Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | UFP TECHNOLOGIES INC | |
Entity Central Index Key | 914,156 | |
Trading Symbol | ufpt | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 7,228,048 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 30,118 | $ 29,804 |
Receivables, less allowance for doubtful accounts of $597 at September 30, 2016 and $499 at December 31, 2015 | 22,307 | 17,481 |
Inventories | 14,568 | 14,202 |
Prepaid expenses | 2,161 | 930 |
Refundable income taxes | 481 | 1,186 |
Total current assets | 69,635 | 63,603 |
Property, plant and equipment | 96,390 | 90,564 |
Less accumulated depreciation and amortization | (47,628) | (44,009) |
Net property, plant and equipment | 48,762 | 46,555 |
Goodwill | 7,322 | 7,322 |
Intangible assets, net | 397 | 636 |
Other assets | 1,927 | 1,834 |
Total assets | 128,043 | 119,950 |
Current liabilities: | ||
Accounts payable | 5,106 | 4,598 |
Accrued expenses | 5,372 | 5,374 |
Current installments of long-term debt | 1,028 | 1,011 |
Total current liabilities | 11,506 | 10,983 |
Long-term debt, excluding current installments | 84 | 859 |
Deferred income taxes | 3,107 | 2,883 |
Other liabilities | 1,858 | 1,653 |
Total liabilities | 16,555 | 16,378 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value. Authorized 1,000,000 shares; zero shares issued or outstanding | ||
Common stock, $.01 par value. Authorized 20,000,000 shares; issued and outstanding 7,228,048 at September 30, 2016 and 7,170,377 at December 31, 2015 | 72 | 72 |
Additional paid-in capital | 25,142 | 23,705 |
Retained earnings | 86,861 | 80,382 |
Treasury stock at cost - 29,559 at September 30, 2016 and December 31, 2015 | (587) | (587) |
Total stockholders’ equity | 111,488 | 103,572 |
Total liabilities and stockholders' equity | $ 128,043 | $ 119,950 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts receivable | $ 597 | $ 499 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 7,228,048 | 7,170,377 |
Common stock, shares outstanding (in shares) | 7,228,048 | 7,170,377 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 37,220 | $ 34,441 | $ 109,626 | $ 104,917 |
Cost of sales | 28,768 | 24,931 | 83,161 | 76,475 |
Gross profit | 8,452 | 9,510 | 26,465 | 28,442 |
Selling, general & administrative expenses | 6,027 | 5,604 | 18,402 | 18,404 |
Restructuring costs | 25 | 851 | 203 | 959 |
Material overcharge settlement | (1,681) | (2,114) | ||
Gain on sale of fixed assets | (4) | (31) | ||
Operating income | 4,081 | 3,055 | 9,978 | 9,110 |
Interest income (expense), net | 25 | 9 | 51 | (7) |
Income before income tax expense | 4,106 | 3,064 | 10,029 | 9,103 |
Income tax expense | 1,437 | 1,072 | 3,550 | 3,186 |
Net income | $ 2,669 | $ 1,992 | $ 6,479 | $ 5,917 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.37 | $ 0.28 | $ 0.90 | $ 0.83 |
Diluted (in dollars per share) | $ 0.37 | $ 0.28 | $ 0.89 | $ 0.82 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 7,225 | 7,131 | 7,213 | 7,108 |
Diluted (in shares) | 7,312 | 7,230 | 7,294 | 7,212 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 6,479 | $ 5,917 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,109 | 3,507 |
Gain on sale of fixed assets | (4) | (31) |
Share-based compensation | 871 | 873 |
Excess tax benefit on share-based compensation | (126) | (219) |
Deferred income taxes | 224 | 283 |
Changes in operating assets and liabilities: | ||
Receivables, net | (4,826) | (2,785) |
Inventories | (366) | (642) |
Prepaid expenses | (1,231) | (682) |
Refundable income taxes | 831 | 2,503 |
Other assets | (93) | 105 |
Accounts payable | 508 | (666) |
Accrued expenses | (2) | 1,220 |
Other liabilities | 205 | (136) |
Net cash provided by operating activities | 6,579 | 9,247 |
Cash flows from investing activities: | ||
Additions to property, plant, and equipment | (6,077) | (13,003) |
Proceeds from sale of fixed assets | 4 | 31 |
Net cash used in investing activities | (6,073) | (12,972) |
Cash flows from financing activities: | ||
Principal repayments of long-term debt | (758) | (745) |
Proceeds from exercise of stock options, net of attestation | 529 | 220 |
Excess tax benefit on share-based compensation | 126 | 219 |
Repurchases of common stock | (587) | |
Payment of statutory withholdings for stock options exercised and restricted stock units vested | (89) | (79) |
Net cash used in financing activities | (192) | (972) |
Net increase (decrease) in cash and cash equivalents | 314 | (4,697) |
Cash and cash equivalents at beginning of period | 29,804 | 34,052 |
Cash and cash equivalents at end of period | $ 30,118 | $ 29,355 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | (1) Basis of Presentation The interim condensed consolidated financial statements of UFP Technologies, Inc. (the “Company”) presented herein, have been prepared pursuant to the rules of the Securities and Exchange Commission for quarterly reports on Form 10-Q and do not include all the information and note disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2015, included in the Company's 2015 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. The condensed consolidated balance sheet as of September 30, 2016, the condensed consolidated statements of income for the three- and nine-month periods ended September 30, 2016 and 2015, and the condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2016 and 2015 are unaudited but, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of results for these interim periods. The condensed consolidated balance sheet as of December 31, 2015 has been derived from the Company’s annual financial statements that were audited by an independent registered public accounting firm, but does not include all of the information and footnotes required for complete annual financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three- and nine-month periods ended September 30, 2016 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2016. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-09, Improvements to Employee Share Based Payment Accounting |
Note 2 - Supplemental Cash Flow
Note 2 - Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | (2) Supplemental Cash Flow Information Cash paid (received) for interest and income taxes is as follows (in thousands): Nine Months Ended September 30, 2016 2015 Interest, net $ (53 ) $ 5 Income taxes, net of refunds $ 2,178 $ 400 |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (3) Fair Value of Financial Instruments The Company has financial instruments, such as accounts receivable, accounts payable, and accrued expenses, which are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the estimated borrowing rate currently available to the Company |
Note 4 - Share-based Compensati
Note 4 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (4) Share-Based Compensation Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended December 31, 2015. The compensation cost charged against income for those plans is included in selling, general & administrative expenses as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Total share-based compensation expense $ 229 $ 226 $ 871 $ 873 Share-based compensation for the nine-month periods ended September 30, 2016 and 2015 includes approximately $105,000, in each period respectively, representing the fair value of the Company’s common stock granted during the periods to the Company’s Board of Directors. The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensation arrangements was approximately $67,000 and $63,000, for the three-month periods ended September 30, 2016 and 2015, respectively, and $264,000 and $256,000, for the nine-month periods ended September 30, 2016 and 2015, respectively. The following is a summary of stock option activity under all plans for the nine-month period ended September 30, 2016: Shares Under Options Weighted Average Exercise Price Weighted Average (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2015 270,205 $ 15.40 Granted 17,184 22.02 Exercised (44,887 ) 11.79 Outstanding at September 30, 2016 242,502 $ 16.54 3.98 $ 2,415 Exercisable at September 30, 2016 220,002 $ 16.05 4.18 $ 2,298 Vested and expected to vest at September 30, 2016 242,502 $ 16.54 3.98 $ 2,415 On June 9, 2016, the Company granted options to its directors for the purchase of 17,184 shares of common stock at that day’s closing price of $22.02. The compensation expense related to these grants was determined as the fair value of the options using the Black Scholes option pricing model based on the following assumptions: Expected volatility 29.7 % Expected dividends None Risk-free interest rate 0.9 % Exercise price $ 22.02 Expected term (years) 5.0 Weighted average grant date fair value $ 6.11 The stock volatility for each grant is determined based on a review of the experience of the weighted average of historical daily price changes of the Company’s common stock over the expected option term, and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected term is calculated based on the simplified method. During the nine-month periods ended September 30, 2016 and 2015, the total intrinsic value of all options exercised (i.e., the difference between the market price on the exercise date and the price paid by the employees to exercise the options) was approximately $564,000 and $989,000, respectively, and the total amount of consideration received by the Company from the exercised options was approximately $529,000 and $258,000, respectively. At its discretion, the Company allows option holders to surrender previously owned common stock in lieu of paying the exercise price and withholding taxes. During the nine months ended September 30, 2016, there were no shares surrendered for this purpose. During the nine months ended September 30, 2015, there were 1,632 shares surrendered at an average market price of $21.97. During each of the three-month periods ended September 30, 2016 and 2015, the Company recognized compensation expense related to stock options granted to directors and employees of approximately $34,000 and $44,000, respectively. During each of the nine-month periods ended September 30, 2016 and 2015, the Company recognized compensation expense related to stock options granted to directors and employees of approximately $212,000 and $237,000, respectively. On February 22, 2016, the Company’s Compensation Committee approved the award of $400,000, payable in shares of common stock to the Company’s Chairman, Chief Executive Officer, and President under the 2003 Incentive Plan. The shares will be issued on December 22, 2016. The Company recorded compensation expense associated with the award of $100,000 and $300,000, respectively, during the three- and nine-month periods ended September 30, 2016. The Company recorded compensation expense associated with a similar award of $100,000 and $300,000, respectively, during the three- and nine-month periods ended September 30, 2015. The following table summarizes information about Restricted Stock Units (“RSUs”) activity during the nine-month period ended September 30, 2016: Restricted Weighted Average Unvested at December 31, 2015 40,645 $ 19.67 Awarded 17,822 21.66 Shares vested (11,909 ) 20.94 Unvested at September 30, 2016 46,558 $ 20.04 During the three-month periods ended September 30, 2016 and 2015, the Company recorded compensation expense related to RSUs of approximately $95,000 and $82,000, respectively. During the nine-month periods ended September 30, 2016 and 2015, the Company recorded compensation expense related to RSUs of approximately $254,000 and $231,000, respectively. At the Company’s discretion, RSU holders are given the option to net-share settle to cover the required minimum withholding tax, and the remaining amount is converted into the equivalent number of common shares. During the nine-month periods ended September 30, 2016 and 2015, 3,889 and 3,405 shares were surrendered at an average market price of $22.82 and $23.15, respectively. As of September 30, 2016, the Company had approximately $947,000 of unrecognized compensation expense, which is expected to be recognized over a period of 3.5 years |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | (5) Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value, and consist of the following at the stated dates (in thousands): September 30, December 31, Raw materials $ 7,443 $ 7,506 Work in process 1,367 1,192 Finished goods 5,758 5,504 Total inventory $ 14,568 $ 14,202 |
Note 6 - Preferred Stock
Note 6 - Preferred Stock | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | (6) Preferred Stock On March 18, 2009, the Company declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock, par value $0.01 per share, to the stockholders of record on March 20, 2009. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share (the “Preferred Share”) of the Company, at a price of $25 per one one-thousandth of a Preferred Share subject to adjustment and the terms of the Rights Agreement. The Rights expire on March 19, 2019. |
Note 7 - Income Per Share
Note 7 - Income Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (7) Income Per Share Basic income per share is based on the weighted average number of shares of common stock outstanding. Diluted income per share is based upon the weighted average number of common shares outstanding and dilutive common stock equivalent shares outstanding during each period. The weighted average number of shares used to compute basic and diluted net income per share consisted of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted average common shares outstanding, basic 7,225 7,131 7,213 7,108 Weighted average common equivalent shares due to stock options and RSUs 87 99 81 104 Weighted average common shares outstanding, diluted 7,312 7,230 7,294 7,212 The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock options, when the average market price of the common stock is lower than the exercise price of the related options during the period. These outstanding stock awards are not included in the computation of diluted income per share because the effect would be antidilutive. For the three-month periods ended September 30, 2016 and 2015, the number of stock awards excluded from the computation of diluted earnings per share for this reason was 35,193 and 65,193, respectively. For the nine-month periods ended September 30, 2016 and 2015, the number of stock awards excluded from the computation of diluted earnings per share for this reason was 52,377 and 82,719, respectively. |
Note 8 - Segment Reporting
Note 8 - Segment Reporting | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (8) Segment Reporting The Company consists of a single operating and reportable segment. Revenues from customers outside of the United States are not material. No customer comprised more than 10% of the Company’s consolidated revenues for the three- and nine-month periods ended September 30, 2016. All of the Company’s assets are located in the United States. The Company’s products are primarily sold to customers within the Medical, Automotive, Consumer, Electronics, Industrial, and Aerospace and Defense markets. Net sales by market for the three- and nine-month periods ended September 30, 2016 and 2015 are as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Market Net Sales % Net Sales % Net Sales % Net Sales % Medical $ 16,492 44.3 % $ 13,809 40.1 % $ 48,931 44.6 % $ 42,595 40.6 % Automotive 6,944 18.7 % 6,258 18.2 % 20,718 18.9 % 21,193 20.2 % Consumer 5,580 15.0 % 4,710 13.7 % 15,171 13.8 % 12,385 11.8 % Electronics 2,992 8.0 % 3,427 10.0 % 9,055 8.3 % 10,538 10.0 % Industrial 2,802 7.5 % 2,856 8.3 % 8,281 7.6 % 8,120 7.7 % Aerospace & Defense 2,410 6.5 % 3,381 9.8 % 7,470 6.8 % 10,086 9.6 % Net Sales $ 37,220 100.0 % $ 34,441 100.0 % $ 109,626 100.0 % $ 104,917 100.0 % Note – certain amounts for the three- and nine-months ended September 30, 2015 were reclassified between markets to conform to the current period presentation. |
Note 9 - Other Intangible Asset
Note 9 - Other Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | (9) Other Intangible Assets The carrying values of the Company’s definite lived intangible assets as of September 30, 2016 and December 31, 2015, are as follows (in thousands): Patents Non- Customer Total Estimated useful life 14 years 5 years 5 years Gross amount at September 30, 2016 $ 429 $ 512 $ 2,046 $ 2,987 Accumulated amortization at September 30, 2016 (429 ) (434 ) (1,727 ) (2,590 ) Net balance at September 30, 2016 $ - $ 78 $ 319 $ 397 Gross amount at December 31, 2015 $ 429 $ 512 $ 2,046 $ 2,987 Accumulated amortization at December 31, 2015 (429 ) (387 ) (1,535 ) (2,351 ) Net balance at December 31, 2015 $ - $ 125 $ 511 $ 636 Amortization expense related to intangible assets was approximately $79,000 for each of the three- month periods ended September 30, 2016 and 2015, and approximately $238,000 for each of the nine-month periods ended September 30, 2016 and 2015. The estimated remaining amortization expense as of September 30, 2016 is as follows (in thousands): Remainder of: 2016 79 2017 318 Total $ 397 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (10) Income Taxes The income tax expense included in the accompanying unaudited condensed consolidated statements of income principally relates to the Company’s proportionate share of the pre-tax income of its wholly-owned subsidiaries. The determination of income tax expense for interim reporting purposes is based upon the estimated effective tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the period in which they occur. The Company recorded tax expense of approximately 35% of income before income tax expense for each of the three-month periods ended September 30, 2016 and 2015. The Company recorded tax expense of approximately 35.4% and 35% of income before income tax expense for the nine-month periods ended September 30, 2016 and 2015, respectively. The increase in the effective tax rate for the nine-month period ended September 30, 2016 is due to a tax assessment of approximately $40,000 from one jurisdiction recorded in the first quarter of 2016. |
Note 11 - Plant Consolidations
Note 11 - Plant Consolidations | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Plant Consolidation Disclosure [Text Block] | (11) Plant Consolidations Restructuring Costs On March 18, 2015, the Company committed to move forward with a plan to cease operations at its Raritan, New Jersey, plant and consolidate operations into its Newburyport, Massachusetts, facility and other UFP facilities. The Company’s decision was in response to a continued decline in business at the Raritan facility and the recent purchase of the 137,000-square-foot facility in Newburyport. The activities related to this consolidation were substantially complete at December 31, 2015. The Company also relocated all operations of its Haverhill, Massachusetts, and Byfield, Massachusetts facilities and plans to relocate certain operations of its Georgetown, Massachusetts facility to Newburyport. The Haverhill and Byfield relocations were complete at December 31, 2015, and the Georgetown relocation is substantially complete. The Company expects to incur approximately $2.1 million in one-time expenses in connection with the Massachusetts consolidations. Included in this amount are approximately $180,000 relating to employee severance payments and relocation costs, approximately $1.5 million in moving expenses and expenses associated with vacating the Raritan, Haverhill, and Byfield properties, and approximately $360,000 in lease termination costs. Total cash charges are estimated at $2.0 million. The Company expects annual cost savings of approximately $1.0 million as a result of these consolidations. Through September 30, 2016, the Company had incurred approximately $1.9 million of the costs for this restructuring plan. The company recorded the following restructuring costs associated with the Massachusetts consolidations for the three- and nine-month periods ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended Restructuring Costs - Massachusetts September 30, September 30, 2016 2015 2016 2015 Employee severance $ - $ 204 $ - $ 204 Relocation 25 286 203 310 Lease termination - 361 - 361 Total $ 25 $ 851 $ 203 $ 875 On July 16, 2014, the Company committed to move forward with a plan to cease operations at its Costa Mesa, California, plant and consolidate operations into its Rancho Dominguez, California, facility and other UFP facilities. The Company’s decision was in response to the December 31, 2014, expiration of the lease on the Costa Mesa facility as well as the close proximity of the two properties. The California consolidation is complete. The company recorded the following restructuring costs associated with the California consolidation for the three- and nine-month periods ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Restructuring Costs - California 2016 2015 2016 2015 Employee severance $ - $ - $ - $ 18 Relocation - - - 66 Total $ - $ - $ - $ 84 Costs for 2016 were reclassified in the Condensed Consolidated Statement of Income as “Restructuring Costs” from Cost of Sales. Costs for the three months ended September 30, 2015 were reclassified in the Condensed Consolidated Statement of Income as “Restructuring Costs” from Cost of Sales. Costs for the nine months ended September 30, 2015 were reclassified in the Condensed Consolidated Statement of Income as “Restructuring Costs” as follows: $941,000 from Cost of Sales and $18,000 from General and Administrative expenses: |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (12) Related Party Transactions Daniel Croteau, who has been a member of the Company’s board of directors since December 16, 2015, is the Chief Executive Officer of Vention Medical, Inc., a customer of the Company. Sales to Vention for the nine-months ended September 30, 2016 were approximately $403,000. Open accounts receivable from Vention were approximately $66,000 at September 30, 2016. |
Note 13 - Material Overcharge S
Note 13 - Material Overcharge Settlement | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | (13) Material Overcharge Settlement The Company was a participant in a class action lawsuit against a number of polyurethane foam suppliers (“Defendants”) that recently reached settlement. The suit was filed to recover damages and obtain injunctive relief for Defendants’ alleged violations of the federal antitrust laws with respect to the fixing of prices of polyurethane foam sold from January 1, 1999 through August 2010. The Company recorded gains of approximately $1.7 million and $2.1 million during the three- and nine-month periods ended September 30, 2016, respectively, which represents the full settlement amount received. The settlement amount is recorded as “Material overcharge settlement” in the operating income section of the Condensed Consolidated Statements of Income. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-09, Improvements to Employee Share Based Payment Accounting |
Note 2 - Supplemental Cash Fl20
Note 2 - Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended September 30, 2016 2015 Interest, net $ (53 ) $ 5 Income taxes, net of refunds $ 2,178 $ 400 |
Note 4 - Share-based Compensa21
Note 4 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Total share-based compensation expense $ 229 $ 226 $ 871 $ 873 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Under Options Weighted Average Exercise Price Weighted Average (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2015 270,205 $ 15.40 Granted 17,184 22.02 Exercised (44,887 ) 11.79 Outstanding at September 30, 2016 242,502 $ 16.54 3.98 $ 2,415 Exercisable at September 30, 2016 220,002 $ 16.05 4.18 $ 2,298 Vested and expected to vest at September 30, 2016 242,502 $ 16.54 3.98 $ 2,415 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 29.7 % Expected dividends None Risk-free interest rate 0.9 % Exercise price $ 22.02 Expected term (years) 5.0 Weighted average grant date fair value $ 6.11 |
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] | Restricted Weighted Average Unvested at December 31, 2015 40,645 $ 19.67 Awarded 17,822 21.66 Shares vested (11,909 ) 20.94 Unvested at September 30, 2016 46,558 $ 20.04 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, Raw materials $ 7,443 $ 7,506 Work in process 1,367 1,192 Finished goods 5,758 5,504 Total inventory $ 14,568 $ 14,202 |
Note 7 - Income Per Share (Tabl
Note 7 - Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted average common shares outstanding, basic 7,225 7,131 7,213 7,108 Weighted average common equivalent shares due to stock options and RSUs 87 99 81 104 Weighted average common shares outstanding, diluted 7,312 7,230 7,294 7,212 |
Note 8 - Segment Reporting (Tab
Note 8 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Market Net Sales % Net Sales % Net Sales % Net Sales % Medical $ 16,492 44.3 % $ 13,809 40.1 % $ 48,931 44.6 % $ 42,595 40.6 % Automotive 6,944 18.7 % 6,258 18.2 % 20,718 18.9 % 21,193 20.2 % Consumer 5,580 15.0 % 4,710 13.7 % 15,171 13.8 % 12,385 11.8 % Electronics 2,992 8.0 % 3,427 10.0 % 9,055 8.3 % 10,538 10.0 % Industrial 2,802 7.5 % 2,856 8.3 % 8,281 7.6 % 8,120 7.7 % Aerospace & Defense 2,410 6.5 % 3,381 9.8 % 7,470 6.8 % 10,086 9.6 % Net Sales $ 37,220 100.0 % $ 34,441 100.0 % $ 109,626 100.0 % $ 104,917 100.0 % |
Note 9 - Other Intangible Ass25
Note 9 - Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Patents Non- Customer Total Estimated useful life 14 years 5 years 5 years Gross amount at September 30, 2016 $ 429 $ 512 $ 2,046 $ 2,987 Accumulated amortization at September 30, 2016 (429 ) (434 ) (1,727 ) (2,590 ) Net balance at September 30, 2016 $ - $ 78 $ 319 $ 397 Gross amount at December 31, 2015 $ 429 $ 512 $ 2,046 $ 2,987 Accumulated amortization at December 31, 2015 (429 ) (387 ) (1,535 ) (2,351 ) Net balance at December 31, 2015 $ - $ 125 $ 511 $ 636 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of: 2016 79 2017 318 Total $ 397 |
Note 11 - Plant Consolidations
Note 11 - Plant Consolidations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Rancho Dominguez, California Facility [Member] | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, Restructuring Costs - California 2016 2015 2016 2015 Employee severance $ - $ - $ - $ 18 Relocation - - - 66 Total $ - $ - $ - $ 84 |
Newburyport, Massachusetts Facility [Member] | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Nine Months Ended Restructuring Costs - Massachusetts September 30, September 30, 2016 2015 2016 2015 Employee severance $ - $ 204 $ - $ 204 Relocation 25 286 203 310 Lease termination - 361 - 361 Total $ 25 $ 851 $ 203 $ 875 |
Note 2 - Supplemental Cash Fl27
Note 2 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Interest, net | $ (53) | $ 5 |
Income taxes, net of refunds | $ 2,178 | $ 400 |
Note 4 - Share-based Compensa28
Note 4 - Share-based Compensation (Details Textual) - USD ($) | Jun. 09, 2016 | Feb. 22, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 17,184 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 22.02 | |||||
Directors and Employees [Member] | Employee and Nonemployee Stock Option [Member] | ||||||
Allocated Share-based Compensation Expense | $ 34,000 | $ 44,000 | $ 212,000 | $ 237,000 | ||
Chief Executive Officer [Member] | The 2003 Incentive Plan [Member] | Common Stock [Member] | ||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 400,000 | |||||
Chief Executive Officer [Member] | The 2003 Incentive Plan [Member] | ||||||
Allocated Share-based Compensation Expense | 100,000 | 100,000 | $ 300,000 | 300,000 | ||
Employee and Nonemployee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 17,184 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 22.02 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Allocated Share-based Compensation Expense | 95,000 | 82,000 | $ 254,000 | $ 231,000 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 3,889 | 3,405 | ||||
Shares Paid for Tax Withholding for Share Based Compensation Market Price | $ 22.82 | $ 23.15 | ||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 105,000 | $ 105,000 | ||||
Shares Paid for Exercise Price and Tax Withholding for Share Based Compensation | 0 | 1,632 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 67,000 | $ 63,000 | $ 264,000 | $ 256,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 564,000 | 989,000 | ||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 529,000 | $ 258,000 | ||||
Shares Paid For Tax Withholding For Share Based Compensation, Average Market Price | $ 21.97 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 947,000 | $ 947,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 182 days |
Note 4 - Share-based Compensa29
Note 4 - Share-based Compensation - Allocation of Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Selling, General and Administrative Expenses [Member] | ||||
Total share-based compensation expense | $ 229 | $ 226 | $ 871 | $ 873 |
Note 4 - Share-based Compensa30
Note 4 - Share-based Compensation - Stock Option Activity (Details) - Employee and Nonemployee Stock Option [Member] | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Outstanding, shares under options (in shares) | shares | 270,205 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 15.40 |
Granted, shares under options (in shares) | shares | 17,184 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 22.02 |
Exercised, shares under options (in shares) | shares | (44,887) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 11.79 |
Outstanding, shares under options (in shares) | shares | 242,502 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 16.54 |
Outstanding, weighted average remaining contractual life | 3 years 357 days |
Outstanding, aggregate intrinsic value | $ | $ 2,415 |
Exercisable, shares under options (in shares) | shares | 220,002 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 16.05 |
Exercisable, weighted average remaining contractual life | 4 years 65 days |
Exercisable, aggregate intrinsic value | $ | $ 2,298 |
Vested and expected to vest, shares under options (in shares) | shares | 242,502 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 16.54 |
Vested and expected, weighted average remaining contractual life | 3 years 357 days |
Vested and expected to vest, aggregate intrinsic value | $ | $ 2,415 |
Note 4 - Share-based Compensa31
Note 4 - Share-based Compensation - Option Pricing Assumptions (Details) | 9 Months Ended |
Sep. 30, 2016$ / shares | |
Expected volatility | 29.70% |
Risk-free interest rate | 0.90% |
Exercise price (in dollars per share) | $ 22.02 |
Expected term (years) | 5 years |
Weighted average grant date fair value (in dollars per share) | $ 6.11 |
Note 4 - share-based Compensa32
Note 4 - share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Unvested, RSU (in shares) | shares | 40,645 |
Unvested, weighted average award date fair value (in dollars per share) | $ / shares | $ 19.67 |
Awarded, RSU (in shares) | shares | 17,822 |
Awarded, weighted average award date fair value (in dollars per share) | $ / shares | $ 21.66 |
Shares vested, RSU (in shares) | shares | (11,909) |
Shares vested, weighted average award date fair value (in dollars per share) | $ / shares | $ 20.94 |
Unvested, RSU (in shares) | shares | 46,558 |
Unvested, weighted average award date fair value (in dollars per share) | $ / shares | $ 20.04 |
Note 5 - Inventories - Schedule
Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Raw materials | $ 7,443 | $ 7,506 |
Work in process | 1,367 | 1,192 |
Finished goods | 5,758 | 5,504 |
Total inventory | $ 14,568 | $ 14,202 |
Note 6 - Preferred Stock (Detai
Note 6 - Preferred Stock (Details Textual) | Mar. 18, 2009$ / sharesshares | Sep. 30, 2016$ / shares | Dec. 31, 2015$ / shares |
Preferred Share Purchase Right [Member] | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 0.001 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 25 | ||
Series A Junior Participating Preferred Stock [Member] | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||
Preferred Stock Dividends Number of Preferred Share Purchase Rights Distributed for each Share of Common Stock Outstanding | 1 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Note 7 - Income Per Share (Deta
Note 7 - Income Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 35,193 | 65,193 | 52,377 | 82,719 |
Note 7 - Income Per Share - Wei
Note 7 - Income Per Share - Weighted Average Number of Shares Used to Compute Net EPS (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Weighted average common shares outstanding, basic (in shares) | 7,225 | 7,131 | 7,213 | 7,108 |
Weighted average common equivalent shares due to stock options and RSUs (in shares) | 87 | 99 | 81 | 104 |
Weighted average common shares outstanding, diluted (in shares) | 7,312 | 7,230 | 7,294 | 7,212 |
Note 8 - Segment Reporting - Ne
Note 8 - Segment Reporting - Net Sales by Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Medical [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 44.30% | 40.10% | 44.60% | 40.60% |
Medical [Member] | ||||
Net sales | $ 16,492 | $ 13,809 | $ 48,931 | $ 42,595 |
Automotive [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 18.70% | 18.20% | 18.90% | 20.20% |
Automotive [Member] | ||||
Net sales | $ 6,944 | $ 6,258 | $ 20,718 | $ 21,193 |
Consumer [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 15.00% | 13.70% | 13.80% | 11.80% |
Consumer [Member] | ||||
Net sales | $ 5,580 | $ 4,710 | $ 15,171 | $ 12,385 |
Electronics [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 8.00% | 10.00% | 8.30% | 10.00% |
Electronics [Member] | ||||
Net sales | $ 2,992 | $ 3,427 | $ 9,055 | $ 10,538 |
Industrial [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 7.50% | 8.30% | 7.60% | 7.70% |
Industrial [Member] | ||||
Net sales | $ 2,802 | $ 2,856 | $ 8,281 | $ 8,120 |
Aerospace & Defense [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 6.50% | 9.80% | 6.80% | 9.60% |
Aerospace & Defense [Member] | ||||
Net sales | $ 2,410 | $ 3,381 | $ 7,470 | $ 10,086 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 100.00% | 100.00% | 100.00% | 100.00% |
Net sales | $ 37,220 | $ 34,441 | $ 109,626 | $ 104,917 |
Note 9 - Other Intangible Ass38
Note 9 - Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Amortization of Intangible Assets | $ 79,000 | $ 79,000 | $ 238,000 | $ 238,000 |
Note 9 - Other Intangible Ass39
Note 9 - Other Intangible Assets - Carrying Value of Definite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Patents [Member] | ||
Estimated useful life | 14 years | |
Gross amount | $ 429 | $ 429 |
Accumulated amortization | (429) | (429) |
Net balance | ||
Noncompete Agreements [Member] | ||
Estimated useful life | 5 years | |
Gross amount | $ 512 | 512 |
Accumulated amortization | (434) | (387) |
Net balance | $ 78 | 125 |
Customer Lists [Member] | ||
Estimated useful life | 5 years | |
Gross amount | $ 2,046 | 2,046 |
Accumulated amortization | (1,727) | (1,535) |
Net balance | 319 | 511 |
Gross amount | 2,987 | 2,987 |
Accumulated amortization | (2,590) | (2,351) |
Net balance | $ 397 | $ 636 |
Note 9 - Other Intangible Ass40
Note 9 - Other Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands | Sep. 30, 2016USD ($) |
2,016 | $ 79 |
2,017 | 318 |
Total | $ 397 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Mar. 31, 2016USD ($) | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Effective Income Tax Rate Reconciliation, Percent | 35.00% | 35.00% | 35.40% | 35.00% | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 40,000 | ||||
Number of Specific Tax Jurisdictions | 1 |
Note 11 - Plant Consolidation42
Note 11 - Plant Consolidations (Details Textual) | Mar. 18, 2015USD ($)ft² | Jul. 16, 2014 | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Newburyport, Massachusetts Facility [Member] | Employee Severance Payments and Relocation Costs [Member] | ||||||
Restructuring and Related Cost, Expected Cost | $ 180,000 | |||||
Newburyport, Massachusetts Facility [Member] | Moving and Vacating Expense [Member] | ||||||
Restructuring and Related Cost, Expected Cost | 1,500,000 | |||||
Newburyport, Massachusetts Facility [Member] | Lease Termination [Member] | ||||||
Restructuring and Related Cost, Expected Cost | $ 360,000 | |||||
Newburyport, Massachusetts Facility [Member] | ||||||
Area of Real Estate Property | ft² | 137,000 | |||||
Restructuring Charges | $ 2,100,000 | |||||
Payments for Restructuring | 2,000,000 | |||||
Restructuring and Related Cost, Expected Annual Cost Savings Amount | $ 1,000,000 | |||||
Restructuring Costs | $ 25,000 | $ 851,000 | $ 203,000 | $ 875,000 | ||
Restructuring Charges [Member] | ||||||
Restructuring Charges | 941,000 | |||||
Selling, General and Administrative Expense | 18,000 | |||||
Restructuring Charges | 25,000 | 851,000 | 203,000 | 959,000 | ||
Restructuring Costs | 1,900,000 | |||||
Number of Properties in Close Proximity | 2 | |||||
Selling, General and Administrative Expense | $ 6,027,000 | $ 5,604,000 | $ 18,402,000 | $ 18,404,000 |
Note 11 - Plant Considerations
Note 11 - Plant Considerations - Restructuring Charges Associated with the Massachusetts Consolidations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Newburyport, Massachusetts Facility [Member] | ||||
Employee severance | $ 204,000 | $ 204,000 | ||
Relocation | 25,000 | 286,000 | 203,000 | 310,000 |
Lease termination | 361,000 | 361,000 | ||
Total | $ 25,000 | $ 851,000 | 203,000 | $ 875,000 |
Total | $ 1,900,000 |
Note 11 - Plant Consolidation44
Note 11 - Plant Consolidations - Restructuring Charges Associated with the California Consolidations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Rancho Dominguez, California Facility [Member] | ||||
Employee severance | $ 18,000 | |||
Relocation | 66,000 | |||
Total | $ 84,000 | |||
Total | $ 1,900,000 |
Note 12 - Related Party Trans45
Note 12 - Related Party Transactions (Details Textual) - Non-employee Members of Board of Directors [Member] - Vention Medical, Inc. [Member] | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Revenue from Related Parties | $ 403,000 |
Accounts Receivable, Related Parties | $ 66,000 |
Note 13 - Material Overcharge46
Note 13 - Material Overcharge Settlement (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Defendants [Member] | ||
Additional Litigation Settlement Amount | $ 1.7 | $ 2.1 |