Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
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) | 7,231,881 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 33,755 | $ 31,359 |
Receivables, less allowance for doubtful accounts of $656 at March 31, 2017 and $567 at December 31, 2016 | 21,923 | 21,249 |
Inventories | 14,411 | 14,151 |
Prepaid expenses | 2,869 | 2,281 |
Refundable income taxes | 807 | |
Total current assets | 72,958 | 69,847 |
Property, plant and equipment | 98,657 | 96,806 |
Less accumulated depreciation and amortization | (49,601) | (48,290) |
Net property, plant and equipment | 49,056 | 48,516 |
Goodwill | 7,322 | 7,322 |
Intangible assets, net | 238 | 318 |
Other assets | 1,945 | 1,931 |
Total assets | 131,519 | 127,934 |
Current liabilities: | ||
Accounts payable | 5,907 | 4,002 |
Accrued expenses | 4,084 | 4,698 |
Current installments of long-term debt | 600 | 856 |
Total current liabilities | 10,591 | 9,556 |
Deferred income taxes | 3,537 | 3,459 |
Non-qualified deferred compensation plan | 1,839 | 1,682 |
Other liabilities | 147 | 184 |
Total liabilities | 16,114 | 14,881 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value, 1,000,000 shares authorized; zero shares issued or outstanding | 0 | 0 |
Common stock, $.01 par value, 20,000,000 shares authorized; 7,261,440 and 7,231,881 shares issued and outstanding, respectively at March 31, 2017; 7,242,023 and 7,212,464 shares issued and outstanding, respectively at December 31, 2016 | 72 | 72 |
Additional paid-in capital | 25,397 | 25,216 |
Retained earnings | 90,523 | 88,352 |
Treasury stock at cost, 29,559 shares at March 31, 2017 and December 31, 2016 | (587) | (587) |
Total stockholders’ equity | 115,405 | 113,053 |
Total liabilities and stockholders' equity | $ 131,519 | $ 127,934 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts receivable | $ 656 | $ 567 |
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) | 7,261,440 | 7,242,023 |
Common stock, shares outstanding (in shares) | 7,231,881 | 7,212,464 |
Treasury stock, shares (in shares) | 29,559 | 29,559 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 37,053 | $ 34,503 |
Cost of sales | 27,537 | 26,776 |
Gross profit | 9,516 | 7,727 |
Selling, general & administrative expenses | 6,316 | 5,904 |
Restructuring costs | 123 | |
Gain on sale of fixed assets | (5) | (4) |
Operating income | 3,205 | 1,704 |
Interest income | (42) | (30) |
Interest expense | 14 | 19 |
Income before income tax expense | 3,233 | 1,715 |
Income tax expense | 1,062 | 640 |
Net income | $ 2,171 | $ 1,075 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.30 | $ 0.15 |
Diluted (in dollars per share) | $ 0.30 | $ 0.15 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 7,216 | 7,173 |
Diluted (in shares) | 7,297 | 7,253 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 2,171 | $ 1,075 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,395 | 1,367 |
Gain on sale of fixed assets | (5) | (4) |
Share-based compensation | 209 | 201 |
Deferred income taxes | 78 | 87 |
Changes in operating assets and liabilities: | ||
Receivables, net | (674) | (2,895) |
Inventories | (260) | 984 |
Prepaid expenses | (588) | (1,496) |
Refundable income taxes | 807 | 604 |
Other assets | (14) | (6) |
Accounts payable | 1,513 | (323) |
Accrued expenses | (614) | (2,322) |
Non-qualified deferred compensation plan and other liabilities | 120 | 215 |
Net cash provided by (used in) operating activities | 4,138 | (2,513) |
Cash flows from investing activities: | ||
Additions to property, plant, and equipment | (1,463) | (1,497) |
Proceeds from sale of fixed assets | 5 | 4 |
Net cash used in investing activities | (1,458) | (1,493) |
Cash flows from financing activities: | ||
Principal repayments of long-term debt | (256) | (251) |
Proceeds from exercise of stock options, net of attestation | 79 | |
Payment of statutory withholdings for stock options exercised and restricted stock units vested | (107) | (88) |
Net cash used in financing activities | (284) | (339) |
Net increase (decrease) in cash and cash equivalents | 2,396 | (4,345) |
Cash and cash equivalents at beginning of period | 31,359 | 29,804 |
Cash and cash equivalents at end of period | $ 33,755 | $ 25,459 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 December 31, 2016, 2016 10 The condensed consolidated balance sheet as of March 31, 2017, three March 31, 2017 2016, three March 31, 2017 2016 December 31, 2016 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 March 31, 2017, December 31, 2017. Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers August 2015, one first 2018, one first 2018 In February 2016, 2016 02, Leases. 840, Leases 2016 02 December 15, 2018, In March 2016, 2016 09, Improvements to Employee Share Based Payment Accounting December 15, 2016, January 1, 2017. Revisions Certain revisions have been made to the 2016 $315,000 $315,000. $105,000 |
Note 2 - Supplemental Cash Flow
Note 2 - Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | (2) Supplemental Cash Flow Information Three Months Ended March 31, 2017 2016 (in thousands) Cash paid for: Interest $ 14 $ 18 Income taxes, net of refunds 79 265 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 392 $ 105 |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
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 | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016. Three Months Ended March 31, Share-based compensation related to: 2017 2016 Stock options granted to directors and employees $ 9 $ 36 Common stock granted to the Company's Chief Executive Officer 100 100 Restricted Stock Unit awards to employees 100 65 Total share-based compensation $ 209 $ 201 The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensation arrangements was approximately $137,000 $57,000, three March 31, 2017 2016 The following is a summary of stock option activity under all plans for the three March 31, 2017 Shares Under Options Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2016 232,578 $ 16.53 Granted - - Exercised (10,375 ) 7.60 Expired (3,750 ) 18.85 Outstanding at March 31, 2017 218,453 $ 16.92 2.85 $ 1,767 Exercisable at March 31, 2017 213,453 $ 16.74 2.88 $ 1,764 Vested and expected to vest at March 31, 2017 218,453 $ 16.92 2.85 $ 1,767 During the three March 31, 2017 $184,000, $79,000. three March 31, 2016. three March 31, 2017 2016, On February 2 1, 2017, $400,000, 2003 Incentive Plan. The shares will be issued in December, 2017. The following table summarizes information about Restricted Stock Units (“RSUs”) activity during the three March 31, 2017: Restricted Weighted Average Unvested at December 31, 2016 46,558 $ 20.05 Awarded 30,360 24.70 Shares vested (13,419 ) 23.54 Unvested at March 31, 2017 63,499 $ 20.87 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 three March 31, 2017 2016, 4,377 3,889 $24.50 $22.82, As of March 31, 2017, $1.0 4 |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | (5) Inventories Inventories are stated at the lower of cost (first first March 31, December 31, 2016 Raw materials $ 6,725 $ 7,111 Work in process 1,512 1,354 Finished goods 6,174 5,686 Total inventory $ 14,411 $ 14,151 |
Note 6 - Preferred Stock
Note 6 - Preferred Stock | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | (6) Preferred Stock On March 18, 2009, one $0.01 March 20, 2009. one one $0.01 $25 one one March 19, 2019. |
Note 7 - Income Per Share
Note 7 - Income Per Share | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 2016 Weighted average common shares outstanding, basic 7,216 7,173 Weighted average common equivalent shares due to stock options and RSUs 81 80 Weighted average common shares outstanding, diluted 7,297 7,253 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 March 31, 2017 2016 35,193 54,969, |
Note 8 - Segment Reporting
Note 8 - Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
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% three March 31, 2017. The Company’s products are primarily sold to customers within the Medical, Automotive, Consumer, Aerospace and Defense, Electronics and Industrial markets. Net sales by market for the three March 31, 2017 2016 Three Months Ended March 31, 2017 2016 Market Net Sales % Net Sales % Medical $ 17,459 47.1 % $ 15,614 45.3 % Automotive 6,719 18.1 % 6,089 17.6 % Consumer 4,692 12.7 % 4,629 13.4 % Aerospace & Defense 3,041 8.2 % 2,572 7.5 % Electronics 2,692 7.3 % 2,867 8.3 % Industrial 2,450 6.6 % 2,732 7.9 % Net Sales $ 37,053 100.0 % $ 34,503 100.0 % Certain amounts for the three March 31, 2016 |
Note 9 - Other Intangible Asset
Note 9 - Other Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 December 31, 2016, Patents Non- Customer Total Estimated useful life Gross amount at March 31, 2017 $ 429 $ 512 $ 2,046 $ 2,987 Accumulated amortization at March 31, 2017 (429 ) (465 ) (1,855 ) $ (2,749 ) Net balance at March 31, 2017 $ - $ 47 $ 191 $ 238 Gross amount at December 31, 2016 $ 429 $ 512 $ 2,046 $ 2,987 Accumulated amortization at December 31, 2016 (429 ) (449 ) (1,791 ) $ (2,669 ) Net balance at December 31, 2016 $ - $ 63 $ 255 $ 318 Amortization expense related to intangible assets was approximately $79,000 $80,000 three March 31, 2017 2016. March 31, 2017 Remainder of: 2017 238 Total $ 238 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
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 32.8% 37.3% three March 31, 2017 2016. $69,000 three March 31, 2017 2016 09 January 1, 2017 1); $40,000 one first 2016. |
Note 11 - Plant Consolidation
Note 11 - Plant Consolidation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Plant Consolidation Disclosure [Text Block] | (11) Plant Consolidations Restructuring Costs On March 18, 2015, 137,000 The Company also relocated all operations in its Haverhill, Massachusetts, and Byfield, Massachusetts facilities and plans to relocate certain operations in its Georgetown, Massachusetts facility to Newburyport. The Haverhill and Byfield relocations were complete at December 31, 2015 The Company has incurred approximately $2.1 one $180,000 $1.5 $360,000 $2.0 The company recorded the following restructuring costs associated with the Massachusetts consolidations for the three March 31, 2017 2016 Three Months Ended March 31, Restructuring Costs 2017 2016 Relocation $ - $ 123 Total $ - $ 123 Costs for the three March 31, 2016 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
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, March 2017) three March 31, 2017 $148,000. $65,000 March 31, 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers August 2015, one first 2018, one first 2018 In February 2016, 2016 02, Leases. 840, Leases 2016 02 December 15, 2018, In March 2016, 2016 09, Improvements to Employee Share Based Payment Accounting December 15, 2016, January 1, 2017. |
Revisions Policy [Policy Text Block] | Revisions Certain revisions have been made to the 2016 $315,000 $315,000. $ 105,000 |
Note 2 - Supplemental Cash Fl19
Note 2 - Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended March 31, 2017 2016 (in thousands) Cash paid for: Interest $ 14 $ 18 Income taxes, net of refunds 79 265 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 392 $ 105 |
Note 4 - Share-based Compensa20
Note 4 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, Share-based compensation related to: 2017 2016 Stock options granted to directors and employees $ 9 $ 36 Common stock granted to the Company's Chief Executive Officer 100 100 Restricted Stock Unit awards to employees 100 65 Total share-based compensation $ 209 $ 201 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Under Options Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2016 232,578 $ 16.53 Granted - - Exercised (10,375 ) 7.60 Expired (3,750 ) 18.85 Outstanding at March 31, 2017 218,453 $ 16.92 2.85 $ 1,767 Exercisable at March 31, 2017 213,453 $ 16.74 2.88 $ 1,764 Vested and expected to vest at March 31, 2017 218,453 $ 16.92 2.85 $ 1,767 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted Weighted Average Unvested at December 31, 2016 46,558 $ 20.05 Awarded 30,360 24.70 Shares vested (13,419 ) 23.54 Unvested at March 31, 2017 63,499 $ 20.87 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2016 Raw materials $ 6,725 $ 7,111 Work in process 1,512 1,354 Finished goods 6,174 5,686 Total inventory $ 14,411 $ 14,151 |
Note 7 - Income Per Share (Tabl
Note 7 - Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2017 2016 Weighted average common shares outstanding, basic 7,216 7,173 Weighted average common equivalent shares due to stock options and RSUs 81 80 Weighted average common shares outstanding, diluted 7,297 7,253 |
Note 8 - Segment Reporting (Tab
Note 8 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended March 31, 2017 2016 Market Net Sales % Net Sales % Medical $ 17,459 47.1 % $ 15,614 45.3 % Automotive 6,719 18.1 % 6,089 17.6 % Consumer 4,692 12.7 % 4,629 13.4 % Aerospace & Defense 3,041 8.2 % 2,572 7.5 % Electronics 2,692 7.3 % 2,867 8.3 % Industrial 2,450 6.6 % 2,732 7.9 % Net Sales $ 37,053 100.0 % $ 34,503 100.0 % |
Note 9 - Other Intangible Ass24
Note 9 - Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Patents Non- Customer Total Estimated useful life Gross amount at March 31, 2017 $ 429 $ 512 $ 2,046 $ 2,987 Accumulated amortization at March 31, 2017 (429 ) (465 ) (1,855 ) $ (2,749 ) Net balance at March 31, 2017 $ - $ 47 $ 191 $ 238 Gross amount at December 31, 2016 $ 429 $ 512 $ 2,046 $ 2,987 Accumulated amortization at December 31, 2016 (429 ) (449 ) (1,791 ) $ (2,669 ) Net balance at December 31, 2016 $ - $ 63 $ 255 $ 318 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of: 2017 238 Total $ 238 |
Note 11 - Plant Consolidation (
Note 11 - Plant Consolidation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended March 31, Restructuring Costs 2017 2016 Relocation $ - $ 123 Total $ - $ 123 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Increase (Decrease) in Income Taxes Receivable | $ (807,000) | $ (604,000) |
Increase (Decrease) in Accrued Liabilities | (614,000) | (2,322,000) |
Increase (Decrease) in Accounts Payable | 1,513,000 | (323,000) |
Payments to Acquire Property, Plant, and Equipment | $ 1,463,000 | 1,497,000 |
Restatement Adjustment [Member] | ||
Increase (Decrease) in Income Taxes Receivable | 315,000 | |
Increase (Decrease) in Accrued Liabilities | (315,000) | |
Increase (Decrease) in Accounts Payable | (105,000) | |
Payments to Acquire Property, Plant, and Equipment | $ (105,000) |
Note 2 - Supplemental Cash Fl27
Note 2 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash paid for: | ||
Interest | $ 14 | $ 18 |
Income taxes, net of refunds | 79 | 265 |
Non-cash investing and financing activities: | ||
Capital additions accrued but not yet paid | $ 392 | $ 105 |
Note 4 - Share-based Compensa28
Note 4 - Share-based Compensation (Details Textual) - USD ($) | Feb. 21, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 137,000 | $ 57,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 184,000 | ||
Proceeds from Stock Options Exercised | 79,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,000,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 10,375 | 0 | |
Shares Paid for Exercise Price and Tax Withholding for Share Based Compensation | 0 | 0 | |
Restricted Stock Units (RSUs) [Member] | |||
Shares Paid for Tax Withholding for Share Based Compensation | 4,377 | 3,889 | |
Shares Paid for Tax Withholding for Share Based Compensation Market Price | $ 24.50 | $ 22.82 | |
The 2003 Incentive Plan [Member] | Chairman Chief Executive Officer and President [Member] | Common Stock [Member] | |||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 400,000 |
Note 4 - Share-based Compensa29
Note 4 - Share-based Compensation - Allocation of Share-based Compensation (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Total share-based compensation | $ 209 | $ 201 |
Employee Stock Option [Member] | Directors and Employees [Member] | ||
Total share-based compensation | 9 | 36 |
Common Stock [Member] | Chief Executive Officer [Member] | ||
Total share-based compensation | 100 | 100 |
Restricted Stock Units (RSUs) [Member] | Employees [Member] | ||
Total share-based compensation | $ 100 | $ 65 |
Note 4 - Share-based Compensa30
Note 4 - Share-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Outstanding (in shares) | 232,578 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 16.53 | |
Granted (in shares) | ||
Granted, weighted average exercise price (in dollars per share) | ||
Exercised (in shares) | (10,375) | 0 |
Exercised, weighted average exercise price (in dollars per share) | $ 7.60 | |
Expired (in shares) | (3,750) | |
Expired, weighted average exercise price (in dollars per share) | $ 18.85 | |
Outstanding (in shares) | 218,453 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 16.92 | |
Outstanding, weighted average remaining contractual life (Year) | 2 years 310 days | |
Outstanding, aggregate intrinsic value | $ 1,767 | |
Exercisable (in shares) | 213,453 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 16.74 | |
Exercisable, weighted average remaining contractual life (Year) | 2 years 321 days | |
Exercisable, aggregate intrinsic value | $ 1,764 | |
Vested and expected to vest (in shares) | 218,453 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 16.92 | |
Vested and expected to vest, weighted average remaining contractual life (Year) | 2 years 310 days | |
Vested and expected to vest, aggregate intrinsic value | $ 1,767 |
Note 4 - Share-based Compensa31
Note 4 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Unvested (in shares) | shares | 46,558 |
Unvested, weighted average award date fair value (in dollars per share) | $ / shares | $ 20.05 |
Awarded (in shares) | shares | 30,360 |
Awarded, weighted average award date fair value (in dollars per share) | $ / shares | $ 24.70 |
Shares vested (in shares) | shares | (13,419) |
Shares vested (in dollars per share) | $ / shares | $ 23.54 |
Unvested (in shares) | shares | 63,499 |
Unvested, weighted average award date fair value (in dollars per share) | $ / shares | $ 20.87 |
Note 5 - Inventories - Schedule
Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Raw materials | $ 6,725 | $ 7,111 |
Work in process | 1,512 | 1,354 |
Finished goods | 6,174 | 5,686 |
Total inventory | $ 14,411 | $ 14,151 |
Note 6 - Preferred Stock (Detai
Note 6 - Preferred Stock (Details Textual) | Mar. 18, 2009$ / sharesshares | Mar. 31, 2017$ / shares | Dec. 31, 2016$ / shares |
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 | |
Series A Junior Participating Preferred Stock [Member] | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||
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 |
Note 7 - Income Per Share (Deta
Note 7 - Income Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 35,193 | 54,969 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Weighted average common shares outstanding, basic (in shares) | 7,216 | 7,173 |
Weighted average common equivalent shares due to stock options and RSUs (in shares) | 81 | 80 |
Weighted average common shares outstanding, diluted (in shares) | 7,297 | 7,253 |
Note 8 - Segment Reporting - Ne
Note 8 - Segment Reporting - Net Sales by Market (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 37,053 | $ 34,503 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Percentage of concentration risk | 100.00% | 100.00% |
Medical [Member] | ||
Net sales | $ 17,459 | $ 15,614 |
Medical [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Percentage of concentration risk | 47.10% | 45.30% |
Automotive [Member] | ||
Net sales | $ 6,719 | $ 6,089 |
Automotive [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Percentage of concentration risk | 18.10% | 17.60% |
Consumer [Member] | ||
Net sales | $ 4,692 | $ 4,629 |
Consumer [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Percentage of concentration risk | 12.70% | 13.40% |
Aerospace & Defense [Member] | ||
Net sales | $ 3,041 | $ 2,572 |
Aerospace & Defense [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Percentage of concentration risk | 8.20% | 7.50% |
Electronics [Member] | ||
Net sales | $ 2,692 | $ 2,867 |
Electronics [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Percentage of concentration risk | 7.30% | 8.30% |
Industrial [Member] | ||
Net sales | $ 2,450 | $ 2,732 |
Industrial [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Percentage of concentration risk | 6.60% | 7.90% |
Note 9 - Other Intangible Ass37
Note 9 - Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Amortization of Intangible Assets | $ 79,000 | $ 80,000 |
Note 9 - Other Intangible Ass38
Note 9 - Other Intangible Assets - Carrying Value of Definite Lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Gross amount | $ 2,987 | $ 2,987 |
Accumulated amortization | (2,749) | (2,669) |
Net balance | 238 | 318 |
Patents [Member] | ||
Gross amount | 429 | 429 |
Accumulated amortization | (429) | (429) |
Net balance | ||
Noncompete Agreements [Member] | ||
Gross amount | 512 | 512 |
Accumulated amortization | (465) | (449) |
Net balance | 47 | 63 |
Customer Lists [Member] | ||
Gross amount | 2,046 | 2,046 |
Accumulated amortization | (1,855) | (1,791) |
Net balance | $ 191 | $ 255 |
Note 9 - Other Intangible Ass39
Note 9 - Other Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands | Mar. 31, 2017USD ($) |
2,017 | $ 238 |
Total | $ 238 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 32.80% | 37.30% |
Income Tax Expense (Benefit) | $ 1,062,000 | $ 640,000 |
Tax Adjustments, Settlements, and Unusual Provisions | $ 40,000 | |
Accounting Standards Update 2016-09 [Member] | ||
Income Tax Expense (Benefit) | $ (69,000) |
Note 11 - Plant Consolidation41
Note 11 - Plant Consolidation (Details Textual) | Mar. 18, 2015USD ($)ft² | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) |
Restructuring Charges | $ 123,000 | ||
Newburyport, Massachusetts Facility [Member] | |||
Area of Real Estate Property | ft² | 137,000 | ||
Restructuring Charges | $ 2,100,000 | ||
Payments for Restructuring | 2,000,000 | ||
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 |
Note 11 - Plant Consolidations
Note 11 - Plant Consolidations - Restructuring Costs (Details) - Newburyport, Massachusetts Facility [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Relocation | $ 123 | |
Total | $ 123 |
Note 12 - Related Party Trans43
Note 12 - Related Party Transactions (Details Textual) - Vention Medical, Inc. [Member] - Non-employee Members of Board of Directors [Member] | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Revenue from Related Parties | $ 148,000 |
Accounts Receivable, Related Parties | $ 65,000 |