Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 27, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | Black Diamond, Inc. | |
Entity Central Index Key | 913,277 | |
Trading Symbol | bde | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 30,064,492 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 88,268 | $ 88,401 |
Marketable securities | 10,101 | 9,824 |
Accounts receivable, less allowance for doubtful accounts of $336 and $184, respectively | 20,835 | 26,774 |
Inventories | 46,828 | 51,496 |
Prepaid and other current assets | 2,487 | 3,337 |
Income tax receivable | 2,507 | 2,550 |
Total current assets | 171,026 | 182,382 |
Property and equipment, net | 11,070 | 10,790 |
Definite lived intangible assets, net | 10,449 | 10,934 |
Indefinite lived intangible assets | 22,699 | 22,644 |
Other long-term assets | 438 | 1,843 |
Total assets | 215,682 | 228,593 |
Current liabilities | ||
Accounts payable and accrued liabilities | 19,027 | 21,446 |
Income tax payable | 596 | |
Current portion of long-term debt | 20,988 | |
Total current liabilities | 40,611 | 21,446 |
Long-term debt, net | 20,133 | |
Deferred income taxes | 8,784 | 8,969 |
Other long-term liabilities | 696 | 2,042 |
Total liabilities | 50,091 | 52,590 |
Stockholders' Equity | ||
Preferred stock, $.0001 par value; 5,000 shares authorized; none issued | ||
Common stock, $.0001 par value; 100,000 shares authorized; 32,888 and 32,884 issued and 30,294 and 31,203 outstanding | 3 | 3 |
Additional paid in capital | 483,849 | 483,698 |
Accumulated deficit | (306,352) | (299,168) |
Treasury stock, at cost | (11,143) | (7,320) |
Accumulated other comprehensive loss | (766) | (1,210) |
Total stockholders' equity | 165,591 | 176,003 |
Total liabilities and stockholders' equity | $ 215,682 | $ 228,593 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Condensed Consolidated Balance Sheets | ||
Allowance for doubtful accounts | $ 336 | $ 184 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 32,888,000 | 32,884,000 |
Common stock, shares outstanding | 30,294,000 | 31,203,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Sales | ||||
Domestic sales | $ 16,634 | $ 16,484 | $ 36,251 | $ 34,807 |
International sales | 12,508 | 13,569 | 31,098 | 37,127 |
Total sales | 29,142 | 30,053 | 67,349 | 71,934 |
Cost of goods sold | 20,797 | 19,538 | 48,050 | 46,598 |
Gross profit | 8,345 | 10,515 | 19,299 | 25,336 |
Operating expenses | ||||
Selling, general and administrative | 11,599 | 14,142 | 25,828 | 29,227 |
Restructuring charge | 531 | 1,408 | 993 | 1,876 |
Transaction costs | 133 | 243 | 269 | 407 |
Arbitration award | (1,967) | (1,967) | ||
Total operating expenses | 10,296 | 15,793 | 25,123 | 31,510 |
Operating loss | (1,951) | (5,278) | (5,824) | (6,174) |
Other expense | ||||
Interest expense, net | (709) | (682) | (1,423) | (1,368) |
Other, net | (32) | 127 | 404 | (350) |
Total other expense, net | (741) | (555) | (1,019) | (1,718) |
Loss from continuing operations before income tax | (2,692) | (5,833) | (6,843) | (7,892) |
Income tax expense (benefit) | 479 | (1,993) | 341 | (2,307) |
Loss from continuing operations | (3,171) | (3,840) | (7,184) | (5,585) |
Discontinued operations, net of tax | (1,607) | (1,537) | ||
Net loss | (3,171) | (5,447) | (7,184) | (7,122) |
Other comprehensive income (loss), net of tax: | ||||
Unrealized income (loss) on marketable securities | 89 | (12) | 175 | 15 |
Foreign currency translation adjustment | (340) | 2,055 | 346 | (3,584) |
Unrealized income (loss) on hedging activities | 635 | (1,142) | (77) | 111 |
Other comprehensive income (loss) | 384 | 901 | 444 | (3,458) |
Comprehensive loss | $ (2,787) | $ (4,546) | $ (6,740) | $ (10,580) |
Loss from continuing operations per share: | ||||
Basic | $ (0.10) | $ (0.12) | $ (0.23) | $ (0.17) |
Diluted | (0.10) | (0.12) | (0.23) | (0.17) |
Net loss per share: | ||||
Basic | (0.10) | (0.17) | (0.23) | (0.22) |
Diluted | $ (0.10) | $ (0.17) | $ (0.23) | $ (0.22) |
Weighted average shares outstanding: | ||||
Basic | 30,617 | 32,723 | 30,758 | 32,714 |
Diluted | 30,617 | 32,723 | 30,758 | 32,714 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Cash Flows From Operating Activities: | |||||
Net loss | $ (3,171) | $ (5,447) | $ (7,184) | $ (7,122) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Depreciation of property and equipment | 1,176 | 1,884 | |||
Amortization of intangible assets | 539 | 1,301 | |||
Accretion of notes payable | 889 | 742 | |||
Gain on disposition of assets | (6) | 37 | |||
Gain from removal of accumulated translation adjustment | 95 | ||||
Stock-based compensation | 151 | 1,038 | |||
Deferred income taxes | (259) | (2,738) | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 6,124 | 13,441 | |||
Inventories | 4,819 | 2,378 | |||
Prepaid and other assets | 2,132 | (896) | |||
Accounts payable and accrued liabilities | (3,184) | (7,306) | |||
Income taxes | 641 | 3,450 | |||
Other | (190) | (351) | |||
Net cash provided by (used in) operating activities | 5,743 | 5,858 | |||
Cash Flows From Investing Activities: | |||||
Payments related to the sale of POC | (921) | ||||
Proceeds from disposition of property and equipment | 23 | 74 | |||
Purchase of property and equipment | (1,059) | (1,628) | |||
Net cash used in investing activities | (1,957) | (1,554) | |||
Cash Flows From Financing Activities: | |||||
Net proceeds from (repayments of) revolving credit facilities | (971) | ||||
Repayments of long-term debt | (14) | ||||
Proceeds from issuance of long-term debt | 44 | ||||
Purchase of treasury stock | (3,967) | ||||
Proceeds from exercise of stock options | 92 | ||||
Net cash used in financing activities | (3,967) | (849) | |||
Effect of foreign exchange rates on cash | 48 | (80) | |||
Change in cash | (133) | 3,375 | |||
Cash, beginning of period | 88,401 | 31,034 | $ 31,034 | ||
Cash, end of period | $ 88,268 | $ 34,409 | 88,268 | 34,409 | $ 88,401 |
Supplemental Disclosure of Cash Flow Information: | |||||
Cash (received) paid for income taxes | (43) | (3,431) | |||
Cash paid for interest | 631 | 660 | |||
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | |||||
Property and equipment purchased with accounts payable | $ 406 | $ 254 |
Nature Of Operations And Summar
Nature Of Operations And Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Nature Of Operations And Summary Of Significant Accounting Policies | NOT E 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements of Black Diamond, Inc. and subsidiaries (which may be referred to as the “Company,” “we,” “us” or “our”) as of and for the three and six months ended June 30, 2016 and 2015, 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 only of normal recurring adjustments, except otherwise disclosed) necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. The results of the three and six months ended June 30, 2016 are not necessarily indicative of the results to be obtained for the year ending December 31, 2016. 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, 2015, filed with the Securities and Exchange Commission (the “Commission”). On May 28, 2010, we acquired Black Diamond Equipment, Ltd. (which may be referred to as “Black Diamond Equipment”) and Gregory Mountain Products, LLC (which may be referred to as “Gregory Mountain Products”, “Gregory” or “GMP”). On January 20, 2011, the Company changed its name from Clarus Corporation to Black Diamond, Inc., which we believe more accurately reflects our current business. In July 2012, we acquired POC Sweden AB and its subsidiaries (collectively, “POC”) and in October 2012, we acquired PIEPS Holding GmbH and its subsidiaries (collectively, “PIEPS”). On July 23, 2014, the Company and Gregory Mountain Products, 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 “Gregory Business”) pursuant to the terms of that certain Asset Purchase Agreement (the “GMP Purchase Agreement”), dated as of June 18, 2014, by and among the Company, Gregory and Samsonite. Under the terms of the GMP Purchase Agreement, Samsonite paid $84,135 in cash for Gregory’s assets comprising the Gregory Business and assumed certain specified liabilities (the “GMP Sale”). On March 16, 2015, the Company announced that it engaged Rothschild Inc. and Robert W. Baird & Co., Incorporated as financial advisors to lead an exploration of a full range of strategic alternatives, including a sale of the entire Company and the potential sales of the Company’s Black Diamond Equipment (including PIEPS) and POC brands in two separate transactions. On October 7, 2015, the Company and the Company’s wholly owned subsidiary, Ember Scandinavia AB (“Ember”), sold their respective equity interests in POC comprising POC’s business of designing, manufacturing, marketing, distributing and selling advanced-design helmets, body armor, goggles, eyewear, gloves, and apparel for action or “gravity sports,” such as skiing, snowboarding, and cycling pursuant to a Purchase Agreement (the “POC Purchase Agreement”), dated as of October 7, 2015, by and among the Company and Ember, as sellers, and Dainese S.p.A. and Dainese U.S.A., Inc. (collectively “Dainese”), as purchasers. Under the terms of the POC Purchase Agreement, Dainese paid $63,639 in cash for POC (the “POC Disposition”). Furthermore, the activities of POC have been segregated and reported as discontinued operations for all periods presented. See Note 2, below. On October 8, 2015, the Company announced the completion of the POC Disposition resulting in the conclusion of the Company’s review of strategic alternatives. On November 9, 2015, the Company announced that it engaged Rothschild Inc. as a financial advisor to assist the Company to seek to redeploy our significant cash balances to invest in high-quality, durable, cash flow-producing assets potentially unrelated to the outdoor industry in order to diversify our business and potentially monetize our substantial net operating losses as part of our asset redeployment and diversification strategy. We intend to focus our search primarily in the United States, although we will also evaluate international investment opportunities should we find such opportunities attractive. Nature of Business Black Diamond, Inc., through its ownership of Black Diamond Equipment, Ltd., is a global leader in designing, manufacturing and marketing innovative active outdoor performance equipment and apparel for climbing, mountaineering, backpacking, skiing and a wide range of other year-round outdoor recreation activities. Our principal brands include Black Diamond® and PIEPS™ and are targeted not only to the demanding requirements of core climbers, skiers and alpinists, 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® and PIEPS™ brands are iconic in the active outdoor and ski industries, and linked intrinsically with the modern history of these sports. 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. We offer a broad range of products including: high performance apparel (such as jackets, shells, pants and bibs); rock-climbing equipment (such as carabiners, protection devices, harnesses, belay devices, helmets and ice-climbing gear); technical backpacks and high-end day packs; tents; trekking poles; headlamps and lanterns; and gloves and mittens. We also offer advanced skis, ski poles, ski bindings, ski skins, and ski safety products, including avalanche airbag systems, avalanche transceivers, shovels and probes. 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 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, 2015. During the six months ended June 30, 2016, the Company adopted Accounting Standards Update (“ASU”) 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 , A SU 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) , and ASU 2015-03, S implifying the Presentation of Debt Issuance Cost. There was not a significant impact on the Company’s condensed consolidated statements and related disclosures due to adoption of these standards. Accounting Pronouncements Issued Not Yet Adopted In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 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 annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted, but not before the original effective date (periods beginning after December 15, 2016). 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 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 on the Company’s consolidated statements and related disclosures. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory , which changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value for entities that do not measure inventory using the last-in, first-out or retail inventory method. The ASU also eliminates the requirement for these entities to consider replacement cost or net realizable value less an approximately normal profit margin when measuring inventory. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. The ASU requires prospective adoption and permits early adoption. 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 February 2016, the FASB issued ASU 2016-02, Leases , which revises the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases with terms greater than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The provisions of ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. 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 March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU changes several aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. The ASU is effective for annual and interim reporting periods beginning after December 15, 2016 with early adoption permitted. The Company is currently evaluating the impact of adoption of this ASU will have on the Company’s consolidated financial statements and related disclosures. In April 2016, the FASB issued ASU 2016-10 , Identifying Performance Obligations and Licensing. ASU 2016-10 amends the guidance in ASU 2014-09, Revenue from Contracts with Customers , about identifying performance obligations and accounting for licenses of intellectual property. The provisions of ASU 2016-10 are effective on adoption of ASU 2014-09. The Company is evaluating the effect that ASU 2016-10 will have on its consolidated financial statements and related disclosures. The Company has not determined the effect of the standard on its ongoing financial reporting. In May 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients . ASU 2016-12 makes narrow-scope amendments to ASU 2014-09, Revenue from Contracts with Customers , and provides practical expedients to simplify the transition to the new standard and to clarify certain aspects of the standard. The provisions of ASU 2016-12 are effective on adoption of ASU 2014-09. The Company is evaluating the effect that ASU 2016-12 will have on its consolidated financial statements and related disclosures. The Company has not determined the effect of the standard on its ongoing financial reporting. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | NOTE 2. DISCONTINUED OPERATIONS As discussed above in Note 1, on October 7, 2015, the Company sold POC to Dainese. The Company received $63,639 in cash for the POC Disposition and paid $2,946 in transaction fees for net proceeds of $60,693 . $739 of cash was sold as part of the transaction. Also, as of December 31, 2015, there was an unsettled working capital adjustment of $921 owed to Dainese which was paid during the three months ended March 31, 2016. The Company recognized a pre-tax gain on such sale of $8,436 . The Company performed certain transition services related to the POC Disposition and received $79 and $324 , during the three and six months ended June 30, 2016, respectively, which was recorded as a reduction of selling, general and administrative expenses in our condensed consolidated financial statements for such periods . Summarized results of discontinued operations for POC are as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Sales $ - $ 5,026 $ - $ 13,408 Cost of goods sold - (2,682) - (6,889) Selling, general and administrative - (3,987) - (8,059) Transaction costs - (446) - (581) Interest expense, net - (13) - (29) Other, net - (35) - 191 Loss from operations of discontinued operations - (2,137) - (1,959) Gain on sale of discontinued operations - - - - Loss before taxes - (2,137) - (1,959) Income tax benefit - (530) - (422) Loss from discontinued operations, net of tax $ - $ (1,607) $ - $ (1,537) Summarized condensed cash flow information for POC discontinued operations are as follows: Six Months Ended June 30, 2016 June 30, 2015 Depreciation of property and equipment - 277 Amortization of intangible assets - 643 Stock-based compensation - 136 Purchase of property and equipment - (324) |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Inventories | NOTE 3. INVENTORIES Inventories, as of June 30, 2016 and December 31, 2015, were as follows: June 30, 2016 December 31, 2015 Finished goods $ 37,443 $ 43,117 Work-in-process 2,189 1,730 Raw materials and supplies 7,196 6,649 $ 46,828 $ 51,496 |
Property And Equipment
Property And Equipment | 6 Months Ended |
Jun. 30, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | NOTE 4. PROPERTY AND EQUIPMENT Property and equipment, net as of June 30, 2016 and December 31, 2015, were as follows: June 30, 2016 December 31, 2015 Land $ 2,850 $ 2,850 Building and improvements 4,151 4,093 Furniture and fixtures 3,066 3,320 Computer hardware and software 4,687 4,729 Machinery and equipment 10,328 9,790 Construction in progress 1,113 477 26,195 25,259 Less accumulated depreciation (15,125) (14,469) $ 11,070 $ 10,790 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | NOTE 5. OTHER INTANGIBLE ASSETS Indefinite Lived Intangible Assets The Company owns certain tradenames and trademarks which provide Black Diamond Equipment and PIEPS with the exclusive and perpetual rights to manufacture and sell their respective products. There was an increase in tradenames and trademarks during the six months ended June 3 0 , 2016, due to the impact of foreign currency exchange rates. The following table summarizes the changes in indefinite lived intangible assets: Balance at December 31, 2015 $ 22,644 Impact of foreign currency exchange rates 55 Balance at June 30, 2016 $ 22,699 Other Intangible Assets, net Intangible assets such as certain customer relationships, core technologies and product technologies are amortizable over their estimated useful lives. There w as a n increase in gross other intangible assets subject to amortization during the six months ended June 3 0 , 2016 due to the impact of foreign currency exchange rates. The following table summarizes the changes in gross other intangible assets: Gross balance at December 31, 2015 $ 17,130 Impact of foreign currency exchange rates 79 Gross balance at June 30, 2016 $ 17,209 Other intangible assets, net of amortization as of June 3 0 , 2016 and December 31, 2015, were as follows: June 30, 2016 December 31, 2015 Customer lists and relationships $ 14,069 $ 14,026 Product technologies 2,193 2,157 Core technologies 947 947 17,209 17,130 Less accumulated amortization (6,760) (6,196) $ 10,449 $ 10,934 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | NOTE 6. LONG-TERM DEBT Long-term debt, net as of June 30, 2016 and December 31, 2015, was as follows: June 30, 2016 December 31, 2015 Revolving credit facilities (a) $ - $ - 5% Senior Subordinated Notes due 2017 (refer to Note 16) 22,610 22,610 Term note (b) 107 105 Unamortized discount (1,729) (2,582) 20,988 20,133 Less current portion (20,988) - $ - $ 20,133 (a) As of June 30, 2016, the Company had drawn $ 0 on a $ 20,000 revolving credit facility with Zions First National Bank with a maturity date of April 1, 2017. (b) The term loan is payable to a government entity with an interest rate of 0.75 % and no monthly installments. The note matures in March 2017. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Other Long-Term Liabilities [Abstract] | |
Other Long-Term Liabilities | NOTE 7. OTHER LONG-TERM LIABILITIES Other long-term liabilities were $ 696 and $ 2,042 as of June 30, 2016 and December 31, 2015, respectively, with $ 368 and $ 1,689 of the balance as of June 30, 2016 and December 31, 2015, respectively, relating to a pension liability with respect to the benefit plan maintained for the benefit of the Company’s employees in Switzerland. The decrease is primarily due to the termination of employees in Switzerland as part of the move of the Company’s Black Diamond European office from Basel, Switzerland to Innsbruck, Austria. 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 $ 368 and $ 1,689 as other long-term assets for the underfunded amount as of June 30, 2016 and December 31, 2015, respectively. The significant assumptions used in accounting for the defined benefit pension plan were as follows: June 30, 2016 December 31, 2015 Discount rate 1.0 % 1.0 % Expected long-term return on plan assets 2.2 % 2.2 % Rate of compensation increase 2.0 % 2.0 % |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
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 foreign currency 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. 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. At June 30, 2016, the Company’s derivative contracts had a remaining maturity of one and one-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 , which is $345 as of June 30, 2016. The Company’s exposure of counterparty credit risk is limited to the aggregate unrealized gain on all contracts. At June 30, 2016, there was no such exposure to the counterparty. The Company’s derivative counterparty has strong credit ratings and as a result, the Company does not require collateral to facilitate transactions. The Company held the following contracts designated as hedged instruments as of June 30, 2016 and December 31, 2015: June 30, 2016 Notional Latest Amount Maturity Foreign exchange contracts – Canadian Dollars 8,955 August 2017 December 31, 2015 Notional Latest Amount Maturity Foreign exchange contracts – Canadian Dollars 1,302 February 2016 Foreign exchange contracts – British Pounds 2,047 February 2017 Foreign exchange contracts – Euros 13,295 February 2017 Foreign exchange contracts – Swiss Francs 17,738 February 2017 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 loss and reclassified to sales in the period the underlying hedged transaction is recognized in earnings. Gains (losses) of $ (202 ) and $ 997 were reclassified to sales during the three months ended June 30, 2016 and 2015, respectively, and $(343) and $2,596 were reclassified to sales during the six months ended June 30, 2016 and 2015, respectively. Gains of $61 and $168 were reclassified to discontinued operations, net of tax, during the three and six months ended June 30, 2015, respectively. The Company held the following contracts not designated as hedged instruments as of June 30, 2016. There were no derivative contracts not designated as hedged instruments as of December 31, 2015. June 30, 2016 Notional Latest Amount Maturity Foreign exchange contracts – British Pounds 1,104 February 2017 Foreign exchange contracts – Euros 8,678 February 2017 Foreign exchange contracts – Swiss Francs 10,993 February 2017 For contracts that do not qualify as effective hedge instruments, the ineffective portion of gains and losses resulting from changes in fair value of the instruments are included in earnings. Losses of $(42 ) were recorded to Other, net, associated with ineffective hedge instruments during the three and six months ended June 30, 2016. There were no gains (losses) recorded to Other, net, during the three and six months ended June 30, 2015. As of December 31, 2015, the Company reported an accumulated derivative instrument loss of $ 68 . During the six months ended June 30, 2016, the Company reported accumulated other comprehensive loss of $ 77 , as a result of the change in fair value of these contracts and reclassifications to sales and other income as discussed above, resulting in an accumulated derivative instrument loss of $ 145 reported as of June 30, 2016. The following table presents the balance sheet classification and fair value of derivative instruments as of June 30, 2016 and December 31, 2015: Classification June 30, 2016 December 31, 2015 Derivative instruments in asset positions: Forward exchange contracts Prepaid and other current assets $ 235 $ 893 Forward exchange contracts Other long-term assets $ 3 $ 12 Derivative instruments in liability positions: Forward exchange contracts Accounts payable and accrued liabilities $ 583 $ - Forward exchange contracts Other long-term liabilities $ - $ 25 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | NOTE 9. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income (“AOCI”) primarily consists of unrealized losses in our marketable securities, foreign currency translation adjustments and changes in our forward foreign exchange contracts. The components of AOCI, net of tax, were as follows: Unrealized Gains (Losses) on Marketable Securities Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2015 $ (107) $ (1,035) $ (68) $ (1,210) Other comprehensive income (loss) before reclassifications 175 251 (462) (36) Amounts reclassified from other comprehensive income - 95 385 480 Net current period other comprehensive income (loss) 175 346 (77) 444 Balance as of June 30, 2016 $ 68 $ (689) $ (145) $ (766) The effects on net loss of amounts reclassified from unrealized gains (losses) on cash flow hedges for foreign exchange contracts and foreign currency translation adjustments for the three and six months ended June 30, 2016, were as follows: Losses reclassified from AOCI to the Consolidated Statement of Comprehensive Loss Affected line item in the Condensed Consolidated Statement of Comprehensive Loss For the Three Months Ended June 30, 2016 For the Six Months Ended June 30, 2016 Foreign exchange contracts: Sales $ (202) $ (343) Other, net (42) (42) Amount reclassified, net of tax $ (244) $ (385) Foreign currency translation adjustments: Other, net $ (117) $ (95) Total reclassifications from AOCI $ (361) $ (480) The Company’s policy is to classify reclassifications of cumulative foreign currency translation from AOCI to Other, net. |
Fair Value Of Measurements
Fair Value Of Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Of Measurements [Abstract] | |
Fair Value Of Measurements | NOTE 10. FAIR VALUE MEASUREMENTS We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1- inputs to the valuation methodology are quoted market prices for identical assets or liabilities in active markets. Level 2- inputs to the valuation methodology include quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 3- inputs to the valuation methodology are based on prices or valuation techniques that are unobservable. Assets and liabilities measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 Level 1 Level 2 Level 3 Total Assets Marketable securities $ 10,101 $ - $ - $ 10,101 Forward exchange contracts - 238 - 238 $ 10,101 $ 238 $ - $ 10,339 Liabilities Forward exchange contracts $ - $ 583 $ - $ 583 $ - $ 583 $ - $ 583 December 31, 2015 Level 1 Level 2 Level 3 Total Assets Marketable securities $ 9,824 $ - $ - $ 9,824 Forward exchange contracts - 905 - 905 $ 9,824 $ 905 $ - $ 10,729 Liabilities Forward exchange contracts $ - $ 25 $ - $ 25 $ - $ 25 $ - $ 25 The carrying value of cash, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values due to the short-term nature and liquidity of these financial instruments. Marketable securities are recorded at fair value based on quoted market prices. Derivative financial instruments are recorded at fair value based on current market pricing models. The Company estimates that, based on current market conditions, the fair value of its debt obligations under its revolving credit facility and senior subordinated notes payable approximate the carrying values at June 30, 2016 and December 31, 2015. Nonrecurring Fair Value Measurements There were no assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2016. Assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2015 were as follows: December 31, 2015 Level 1 Level 2 Level 3 Total Total Losses Goodwill $ - $ - $ - $ - $ 29,507 The Company has certain assets that are measured at fair value on a nonrecurring basis when impairment indicators are present. The categorization of the framework used to estimate the fair value of the assets is considered a Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. The assets are adjusted to fair value only when the carrying values exceed the fair values. B ased on the results of the Company’s annual impairment tests completed during the year ended December 31, 2015, the Company determined that goodwill was impaired. As a result, we recognized impairment charges during the year ended December 31, 2015. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 11. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed by dividing earnings (loss) by the weighted average number of common shares outstanding during each period. Diluted earnings (loss) per share is computed by dividing earnings (loss) 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 Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Weighted average shares outstanding – basic 30,617 32,723 30,758 32,714 Effect of dilutive stock awards - - - - Weighted average shares outstanding – diluted 30,617 32,723 30,758 32,714 Loss from continuing operations per share: Basic $ (0.10) $ (0.12) $ (0.23) $ (0.17) Diluted (0.10) (0.12) (0.23) (0.17) Loss from discontinued operations per share: Basic $ - $ (0.05) $ - $ (0.05) Diluted - (0.05) - (0.05) Net loss per share: Basic $ (0.10) $ (0.17) $ (0.23) $ (0.22) Diluted (0.10) (0.17) (0.23) (0.22) For the three months ended June 30, 2016 and 2015, equity awards of 2,364 and 3,323 , respectively, and for the six months ended June 30, 2016 and 2015, equity awards of 2,378 and 3,365 , respectively, were outstanding and anti-dilutive and therefore not included in the calculation of loss per share for these periods. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 6 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation Plan [Abstract] | |
Stock-Based Compensation Plan | NOTE 12. STOCK-BASED COMPENSATION PLAN Under the Company’s current 2015 Stock Incentive Plan (the “2015 Plan”) and the previous 2005 Stock Incentive Plan (the “2005 Plan”), the Company’s Board of Directors (the “Board of Directors”) had 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 2015 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 2015 Plan to any employee in any calendar year may not exceed 500 shares. The 2005 Plan continued in effect until June 2015 when it expired in accordance with its terms. The 2015 Plan will continue in effect until December 2025 unless terminated sooner. During the six months ended June 30, 2016, the Company issued stock options for an aggregate of 38 shares under the 2015 Plan to directors of the Company, which options vest in four equal consecutive quarterly tranches from the date of grant. For computing the fair value of the stock-based awards, the fair value of each option grant has been estimated as of the date of grant using the Black-Scholes option-pricing model with the following assumptions: Options Granted During the Six Months Ended June 30, 2016 Number of options 38 Option vesting period 1 Year Grant price $4.39 Dividend yield 0.00% Expected volatility (a) 44.60% Risk-free interest rate 1.23% Expected life (years) (b) 5.31 Weighted average fair value $1.81 (a) Expected volatility is based upon the Company’s historical volatility. (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. The total non-cash stock compensation expense for continuing operations related to restricted stock, stock options and stock awards recorded by the Company for the three months ended June 30, 2016 and 2015 was $11 5 and $531 , respectively, and for the six months ended June 30, 2016 and 2015 was $151 and $902 , respectively. For the three and six months ended June 30, 2016 and 2015, the majority of stock-based compensation costs were classified as selling, general and administrative expense. 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 June 30, 2016, there were 260 unvested stock options and unrecognized compensation cost of $ 703 related to unvested stock options, as well as 290 unvested restricted stock awards and unrecognized compensation cost of $37 related to unvested restricted stock awards. As of June 30, 2016, the Company has unvested restricted stock awards which vest based upon satisfaction of a performance condition. Achievement of the performance condition is currently not considered probable. Consequently, the Company has not recorded compensation costs associated with the performance condition awards. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring [Abstract] | |
Restructuring | NOTE 13. RESTRUCTURING The Company initiated a restructuring plan in 2014 (“2014 Restructuring Plan”) to realign resources within the organization and anticipates completing the plan in 2016. During the three months ended June 30, 2016 and 2015 , we incurred restructuring charges of $20 and $1,408 , respectively, related to the 2014 Restructuring Plan. During the six months ended June 30, 2016 and 2015, we incurred restructuring charges of $20 and $1,876 , respectively. We have incurred $5,959 of cumulative restructuring charges since the commencement of the 2014 Restructuring Plan. We estimate that we will incur restructuring costs related to other exit costs during the remainder of 2016. As part of the conclusion of the Company’s review of strategic alternatives, the Company initiated restructuring activities in efforts to further realign resources within the organization (“2015 Restructuring Plan”) and anticipates completing the plan in 2016. During the three and six months ended June 30, 2016, we incurred restructuring charges of $511 and $973 , respectively, related to the 2015 Restructuring Plan. There were no costs incurred related to the 2015 Restructuring Plan during the three and six months ended June 30, 2015. We have incurred $1,992 of cumulative restructuring charges since the commencement of the 2015 Restructuring Plan. The following table summarizes the restructuring charges, payments and the remaining accrual related to employee termination costs and facility exit costs. 2014 Restructuring Plan 2015 Restructuring Plan Total Restructuring Balance at December 31, 2015 $ 162 $ 460 $ 622 Charges to expense: Employee termination benefits 20 522 542 Other costs - 451 451 Total restructuring charges 20 973 993 Cash payments and non-cash charges: Cash payments (83) (1,184) (1,267) Balance at June 30, 2016 $ 99 $ 249 $ 348 As of June 30, 2016, termination costs and restructuring costs remained in accrued liabilities and are expected to be paid during the remainder of 2016. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
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. There is a reasonable possibility of loss from contingencies in excess of the amounts accrued by the Company in the accompanying condensed consolidated balance sheets; however, the actual amounts of such possible losses cannot currently be reasonably estimated by the Company at this time. It is possible that, as additional information becomes available, the impact on the Company could have a different effect. During the three and six months ended June 30, 2016, the Company received an arbitral award on agreed terms of $1,967 , related to certain claims against the former owner of PIEPS associated with the voluntary recall of all of the PIEPS VECTOR avalanche transceivers during the year ended December 31, 2013. This concludes the arbitration in its entirety. 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 for continuing operations of the Company for the three months ended June 30, 2016 and 2015 was $257 and $404 , respectively, and for the six months ended June 30, 2016 and 2015 was $622 and $843 , respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
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 of 25% . As of December 31, 2015, the Company’s gross deferred tax asset was $ 71,288 . The Company had recorded a valuation allowance of $62,915 , resulting in a net deferred tax asset of $ 8,373 , before deferred tax liabilities of $17,342 . The Company has provided a valuation allowance against a portion of the net deferred tax assets as of December 31, 2015, because the ultimate realization of those assets did not meet the more likely than not criteria. The majority of the Company’s deferred tax assets consist of net operating loss carryforwards for federal tax purposes. If a change in control were to occur, these could be limited under Section 382 of the Internal Revenue Code of 1986 (“Code”), as amended. In assessing the realizability of deferred income 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. 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 need for a valuation allowance is reassessed at each interim reporting period. During the year ended December 31, 2015, the Company recorded an increase to its valuation allowance of $47,287 . As of December 31, 2015, the Company had net operating loss, research and experimentation credit and alternative minimum tax credit carryforwards for U.S. federal income tax purposes of $ 166,206 ($ 294 relates to excess tax benefits related to share based payment compensation, which will not be recorded until an income tax payable exists), $ 1,408 and $ 56 , 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. The majority of the Company’s pre-tax income is currently earned and expected to be earned in the U.S., or taxed in the U.S. as Subpart F. income and will be offset with the NOL. NOLs available to offset taxable income, subject to compliance with Section 382 of the Code, begin to expire based upon the following schedule: Net Operating Loss Carryforward Expiration Dates December 31, 2015 Expiration Dates December 31, Net Operating Loss Amount 2021 $ 32,408 2022 115,000 2023 5,712 2024 3,566 2025 and beyond 9,520 Total 166,206 Excess stock based payment tax deductions (294) After limitations $ 165,912 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
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. The effective interest rate is approximately 14% . On April 7, 2011, Schiller Gregory Investment Company, LLC transferred its Merger Consideration Subordinated Note in equal amounts to the Robert R. Schiller Cornerstone Trust and the Deborah Schiller 2005 Revocable Trust. On June 24, 2013, the Robert R. Schiller Cornerstone Trust dated September 9, 2010 transferred its Merger Consideration Subordinated Note in the amount of $3,769 to the Robert R. Schiller 2013 Cornerstone Trust dated June 24, 2013. During the three and six months ended June 30, 2016, $182 and $363 in interest, respectively, was paid to Kanders GMP Holdings, LLC, and $94 and $188 in interest, respectively, was paid to the Robert R. Schiller 2013 Cornerstone Trust and the Deborah Schiller 2005 Revocable Trust pursuant to the outstanding Merger Consideration Subordinated Notes. On May 29, 2012 and August 13, 2012, five former employees of Gregory exercised certain sales rights and sold Merger Consideration Subordinated Notes in the aggregate principal amount of approximately $ 365 to Kanders GMP Holdings, LLC and in the aggregate principal amount of approximately $ 189 to Schiller Gregory Investment Company, LLC. During the three and six months ended June 30, 2016, $4 and $9 in interest, respectively, was paid to Kanders GMP Holdings, LLC, and $3 and $5 in interest, respectively, was paid to Schiller Gregory Investment Company, LLC, pursuant to these outstanding Merger Consideration Subordinated Notes. |
Nature Of Operations And Summ22
Nature Of Operations And Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
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 (which may be referred to as the “Company,” “we,” “us” or “our”) as of and for the three and six months ended June 30, 2016 and 2015, 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 only of normal recurring adjustments, except otherwise disclosed) necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. The results of the three and six months ended June 30, 2016 are not necessarily indicative of the results to be obtained for the year ending December 31, 2016. 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, 2015, filed with the Securities and Exchange Commission (the “Commission”). On May 28, 2010, we acquired Black Diamond Equipment, Ltd. (which may be referred to as “Black Diamond Equipment”) and Gregory Mountain Products, LLC (which may be referred to as “Gregory Mountain Products”, “Gregory” or “GMP”). On January 20, 2011, the Company changed its name from Clarus Corporation to Black Diamond, Inc., which we believe more accurately reflects our current business. In July 2012, we acquired POC Sweden AB and its subsidiaries (collectively, “POC”) and in October 2012, we acquired PIEPS Holding GmbH and its subsidiaries (collectively, “PIEPS”). On July 23, 2014, the Company and Gregory Mountain Products, 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 “Gregory Business”) pursuant to the terms of that certain Asset Purchase Agreement (the “GMP Purchase Agreement”), dated as of June 18, 2014, by and among the Company, Gregory and Samsonite. Under the terms of the GMP Purchase Agreement, Samsonite paid $84,135 in cash for Gregory’s assets comprising the Gregory Business and assumed certain specified liabilities (the “GMP Sale”). On March 16, 2015, the Company announced that it engaged Rothschild Inc. and Robert W. Baird & Co., Incorporated as financial advisors to lead an exploration of a full range of strategic alternatives, including a sale of the entire Company and the potential sales of the Company’s Black Diamond Equipment (including PIEPS) and POC brands in two separate transactions. On October 7, 2015, the Company and the Company’s wholly owned subsidiary, Ember Scandinavia AB (“Ember”), sold their respective equity interests in POC comprising POC’s business of designing, manufacturing, marketing, distributing and selling advanced-design helmets, body armor, goggles, eyewear, gloves, and apparel for action or “gravity sports,” such as skiing, snowboarding, and cycling pursuant to a Purchase Agreement (the “POC Purchase Agreement”), dated as of October 7, 2015, by and among the Company and Ember, as sellers, and Dainese S.p.A. and Dainese U.S.A., Inc. (collectively “Dainese”), as purchasers. Under the terms of the POC Purchase Agreement, Dainese paid $63,639 in cash for POC (the “POC Disposition”). Furthermore, the activities of POC have been segregated and reported as discontinued operations for all periods presented. See Note 2, below. On October 8, 2015, the Company announced the completion of the POC Disposition resulting in the conclusion of the Company’s review of strategic alternatives. On November 9, 2015, the Company announced that it engaged Rothschild Inc. as a financial advisor to assist the Company to seek to redeploy our significant cash balances to invest in high-quality, durable, cash flow-producing assets potentially unrelated to the outdoor industry in order to diversify our business and potentially monetize our substantial net operating losses as part of our asset redeployment and diversification strategy. We intend to focus our search primarily in the United States, although we will also evaluate international investment opportunities should we find such opportunities attractive. |
Nature Of Business | Nature of Business Black Diamond, Inc., through its ownership of Black Diamond Equipment, Ltd., is a global leader in designing, manufacturing and marketing innovative active outdoor performance equipment and apparel for climbing, mountaineering, backpacking, skiing and a wide range of other year-round outdoor recreation activities. Our principal brands include Black Diamond® and PIEPS™ and are targeted not only to the demanding requirements of core climbers, skiers and alpinists, 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® and PIEPS™ brands are iconic in the active outdoor and ski industries, and linked intrinsically with the modern history of these sports. 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. We offer a broad range of products including: high performance apparel (such as jackets, shells, pants and bibs); rock-climbing equipment (such as carabiners, protection devices, harnesses, belay devices, helmets and ice-climbing gear); technical backpacks and high-end day packs; tents; trekking poles; headlamps and lanterns; and gloves and mittens. We also offer advanced skis, ski poles, ski bindings, ski skins, and ski safety products, including avalanche airbag systems, avalanche transceivers, shovels and probes. |
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 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 | Accounting Pronouncements Issued Not Yet Adopted In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 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 annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted, but not before the original effective date (periods beginning after December 15, 2016). 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 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 on the Company’s consolidated statements and related disclosures. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory , which changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value for entities that do not measure inventory using the last-in, first-out or retail inventory method. The ASU also eliminates the requirement for these entities to consider replacement cost or net realizable value less an approximately normal profit margin when measuring inventory. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. The ASU requires prospective adoption and permits early adoption. 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 February 2016, the FASB issued ASU 2016-02, Leases , which revises the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases with terms greater than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The provisions of ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. 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 March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU changes several aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. The ASU is effective for annual and interim reporting periods beginning after December 15, 2016 with early adoption permitted. The Company is currently evaluating the impact of adoption of this ASU will have on the Company’s consolidated financial statements and related disclosures. In April 2016, the FASB issued ASU 2016-10 , Identifying Performance Obligations and Licensing. ASU 2016-10 amends the guidance in ASU 2014-09, Revenue from Contracts with Customers , about identifying performance obligations and accounting for licenses of intellectual property. The provisions of ASU 2016-10 are effective on adoption of ASU 2014-09. The Company is evaluating the effect that ASU 2016-10 will have on its consolidated financial statements and related disclosures. The Company has not determined the effect of the standard on its ongoing financial reporting. In May 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients . ASU 2016-12 makes narrow-scope amendments to ASU 2014-09, Revenue from Contracts with Customers , and provides practical expedients to simplify the transition to the new standard and to clarify certain aspects of the standard. The provisions of ASU 2016-12 are effective on adoption of ASU 2014-09. The Company is evaluating the effect that ASU 2016-12 will have on its consolidated financial statements and related disclosures. The Company has not determined the effect of the standard on its ongoing financial reporting. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations [Abstract] | |
Summarized Discontinued Operations of Income Statement | Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Sales $ - $ 5,026 $ - $ 13,408 Cost of goods sold - (2,682) - (6,889) Selling, general and administrative - (3,987) - (8,059) Transaction costs - (446) - (581) Interest expense, net - (13) - (29) Other, net - (35) - 191 Loss from operations of discontinued operations - (2,137) - (1,959) Gain on sale of discontinued operations - - - - Loss before taxes - (2,137) - (1,959) Income tax benefit - (530) - (422) Loss from discontinued operations, net of tax $ - $ (1,607) $ - $ (1,537) |
Summarized Discontinued Operations of Cash Flows | Six Months Ended June 30, 2016 June 30, 2015 Depreciation of property and equipment - 277 Amortization of intangible assets - 643 Stock-based compensation - 136 Purchase of property and equipment - (324) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Inventories | June 30, 2016 December 31, 2015 Finished goods $ 37,443 $ 43,117 Work-in-process 2,189 1,730 Raw materials and supplies 7,196 6,649 $ 46,828 $ 51,496 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | June 30, 2016 December 31, 2015 Land $ 2,850 $ 2,850 Building and improvements 4,151 4,093 Furniture and fixtures 3,066 3,320 Computer hardware and software 4,687 4,729 Machinery and equipment 10,328 9,790 Construction in progress 1,113 477 26,195 25,259 Less accumulated depreciation (15,125) (14,469) $ 11,070 $ 10,790 |
Goodwill And Other Intangible26
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill And Other Intangible Assets [Abstract] | |
Schedule Of Indefinite Lived Intangible Assets | Balance at December 31, 2015 $ 22,644 Impact of foreign currency exchange rates 55 Balance at June 30, 2016 $ 22,699 |
Schedule Of Definite Lived Intangible Assets, Net | Gross balance at December 31, 2015 $ 17,130 Impact of foreign currency exchange rates 79 Gross balance at June 30, 2016 $ 17,209 |
Schedule Of Intangible Assets, Net Of Amortization | June 30, 2016 December 31, 2015 Customer lists and relationships $ 14,069 $ 14,026 Product technologies 2,193 2,157 Core technologies 947 947 17,209 17,130 Less accumulated amortization (6,760) (6,196) $ 10,449 $ 10,934 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Long-Term Debt [Abstract] | |
Components Of Long-Term Debt | June 30, 2016 December 31, 2015 Revolving credit facilities (a) $ - $ - 5% Senior Subordinated Notes due 2017 (refer to Note 16) 22,610 22,610 Term note (b) 107 105 Unamortized discount (1,729) (2,582) 20,988 20,133 Less current portion (20,988) - $ - $ 20,133 |
Other Long-Term Liabilites (Tab
Other Long-Term Liabilites (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Long-Term Liabilities [Abstract] | |
Significant Assumptions Used for Defined Benefit Pension Plan | June 30, 2016 December 31, 2015 Discount rate 1.0 % 1.0 % Expected long-term return on plan assets 2.2 % 2.2 % Rate of compensation increase 2.0 % 2.0 % |
Derivative Financial Instrume29
Derivative Financial Instruments - (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Financial Instruments [Abstract] | |
Schedule Of Contracts Designated And Not Designated As Hedged Instruments | June 30, 2016 Notional Latest Amount Maturity Foreign exchange contracts – Canadian Dollars 8,955 August 2017 December 31, 2015 Notional Latest Amount Maturity Foreign exchange contracts – Canadian Dollars 1,302 February 2016 Foreign exchange contracts – British Pounds 2,047 February 2017 Foreign exchange contracts – Euros 13,295 February 2017 Foreign exchange contracts – Swiss Francs 17,738 February 2017 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 loss and reclassified to sales in the period the underlying hedged transaction is recognized in earnings. Gains (losses) of $ (202 ) and $ 997 were reclassified to sales during the three months ended June 30, 2016 and 2015, respectively, and $(343) and $2,596 were reclassified to sales during the six months ended June 30, 2016 and 2015, respectively. Gains of $61 and $168 were reclassified to discontinued operations, net of tax, during the three and six months ended June 30, 2015, respectively. The Company held the following contracts not designated as hedged instruments as of June 30, 2016. There were no derivative contracts not designated as hedged instruments as of December 31, 2015. June 30, 2016 Notional Latest Amount Maturity Foreign exchange contracts – British Pounds 1,104 February 2017 Foreign exchange contracts – Euros 8,678 February 2017 Foreign exchange contracts – Swiss Francs 10,993 February 2017 |
Schedule Of Derivative Instruments Fair Value And Balance Sheet Classification | Classification June 30, 2016 December 31, 2015 Derivative instruments in asset positions: Forward exchange contracts Prepaid and other current assets $ 235 $ 893 Forward exchange contracts Other long-term assets $ 3 $ 12 Derivative instruments in liability positions: Forward exchange contracts Accounts payable and accrued liabilities $ 583 $ - Forward exchange contracts Other long-term liabilities $ - $ 25 |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Components Of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Marketable Securities Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2015 $ (107) $ (1,035) $ (68) $ (1,210) Other comprehensive income (loss) before reclassifications 175 251 (462) (36) Amounts reclassified from other comprehensive income - 95 385 480 Net current period other comprehensive income (loss) 175 346 (77) 444 Balance as of June 30, 2016 $ 68 $ (689) $ (145) $ (766) |
Reclassification Out Of Accumulated Other Comprehensive Income | Losses reclassified from AOCI to the Consolidated Statement of Comprehensive Loss Affected line item in the Condensed Consolidated Statement of Comprehensive Loss For the Three Months Ended June 30, 2016 For the Six Months Ended June 30, 2016 Foreign exchange contracts: Sales $ (202) $ (343) Other, net (42) (42) Amount reclassified, net of tax $ (244) $ (385) Foreign currency translation adjustments: Other, net $ (117) $ (95) Total reclassifications from AOCI $ (361) $ (480) |
Fair Value Of Measurements (Tab
Fair Value Of Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Of Measurements [Abstract] | |
Schedule Of Assets And Liabilities Measured On A Recurring Basis | June 30, 2016 Level 1 Level 2 Level 3 Total Assets Marketable securities $ 10,101 $ - $ - $ 10,101 Forward exchange contracts - 238 - 238 $ 10,101 $ 238 $ - $ 10,339 Liabilities Forward exchange contracts $ - $ 583 $ - $ 583 $ - $ 583 $ - $ 583 December 31, 2015 Level 1 Level 2 Level 3 Total Assets Marketable securities $ 9,824 $ - $ - $ 9,824 Forward exchange contracts - 905 - 905 $ 9,824 $ 905 $ - $ 10,729 Liabilities Forward exchange contracts $ - $ 25 $ - $ 25 $ - $ 25 $ - $ 25 |
Schedule Of Assets And Liabilities Measured On A Nonrecurring Basis | December 31, 2015 Level 1 Level 2 Level 3 Total Total Losses Goodwill $ - $ - $ - $ - $ 29,507 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Reconciliation Of Basic And Diluted Shares Of Common Stock Outstanding Used In Calculation Of Earnings Per Share | Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Weighted average shares outstanding – basic 30,617 32,723 30,758 32,714 Effect of dilutive stock awards - - - - Weighted average shares outstanding – diluted 30,617 32,723 30,758 32,714 Loss from continuing operations per share: Basic $ (0.10) $ (0.12) $ (0.23) $ (0.17) Diluted (0.10) (0.12) (0.23) (0.17) Loss from discontinued operations per share: Basic $ - $ (0.05) $ - $ (0.05) Diluted - (0.05) - (0.05) Net loss per share: Basic $ (0.10) $ (0.17) $ (0.23) $ (0.22) Diluted (0.10) (0.17) (0.23) (0.22) |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation Plan [Abstract] | |
Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards | Options Granted During the Six Months Ended June 30, 2016 Number of options 38 Option vesting period 1 Year Grant price $4.39 Dividend yield 0.00% Expected volatility (a) 44.60% Risk-free interest rate 1.23% Expected life (years) (b) 5.31 Weighted average fair value $1.81 (a) Expected volatility is based upon the Company’s historical volatility. (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) | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring [Abstract] | |
Schedule of Restructuring and Related Costs | 2014 Restructuring Plan 2015 Restructuring Plan Total Restructuring Balance at December 31, 2015 $ 162 $ 460 $ 622 Charges to expense: Employee termination benefits 20 522 542 Other costs - 451 451 Total restructuring charges 20 973 993 Cash payments and non-cash charges: Cash payments (83) (1,184) (1,267) Balance at June 30, 2016 $ 99 $ 249 $ 348 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Income Taxes [Abstract] | |
Summary Of Tax Credit Carryforwards | Net Operating Loss Carryforward Expiration Dates December 31, 2015 Expiration Dates December 31, Net Operating Loss Amount 2021 $ 32,408 2022 115,000 2023 5,712 2024 3,566 2025 and beyond 9,520 Total 166,206 Excess stock based payment tax deductions (294) After limitations $ 165,912 |
Nature Of Operations And Summ36
Nature Of Operations And Summary Of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Oct. 07, 2015 | Jul. 23, 2014 |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Allowance for doubtful accounts | $ 336 | $ 184 | ||
Gregory Mountain Products, Inc. [Member] | ||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 84,135 | |||
POC [Member] | ||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 63,639 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | Oct. 07, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jul. 23, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ (921) | |||||
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 | |||||
POC [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 63,639 | |||||
Discontinued Operation, Transaction Fees | 2,946 | |||||
Cash sold | 739 | |||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 60,693 | |||||
Working capital adjustment | $ 921 | |||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 8,436 | |||||
Transition services | $ 79 | $ 324 |
Discontinued Operations (Summar
Discontinued Operations (Summarized Discontinued Operations of Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loss from discontinued operations, net | $ (1,607) | $ (1,537) |
GMP and POC [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sales | 5,026 | 13,408 |
Cost of goods sold | (2,682) | (6,889) |
Selling, general and administrative | (3,987) | (8,059) |
Transaction costs | (446) | (581) |
Interest expense, net | (13) | (29) |
Other, net | (35) | 191 |
Loss from operations of discontinued operations | (2,137) | (1,959) |
Loss before taxes | (2,137) | (1,959) |
Income tax benefit | (530) | (422) |
Loss from discontinued operations, net | $ (1,607) | $ (1,537) |
Discontinued Operations (Summ39
Discontinued Operations (Summarized Discontinued Operations of Cash Flows) (Details) - GMP and POC [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Depreciation of property and equipment | $ 277 |
Amoritzation of intangible assets | 643 |
Stock-based compensation | 136 |
Purchase of property and equipment | $ (324) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Finished goods | $ 37,443 | $ 43,117 |
Work-in-process | 2,189 | 1,730 |
Raw materials and supplies | 7,196 | 6,649 |
Inventories | $ 46,828 | $ 51,496 |
Property And Equipment (Propert
Property And Equipment (Property And Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Property And Equipment [Abstract] | ||
Land | $ 2,850 | $ 2,850 |
Buildings and improvements | 4,151 | 4,093 |
Furniture and fixtures | 3,066 | 3,320 |
Computer hardware and software | 4,687 | 4,729 |
Machinery and equipment | 10,328 | 9,790 |
Construction in progress | 1,113 | 477 |
Property and equipment, gross | 26,195 | 25,259 |
Less accumulated depreciation | (15,125) | (14,469) |
Property and equipment | $ 11,070 | $ 10,790 |
Goodwill And Other Intangible42
Goodwill And Other Intangible Assets (Schedule Of Indefinite Lived Intangible Assets) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Acquisitions [Abstract] | |
Balance at December 31, 2015 | $ 22,644 |
Impact of foreign currency exchange rates | 55 |
Balance at June 30, 2016 | $ 22,699 |
Goodwill And Other Intangible43
Goodwill And Other Intangible Assets (Schedule Of Definite Lived Intangible Assets, Net) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Acquisitions [Abstract] | |
Gross balance at December 31, 2015 | $ 17,130 |
Impact of foreign currency exchange rates | 79 |
Gross balance at June 30, 2016 | $ 17,209 |
Goodwill And Other Intangible44
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets, Net Of Amortization) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 17,209 | $ 17,130 |
Less accumulated amortization | (6,760) | (6,196) |
Intangible assets, net | 10,449 | 10,934 |
Customer Lists And Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 14,069 | 14,026 |
Product Technologies [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 2,193 | 2,157 |
Core Technologies [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 947 | $ 947 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | May 28, 2010 | Jun. 30, 2016 | Dec. 31, 2015 |
Line Of Credit Facility And Long Term Debt [Line Items] | |||
Subordinated Debt | $ 22,610 | $ 22,610 | |
Subordinated Borrowing, Interest Rate | 5.00% | ||
Credit facility maximum borrowing capacity | 20,000 | ||
Revolving Credit Facility [Member] | |||
Line Of Credit Facility And Long Term Debt [Line Items] | |||
Line of credit facility, amount outstanding | $ 0 | ||
Government Entity And Other Financial Institutions [Member] | |||
Line Of Credit Facility And Long Term Debt [Line Items] | |||
Interest rate range, minimum | 0.75% |
Long-Term Debt (Components Of L
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Thousands | May 28, 2010 | Jun. 30, 2016 | Dec. 31, 2015 |
Line Of Credit Facility And Long Term Debt [Line Items] | |||
5% Senior Subordinated Notes due 2017 (refer to Note 16) | $ 22,610 | $ 22,610 | |
Term note | 107 | 105 | |
Unamortized discount | (1,729) | (2,582) | |
Total carrying amount of long-term debt | 20,988 | 20,133 | |
Less current portion | (20,988) | ||
Long-term debt, net | $ 20,133 | ||
Unsecured Subordinated Notes, interest rate | 5.00% | ||
Revolving Credit Facility [Member] | |||
Line Of Credit Facility And Long Term Debt [Line Items] | |||
Credit facility | $ 0 |
Other Long-Term Liabilites (Nar
Other Long-Term Liabilites (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Liabilities, Other than Long-term Debt, Noncurrent | ||
Other long-term liabilities | $ 696 | $ 2,042 |
Defined benefit pension plan liability | 368 | 1,689 |
Insurance settlements receivable | $ 368 | $ 1,689 |
Other Long-Term Liabilites (Sig
Other Long-Term Liabilites (Significant Assumptions Used for Defined Benefit Pension Plan) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Other Long-Term Liabilities [Abstract] | ||
Discount rate | 1.00% | 1.00% |
Expected long-term return on plan assets | 2.20% | 2.20% |
Rate of compensation increase | 2.00% | 2.00% |
Derivative Financial Instrume49
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Maximum net exposure to counterparty | $ 345 | ||||
Sales | $ 29,142 | $ 30,053 | 67,349 | $ 71,934 | |
Discontinued operations, net of tax | (1,607) | (1,537) | |||
Other, net | (32) | 127 | 404 | (350) | |
Accumulated derivative instrument gain | (145) | (145) | $ (68) | ||
Adjustment to accumulated other comprehensive income | (635) | 1,142 | 77 | (111) | |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Cash Flow Hedges [Member] | |||||
Sales | (202) | 997 | (343) | 2,596 | |
Discontinued operations, net of tax | $ 61 | $ 168 | |||
Other, net | $ (42) | $ (42) |
Derivative Financial Instrume50
Derivative Financial Instruments (Schedule Of Contracts Designated As Hedged Instruments) (Details) € in Thousands, £ in Thousands, SFr in Thousands, CAD in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2016CAD | Dec. 31, 2015GBP (£) | Jun. 30, 2016USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015CHF (SFr) | Dec. 31, 2015CAD | Dec. 31, 2015USD ($) | |
Not Designated as Hedging Instrument [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Foreign exchange contracts, Notional Amount | $ 0 | ||||||
Canadian Dollars [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Foreign exchange contracts, Notional Amount | CAD | CAD 8,955 | CAD 1,302 | |||||
Canadian Dollars [Member] | Designated as Hedging Instrument [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Derivative, Maturity Date | Aug. 1, 2017 | Feb. 1, 2016 | |||||
British Pounds [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Foreign exchange contracts, Notional Amount | £ | £ 2,047 | ||||||
British Pounds [Member] | Designated as Hedging Instrument [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Derivative, Maturity Date | Feb. 1, 2017 | ||||||
British Pounds [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Foreign exchange contracts, Notional Amount | $ 1,104 | ||||||
Derivative, Maturity Date | Feb. 1, 2017 | ||||||
Euro [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Foreign exchange contracts, Notional Amount | € | € 13,295 | ||||||
Euro [Member] | Designated as Hedging Instrument [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Derivative, Maturity Date | Feb. 1, 2017 | ||||||
Euro [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Foreign exchange contracts, Notional Amount | 8,678 | ||||||
Derivative, Maturity Date | Feb. 1, 2017 | ||||||
Swiss Francs [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Foreign exchange contracts, Notional Amount | SFr | SFr 17,738 | ||||||
Swiss Francs [Member] | Designated as Hedging Instrument [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Derivative, Maturity Date | Feb. 1, 2017 | ||||||
Swiss Francs [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Foreign Exchange Contracts [Line Items] | |||||||
Foreign exchange contracts, Notional Amount | $ 10,993 | ||||||
Derivative, Maturity Date | Feb. 1, 2017 |
Derivative Financial Instrume51
Derivative Financial Instruments (Schedule Of Derivative Instruments Fair Value And Balance Sheet Classification) (Details) - Forward exchange contracts [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Prepaid And Other Current Assets [Member] | ||
Derivative instruments in asset positions, Forward exchange contracts | $ 235 | $ 893 |
Other Long-Term Assets [Member] | ||
Derivative instruments in asset positions, Forward exchange contracts | 3 | 12 |
Accounts Payable And Accrued Liabilities [Member] | ||
Derivative instruments in liability positions, Forward exchange contracts | $ 583 | |
Other Long-Term Liabilities [Member] | ||
Derivative instruments in liability positions, Forward exchange contracts | $ 25 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Income (Components Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance as of December 31, 2015 | $ (1,210) | |||
Other comprehensive income (loss) before reclassifications | (36) | |||
Amounts reclassified from other comprehensive income (loss) | 480 | |||
Net current period other comprehensive income (loss) | $ 384 | $ 901 | 444 | $ (3,458) |
Balance as of June 30, 2016 | (766) | (766) | ||
Unrealized gains (losses) on Marketable Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance as of December 31, 2015 | (107) | |||
Other comprehensive income (loss) before reclassifications | 175 | |||
Net current period other comprehensive income (loss) | 175 | |||
Balance as of June 30, 2016 | 68 | 68 | ||
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance as of December 31, 2015 | (1,035) | |||
Other comprehensive income (loss) before reclassifications | 251 | |||
Amounts reclassified from other comprehensive income (loss) | 95 | |||
Net current period other comprehensive income (loss) | 346 | |||
Balance as of June 30, 2016 | (689) | (689) | ||
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance as of December 31, 2015 | (68) | |||
Other comprehensive income (loss) before reclassifications | (462) | |||
Amounts reclassified from other comprehensive income (loss) | 385 | |||
Net current period other comprehensive income (loss) | (77) | |||
Balance as of June 30, 2016 | $ (145) | $ (145) |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Income (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Sales | $ 29,142 | $ 30,053 | $ 67,349 | $ 71,934 |
Less: Income tax expense | 479 | (1,993) | 341 | (2,307) |
Discontinued operations, net of tax | (1,607) | (1,537) | ||
Total reclassificaitons from AOCI | (480) | |||
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassificaitons from AOCI | (385) | |||
Foreign Currency Translation Adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassificaitons from AOCI | (95) | |||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassificaitons from AOCI | (361) | (480) | ||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Sales | (202) | 997 | (343) | 2,596 |
Other, net | (42) | (42) | ||
Discontinued operations, net of tax | $ 61 | $ 168 | ||
Total reclassificaitons from AOCI | (244) | (385) | ||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Foreign Currency Translation Adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other, net | $ (117) | $ (95) |
Fair Value Of Measurements (Sch
Fair Value Of Measurements (Schedule Of Assets And Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 10,101 | $ 9,824 |
Forward exchange contract, asset, fair value | 238 | 905 |
Forward exchange contract, liability, fair value | 583 | 25 |
Assets fair value | 10,339 | 10,729 |
Liabilities fair value | 583 | 25 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 10,101 | 9,824 |
Forward exchange contract, asset, fair value | ||
Forward exchange contract, liability, fair value | ||
Assets fair value | 10,101 | 9,824 |
Liabilities fair value | ||
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Forward exchange contract, asset, fair value | 238 | 905 |
Forward exchange contract, liability, fair value | 583 | 25 |
Assets fair value | 238 | 905 |
Liabilities fair value | 583 | 25 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | ||
Forward exchange contract, asset, fair value | ||
Forward exchange contract, liability, fair value | ||
Assets fair value | ||
Liabilities fair value |
Fair Value Of Measurements (S55
Fair Value Of Measurements (Schedule Of Assets And Liabilities Measured On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value | $ 10,729 | $ 10,339 |
Liabilities fair value | 25 | 583 |
Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value | 0 | |
Liabilities fair value | 0 | |
Goodwill | ||
Goodwill, Losses | 29,507 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value | 9,824 | 10,101 |
Liabilities fair value | ||
Level 1 [Member] | Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill | ||
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value | 905 | 238 |
Liabilities fair value | 25 | 583 |
Level 2 [Member] | Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill | ||
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value | ||
Liabilities fair value | ||
Level 3 [Member] | Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill |
Earnings Per Share - (Narrative
Earnings Per Share - (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, number of shares | 2,364 | 3,323 | 2,378 | 3,365 |
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) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average number of shares outstanding - basic | 30,617 | 32,723 | 30,758 | 32,714 |
Effect of dilutive stock awards | ||||
Weighted average number of shares outstanding - diluted | 30,617 | 32,723 | 30,758 | 32,714 |
Loss from continuing operations per share, Basic | $ (0.10) | $ (0.12) | $ (0.23) | $ (0.17) |
Loss from continuing operations per share, Diluted | (0.10) | (0.12) | (0.23) | (0.17) |
Loss from discontinued operations per share, Basic | (0.05) | (0.05) | ||
Loss from discontinued operations per share, Diluted | (0.05) | (0.05) | ||
Basic net loss per share | (0.10) | (0.17) | (0.23) | (0.22) |
Diluted net loss per share | $ (0.10) | $ (0.17) | $ (0.23) | $ (0.22) |
Stock-Based Compensation Plan58
Stock-Based Compensation Plan (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock-Based Compensation Plan [Abstract] | ||||
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 | 38 | |||
Allocated Share-based Compensation Expense | $ 115 | $ 531 | $ 151 | $ 902 |
Unrecognized compensation cost related to unvested stock options | $ 703 | $ 703 | ||
Unvested restricted stock awards | 290 | 290 | ||
Unvested stock options | 260 | 260 | ||
Unrecognized compensation cost related to unvested restricted stock awards | $ 37 | $ 37 |
Stock-Based Compensation Plan59
Stock-Based Compensation Plan (Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards) (Details) shares in Thousands | 6 Months Ended | |
Jun. 30, 2016$ / sharesshares | ||
Stock-Based Compensation Plan [Abstract] | ||
Options granted | shares | 38 | |
Vesting period | 1 year | |
Grant price | $ 4.39 | |
Dividend yield | 0.00% | |
Expected Volatility | 44.60% | [1] |
Risk-free interest rate | 1.23% | |
Expected life (years) | 5 years 3 months 22 days | [2] |
Weighted average fair value | $ 1.81 | |
[1] | Expected volatility is based upon the Company's historical volatility. | |
[2] | 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 - (Narrative) (De
Restructuring - (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 531 | $ 1,408 | $ 993 | $ 1,876 |
2014 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 20 | $ 1,408 | 20 | $ 1,876 |
Cumulative restructuring charges | 5,959 | |||
2015 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 511 | 973 | ||
Cumulative restructuring charges | $ 1,992 |
Restructuring - (Schedule of Re
Restructuring - (Schedule of Restructuring and Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | $ 622 | |||
Restructuring charges | $ 531 | $ 1,408 | 993 | $ 1,876 |
Cash payments | (1,267) | |||
Restructuring Reserve, Ending Balance | 348 | 348 | ||
2014 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 162 | |||
Restructuring charges | 20 | $ 1,408 | 20 | $ 1,876 |
Cash payments | (83) | |||
Restructuring Reserve, Ending Balance | 99 | 99 | ||
2015 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 460 | |||
Restructuring charges | 511 | 973 | ||
Cash payments | (1,184) | |||
Restructuring Reserve, Ending Balance | $ 249 | 249 | ||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 542 | |||
Employee Severance [Member] | 2014 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 20 | |||
Employee Severance [Member] | 2015 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 522 | |||
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 451 | |||
Other Restructuring [Member] | 2015 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 451 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Business Agreement Termination [Line Items] | ||||
Total rent expense | $ 257 | $ 404 | $ 622 | $ 843 |
Arbitration award | $ 1,967 | 1,967 | ||
PIEPS VECTOR Avalanche Transceivers [Member] | ||||
Business Agreement Termination [Line Items] | ||||
Arbitration award | $ 1,967 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2016 | |
Income Taxes [Abstract] | ||
Foreign statutory tax rate, foreign operations | 25.00% | |
Gross deferred tax asset | $ 71,288 | |
Valuation allowance | 62,915 | |
Net deferred tax asset | 8,373 | |
Deferred tax liabilities, gross | 17,342 | |
Change in valuation allowance for deferred income taxes | 47,287 | |
Net operating loss carryforwards for U.S. federal income tax purposes | 166,206 | |
Tax windfall | 294 | |
Research and experimentation credit carryforwards | 1,408 | |
Alternative minimum tax credit carryforwards | $ 56 | |
AMT percentage | 20.00% | |
Maximum percentage of income offset by available NOLs | 90.00% | |
Net operating loss carryforwards, net of limitations | $ 165,912 |
Income Taxes (Summary Of Tax Cr
Income Taxes (Summary Of Tax Credit Carryforwards) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Tax Credit Carryforward [Line Items] | |
Total net operating loss amount | $ 166,206 |
Tax windfall | (294) |
After limitations | 165,912 |
Operating loss carryforward expiration year 2021 | |
Tax Credit Carryforward [Line Items] | |
Net operating loss amount | 32,408 |
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 and beyond | |
Tax Credit Carryforward [Line Items] | |
Net operating loss amount | $ 9,520 |
Related Party Transactions - (N
Related Party Transactions - (Narrative) (Details) - USD ($) $ in Thousands | May 28, 2010 | Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 24, 2013 | May 29, 2012 |
Related Party Transactions [Line Items] | ||||||
Subordinated Debt | $ 22,610 | $ 22,610 | $ 22,610 | |||
5% Unsecured Subordinated Notes | 22,610 | 22,610 | $ 22,610 | |||
Subordinated debt interest rate | 5.00% | |||||
Subordinated debt effective interest rate | 14.00% | |||||
Kanders GMP Holdings, LLC [Member] | ||||||
Related Party Transactions [Line Items] | ||||||
Subordinated Debt | $ 14,517 | $ 365 | ||||
Interest paid on transferred subordinated note | 182 | 363 | ||||
Interest paid on Gregory employees subordinated notes | 4 | 9 | ||||
5% Unsecured Subordinated Notes | 14,517 | 365 | ||||
Discounted subordinated notes | 8,640 | |||||
Schiller Gregory Investment Company, LLC [Member] | ||||||
Related Party Transactions [Line Items] | ||||||
Subordinated Debt | 7,539 | 189 | ||||
Interest paid on Gregory employees subordinated notes | 3 | 5 | ||||
5% Unsecured Subordinated Notes | 7,539 | $ 189 | ||||
Discounted subordinated notes | 4,487 | |||||
Former Employees [Member] | ||||||
Related Party Transactions [Line Items] | ||||||
Subordinated Debt | 554 | |||||
5% Unsecured Subordinated Notes | 554 | |||||
Discounted subordinated notes | $ 316 | |||||
Robert R. Schiller 2013 Cornerstone Trust and the Deborah Schiller 2005 Revocable Trust [Member] | ||||||
Related Party Transactions [Line Items] | ||||||
Interest paid on transferred subordinated note | $ 94 | $ 188 | ||||
Robert R. Schiller 2013 Cornerstone Trust [Member] | ||||||
Related Party Transactions [Line Items] | ||||||
Subordinated Debt | $ 3,769 | |||||
5% Unsecured Subordinated Notes | $ 3,769 |