Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
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) | 7,348,290 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 7,064 | $ 37,978 |
Receivables, less allowance for doubtful accounts of $730 at March 31, 2018 and $652 at December 31, 2017 | 29,285 | 21,381 |
Inventories | 18,258 | 12,863 |
Prepaid expenses | 2,716 | 1,835 |
Refundable income taxes | 776 | 1,017 |
Total current assets | 58,099 | 75,074 |
Property, plant and equipment | 113,935 | 106,716 |
Less accumulated depreciation and amortization | (55,148) | (53,064) |
Net property, plant and equipment | 58,787 | 53,652 |
Goodwill | 51,838 | 7,322 |
Intangible assets, net | 23,186 | |
Non-qualified deferred compensation plan | 2,126 | 2,015 |
Other assets | 188 | 144 |
Total assets | 194,224 | 138,207 |
Current liabilities: | ||
Accounts payable | 5,412 | 4,180 |
Accrued expenses | 5,540 | 5,466 |
Deferred revenue | 3,130 | 297 |
Current portion of long-term debt | 2,857 | |
Total current liabilities | 16,939 | 9,943 |
Long-term debt, excluding current portion | 46,429 | |
Deferred income taxes | 2,620 | 2,440 |
Non-qualified deferred compensation plan | 2,148 | 2,030 |
Other liabilities | 67 | 82 |
Total liabilities | 68,203 | 14,495 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value, 1,000,000 shares authorized; zero shares issued or outstanding | ||
Common stock, $.01 par value, 20,000,000 shares authorized; 7,351,172 and 7,321,613 shares issued and outstanding, respectively at March 31, 2018; 7,309,909 and 7,280,350 shares issued and outstanding, respectively at December 31, 2017 | 73 | 73 |
Additional paid-in capital | 27,291 | 26,664 |
Retained earnings | 99,244 | 97,562 |
Treasury stock at cost, 29,559 shares at March 31, 2018 and 29,559 at December 31, 2017 | (587) | (587) |
Total stockholders’ equity | 126,021 | 123,712 |
Total liabilities and stockholders' equity | $ 194,224 | $ 138,207 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Receivables, allowance for doubtful accounts | $ 730 | $ 652 |
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) | 7,351,172 | 7,309,909 |
Common stock, shares outstanding (in shares) | 7,321,613 | 7,280,350 |
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, 2018 | Mar. 31, 2017 | |
Net sales | $ 42,931 | $ 37,053 |
Cost of sales | 32,746 | 27,537 |
Gross profit | 10,185 | 9,516 |
Selling, general & administrative expenses | 6,592 | 6,316 |
Acquisition related costs | 1,069 | |
Gain on sale of fixed assets | (40) | (5) |
Operating income | 2,564 | 3,205 |
Interest income | (25) | (42) |
Interest expense | 273 | 14 |
Other income | (50) | |
Income before income tax expense | 2,366 | 3,233 |
Income tax expense | 589 | 1,062 |
Net income | $ 1,777 | $ 2,171 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.24 | $ 0.30 |
Diluted (in dollars per share) | $ 0.24 | $ 0.30 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 7,300 | 7,216 |
Diluted (in shares) | 7,378 | 7,297 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 1,777 | $ 2,171 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 1,832 | 1,395 |
Gain on sale of fixed assets | (40) | (5) |
Share-based compensation | 237 | 209 |
Deferred income taxes | 346 | 78 |
Changes in operating assets and liabilities: | ||
Receivables, net | (3,520) | (674) |
Inventories | (977) | (260) |
Prepaid expenses | (759) | (588) |
Refundable income taxes | 241 | 807 |
Other assets | (155) | (14) |
Accounts payable | (290) | 1,513 |
Accrued expenses | (1,445) | (682) |
Deferred revenue | 658 | 68 |
Non-qualified deferred compensation plan and other liabilities | 103 | 120 |
Net cash (used in) provided by operating activities | (1,992) | 4,138 |
Cash flows from investing activities: | ||
Additions to property, plant, and equipment | (1,494) | (1,463) |
Acquisition of Dielectrics, net of cash acquired | (76,978) | |
Proceeds from sale of fixed assets | 40 | 5 |
Net cash used in investing activities | (78,432) | (1,458) |
Cash flows from financing activities: | ||
Proceeds from advances on revolving line of credit | 36,000 | |
Payments on revolving line of credit | (6,000) | |
Proceeds from the issuance of long-term debt | 20,000 | |
Principal repayments of long-term debt | (714) | (256) |
Proceeds from exercise of stock options, net of shares presented for exercise | 368 | 79 |
Payment of statutory withholdings for stock options exercised and restricted stock units vested | (144) | (107) |
Net cash provided by (used in) financing activities | 49,510 | (284) |
Net (decrease) increase in cash and cash equivalents | (30,914) | 2,396 |
Cash and cash equivalents at beginning of period | 37,978 | 31,359 |
Cash and cash equivalents at end of period | $ 7,064 | $ 33,755 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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, 2017, 2017 10 The condensed consolidated balance sheet as of March 31, 2018, three March 31, 2018 2017, three March 31, 2018 2017 December 31, 2017 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 March 31, 2018, not December 31, 2018. Recent Accounting Pronouncements In May 2014, No. 2014 09, Revenue from Contracts with Customers 606” 606 January 1, 2018. 2 In February 2016, No. 2016 02, Leases. 840, Leases No. 2016 02 December 15, 2018, Revisions Certain revisions have been made to the December 31, 2017 $297,000. three March 31, 2017, $68,000. no |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 2 Revenue Recognition On January 1, 2018, 606, Revenue from Contracts with Customers 606 not January 1, 2018 January 1, 2018 606. not 605, Revenue Recognition which is also referred to herein as “legacy GAAP”. The cumulative effect of the adoption on our condensed consolidated balance sheet, by applying the modified retrospective method as of January 1, 2018, As Reported As Adjusted December 31, Cumulative January 1, Assets: Property, plant and equipment $ 106,716 $ 1,027 $ 107,743 Accumulated depreciation and amortization (53,064 ) (548 ) (53,612 ) Net property, plant and equipment 53,652 479 54,131 Liabilities: Deferred revenue 297 574 871 Stockholders' equity: Retained earnings 97,562 (95 ) 97,467 The following reflects the Company’s condensed consolidated balance sheet and condensed consolidated statement of income on an as reported basis and as if we had continued to recognize revenue under legacy GAAP (in thousands): March 31, 2018 As Reported Balances Difference Assets: Property, plant and equipment $ 113,935 $ 112,831 $ 1,104 Accumulated depreciation and amortization (55,148 ) (54,474 ) (674 ) Net property, plant and equipment 58,787 58,357 430 Liabilities: Deferred revenue 3,130 2,613 517 Stockholders' equity: Retained earnings 99,244 99,331 (87 ) For the three months ended March 31, 2018 As Reported Balances Difference Net sales $ 42,931 $ 42,874 $ 57 Cost of sales 32,746 32,697 49 Gross profit 10,185 10,177 8 The following summarizes the significant changes under ASC 606 · Under legacy GAAP, the Company recognized revenue for certain customer tooling at the time the tooling was complete and accepted by the customer. Under ASC 606, not not two two · Under legacy GAAP, the Company recognized revenue on long-term agreements with variable pricing at the selling price that was in effect for the current period at the time of shipment. Under ASC 606, not The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to in exchange for promised goods or services. The Company recognizes revenue in accordance with the core principles of ASC 606 1 2 3 4 5 not over the estimated time for which parts are produced on each respective tool. Although only applicable to an insignificant number of transactions, not Disaggregated Revenue The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to our customers (See Note 9 Three Months Ended 2018 2017 (in thousands) Net sales of products $ 42,440 $ 36,657 Net sales of tooling 491 396 Total net sales $ 42,931 $ 37,053 Contract balances Timing of revenue recognition may Revenue recognized during the three March 31, 2018 $314,000. three March 31, 2018 ( Contract Deferred revenue - January 1, 2018 $ 871 Acquired in Dielectrics business combination 2,175 Increases due to consideration received from customers 685 Revenue recognized - Q1 2018 (601 ) Deferred revenue - March 31, 2018 $ 3,130 |
Note 3 - Supplemental Cash Flow
Note 3 - Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | ( 3 Supplemental Cash Flow Information Three Months Ended 2018 2017 (in thousands) Cash paid for: Interest $ 114 $ 14 Income taxes, net of refunds - 79 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 197 $ 392 |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 4 Fair Value of Financial Instruments Financial instruments recorded at fair value in the consolidated balance sheets, or disclosed at fair value in the footnotes, are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels defined by ASC 820, Fair Value Measurements and Disclosures Level 1 Valued based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Valued based on either directly or indirectly observable prices for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 Valued based on management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table presents the fair value and hierarchy levels, for financial assets that are measured at fair value on a recurring basis (in thousands): Level 2 March 31, Assets: Derivative financial instruments $ 50 Derivative financial instruments consist of an interest rate swap for which fair value is determined through the use of a pricing model, which utilizes verifiable inputs such as market interest rates that are observable at commonly quoted intervals for the full term of the swap agreement. 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 5 - Share-based Compensati
Note 5 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 5 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, 2017. Three Months Ended Share-based compensation related to: 2018 2017 Common stock grants $ 100 $ 100 Stock option grants 15 9 Restricted Stock Unit awards ("RSUs") 122 100 Total share-based compensation $ 237 $ 209 The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensation arrangements was approximately $155,000 $137,000 three March 31, 2018 2017 The following is a summary of stock option activity under all plans for the three March 31, 2018 Shares Under Weighted (per share) Weighted (in years) Aggregate (in thousands) Outstanding at December 31, 2017 202,379 $ 18.23 Granted - - Exercised (30,452 ) 28.94 Outstanding at March 31, 2018 171,927 $ 19.32 3.60 $ 1,750 Exercisable at March 31, 2018 155,677 $ 18.48 3.60 $ 1,715 Vested and expected to vest at March 31, 2018 171,927 $ 19.32 3.60 $ 1,750 During the three March 31, 2018 $514,000, $368,000. three March 31, 2017 $184,000, $79,000. three March 31, 2018 2017, were zero On February 21 , 2018, $400,000, 2003 Incentive Plan. The shares will be issued in December 2018. The following table summarizes information about RSUs activity during the three March 31, 2018: Restricted Weighted Average Outstanding at December 31, 2017 57,395 $ 21.03 Awarded 22,399 29.30 Shares vested (16,050 ) 23.55 Outstanding at March 31, 2018 63,744 $ 22.11 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, 2018 2017, 5,238 4,377 $27.60 $24.50, As of March 31, 2018, $1.5 4 |
Note 6 - Inventories
Note 6 - Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 6 Inventories Inventories are stated at the lower of cost ( first first March 31, December 31, Raw materials $ 8,761 $ 6,898 Work in process 3,331 1,207 Finished goods 6,166 4,758 Total inventory $ 18,258 $ 12,863 |
Note 7 - Preferred Stock
Note 7 - Preferred Stock | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 7 Preferred Stock On March 18, 2009, one $0.01 March 20, 2009. one $0.01 $25 one one March 19, 2019. |
Note 8 - Income Per Share
Note 8 - Income Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 8 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 2018 2017 Basic weighted average common shares outstanding 7,300 7,216 Weighted average common equivalent shares due to stock options and RSUs 78 81 Diluted weighted average common shares outstanding 7,378 7,297 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 March 31, 2018 2017 15,000 35,193, |
Note 9 - Segment Reporting
Note 9 - Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 9 Segment Reporting The Company consists of a Revenues from customers outside of the United States are not No 10% three March 31, 2018. The Company’s products are primarily sold to customers within the Medical, Consumer, Automotive, Electronics, Industrial, and Aerospace and Defense markets. Net sales by market for the three March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Market Net Sales % Net Sales % Medical $ 24,138 56.2 % $ 17,456 47.1 % Consumer 5,460 12.7 % 4,441 12.0 % Automotive 5,356 12.5 % 6,719 18.1 % Electronics 2,871 6.7 % 2,909 7.9 % Industrial 2,627 6.1 % 2,468 6.7 % Aerospace & Defense 2,479 5.8 % 3,060 8.3 % Net Sales $ 42,931 100.0 % $ 37,053 100.0 % Certain immaterial amounts for the three March 31, 2017 |
Note 10 - Other Intangible Asse
Note 10 - Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 10 Other Intangible Assets The carrying values of the Company’s definite lived intangible assets as of March 31, 2018, Tradename & Non- Customer Total Estimated useful life 10 years 5 years 20 years Gross amount $ 367 $ 462 $ 22,555 $ 23,384 Accumulated amortization (6 ) (15 ) (177 ) $ (198 ) Net balance $ 361 $ 447 $ 22,378 $ 23,186 The weighted-average amortization period for all intangible assets is 19.6 $198,000 $79,000 three March 31, 2018 2017, March 31, 2018 Remainder of: 2018 $ 954 2019 1,257 2020 1,257 2021 1,257 2022 1,257 Thereafter 17,204 Total $ 23,186 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 11 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 24.9% 32.8% three March 31, 2018 2017. 2018 $97,000. On December 22, 2017, “2017 35% 21%, 162 December 31, 2017. not three March 31, 2018. Staff Accounting Bulletin (“SAB”) No. 118 one 2017 may December 31, 2017, |
Note 12 - Indebtedness
Note 12 - Indebtedness | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 12 Indebtedness On December 2, 2013, $40 1.0% 1.5% 0.25% December 31, 2014, $40 November 30, 2018. On February 1, 2018, $70 The credit facilities under the Amended and Restated Credit Agreement consist of a $20 may $50 February 1, 2023. may The Amended and Restated Credit Agreement calls for interest of LIBOR plus a margin that ranges from 1.0% 1.5% .25% zero March 31, 2018, 2.88% Included in the Amended and Restated Credit Facilities were approximately $0.6 Long-term debt consists of the following (in thousands): March 31, Revolving credit facility $ 30,000 Term loan 19,286 Total long-term debt 49,286 Current portion (2,857 ) Long-term debt, excluding current portion $ 46,429 Derivative Financial Instruments The Company uses interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on its variable-rate debt instruments. The Company does not not not may may $20 5 three 2.7% $19,285,714 March 31, 2018. March 31, 2018 $50,000 $50,000 three March 31, 2018. |
Note 13 - Acquisition
Note 13 - Acquisition | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 13 Acquisition On February 1, 2018 100% $80 $250,000 Founded in 1954 five two five The following table summarizes the preliminary allocation of consideration paid to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value. The final purchase price allocation may Consideration Paid: Cash paid at closing $ 80,000 Working capital adjustment 250 Cash from Dielectrics (3,272 ) Total consideration $ 76,978 Purchase Price Allocation: Accounts receivable $ 4,384 Inventory 4,418 Other current assets 122 Property, Plant and Equipment 4,600 Customer list 22,555 Non-compete 462 Trade name and brand 367 Goodwill 44,516 Total identifiable assets $ 81,424 Accounts payable (1,325 ) Accrued expenses (946 ) Deferred revenue (2,175 ) Net Assets acquired $ 76,978 Acquisition costs associated with the transaction were approximately $1.1 three March 31, 2018. The following table contains an unaudited pro forma condensed consolidated statement of operations for the three March 31, 2018 2017, Three-month Period Ended March 31, 2018 2017 (Unaudited) (Unaudited) Sales $ 45,986 $ 47,428 Operating Income $ 3,489 $ 4,368 Net Income $ 2,375 $ 2,681 Earnings per share Basic $ 0.33 $ 0.37 Diluted $ 0.32 $ 0.37 The above unaudited pro forma information is presented for illustrative purposes only and may not may The amount of revenue and net income of Dielectrics recognized since the acquisition date, which is included in the condensed consolidated statement of income for the period ended March 31, 2018, $6.0 $1.1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, No. 2014 09, Revenue from Contracts with Customers January 1, 2018. 2 In February 2016, No. 2016 02, Leases. 840, Leases No. 2016 02 December 15, 2018, |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As Reported As Adjusted December 31, Cumulative January 1, Assets: Property, plant and equipment $ 106,716 $ 1,027 $ 107,743 Accumulated depreciation and amortization (53,064 ) (548 ) (53,612 ) Net property, plant and equipment 53,652 479 54,131 Liabilities: Deferred revenue 297 574 871 Stockholders' equity: Retained earnings 97,562 (95 ) 97,467 March 31, 2018 As Reported Balances Difference Assets: Property, plant and equipment $ 113,935 $ 112,831 $ 1,104 Accumulated depreciation and amortization (55,148 ) (54,474 ) (674 ) Net property, plant and equipment 58,787 58,357 430 Liabilities: Deferred revenue 3,130 2,613 517 Stockholders' equity: Retained earnings 99,244 99,331 (87 ) For the three months ended March 31, 2018 As Reported Balances Difference Net sales $ 42,931 $ 42,874 $ 57 Cost of sales 32,746 32,697 49 Gross profit 10,185 10,177 8 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended 2018 2017 (in thousands) Net sales of products $ 42,440 $ 36,657 Net sales of tooling 491 396 Total net sales $ 42,931 $ 37,053 |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Deferred revenue - January 1, 2018 $ 871 Acquired in Dielectrics business combination 2,175 Increases due to consideration received from customers 685 Revenue recognized - Q1 2018 (601 ) Deferred revenue - March 31, 2018 $ 3,130 |
Note 3 - Supplemental Cash Fl21
Note 3 - Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended 2018 2017 (in thousands) Cash paid for: Interest $ 114 $ 14 Income taxes, net of refunds - 79 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 197 $ 392 |
Note 4 - Fair Value of Financ22
Note 4 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 2 March 31, Assets: Derivative financial instruments $ 50 |
Note 5 - Share-based Compensa23
Note 5 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs, By Award Type [Table Text Block] | Three Months Ended Share-based compensation related to: 2018 2017 Common stock grants $ 100 $ 100 Stock option grants 15 9 Restricted Stock Unit awards ("RSUs") 122 100 Total share-based compensation $ 237 $ 209 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Under Weighted (per share) Weighted (in years) Aggregate (in thousands) Outstanding at December 31, 2017 202,379 $ 18.23 Granted - - Exercised (30,452 ) 28.94 Outstanding at March 31, 2018 171,927 $ 19.32 3.60 $ 1,750 Exercisable at March 31, 2018 155,677 $ 18.48 3.60 $ 1,715 Vested and expected to vest at March 31, 2018 171,927 $ 19.32 3.60 $ 1,750 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted Weighted Average Outstanding at December 31, 2017 57,395 $ 21.03 Awarded 22,399 29.30 Shares vested (16,050 ) 23.55 Outstanding at March 31, 2018 63,744 $ 22.11 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, Raw materials $ 8,761 $ 6,898 Work in process 3,331 1,207 Finished goods 6,166 4,758 Total inventory $ 18,258 $ 12,863 |
Note 8 - Income Per Share (Tabl
Note 8 - Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended 2018 2017 Basic weighted average common shares outstanding 7,300 7,216 Weighted average common equivalent shares due to stock options and RSUs 78 81 Diluted weighted average common shares outstanding 7,378 7,297 |
Note 9 - Segment Reporting (Tab
Note 9 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended March 31, 2018 2017 Market Net Sales % Net Sales % Medical $ 24,138 56.2 % $ 17,456 47.1 % Consumer 5,460 12.7 % 4,441 12.0 % Automotive 5,356 12.5 % 6,719 18.1 % Electronics 2,871 6.7 % 2,909 7.9 % Industrial 2,627 6.1 % 2,468 6.7 % Aerospace & Defense 2,479 5.8 % 3,060 8.3 % Net Sales $ 42,931 100.0 % $ 37,053 100.0 % |
Note 10 - Other Intangible As27
Note 10 - Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Tradename & Non- Customer Total Estimated useful life 10 years 5 years 20 years Gross amount $ 367 $ 462 $ 22,555 $ 23,384 Accumulated amortization (6 ) (15 ) (177 ) $ (198 ) Net balance $ 361 $ 447 $ 22,378 $ 23,186 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of: 2018 $ 954 2019 1,257 2020 1,257 2021 1,257 2022 1,257 Thereafter 17,204 Total $ 23,186 |
Note 12 - Indebtedness (Tables)
Note 12 - Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, Revolving credit facility $ 30,000 Term loan 19,286 Total long-term debt 49,286 Current portion (2,857 ) Long-term debt, excluding current portion $ 46,429 |
Note 13 - Acquisition (Tables)
Note 13 - Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration Paid: Cash paid at closing $ 80,000 Working capital adjustment 250 Cash from Dielectrics (3,272 ) Total consideration $ 76,978 Purchase Price Allocation: Accounts receivable $ 4,384 Inventory 4,418 Other current assets 122 Property, Plant and Equipment 4,600 Customer list 22,555 Non-compete 462 Trade name and brand 367 Goodwill 44,516 Total identifiable assets $ 81,424 Accounts payable (1,325 ) Accrued expenses (946 ) Deferred revenue (2,175 ) Net Assets acquired $ 76,978 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three-month Period Ended March 31, 2018 2017 (Unaudited) (Unaudited) Sales $ 45,986 $ 47,428 Operating Income $ 3,489 $ 4,368 Net Income $ 2,375 $ 2,681 Earnings per share Basic $ 0.33 $ 0.37 Diluted $ 0.32 $ 0.37 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - Reclassification from Accrued Expenses to Customer Deposits [Member] | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Year Ended December 31, 2017 [Member] | |
Prior Period Reclassification Adjustment | $ 297,000 |
Three Months Ended March 31, 2017 [Member] | |
Prior Period Reclassification Adjustment | $ 68,000 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 314,000 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Adoption of ASC 606 (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Property, plant and equipment | $ 113,935 | $ 107,743 | $ 106,716 | |
Less accumulated depreciation and amortization | (55,148) | (53,612) | (53,064) | |
Net property, plant and equipment | 58,787 | 54,131 | 53,652 | |
Deferred revenue | 3,130 | 871 | 297 | |
Retained earnings | 99,244 | 97,467 | 97,562 | |
Net sales | 42,931 | $ 37,053 | ||
Cost of sales | 32,746 | 27,537 | ||
Gross profit | 10,185 | $ 9,516 | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Property, plant and equipment | 112,831 | 106,716 | ||
Less accumulated depreciation and amortization | (54,474) | (53,064) | ||
Net property, plant and equipment | 58,357 | 53,652 | ||
Deferred revenue | 2,613 | 297 | ||
Retained earnings | 99,331 | $ 97,562 | ||
Net sales | 42,874 | |||
Cost of sales | 32,697 | |||
Gross profit | 10,177 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Property, plant and equipment | 1,104 | 1,027 | ||
Less accumulated depreciation and amortization | (674) | (548) | ||
Net property, plant and equipment | 430 | 479 | ||
Deferred revenue | 517 | 574 | ||
Retained earnings | (87) | $ (95) | ||
Net sales | 57 | |||
Cost of sales | 49 | |||
Gross profit | $ 8 |
Note 2 - Revenue Recognition 33
Note 2 - Revenue Recognition - Revenue Disaggregated by the Major Types of Good and Services Sold (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 42,931 | $ 37,053 |
Product [Member] | ||
Net sales | 42,440 | 36,657 |
Tooling [Member] | ||
Net sales | $ 491 | $ 396 |
Note 2 - Revenue Recognition 34
Note 2 - Revenue Recognition - Contract Liabilities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Deferred revenue - January 1, 2018 | $ 871,000 | |
Acquired in Dielectrics business combination | 2,175,000 | |
Increases due to consideration received from customers | 658,000 | $ 68,000 |
Revenue recognized - Q1 2018 | (314,000) | |
Deferred revenue - March 31, 2018 | $ 3,130,000 |
Note 3 - Supplemental Cash Fl35
Note 3 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash paid for: | ||
Interest | $ 114 | $ 14 |
Income taxes, net of refunds | 79 | |
Non-cash investing and financing activities: | ||
Capital additions accrued but not yet paid | $ 197 | $ 392 |
Note 4 - Fair Value of Financ36
Note 4 - Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |
Assets: | |
Derivative financial instruments | $ 50 |
Note 5 - Share-based Compensa37
Note 5 - Share-based Compensation (Details Textual) - USD ($) | Feb. 21, 2016 | Mar. 31, 2018 | Mar. 31, 2017 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 155,000 | $ 137,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 514,000 | 184,000 | |
Proceeds from Stock Options Exercised | $ 368,000 | $ 79,000 | |
Shares Paid for Exercise Price and Tax Withholding for Share Based Compensation | 0 | 0 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,500,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Shares Paid for Tax Withholding for Share Based Compensation | 5,238 | 4,377 | |
Shares Paid for Tax Withholding for Share Based Compensation Market Price | $ 27.60 | $ 24.50 | |
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, Total | $ 400,000 |
Note 5 - Share-based Compensa38
Note 5 - Share-based Compensation - Compensation Cost (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Allocated share based compensation | $ 237 | $ 209 |
Common Stock [Member] | ||
Allocated share based compensation | 100 | 100 |
Employee and Nonemployee Stock Option [Member] | ||
Allocated share based compensation | 15 | 9 |
Restricted Stock Units (RSUs) [Member] | ||
Allocated share based compensation | $ 122 | $ 100 |
Note 5 - Share-based Compensa39
Note 5 - Share-based Compensation - Summary of Stock Option Activity (Details) - Employee and Nonemployee Stock Option [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Outstanding (in shares) | shares | 202,379 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 18.23 |
Granted (in shares) | shares | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | |
Exercised (in shares) | shares | (30,452) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 28.94 |
Outstanding (in shares) | shares | 171,927 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 19.32 |
Outstanding, weighted average remaining contractual life (Year) | 3 years 219 days |
Outstanding, aggregate intrinsic value | $ | $ 1,750 |
Exercisable (in shares) | shares | 155,677 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 18.48 |
Exercisable, weighted average remaining contractual life (Year) | 3 years 219 days |
Exercisable, aggregate intrinsic value | $ | $ 1,715 |
Vested and expected to vest (in shares) | shares | 171,927 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 19.32 |
Vested and expected to vest, weighted average remaining contractual life (Year) | 3 years 219 days |
Vested and expected to vest, aggregate intrinsic value | $ | $ 1,750 |
Note 5 - Share-based Compensa40
Note 5 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Outstanding (in shares) | shares | 57,395 |
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares | $ 21.03 |
Awarded (in shares) | shares | 22,399 |
Awarded, weighted average award date fair value (in dollars per share) | $ / shares | $ 29.30 |
Shares vested (in shares) | shares | (16,050) |
Shares vested (in dollars per share) | $ / shares | $ 23.55 |
Outstanding (in shares) | shares | 63,744 |
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares | $ 22.11 |
Note 6 - Inventories - Summary
Note 6 - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Raw materials | $ 8,761 | $ 6,898 |
Work in process | 3,331 | 1,207 |
Finished goods | 6,166 | 4,758 |
Total inventory | $ 18,258 | $ 12,863 |
Note 7 - Preferred Stock (Detai
Note 7 - Preferred Stock (Details Textual) | Mar. 18, 2009$ / sharesshares | Mar. 31, 2018$ / shares | Dec. 31, 2017$ / 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, 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] | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 1 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 |
Note 8 - Income Per Share (Deta
Note 8 - Income Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,000 | 35,193 |
Note 8 - Income Per Share - Wei
Note 8 - Income Per Share - Weighted Average Number of Shares Used to Compute Net EPS (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic (in shares) | 7,300 | 7,216 |
Weighted average common equivalent shares due to stock options and RSUs (in shares) | 78 | 81 |
Diluted weighted average common shares outstanding (in shares) | 7,378 | 7,297 |
Note 9 - Segment Reporting (Det
Note 9 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2018 | |
Number of Reportable Segments | 1 |
Number of Operating Segments | 1 |
Note 9 - Segment Reporting - Ne
Note 9 - Segment Reporting - Net Sales by Market (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 42,931 | $ 37,053 |
Percentage of concentration risk | 100.00% | 100.00% |
Medical [Member] | ||
Net sales | $ 24,138 | $ 17,456 |
Percentage of concentration risk | 56.20% | 47.10% |
Consumer [Member] | ||
Net sales | $ 5,460 | $ 4,441 |
Percentage of concentration risk | 12.70% | 12.00% |
Automotive [Member] | ||
Net sales | $ 5,356 | $ 6,719 |
Percentage of concentration risk | 12.50% | 18.10% |
Electronics [Member] | ||
Net sales | $ 2,871 | $ 2,909 |
Percentage of concentration risk | 6.70% | 7.90% |
Industrial [Member] | ||
Net sales | $ 2,627 | $ 2,468 |
Percentage of concentration risk | 6.10% | 6.70% |
Aerospace & Defense [Member] | ||
Net sales | $ 2,479 | $ 3,060 |
Percentage of concentration risk | 5.80% | 8.30% |
Note 10 - Other Intangible As47
Note 10 - Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years 219 days | |
Amortization of Intangible Assets, Total | $ 198,000 | $ 79,000 |
Note 10 - Other Intangible As48
Note 10 - Other Intangible Assets - Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Estimated useful life (Year) | ||
Gross amount | $ 23,384 | |
Accumulated amortization | (198) | |
Intangible assets, net | $ 23,186 | |
Trade Name and Brand [Member] | ||
Estimated useful life (Year) | 10 years | |
Gross amount | $ 367 | |
Accumulated amortization | (6) | |
Intangible assets, net | $ 361 | |
Noncompete Agreements [Member] | ||
Estimated useful life (Year) | 5 years | |
Gross amount | $ 462 | |
Accumulated amortization | (15) | |
Intangible assets, net | $ 447 | |
Customer Lists [Member] | ||
Estimated useful life (Year) | 20 years | |
Gross amount | $ 22,555 | |
Accumulated amortization | (177) | |
Intangible assets, net | $ 22,378 |
Note 10 - Other Intangible As49
Note 10 - Other Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,018 | $ 954 |
2,019 | 1,257 |
2,020 | 1,257 |
2,021 | 1,257 |
2,022 | 1,257 |
Thereafter | 17,204 |
Total | $ 23,186 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.90% | 32.80% | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ (97,000) | ||
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 12 - Indebtedness (Details
Note 12 - Indebtedness (Details Textual) - USD ($) | Feb. 01, 2018 | Mar. 31, 2018 | Dec. 02, 2013 |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 19,285,714 | ||
Derivative, Term of Contract | 5 years | ||
Derivative, Fixed Interest Rate | 2.70% | ||
Interest Rate Swap [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivative, Gain on Derivative | $ 50,000 | ||
Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivative Asset, Total | $ 50,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Revolving Credit Facility [Member] | Prime Rate [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Amended and Restated Credit Agreement [Member] | Subsidiary Guarantors [Member] | |||
Debt Instrument, Face Amount | $ 70,000,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.88% | ||
Amended and Restated Credit Agreement [Member] | Subsidiary Guarantors [Member] | Unsecured Term Loan [Member] | |||
Debt Instrument, Face Amount | 20,000,000 | ||
Amended and Restated Credit Agreement [Member] | Subsidiary Guarantors [Member] | Unsecured Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ||
Amended and Restated Credit Agreement [Member] | Subsidiary Guarantors [Member] | Standby Letters of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000 | ||
Amended and Restated Credit Agreement [Member] | Prime Rate [Member] | Minimum [Member] | Subsidiary Guarantors [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||
Amended and Restated Credit Agreement [Member] | Prime Rate [Member] | Maximum [Member] | Subsidiary Guarantors [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Subsidiary Guarantors [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Subsidiary Guarantors [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Note 12 - Indebtedness - Long-t
Note 12 - Indebtedness - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Long-term debt | $ 49,286 | |
Current portion | (2,857) | |
Long-term debt, excluding current portion | 46,429 | |
Term Loan [Member] | ||
Long-term debt | 19,286 | |
Revolving Credit Facility [Member] | ||
Long-term debt | $ 30,000 |
Note 13 - Acquisition (Details
Note 13 - Acquisition (Details Textual) | Feb. 01, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) |
Business Combination, Acquisition Related Costs | $ 1,069,000 | ||
Revenue from Contract with Customer, Including Assessed Tax | 42,931,000 | 37,053,000 | |
Net Income (Loss) Attributable to Parent, Total | 1,777,000 | $ 2,171,000 | |
Dielectrics [Member] | |||
Lessee, Operating Lease, Term of Contract | 5 years | ||
Number of Lease Term Options | 2 | ||
Dielectrics [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Payments to Acquire Businesses, Gross | $ 80,000,000 | ||
Business Combination, Consideration Transferred, Working Capital Adjustment | $ 250,000 | ||
Business Combination, Acquisition Related Costs | 1,100,000 | ||
Revenue from Contract with Customer, Including Assessed Tax | 6,000,000 | ||
Net Income (Loss) Attributable to Parent, Total | $ 1,100,000 |
Note 13 - Acquisition - Assets
Note 13 - Acquisition - Assets Acquires and Liabilities Assumed (Details) - USD ($) | Feb. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Goodwill | $ 51,838,000 | $ 7,322,000 | |
Dielectrics [Member] | |||
Cash paid at closing | $ 80,000,000 | ||
Working capital adjustment | 250,000 | ||
Cash from Dielectrics | (3,272,000) | ||
Total consideration | 76,978,000 | ||
Accounts receivable | 4,384,000 | ||
Inventory | 4,418,000 | ||
Other current assets | 122,000 | ||
Property, Plant and Equipment | 4,600,000 | ||
Goodwill | 44,516,000 | ||
Total identifiable assets | 81,424,000 | ||
Accounts payable | (1,325,000) | ||
Accrued expenses | (946,000) | ||
Deferred revenue | (2,175,000) | ||
Net Assets acquired | 76,978,000 | ||
Dielectrics [Member] | Customer Lists [Member] | |||
Intangible assets | 22,555,000 | ||
Dielectrics [Member] | Noncompete Agreements [Member] | |||
Intangible assets | 462,000 | ||
Dielectrics [Member] | Trade Name and Brand [Member] | |||
Intangible assets | $ 367,000 |
Note 13 - Acquisition - Pro For
Note 13 - Acquisition - Pro Forma Information (Unaudited) (Details) - Dielectrics [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Sales | $ 45,986 | $ 47,428 |
Operating Income | 3,489 | 4,368 |
Net Income | $ 2,375 | $ 2,681 |
Basic (in dollars per share) | $ 0.33 | $ 0.37 |
Diluted (in dollars per share) | $ 0.32 | $ 0.37 |