed through the vesting date. The fair value of the restricted stock shares granted during the nine months ended September 30, 2013 was $936, which is equal to the market value of the underlying shares on the date of grant. The fair value will be recognized over the vesting period of two to five years. | |||||||
The total non-cash stock compensation expense related to restricted stock, stock options, and stock awards recorded by the Company during the three and nine months ended September 30, 2013 and 2012, respectively, was as follows: | |||||||
Three Months Ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Restricted stock | $ | 20 | $ | 208 | |||
Stock options | 1,699 | 318 | |||||
Total | $ | 1,719 | $ | 526 | |||
Nine Months Ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Restricted stock | $ | 20 | $ | 617 | |||
Stock options | 2,316 | 697 | |||||
Stock awards | 25 | - | |||||
Total | $ | 2,361 | $ | 1,314 | |||
The fair value of unvested restricted stock awards is determined based on the market price of our shares of common stock on the grant date. As of September 30, 2013, there were 1,184 unvested stock options and unrecognized compensation cost of $3,034 related to unvested stock options, as well as 590 unvested restricted stock awards and unrecognized compensation cost of $916 related to unvested restricted stock awards. | |||||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
NOTE 13. COMMITMENTS AND CONTINGENCIES | |
The Company is involved in various legal disputes and other legal proceedings that arise from time to time in the ordinary course of business. Based on currently available information, the Company does not believe that it is reasonably possible that the disposition of any of the legal disputes the Company or its subsidiaries is currently involved in will have a material adverse effect upon the Company’s consolidated financial condition, results of operations or cash flows. It is possible that, as additional information becomes available, the impact on the Company could have a different effect. | |
The Company leases office, warehouse and distribution space under non-cancelable operating leases. As leases expire, it can be expected that, in the normal course of business, certain leases will be renewed or replaced. Certain lease agreements include escalating rents over the lease terms. The Company expenses rent on a straight-line basis over the lease term which commences on the date the Company has the right to control the property. The cumulative expense recognized on a straight-line basis in excess of the cumulative payments is included in accounts payable and accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheets. | |
Total rent expense of the Company for the three months ended September 30, 2013 and 2012 was $582 and $546, respectively, and for the nine months ended September 30, 2013 and 2012 was $1,718 and $1,373, respectively. | |
PIEPS, the Company’s subsidiary, has implemented a voluntary recall of all of its PIEPS VECTOR avalanche transceivers due to functional issues that may not be readily apparent to a user of this product. As a result of the voluntary recall the Company incurred a charge of $1,541 in costs of goods sold during the three and nine months ended September 30, 2013. | |
Income_Taxes
Income Taxes | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Income Taxes [Abstract] | ' | |||
Income Taxes | ' | |||
NOTE 14. INCOME TAXES | ||||
The Company’s foreign operations that are considered to be permanently reinvested have statutory tax rates of approximately 19% - 39%. | ||||
As of December 31, 2012, the Company’s gross deferred tax asset was $91,976. The Company has recorded a valuation allowance, resulting in a net deferred tax asset of $74,366, excluding deferred tax liabilities. The Company has provided a valuation allowance against some of the net deferred income tax assets as of December 31, 2012, because the ultimate realization of those benefits and assets does not meet the more likely than not criteria. | ||||
As of December 31, 2012, the Company had net operating loss, research and experimentation credit and alternative minimum tax credit carryforwards for U.S. federal income tax purposes of $214,195 ($1,853, relates to tax windfall, which will not be realized until an income tax payable exists), $1,640 and $291, respectively. The Company believes its U.S. Federal net operating loss (“NOL”) will substantially offset its future U.S. Federal income taxes, excluding the amount subject to U.S. Federal Alternative Minimum Tax (“AMT”). AMT is calculated as 20% of AMT income. For purposes of AMT, a maximum of 90% of income is offset by available NOLs. | ||||
Of the $212,342 of net operating losses available to offset taxable income, all of which does not expire until 2020 or later, subject to compliance with Section 382 of the Internal Revenue Code, as amended (the “Code”) as indicated by the following schedule: | ||||
Net Operating Loss Carryforward Expiration Dates | ||||
31-Dec-12 | ||||
Expiration Dates December 31, | Net Operating Loss Amount | |||
2020 | $ | 27,465 | ||
2021 | 50,430 | |||
2022 | 115,000 | |||
2023 | 5,712 | |||
2024 | 3,566 | |||
2025 | 1,707 | |||
2026 | 476 | |||
2028 | 1,360 | |||
2029 | 4,074 | |||
2030 | 4,405 | |||
Total | 214,195 | |||
Tax windfall | -1,853 | |||
After limitations | $ | 212,342 | ||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE 15. RELATED PARTY TRANSACTIONS | |
5% Unsecured Subordinated Notes due May 28, 2017 | |
As part of the consideration payable to the stockholders of Gregory when the Company acquired Gregory on May 28, 2010, the Company issued $14,517 and $7,539 in 5% Unsecured Subordinated Notes due May 28, 2017 (the “Merger Consideration Subordinated Notes”) to Kanders GMP Holdings, LLC, and Schiller Gregory Investment Company, LLC, respectively. Mr. Warren B. Kanders, the Company’s Executive Chairman and a member of its Board of Directors, is a majority member and a trustee of the manager of Kanders GMP Holdings, LLC. The sole manager of Schiller Gregory Investment Company, LLC is Mr. Robert R. Schiller, the Company’s Executive Vice Chairman and a member of its Board of Directors. The principle terms of the Merger Consideration Subordinated Notes are as follows: (i) the principal amount is due and payable on May 28, 2017 and is prepayable by the Company at anytime; (ii) interest will accrue on the principal amount at the rate of 5% per annum and shall be payable quarterly in cash; (iii) the default interest rate shall accrue at the rate of 10% per annum during the occurrence of an event of default; and (iv) events of default, which can only be triggered with the consent of Kanders GMP Holdings, LLC, are: (a) the default by the Company on any payment due under a Merger Consideration Subordinated Note; (b) the Company’s failure to perform or observe any other material covenant or agreement contained in the Merger Consideration Subordinated Notes; or (c) the Company’s instituting or becoming subject to a proceeding under the Bankruptcy Code. The Merger Consideration Subordinated Notes are junior to all senior indebtedness of the Company, except that payments of interest continue to be made under the Merger Consideration Subordinated Notes as long as no event of default exists under any senior indebtedness. | |
On April 7, 2011, Schiller Gregory Investment Company, LLC transferred its Merger Consideration Subordinated Note in equal amounts to the Robert R. Schiller Cornerstone Trust and the Deborah Schiller 2005 Revocable Trust. During the three and nine months ended September 30, 2013, $181 and $544 in interest was paid to Kanders GMP Holdings, LLC, respectively, and $95 and $283, respectively, in interest was paid to the Robert R. Schiller Cornerstone Trust and the Deborah Schiller 2005 Revocable Trust pursuant to the outstanding Merger Consideration Subordinated Notes. | |
On May 29, 2012 and August 13, 2012, five former employees of Gregory Mountain Products exercised certain sales rights and sold the Company’s outstanding 5% Unsecured Subordinated Notes due May 28, 2017 held by them (the “Gregory Subordinated Notes”) in the aggregate principal amount of approximately $365 to Kanders GMP Holdings, LLC and in the aggregate principal amount of approximately $189 to Schiller Gregory Investment Company, LLC. During the three and nine months ended September 30, 2013, $5 and $14 in interest was paid to Kanders GMP Holdings, LLC, respectively, and $2 and $7, respectively, in interest was paid to Schiller Gregory Investment Company, LLC, pursuant to the outstanding Gregory Subordinated Notes. | |
Nature_Of_Operations_And_Summa1
Nature Of Operations And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | ' |
Basis Of Presentation And Organization | ' |
The accompanying unaudited condensed consolidated financial statements of Black Diamond, Inc. and subsidiaries (“Black Diamond” or the “Company,” which may be referred to as “we,” “us,” or “our”) as of and for the three and nine months ended September 30, 2013 and 2012, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. The results of the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be obtained for the year ending December 31, 2013. These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, filed with the Securities and Exchange Commission (the “Commission” or “SEC”). | |
Nature Of Business | ' |
Nature of Business | |
Black Diamond is a global leader in designing, manufacturing and marketing innovative active outdoor performance products for climbing, mountaineering, backpacking, skiing, cycling and a wide range of other year-round outdoor recreation activities. Our principal brands include Black Diamond®, Gregory™, POC™ and PIEPS™ and are targeted not only to the demanding requirements of core climbers, skiers and cyclists, but also to the more general outdoor performance enthusiasts and consumers interested in outdoor-inspired gear for their urban activities. Our Black Diamond®, Gregory™, POC™ and PIEPS™ brands are iconic in the active outdoor industry and linked intrinsically with the modern history of the sports we serve. We believe our brands are synonymous with the performance, innovation, durability and safety that the outdoor and action sports communities rely on and embrace in their active lifestyle. | |
Use Of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Certain costs are estimated for the full year and allocated to interim periods based on estimates of time expired, benefit received, or activity associated with the interim period. Some of the more significant estimates relate to derivatives, revenue recognition, income taxes, and valuation of long-lived assets, goodwill, and other intangible assets. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 establishes new requirements for disclosing reclassifications of items out of accumulated other comprehensive income and includes identification of the line items in net earnings affected by the reclassifications. This standard is effective for annual and interim periods for fiscal years beginning after December 15, 2012 (for us this was our 2013 first quarter). The Company adopted the provisions of this update during the three months ended March 31, 2013, which provides additional detail on those financial statements as applicable, but did not have any other impact on our financial statements. | |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||
Sep. 30, 2012 | |||||||
Acquisitions [Abstract] | ' | ||||||
Pro Forma Results | ' | ||||||
Three Months Ended | Nine Months Ended, | ||||||
30-Sep-12 | 30-Sep-12 | ||||||
Sales | $ | 49,775 | $ | 135,251 | |||
Net income | $ | 1,035 | $ | -864 | |||
Net income per share - basic | $ | 0.03 | $ | -0.03 | |||
Net income per share - diluted | $ | 0.03 | $ | -0.03 | |||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
30-Sep-13 | 31-Dec-12 | ||||||
Finished goods | $ | 48,274 | $ | 53,009 | |||
Work-in-process | 1,168 | 1,112 | |||||
Raw materials and supplies | 7,751 | 6,543 | |||||
$ | 57,193 | $ | 60,664 | ||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Property And Equipment | ' | ||||||
30-Sep-13 | 31-Dec-12 | ||||||
Land | $ | 2,850 | $ | 2,850 | |||
Building and improvements | 4,990 | 4,568 | |||||
Furniture and fixtures | 4,629 | 4,140 | |||||
Computer hardware and software | 6,273 | 4,759 | |||||
Machinery and equipment | 13,568 | 11,718 | |||||
Construction in progress | 1,001 | 1,855 | |||||
33,311 | 29,890 | ||||||
Less accumulated depreciation | -15,901 | -12,382 | |||||
$ | 17,410 | $ | 17,508 | ||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Goodwill And Other Intangible Assets [Abstract] | ' | ||||||
Schedule Of Goodwill | ' | ||||||
Balance at December 31, 2012 | $ | 57,481 | |||||
Impact of foreign currency exchange rates | 263 | ||||||
Balance at September 30, 2013 | $ | 57,744 | |||||
Schedule Of Indefinite Lived Intangible Assets | ' | ||||||
Balance at December 31, 2012 | $ | 51,462 | |||||
Impact of foreign currency exchange rates | 257 | ||||||
Balance at September 30, 2013 | $ | 51,719 | |||||
Schedule Of Definite Lived Intangible Assets, Net | ' | ||||||
Gross balance at December 31, 2012 | $ | 42,500 | |||||
Increase due to purchase of customer lists and relationships | 750 | ||||||
Impact of foreign currency exchange rates | 340 | ||||||
Gross balance at September 30, 2013 | $ | 43,590 | |||||
Schedule Of Intangible Assets, Net Of Amortization | ' | ||||||
30-Sep-13 | 31-Dec-12 | ||||||
Customer lists and relationships | $ | 30,830 | $ | 29,890 | |||
Product technologies | 8,993 | 8,868 | |||||
Trade name | 2,262 | 2,237 | |||||
Core technologies | 1,505 | 1,505 | |||||
43,590 | 42,500 | ||||||
Less accumulated amortization | -7,123 | -4,400 | |||||
$ | 36,467 | $ | 38,100 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Components Of Long-Term Debt | ' | ||||||
30-Sep-13 | 31-Dec-12 | ||||||
Revolving credit facilities (a) | $ | 14,439 | $ | 20,000 | |||
Foreign credit facilities (b) | 4,806 | 3,995 | |||||
5% Senior Subordinated Notes due 2017 (refer to Note 15) | 16,847 | 15,992 | |||||
Capital leases | 61 | 119 | |||||
Term notes (c) | 9,895 | 382 | |||||
46,048 | 40,488 | ||||||
Less current portion | -5,959 | -4,059 | |||||
$ | 40,089 | $ | 36,429 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments - (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||
Schedule Of Contracts Designated As Hedged Instruments | ' | ||||||||
30-Sep-13 | |||||||||
Notional | Latest | ||||||||
Amount | Maturity | ||||||||
Foreign exchange contracts - Canadian Dollars | 4,376 | 14-Feb | |||||||
Foreign exchange contracts - Norwegian Kroner | 7,320 | 14-Aug | |||||||
Foreign exchange contracts - British Pounds | 1,228 | 14-Aug | |||||||
Foreign exchange contracts - Euros | 25,706 | 15-Feb | |||||||
Foreign exchange contracts - Swiss Francs | 34,297 | 15-Feb | |||||||
Foreign exchange contracts - Japanese Yen | 946,547 | 15-Feb | |||||||
Foreign exchange contracts - Swedish Kronor | 6,034 | 15-Feb | |||||||
31-Dec-12 | |||||||||
Notional | Latest | ||||||||
Amount | Maturity | ||||||||
Foreign exchange contracts - Norwegian Kroner | 7,131 | 14-Feb | |||||||
Foreign exchange contracts - British Pounds | 1,452 | 14-Feb | |||||||
Foreign exchange contracts - Euros | 17,186 | 14-Feb | |||||||
Foreign exchange contracts - Swiss Francs | 23,838 | 14-Feb | |||||||
Foreign exchange contracts - Canadian Dollars | 10,499 | 14-Feb | |||||||
Schedule Of Derivative Instruments Fair Value And Balance Sheet Classification | ' | ||||||||
Classification | 30-Sep-13 | 31-Dec-12 | |||||||
Derivative instruments in asset positions: | |||||||||
Forward exchange contracts | Prepaid and other current assets | $ | 687 | $ | 680 | ||||
Derivative instruments in liability positions: | |||||||||
Forward exchange contracts | Accounts payable and accrued liabilities | $ | 1,470 | $ | 918 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||
Components Of Accumulated Other Comprehensive Income | ' | |||||||||
Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Cash Flow Hedges | Total | ||||||||
Balance as of December 31, 2012 | $ | 5,880 | $ | -169 | $ | 5,711 | ||||
Other comprehensive income before reclassifications | 1,106 | 82 | 1,188 | |||||||
Amounts reclassified from other comprehensive income | - | -532 | -532 | |||||||
Net current period other comprehensive income (loss) | 1,106 | -450 | 656 | |||||||
Balance as of September 30, 2013 | $ | 6,986 | $ | -619 | $ | 6,367 | ||||
Reclassification Out Of Accumulated Other Comprehensive Income | ' | |||||||||
Gains reclassified from AOCI to the Consolidated Statement of Comprehensive (Loss) Income | ||||||||||
Affected line item in the Consolidated Statement of Comprehensive (Loss) Income | For the Three Months Ended September 30, 2013 | For the Nine Months Ended September 30, 2013 | ||||||||
Sales | $ | 337 | $ | 832 | ||||||
Income tax (benefit) expense | 121 | 300 | ||||||||
Amount reclassified net of tax | $ | 216 | $ | 532 | ||||||
Fair_Value_Of_Measurements_Tab
Fair Value Of Measurements - (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Of Measurements [Abstract] | ' | ||||||||||||
Schedule Of Assets And Liabilities Measured On A Recurring Basis | ' | ||||||||||||
30-Sep-13 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | |||||||||||||
Forward exchange contracts | $ | - | $ | 687 | $ | - | $ | 687 | |||||
$ | - | $ | 687 | $ | - | $ | 687 | ||||||
Liabilities | |||||||||||||
Forward exchange contracts | $ | - | $ | 1,470 | $ | - | $ | 1,470 | |||||
$ | - | $ | 1,470 | $ | - | $ | 1,470 | ||||||
31-Dec-12 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | |||||||||||||
Forward exchange contracts | $ | - | $ | 680 | $ | - | $ | 680 | |||||
$ | - | $ | 680 | $ | - | $ | 680 | ||||||
Liabilities | |||||||||||||
Forward exchange contracts | $ | - | $ | 918 | $ | - | $ | 918 | |||||
$ | - | $ | 918 | $ | - | $ | 918 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule Of Reconciliation Of Basic And Diluted Shares Of Common Stock Outstanding Used In Calculation Of Earnings Per Share | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||
Weighted average shares outstanding - basic | 32,023 | 31,329 | 31,875 | 29,281 | |||||||||
Effect of dilutive stock awards | - | 381 | - | 350 | |||||||||
Weighted average shares outstanding - diluted | 32,023 | 31,710 | 31,875 | 29,631 | |||||||||
(Loss) earnings per share: | |||||||||||||
Basic | $ | -0.04 | $ | 0.02 | $ | -0.21 | $ | 0.05 | |||||
Diluted | -0.04 | 0.02 | -0.21 | 0.05 | |||||||||
StockBased_Compensation_Plan_T
Stock-Based Compensation Plan (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Stock-Based Compensation Plan [Abstract] | ' | ||||||
Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards | ' | ||||||
Options Granted During the Nine Months Ended September 30, 2013 | |||||||
Number of options | 120 | 440 | |||||
Option vesting period | 1- 5 Years | Immediate | |||||
Grant price | $8.02 - $10.20 | $10.40 | |||||
Dividend yield | 0.00% | 0.00% | |||||
Expected volatility (a) | 52.8% - 55.2% | 53.90% | |||||
Risk-free interest rate | 1.04% - 1.98% | 1.62% | |||||
Expected life (years) | 5.31 - 6.95 (b) | 5.00 (c) | |||||
Discount for post-vesting restrictions (d) | 0.00% | 16.0% - 35.0% | |||||
Weighted average fair value | $4.23 - $5.38 | $1.59 - $3.64 | |||||
(a) | Since the Company’s historical volatility was not representative of the ongoing future business, the Company’s historical volatility was based on a combination of the Company’s volatility and the historical volatility of a peer group of companies within similar industries and similar size as the Company. | ||||||
(b) | Because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for these grants, the Company utilized the simplified method in developing an estimate of the expected term of these options. | ||||||
(c) | The Company considered the applicable employee groups as well as the anticipated exercise behavior over the contractual term of the award in developing an estimate of the expected term of these options. | ||||||
(d) | Because options with post-vesting restrictions create a lack of marketability, the Company discounted the market price used in the Black-Scholes option-pricing model. The Company utilized the Finnerty model to calculate the discount. | ||||||
Schedule Of Total Non-Cash Stock Compensation Expense Related To Stock Options, Stock Awards, And Restricted Stock | ' | ||||||
Three Months Ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Restricted stock | $ | 20 | $ | 208 | |||
Stock options | 1,699 | 318 | |||||
Total | $ | 1,719 | $ | 526 | |||
Nine Months Ended | |||||||
30-Sep-13 | 30-Sep-12 | ||||||
Restricted stock | $ | 20 | $ | 617 | |||
Stock options | 2,316 | 697 | |||||
Stock awards | 25 | - | |||||
Total | $ | 2,361 | $ | 1,314 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Income Taxes [Abstract] | ' | |||
Summary Of Tax Credit Carryforwards | ' | |||
Net Operating Loss Carryforward Expiration Dates | ||||
31-Dec-12 | ||||
Expiration Dates December 31, | Net Operating Loss Amount | |||
2020 | $ | 27,465 | ||
2021 | 50,430 | |||
2022 | 115,000 | |||
2023 | 5,712 | |||
2024 | 3,566 | |||
2025 | 1,707 | |||
2026 | 476 | |||
2028 | 1,360 | |||
2029 | 4,074 | |||
2030 | 4,405 | |||
Total | 214,195 | |||
Tax windfall | -1,853 | |||
After limitations | $ | 212,342 | ||
Acquisitions_Pro_Forma_Results
Acquisitions (Pro Forma Results) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Acquisitions [Abstract] | ' | ' |
Sales | $49,775 | $135,251 |
Net income | $1,035 | ($864) |
Net income per share - basic | $0.03 | ($0.03) |
Net income per share - diluted | $0.03 | ($0.03) |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $48,274 | $53,009 |
Work-in-process | 1,168 | 1,112 |
Raw materials and supplies | 7,751 | 6,543 |
Inventories | $57,193 | $60,664 |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property And Equipment [Abstract] | ' | ' |
Land | $2,850 | $2,850 |
Buildings and improvements | 4,990 | 4,568 |
Furniture and fixtures | 4,629 | 4,140 |
Computer hardware and software | 6,273 | 4,759 |
Machinery and equipment | 13,568 | 11,718 |
Construction in progress | 1,001 | 1,855 |
Property and equipment, gross | 33,311 | 29,890 |
Less accumulated depreciation | -15,901 | -12,382 |
Property and equipment | $17,410 | $17,508 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill And Other Intangible Assets [Abstract] | ' | ' |
Goodwill | $57,744 | $57,481 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill And Other Intangible Assets [Abstract] | ' |
Balance at December 31, 2012 | $57,481 |
Impact of foreign currency exchange rates | 263 |
Balance at September 30, 2013 | $57,744 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Indefinite Lived Intangible Assets) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Acquisitions [Abstract] | ' |
Balance at December 31, 2012 | $51,462 |
Impact of foreign currency exchange rates | 257 |
Balance at September 30, 2013 | $51,719 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Definite Lived Intangible Assets, Net) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Acquisitions [Abstract] | ' |
Gross balance at December 31, 2012 | $42,500 |
Increase due to purchase of customer lists and relationships | 750 |
Impact of foreign currency exchange rates | 340 |
Gross balance at September 30, 2013 | $43,590 |
Goodwill_And_Other_Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets, Net Of Amortization) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $43,590 | $42,500 |
Less accumulated amortization | -7,123 | -4,400 |
Intangible assets, net | 36,467 | 38,100 |
Customer Lists And Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 30,830 | 29,890 |
Product Technologies [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 8,993 | 8,868 |
Trade Name [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 2,262 | 2,237 |
Core Technologies [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $1,505 | $1,505 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 08, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 08, 2013 | Sep. 30, 2013 | Mar. 08, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Foreign Credit Facility [Member] | Foreign Credit Facility [Member] | Term Facility [Member] | Term Facility [Member] | Foreign Financial Institutions [Member] | Foreign Financial Institutions [Member] | Government Entity And Other Financial Institutions [Member] | Loan Agreement [Member] | Loan Agreement [Member] | Loan Agreement [Member] | Loan Agreement [Member] | Minimum [Member] | Maximum [Member] |
Letter Of Credit [Member] | Letter Of Credit [Member] | Acquisition Facility [Member] | Acquisition Facility [Member] | Government Entity And Other Financial Institutions [Member] | Government Entity And Other Financial Institutions [Member] | ||||||||||
Line Of Credit Facility And Long Term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $3 |
Line of credit facility, amount outstanding | 14,439 | 20,000 | 4,806 | 3,995 | ' | 10,000 | 1,411 | 1,488 | ' | ' | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | 30,000 | ' | 10,000 | ' | ' |
Credit facility current borrowing capacity | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility remaining borrowing capacity | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Mar-16 | ' | ' | ' | ' | ' |
Credit facility initiation date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Mar-13 | ' | ' | ' | ' | ' |
Minimum advance amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' |
Amortization period | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Interest rate range, minimum | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' |
Interest rate range, maximum | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Components_Of_Lo
Long-Term Debt (Components Of Long-Term Debt) (Details) (USD $) | 0 Months Ended | ||
28-May-10 | Sep. 30, 2013 | Dec. 31, 2012 | |
Line Of Credit Facility And Long Term Debt [Line Items] | ' | ' | ' |
5% Senior Subordinated Notes due 2017 (refer to Note 15) | ' | $16,847,000 | $15,992,000 |
Capital leases | ' | 61,000 | 119,000 |
Term note | ' | 9,895,000 | 382,000 |
Total carrying amount of long-term debt | ' | 46,048,000 | 40,488,000 |
Less current portion | ' | -5,959,000 | -4,059,000 |
Long-term debt, net | ' | 40,089,000 | 36,429,000 |
Unsecured Subordinated Notes, interest rate | 5.00% | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Line Of Credit Facility And Long Term Debt [Line Items] | ' | ' | ' |
Credit facility | ' | 14,439,000 | 20,000,000 |
Foreign Credit Facility [Member] | ' | ' | ' |
Line Of Credit Facility And Long Term Debt [Line Items] | ' | ' | ' |
Credit facility | ' | $4,806,000 | $3,995,000 |
Other_LongTerm_Liabilites_Narr
Other Long-Term Liabilites (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Liabilities, Other than Long-term Debt, Noncurrent | ' | ' |
Other long-term liabilities | $2,040 | $2,000 |
Defined benefit pension plan | 1,491 | 1,479 |
Insurance settlements receivable | $1,491 | $1,479 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Derivative Financial Instruments [Abstract] | ' | ' | ' | ' | ' |
Maximum net exposure to counterparty | ' | ' | $783 | ' | ' |
Cash flow hedge gain (loss) reclassified to revenue | 337 | 157 | 832 | 278 | ' |
Accumulated derivative instrument gain (loss) | 619 | ' | 619 | ' | 169 |
Adjustment to accumulated other comprehensive income | $1,140 | $492 | $450 | $651 | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Contracts Designated As Hedged Instruments) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Canadian Dollars [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | $4,376 | $10,499 |
Derivative, Maturity Date | 1-Feb-14 | 1-Feb-14 |
Norwegian Kroner [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | 7,320 | 7,131 |
Derivative, Maturity Date | 1-Aug-14 | 1-Feb-14 |
British Pounds [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | 1,228 | 1,452 |
Derivative, Maturity Date | 1-Aug-14 | 1-Feb-14 |
Euros [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | 25,706 | 17,186 |
Derivative, Maturity Date | 1-Feb-15 | 1-Feb-14 |
Swiss Francs [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | 34,297 | 23,838 |
Derivative, Maturity Date | 1-Feb-15 | 1-Feb-14 |
Japanese Yen [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | 946,547 | ' |
Derivative, Maturity Date | 1-Feb-15 | ' |
Swedish Kronor [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | $6,034 | ' |
Derivative, Maturity Date | 1-Feb-15 | ' |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Derivative Instruments Fair Value And Balance Sheet Classification) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Financial Instruments [Abstract] | ' | ' |
Derivative instruments in asset positions, Forward exchange contracts | $687 | $680 |
Derivative instruments in liability positions, Forward exchange contracts | $1,470 | $918 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Components Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2012 | ' | ' | $5,711 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 1,188 | ' |
Amounts reclassified from other comprehensive income | ' | ' | -532 | ' |
Net current period other comprehensive (loss) income | 1,957 | 2,136 | 656 | 1,840 |
Balance as of September 30, 2013 | 6,367 | ' | 6,367 | ' |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2012 | ' | ' | 5,880 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 1,106 | ' |
Net current period other comprehensive (loss) income | ' | ' | 1,106 | ' |
Balance as of September 30, 2013 | 6,986 | ' | 6,986 | ' |
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2012 | ' | ' | -169 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 82 | ' |
Amounts reclassified from other comprehensive income | ' | ' | -532 | ' |
Net current period other comprehensive (loss) income | ' | ' | -450 | ' |
Balance as of September 30, 2013 | ($619) | ' | ($619) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Sales | $52,776 | $48,742 | $142,631 | $127,076 |
Income tax (benefit) expense | -814 | 617 | -1,782 | 1,456 |
Amount reclassified net of tax | ' | ' | 532 | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Sales | 337 | ' | 832 | ' |
Income tax (benefit) expense | 121 | ' | 300 | ' |
Amount reclassified net of tax | $216 | ' | $532 | ' |
Fair_Value_Of_Measurements_Det
Fair Value Of Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Forward exchange contract, asset, fair value | $687 | $680 |
Forward exchange contract, liability, fair value | 1,470 | 918 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Forward exchange contract, asset, fair value | ' | ' |
Forward exchange contract, liability, fair value | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Forward exchange contract, asset, fair value | 687 | 680 |
Forward exchange contract, liability, fair value | 1,470 | 918 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Forward exchange contract, asset, fair value | ' | ' |
Forward exchange contract, liability, fair value | ' | ' |
Earnings_Per_Share_Narrative_D
Earnings Per Share - (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restricted Stock | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, number of shares | ' | ' | 572 | 750 |
Due To Net Loss In The Period [Member] | Stock Options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, number of shares | 2,294 | ' | 1,845 | ' |
Due To Net Loss In The Period [Member] | Restricted Stock | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, number of shares | 18 | ' | 6 | ' |
Due To Exercise Price Exceeding Average Market Price Of Common Stock [Member] | Stock Options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, number of shares | 449 | 930 | 834 | 590 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Reconciliation Of Basic And Diluted Shares Of Common Stock Outstanding Used In Calculation Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average number of shares outstanding - basic | 32,023 | 31,329 | 31,875 | 29,281 |
Effect of dilutive stock awards | ' | 381 | ' | 350 |
Weighted average number of shares outstanding - diluted | 32,023 | 31,710 | 31,875 | 29,631 |
Basic earnings (loss) per share | ($0.04) | $0.02 | ($0.21) | $0.05 |
Diluted earnings (loss) per share | ($0.04) | $0.02 | ($0.21) | $0.05 |
StockBased_Compensation_Plan_N
Stock-Based Compensation Plan (Narrative) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Maximum number of shares of common stock that may be granted through awards to any employee in any calendar year | 500 |
Number of stock options issued under a plan | 560 |
Stock options granted fair value | $1,906 |
Common stock awarded | 3 |
Share Price | $7.85 |
Fair value of the restricted stock awards granted | 936 |
Unvested stock options | 1,184 |
Unrecognized compensation cost related to unvested stock options | 3,034 |
Unvested restricted stock awards | 590 |
Unrecognized compensation cost related to unvested restricted stock awards | 916 |
Restricted stock awards granted in period | 90 |
Minimum [Member] | Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '2 years |
Maximum [Member] | Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '5 years |
Installment Schedule One [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested stock options | 35 |
Installment Schedule Two [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested stock options | 5 |
Installment Schedule Three [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested stock options | 40 |
Restricted Stock Vesting Schedule One [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested restricted stock awards | 18 |
Vest In Four Equal Consecutive Quarterly Tranches From The Date Of Grant | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested stock options | 40 |
Vesting On December 31, 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested stock options | 14 |
Vesting On March 31, 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested stock options | 2 |
Vesting On December 31, 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested stock options | 16 |
Vesting Immediately [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of stock options issued under a plan | 440 |
Stock options granted fair value | $1,357 |
Vesting Contingent On Service Conditions And Sales Targets [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted stock awards granted in period | 72 |
StockBased_Compensation_Plan_S
Stock-Based Compensation Plan (Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Options granted | 560 | |
Expected life (years) | '5 years | [1] |
Stock Option One [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Options granted | 120 | |
Dividend yield | 0.00% | |
Expected volatility, minimum | 52.80% | [2] |
Expected volatility, maximum | 55.20% | [2] |
Risk-free interest rate, minimum | 1.04% | |
Risk-free interest rate, maximum | 1.98% | |
Discount for post-vesting restrictions | 0.00% | [3] |
Stock Option One [Member] | Minimum [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Vesting period | '1 year | |
Grant price | 8.02 | |
Expected life (years) | '5 years 3 months 22 days | [4] |
Weighted average fair value | 4.23 | |
Stock Option One [Member] | Maximum [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Vesting period | '5 years | |
Grant price | 10.2 | |
Expected life (years) | '6 years 11 months 12 days | [4] |
Weighted average fair value | 5.38 | |
Stock Option Two [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Options granted | 440 | |
Grant price | 10.4 | |
Dividend yield | 0.00% | |
Expected Volatility | 53.90% | [2] |
Risk-free Interest Rate | 1.62% | |
Stock Option Two [Member] | Minimum [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Discount for post-vesting restrictions | 16.00% | [3] |
Weighted average fair value | 1.59 | |
Stock Option Two [Member] | Maximum [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Discount for post-vesting restrictions | 35.00% | [3] |
Weighted average fair value | 3.64 | |
[1] | The Company considered the applicable employee groups as well as the anticipated exercise behavior over the contractual term of the award in developing an estimate of the expected term of these options. | |
[2] | Since the Companybs historical volatility was not representative of the ongoing future business, the Companybs historical volatility was based on a combination of the Companybs volatility and the historical volatility of a peer group of companies within similar industries and similar size as the Company. | |
[3] | Because options with post-vesting restrictions create a lack of marketability, the Company discounted the market price used in the Black-Scholes option-pricing model. The Company utilized the Finnerty model to calculate the discount. | |
[4] | Because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for these grants, the Company utilized the simplified method in developing an estimate of the expected term of these options. |
StockBased_Compensation_Plan_S1
Stock-Based Compensation Plan (Schedule Of Total Non-Cash Stock Compensation Expense Related To Stock Options And Restricted Stock) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock-Based Compensation Plan [Abstract] | ' | ' | ' | ' |
Restricted stock | $20 | $208 | $20 | $617 |
Stock options | 1,699 | 318 | 2,316 | 697 |
Stock awards expense | ' | ' | 25 | ' |
Total non-cash stock compensation expense | $1,719 | $526 | $2,361 | $1,314 |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Agreement Termination [Line Items] | ' | ' | ' | ' |
Total rent expense | $582 | $546 | $1,718 | $1,373 |
Cost of goods sold | 33,106 | 30,283 | 88,091 | 77,535 |
PIEPS VECTOR Avalanche Transceivers [Member] | ' | ' | ' | ' |
Business Agreement Termination [Line Items] | ' | ' | ' | ' |
Cost of goods sold | $1,541 | ' | $1,541 | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Minimum [Member] | Maximum [Member] | ||
Income Tax Disclosure [Line Items] | ' | ' | ' |
Foreign statutory tax rate, foreign operations | ' | 19.00% | 39.00% |
Gross deferred tax asset | $91,976 | ' | ' |
Net deferred tax asset | 74,366 | ' | ' |
Net operating loss carryforwards for U.S. federal income tax purposes | 214,195 | ' | ' |
Tax windfall | 1,853 | ' | ' |
Research and experimentation credit carryforwards | 1,640 | ' | ' |
Alternative minimum tax credit carryforwards | 291 | ' | ' |
AMT percentage | 20.00% | ' | ' |
Maximum percentage of income offset by available NOLs | 90.00% | ' | ' |
Net operating loss carryforwards, net of limitations | $212,342 | ' | ' |
Income_Taxes_Summary_Of_Tax_Cr
Income Taxes (Summary Of Tax Credit Carryforwards) (Details) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Other Tax Carryforward [Line Items] | ' |
Total net operating loss amount | $214,195 |
Tax windfall | -1,853 |
After limitations | 212,342 |
Operating loss carryforward expiration year 2020 | ' |
Other Tax Carryforward [Line Items] | ' |
Net operating loss amount | 27,465 |
Operating loss carryforward expiration year 2021 | ' |
Other Tax Carryforward [Line Items] | ' |
Net operating loss amount | 50,430 |
Operating loss carryforward expiration year 2022 | ' |
Other Tax Carryforward [Line Items] | ' |
Net operating loss amount | 115,000 |
Operating loss carryforward expiration year 2023 | ' |
Other Tax Carryforward [Line Items] | ' |
Net operating loss amount | 5,712 |
Operating loss carryforward expiration year 2024 | ' |
Other Tax Carryforward [Line Items] | ' |
Net operating loss amount | 3,566 |
Operating loss carryforward expiration year 2025 | ' |
Other Tax Carryforward [Line Items] | ' |
Net operating loss amount | 1,707 |
Operating loss carryforward expiration year 2026 | ' |
Other Tax Carryforward [Line Items] | ' |
Net operating loss amount | 476 |
Operating loss carryforward expiration year 2028 | ' |
Other Tax Carryforward [Line Items] | ' |
Net operating loss amount | 1,360 |
Operating loss carryforward expiration year 2029 | ' |
Other Tax Carryforward [Line Items] | ' |
Net operating loss amount | 4,074 |
Operating loss carryforward expiration year 2030 | ' |
Other Tax Carryforward [Line Items] | ' |
Net operating loss amount | $4,405 |
Related_Party_Transactions_Nar
Related Party Transactions - (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
28-May-10 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | 29-May-12 | 28-May-10 | Sep. 30, 2013 | Sep. 30, 2013 | 29-May-12 | 28-May-10 | Sep. 30, 2013 | Sep. 30, 2013 | |
Kanders GMP Holdings, LLC [Member] | Kanders GMP Holdings, LLC [Member] | Kanders GMP Holdings, LLC [Member] | Kanders GMP Holdings, LLC [Member] | Schiller Gregory Investment Company, LLC [Member] | Schiller Gregory Investment Company, LLC [Member] | Schiller Gregory Investment Company, LLC [Member] | Schiller Gregory Investment Company, LLC [Member] | Robert R. Schiller Cornerstone Trust and Deborah Schiller 2005 Revocable Trust [Member] | Robert R. Schiller Cornerstone Trust and Deborah Schiller 2005 Revocable Trust [Member] | ||||
Related Party Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid on merger consideration subordinated notes | ' | ' | ' | $181,000 | $544,000 | ' | ' | ' | ' | ' | ' | $95,000 | $283,000 |
Interest paid on Gregory subordinated notes | ' | ' | ' | 5,000 | 14,000 | ' | ' | 2,000 | 7,000 | ' | ' | ' | ' |
5% Unsecured Subordinated Notes | ' | $16,847,000 | $15,992,000 | ' | ' | $365,000 | $14,517,000 | ' | ' | $189,000 | $7,539,000 | ' | ' |
Subordinated debt interest rate | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Default interest rate on subordinated debt | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |