Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 05, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
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 Common Stock, Shares Outstanding | ' | 32,549,247 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $4,605 | $4,478 |
Accounts receivable, less allowance for doubtful accounts of $608 and $641, respectively | 28,709 | 40,316 |
Inventories | 57,090 | 54,054 |
Prepaid and other current assets | 5,519 | 4,797 |
Income tax receivable | 84 | 49 |
Deferred income taxes | 2,741 | 2,687 |
Assets held for sale | 44,298 | ' |
Total current assets | 143,046 | 106,381 |
Property and equipment, net | 16,590 | 17,401 |
Definite lived intangible assets, net | 28,844 | 35,530 |
Indefinite lived intangible assets | 38,014 | 51,679 |
Goodwill | 45,119 | 57,703 |
Deferred income taxes | 51,016 | 50,666 |
Other long-term assets | 1,882 | 2,063 |
Total assets | 324,511 | 321,423 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 27,675 | 27,349 |
Current portion of long-term debt | 29,437 | 1,910 |
Liabilities held for sale | 3,373 | ' |
Total current liabilities | 60,485 | 29,259 |
Long-term debt | 17,896 | 36,131 |
Deferred income taxes | 4,442 | 6,786 |
Other long-term liabilities | 1,619 | 1,997 |
Total liabilities | 84,442 | 74,173 |
Stockholders' Equity | ' | ' |
Preferred stock, $.0001 par value; 5,000 shares authorized; none issued | ' | ' |
Common stock, $.0001 par value; 100,000 shares authorized; 32,618 and 32,526 issued and 32,543 and 32,451 outstanding | 3 | 3 |
Additional paid in capital | 479,070 | 477,890 |
Accumulated deficit | -243,514 | -237,204 |
Treasury stock, at cost | -2 | -2 |
Accumulated other comprehensive income | 4,512 | 6,563 |
Total stockholders' equity | 240,069 | 247,250 |
Total liabilities and stockholders' equity | $324,511 | $321,423 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets | ' | ' |
Allowance for doubtful accounts | $608 | $641 |
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 | 32,618,000 | 32,526,000 |
Common stock, shares outstanding | 32,543,000 | 32,451,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Sales | ' | ' | ' | ' |
Domestic sales | $14,430 | $12,579 | $31,559 | $28,418 |
International sales | 19,992 | 16,583 | 47,295 | 41,361 |
Total sales | 34,422 | 29,162 | 78,854 | 69,779 |
Cost of goods sold | 22,078 | 18,613 | 49,868 | 44,444 |
Gross profit | 12,344 | 10,549 | 28,986 | 25,335 |
Operating expenses | ' | ' | ' | ' |
Selling, general and administrative | 17,984 | 16,057 | 38,797 | 35,085 |
Restructuring charge | 410 | ' | 410 | 175 |
Merger and integration | ' | 83 | ' | 226 |
Transaction costs | ' | ' | ' | 54 |
Total operating expenses | 18,394 | 16,140 | 39,207 | 35,540 |
Operating loss | -6,050 | -5,591 | -10,221 | -10,205 |
Other (expense) income | ' | ' | ' | ' |
Interest expense, net | -623 | -634 | -1,249 | -1,265 |
Other, net | 319 | 316 | 192 | -55 |
Total other expense, net | -304 | -318 | -1,057 | -1,320 |
Loss before income tax | -6,354 | -5,909 | -11,278 | -11,525 |
Income tax benefit | -1,911 | -1,728 | -3,433 | -3,493 |
Loss from continuing operations | -4,443 | -4,181 | -7,845 | -8,032 |
Discontinued operations, net of tax | -540 | 1,913 | 1,535 | 2,732 |
Net loss | -4,983 | -2,268 | -6,310 | -5,300 |
Other comprehensive loss, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | -1,838 | -1,061 | -2,183 | -1,991 |
Unrealized income (loss) on hedging activities | 74 | -91 | 132 | 690 |
Other comprehensive loss | -1,764 | -1,152 | -2,051 | -1,301 |
Comprehensive loss | ($6,747) | ($3,420) | ($8,361) | ($6,601) |
Loss from continuing operations per share: | ' | ' | ' | ' |
Basic | ($0.14) | ($0.13) | ($0.24) | ($0.25) |
Diluted | ($0.14) | ($0.13) | ($0.24) | ($0.25) |
Loss per share: | ' | ' | ' | ' |
Basic | ($0.15) | ($0.07) | ($0.19) | ($0.17) |
Diluted | ($0.15) | ($0.07) | ($0.19) | ($0.17) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 32,515 | 31,836 | 32,495 | 31,800 |
Diluted | 32,515 | 31,836 | 32,495 | 31,800 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net loss | ($6,310) | ($5,300) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ' | ' |
Depreciation of property and equipment | 2,107 | 2,036 |
Amortization of intangible assets | 1,755 | 1,791 |
Accretion of notes payable | 645 | 561 |
Loss on disposition of assets | 16 | 48 |
Stock-based compensation | 537 | 642 |
Deferred income taxes | -2,676 | -1,089 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 4,093 | -330 |
Inventories | -10,732 | 3,615 |
Prepaid and other current assets | -542 | 1,182 |
Accounts payable and accrued liabilities | 3,438 | 473 |
Net cash (used in) provided by operating activities | -7,669 | 3,629 |
Cash Flows From Investing Activities: | ' | ' |
Purchase of intangible assets | ' | -750 |
Proceeds from disposition of property and equipment | 4 | 18 |
Purchase of property and equipment | -1,382 | -2,544 |
Net cash used in investing activities | -1,378 | -3,276 |
Cash Flows From Financing Activities: | ' | ' |
Net proceeds from (repayments of) revolving credit facilities | 9,200 | -13,979 |
Repayments of long-term debt | -483 | -383 |
Proceeds from issuance of long-term debt | ' | 10,053 |
Proceeds from exercise of stock options | 643 | 843 |
Net cash provided by (used in) financing activities | 9,360 | -3,466 |
Effect of foreign exchange rates on cash | -186 | 56 |
Change in cash | 127 | -3,057 |
Cash, beginning of period | 4,478 | 5,111 |
Cash, end of period | 4,605 | 2,054 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Cash paid (received) for income taxes | 346 | -288 |
Cash paid for interest | 1,229 | 1,102 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ' | ' |
Property and equipment purchased with accounts payable | $184 | ' |
Nature_Of_Operations_And_Summa
Nature Of Operations And Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
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 six months ended June 30, 2014 and 2013, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), 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 six months ended June 30, 2014 are not necessarily indicative of the results to be obtained for the year ending December 31, 2014. 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, 2013, filed with the Securities and Exchange Commission (the “Commission”). | |
On June 18, 2014, the Company and Gregory Mountain Products, LLC (“Gregory” or “GMP”), its wholly-owned subsidiary, entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Samsonite LLC (“Samsonite”), pursuant to which Gregory agreed to sell certain assets to Samsonite comprising Gregory’s business of designing, manufacturing, marketing, distributing and selling technical, alpine, backpacking, hiking, mountaineering and active trail products and accessories as well as outdoor-inspired lifestyle bags (the “Business”). Under the terms of the Asset Purchase Agreement, Samsonite agreed to pay $85,000 in cash (before closing adjustments of $865 relating to non-cash working capital) for Gregory’s assets comprising the Business and the assumption of specified liabilities (the “Purchase Price”). The Gregory transaction closed on July 23, 2014. The assets and liabilities of Gregory have been segregated and reported as held for sale as of June 30, 2014. Furthermore, the activities of Gregory have been segregated and reported as discontinued operations for all periods presented. See Note 2. Discontinued Operations. | |
Nature of Business | |
Black Diamond is a global leader in designing, manufacturing and marketing innovative active outdoor performance equipment and apparel for climbing, mountaineering, backpacking, skiing, cycling and a wide range of other year-round outdoor recreation activities. Our principal brands include Black Diamond®, 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 backcountry and urban activities. Our Black Diamond®, POC™ and PIEPS™ brands are iconic in the active outdoor, ski and cycling industries 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 liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting 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. 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. We base our estimates on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. | |
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, 2013. | |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (the “FASB”), issued Accounting Standards Updated (“ASU”) No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date. This ASU addresses the recognition, measurement, and disclosure of certain obligations resulting from joint and several arrangements including debt arrangements, other contractual obligations, and settled litigation and judicial rulings. This standard is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013 (for us this was our 2014 first quarter). The Company adopted the provisions of this update during the three months ended March 31, 2014, but it did not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. | |
In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This standard defines the treatment of the release of cumulative translation adjustments upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 (for us this was our 2014 first quarter). The Company adopted the provisions of this update during the three months ended March 31, 2014, but it did not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which states that entities should present the unrecognized tax benefit as a reduction of the deferred tax asset for a net operating loss (“NOL”) or similar tax loss or tax credit carryforward rather than as a liability when the uncertain tax position would reduce the NOL or other carryforward under the tax law. This standard is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013 (for us this was our 2014 first quarter). The Company adopted the provisions of this update during the three months ended March 31, 2014, but it did not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under ASU 2014-08, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization's operations and financial results. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. ASU 2014-08 is effective for fiscal and interim periods beginning on or after December 15, 2014. The Company is currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
NOTE 2. DISCONTINUED OPERATIONS | |||||||||||||
As discussed above, on June 18, 2014, the Company entered into a definitive agreement with Samsonite to sell certain assets, which closed on July 23, 2014, and the assets and liabilities of Gregory are classified as held for sale at June 30, 2014. The sale transaction was completed during our third fiscal quarter ending September 30, 2014 and we expect to recognize a gain on the sale of the Gregory assets. | |||||||||||||
The carrying amounts of the assets and liabilities of Gregory, which were classified as held for sale in our June 30, 2014 condensed consolidated balance sheet were as follows: | |||||||||||||
30-Jun-14 | |||||||||||||
Accounts receivable | $ | 7,340 | |||||||||||
Inventories | 7,324 | ||||||||||||
Prepaid and other current assets | 167 | ||||||||||||
Property and equipment, net | 179 | ||||||||||||
Definite lived intangible assets, net | 4,283 | ||||||||||||
Indefinite lived intangible assets | 13,050 | ||||||||||||
Goodwill | 11,955 | ||||||||||||
Assets held for sale | $ | 44,298 | |||||||||||
Accounts payable and accrued liabilities | $ | 3,373 | |||||||||||
Liabilities held for sale | $ | 3,373 | |||||||||||
Summarized results of discontinued operations are as follows: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | ||||||||||
Sales | $ | 8,502 | 9,693 | 18,609 | 20,076 | ||||||||
Income before income tax | 622 | 2,896 | 2,442 | 5,257 | |||||||||
Income tax expense | 1,162 | 983 | 907 | 2,525 | |||||||||
(Loss) income from discontinued operations, net of tax | $ | -540 | $ | 1,913 | $ | 1,535 | $ | 2,732 | |||||
Interest related to debt that is required to be repaid as a result of a disposition is allocated to discontinued operations. All interest from the revolving credit facility and term note with Zions First National Bank is allocated to discontinued operations. Total interest expense allocated to discontinued operations for the three months ended June 30, 2014 and 2013 was $332 and $200, respectively, and for the six months ended June 30, 2014 and 2013 was $601 and $395, respectively. | |||||||||||||
Inventories
Inventories | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
NOTE 3. INVENTORIES | |||||||
Inventories, as of June 30, 2014 and December 31, 2013, were as follows: | |||||||
30-Jun-14 | 31-Dec-13 | ||||||
Finished goods | $ | 46,362 | $ | 45,734 | |||
Work-in-process | 872 | 891 | |||||
Raw materials and supplies | 9,856 | 7,429 | |||||
$ | 57,090 | $ | 54,054 | ||||
Property_And_Equipment
Property And Equipment | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Property And Equipment | ' | ||||||
NOTE 4. PROPERTY AND EQUIPMENT | |||||||
Property and equipment, net as of June 30, 2014 and December 31, 2013, were as follows: | |||||||
30-Jun-14 | 31-Dec-13 | ||||||
Land | $ | 2,850 | $ | 2,850 | |||
Building and improvements | 5,055 | 4,999 | |||||
Furniture and fixtures | 5,332 | 4,680 | |||||
Computer hardware and software | 6,260 | 6,773 | |||||
Machinery and equipment | 14,272 | 13,868 | |||||
Construction in progress | 551 | 1,218 | |||||
34,320 | 34,388 | ||||||
Less accumulated depreciation | -17,730 | -16,987 | |||||
$ | 16,590 | $ | 17,401 | ||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Goodwill And Other Intangible Assets [Abstract] | ' | ||||||
Goodwill And Other Intangible Assets | ' | ||||||
NOTE 5. GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||
Goodwill | |||||||
There was a decrease in goodwill during the six months ended June 30, 2014, from $57,703 to $45,119, due to the classification of assets held for sale and the impact of foreign currency exchange rates. The following table summarizes the changes in goodwill: | |||||||
Balance at December 31, 2013 | $ | 57,703 | |||||
Decrease due to inclusion of goodwill associated with GMP's assets held for sale | -11,955 | ||||||
Impact of foreign currency exchange rates | -629 | ||||||
Balance at June 30, 2014 | $ | 45,119 | |||||
Indefinite Lived Intangible Assets | |||||||
The Company owns certain tradenames and trademarks which provide Black Diamond Equipment, Ltd. (“Black Diamond Equipment” or “BDEL”), Gregory, POC Sweden AB and its subsidiaries (collectively, “POC”) and PIEPS Holding GmbH and its subsidiaries (collectively, “PIEPS”) with the exclusive and perpetual rights to manufacture and sell their respective products. There was a decrease in tradenames and trademarks during the six months ended June 30, 2014, due to the classification of assets held for sale and the impact of foreign currency exchange rates. The following table summarizes the changes in indefinite lived intangible assets: | |||||||
Balance at December 31, 2013 | $ | 51,679 | |||||
Decrease due to inclusion of intangible assets associated with GMP's assets held for sale | -13,050 | ||||||
Impact of foreign currency exchange rates | -615 | ||||||
Balance at June 30, 2014 | $ | 38,014 | |||||
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 a decrease in gross definite lived intangible assets during the six months ended June 30, 2014 due to the classifications of assets held for sale and the impact of foreign currency exchange rates. The following table summarizes the changes in gross definite lived intangible assets: | |||||||
Gross balance at December 31, 2013 | $ | 43,552 | |||||
Decrease due to inclusion of intangible assets associated with GMP's assets held for sale | -6,233 | ||||||
Impact of foreign currency exchange rates | -777 | ||||||
Gross balance at June 30, 2014 | $ | 36,542 | |||||
Intangible assets, net of amortization as of June 30, 2014 and December 31, 2013, were as follows: | |||||||
30-Jun-14 | 31-Dec-13 | ||||||
Customer lists and relationships | $ | 24,824 | $ | 30,809 | |||
Product technologies | 8,611 | 8,992 | |||||
Trade name | 2,160 | 2,246 | |||||
Core technologies | 947 | 1,505 | |||||
36,542 | 43,552 | ||||||
Less accumulated amortization | -7,698 | -8,022 | |||||
$ | 28,844 | $ | 35,530 | ||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Long-Term Debt | ' | ||||||
NOTE 6. LONG-TERM DEBT | |||||||
Long-term debt, net as of June 30, 2014 and December 31, 2013, was as follows: | |||||||
30-Jun-14 | 31-Dec-13 | ||||||
Revolving credit facilities (a) | $ | 17,907 | $ | 10,320 | |||
Foreign credit facilities (b) | 2,542 | 997 | |||||
5% Senior Subordinated Notes due 2017 (refer to Note 15) | 17,799 | 17,154 | |||||
Capital leases | - | 47 | |||||
Term notes (c) | 9,085 | 9,523 | |||||
47,333 | 38,041 | ||||||
Less current portion | -29,437 | -1,910 | |||||
$ | 17,896 | $ | 36,131 | ||||
(a) | As of June 30, 2014, the Company had drawn $17,907 on a $30,000 revolving credit facility with Zions First National Bank (the “Lender”) with a maturity date of March 8, 2016. On February 28, 2014, the Company, together with its direct and indirect domestic subsidiaries, entered into a first amendment (the “Amendment”) to the amended and restated loan agreement dated March 8, 2013 (the “Loan Agreement”), with the Lender to reduce its existing Term Facility from $15,000 to $10,000 pursuant to an amended and restated term loan promissory note (the “Amended and Restated Term Loan Promissory Note”). Also pursuant to the Amendment, the Company terminated its outstanding Acquisition Facility which previously allowed the Company to borrow up to $10,000 to fund permitted acquisitions and amended certain covenants. At June 30, 2014, the Company was in compliance with all associated covenants. On July 23, 2014, upon the closing of the Gregory transaction, the Company paid off amounts outstanding under the revolving credit facility with the Lender in full. | ||||||
(b) | The Company’s foreign subsidiaries have a revolving credit facility with a financial institution which matures on January 31, 2015. The Company had $0 and $340 in letters of credit as of June 30, 2014 and December 31, 2013, 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. On February 28, 2014, the Loan Agreement was amended to eliminate the remaining $5,000 of unused term debt. The Term Facility was due and payable in monthly payments of principal and interest with all principal and interest due on March 8, 2023. On July 23, 2014, upon the closing of the Gregory transaction, the Company paid off amounts outstanding under the Term Facility, which was $8,954 as of June 30, 2014. Other various term loans are payable to financial institutions and a government entity with interest rates ranging from 0.75% to 5.50% and monthly installments ranging from $0 to $3. The notes mature between January 2016 and March 2017, and are secured by certain equipment. | ||||||
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 6 Months Ended |
Jun. 30, 2014 | |
Other Long-Term Liabilities [Abstract] | ' |
Other Long-Term Liabilities | ' |
NOTE 7. OTHER LONG-TERM LIABILITIES | |
Other long-term liabilities were $1,619 and $1,997 as of June 30, 2014 and December 31, 2013, respectively, with $1,619 and $1,621 of the balance as of June 30, 2014 and December 31, 2013, 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 $1,619 and $1,621 as other long-term assets for the underfunded amount as of June 30, 2014 and December 31, 2013, respectively. | |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
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 June 30, 2014, the Company’s derivative contracts had a remaining maturity of less than one year. 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 $950 at June 30, 2014. 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 June 30, 2014 and December 31, 2013: | |||||||||
30-Jun-14 | |||||||||
Notional | Latest | ||||||||
Amount | Maturity | ||||||||
Foreign exchange contracts - Norwegian Kroner | 1,878 | 14-Aug | |||||||
Foreign exchange contracts - Canadian Dollars | 5,871 | 15-Feb | |||||||
Foreign exchange contracts - British Pounds | 1,456 | 15-Feb | |||||||
Foreign exchange contracts - Euros | 16,797 | 15-Feb | |||||||
Foreign exchange contracts - Swiss Francs | 18,123 | 15-Feb | |||||||
Foreign exchange contracts - Japanese Yen | 472,110 | 15-Feb | |||||||
31-Dec-13 | |||||||||
Notional | Latest | ||||||||
Amount | Maturity | ||||||||
Foreign exchange contracts - Canadian Dollars | 1,062 | 14-Feb | |||||||
Foreign exchange contracts - Norwegian Kroner | 9,253 | 14-Aug | |||||||
Foreign exchange contracts - British Pounds | 2,626 | 15-Feb | |||||||
Foreign exchange contracts - Euros | 26,806 | 15-Feb | |||||||
Foreign exchange contracts - Swiss Francs | 30,698 | 15-Feb | |||||||
Foreign exchange contracts - Japanese Yen | 792,696 | 15-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. Gains (losses) of $(287) and $324 were reclassified to sales during the three months ended June 30, 2014 and 2013, respectively, and $(621) and $495 were reclassified to sales during the six months ended June 30, 2014 and 2013, respectively. | |||||||||
As of December 31, 2013, the Company reported an accumulated derivative instrument loss of $611. During the six months ended June 30, 2014, the Company reported an adjustment to accumulated other comprehensive income of $132, as a result of the change in fair value of these contracts and reclassifications to sales, resulting in an accumulated derivative instrument loss of $479 reported as of June 30, 2014. | |||||||||
The following table presents the balance sheet classification and fair value of derivative instruments as of June 30, 2014 and December 31, 2013: | |||||||||
Classification | 30-Jun-14 | 31-Dec-13 | |||||||
Derivative instruments in asset positions: | |||||||||
Forward exchange contracts | Prepaid and other current assets | $ | 340 | $ | 682 | ||||
Forward exchange contracts | Other long-term assets | $ | - | $ | 76 | ||||
Derivative instruments in liability positions: | |||||||||
Forward exchange contracts | Accounts payable and accrued liabilities | $ | 1,290 | $ | 1,492 | ||||
Forward exchange contracts | Other long-term liabilities | $ | - | $ | 230 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
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, 2013 | $ | 7,174 | $ | -611 | $ | 6,563 | ||||
Other comprehensive loss before reclassifications | -2,183 | -265 | -2,448 | |||||||
Amounts reclassified from other comprehensive loss | - | 397 | 397 | |||||||
Net current period other comprehensive (loss) income | -2,183 | 132 | -2,051 | |||||||
Balance as of June 30, 2014 | $ | 4,991 | $ | -479 | $ | 4,512 | ||||
The effects on net income of amounts reclassified from unrealized losses on cash flow hedges for foreign exchange contracts for the three and six months ended June 30, 2014, were as follows: | ||||||||||
Losses reclassified from AOCI to the Condensed Consolidated Statement of Comprehensive Loss | ||||||||||
Affected line item in the Condensed Consolidated Statement of Comprehensive Loss | For the Three Months Ended June 30, 2014 | For the Six Months Ended June 30, 2014 | ||||||||
Sales | $ | -287 | $ | -621 | ||||||
Income tax benefit | -103 | -224 | ||||||||
Amount reclassified net of tax | $ | -184 | $ | -397 | ||||||
Fair_Value_Of_Measurements
Fair Value Of Measurements | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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 June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||
30-Jun-14 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | |||||||||||||
Forward exchange contracts | $ | - | $ | 340 | $ | - | $ | 340 | |||||
$ | - | $ | 340 | $ | - | $ | 340 | ||||||
Liabilities | |||||||||||||
Forward exchange contracts | $ | - | $ | 1,290 | $ | - | $ | 1,290 | |||||
$ | - | $ | 1,290 | $ | - | $ | 1,290 | ||||||
31-Dec-13 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | |||||||||||||
Forward exchange contracts | $ | - | $ | 758 | $ | - | $ | 758 | |||||
$ | - | $ | 758 | $ | - | $ | 758 | ||||||
Liabilities | |||||||||||||
Forward exchange contracts | $ | - | $ | 1,722 | $ | - | $ | 1,722 | |||||
$ | - | $ | 1,722 | $ | - | $ | 1,722 | ||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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 | Six Months Ended | ||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | ||||||||||
Weighted average shares outstanding - basic | 32,515 | 31,836 | 32,495 | 31,800 | |||||||||
Effect of dilutive stock awards | - | - | - | - | |||||||||
Weighted average shares outstanding - diluted | 32,515 | 31,836 | 32,495 | 31,800 | |||||||||
Loss from continuing operations per share: | |||||||||||||
Basic | $ | -0.14 | $ | -0.13 | $ | -0.24 | $ | -0.25 | |||||
Diluted | -0.14 | -0.13 | -0.24 | -0.25 | |||||||||
Income (loss) from discontinued operations per share: | |||||||||||||
Basic | $ | -0.01 | $ | 0.06 | $ | 0.05 | $ | 0.09 | |||||
Diluted | -0.01 | 0.06 | 0.05 | 0.09 | |||||||||
Net loss per share: | |||||||||||||
Basic | $ | -0.15 | $ | -0.07 | $ | -0.19 | $ | -0.17 | |||||
Diluted | -0.15 | -0.07 | -0.19 | -0.17 | |||||||||
For the three and six months ended June 30, 2014, basic loss from continuing operations per share, income (loss) from discontinued operations per share, and net loss per share were the same as diluted loss from continuing operations per share, income (loss) from discontinued operations per share, and net loss per share, respectively, because all potentially dilutive securities were anti-dilutive due to the loss from continuing operations for the period. For the three and six months ended June 30, 2014, options to purchase 2,466 and 2,464 shares of common stock, respectively, and 12 and 15 shares of restricted stock, respectively, were outstanding and anti-dilutive due to the loss from continuing operations for the three and six months ended June 30, 2014. Additionally, options to purchase 519 and 516 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 six months ended June 30, 2014, respectively, and 298 shares of unvested restricted stock were outstanding and excluded as their required performance or market conditions were not met. | |||||||||||||
For the three and six months ended June 30, 2013, basic loss from continuing operations per share, income (loss) from discontinued operations per share, and net loss per share were the same as diluted loss from continuing operations per share, income (loss) from discontinued operations per share, and net loss per share, respectively, because all potentially dilutive securities were anti-dilutive due to the loss from continuing operations for the period. For the three and six months ended June 30, 2013, options to purchase 1,659 and 1,620 shares of common stock, respectively, were outstanding and anti-dilutive due to the loss from continuing operations for the period. Additionally, options to purchase 894 and 1,027 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 six months ended June 30, 2013, respectively, and 750 shares of unvested restricted stock were outstanding and excluded as their required performance or market conditions were not met. | |||||||||||||
StockBased_Compensation_Plan
Stock-Based Compensation Plan | 6 Months Ended | |||
Jun. 30, 2014 | ||||
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 Company’s Board of Directors (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 six months ended June 30, 2014, the Company issued 181 stock options under the 2005 Plan to employees of the Company. Of the 181 options issued, 30 will vest in four equal consecutive quarterly tranches from the date of grant. The remaining 151 options will vest in three installments as follows: 60 shall vest on December 31, 2016, and the remaining shares shall vest equally on December 31, 2017 and December 31, 2018. | ||||
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 Six Months Ended June 30, 2014 | ||||
Number of options | 181 | |||
Option vesting period | 1-5 Years | |||
Grant price | $10.95 - $14.02 | |||
Dividend yield | 0.00% | |||
Expected volatility (a) | 45.7% - 55.1% | |||
Risk-free interest rate | 1.63% - 2.31% | |||
Expected life (years) (b) | 5.31 - 6.95 | |||
Weighted average fair value | $4.68 - $7.82 | |||
(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. | |||
Using these assumptions, the fair value of all stock options granted during the six months ended June 30, 2014 was $1,116, which will be recognized over the vesting period of the options. | ||||
The total non-cash stock compensation expense related to restricted stock, stock options and stock awards recorded by the Company for the three months ended June 30, 2014 and 2013 was $318 and $272, respectively, and for the six months ended June 30, 2014 and 2013 was $537 and $642, respectively. 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 June 30, 2014, there were 1,024 unvested stock options and unrecognized compensation cost of $2,901 related to unvested stock options, as well as 310 unvested restricted stock awards and unrecognized compensation cost of $98 related to unvested restricted stock awards. | ||||
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2014 and 2013 was $600 and $557, respectively, and for the six months ended June 30, 2014 and 2013 was $1,191 and $1,136, respectively. | |
Income_Taxes
Income Taxes | 6 Months Ended | |||
Jun. 30, 2014 | ||||
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 ranging from 19% - 39%. | ||||
As of December 31, 2013, the Company’s gross deferred tax asset was $92,598. The Company has recorded a valuation allowance of $17,120, resulting in a net deferred tax asset of $75,478, before deferred tax liabilities of $28,911. The Company has provided a valuation allowance against a portion of the net deferred tax assets as of December 31, 2013, because the ultimate realization of those assets does not meet the more likely than not criteria. | ||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and net operating loss and credit carryforwards expire. In order to utilize the recorded U.S. deferred tax assets the Company will need to generate approximately $187,000 of future U.S. taxable income, of which approximately $163,000 will need to be generated by 2022 to utilize the net operating losses that management considers realizable. The estimates and judgments associated with the Company’s valuation allowance on deferred tax assets are considered critical due to the amount of deferred tax assets recorded by the Company on its consolidated balance sheet and the judgment required in determining the Company’s future taxable income. The Company’s conclusion that the deferred tax assets are more likely than not to be realized reflects, among other things, its ability to generate taxable income to utilize the available net operating loss and credit carryforwards. The ability of the Company to generate taxable income and meet management’s projections of future taxable income are dependent upon the growth of U.S. based sales, including apparel sales; the maintaining of gross margins and the controlling of other operating expenses in order to increase the U.S. based taxable income; and/or the execution of certain tax planning strategies available to the Company in the future, including the potential sale of brand related assets. While the Company believes that its estimate of future taxable income is reasonable, it is inherently uncertain. If the Company’s taxable income does not grow as management currently projects over an extended time period, or if the Company realizes unforeseen significant losses in the future, additions to the valuation allowance which reduce the deferred tax assets could be recorded. | ||||
As of December 31, 2013, the Company had net operating loss, research and experimentation credit and alternative minimum tax credit carryforwards for U.S. federal income tax purposes of $215,562 ($5,154, relates to stock compensation deductions for tax in excess of financial reporting expense, which will not be recorded until they result in cash tax savings), $2,270 and $315, 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. | ||||
$210,408 of NOLs available to offset taxable income do 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-13 | ||||
Expiration Dates December 31, | Net Operating Loss Amount | |||
2020 | $ | 26,231 | ||
2021 | 50,430 | |||
2022 | 115,000 | |||
2023 | 5,712 | |||
2024 | 3,566 | |||
2025 | 1,707 | |||
2026 | 584 | |||
2027 | 586 | |||
2028 | 1,646 | |||
2029 | 4,074 | |||
2030 and beyond | 6,026 | |||
Total | 215,562 | |||
Tax windfall | -5,154 | |||
After limitations | $ | 210,408 | ||
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
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, the Company issued $14,517, $7,539, and $554 in 5% Unsecured Subordinated Notes due May 28, 2017 (the “Merger Consideration Subordinated Notes”) to Kanders GMP Holdings, LLC, Schiller Gregory Investment Company, LLC, and five former employees of Gregory, 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 principal 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 any time; (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 (as defined in the Merger Consideration Subordinated Notes). 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. | |
Given the below market interest rate for comparably secured notes and the relative illiquidity of the Merger Consideration Subordinated Notes, we have discounted the notes to $8,640, $4,487 and $316, respectively, at the date of acquisition. We are accreting the discount on the Merger Consideration Subordinated Notes to interest expense using the effective interest method over the term of the Merger Consideration Subordinated Notes. | |
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. On June 24, 2013, the Robert R. Schiller Cornerstone Trust dated September 9, 2010 transferred its Merger Consideration Subordinated Note in the amount of $3,769 to the Robert R. Schiller 2013 Cornerstone Trust dated June 24, 2013. During the three and six months ended June 30, 2014, $182 and $363 in interest was paid to Kanders GMP Holdings, LLC, respectively, and $94 and $188 in interest, respectively, was paid to the Robert R. Schiller 2013 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 exercised certain sales rights and sold Merger Consideration 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 six months ended June 30, 2014, $4 and $9 in interest was paid to Kanders GMP Holdings, LLC, respectively, and $3 and $5 in interest, respectively, was paid to Schiller Gregory Investment Company, LLC, pursuant to these outstanding Merger Consideration Subordinated Notes. | |
Nature_Of_Operations_And_Summa1
Nature Of Operations And Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
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 six months ended June 30, 2014 and 2013, have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), 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 six months ended June 30, 2014 are not necessarily indicative of the results to be obtained for the year ending December 31, 2014. 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, 2013, filed with the Securities and Exchange Commission (the “Commission”). | |
On June 18, 2014, the Company and Gregory Mountain Products, LLC (“Gregory” or “GMP”), its wholly-owned subsidiary, entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Samsonite LLC (“Samsonite”), pursuant to which Gregory agreed to sell certain assets to Samsonite comprising Gregory’s business of designing, manufacturing, marketing, distributing and selling technical, alpine, backpacking, hiking, mountaineering and active trail products and accessories as well as outdoor-inspired lifestyle bags (the “Business”). Under the terms of the Asset Purchase Agreement, Samsonite agreed to pay $85,000 in cash (before closing adjustments of $865 relating to non-cash working capital) for Gregory’s assets comprising the Business and the assumption of specified liabilities (the “Purchase Price”). The Gregory transaction closed on July 23, 2014. The assets and liabilities of Gregory have been segregated and reported as held for sale as of June 30, 2014. Furthermore, the activities of Gregory have been segregated and reported as discontinued operations for all periods presented. See Note 2. Discontinued Operations. | |
Nature Of Business | ' |
Nature of Business | |
Black Diamond is a global leader in designing, manufacturing and marketing innovative active outdoor performance equipment and apparel for climbing, mountaineering, backpacking, skiing, cycling and a wide range of other year-round outdoor recreation activities. Our principal brands include Black Diamond®, 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 backcountry and urban activities. Our Black Diamond®, POC™ and PIEPS™ brands are iconic in the active outdoor, ski and cycling industries 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 liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting 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. 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. We base our estimates on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (the “FASB”), issued Accounting Standards Updated (“ASU”) No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date. This ASU addresses the recognition, measurement, and disclosure of certain obligations resulting from joint and several arrangements including debt arrangements, other contractual obligations, and settled litigation and judicial rulings. This standard is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013 (for us this was our 2014 first quarter). The Company adopted the provisions of this update during the three months ended March 31, 2014, but it did not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. | |
In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This standard defines the treatment of the release of cumulative translation adjustments upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 (for us this was our 2014 first quarter). The Company adopted the provisions of this update during the three months ended March 31, 2014, but it did not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which states that entities should present the unrecognized tax benefit as a reduction of the deferred tax asset for a net operating loss (“NOL”) or similar tax loss or tax credit carryforward rather than as a liability when the uncertain tax position would reduce the NOL or other carryforward under the tax law. This standard is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013 (for us this was our 2014 first quarter). The Company adopted the provisions of this update during the three months ended March 31, 2014, but it did not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under ASU 2014-08, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization's operations and financial results. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. ASU 2014-08 is effective for fiscal and interim periods beginning on or after December 15, 2014. The Company is currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Income Statement Balance Sheet of Discontinued Operations | ' | ||||||||||||
The carrying amounts of the assets and liabilities of Gregory, which were classified as held for sale in our June 30, 2014 condensed consolidated balance sheet were as follows: | |||||||||||||
30-Jun-14 | |||||||||||||
Accounts receivable | $ | 7,340 | |||||||||||
Inventories | 7,324 | ||||||||||||
Prepaid and other current assets | 167 | ||||||||||||
Property and equipment, net | 179 | ||||||||||||
Definite lived intangible assets, net | 4,283 | ||||||||||||
Indefinite lived intangible assets | 13,050 | ||||||||||||
Goodwill | 11,955 | ||||||||||||
Assets held for sale | $ | 44,298 | |||||||||||
Accounts payable and accrued liabilities | $ | 3,373 | |||||||||||
Liabilities held for sale | $ | 3,373 | |||||||||||
Summarized results of discontinued operations are as follows: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | ||||||||||
Sales | $ | 8,502 | 9,693 | 18,609 | 20,076 | ||||||||
Income before income tax | 622 | 2,896 | 2,442 | 5,257 | |||||||||
Income tax expense | 1,162 | 983 | 907 | 2,525 | |||||||||
(Loss) income from discontinued operations, net of tax | $ | -540 | $ | 1,913 | $ | 1,535 | $ | 2,732 | |||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
30-Jun-14 | 31-Dec-13 | ||||||
Finished goods | $ | 46,362 | $ | 45,734 | |||
Work-in-process | 872 | 891 | |||||
Raw materials and supplies | 9,856 | 7,429 | |||||
$ | 57,090 | $ | 54,054 | ||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Property And Equipment | ' | ||||||
30-Jun-14 | 31-Dec-13 | ||||||
Land | $ | 2,850 | $ | 2,850 | |||
Building and improvements | 5,055 | 4,999 | |||||
Furniture and fixtures | 5,332 | 4,680 | |||||
Computer hardware and software | 6,260 | 6,773 | |||||
Machinery and equipment | 14,272 | 13,868 | |||||
Construction in progress | 551 | 1,218 | |||||
34,320 | 34,388 | ||||||
Less accumulated depreciation | -17,730 | -16,987 | |||||
$ | 16,590 | $ | 17,401 | ||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Goodwill And Other Intangible Assets [Abstract] | ' | ||||||
Schedule Of Goodwill | ' | ||||||
Balance at December 31, 2013 | $ | 57,703 | |||||
Decrease due to inclusion of goodwill associated with GMP's assets held for sale | -11,955 | ||||||
Impact of foreign currency exchange rates | -629 | ||||||
Balance at June 30, 2014 | $ | 45,119 | |||||
Schedule Of Indefinite Lived Intangible Assets | ' | ||||||
Balance at December 31, 2013 | $ | 51,679 | |||||
Decrease due to inclusion of intangible assets associated with GMP's assets held for sale | -13,050 | ||||||
Impact of foreign currency exchange rates | -615 | ||||||
Balance at June 30, 2014 | $ | 38,014 | |||||
Schedule Of Definite Lived Intangible Assets, Net | ' | ||||||
Gross balance at December 31, 2013 | $ | 43,552 | |||||
Decrease due to inclusion of intangible assets associated with GMP's assets held for sale | -6,233 | ||||||
Impact of foreign currency exchange rates | -777 | ||||||
Gross balance at June 30, 2014 | $ | 36,542 | |||||
Schedule Of Intangible Assets, Net Of Amortization | ' | ||||||
30-Jun-14 | 31-Dec-13 | ||||||
Customer lists and relationships | $ | 24,824 | $ | 30,809 | |||
Product technologies | 8,611 | 8,992 | |||||
Trade name | 2,160 | 2,246 | |||||
Core technologies | 947 | 1,505 | |||||
36,542 | 43,552 | ||||||
Less accumulated amortization | -7,698 | -8,022 | |||||
$ | 28,844 | $ | 35,530 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Components Of Long-Term Debt | ' | ||||||
30-Jun-14 | 31-Dec-13 | ||||||
Revolving credit facilities (a) | $ | 17,907 | $ | 10,320 | |||
Foreign credit facilities (b) | 2,542 | 997 | |||||
5% Senior Subordinated Notes due 2017 (refer to Note 15) | 17,799 | 17,154 | |||||
Capital leases | - | 47 | |||||
Term notes (c) | 9,085 | 9,523 | |||||
47,333 | 38,041 | ||||||
Less current portion | -29,437 | -1,910 | |||||
$ | 17,896 | $ | 36,131 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments - (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||
Schedule Of Contracts Designated As Hedged Instruments | ' | ||||||||
30-Jun-14 | |||||||||
Notional | Latest | ||||||||
Amount | Maturity | ||||||||
Foreign exchange contracts - Norwegian Kroner | 1,878 | 14-Aug | |||||||
Foreign exchange contracts - Canadian Dollars | 5,871 | 15-Feb | |||||||
Foreign exchange contracts - British Pounds | 1,456 | 15-Feb | |||||||
Foreign exchange contracts - Euros | 16,797 | 15-Feb | |||||||
Foreign exchange contracts - Swiss Francs | 18,123 | 15-Feb | |||||||
Foreign exchange contracts - Japanese Yen | 472,110 | 15-Feb | |||||||
31-Dec-13 | |||||||||
Notional | Latest | ||||||||
Amount | Maturity | ||||||||
Foreign exchange contracts - Canadian Dollars | 1,062 | 14-Feb | |||||||
Foreign exchange contracts - Norwegian Kroner | 9,253 | 14-Aug | |||||||
Foreign exchange contracts - British Pounds | 2,626 | 15-Feb | |||||||
Foreign exchange contracts - Euros | 26,806 | 15-Feb | |||||||
Foreign exchange contracts - Swiss Francs | 30,698 | 15-Feb | |||||||
Foreign exchange contracts - Japanese Yen | 792,696 | 15-Feb | |||||||
Schedule Of Derivative Instruments Fair Value And Balance Sheet Classification | ' | ||||||||
Classification | 30-Jun-14 | 31-Dec-13 | |||||||
Derivative instruments in asset positions: | |||||||||
Forward exchange contracts | Prepaid and other current assets | $ | 340 | $ | 682 | ||||
Forward exchange contracts | Other long-term assets | $ | - | $ | 76 | ||||
Derivative instruments in liability positions: | |||||||||
Forward exchange contracts | Accounts payable and accrued liabilities | $ | 1,290 | $ | 1,492 | ||||
Forward exchange contracts | Other long-term liabilities | $ | - | $ | 230 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
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, 2013 | $ | 7,174 | $ | -611 | $ | 6,563 | ||||
Other comprehensive loss before reclassifications | -2,183 | -265 | -2,448 | |||||||
Amounts reclassified from other comprehensive loss | - | 397 | 397 | |||||||
Net current period other comprehensive (loss) income | -2,183 | 132 | -2,051 | |||||||
Balance as of June 30, 2014 | $ | 4,991 | $ | -479 | $ | 4,512 | ||||
Reclassification Out Of Accumulated Other Comprehensive Income | ' | |||||||||
Losses reclassified from AOCI to the Condensed Consolidated Statement of Comprehensive Loss | ||||||||||
Affected line item in the Condensed Consolidated Statement of Comprehensive Loss | For the Three Months Ended June 30, 2014 | For the Six Months Ended June 30, 2014 | ||||||||
Sales | $ | -287 | $ | -621 | ||||||
Income tax benefit | -103 | -224 | ||||||||
Amount reclassified net of tax | $ | -184 | $ | -397 | ||||||
Fair_Value_Of_Measurements_Tab
Fair Value Of Measurements - (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Of Measurements [Abstract] | ' | ||||||||||||
Schedule Of Assets And Liabilities Measured On A Recurring Basis | ' | ||||||||||||
30-Jun-14 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | |||||||||||||
Forward exchange contracts | $ | - | $ | 340 | $ | - | $ | 340 | |||||
$ | - | $ | 340 | $ | - | $ | 340 | ||||||
Liabilities | |||||||||||||
Forward exchange contracts | $ | - | $ | 1,290 | $ | - | $ | 1,290 | |||||
$ | - | $ | 1,290 | $ | - | $ | 1,290 | ||||||
31-Dec-13 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | |||||||||||||
Forward exchange contracts | $ | - | $ | 758 | $ | - | $ | 758 | |||||
$ | - | $ | 758 | $ | - | $ | 758 | ||||||
Liabilities | |||||||||||||
Forward exchange contracts | $ | - | $ | 1,722 | $ | - | $ | 1,722 | |||||
$ | - | $ | 1,722 | $ | - | $ | 1,722 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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 | Six Months Ended | ||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | ||||||||||
Weighted average shares outstanding - basic | 32,515 | 31,836 | 32,495 | 31,800 | |||||||||
Effect of dilutive stock awards | - | - | - | - | |||||||||
Weighted average shares outstanding - diluted | 32,515 | 31,836 | 32,495 | 31,800 | |||||||||
Loss from continuing operations per share: | |||||||||||||
Basic | $ | -0.14 | $ | -0.13 | $ | -0.24 | $ | -0.25 | |||||
Diluted | -0.14 | -0.13 | -0.24 | -0.25 | |||||||||
Income (loss) from discontinued operations per share: | |||||||||||||
Basic | $ | -0.01 | $ | 0.06 | $ | 0.05 | $ | 0.09 | |||||
Diluted | -0.01 | 0.06 | 0.05 | 0.09 | |||||||||
Net loss per share: | |||||||||||||
Basic | $ | -0.15 | $ | -0.07 | $ | -0.19 | $ | -0.17 | |||||
Diluted | -0.15 | -0.07 | -0.19 | -0.17 | |||||||||
StockBased_Compensation_Plan_T
Stock-Based Compensation Plan (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Stock-Based Compensation Plan [Abstract] | ' | |||
Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards | ' | |||
Options Granted During the Six Months Ended June 30, 2014 | ||||
Number of options | 181 | |||
Option vesting period | 1-5 Years | |||
Grant price | $10.95 - $14.02 | |||
Dividend yield | 0.00% | |||
Expected volatility (a) | 45.7% - 55.1% | |||
Risk-free interest rate | 1.63% - 2.31% | |||
Expected life (years) (b) | 5.31 - 6.95 | |||
Weighted average fair value | $4.68 - $7.82 | |||
(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. | |||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Income Taxes [Abstract] | ' | |||
Summary Of Tax Credit Carryforwards | ' | |||
Net Operating Loss Carryforward Expiration Dates | ||||
31-Dec-13 | ||||
Expiration Dates December 31, | Net Operating Loss Amount | |||
2020 | $ | 26,231 | ||
2021 | 50,430 | |||
2022 | 115,000 | |||
2023 | 5,712 | |||
2024 | 3,566 | |||
2025 | 1,707 | |||
2026 | 584 | |||
2027 | 586 | |||
2028 | 1,646 | |||
2029 | 4,074 | |||
2030 and beyond | 6,026 | |||
Total | 215,562 | |||
Tax windfall | -5,154 | |||
After limitations | $ | 210,408 | ||
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (Gregory Mountain Products, Inc. [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Gregory Mountain Products, Inc. [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Interest expense allocated to discontinued operations | $332 | $200 | $601 | $395 |
Discontinued_Operations_Balanc
Discontinued Operations (Balance Sheet and of Discontinued Operations) (Details) (Gregory Mountain Products, Inc. [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Gregory Mountain Products, Inc. [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Accounts receivable | $7,340 |
Inventories | 7,324 |
Prepaid and other current assets | 167 |
Property and equipment, net | 179 |
Definite lived intangible assets, net | 4,283 |
Indefinite lived intangible assets | 13,050 |
Goodwill | 11,955 |
Assets held for sale | 44,298 |
Accounts payable and accrued liabilities | 3,373 |
Liabilities held for sale | $3,373 |
Discontinued_Operations_Income
Discontinued Operations (Income Statement of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
(Loss) income from discontinued operations, net of tax | ($540) | $1,913 | $1,535 | $2,732 |
Gregory Mountain Products, Inc. [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Sales | 8,502 | 9,693 | 18,609 | 20,076 |
Income before income tax | 622 | 2,896 | 2,442 | 5,257 |
Income tax expense | 1,162 | 983 | 907 | 2,525 |
(Loss) income from discontinued operations, net of tax | ($540) | $1,913 | $1,535 | $2,732 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $46,362 | $45,734 |
Work-in-process | 872 | 891 |
Raw materials and supplies | 9,856 | 7,429 |
Inventories | $57,090 | $54,054 |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property And Equipment [Abstract] | ' | ' |
Land | $2,850 | $2,850 |
Buildings and improvements | 5,055 | 4,999 |
Furniture and fixtures | 5,332 | 4,680 |
Computer hardware and software | 6,260 | 6,773 |
Machinery and equipment | 14,272 | 13,868 |
Construction in progress | 551 | 1,218 |
Property and equipment, gross | 34,320 | 34,388 |
Less accumulated depreciation | -17,730 | -16,987 |
Property and equipment | $16,590 | $17,401 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Other Intangible Assets [Abstract] | ' | ' |
Goodwill | $45,119 | $57,703 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Goodwill) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill And Other Intangible Assets [Abstract] | ' |
Balance at December 31, 2013 | $57,703 |
Decrease due to inclusion of goodwill associated with GMP's assets held for sale | -11,955 |
Impact of foreign currency exchange rates | -629 |
Balance at June 30, 2014 | $45,119 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Indefinite Lived Intangible Assets) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Acquisitions [Abstract] | ' |
Balance at December 31, 2013 | $51,679 |
Decrease due to inclusion of intangible assets associated with GMP's assets held for sale | -13,050 |
Impact of foreign currency exchange rates | -615 |
Balance at June 30, 2014 | $38,014 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Definite Lived Intangible Assets, Net) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Acquisitions [Abstract] | ' |
Gross balance at December 31, 2013 | $43,552 |
Decrease due to inclusion of intangible assets associated with GMP's assets held for sale | -6,233 |
Impact of foreign currency exchange rates | -777 |
Gross balance at June 30, 2014 | $36,542 |
Goodwill_And_Other_Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets, Net Of Amortization) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $36,542 | $43,552 |
Less accumulated amortization | -7,698 | -8,022 |
Intangible assets, net | 28,844 | 35,530 |
Customer Lists And Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 24,824 | 30,809 |
Product Technologies [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 8,611 | 8,992 |
Trade Name [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 2,160 | 2,246 |
Core Technologies [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $947 | $1,505 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Feb. 28, 2014 | Mar. 08, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 08, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
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] | Term Facility [Member] | Foreign Financial Institutions [Member] | Foreign Financial Institutions [Member] | Government Entity And Other Financial Institutions [Member] | Loan Agreement [Member] | Loan Agreement [Member] | Minimum [Member] | Maximum [Member] |
Letter Of Credit [Member] | Letter Of Credit [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 | 17,907 | 10,320 | 2,542 | 997 | 8,954 | ' | 10,000 | 0 | 340 | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | 10,000 | 15,000 | ' | ' | ' | 30,000 | 10,000 | ' | ' |
Credit facility current borrowing capacity | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' |
Credit facility remaining borrowing capacity | ' | ' | ' | ' | ' | ' | $5,000 | ' | ' | ' | ' | ' | ' | ' |
Interest rate range, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' |
Interest rate range, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' |
LongTerm_Debt_Components_Of_Lo
Long-Term Debt (Components Of Long-Term Debt) (Details) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | 28-May-10 | Jun. 30, 2014 | Dec. 31, 2013 |
Line Of Credit Facility And Long Term Debt [Line Items] | ' | ' | ' |
5% Senior Subordinated Notes due 2017 (refer to Note 15) | ' | $17,799 | $17,154 |
Capital leases | ' | ' | 47 |
Term note | ' | 9,085 | 9,523 |
Total carrying amount of long-term debt | ' | 47,333 | 38,041 |
Less current portion | ' | -29,437 | -1,910 |
Long-term debt, net | ' | 17,896 | 36,131 |
Unsecured Subordinated Notes, interest rate | 5.00% | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Line Of Credit Facility And Long Term Debt [Line Items] | ' | ' | ' |
Credit facility | ' | 17,907 | 10,320 |
Foreign Credit Facility [Member] | ' | ' | ' |
Line Of Credit Facility And Long Term Debt [Line Items] | ' | ' | ' |
Credit facility | ' | $2,542 | $997 |
Other_LongTerm_Liabilites_Narr
Other Long-Term Liabilites (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities, Other than Long-term Debt, Noncurrent | ' | ' |
Other long-term liabilities | $1,619 | $1,997 |
Defined benefit pension plan | 1,619 | 1,621 |
Insurance settlements receivable | $1,619 | $1,621 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Derivative Financial Instruments [Abstract] | ' | ' | ' | ' | ' |
Maximum net exposure to counterparty | ' | ' | $950 | ' | ' |
Cash flow hedge gain (loss) reclassified to revenue | -287 | 324 | -621 | 495 | ' |
Accumulated derivative instrument gain (loss) | 479 | ' | 479 | ' | 611 |
Adjustment to accumulated other comprehensive income | $74 | ($91) | $132 | $690 | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Contracts Designated As Hedged Instruments) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Canadian Dollars [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | $5,871 | $1,062 |
Derivative, Maturity Date | 1-Feb-15 | 1-Feb-14 |
Norwegian Kroner [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | 1,878 | 9,253 |
Derivative, Maturity Date | 1-Aug-14 | 1-Aug-14 |
British Pounds [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | 1,456 | 2,626 |
Derivative, Maturity Date | 1-Feb-15 | 1-Feb-15 |
Euros [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | 16,797 | 26,806 |
Derivative, Maturity Date | 1-Feb-15 | 1-Feb-15 |
Swiss Francs [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | 18,123 | 30,698 |
Derivative, Maturity Date | 1-Feb-15 | 1-Feb-15 |
Japanese Yen [Member] | ' | ' |
Foreign Exchange Contracts [Line Items] | ' | ' |
Foreign exchange contracts, Notional Amount | $472,110 | $792,696 |
Derivative, Maturity Date | 1-Feb-15 | 1-Feb-15 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Derivative Instruments Fair Value And Balance Sheet Classification) (Details) (Forward exchange contracts [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid And Other Current Assets [Member] | ' | ' |
Derivative instruments in asset positions, Forward exchange contracts | $340 | $682 |
Other Long-Term Assets [Member] | ' | ' |
Derivative instruments in asset positions, Forward exchange contracts | ' | 76 |
Accounts Payable And Accrued Liabilities [Member] | ' | ' |
Derivative instruments in liability positions, Forward exchange contracts | 1,290 | 1,492 |
Other Long-Term Liabilities [Member] | ' | ' |
Derivative instruments in liability positions, Forward exchange contracts | ' | $230 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Components Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | $6,563 | ' |
Other comprehensive loss before reclassifications | ' | ' | -2,448 | ' |
Amounts reclassified from other comprehensive loss | ' | ' | 397 | ' |
Net current period other comprehensive (loss) income | -1,764 | -1,152 | -2,051 | -1,301 |
Balance as of June 30, 2014 | 4,512 | ' | 4,512 | ' |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | 7,174 | ' |
Other comprehensive loss before reclassifications | ' | ' | -2,183 | ' |
Net current period other comprehensive (loss) income | ' | ' | -2,183 | ' |
Balance as of June 30, 2014 | 4,991 | ' | 4,991 | ' |
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | -611 | ' |
Other comprehensive loss before reclassifications | ' | ' | -265 | ' |
Amounts reclassified from other comprehensive loss | ' | ' | 397 | ' |
Net current period other comprehensive (loss) income | ' | ' | 132 | ' |
Balance as of June 30, 2014 | ($479) | ' | ($479) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Sales | ($34,422) | ($29,162) | ($78,854) | ($69,779) |
Income tax benefit | -1,911 | -1,728 | -3,433 | -3,493 |
Amount reclassified net of tax | ' | ' | -397 | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Sales | -287 | ' | -621 | ' |
Income tax benefit | -103 | ' | -224 | ' |
Amount reclassified net of tax | ($184) | ' | ($397) | ' |
Fair_Value_Of_Measurements_Det
Fair Value Of Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Forward exchange contract, asset, fair value | $340 | $758 |
Forward exchange contract, liability, fair value | 1,290 | 1,722 |
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 | 340 | 758 |
Forward exchange contract, liability, fair value | 1,290 | 1,722 |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
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 | ' | ' | 298 | 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 | 2,466 | 1,659 | 2,464 | 1,620 |
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 | 12 | ' | 15 | ' |
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 | 519 | 894 | 516 | 1,027 |
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 | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average number of shares outstanding - basic | 32,515 | 31,836 | 32,495 | 31,800 |
Effect of dilutive stock awards | ' | ' | ' | ' |
Weighted average number of shares outstanding - diluted | 32,515 | 31,836 | 32,495 | 31,800 |
Loss from continuing operations per share, Basic | ($0.14) | ($0.13) | ($0.24) | ($0.25) |
Loss from continuing operations per share, Diluted | ($0.14) | ($0.13) | ($0.24) | ($0.25) |
Income (loss) from discontinued operations per share, Basic | ($0.01) | $0.06 | $0.05 | $0.09 |
Income (loss) from discontinued operations per share, Diluted | ($0.01) | $0.06 | $0.05 | $0.09 |
Basic loss per share | ($0.15) | ($0.07) | ($0.19) | ($0.17) |
Diluted loss per share | ($0.15) | ($0.07) | ($0.19) | ($0.17) |
StockBased_Compensation_Plan_N
Stock-Based Compensation Plan (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 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 | ' | ' | 181 | ' |
Stock options granted fair value | ' | ' | $1,116 | ' |
Allocated Share-based Compensation Expense | 318 | 272 | 537 | 642 |
Unrecognized compensation cost related to unvested stock options | 2,901 | ' | 2,901 | ' |
Unvested restricted stock awards | 310 | ' | 310 | ' |
Unvested stock options | 1,024 | ' | 1,024 | ' |
Unrecognized compensation cost related to unvested restricted stock awards | $98 | ' | $98 | ' |
Vest In Four Equal Consecutive Quarterly Tranches From The Date Of Grant | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of stock options issued under a plan | ' | ' | 30 | ' |
Vesting In Three Installments [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of stock options issued under a plan | ' | ' | 151 | ' |
Vesting On December 31, 2016 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unvested stock options | 60 | ' | 60 | ' |
StockBased_Compensation_Plan_S
Stock-Based Compensation Plan (Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards) (Details) (USD $) | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Options granted | 181 | |
Dividend yield | 0.00% | |
Expected volatility, minimum | 45.70% | [1] |
Expected volatility, maximum | 55.10% | [1] |
Risk-free interest rate, minimum | 1.63% | |
Risk-free interest rate, maximum | 2.31% | |
Minimum [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Vesting period | '1 year | |
Grant price | 10.95 | |
Expected life (years) | '5 years 3 months 22 days | |
Weighted average fair value | 4.68 | |
Maximum [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Vesting period | '5 years | |
Grant price | 14.02 | |
Expected life (years) | '6 years 11 months 12 days | |
Weighted average fair value | 7.82 | |
[1] | 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. |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Commitments And Contingencies [Abstract] | ' | ' | ' | ' |
Total rent expense | $600 | $557 | $1,191 | $1,136 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
Utilization Of Deferred Tax Assets [Member] | Utilization Of Deferred Tax Assets [Member] | Minimum [Member] | Maximum [Member] | ||
Before 2022 [Member] | |||||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' |
Foreign statutory tax rate, foreign operations | ' | ' | ' | 19.00% | 39.00% |
Gross deferred tax asset | $92,598 | ' | ' | ' | ' |
Valuation allowance | 17,120 | ' | ' | ' | ' |
Net deferred tax asset | 75,478 | ' | ' | ' | ' |
Deferred tax liabilities, gross | 28,911 | ' | ' | ' | ' |
Future U.S.taxable income | ' | 187,000 | 163,000 | ' | ' |
Net operating loss carryforwards for U.S. federal income tax purposes | 215,562 | ' | ' | ' | ' |
Tax windfall | 5,154 | ' | ' | ' | ' |
Research and experimentation credit carryforwards | 2,270 | ' | ' | ' | ' |
Alternative minimum tax credit carryforwards | 315 | ' | ' | ' | ' |
AMT percentage | 20.00% | ' | ' | ' | ' |
Maximum percentage of income offset by available NOLs | 90.00% | ' | ' | ' | ' |
Net operating loss carryforwards, net of limitations | $210,408 | ' | ' | ' | ' |
Income_Taxes_Summary_Of_Tax_Cr
Income Taxes (Summary Of Tax Credit Carryforwards) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Tax Credit Carryforward [Line Items] | ' |
Total net operating loss amount | $215,562 |
Tax windfall | -5,154 |
After limitations | 210,408 |
Operating loss carryforward expiration year 2020 | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss amount | 26,231 |
Operating loss carryforward expiration year 2021 | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss amount | 50,430 |
Operating loss carryforward expiration year 2022 | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss amount | 115,000 |
Operating loss carryforward expiration year 2023 | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss amount | 5,712 |
Operating loss carryforward expiration year 2024 | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss amount | 3,566 |
Operating loss carryforward expiration year 2025 | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss amount | 1,707 |
Operating loss carryforward expiration year 2026 | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss amount | 584 |
Operating loss carryforward expiration year 2027 | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss amount | 586 |
Operating loss carryforward expiration year 2028 | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss amount | 1,646 |
Operating loss carryforward expiration year 2029 | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss amount | 4,074 |
Operating loss carryforward expiration year 2030 and beyond | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss amount | $6,026 |
Related_Party_Transactions_Nar
Related Party Transactions - (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
In Thousands, unless otherwise specified | 28-May-10 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | 29-May-12 | 28-May-10 | Jun. 30, 2014 | Jun. 30, 2014 | 29-May-12 | 28-May-10 | 28-May-10 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 24, 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] | Former Employees [Member] | Robert R. Schiller 2013 Cornerstone Trust and the Deborah Schiller 2005 Revocable Trust [Member] | Robert R. Schiller 2013 Cornerstone Trust and the Deborah Schiller 2005 Revocable Trust [Member] | Robert R. Schiller 2013 Cornerstone Trust [Member] | ||||
Related Party Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid on transferred subordinated note | ' | ' | ' | $182 | $363 | ' | ' | ' | ' | ' | ' | ' | $94 | $188 | ' |
Interest paid on Gregory employees subordinated notes | ' | ' | ' | 4 | 9 | ' | ' | 3 | 5 | ' | ' | ' | ' | ' | ' |
5% Unsecured Subordinated Notes | ' | 17,799 | 17,154 | ' | ' | 365 | 14,517 | ' | ' | 189 | 7,539 | 554 | ' | ' | 3,769 |
Subordinated debt interest rate | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted subordinated notes | ' | ' | ' | ' | ' | ' | $8,640 | ' | ' | ' | $4,487 | $316 | ' | ' | ' |