Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 | ' | 32,689,171 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $42,793 | $4,478 |
Accounts receivable, less allowance for doubtful accounts of $584 and $641, respectively | 44,113 | 40,316 |
Inventories | 67,914 | 54,054 |
Prepaid and other current assets | 4,978 | 4,797 |
Income tax receivable | ' | 49 |
Deferred income taxes | 2,534 | 2,687 |
Total current assets | 162,332 | 106,381 |
Property and equipment, net | 13,810 | 17,401 |
Definite lived intangible assets, net | 26,730 | 35,530 |
Indefinite lived intangible assets | 36,703 | 51,679 |
Goodwill | 43,112 | 57,703 |
Deferred income taxes | 45,207 | 50,666 |
Other long-term assets | 2,436 | 2,063 |
Total assets | 330,330 | 321,423 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 26,286 | 27,349 |
Income tax payable | 12,417 | ' |
Current portion of long-term debt | 7,340 | 1,910 |
Total current liabilities | 46,043 | 29,259 |
Long-term debt | 18,221 | 36,131 |
Deferred income taxes | 4,377 | 6,786 |
Other long-term liabilities | 1,565 | 1,997 |
Total liabilities | 70,206 | 74,173 |
Stockholders' Equity | ' | ' |
Preferred stock, $.0001 par value; 5,000 shares authorized; none issued | ' | ' |
Common stock, $.0001 par value; 100,000 shares authorized; 32,762 and 32,526 issued and 32,666 and 32,451 outstanding | 3 | 3 |
Additional paid in capital | 482,281 | 477,890 |
Accumulated deficit | -223,111 | -237,204 |
Treasury stock, at cost | -186 | -2 |
Accumulated other comprehensive income | 1,137 | 6,563 |
Total stockholders' equity | 260,124 | 247,250 |
Total liabilities and stockholders' equity | $330,330 | $321,423 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets | ' | ' |
Allowance for doubtful accounts | $584 | $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 | 32,762,000 | 32,526,000 |
Common stock, shares outstanding | 32,666,000 | 32,451,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Sales | ' | ' | ' | ' |
Domestic sales | $21,233 | $17,803 | $52,792 | $46,221 |
International sales | 33,628 | 26,378 | 80,923 | 67,739 |
Total sales | 54,861 | 44,181 | 133,715 | 113,960 |
Cost of goods sold | 32,140 | 28,722 | 82,008 | 73,166 |
Gross profit | 22,721 | 15,459 | 51,707 | 40,794 |
Operating expenses | ' | ' | ' | ' |
Selling, general and administrative | 20,393 | 19,263 | 59,190 | 54,348 |
Restructuring charge | 2,180 | ' | 2,590 | 175 |
Merger and integration | ' | 190 | ' | 416 |
Transaction costs | ' | ' | ' | 54 |
Total operating expenses | 22,573 | 19,453 | 61,780 | 54,993 |
Operating income (loss) | 148 | -3,994 | -10,073 | -14,199 |
Other (expense) income | ' | ' | ' | ' |
Interest expense, net | -704 | -637 | -1,953 | -1,902 |
Other, net | -616 | 288 | -424 | 233 |
Total other expense, net | -1,320 | -349 | -2,377 | -1,669 |
Loss before income tax | -1,172 | -4,343 | -12,450 | -15,868 |
Income tax benefit | -753 | -697 | -4,186 | -4,190 |
Loss from continuing operations | -419 | -3,646 | -8,264 | -11,678 |
Discontinued operations, net of tax | 20,822 | 2,340 | 22,357 | 5,072 |
Net income (loss) | 20,403 | -1,306 | 14,093 | -6,606 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | -5,026 | 3,097 | -7,209 | 1,106 |
Unrealized income (loss) on hedging activities | 1,651 | -1,140 | 1,783 | -450 |
Other comprehensive (loss) income | -3,375 | 1,957 | -5,426 | 656 |
Comprehensive income (loss) | $17,028 | $651 | $8,667 | ($5,950) |
Loss from continuing operations per share: | ' | ' | ' | ' |
Basic | ($0.01) | ($0.11) | ($0.25) | ($0.37) |
Diluted | ($0.01) | ($0.11) | ($0.25) | ($0.37) |
Net income (loss) per share: | ' | ' | ' | ' |
Basic | $0.63 | ($0.04) | $0.43 | ($0.21) |
Diluted | $0.63 | ($0.04) | $0.43 | ($0.21) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 32,585 | 32,023 | 32,525 | 31,875 |
Diluted | 32,585 | 32,023 | 32,525 | 31,875 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net income (loss) | $14,093 | ($6,606) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Depreciation of property and equipment | 3,357 | 3,619 |
Amortization of intangible assets | 2,495 | 2,684 |
Impairment of long-lived assets | 2,028 | ' |
Gain on sale of Gregory Mountain Products | -39,491 | ' |
Accretion of notes payable | 985 | 855 |
Loss on disposition of assets | 18 | 59 |
Stock-based compensation | 1,387 | 2,361 |
Deferred income taxes and income tax payable | 15,161 | -2,650 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -12,312 | -12,491 |
Inventories | -24,962 | 4,142 |
Prepaid and other current assets | 1,846 | 1,592 |
Accounts payable and accrued liabilities | 2,988 | 4,537 |
Other | 1,407 | ' |
Net cash used in operating activities | -31,000 | -1,898 |
Cash Flows From Investing Activities: | ' | ' |
Proceeds from the sale of Gregory Mountain Products | 81,140 | ' |
Purchase of intangible assets | ' | -750 |
Proceeds from disposition of property and equipment | 4 | 21 |
Purchase of property and equipment | -2,399 | -3,135 |
Net cash provided by (used in) investing activities | 78,745 | -3,864 |
Cash Flows From Financing Activities: | ' | ' |
Net repayments of revolving credit facilities | -3,125 | -4,926 |
Repayments of long-term debt | -9,438 | -695 |
Proceeds from issuance of long-term debt | ' | 10,142 |
Purchase of treasury stock | -184 | ' |
Proceeds from exercise of stock options | 1,303 | 953 |
Excess tax benefits from share-based payment arrangements | 1,701 | ' |
Net cash (used in) provided by financing activities | -9,743 | 5,474 |
Effect of foreign exchange rates on cash | 313 | -429 |
Change in cash | 38,315 | -717 |
Cash, beginning of period | 4,478 | 5,111 |
Cash, end of period | 42,793 | 4,394 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Cash paid (received) for income taxes | 450 | -242 |
Cash paid for interest | 1,700 | 1,658 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ' | ' |
Property and equipment purchased with accounts payable | $120 | $393 |
Nature_Of_Operations_And_Summa
Nature Of Operations And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 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 nine months ended September 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 nine months ended September 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 July 23, 2014, the Company and Gregory Mountain Products, LLC (“Gregory” or “GMP”), its wholly-owned subsidiary, completed the sale of certain assets to Samsonite LLC (“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”) pursuant to the terms of that certain Asset Purchase Agreement (the “Purchase Agreement”), dated as of June 18, 2014, by and among the Company, Gregory and Samsonite. Under the terms of the Purchase Agreement, Samsonite paid $84,135 in cash for Gregory’s assets comprising the Business and assumed certain specified liabilities (the “GMP Sale”). 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. 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 | |
Accounting Pronouncements Adopted During 2014 | |
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. | |
Accounting Pronouncements Not Yet Adopted | |
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 the Company’s consolidated financial statements and related disclosures. | |
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. | |
In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition of the award. A reporting entity should apply existing guidance in Accounting Standards Codification Topic 718, Compensation-Stock Compensation, as it relates to such awards. The guidance is effective for fiscal years beginning after December 15, 2015, and may be applied prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on the Company’s consolidated statements and related disclosures. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. We do not believe the adoption of this guidance will have a significant impact the Company’s consolidated statements and related disclosures. | |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
NOTE 2. DISCONTINUED OPERATIONS | |||||||||||||
As discussed above, during our third fiscal quarter ended September 30, 2014, the Company and Gregory, its wholly-owned subsidiary, completed the GMP Sale pursuant to the terms of the Purchase Agreement. The Company received $84,135 in cash for the GMP Sale and paid $2,995 in transaction fees for net proceeds of $81,140. The Company recognized a pre-tax gain on such sale of $39,491 and tax expense of $19,933. Summarized results of discontinued operations are as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | ||||||||||
Sales | $ | 2,075 | 8,595 | 20,684 | 28,671 | ||||||||
Income from operations of GMP | 1,696 | 2,223 | 4,138 | 7,480 | |||||||||
Gain on sale of GMP | 39,491 | - | 39,491 | - | |||||||||
Income tax (expense) benefit | -20,365 | 117 | -21,272 | -2,408 | |||||||||
Income from discontinued operations, net of tax | $ | 20,822 | $ | 2,340 | $ | 22,357 | $ | 5,072 | |||||
In connection with the GMP Sale, all interest related to outstanding debt that was required to be repaid pursuant to the terms of the Company’s amended and restated loan agreement with Zions First National Bank is allocated to discontinued operations in our condensed consolidated financial statements. Total interest expense allocated to discontinued operations for the three months ended September 30, 2014 and 2013 was $35 and $302, respectively, and for the nine months ended September 30, 2014 and 2013 was $636 and $697, respectively. | |||||||||||||
Inventories
Inventories | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
NOTE 3. INVENTORIES | |||||||
Inventories, as of September 30, 2014 and December 31, 2013, were as follows: | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
Finished goods | $ | 55,678 | $ | 45,734 | |||
Work-in-process | 1,182 | 891 | |||||
Raw materials and supplies | 11,054 | 7,429 | |||||
$ | 67,914 | $ | 54,054 | ||||
Property_And_Equipment
Property And Equipment | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Property And Equipment | ' | ||||||
NOTE 4. PROPERTY AND EQUIPMENT | |||||||
Property and equipment, net as of September 30, 2014 and December 31, 2013, were as follows: | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
Land | $ | 2,850 | $ | 2,850 | |||
Building and improvements | 4,056 | 4,999 | |||||
Furniture and fixtures | 4,748 | 4,680 | |||||
Computer hardware and software | 5,422 | 6,773 | |||||
Machinery and equipment | 11,705 | 13,868 | |||||
Construction in progress | 262 | 1,218 | |||||
29,043 | 34,388 | ||||||
Less accumulated depreciation | -15,233 | -16,987 | |||||
$ | 13,810 | $ | 17,401 | ||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 9 Months Ended | ||||||
Sep. 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 nine months ended September 30, 2014, from $57,703 to $43,112, due to the GMP 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 the GMP Sale | -12,620 | ||||||
Impact of foreign currency exchange rates | -1,971 | ||||||
Balance at September 30, 2014 | $ | 43,112 | |||||
Indefinite Lived Intangible Assets | |||||||
The Company owns certain tradenames and trademarks which provide Black Diamond Equipment, Ltd. (“Black Diamond Equipment” or “BDEL”), 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 nine months ended September 30, 2014, due to the GMP 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 the GMP Sale | -13,050 | ||||||
Impact of foreign currency exchange rates | -1,926 | ||||||
Balance at September 30, 2014 | $ | 36,703 | |||||
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 nine months ended September 30, 2014 due to the GMP 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 the GMP Sale | -6,233 | ||||||
Impact of foreign currency exchange rates | -2,471 | ||||||
Gross balance at September 30, 2014 | $ | 34,848 | |||||
Intangible assets, net of amortization as of September 30, 2014 and December 31, 2013, were as follows: | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
Customer lists and relationships | $ | 23,881 | $ | 30,809 | |||
Product technologies | 8,014 | 8,992 | |||||
Trade name | 2,006 | 2,246 | |||||
Core technologies | 947 | 1,505 | |||||
34,848 | 43,552 | ||||||
Less accumulated amortization | -8,118 | -8,022 | |||||
$ | 26,730 | $ | 35,530 | ||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Long-Term Debt | ' | ||||||
NOTE 6. LONG-TERM DEBT | |||||||
Long-term debt, net as of September 30, 2014 and December 31, 2013, was as follows: | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
Revolving credit facilities (a) | $ | - | $ | 10,320 | |||
Foreign credit facilities (b) | 7,308 | 997 | |||||
5% Senior Subordinated Notes due 2017 (refer to Note 16) | 18,139 | 17,154 | |||||
Capital leases | - | 47 | |||||
Term notes (c) | 114 | 9,523 | |||||
25,561 | 38,041 | ||||||
Less current portion | -7,340 | -1,910 | |||||
$ | 18,221 | $ | 36,131 | ||||
(a) | As of September 30, 2014, the Company had drawn $0 on a $30,000 revolving credit facility with Zions First National Bank (the “Lender”) with a maturity date of March 8, 2016. 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. At September 30, 2014, the Company was in compliance with all associated covenants. | ||||||
On October 31, 2014, the Company together with its direct and indirect domestic subsidiaries entered into a second amended and restated loan agreement (the “Second Amended and Restated Loan Agreement”) with the Lender, which matures on April 1, 2017. Under the Second Amended and Restated Loan Agreement, the Company has a $30,000 revolving line of credit (the “Revolving Line of Credit”) pursuant to a second amended and restated promissory note (revolving loan) (the “Revolving Line of Credit Promissory Note”) which is inclusive of a $10,000 accordion option (the “Accordion”) available to the Company to increase the Revolving Line of Credit on a seasonal or permanent basis for funding general corporate needs including working capital, capital expenditures, permitted loans or investments in subsidiaries, and the issuance of letters of credit. Also certain additional changes were made to the original amended and restated loan agreement and the covenants contained therein. | |||||||
(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 September 30, 2014 and December 31, 2013, respectively. | ||||||
(c) | On July 23, 2014, upon the closing of the GMP Sale, the Company paid off amounts outstanding under the existing Term Facility with the Lender, which was $8,954 as of June 30, 2014. On October 31, 2014, pursuant to the Second Amended and Restated Loan Agreement, the Company terminated its outstanding term loan facility. 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 | 9 Months Ended |
Sep. 30, 2014 | |
Other Long-Term Liabilities [Abstract] | ' |
Other Long-Term Liabilities | ' |
NOTE 7. OTHER LONG-TERM LIABILITIES | |
Other long-term liabilities were $1,565 and $1,997 as of September 30, 2014 and December 31, 2013, respectively, with $1,517 and $1,621 of the balance as of September 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 $1,517 and $1,621 as other long-term assets for the underfunded amount as of September 30, 2014 and December 31, 2013, respectively. | |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||
Sep. 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 September 30, 2014, the Company’s derivative contracts had a remaining maturity of one and a half years or less. The counterparty to these transactions had both long-term and short-term investment grade credit ratings. The maximum net exposure of the Company’s credit risk to the counterparty is generally limited to the aggregate unrealized loss of all contracts with that counterparty. At September 30, 2014 there was no such exposure to the counterparty. The Company’s exposure of counterparty credit risk is limited to the aggregate unrealized gain of $2,258 on all contracts at September 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 September 30, 2014 and December 31, 2013: | |||||||||
30-Sep-14 | |||||||||
Notional | Latest | ||||||||
Amount | Maturity | ||||||||
Foreign exchange contracts - Japanese Yen | 300,109 | 15-Feb | |||||||
Foreign exchange contracts - Canadian Dollars | 15,938 | 16-Feb | |||||||
Foreign exchange contracts - British Pounds | 3,618 | 16-Feb | |||||||
Foreign exchange contracts - Euros | 32,031 | 16-Feb | |||||||
Foreign exchange contracts - Swiss Francs | 40,183 | 16-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 expected cash flow of the derivative offset, within a range, changes in the expected 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 $284 and $337 were reclassified to sales during the three months ended September 30, 2014 and 2013, respectively, and $(337) and $832 were reclassified to sales during the nine months ended September 30, 2014 and 2013, respectively. | |||||||||
As of December 31, 2013, the Company reported an accumulated derivative instrument loss of $611. During the nine months ended September 30, 2014, the Company reported an adjustment to accumulated other comprehensive income of $1,783, as a result of the change in fair value of these contracts and reclassifications to sales, resulting in an accumulated derivative instrument gain of $1,172 reported as of September 30, 2014. | |||||||||
The following table presents the balance sheet classification and fair value of derivative instruments as of September 30, 2014 and December 31, 2013: | |||||||||
Classification | 30-Sep-14 | 31-Dec-13 | |||||||
Derivative instruments in asset positions: | |||||||||
Forward exchange contracts | Prepaid and other current assets | $ | 1,849 | $ | 682 | ||||
Forward exchange contracts | Other long-term assets | $ | 697 | $ | 76 | ||||
Derivative instruments in liability positions: | |||||||||
Forward exchange contracts | Accounts payable and accrued liabilities | $ | 240 | $ | 1,492 | ||||
Forward exchange contracts | Other long-term liabilities | $ | 48 | $ | 230 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||
Sep. 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) income before reclassifications | -7,209 | 1,567 | -5,642 | |||||||
Amounts reclassified from other comprehensive (loss) income | - | 216 | 216 | |||||||
Net current period other comprehensive (loss) income | -7,209 | 1,783 | -5,426 | |||||||
Balance as of September 30, 2014 | $ | -35 | $ | 1,172 | $ | 1,137 | ||||
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 September 30, 2014, were as follows: | ||||||||||
Gains (Losses) reclassified from AOCI to the Condensed Consolidated Statement of Comprehensive Income (Loss) | ||||||||||
Affected line item in the Condensed Consolidated Statement of Comprehensive Income (Loss) | For the Three Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2014 | ||||||||
Sales | $ | 284 | $ | -337 | ||||||
Income tax expense (benefit) | 102 | -121 | ||||||||
Amount reclassified net of tax | $ | 182 | $ | -216 | ||||||
Fair_Value_Of_Measurements
Fair Value Of Measurements | 9 Months Ended | ||||||||||||
Sep. 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 September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||
30-Sep-14 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | |||||||||||||
Forward exchange contracts | $ | - | $ | 2,546 | $ | - | $ | 2,546 | |||||
$ | - | $ | 2,546 | $ | - | $ | 2,546 | ||||||
Liabilities | |||||||||||||
Forward exchange contracts | $ | - | $ | 288 | $ | - | $ | 288 | |||||
$ | - | $ | 288 | $ | - | $ | 288 | ||||||
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 | ||||||
Non-recurring Fair Value Measurements | |||||||||||||
The Company has certain assets that are measured at fair value on a non-recurring basis when impairment indicators are present. The assets are adjusted to fair value only when the carrying values exceed the fair values. The categorization of the framework used to price the assets is considered a Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. The Company concluded based on its restructuring plan, that long-lived assets, which consisted primarily of property, plant and equipment, in certain asset groups required an impairment analysis. We determined that the carrying value of these long-lived asset groups as of September 30, 2014, were above their fair values of $809. The Company utilized quoted values of similar assets and other estimated unobservable inputs to determine fair value of the property, plant and equipment. As a result, we recognized impairment charges of $2,028 as of September 30, 2014, which related to property, plant and equipment. | |||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
NOTE 11. EARNINGS PER SHARE | |||||||||||||
Basic earnings (loss) 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 dilutive 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 to loss from continuing operations. | |||||||||||||
The following table is a reconciliation of basic and diluted shares of common stock outstanding used in the calculation of earnings per share: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | ||||||||||
Weighted average shares outstanding - basic | 32,585 | 32,023 | 32,525 | 31,875 | |||||||||
Effect of dilutive stock awards | - | - | - | - | |||||||||
Weighted average shares outstanding - diluted | 32,585 | 32,023 | 32,525 | 31,875 | |||||||||
Loss from continuing operations per share: | |||||||||||||
Basic | $ | -0.01 | $ | -0.11 | $ | -0.25 | $ | -0.37 | |||||
Diluted | -0.01 | -0.11 | -0.25 | -0.37 | |||||||||
Income from discontinued operations per share: | |||||||||||||
Basic | $ | 0.64 | $ | 0.07 | $ | 0.69 | $ | 0.16 | |||||
Diluted | 0.64 | 0.07 | 0.69 | 0.16 | |||||||||
Net income (loss) per share: | |||||||||||||
Basic | $ | 0.63 | $ | -0.04 | $ | 0.43 | $ | -0.21 | |||||
Diluted | 0.63 | -0.04 | 0.43 | -0.21 | |||||||||
For the three and nine months ended September 30, 2014, basic loss from continuing operations per share, income from discontinued operations per share, and net income per share were the same as diluted loss from continuing operations per share, income from discontinued operations per share, and net income 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 nine months ended September 30, 2014, options to purchase 1,486 and 2,138 shares of common stock, respectively, and 45 and 25 shares of restricted stock, respectively, were outstanding and anti-dilutive due to the loss from continuing operations for the three and nine months ended September 30, 2014. Additionally, options to purchase 1,659 and 897 shares of common stock and 12 and 4 shares of restricted stock were outstanding and anti-dilutive because the exercise prices were higher than the average market price of the Company’s common stock for the three and nine months ended September 30, 2014, respectively, and 503 shares of unvested restricted stock were outstanding and excluded as their required performance or market conditions were not met. | |||||||||||||
For the three and nine months ended September 30, 2013, basic loss from continuing operations per share, income from discontinued operations per share, and net loss per share were the same as diluted loss from continuing operations per share, income 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 nine months ended September 30, 2013, options to purchase 2,294 and 1,845 shares of common stock, respectively, and 18 and 6 shares of restricted stock, respectively, were outstanding and anti-dilutive due to the loss from continuing operations for the period. Additionally, options to purchase 449 and 834 shares of common stock were outstanding and anti-dilutive because the exercise prices were higher than the average market price of the Company’s common stock for the three and nine months ended September 30, 2013, respectively, and 572 shares of unvested restricted stock were outstanding and excluded as their required performance or market conditions were not met. | |||||||||||||
StockBased_Compensation_Plan
Stock-Based Compensation Plan | 9 Months Ended | ||||||
Sep. 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 nine months ended September 30, 2014, the Company issued 501 stock options under the 2005 Plan to employees of the Company. Of the 501 options issued, 30 will vest in four equal consecutive quarterly tranches from the date of grant. 300 will vest in four equal consecutive annual tranches starting December 31, 2015. The remaining 171 options will vest in three installments as follows: 68 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 Nine Months Ended September 30, 2014 | |||||||
Number of options | 501 | ||||||
Option vesting period | 1-5 Years | ||||||
Grant price | $8.87 - $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 | $4.63 - $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 nine months ended September 30, 2014 was $2,610, which will be recognized over the vesting period of the options. | |||||||
On August 11, 2014, the Company issued and granted to an employee a restricted stock award of 300 restricted shares under the 2005 Plan, of which (i) 50 restricted shares vested and become nonforteitable on August 25, 2014; (ii) 205 restricted shares will vest and become nonforteitable as follows: (A) 45 restricted shares will vest if, on or before June 30, 2017, the Fair Market Value (as defined in the Plan) of the Company’s common stock shall have equaled or exceeded $15.00 per share for five consecutive trading days; (B) 80 restricted shares will vest if, on or before December 31, 2019, the Fair Market Value of the Company’s common stock shall have equaled or exceeded $20.00 per share for five consecutive trading days; (C) 80 restricted shares will vest if, on or before December 31, 2019, the Fair Market Value of the Company’s common stock shall have equaled or exceeded $22.00 per share for five consecutive trading days; and (iii) 15 restricted shares will vest and become nonforfeitable on each of December 31, 2015, December 31, 2016 and December 31, 2017. All vested restricted shares will be subject to a lock-up provision restricting sales, dispositions, pledges and transfers of such shares through December 31, 2016. For computing the fair value of the 205 restricted shares with a market condition, the fair value of each restricted stock award grant has been estimated as of the date of grant using the Monte-Carlo pricing model with the assumptions below. The restricted stock awards of 95 that vest over time were valued at $7.74 per share, which includes a discount for the lock-up provision. | |||||||
Market Condition Restricted Shares Granted on August 11, 2014 | |||||||
Number issued | 45 | 80 | 80 | ||||
Vesting period | $15.00 stock price target | $20.00 stock price target | $22.00 stock price target | ||||
Grant price | $8.87 | $8.87 | $8.87 | ||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||
Expected volatility | 38.20% | 38.20% | 38.20% | ||||
Risk-free interest rate | 0.93% | 1.62% | 1.62% | ||||
Expected term (years) | 1.32 | 2.64 | 2.89 | ||||
Weighted average fair value | $4.63 | $4.72 | $4.22 | ||||
Using these assumptions, the fair value of the market condition restricted stock awards granted on August 11, 2014 was approximately $923, which will be amortized over the expected life of the awards. | |||||||
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 September 30, 2014 and 2013 was $850 and $1,719, respectively, and for the nine months ended September 30, 2014 and 2013 was $1,387 and $2,361, 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 or using the Monte-Carlo pricing model. As of September 30, 2014, there were 1,282 unvested stock options and unrecognized compensation cost of $3,756 related to unvested stock options, as well as 560 unvested restricted stock awards and unrecognized compensation cost of $1,265 related to unvested restricted stock awards. | |||||||
Restructuring
Restructuring | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Restructuring [Abstract] | ' | |||
Restructuring | ' | |||
NOTE 13. RESTRUCTURING | ||||
The Company initiated a restructuring plan during 2014 to realign resources within the organization and anticipates completing the plan in 2015. Based on the Company’s restructuring plan, we determined that long-lived assets in certain asset groups required an impairment analysis. As of the end of the third quarter of 2014, the carrying values of our Asian manufacturing and Asian distribution operations as well as our sales, marketing, and distribution office in Japan were above their fair values. We incurred $2,180 and $2,590 of restructuring charges for the three and nine months ending September 30, 2014, respectively. During the three months ended September 30, 2014, we incurred restructuring charges of $2,028 related to impairment of long-lived assets, $70 related to benefits provided to employees who were terminated due to the Company’s reduction-in-force as part of its continued realignment of resources within the organization, and $82 other restructuring costs. We estimate that we will incur restructuring costs related to employee-related costs and facility exit costs during the fourth quarter of 2014 and the year 2015. | ||||
The following table summarizes the restructuring charges, payments and the remaining accrual related to employee termination costs. | ||||
Balance at December 31, 2013 | $ | - | ||
Charges to expense: | ||||
Employee termination benefits | 480 | |||
Asset impairment | 2,028 | |||
Other costs | 82 | |||
Total restructuring charges | 2,590 | |||
Cash payments and non-cash charges: | ||||
Cash payments | -445 | |||
Asset impairment | -2,028 | |||
Balance at September 30, 2014 | $ | 117 | ||
As of September 30, 2014, termination costs and restructuring costs remained in accrued liabilities and are expected to be paid during the remainder of 2014 and throughout 2015. During the three and nine months ended September 30, 2013, the Company incurred $0 and $175, respectively, related to the relocation of POC’s Portsmouth, NH facility to the Company’s U.S. distribution facilities in Salt Lake City, UT. | ||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
NOTE 14. 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 condensed consolidated balance sheets. | |
Total rent expense of the Company for the three months ended September 30, 2014 and 2013 was $579 and $582, respectively, and for the nine months ended September 30, 2014 and 2013 was $1,770 and $1,718, respectively. | |
Income_Taxes
Income Taxes | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Income Taxes [Abstract] | ' | |||
Income Taxes | ' | |||
NOTE 15. 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. | ||||
NOLs available to offset taxable income expire beginning in 2020, 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 | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE 16. 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 nine months ended September 30, 2014, $181 and $544 in interest was paid to Kanders GMP Holdings, LLC, respectively, and $95 and $283 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 nine months ended September 30, 2014, $5 and $14 in interest was paid to Kanders GMP Holdings, LLC, respectively, and $2 and $7 in interest, respectively, was paid to Schiller Gregory Investment Company, LLC, pursuant to these outstanding Merger Consideration Subordinated Notes. | |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
NOTE 17. SUBSEQUENT EVENT | |
Amendment of Revolving Credit Facility | |
On October 31, 2014, the Company together with its direct and indirect domestic subsidiaries entered into a second amended and restated loan agreement (the “Second Amended and Restated Loan Agreement”) with Zions First National Bank (the “Lender”), which matures on April 1, 2017. Under the Second Amended and Restated Loan Agreement, the Company has a $30,000 revolving line of credit (the “Revolving Line of Credit”) pursuant to a second amended and restated promissory note (revolving loan) (the “Revolving Line of Credit Promissory Note”) which is inclusive of a $10,000 accordion option (the “Accordion”) available to the Company to increase the Revolving Line of Credit on a seasonal or permanent basis for funding general corporate needs including working capital, capital expenditures, permitted loans or investments in subsidiaries, and the issuance of letters of credit. Also pursuant to the Second Amended and Restated Loan Agreement, the Company terminated its outstanding term loan facility which previously allowed the Company to borrow up to $10,000 and certain additional changes were made to the original amended and restated loan agreement and the covenants contained therein. | |
All debt associated with the Second Amended and Restated Loan Agreement bears interest at one-month London Interbank Offered Rate (“LIBOR”) plus an applicable margin as determined by the ratio of Total Senior Debt to Trailing Twelve Month EBITDA as follows: (i) one month LIBOR plus 4.00% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than or equal to 2.00; (ii) one month LIBOR plus 3.00% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than 1.00 and less than 2.00; and (iii) one month LIBOR plus 2.00% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is less than 1.00 or if the Company has cash or marketable securities equal to or greater than $30,000. The Second Amended and Restated Loan Agreement requires the payment of any unused commitment fee of (i) .6% per annum at all times that Total Senior Debt to Trailing Twelve Month EBITDA ratio is greater than or equal to 2.00; (ii) .5% per annum at all times that the Total Senior Debt to Trailing Twelve Month EBITDA is greater than 1.00 and less than 2.00; and (iii) .4% per annum at all times that the Total Senior Debt to Trailing Twelve Month EBITDA is less than 1.00. | |
Nature_Of_Operations_And_Summa1
Nature Of Operations And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 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 nine months ended September 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 nine months ended September 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 July 23, 2014, the Company and Gregory Mountain Products, LLC (“Gregory” or “GMP”), its wholly-owned subsidiary, completed the sale of certain assets to Samsonite LLC (“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”) pursuant to the terms of that certain Asset Purchase Agreement (the “Purchase Agreement”), dated as of June 18, 2014, by and among the Company, Gregory and Samsonite. Under the terms of the Purchase Agreement, Samsonite paid $84,135 in cash for Gregory’s assets comprising the Business and assumed certain specified liabilities (the “GMP Sale”). 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. 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 | |
Accounting Pronouncements Adopted During 2014 | |
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. | |
Accounting Pronouncements Not Yet Adopted | |
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 the Company’s consolidated financial statements and related disclosures. | |
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. | |
In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition of the award. A reporting entity should apply existing guidance in Accounting Standards Codification Topic 718, Compensation-Stock Compensation, as it relates to such awards. The guidance is effective for fiscal years beginning after December 15, 2015, and may be applied prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on the Company’s consolidated statements and related disclosures. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. We do not believe the adoption of this guidance will have a significant impact the Company’s consolidated statements and related disclosures. | |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Income Statement Balance Sheet of Discontinued Operations | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | ||||||||||
Sales | $ | 2,075 | 8,595 | 20,684 | 28,671 | ||||||||
Income from operations of GMP | 1,696 | 2,223 | 4,138 | 7,480 | |||||||||
Gain on sale of GMP | 39,491 | - | 39,491 | - | |||||||||
Income tax (expense) benefit | -20,365 | 117 | -21,272 | -2,408 | |||||||||
Income from discontinued operations, net of tax | $ | 20,822 | $ | 2,340 | $ | 22,357 | $ | 5,072 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
30-Sep-14 | 31-Dec-13 | ||||||
Finished goods | $ | 55,678 | $ | 45,734 | |||
Work-in-process | 1,182 | 891 | |||||
Raw materials and supplies | 11,054 | 7,429 | |||||
$ | 67,914 | $ | 54,054 | ||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Property And Equipment | ' | ||||||
30-Sep-14 | 31-Dec-13 | ||||||
Land | $ | 2,850 | $ | 2,850 | |||
Building and improvements | 4,056 | 4,999 | |||||
Furniture and fixtures | 4,748 | 4,680 | |||||
Computer hardware and software | 5,422 | 6,773 | |||||
Machinery and equipment | 11,705 | 13,868 | |||||
Construction in progress | 262 | 1,218 | |||||
29,043 | 34,388 | ||||||
Less accumulated depreciation | -15,233 | -16,987 | |||||
$ | 13,810 | $ | 17,401 | ||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Goodwill And Other Intangible Assets [Abstract] | ' | ||||||
Schedule Of Goodwill | ' | ||||||
Balance at December 31, 2013 | $ | 57,703 | |||||
Decrease due to the GMP Sale | -12,620 | ||||||
Impact of foreign currency exchange rates | -1,971 | ||||||
Balance at September 30, 2014 | $ | 43,112 | |||||
Schedule Of Indefinite Lived Intangible Assets | ' | ||||||
Balance at December 31, 2013 | $ | 51,679 | |||||
Decrease due to the GMP Sale | -13,050 | ||||||
Impact of foreign currency exchange rates | -1,926 | ||||||
Balance at September 30, 2014 | $ | 36,703 | |||||
Schedule Of Definite Lived Intangible Assets, Net | ' | ||||||
Gross balance at December 31, 2013 | $ | 43,552 | |||||
Decrease due to the GMP Sale | -6,233 | ||||||
Impact of foreign currency exchange rates | -2,471 | ||||||
Gross balance at September 30, 2014 | $ | 34,848 | |||||
Schedule Of Intangible Assets, Net Of Amortization | ' | ||||||
30-Sep-14 | 31-Dec-13 | ||||||
Customer lists and relationships | $ | 23,881 | $ | 30,809 | |||
Product technologies | 8,014 | 8,992 | |||||
Trade name | 2,006 | 2,246 | |||||
Core technologies | 947 | 1,505 | |||||
34,848 | 43,552 | ||||||
Less accumulated amortization | -8,118 | -8,022 | |||||
$ | 26,730 | $ | 35,530 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Components Of Long-Term Debt | ' | ||||||
30-Sep-14 | 31-Dec-13 | ||||||
Revolving credit facilities (a) | $ | - | $ | 10,320 | |||
Foreign credit facilities (b) | 7,308 | 997 | |||||
5% Senior Subordinated Notes due 2017 (refer to Note 16) | 18,139 | 17,154 | |||||
Capital leases | - | 47 | |||||
Term notes (c) | 114 | 9,523 | |||||
25,561 | 38,041 | ||||||
Less current portion | -7,340 | -1,910 | |||||
$ | 18,221 | $ | 36,131 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments - (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||
Schedule Of Contracts Designated As Hedged Instruments | ' | ||||||||
30-Sep-14 | |||||||||
Notional | Latest | ||||||||
Amount | Maturity | ||||||||
Foreign exchange contracts - Japanese Yen | 300,109 | 15-Feb | |||||||
Foreign exchange contracts - Canadian Dollars | 15,938 | 16-Feb | |||||||
Foreign exchange contracts - British Pounds | 3,618 | 16-Feb | |||||||
Foreign exchange contracts - Euros | 32,031 | 16-Feb | |||||||
Foreign exchange contracts - Swiss Francs | 40,183 | 16-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-Sep-14 | 31-Dec-13 | |||||||
Derivative instruments in asset positions: | |||||||||
Forward exchange contracts | Prepaid and other current assets | $ | 1,849 | $ | 682 | ||||
Forward exchange contracts | Other long-term assets | $ | 697 | $ | 76 | ||||
Derivative instruments in liability positions: | |||||||||
Forward exchange contracts | Accounts payable and accrued liabilities | $ | 240 | $ | 1,492 | ||||
Forward exchange contracts | Other long-term liabilities | $ | 48 | $ | 230 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||
Sep. 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) income before reclassifications | -7,209 | 1,567 | -5,642 | |||||||
Amounts reclassified from other comprehensive (loss) income | - | 216 | 216 | |||||||
Net current period other comprehensive (loss) income | -7,209 | 1,783 | -5,426 | |||||||
Balance as of September 30, 2014 | $ | -35 | $ | 1,172 | $ | 1,137 | ||||
Reclassification Out Of Accumulated Other Comprehensive Income | ' | |||||||||
Gains (Losses) reclassified from AOCI to the Condensed Consolidated Statement of Comprehensive Income (Loss) | ||||||||||
Affected line item in the Condensed Consolidated Statement of Comprehensive Income (Loss) | For the Three Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2014 | ||||||||
Sales | $ | 284 | $ | -337 | ||||||
Income tax expense (benefit) | 102 | -121 | ||||||||
Amount reclassified net of tax | $ | 182 | $ | -216 | ||||||
Fair_Value_Of_Measurements_Tab
Fair Value Of Measurements - (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Fair Value Of Measurements [Abstract] | ' | ||||||||||||
Schedule Of Assets And Liabilities Measured On A Recurring Basis | ' | ||||||||||||
30-Sep-14 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | |||||||||||||
Forward exchange contracts | $ | - | $ | 2,546 | $ | - | $ | 2,546 | |||||
$ | - | $ | 2,546 | $ | - | $ | 2,546 | ||||||
Liabilities | |||||||||||||
Forward exchange contracts | $ | - | $ | 288 | $ | - | $ | 288 | |||||
$ | - | $ | 288 | $ | - | $ | 288 | ||||||
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) | 9 Months Ended | ||||||||||||
Sep. 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 | Nine Months Ended | ||||||||||||
30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | ||||||||||
Weighted average shares outstanding - basic | 32,585 | 32,023 | 32,525 | 31,875 | |||||||||
Effect of dilutive stock awards | - | - | - | - | |||||||||
Weighted average shares outstanding - diluted | 32,585 | 32,023 | 32,525 | 31,875 | |||||||||
Loss from continuing operations per share: | |||||||||||||
Basic | $ | -0.01 | $ | -0.11 | $ | -0.25 | $ | -0.37 | |||||
Diluted | -0.01 | -0.11 | -0.25 | -0.37 | |||||||||
Income from discontinued operations per share: | |||||||||||||
Basic | $ | 0.64 | $ | 0.07 | $ | 0.69 | $ | 0.16 | |||||
Diluted | 0.64 | 0.07 | 0.69 | 0.16 | |||||||||
Net income (loss) per share: | |||||||||||||
Basic | $ | 0.63 | $ | -0.04 | $ | 0.43 | $ | -0.21 | |||||
Diluted | 0.63 | -0.04 | 0.43 | -0.21 | |||||||||
StockBased_Compensation_Plan_T
Stock-Based Compensation Plan (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Stock-Based Compensation Plan [Abstract] | ' | |||
Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards | ' | |||
Options Granted During the Nine Months Ended September 30, 2014 | ||||
Number of options | 501 | |||
Option vesting period | 1-5 Years | |||
Grant price | $8.87 - $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 | $4.63 - $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. | |||
Restructuring_Tables
Restructuring - (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Restructuring [Abstract] | ' | |||
Schedule of Restructuring and Related Costs | ' | |||
Balance at December 31, 2013 | $ | - | ||
Charges to expense: | ||||
Employee termination benefits | 480 | |||
Asset impairment | 2,028 | |||
Other costs | 82 | |||
Total restructuring charges | 2,590 | |||
Cash payments and non-cash charges: | ||||
Cash payments | -445 | |||
Asset impairment | -2,028 | |||
Balance at September 30, 2014 | $ | 117 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||
Sep. 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 | ||
Nature_Of_Operations_And_Summa2
Nature Of Operations And Summary Of Significant Accounting Policies (Details) (Gregory Mountain Products, Inc. [Member], USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Gregory Mountain Products, Inc. [Member] | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' |
Disposal Group, Including Discontinued Operation, Consideration | $84,135 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | ' | ' | $81,140 | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | 39,491 | ' |
Gregory Mountain Products, Inc. [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Consideration | 84,135 | ' | 84,135 | ' |
Discontinued Operation, Transaction Fees | 2,995 | ' | ' | ' |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 81,140 | ' | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 39,491 | ' | 39,491 | ' |
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | 19,933 | ' | ' | ' |
Interest expense allocated to discontinued operations | $35 | $302 | $636 | $697 |
Discontinued_Operations_Income
Discontinued Operations (Income Statement of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Gain on sale of GMP | ' | ' | $39,491 | ' |
Income from discontinued operations, net of tax | 20,822 | 2,340 | 22,357 | 5,072 |
Gregory Mountain Products, Inc. [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Sales | 2,075 | 8,595 | 20,684 | 28,671 |
Income from operations of GMP | 1,696 | 2,223 | 4,138 | 7,480 |
Gain on sale of GMP | 39,491 | ' | 39,491 | ' |
Income tax (expense) benefit | -20,365 | 117 | -21,272 | -2,408 |
Income from discontinued operations, net of tax | $20,822 | $2,340 | $22,357 | $5,072 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $55,678 | $45,734 |
Work-in-process | 1,182 | 891 |
Raw materials and supplies | 11,054 | 7,429 |
Inventories | $67,914 | $54,054 |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property And Equipment [Abstract] | ' | ' |
Land | $2,850 | $2,850 |
Buildings and improvements | 4,056 | 4,999 |
Furniture and fixtures | 4,748 | 4,680 |
Computer hardware and software | 5,422 | 6,773 |
Machinery and equipment | 11,705 | 13,868 |
Construction in progress | 262 | 1,218 |
Property and equipment, gross | 29,043 | 34,388 |
Less accumulated depreciation | -15,233 | -16,987 |
Property and equipment | $13,810 | $17,401 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Other Intangible Assets [Abstract] | ' | ' |
Goodwill | $43,112 | $57,703 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Goodwill And Other Intangible Assets [Abstract] | ' |
Balance at December 31, 2013 | $57,703 |
Decrease due to the GMP Sale | -12,620 |
Impact of foreign currency exchange rates | -1,971 |
Balance at September 30, 2014 | $43,112 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Indefinite Lived Intangible Assets) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Acquisitions [Abstract] | ' |
Balance at December 31, 2013 | $51,679 |
Decrease due to the GMP Sale | -13,050 |
Impact of foreign currency exchange rates | -1,926 |
Balance at September 30, 2014 | $36,703 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Definite Lived Intangible Assets, Net) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Acquisitions [Abstract] | ' |
Gross balance at December 31, 2013 | $43,552 |
Decrease due to the GMP Sale | -6,233 |
Impact of foreign currency exchange rates | -2,471 |
Gross balance at September 30, 2014 | $34,848 |
Goodwill_And_Other_Intangible_6
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets, Net Of Amortization) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $34,848 | $43,552 |
Less accumulated amortization | -8,118 | -8,022 |
Intangible assets, net | 26,730 | 35,530 |
Customer Lists And Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 23,881 | 30,809 |
Product Technologies [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 8,014 | 8,992 |
Trade Name [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 2,006 | 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 $) | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 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] | Accordion Feature [Member] | Foreign Financial Institutions [Member] | Foreign Financial Institutions [Member] | Government Entity And Other Financial Institutions [Member] | Minimum [Member] | Maximum [Member] | |
Letter Of Credit [Member] | Letter Of Credit [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 | ' | 0 | 10,320 | 7,308 | 997 | 8,954 | ' | 0 | 340 | ' | ' | ' |
Credit facility maximum borrowing capacity | $30,000 | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' |
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 | Sep. 30, 2014 | Dec. 31, 2013 |
Line Of Credit Facility And Long Term Debt [Line Items] | ' | ' | ' |
5% Senior Subordinated Notes due 2017 (refer to Note 16) | ' | $18,139 | $17,154 |
Capital leases | ' | ' | 47 |
Term note | ' | 114 | 9,523 |
Total carrying amount of long-term debt | ' | 25,561 | 38,041 |
Less current portion | ' | -7,340 | -1,910 |
Long-term debt, net | ' | 18,221 | 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 | ' | 0 | 10,320 |
Foreign Credit Facility [Member] | ' | ' | ' |
Line Of Credit Facility And Long Term Debt [Line Items] | ' | ' | ' |
Credit facility | ' | $7,308 | $997 |
Other_LongTerm_Liabilites_Narr
Other Long-Term Liabilites (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities, Other than Long-term Debt, Noncurrent | ' | ' |
Other long-term liabilities | $1,565 | $1,997 |
Defined benefit pension plan | 1,517 | 1,621 |
Insurance settlements receivable | $1,517 | $1,621 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Derivative Financial Instruments [Abstract] | ' | ' | ' | ' | ' |
Maximum net exposure to counterparty | ' | ' | $2,258 | ' | ' |
Cash flow hedge gain (loss) reclassified to revenue | 284 | 337 | -337 | 832 | ' |
Accumulated derivative instrument gain (loss) | -1,172 | ' | -1,172 | ' | 611 |
Adjustment to accumulated other comprehensive income | $1,651 | ($1,140) | $1,783 | ($450) | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Contracts Designated As Hedged Instruments) (Details) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Canadian Dollars [Member] | Canadian Dollars [Member] | Norwegian Kroner [Member] | British Pounds [Member] | British Pounds [Member] | Euros [Member] | Euros [Member] | Swiss Francs [Member] | Swiss Francs [Member] | Japanese Yen [Member] | Japanese Yen [Member] | |
CAD | CAD | NOK | GBP (£) | GBP (£) | EUR (€) | EUR (€) | CHF | CHF | JPY (¥) | JPY (¥) | |
Foreign Exchange Contracts [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange contracts, Notional Amount | 15,938 | 1,062 | 9,253 | £ 3,618 | £ 2,626 | € 32,031 | € 26,806 | 40,183 | 30,698 | ¥ 300,109 | ¥ 792,696 |
Derivative, Maturity Date | 1-Feb-16 | 1-Feb-14 | 1-Aug-14 | 1-Feb-16 | 1-Feb-15 | 1-Feb-16 | 1-Feb-15 | 1-Feb-16 | 1-Feb-15 | 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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid And Other Current Assets [Member] | ' | ' |
Derivative instruments in asset positions, Forward exchange contracts | $1,849 | $682 |
Other Long-Term Assets [Member] | ' | ' |
Derivative instruments in asset positions, Forward exchange contracts | 697 | 76 |
Accounts Payable And Accrued Liabilities [Member] | ' | ' |
Derivative instruments in liability positions, Forward exchange contracts | 240 | 1,492 |
Other Long-Term Liabilities [Member] | ' | ' |
Derivative instruments in liability positions, Forward exchange contracts | $48 | $230 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Components Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | $6,563 | ' |
Other comprehensive (loss) income before reclassifications | ' | ' | -5,642 | ' |
Amounts reclassified from other comprehensive (loss) income | ' | ' | 216 | ' |
Net current period other comprehensive (loss) income | -3,375 | 1,957 | -5,426 | 656 |
Balance as of September 30, 2014 | 1,137 | ' | 1,137 | ' |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | 7,174 | ' |
Other comprehensive (loss) income before reclassifications | ' | ' | -7,209 | ' |
Net current period other comprehensive (loss) income | ' | ' | -7,209 | ' |
Balance as of September 30, 2014 | -35 | ' | -35 | ' |
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) income before reclassifications | ' | ' | 1,567 | ' |
Amounts reclassified from other comprehensive (loss) income | ' | ' | 216 | ' |
Net current period other comprehensive (loss) income | ' | ' | 1,783 | ' |
Balance as of September 30, 2014 | $1,172 | ' | $1,172 | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Sales | ($54,861) | ($44,181) | ($133,715) | ($113,960) |
Income tax benefit | -753 | -697 | -4,186 | -4,190 |
Amount reclassified net of tax | ' | ' | -216 | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Sales | 284 | ' | -337 | ' |
Income tax benefit | 102 | ' | -121 | ' |
Amount reclassified net of tax | $182 | ' | ($216) | ' |
Fair_Value_Of_Measurements_Det
Fair Value Of Measurements (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Forward exchange contract, asset, fair value | $2,546 | $2,546 | $758 |
Forward exchange contract, liability, fair value | 288 | 288 | 1,722 |
Impairment of Long-Lived Assets to be Disposed of | 2,028 | 2,028 | ' |
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 | 2,546 | 2,546 | 758 |
Forward exchange contract, liability, fair value | 288 | 288 | 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 | ' | ' | ' |
Property, Plant, and Equipment, Fair Value Disclosure | $809 | $809 | ' |
Earnings_Per_Share_Narrative_D
Earnings Per Share - (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 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 | ' | ' | 503 | 572 |
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 | 1,486 | 2,294 | 2,138 | 1,845 |
Due To Net Loss In The Period [Member] | Restricted Stock | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, number of shares | 45 | 18 | 25 | 6 |
Due To Exercise Price Exceeding Average Market Price Of Common Stock [Member] | Stock Options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, number of shares | 1,659 | 449 | 897 | 834 |
Due To Exercise Price Exceeding Average Market Price Of Common Stock [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 | ' | 4 | ' |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Reconciliation Of Basic And Diluted Shares Of Common Stock Outstanding Used In Calculation Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average number of shares outstanding - basic | 32,585 | 32,023 | 32,525 | 31,875 |
Effect of dilutive stock awards | ' | ' | ' | ' |
Weighted average number of shares outstanding - diluted | 32,585 | 32,023 | 32,525 | 31,875 |
Loss from continuing operations per share, Basic | ($0.01) | ($0.11) | ($0.25) | ($0.37) |
Loss from continuing operations per share, Diluted | ($0.01) | ($0.11) | ($0.25) | ($0.37) |
Income from discontinued operations per share, Basic | $0.64 | $0.07 | $0.69 | $0.16 |
Income from discontinued operations per share, Diluted | $0.64 | $0.07 | $0.69 | $0.16 |
Basic net income (loss) per share | $0.63 | ($0.04) | $0.43 | ($0.21) |
Diluted net income (loss) per share | $0.63 | ($0.04) | $0.43 | ($0.21) |
StockBased_Compensation_Plan_N
Stock-Based Compensation Plan (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Maximum number of shares of common stock that may be granted through awards to any employee in any calendar year | ' | ' | 500 | ' |
Number of stock options issued under a plan | ' | ' | 501 | ' |
Stock options granted fair value | ' | ' | $2,610 | ' |
Allocated Share-based Compensation Expense | 850 | 1,719 | 1,387 | 2,361 |
Unrecognized compensation cost related to unvested stock options | 3,756 | ' | 3,756 | ' |
Unvested restricted stock awards | 560 | ' | 560 | ' |
Unvested stock options | 1,282 | ' | 1,282 | ' |
Unrecognized compensation cost related to unvested restricted stock awards | 1,265 | ' | 1,265 | ' |
Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Fair value of the restricted stock awards granted | ' | ' | $923 | ' |
Unvested stock options | 300 | ' | 300 | ' |
Restricted Stock Vesting Schedule One [Member] | Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unvested stock options | 50 | ' | 50 | ' |
Restricted Stock Vesting Schedule Two [Member] | Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unvested stock options | 205 | ' | 205 | ' |
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 | ' | ' | 171 | ' |
Vesting In Four Installments [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of stock options issued under a plan | ' | ' | 300 | ' |
Vesting On December 31, 2015 [Member] | Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unvested restricted stock awards | 15 | ' | 15 | ' |
Vesting On December 31, 2016 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unvested stock options | 68 | ' | 68 | ' |
StockBased_Compensation_Plan_S
Stock-Based Compensation Plan (Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Options granted | 501 | |
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 | 8.87 | |
Expected life (years) | '5 years 3 months 22 days | |
Weighted average fair value | 4.63 | |
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. |
StockBased_Compensation_Plan_S1
Stock-Based Compensation Plan (Schedule of Restricted Shares) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number issued | 560 |
Dividend yield | 0.00% |
Exercise Price Range One [Member] | Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number issued | 45 |
Stock Price Target | 15 |
Grant price | 8.87 |
Dividend yield | 0.00% |
Expected Volatility | 38.20% |
Risk-free Interest Rate | 0.93% |
Expected life (years) | '1 year 3 months 26 days |
Weighted average fair value | 4.63 |
Exercise Price Range Two [Member] | Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number issued | 80 |
Stock Price Target | 20 |
Grant price | 8.87 |
Dividend yield | 0.00% |
Expected Volatility | 38.20% |
Risk-free Interest Rate | 1.62% |
Expected life (years) | '2 years 7 months 21 days |
Weighted average fair value | 4.72 |
Exercise Price Range Three [Member] | Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number issued | 80 |
Stock Price Target | 22 |
Grant price | 8.87 |
Dividend yield | 0.00% |
Expected Volatility | 38.20% |
Risk-free Interest Rate | 1.62% |
Expected life (years) | '2 years 10 months 21 days |
Weighted average fair value | 4.22 |
Exercise Price Range Four [Member] | Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number issued | 95 |
Weighted average fair value | 7.74 |
Restructuring_Narrative_Detail
Restructuring - (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 |
Employee Severance [Member] | Employee Severance [Member] | Employee Relocation [Member] | Employee Relocation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | $2,180 | $2,590 | $175 | $70 | $480 | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | 2,028 | 2,028 | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | ' | $0 | $175 |
Restructuring_Schedule_of_Rest
Restructuring - (Schedule of Restructuring and Related Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Reserve, Beginning Balance | ' | ' | ' |
Restructuring charges | 2,180 | 2,590 | 175 |
Cash payments | ' | -445 | ' |
Asset impairment | ' | -2,028 | ' |
Restructuring Reserve, Ending Balance | 117 | 117 | ' |
Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 70 | 480 | ' |
Facility Closing [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | ' | 2,028 | ' |
Other Restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | ' | $82 | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments And Contingencies [Abstract] | ' | ' | ' | ' |
Total rent expense | $579 | $582 | $1,770 | $1,718 |
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 | Sep. 30, 2014 | Sep. 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 | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | 28-May-10 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | 29-May-12 | 28-May-10 | Sep. 30, 2014 | Sep. 30, 2014 | 29-May-12 | 28-May-10 | 28-May-10 | Sep. 30, 2014 | Sep. 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 | ' | ' | ' | $181 | $544 | ' | ' | ' | ' | ' | ' | ' | $95 | $283 | ' |
Interest paid on Gregory employees subordinated notes | ' | ' | ' | 5 | 14 | ' | ' | 2 | 7 | ' | ' | ' | ' | ' | ' |
5% Unsecured Subordinated Notes | ' | 18,139 | 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 | ' | ' | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Sep. 30, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Accordion Feature [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |
Variable Rate Margin One [Member] | Variable Rate Margin Two [Member] | Variable Rate Margin Three [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Variable Rate Margin One [Member] | Variable Rate Margin Two [Member] | Variable Rate Margin Two [Member] | Variable Rate Margin Three [Member] | |||||||
Line Of Credit Facility And Long Term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | $30,000 | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 4.00% | 3.00% | 2.00% | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | 0.60% | 0.50% | 0.40% | ' | ' | ' | ' | ' | ' |
Debt to EBITDA ratio used in margin calculation | ' | ' | ' | ' | ' | ' | 2 | 1 | 2 | 1 |
Debt Instrument, Collateral used to Adjust Interest Rate | ' | ' | ' | ' | ' | $30,000 | ' | ' | ' | ' |