Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 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) | 7,267,662 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 34,514 | $ 31,359 |
Receivables, less allowance for doubtful accounts of $617 at June 30, 2017 and $567 at December 31, 2016 | 22,306 | 21,249 |
Inventories | 14,095 | 14,151 |
Prepaid expenses | 2,455 | 2,281 |
Refundable income taxes | 9 | 807 |
Total current assets | 73,379 | 69,847 |
Property, plant and equipment | 101,357 | 96,806 |
Less accumulated depreciation and amortization | (50,521) | (48,290) |
Net property, plant and equipment | 50,836 | 48,516 |
Goodwill | 7,322 | 7,322 |
Intangible assets, net | 159 | 318 |
Other assets | 1,994 | 1,931 |
Total assets | 133,690 | 127,934 |
Current liabilities: | ||
Accounts payable | 4,394 | 4,002 |
Accrued expenses | 4,629 | 4,698 |
Current installments of long-term debt | 342 | 856 |
Total current liabilities | 9,365 | 9,556 |
Deferred income taxes | 3,619 | 3,459 |
Non-qualified deferred compensation plan | 1,876 | 1,682 |
Other liabilities | 132 | 184 |
Total liabilities | 14,992 | 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; 7,281,632 and 7,252,073 shares issued and outstanding, respectively at June 30, 2017; and 7,242,023 and 7,212,464 shares issued and outstanding, respectively at December 31, 2016 | 73 | 72 |
Additional paid-in capital | 26,059 | 25,216 |
Retained earnings | 93,153 | 88,352 |
Treasury stock at cost, 29,559 shares at June 30, 2017 and December 31, 2016 | (587) | (587) |
Total stockholders’ equity | 118,698 | 113,053 |
Total liabilities and stockholders' equity | $ 133,690 | $ 127,934 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts receivable | $ 617 | $ 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) | 7,281,632 | 7,242,023 |
Common stock, shares outstanding (in shares) | 7,252,073 | 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net sales | $ 37,886 | $ 37,902 | $ 74,939 | $ 72,406 |
Cost of sales | 27,945 | 27,616 | 55,482 | 54,393 |
Gross profit | 9,941 | 10,286 | 19,457 | 18,013 |
Selling, general & administrative expenses | 6,061 | 6,470 | 12,376 | 12,374 |
Restructuring costs | 63 | 55 | 63 | 178 |
Material overcharge settlement | (121) | (432) | (121) | (432) |
Loss (Gain) on sale of fixed assets | 8 | 3 | (4) | |
Operating income | 3,930 | 4,193 | 7,136 | 5,897 |
Interest income | 42 | 32 | 84 | 62 |
Interest expense | (13) | (17) | (27) | (36) |
Income before income tax expense | 3,959 | 4,208 | 7,193 | 5,923 |
Income tax expense | 1,329 | 1,473 | 2,392 | 2,113 |
Net income | $ 2,630 | $ 2,735 | $ 4,801 | $ 3,810 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.36 | $ 0.38 | $ 0.66 | $ 0.53 |
Diluted (in dollars per share) | $ 0.36 | $ 0.38 | $ 0.66 | $ 0.53 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 7,239 | 7,175 | 7,228 | 7,159 |
Diluted (in shares) | 7,323 | 7,250 | 7,312 | 7,238 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 4,801 | $ 3,810 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,796 | 2,749 |
Gain on sale of fixed assets | 3 | (4) |
Share-based compensation | 636 | 642 |
Excess tax benefit on share-based compensation | (126) | |
Deferred income taxes | 160 | 224 |
Changes in operating assets and liabilities: | ||
Receivables, net | (1,057) | (5,539) |
Inventories | 56 | 318 |
Prepaid expenses | (174) | (1,665) |
Refundable income taxes | 798 | 1,147 |
Other assets | (63) | (35) |
Accounts payable | (103) | 581 |
Accrued expenses | (69) | (920) |
Non-qualified deferred compensation plan and other liabilities | 142 | 112 |
Net cash provided by operating activities | 7,926 | 1,294 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (4,471) | (4,076) |
Proceeds from sale of fixed assets | 6 | 4 |
Net cash used in investing activities | (4,465) | (4,072) |
Cash flows from financing activities: | ||
Principal repayments of long-term debt | (514) | (505) |
Proceeds from exercise of stock options, net of attestation | 315 | 449 |
Excess tax benefit on share-based compensation | 126 | |
Payment of statutory withholdings for stock options exercised and restricted stock units vested | (107) | (89) |
Net cash used in financing activities | (306) | (19) |
Net increase (decrease) in cash and cash equivalents | 3,155 | (2,797) |
Cash and cash equivalents at beginning of period | 31,359 | 29,804 |
Cash and cash equivalents at end of period | $ 34,514 | $ 27,007 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 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 not December 31, 2016, 2016 10 The condensed consolidated balance sheet as of June 30, 2017, three six June 30, 2017 2016, six June 30, 2017 2016 December 31, 2016 not 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 six June 30, 2017, not December 31, 2017. Recent Accounting Pronouncements In May 2014, No. 2014 09, Revenue from Contracts with Customers first 2018 In February 2016, No. 2016 02, Leases. 840, Leases No. 2016 02 December 15, 2018, In March 2016, No. 2016 09, Improvements to Employee Share Based Payment Accounting January 1, 2017. not Revisions Certain revisions have been made to the 2016 $315,000 $315,000. $ 284,000 2016 $ 9,000 no |
Note 2 - Supplemental Cash Flow
Note 2 - Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | ( 2 Supplemental Cash Flow Information Six Months Ended 2017 2016 (in thousands) Cash paid for: Interest $ 26 $ 35 Income taxes, net of refunds 1,434 728 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 495 $ 284 |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 Six Months Ended Share-based compensation related to: 2017 2016 2017 2016 Common stock granted to the Board of Directors $ 105 $ 105 $ 105 $ 105 Common stock granted to the Chief Executive Officer 100 100 200 200 Stock options granted to directors and employees 117 141 126 177 Restricted Stock Unit awards to employees 105 95 205 160 Total share-based compensation $ 427 $ 441 $ 636 $ 642 The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensation arrangements was approximately $199,000 $103,000, three June 30, 2017 2016, $336,000 $161,000, six June 30, 2017 2016 The following is a summary of stock option activity under all plans for the three June 30, 2017 Shares Under Weighted (per share) Weighted (in years) Aggregate (in thousands) Outstanding at December 31, 2016 232,578 $ 16.53 Granted 12,336 27.05 Exercised (33,196 ) 26.45 Expired (3,750 ) 18.85 Outstanding at June 30, 2017 207,968 $ 17.41 3.75 $ 2,201 Exercisable at June 30, 2017 201,718 $ 17.21 3.80 $ 2,177 Vested and expected to vest at June 30, 2017 207,968 $ 17.41 3.75 $ 2,201 On June 6, 2017, 12,336 $27.05. Expected volatility 29.1% Expected dividends None Risk-free interest rate 1.84% Exercise price $27.05 Expected term (in years) 5.8 Weighted-average grand date fair value $8.51 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 estimated based on historical option exercise activity. During the six June 30, 2017 2016 $391,000 $518,000, $487,000 $449,000, six June 30, 2017 6,511 surrendered at an average market price of $26.45. six June 30, 2016 no 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 six June 30, 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 June 30, 2017 63,499 $ 21.23 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 six June 30, 2017 2016, 4,377 3,889 $24.50 $22.82, As of June 30, 2017, $900,000 3.75 |
Note 5 - Inventories
Note 5 - Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 5 Inventories Inventories are stated at the lower of cost ( first first June 30, December 31, Raw materials $ 6,737 $ 7,111 Work in process 1,323 1,354 Finished goods 6,035 5,686 Total inventory $ 14,095 $ 14,151 |
Note 6 - Preferred Stock
Note 6 - Preferred Stock | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 Six Months Ended 2017 2016 2017 2016 Weighted average common shares outstanding, basic 7,239 7,175 7,228 7,159 Weighted average common equivalent shares due to stock options and RSUs 84 75 84 79 Weighted average common shares outstanding, diluted 7,323 7,250 7,312 7,238 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 three six June 30, 2017 12,336 27,336, three six June 30, 2016 52,377 53,695, |
Note 8 - Segment Reporting
Note 8 - Segment Reporting | 6 Months Ended |
Jun. 30, 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 No 10% three six June 30, 2017. 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 six June 30, 2017 2016, Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Market Net Sales % Net Sales % Net Sales % Net Sales % Medical $ 18,654 49.2 % $ 16,790 44.3 % $ 36,115 48.2 % $ 32,404 44.8 % Automotive 6,125 16.2 % 7,454 19.7 % 12,843 17.1 % 13,543 18.7 % Consumer 5,015 13.2 % 5,025 13.3 % 9,707 13.0 % 9,655 13.3 % Electronics 2,942 7.8 % 2,874 7.6 % 5,635 7.5 % 5,741 7.9 % Industrial 2,602 6.9 % 2,918 7.7 % 5,036 6.7 % 5,650 7.8 % Aerospace & Defense 2,548 6.7 % 2,841 7.5 % 5,603 7.5 % 5,413 7.5 % Net Sales $ 37,886 100.0 % $ 37,902 100.0 % $ 74,939 100.0 % $ 72,406 100.0 % Certain amounts for the three six June 30, 2016 |
Note 9 - Other Intangible Asset
Note 9 - Other Intangible Assets | 6 Months Ended |
Jun. 30, 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 June 30, 2017 December 31, 2016, Patents Non- Customer Total Estimated useful life (in years) 14 5 5 Gross amount at June 30, 2017 $ 429 $ 512 $ 2,046 $ 2,987 Accumulated amortization at June 30, 2017 (429 ) (481 ) (1,918 ) $ (2,828 ) Net balance at June 30, 2017 $ - $ 31 $ 128 $ 159 Estimated useful life (in years) 14 5 5 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 three June 30, 2017 2016, $ 159,000 six June 30, 2017 2016. June 30, 2017, 2017 $159,000. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 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 33.4% 35.0% three June 30, 2017 2016. $63,000 three June 30, 2017 No. 2016 09 January 1, 2017 ( 1 33.2% 35.7% six June 30, 2017 2016. $132,000 six June 30, 2017 No. 2016 09 January 1, 2017 ( 1 $40,000 one first 2016. |
Note 11 - Plant Consolidations
Note 11 - Plant Consolidations | 6 Months Ended |
Jun. 30, 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 relocated certain operations in its Georgetown, Massachusetts, facility to Newburyport. The Haverhill and Byfield relocations were complete at December 31, 2015, June 30, 2017. The Company incurred approximately $2.1 one $180,000 $1.6 $360,000 $2.0 The company recorded the following restructuring costs associated with the Massachusetts consolidations for the three six June 30, 2017 2016 Three Months Ended Six Months Ended Restructuring Costs 2017 2016 2017 2016 Relocation $ 63 $ 55 $ 63 $ 178 Total $ 63 $ 55 $ 63 $ 178 Costs for the three six June 30, 2016 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 6 Months Ended |
Jun. 30, 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. March 2017, no March 2017. |
Note 13 - Material Overcharge S
Note 13 - Material Overcharge Settlement | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [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 was settled during the second 2016. January 1, 1999 August, 2010. three six June 30, 2017 2016, $ 121,000 $ 432,000 $1.7 July, 2016, three September 30, 2016. three six June 30, 2016 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, No. 2014 09, Revenue from Contracts with Customers first 2018 In February 2016, No. 2016 02, Leases. 840, Leases No. 2016 02 December 15, 2018, In March 2016, No. 2016 09, Improvements to Employee Share Based Payment Accounting January 1, 2017. not |
Revisions Policy [Policy Text Block] | Revisions Certain revisions have been made to the 2016 $315,000 $315,000. $ 284,000 2016 $9,000. no |
Note 2 - Supplemental Cash Fl20
Note 2 - Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended 2017 2016 (in thousands) Cash paid for: Interest $ 26 $ 35 Income taxes, net of refunds 1,434 728 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 495 $ 284 |
Note 4 - Share-based Compensa21
Note 4 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Six Months Ended Share-based compensation related to: 2017 2016 2017 2016 Common stock granted to the Board of Directors $ 105 $ 105 $ 105 $ 105 Common stock granted to the Chief Executive Officer 100 100 200 200 Stock options granted to directors and employees 117 141 126 177 Restricted Stock Unit awards to employees 105 95 205 160 Total share-based compensation $ 427 $ 441 $ 636 $ 642 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Under Weighted (per share) Weighted (in years) Aggregate (in thousands) Outstanding at December 31, 2016 232,578 $ 16.53 Granted 12,336 27.05 Exercised (33,196 ) 26.45 Expired (3,750 ) 18.85 Outstanding at June 30, 2017 207,968 $ 17.41 3.75 $ 2,201 Exercisable at June 30, 2017 201,718 $ 17.21 3.80 $ 2,177 Vested and expected to vest at June 30, 2017 207,968 $ 17.41 3.75 $ 2,201 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 29.1% Expected dividends None Risk-free interest rate 1.84% Exercise price $27.05 Expected term (in years) 5.8 Weighted-average grand date fair value $8.51 |
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 June 30, 2017 63,499 $ 21.23 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, Raw materials $ 6,737 $ 7,111 Work in process 1,323 1,354 Finished goods 6,035 5,686 Total inventory $ 14,095 $ 14,151 |
Note 7 - Income Per Share (Tabl
Note 7 - Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Six Months Ended 2017 2016 2017 2016 Weighted average common shares outstanding, basic 7,239 7,175 7,228 7,159 Weighted average common equivalent shares due to stock options and RSUs 84 75 84 79 Weighted average common shares outstanding, diluted 7,323 7,250 7,312 7,238 |
Note 8 - Segment Reporting (Tab
Note 8 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Market Net Sales % Net Sales % Net Sales % Net Sales % Medical $ 18,654 49.2 % $ 16,790 44.3 % $ 36,115 48.2 % $ 32,404 44.8 % Automotive 6,125 16.2 % 7,454 19.7 % 12,843 17.1 % 13,543 18.7 % Consumer 5,015 13.2 % 5,025 13.3 % 9,707 13.0 % 9,655 13.3 % Electronics 2,942 7.8 % 2,874 7.6 % 5,635 7.5 % 5,741 7.9 % Industrial 2,602 6.9 % 2,918 7.7 % 5,036 6.7 % 5,650 7.8 % Aerospace & Defense 2,548 6.7 % 2,841 7.5 % 5,603 7.5 % 5,413 7.5 % Net Sales $ 37,886 100.0 % $ 37,902 100.0 % $ 74,939 100.0 % $ 72,406 100.0 % |
Note 9 - Other Intangible Ass25
Note 9 - Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Patents Non- Customer Total Estimated useful life (in years) 14 5 5 Gross amount at June 30, 2017 $ 429 $ 512 $ 2,046 $ 2,987 Accumulated amortization at June 30, 2017 (429 ) (481 ) (1,918 ) $ (2,828 ) Net balance at June 30, 2017 $ - $ 31 $ 128 $ 159 Estimated useful life (in years) 14 5 5 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 |
Note 11 - Plant Consolidations
Note 11 - Plant Consolidations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Six Months Ended Restructuring Costs 2017 2016 2017 2016 Relocation $ 63 $ 55 $ 63 $ 178 Total $ 63 $ 55 $ 63 $ 178 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Increase (Decrease) in Income Taxes Receivable | $ (798,000) | $ (1,147,000) | ||
Increase (Decrease) in Accrued Liabilities | (69,000) | (920,000) | ||
Increase (Decrease) in Accounts Payable | (103,000) | 581,000 | ||
Payments to Acquire Property, Plant, and Equipment | 4,471,000 | 4,076,000 | ||
Cost of Goods Sold | $ 27,945,000 | $ 27,616,000 | 55,482,000 | 54,393,000 |
Gain (Loss) Related to Litigation Settlement | $ 121,000 | $ 432,000 | $ 121,000 | 432,000 |
Restatement Adjustment [Member] | ||||
Increase (Decrease) in Income Taxes Receivable | 315,000 | |||
Increase (Decrease) in Accrued Liabilities | (315,000) | |||
Increase (Decrease) in Accounts Payable | (284,000) | |||
Payments to Acquire Property, Plant, and Equipment | (284,000) | |||
Cost of Goods Sold | 9,000 | |||
Gain (Loss) Related to Litigation Settlement | $ 9,000 |
Note 2 - Supplemental Cash Fl28
Note 2 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash paid for: | ||
Interest | $ 26 | $ 35 |
Income taxes, net of refunds | 1,434 | 728 |
Non-cash investing and financing activities: | ||
Capital additions accrued but not yet paid | $ 495 | $ 284 |
Note 4 - Share-based Compensa29
Note 4 - Share-based Compensation (Details Textual) - USD ($) | Jun. 06, 2017 | Feb. 21, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 199,000 | $ 103,000 | $ 336,000 | $ 161,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 12,336 | 12,336 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 27.05 | $ 27.05 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 391,000 | 518,000 | ||||
Shares Paid for Exercise Price and Tax Withholding for Share-based Compensation, Average Market Price | $ 26.45 | |||||
Proceeds from Stock Options Exercised | $ 487,000 | $ 449,000 | ||||
Shares Paid for Exercise Price and Tax Withholding for Share Based Compensation | 6,511 | 0 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 900,000 | $ 900,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 273 days | |||||
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 Compensa30
Note 4 - Share-based Compensation - Allocation of Share-based Compensation (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Total share-based compensation | $ 427 | $ 441 | $ 636 | $ 642 |
Board of Directors [Member] | Common Stock Issued Under the Equity Incentive Plan [Member] | ||||
Total share-based compensation | 105 | 105 | 105 | 105 |
Chief Executive Officer [Member] | Common Stock Issued Under the Equity Incentive Plan [Member] | ||||
Total share-based compensation | 100 | 100 | 200 | 200 |
Directors and Employees [Member] | Employee Stock Option [Member] | ||||
Total share-based compensation | 117 | 141 | 126 | 177 |
Employees [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Total share-based compensation | $ 105 | $ 95 | $ 205 | $ 160 |
Note 4 - Share-based Compensa31
Note 4 - Share-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 06, 2017 | Jun. 30, 2017 |
Outstanding (in shares) | 232,578 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 16.53 | |
Granted (in shares) | 12,336 | 12,336 |
Granted, weighted average exercise price (in dollars per share) | $ 27.05 | $ 27.05 |
Exercised (in shares) | (33,196) | |
Exercised, weighted average exercise price (in dollars per share) | $ 26.45 | |
Expired (in shares) | (3,750) | |
Expired, weighted average exercise price (in dollars per share) | $ 18.85 | |
Outstanding (in shares) | 207,968 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 17.41 | |
Outstanding, weighted average remaining contractual life (Year) | 3 years 273 days | |
Outstanding, aggregate intrinsic value | $ 2,201 | |
Exercisable (in shares) | 201,718 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 17.21 | |
Exercisable, weighted average remaining contractual life (Year) | 3 years 292 days | |
Exercisable, aggregate intrinsic value | $ 2,177 | |
Vested and expected to vest (in shares) | 207,968 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 17.41 | |
Vested and expected to vest, weighted average remaining contractual life (Year) | 3 years 273 days | |
Vested and expected to vest, aggregate intrinsic value | $ 2,201 |
Note 4 - Share-based Compensa32
Note 4 - Share-based Compensation - Option Pricing Assumptions (Details) - $ / shares | Jun. 06, 2017 | Jun. 30, 2017 |
Expected volatility | 29.10% | |
Risk-free interest rate | 1.84% | |
Exercise price (in dollars per share) | $ 27.05 | |
Expected term (in years) (Year) | 5 years 292 days | |
Weighted-average grand date fair value (in dollars per share) | $ 8.51 |
Note 4 - Share-based Compensa33
Note 4 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 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, weighted average award date fair value (in dollars per share) | $ / shares | $ 21.23 |
Unvested (in shares) | shares | 63,499 |
Note 5 - Inventories - Schedule
Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Raw materials | $ 6,737 | $ 7,111 |
Work in process | 1,323 | 1,354 |
Finished goods | 6,035 | 5,686 |
Total inventory | $ 14,095 | $ 14,151 |
Note 6 - Preferred Stock (Detai
Note 6 - Preferred Stock (Details Textual) | Mar. 18, 2009$ / sharesshares | Jun. 30, 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 | |
Preferred Share Purchase Right [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 25 | ||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 0.001 | ||
Series A Junior Participating Preferred Stock [Member] | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 |
Note 7 - Income Per Share (Deta
Note 7 - Income Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 12,336 | 52,377 | 27,336 | 53,695 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Weighted average common shares outstanding, basic (in shares) | 7,239 | 7,175 | 7,228 | 7,159 |
Weighted average common equivalent shares due to stock options and RSUs (in shares) | 84 | 75 | 84 | 79 |
Weighted average common shares outstanding, diluted (in shares) | 7,323 | 7,250 | 7,312 | 7,238 |
Note 8 - Segment Reporting - Ne
Note 8 - Segment Reporting - Net Sales by Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net sales | $ 37,886 | $ 37,902 | $ 74,939 | $ 72,406 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 100.00% | 100.00% | 100.00% | 100.00% |
Medical [Member] | ||||
Net sales | $ 18,654 | $ 16,790 | $ 36,115 | $ 32,404 |
Medical [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 49.20% | 44.30% | 48.20% | 44.80% |
Automotive [Member] | ||||
Net sales | $ 6,125 | $ 7,454 | $ 12,843 | $ 13,543 |
Automotive [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 16.20% | 19.70% | 17.10% | 18.70% |
Consumer [Member] | ||||
Net sales | $ 5,015 | $ 5,025 | $ 9,707 | $ 9,655 |
Consumer [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 13.20% | 13.30% | 13.00% | 13.30% |
Electronics [Member] | ||||
Net sales | $ 2,942 | $ 2,874 | $ 5,635 | $ 5,741 |
Electronics [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 7.80% | 7.60% | 7.50% | 7.90% |
Industrial [Member] | ||||
Net sales | $ 2,602 | $ 2,918 | $ 5,036 | $ 5,650 |
Industrial [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 6.90% | 7.70% | 6.70% | 7.80% |
Aerospace & Defense [Member] | ||||
Net sales | $ 2,548 | $ 2,841 | $ 5,603 | $ 5,413 |
Aerospace & Defense [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Percentage of concentration risk | 6.70% | 7.50% | 7.50% | 7.50% |
Note 9 - Other Intangible Ass39
Note 9 - Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 159,000 | $ 159,000 | ||
Amortization of Intangible Assets | $ 79,000 | $ 79,000 | $ 159,000 | $ 159,000 |
Note 9 - Other Intangible Ass40
Note 9 - Other Intangible Assets - Carrying Value of Definite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Gross amount | $ 2,987 | $ 2,987 |
Accumulated amortization | (2,828) | (2,669) |
Net balance | $ 159 | $ 318 |
Estimated useful life (in years) (Year) | ||
Patents [Member] | ||
Gross amount | $ 429 | $ 429 |
Accumulated amortization | (429) | (429) |
Net balance | ||
Estimated useful life (in years) (Year) | 14 years | 14 years |
Noncompete Agreements [Member] | ||
Gross amount | $ 512 | $ 512 |
Accumulated amortization | (481) | (449) |
Net balance | $ 31 | $ 63 |
Estimated useful life (in years) (Year) | 5 years | 5 years |
Customer Lists [Member] | ||
Gross amount | $ 2,046 | $ 2,046 |
Accumulated amortization | (1,918) | (1,791) |
Net balance | $ 128 | $ 255 |
Estimated useful life (in years) (Year) | 5 years | 5 years |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 33.40% | 35.00% | 33.20% | 35.70% | |
Income Tax Expense (Benefit) | $ 1,329,000 | $ 1,473,000 | $ 2,392,000 | $ 2,113,000 | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 40,000 | ||||
Accounting Standards Update 2016-09 [Member] | |||||
Income Tax Expense (Benefit) | $ (63,000) | $ (132,000) |
Note 11 - Plant Consolidation42
Note 11 - Plant Consolidations (Details Textual) | Mar. 18, 2015USD ($)ft² | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Restructuring Charges | $ 63,000 | $ 55,000 | $ 63,000 | $ 178,000 | |
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 | 1,600,000 | ||||
Newburyport, Massachusetts Facility [Member] | Lease Termination [Member] | |||||
Restructuring and Related Cost, Expected Cost | $ 360,000 |
Note 11 - Plant Consolidation43
Note 11 - Plant Consolidations - Restructuring Costs (Details) - Newburyport, Massachusetts Facility [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Relocation | $ 63 | $ 55 | $ 63 | $ 178 |
Total | $ 63 | $ 55 | $ 63 | $ 178 |
Note 12 - Related Party Trans44
Note 12 - Related Party Transactions (Details Textual) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Vention Medical, Inc. [Member] | Non-employee Members of Board of Directors [Member] | |
Revenue from Related Parties | $ 148,000 |
Note 13 - Material Overcharge45
Note 13 - Material Overcharge Settlement (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Polyurethane Foam Antitrust Lawsuit [Member] | |||||
Litigation Settlement, Amount Awarded from Other Party | $ 121,000 | $ 1,700,000 | $ 432,000 | $ 121,000 | $ 432,000 |