Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 14, 2019 | Jun. 29, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Gaming Partners International CORP | ||
Entity Central Index Key | 0000918580 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 33,266,702 | ||
Trading Symbol | GPIC | ||
Entity Common Stock, Shares Outstanding | 8,091,694 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 12,100 | $ 14,064 |
Accounts receivable, net | 8,006 | 7,415 |
Inventories | 13,885 | 15,118 |
Prepaid expenses | 1,075 | 1,163 |
Other current assets | 4,044 | 2,836 |
Total current assets | 39,110 | 40,596 |
Property and equipment, net | 22,547 | 24,933 |
Goodwill | 10,292 | 10,292 |
Intangible assets, net | 1,523 | 1,676 |
Investment | 560 | 411 |
Deferred income tax assets | 320 | 675 |
Inventories, non-current | 2,219 | 2,453 |
Other assets, non-current | 3,056 | 2,240 |
Total assets | 79,627 | 83,276 |
Current Liabilities: | ||
Accounts payable | 3,410 | 4,616 |
Accrued liabilities | 6,157 | 6,485 |
Customer deposits and deferred revenue | 4,873 | 3,020 |
Current portion of long-term debt | 0 | 1,401 |
Income taxes payable | 365 | 693 |
Total current liabilities | 14,805 | 16,215 |
Long-term debt | 0 | 5,265 |
Deferred income tax liabilities | 412 | 0 |
Other liabilities, non-current | 620 | 480 |
Total liabilities Total liabilities | 15,837 | 21,960 |
Commitments and contingencies (Note 11) | ||
Stockholders' Equity: | ||
Preferred stock, authorized 10,000,000 shares, $0.01 par value, none issued and outstanding | 0 | 0 |
Common stock, authorized 30,000,000 shares, $0.01 par value, 8,376,577 and 8,085,194 shares issued and outstanding, respectively, as of December 31, 2018, and 8,223,077 and 7,932,094 shares issued and outstanding, respectively, as of December 31, 2017 | 84 | 82 |
Additional paid-in capital | 20,219 | 19,272 |
Treasury stock at cost: 291,383 shares as of December 31, 2018 and 290,983 shares as of December 31, 2017 | (2,266) | (2,263) |
Retained earnings | 47,055 | 44,718 |
Accumulated other comprehensive loss | (1,302) | (493) |
Total stockholders' equity | 63,790 | 61,316 |
Total liabilities and stockholders' equity | $ 79,627 | $ 83,276 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 8,376,577 | 8,223,077 |
Common stock, shares outstanding | 8,085,194 | 7,932,094 |
Treasury stock, shares | 291,383 | 290,983 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 87,009 | $ 80,602 |
Cost of revenues | 59,974 | 57,924 |
Gross profit | 27,035 | 22,678 |
Marketing and sales | 7,469 | 6,619 |
General and administrative | 10,750 | 9,016 |
Research and development | 3,996 | 1,517 |
Operating income | 4,820 | 5,526 |
Other expense, net | (215) | (85) |
Income before income taxes | 4,605 | 5,441 |
Income tax provision | 888 | 1,815 |
Net income | $ 3,717 | $ 3,626 |
Earnings per share: | ||
Basic | $ 0.47 | $ 0.46 |
Diluted | $ 0.46 | $ 0.45 |
Weighted-average shares of common stock outstanding: | ||
Basic | 7,970 | 7,930 |
Diluted | 8,051 | 8,045 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 3,717 | $ 3,626 |
Other comprehensive (loss) income: | ||
Minimum pension liability adjustment, net of tax | (79) | 0 |
Foreign currency translation adjustment, net of tax | (730) | 1,868 |
Other comprehensive (loss) income, net of tax | (809) | 1,868 |
Total comprehensive income | $ 2,908 | $ 5,494 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at Dec. 31, 2016 | $ 57,533 | $ 82 | $ 20,031 | $ (2,263) | $ 42,044 | $ (2,361) |
Balance (in shares) at Dec. 31, 2016 | 7,928,594 | |||||
Net income | 3,626 | $ 0 | 0 | 0 | 3,626 | 0 |
Common stock options exercised | 35 | $ 0 | 35 | 0 | 0 | 0 |
Common stock options exercised (in shares) | 3,500 | |||||
Stock compensation expense | 104 | $ 0 | 104 | 0 | 0 | 0 |
Dividend paid to shareholders | (952) | 0 | 0 | 0 | (952) | 0 |
Stock appreciation rights reclassification | (898) | 0 | (898) | 0 | 0 | 0 |
Foreign currency translation adjustment | 1,868 | 0 | 0 | 0 | 0 | 1,868 |
Balance at Dec. 31, 2017 | 61,316 | $ 82 | 19,272 | (2,263) | 44,718 | (493) |
Balance (in shares) at Dec. 31, 2017 | 7,932,094 | |||||
Cummulative effect of change in accounting principle | (410) | $ 0 | 0 | 0 | (410) | 0 |
Net income | 3,717 | 0 | 0 | 0 | 3,717 | 0 |
Common stock options exercised | 949 | $ 2 | 947 | 0 | 0 | 0 |
Common stock options exercised (in shares) | 153,500 | |||||
Repurchase of common stock | (3) | $ 0 | 0 | (3) | 0 | 0 |
Repurchase of common stock (in shares) | (400) | |||||
Dividend paid to shareholders | (970) | $ 0 | 0 | 0 | (970) | 0 |
Pension and other post retirement plans | (79) | 0 | 0 | 0 | 0 | (79) |
Foreign currency translation adjustment | (730) | 0 | 0 | 0 | 0 | (730) |
Balance at Dec. 31, 2018 | $ 63,790 | $ 84 | $ 20,219 | $ (2,266) | $ 47,055 | $ (1,302) |
Balance (in shares) at Dec. 31, 2018 | 8,085,194 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities | ||
Net income | $ 3,717 | $ 3,626 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property and equipment | 4,485 | 4,359 |
Amortization of intangible assets | 248 | 242 |
Recovery of bad debt | (120) | (498) |
Change in fair value of stock appreciation rights | 261 | 296 |
Inventory write-down | 0 | 847 |
Deferred income taxes | 948 | 922 |
Loss on sale or disposal of property and equipment | 151 | 87 |
Loss in equity investment | 0 | 40 |
Change in operating assets and liabilities: | ||
Accounts receivable | (483) | 4,175 |
Inventories | 1,217 | (2,227) |
Prepaid expenses and other current assets | (1,376) | (1,462) |
Non-current other assets | (1,445) | 290 |
Accounts payable | (1,309) | 1,058 |
Accrued liabilities and non current other liabilities | (435) | (1,094) |
Customer deposits and deferred revenue | 1,861 | (683) |
Income taxes payable | (328) | 162 |
Net cash provided by operating activities | 7,392 | 10,140 |
Cash Flows from Investing Activities | ||
Proceeds from sale of property and equipment | 25 | 0 |
Insurance proceeds from damaged property and equipment | 296 | 0 |
Purchase of equity method investment | (150) | (451) |
Purchase of licensing rights | 0 | (100) |
Capital expenditures | (2,505) | (4,374) |
Net cash used in investing activities | (2,334) | (4,925) |
Cash Flows from Financing Activities | ||
Repurchase of common stock | (3) | 0 |
Principal payments on long-term debt | (6,666) | (1,349) |
Dividends paid | (970) | (952) |
Proceeds from exercise of stock options | 949 | 35 |
Cash paid for exercise of stock appreciation rights | (170) | (42) |
Net cash used in financing activities | (6,860) | (2,308) |
Effect of exchange rate changes on cash | (162) | 553 |
Net increase in cash and cash equivalents | (1,964) | 3,460 |
Cash and cash equivalents, beginning of period | 14,064 | 10,604 |
Cash and cash equivalents, end of period | 12,100 | 14,064 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 176 | 249 |
Cash paid, net of refunds received, for income taxes | 831 | 1,229 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Stock appreciation rights liability, classified under accrued liabilities | 0 | 898 |
Property, plant and equipment acquired through accounts payable, accrued and non-current other liabilities | $ 63 | $ 62 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Business Description and Accounting Policies [Text Block] | Note 1. Nature of Business and Significant Accounting Policies Organization and Nature of Business Gaming Partners International Corporation (GPIC, Our or the Company) is headquartered in North Las Vegas, Nevada. Our business activities include the manufacture and sale of casino currencies, playing cards, table accessories, table layouts, dice, gaming furniture, roulette wheels, and RFID readers and software, all of which are used with casino table games such as blackjack, poker, baccarat, craps, and roulette. We have three operating subsidiaries: Gaming Partners International USA, Inc. (GPI USA) (including GPI Mexicana S.A. de C.V. (GPI Mexicana), our maquiladora manufacturing operation in Mexico, and GPI USA Blue Springs, our manufacturing facility in Missouri); Gaming Partners International SAS (GPI SAS); and Gaming Partners International Asia Limited (GPI Asia). Our subsidiaries have the following distribution and product focus: • GPI USA sells in the United States, Canada, the Caribbean, and Latin America. GPI USA sells our full product line, with most of the products manufactured in either San Luis Rio Colorado, Mexico, or Blue Springs, Missouri. The remainder is either manufactured in France or purchased from United States vendors. We warehouse inventory in San Luis, Arizona; Blue Springs, Missouri; and North Las Vegas, Nevada. We have sales offices in North Las Vegas, Nevada; Atlantic City, New Jersey; Gulfport, Mississippi; and Blue Springs, Missouri. • GPI SAS sells primarily in Europe and Africa out of its office in Beaune, France. GPI SAS predominantly sells casino currencies, including both American-style, known as chips, and European-style, known as plaques and jetons. Most of the products sold by GPI SAS are manufactured in France, with the remainder manufactured in Mexico. • GPI Asia, located in Macau S.A.R., China, distributes our full product line in the Asia-Pacific region. GPI Asia also sells table layouts that it manufactures in Macau S.A.R. We are one of the gaming industry’s leading manufacturers and suppliers of casino table game equipment. We custom manufacture and supply casino currencies, playing cards, table layouts, gaming furniture, table accessories, dice, roulette wheels, and RFID readers and software, all of which are used with casino table games such as blackjack, poker, baccarat, craps, and roulette. Our products fall into two categories – non-consumable and consumable. Non-consumable products consist of casino currencies, gaming furniture, and RFID solutions. These products typically have a useful life of several years or longer. Sales of non-consumables are typically driven by casino openings, expansions, and rebranding, as well as replacements in the normal course of business. Consumable products consist of playing cards, table accessories, table layouts, and dice. These products each have a useful life that ranges from several hours for playing cards and dice to several months for layouts. Casinos tend to buy these products annually if not more frequently. Merger Agreement On November 27, 2018, we entered into the Merger Agreement with Angel and Merger Sub, pursuant to which Angel will acquire the Company in exchange for cash. The Merger Agreement was unanimously adopted by the Special Transaction Committee of independent directors of the Board of Directors of the Company as well as the full Board. Pursuant to the terms of the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”), the separate existence of Merger Sub will cease, and the Company will continue as the surviving corporation, which will be a wholly owned subsidiary of Angel. The surviving corporation shall succeed to and assume all of the rights and obligations of Merger Sub and the Company. At the Effective Time , by virtue of the Merger and without any further action on the part of Angel, Merger Sub, the Company or the holders of any capital stock or other securities of the Company: (i) any shares owned immediately prior to the Effective Time by the Company (or held in the Company’s treasury), Angel or Merger Sub or any of their respective direct or indirect wholly owned subsidiaries (the “Excluded Shares”) will be cancelled and retired and shall cease to exist; (ii) except for Excluded Shares, each share of our common stock outstanding immediately prior to the Effective Time will be automatically converted into the Merger Consideration of $13.75 , $0.01 Each of Angel, Merger Sub and the Company has made customary representations and warranties and agreed to customary covenants in the Merger Agreement. The Merger is subject to various closing conditions, including but not limited to (i) approval of the Merger Agreement by the holders of a majority of the outstanding shares of our common stock, (ii) receipt by Angel of certain specified gaming licenses, (iii) if required, the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and (iv) the absence of any law, order or injunction prohibiting the Merger. Each party’s obligation to consummate the Merger is also subject to certain additional customary conditions, including (A) subject to certain exceptions and generally subject to certain materiality qualifiers, the accuracy of the representations and warranties of the other party and (B) performance in all material respects by the other party of its obligations under the Merger Agreement. On March 12, 2019, our shareholders approved the Merger Agreement. The parties currently anticipate that the Merger Agreement will be consummated by December 1, 2019. Significant Accounting Policies Basis of Consolidation and Presentation. The consolidated financial statements include the accounts of GPIC and its wholly-owned subsidiaries GPI USA, GPI SAS, GPI Asia and GPI Mexicana. We also include the income or loss earned on our equity method investments, based on our share of the Company’s assets. All material intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. Certain amounts reported in prior years' consolidated financial statements have been reclassified to conform to the current presentation. These reclassifications had no impact on net revenues or net income. Cash and Cash Equivalents. We consider all highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. We maintain cash and cash equivalents in various United States banks. Several accounts are in excess of the federally-insured limit of $250,000. We also maintain cash and cash equivalents in foreign banks that are not insured. Fair Value of Financial Instruments . Accounts Receivables and Customer Deposits. We perform ongoing credit evaluations of our customers and for casino currency and most significant orders, such as those orders for casino openings, generally require a deposit prior to commencing work on a customer order. These customer deposits are classified as a current liability on the consolidated balance sheets. We also maintain an allowance for doubtful accounts to state trade receivables at their estimated realizable value. This allowance applies to all customers and is estimated based on a variety of factors, including the length of time the receivables are past due, economic conditions and trends, significant one-time events, and historical experience. Changes are made to the allowance based on our awareness of a particular customer’s ability to meet its financial obligations. Receivables are written-off when management determines that collectability is remote. Inventories. Inventories are stated at the lower of cost or an estimate of net realizable value. Cost is determined using a weighted-average method for GPI SAS and a first-in, first-out method for GPI USA and GPI Asia. Market value is determined by comparing inventory item carrying values to estimates of net realizable value. The analysis of net realizable value includes reviewing overall inventory levels, historical and projected sales, usage of these items, the projected markets for our products, and selling costs. Inventory that we estimate will not be used within one year is considered non-current inventory. Inventory that we estimate will not be used within the next three years is written down. Property and Equipment . : Years Buildings and Improvements 3 - 40 Equipment and Furniture 2 - 15 Vehicles 5 - 7 Goodwill. Goodwill is recorded when the consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired. Goodwill is measured and tested for impairment on an annual basis or more frequently if we believe indicators of impairment exist. We test goodwill for impairment using qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, no further testing is performed. If it is more likely than not that the fair value of the reporting unit is less than its carrying amount, we perform a quantitative two-step impairment test. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount exceeds fair value, then the second step is used to measure the amount of impairment loss. Long-Lived and Intangible Assets. We evaluate the carrying value of long-lived assets (including property and equipment and intangible assets) for possible impairment when events or change in circumstances indicate that the carrying value of an asset may not be recoverable. In general, we will identify a potential impairment loss when the sum of undiscounted expected cash flows from the asset is less than the carrying amount of such asset. We record an impairment loss when the carrying amount of the long-lived asset is not recoverable and the carrying amount exceeds the estimated fair value. Intangible assets, such as patents and trademarks, are amortized using the straight-line method over their economic lives. Revenue Recognition. The majority of our revenue is derived from selling and distributing manufactured table game equipment to the casino industry. We recognize revenue after we have completed all of the following steps: - Identification of the contract, or contracts, with a customer - Identification of the performance obligations in the contract - Determination of the transaction price - Allocation of the transaction price to the performance obligations in the contract - Recognition of revenue when, or as, the Company satisfies a performance obligation Determining whether these steps have been met may require us to make assumptions and exercise judgment that could significantly impact the timing and amount of revenue reported each period. The majority of our contracts have a similar performance obligation which is the transfer of the individual goods ordered. The Company typically invoices the customer upon shipment. Depending on the size of the customer order we may require deposits that range from 30% to 100% of the total order. We generally warrant our products from defects of material and workmanship for a period of ninety days. On occasion, we may recognize revenue under a bill and hold arrangement. The transfer of ownership, and revenue recognition, occurs at the point the items are ready for physical delivery and the customer is notified – i.e. when the product is manufactured, completed, invoiced, and segregated from our other inventory so that it is not subject to being used to fill other orders. The customer must request a bill and hold arrangement, preferably in writing, and must commit to the purchase. Under the RFID solutions product line, we may recognize revenue from entering into new arrangements which include software and/or multiple elements or deliverables, which include RFID equipment, embedded software licenses, and software maintenance services. In such cases, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The Company determines the standalone selling prices based on the Company's overall pricing objectives, taking into consideration historical selling prices, market conditions, costs to provide certain services and other factors. A portion of our revenue under RFID solutions is generated by new or existing software and hardware maintenance arrangements. Under these arrangements, customers pay in advance for the maintenance of hardware or software. As of December 31, 2018, the Company had contracts with unsatisfied performance obligations extending throughout 2020. Most of our contracts are for one year and renew on March 1 of every year. The Company recognizes as revenue the amount billed over the length of the arrangement. The unrecognized portion of the amount billed is accounted for as deferred revenue. At December 31, 2018 and December 31, 2017, these amounts were $0.1 million and $0.1 $0.7 million and $0.6 The application of our revenue recognition policies and changes in our assumptions or judgments affect the timing and amounts of our revenues and costs, as well as deferred revenue. Research and Development. Research and development costs are the costs related to developing new and improved products and manufacturing processes, including staff compensation and related expenses, subcontract costs, materials, and supplies. Such costs are charged to expense when incurred and are included in our consolidated statements of income. Income Taxes. We recognize a current tax liability or asset for estimated taxes payable or refundable on tax returns for the current year and a deferred non-current tax liability or asset for estimated future tax effects, attributable to temporary differences and carryforwards. The Tax Act made significant changes to federal tax law, including a reduction in the federal income tax rate from 34% to 21% $0.3 million of deferred tax expense due to the remeasurement of deferred tax assets at the 21% tax rate, and $1.4 million of additional tax expense related to a one-time transition tax which is completely offset by associated deferred tax assets for foreign tax credits. As of December 22, 2018, we completed our accounting for the Tax Act. As such, we finalized our measurement period adjustments in relation to SAB 118 and recognized measurement period adjustments related to our net deferred tax revaluation and deemed repatriation tax. This resulted in a net income tax benefit of $0.4 million primarily due to the acceleration of deductions on our 2017 tax return. We have not changed our indefinite reinvestment assertion, and we have elected to account for the impact of GILTI and BEAT based on the period cost method. While we consider our accounting for the Tax Act to be complete, we continue to evaluate new guidance and legislation as it is issued. GPIC and its subsidiaries file separate income tax returns in their respective jurisdictions. Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between the basis of assets and liabilities for financial and income tax reporting. The deferred tax assets and liabilities represent the future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes also are recognized for operating losses that are available to offset future income taxes. We review all of our tax positions and make a determination as to whether our position is more likely than not to be sustained upon examination by tax authorities. If a tax position meets the more-likely-than-not standard, then the related tax benefit is measured based on the cumulative probability that the amount is more likely than not to be realized upon ultimate settlement or disposition of the underlying issue. We recognize interest and penalties related to unrecognized tax positions in the provision for income taxes on our consolidated statements of income. Foreign Currency Transactions . The financial statements of GPI SAS are measured using the euro as the functional currency. Assets and liabilities of GPI SAS are translated into the U.S. dollar at exchange rates at the balance sheet date. Revenues and expenses are translated into the U.S. dollar at average rates of exchange in effect during the year. The resulting cumulative translation adjustments are recorded within accumulated other comprehensive loss. The financial statements of GPI Asia and GPI Mexicana are measured using the U.S. dollar as the functional currency. Non-monetary assets and liabilities are translated at historical exchange rates, and monetary assets and liabilities are translated at current exchange rates. Exchange gains and losses arising from translation are included in other income and expense in the consolidated statements of income. Transaction gains and losses that arise from exchange rate fluctuations on transactions with third parties denominated in a currency other than the functional currency are included in the results of operations as incurred. Other Comprehensive Income (Loss). Estimates. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions have been made in determining the allowance for doubtful accounts receivable; write-downs of slow moving, excess, and obsolete inventories; the depreciable lives of fixed and intangible assets; estimates for the recoverability of long-lived assets, including intangible assets; the recoverability of deferred tax assets; and potential exposures relating to litigation, claims, and assessments. Actual results could differ from those estimates and assumptions. Recently Issued Accounting Standards and Not Yet Adopted. Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) 12 $3.4 Recently Adopted Accounting Standards. In March 2017, the FASB issued ASU 2017-17, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The amendments require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. In the first quarter of 2018, the Company adopted this guidance. It had no significant impact on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . These amendments require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This guidance indicates that the former exception to income tax accounting that requires companies to defer the income tax effects of certain intercompany transactions would apply only to intercompany inventory transactions. That is, the exception no longer applies to intercompany sales and transfers of other assets (e.g., property and equipment or intangible assets). Under the former exception, income tax expense associated with intra-entity profits in an intercompany sale or transfer of assets was eliminated from earnings. Instead, that cost was deferred and recorded on the balance sheet (e.g., as a prepaid asset) until the assets left the consolidated group. Similarly, the entity was prohibited from recognizing deferred tax assets for the increases in tax bases due to the intercompany sale or transfer. A modified retrospective basis of adoption was required for this guidance. As a result, a cumulative-effect adjustment of approximately $0.4 million has been recorded to retained earnings on January 1, 2018, in connection with this adoption. This cumulative-effect adjustment relates to the prepaid expense associated with intra-entity transfers of intangible property included in prepaid expenses and other current assets in the accompanying consolidated balance sheet at December 31, 2017. In May 2014, the FASB issued ASU 2014-09, Revenues from Contracts with Customers (Topic 606) . This guidance applies to any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This guidance supersedes existing revenue recognition guidance, including most industry-specific guidance, as well as certain related guidance on accounting for contract costs. To further assist with adoption and implementation of ASU 2014-09, the FASB issued the following ASUs: ·ASU 2016-08 (Issued March 2016) - Principal versus Agent Consideration (Reporting Revenue Gross versus Net) ·ASU 2016-10 (Issued April 2016) - Identifying Performance Obligations and Licensing ·ASU 2016-12 (Issued May 2016) - Narrow-Scope Improvements and Practical Expedients ·ASU 2016-20 (Issued December 2016) - Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers The guidance provides for a five-step model to determine the revenue recognized for the transfer of goods or services to customers that reflects the expected entitled consideration in exchange for those goods or services. It also provides clarification for principal versus agent considerations and identifying performance obligations. In addition, the FASB introduced practical expedients related to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration and the presentation of sales and other similar taxes. Financial statement disclosures required under the guidance will enable users to understand the nature, amount, timing, judgments, and uncertainty of revenue and cash flows relating to customer contracts. The two permitted transition methods under the guidance are the full retrospective approach or a cumulative effect adjustment to the opening retained earnings in the year of adoption (cumulative effect approach). In the first quarter of 2018, we adopted this guidance using a modified retrospective method. It had no significant impact on the consolidated financial statements. Regarding the contract acquisition cost component of the guidance, the Company’s analysis supports use of the practical expedient when recognizing expense related to incremental costs incurred to acquire a contract, as the recovery of such costs is completed in less than one year’s time. Additionally, incremental costs to obtain contracts have been immaterial to date. Accordingly, the Company did not experience any material changes to the timing of when it recognizes expenses related to contract acquisition costs. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Note 2. Cash and Cash Equivalents We hold our cash and cash equivalents in various financial institutions in the countries shown below. Substantially all accounts have balances in excess of government-ins ured li mits. The following table summarizes our holdings at December 31 (in thousands): 2018 2017 United States (including Mexico) $ 4,510 $ 4,936 France 3,854 6,611 Macau S.A.R., China 3,736 2,517 Total $ 12,100 $ 14,064 |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Note 3. Accounts Receivable and Allowance for Doubtful Accounts At December 31, 2018 and 2017, no casino customer accounted for 10% or more of our accounts receivable balance. The allowance for doubtful accounts consists of the following (in thousands): Balance at Beginning of Year Reduction of provision Exchange Rate Effect Balance at End of Period 2018 $ 307 $ (120 ) $ - $ 187 2017 $ 804 $ (498 ) $ 1 $ 307 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 4. Inventories Inventories consist of the following at December 31 (in thousands): 2018 2017 Raw materials $ 9,800 $ 11,637 Work in progress 2,787 2,432 Finished goods 3,517 3,502 Total inventories $ 16,104 $ 17,571 We classified a portion of our inventories as non-current because we currently do not expect this portion to be used within one year. The classification of our inventories on our consolidated balance sheets is as follows at December 31 (in thousands): 2018 2017 Current $ 13,885 $ 15,118 Non-current 2,219 2,453 Total inventories $ 16,104 $ 17,571 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets [Text Block] | Note 5. Other Current Assets Other current assets consist of the following at December 31 (in thousands): 2018 2017 Income tax-related assets $ 2,650 $ 1,435 Deposits 775 327 Refundable value-added tax 591 996 Other, net 28 78 Total other current assets $ 4,044 $ 2,836 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6. Property and Equipment Property and equipment consist of the following at December 31 (in thousands): 2018 2017 Land $ 657 $ 669 Buildings and improvements 11,306 11,196 Equipment and furniture 40,841 40,714 Vehicles 405 408 Construction in progress 412 529 53,621 53,516 Less accumulated depreciation (31,074 ) (28,583 ) Property and equipment, net $ 22,547 $ 24,933 Depreciation expense for the years ended December 31, 2018 and 2017 was $4.5 million and $4.4 million, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 7. Goodwill and Intangible Assets We have goodwill of $10.3 million as of December 31, 2018 and 2017 arising from the GemGroup acquisition in 2014. Intangible assets consist of the following at December 31 (dollars in thousands): 2018 2017 Gross Carrying Amount Accum Amort Net Carrying Amount Gross Carrying Amount Accum Amort Net Carrying Amount Estimated Useful Life (Years) Trademarks $ 1,711 $ (821 ) $ 890 $ 1,711 $ (700 ) $ 1,011 10-15 Customer list 1,101 (557 ) 544 897 (353 ) 544 10-15 Patents 542 (541 ) 1 542 (534 ) 8 14 Other intangible assets 472 (384 ) 88 472 (359 ) 113 3-10 Total intangible assets $ 3,826 $ (2,303 ) $ 1,523 $ 3,622 $ (1,946 ) $ 1,676 Amortization expense for intangible assets for the years ended December 31, 2018 and 2017 was $ 248 242 The following table provides estimated amortization expense for the years ending December 31 (in thousands): Amortization Year Expense 2019 $ 243 2020 241 2021 233 2022 169 2023 119 Thereafter 518 Total $ 1,523 |
Equity Method Investment
Equity Method Investment | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | Note 8. Equity Method Investment May 31, 2017, GPIC acquired 20% of the outstanding shares of Onlive Gaming SAS for $451,000. In November 2018, GPIC acquired 6.5% of the outstanding shares of Onlive Gaming SAS for $150,000 for an aggregate ownership of 26.5%. Onlive Gaming SAS is a company dedicated to the development of electronic products using the RFID technology. The Company used the equity method to account for this investment because of its ability to exercise significant influence, but not control, over the operating and financial policies of Onlive Gaming SAS. Since the acquisition in 2017, we reduced the book value of the investment by $ 40 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities Disclosure [Text Block] | Note 9. Accrued Liabilities Accrued liabilities consist of the following at December 31 (in thousands): 2018 2017 Accrued bonuses and commissions $ 1,381 $ 953 Accrued salaries, wages, and related costs 1,331 1,359 Stock appreciation rights liability 1,244 1,153 Accrued vacation 942 964 Miscellaneous taxes 475 560 Legal and bank fees 309 52 Accrued fixed asset acquisition liability - 1,076 Other 475 368 Total accrued liabilities $ 6,157 $ 6,485 The stock appreciation rights liability is the result of the Board of Director’s decision to grant stock appreciation rights to certain non-employee directors. See Note 15 – Stock Option Programs and Share-based Compensation Expense. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 10. Debt On June 26, 2015, the Company entered into a Credit Agreement with Nevada State Bank to borrow up to a combined $15.0 million, consisting of a $ 10.0 5.0 June 26, 2020. On October 26, 2018, we paid the full amount outstanding under the term loan. On January 3, 2019, as part of the Merger Agreement, Nevada State Bank issued a $4.0 million letter of credit to us for the benefit of Angel. This letter of credit reduced our available balance on the revolving loan to $1.0 million. The Credit Agreement contains customary representations, warranties, and events of default, and affirmative, negative and financial covenants. The covenants contain, among other things, limitations on the Company's and its subsidiaries' ability to merge, consolidate, dispose of assets, or incur liens or certain indebtedness. The Company is required to maintain a fixed charge coverage ratio greater than 1.15 to 1.00 and a leverage ratio less than 3.00 to 1.00. The Company was in compliance with all financial covenants as of December 31, 2018. Interest on funds borrowed under the term loan and the revolving loan are charged at a rate per annum equal to LIBOR plus 2.25%. The term loan had a straight-line seven-year amortization schedule. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 11. Commitments and Contingencies Operating Lease Commitments. The Company has various operating leases that are used in the normal course of business. The operating leases consist of buildings and equipment that expire at various points through 2023. Operating lease expense for the years ended December 31, 2018 and 2017 was $1.2 million and $1.0 million, respectively. The Company’s operating lease expenses are recognized on a straight-line basis. The following schedule reflects our future minimum lease payments under operating leases, including related-party payments described at Note 20. Related-Party Transactions for the years ending December 31 (in thousands): Minimum Lease Year Payments 2019 $ 1,057 2020 683 2021 644 2022 641 2023 338 Total $ 3,363 Legal Proceedings and Contingencies. Liabilities for material claims against the Company are accrued when a loss is considered probable and can be reasonably estimated. Legal costs associated with claims are expensed as incurred. From time to time we are engaged in disputes and claims that arise in the normal course of business. We believe that the ultimate outcome of these proceedings will not have a material adverse impact on our consolidated financial position or results of operations, but the outcome of these actions is inherently difficult to predict. There can be no assurance that we will prevail in any such litigation. Liabilities for material claims against us are accrued when a loss is considered probable and can be reasonably estimated. Legal costs associated with claims are expensed as incurred. Employment Agreements. The Company has employment agreements with key employees which include severance commitments in the event the Company terminates the employee without cause. Total commitments under the agreements aggregate approximately $1.4 million as of December 31, 2018. |
Geographic and Product Line Inf
Geographic and Product Line Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 12. Geographic and Product Line Information We manufacture and sell casino table game equipment in one operating segment - casino table game products. Although the Company derives its revenues from a number of different product lines, the Company neither allocates resources based on the operating results from the individual product lines, nor manages each individual product line as a separate business unit. Our chief operating decision maker is our Chief Executive Officer (CEO). The CEO manages our operations on a consolidated basis to make decisions about overall corporate resource allocation and to assess overall corporate profitability. Our CEO is also the chief operating manager for each of our entities in the United States, France, and Macau S.A.R.; that is, the individual locations do not have “segment,” or “product line,” managers who report to our CEO. The following table presents certain data by geographic area for the years ended December 31 (dollars in thousands): 2018 2017 Revenues The Americas $ 57,868 66.5 % $ 54,638 67.8 % Asia-Pacific 26,098 30.0 % 23,200 28.8 % Europe and Africa 3,043 3.5 % 2,764 3.4 % Total $ 87,009 100.0 % $ 80,602 100.0 % The following table presents our net sales by product line for the years ended December 31 (dollars in thousands): 2018 2017 Casino currency without RFID $ 20,867 24.1 % $ 14,754 18.3 % Casino currency with RFID 17,520 20.1 % 18,041 22.4 % Total casino currency 38,387 44.2 % 32,795 40.7 % Playing cards 23,466 27.0 % 24,864 30.8 % Table accessories and other products 6,996 8.0 % 6,802 8.4 % Table layouts 5,753 6.6 % 5,315 6.6 % Gaming furniture 3,404 3.9 % 3,255 4.0 % Dice 2,999 3.4 % 2,791 3.5 % RFID solutions 2,521 2.9 % 1,623 2.0 % Shipping 3,483 4.0 % 3,157 4.0 % Total $ 87,009 100.0 % $ 80,602 100.0 % In 2018 and 2017, we had no casino customer that accounted for 10% or more of revenues. The following table presents our property and equipment, net by geographic area at December 31 (in thousands): 2018 2017 United States $ 12,561 $ 13,708 Mexico 6,011 6,851 France 3,581 3,936 Macau S.A.R., China 394 438 Total $ 22,547 $ 24,933 The following table presents our intangible assets, net by geographic area at December 31 (in thousands): 2018 2017 United States $ 1,409 $ 1,634 Macau S.A.R., China 114 42 Total $ 1,523 $ 1,676 |
Pension Plans
Pension Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 13. Pension Plans For employees of GPI SAS, we sponsor a non-contributory, defined-benefit pension plan (the Pension Plan) which funds a mandatory payment when employees retire at age 65. The lump-sum benefit amount is based on years of service, job classification, and compensation in the 12 months prior to retirement. The following amounts relate to the Pension Plan at December 31 (in thousands): 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 630 $ 497 Service cost 36 31 Interest cost 8 8 Actuarial loss 23 29 Benefits paid (20 ) (8 ) Effect of foreign exchange rate changes (30 ) 73 Benefit obligation at end of year $ 647 $ 630 Change in plan assets: Fair value of plan assets at beginning of year $ 370 $ 317 Actual (loss) return on plan assets (40 ) 8 Effect of foreign exchange rate changes (16 ) 45 Fair value of plan assets at end of year 314 370 Funded status and accrued benefit cost $ (333 ) $ (260 ) At both December 31, 2018 and 2017, the accrued benefit cost of $0.3 million was recognized in the consolidated balance sheet in other accrued liabilities. Pension Plan assets are measured using a Level 1 valuation methodology and consist of the following asset funds at December 31 (in thousands): 2018 2017 Worldwide bond fund $ 167 $ 179 Guaranteed equity fund 17 34 European equity fund 130 157 Fair value of plan assets at end of year $ 314 $ 370 We did not make any contribution to the Pension Plan in either 2018 or 2017. The weighted-average assumptions used in measuring the net periodic benefit cost and Pension Plan obligations as of December 31 are: 2018 2017 Net periodic benefit cost: Discount rate 1.60 % 1.30 % Pension Plan obligations: Discount rate 1.60 % 1.30 % Rate of compensation increase 2.00 % 2.00 % The accumulated benefit obligation was $0.6 million and $0.5 million as of December 31, 2018 and 2017, respectively. Net pension expense consisted of the following for the years ended December 31 (in thousands): 2018 2017 Service-cost benefits earned during the period $ 36 $ 31 Interest expense on benefit obligation 8 8 Actual (return) loss on plan assets 40 (8 ) Actuarial loss 23 29 Net pension expense $ 107 $ 60 Projected benefit payments from the Pension Plan as of December 31, 2018 are estimated at $0.1 million for 2019 through 2022, and an aggregate of $0.2 million for 2023 through 2027. We also sponsor a 401(k) plan for employees in the United States (the 401K Plan) who have worked for us for longer than six months and are 21 years of age or older. Our contributions to the 401K Plan are based on the amounts contributed by eligible employees. Eligible employees can elect to contribute into the 401K Plan up to the lesser of the IRS annual limit or 75 percent of their earnings. We contribute $0.50 for each $1.00 contributed by a participant in the 401K Plan up to 4 percent of the participant’s wages. Our contributions to the 401K Plan for each of the years ended December 31, 2018 and 2017 was $0.1 million. For employees of GPI Mexicana, there is a legal obligation to compensate departing employees after fifteen years of services. In 2017, our accrual and estimate of the present benefit obligation was $0.2 $0.3 million. The increase was mainly recorded in stockholder’s equity. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 14. Stockholders’ Equity On December 1, 2011, the Board of Directors approved a stock repurchase program which authorized the repurchase of up to 5%, or 409,951 shares, of our common stock. On November 30, 2012, the Board of Directors increased the number of shares available for repurchase to 498,512 shares. From the program’s inception through December 31, 2018, we have repurchased an aggregate of 283,322 shares of our common stock at a cost of $2.1 million, or a weighted-average price of $7.30 per share. During November 2018, we repurchased 400 shares at $8.00 215,190 In each of December 2018 and December 2017, we paid a cash dividend of $0.12 per issued and outstanding common share for an aggregate dividend of $1.0 million in each year. |
Stock Option Programs and Share
Stock Option Programs and Share-based Compensation Expense | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 15. Stock Option Programs and Share-based Compensation Expense We have one active stock option plan which is the 1994 Directors’ Stock Option Plan, as amended and extended (the Directors’ Plan). Until September 21, 2018, we were also party to a stock option agreement (the Gronau Agreement) with our former CEO, Gregory S. Gronau. The Directors’ Plan and the Gronau Agreement were both approved by our stockholders. The Directors’ Plan provides that each non-employee director, upon joining the Board of Directors, will receive an initial option to purchase 6,000 shares of common stock. The initial option grant vests over a three-year period, with one-third of the option grant vesting at the end of each year. At the beginning of the fourth year of service on the Board of Directors, and each year thereafter, each non-employee director receives an annual grant to purchase 2,000 shares of common stock. In addition, each non-employee director annually receives options to purchase 1,500 shares of common stock for serving on certain committees of the Board of Directors. Options granted after the initial option grant vest immediately and are exercisable after six months. The Board of Directors may grant discretionary stock options covering up to 100,000 shares to non-employee directors. Discretionary stock options vest immediately and are exercisable after six months. There were no discretionary stock option grants in 2018 or 2017. A maximum of 450,000 The Directors’ Plan allows for the grant of stock appreciation rights to non-employee directors in addition to grants of stock options. Each stock appreciation right entitles a non-employee director to surrender to the Company a vested option and to receive from the Company in exchange a cash payment equal to an amount by which the fair market value of a share of common stock immediately prior to exercise exceeds the related stock option exercise price. On December 26, 2017, the Board of Directors granted stock appreciation rights to our non-employee directors relating to outstanding stock options for an aggregate 262,750 shares of common stock previously granted to them under the Directors’ Plan which grant was ratified by our stockholders. As a result, we modified the accounting treatment of the outstanding stock options. On December 31, 2017, we accounted for a $1.2 million current liability, which represents the fair value of all outstanding options, generated by a $0.3 million stock compensation expense and a $0.9 million reclassification from additional paid in capital. On December 31, 2018, this liability was $1.2 million. Mr. Gronau, was granted options to purchase 150,000 shares of our common stock in 2009 pursuant to the Gronau Agreement. The stock options had a ten-year term and vested over a five-year period, between 2009 and 2014. All options were exercised prior to December 21, 2018. The following table summarizes stock option activity for the years ended December 31, 2018 and 2017: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2017 402,750 $ 7.34 3.9 $ 1,855 Granted 25,500 10.97 Expired (12,000 ) 10.72 Exercised (49,500 ) 7.07 Outstanding at December 31, 2017 366,750 7.35 3.8 $ 1,431 Granted 22,000 8.88 Expired (2,000 ) 5.80 Exercised (156,500 ) 6.13 Outstanding at December 31, 2018 230,250 $ 8.35 5.1 $ 1,072 Exercisable at December 31, 2018 221,750 $ 8.35 5.1 $ 1,047 Of the options for 156,500 shares of common stock exercised in 2018, options for 3,000 shares were surrendered in connection with the exercise of stock appreciation rights. Of the 49,500 options exercised in 2017, 46,000 were surrendered in connection with the exercise of stock appreciation rights, subject to stockholder approval at the annual meeting in May 2018. At December 31, 2017, 36,000 stock appreciation rights remained to be paid. The liability related to the surrender of those options was accrued under accrued liabilities. For the year ended December 31, 2018, the total intrinsic value of options exercised was $ 1.5 million. For the year ended December 31, 2017, the total intrinsic value of options exercised was $0.2 million. We estimate the fair value of each stock option award on the grant date, and at each subsequent remeasurement, using the Black-Scholes valuation model. Dividends and expected volatility are based on historical factors related to our common stock. The risk-free rate is based on United States Treasury rates appropriate for the expected term, which is based on the contractual term of the options, as well as historical exercise and termination behavior. The following table summarizes the weighted-average assumptions used, and related information, for option activity for the years indicated. Option valuation assumptions: 2018 2017 Dividend yield 1.1 % 1.1 % Expected volatility 37.9 % 36.5 % Risk-free interest rate 2.64 % 1.91 % Expected term of options 5.6 yrs 5.6 yrs Weighted-average fair value of options granted during the period $ 3.06 $ 4.05 The following table summarizes our reported stock compensation expense, which is included in general and administrative expenses in our consolidated statements of income as of December 31 (in thousands): 2018 2017 Stock appreciation right expense $ 261 $ 296 Estimated tax benefit (55 ) (144 ) Total stock compensation, net of tax benefit $ 206 $ 152 |
Other Income and Expense
Other Income and Expense | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Note 16. Other Income and Expense Other income and expense consist of the following for the years ended December 31 (in thousands): 2018 2017 Interest income $ 79 $ 1 Interest expense (176 ) (249 ) (Loss) gain on foreign currency transactions (188 ) 182 Other income (expense), net 70 (19 ) Total other expense, net $ (215 ) $ (85 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 17. Income Taxes The Tax Act was enacted on December 22, 2017. ASC 740, Accounting for Income Taxes, requires companies to recognize the effect of tax law changes in the period of enactment even though the effective date for most provisions is for tax years beginning after December 31, 2017, or in the case of certain other provisions, January 1, 2018. As such, January 1, 2018 would be the first day of the taxable year for purposes of applying the effective date of the new tax legislation for provisions which are applicable to tax years beginning after December 31, 2017. New tax legislation provisions that were applicable for the tax year ended December 31, 2017 were accounted for within the period ended December 31, 2017. The Tax Act made significant changes to federal tax law, including a reduction in the federal income tax rate from 34% to 21% effective January 1, 2018, a 100% bonus depreciation for qualified assets placed in service after September 27, 2017, and certain additional provisions including the global intangible low-taxed income (GILTI) inclusion and base erosion anti-avoidance tax (BEAT). As a result of our initial analysis of the Tax Act and existing implementation guidance, we reported $0.3 million of deferred tax expense due to the remeasurement of deferred tax assets at the 21% tax rate, and $1.4 million of additional tax expense related to a one-time transition tax which was completely offset by associated deferred tax assets for foreign tax credits. As of December 22, 2018, we completed our accounting for the Tax Act. As such, we finalized our measurement period adjustments in relation to SAB 118 and recognized measurement period adjustments related to our net deferred tax revaluation and deemed repatriation tax. This resulted in a net income tax benefit of $0.4 million primarily due to the acceleration of deductions on our 2017 tax return. We have not changed our indefinite reinvestment assertion, and we have elected to account for the impact of GILTI and BEAT based on the period cost method. While we consider our accounting for the Tax Act to be complete, we continue to evaluate new guidance and legislation as it is issued. The following table provides an analysis of our provision for income taxes for the years ended December 31 (in thousands): 2018 2017 Current: U.S. Federal $ (845 ) $ (47 ) U.S. State (15 ) 182 Foreign 712 494 Total Current (148 ) 629 Deferred: U.S. Federal 921 759 U.S. State 133 48 Foreign (18 ) 379 Total Deferred 1,036 1,186 Income tax provision $ 888 $ 1,815 Income before income taxes consisted of the following for the years ended December 31 (in thousands) : 2018 2017 Foreign $ 4,813 $ 5,185 United States (208 ) 256 Income before income taxes $ 4,605 $ 5,441 A reconciliation of our income tax expense as compared to the tax expense calculated by applying the statutory federal tax rate to income before income taxes for the years ended December 31 is as follows: 2018 2017 Computed expected income tax expense 21.0 % 34.0 % State income taxes, net of federal benefits 1.7 % 1.2 % Subpart F income adjustment 4.1 % 7.4 % Foreign rate differential (excluding research credit) (1.2 ) % (13.3 ) % Impact of the Tax Act (7.9 ) % 5.2 % Impact of GILTI 3.2 % - French research and low wage credit (6.8 ) % (4.3 ) % Impact of tax-return true-ups 4.7 % 1.0 % Other, net 0.5 % 2.2 % Income tax expense 19.3 % 33.4 % The primary components of net deferred income tax assets (liabilities) at December 31 are as follows (in thousands): 2018 2017 Deferred tax assets: Tax credits $ 44 $ 2 Stock compensation 223 371 Macau intangible assets 186 - Other - France 323 367 Bad debt reserves and inventory 461 608 Accrued expenses 249 188 Other 29 6 Total deferred tax assets 1,515 1,542 Deferred tax liabilities: Other - France $ 190 $ 246 Property and equipment 722 80 Intangible assets 695 541 Total deferred tax liabilities 1,607 867 Deferred tax (liabilities) assets, net $ (92 ) $ 675 Unrepatriated earnings were approximately $6.3 million as of December 31, 2018. Except for the $2.9 million earnings from GPI SAS, these unrepatriated earnings are considered permanently reinvested, since it is management’s intention to reinvest these foreign earnings in future operations. We project that we will have sufficient cash flow in the U.S. and will not need to repatriate the foreign earnings from GPI Asia to finance U.S. operations. Except for the deemed dividends under Section 956 in 2015 and under Subpart F, we continue to assert that earnings from GPI Asia will be permanently reinvested. Due to the Tax Act, there is no U.S. federal tax on cash repatriation from foreign subsidiaries but it could be subject to foreign withholding tax and U.S. state income taxes. We are subject to taxation in the U.S. and various states and foreign jurisdictions. With few exceptions, the tax years 2015 through 2018 remain open to examination under the statute of limitations by the IRS and various states for GPIC and GPI USA and by the Government of the Macau Special Administrative Region - Financial Services Bureau for GPI Asia. Tax years 2016 through 2018 remain open to examination under the statute of limitations by the French Tax Administration (FTA) for GPI SAS. In 2015, the FTA started an examination of GPI SAS for tax years 2013 and 2012 that is on-going. In the first quarter of 2018, in connection with the FTA’s examination of GPI SAS for tax years 2013 and 2012, GPI paid 1.4 $0.1 million. A reconciliation of the beginning and ending amounts of unrecognized tax benefits, including estimated interest and penalties, related to the FTA audit, is as follows (in thousands): 2018 2017 Balance at beginning of year $ 294 $ 258 Foreign currency translation (14 ) 36 Balance at end of year $ 280 $ 294 All of the liability as of December 31, 2018 would affect our effective tax rate if recognized and amounts of interest and penalties are not expected to be significant. We do not anticipate that the balance of the unrecognized tax benefits will be eliminated within the next twelve months. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income Loss [Text Block] | Note 18. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of the following at December 31 (in thousands): 2018 2017 Foreign currency translation $ (1,223 ) $ (493 ) Minimum pension liability adjustment, net of tax (79 ) - Total accumulated other comprehensive loss $ (1,302 ) $ (493 ) |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 19. Earnings per Share The weighted-average number of common shares outstanding used in the computation of basic and diluted earnings per share is as follows (in thousands): 2018 2017 Weighted-average number of common shares outstanding - basic 7,970 7,930 Potential dilution from equity grants 81 115 Weighted-average number of common shares outstanding - diluted 8,051 8,045 At December 31, 2017, we have certain outstanding stock options to purchase common stock which have exercise prices greater than the average market price. These anti-dilutive options have been excluded from the computation of diluted net income per share. There were 13,018 outstanding anti-dilutive options for the year ended December 31, 2017 and none at December 31, 2018. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 20. Related-Party Transactions We lease two manufacturing facilities totaling approximately 80,000 square feet located in San Luis Rio Colorado, Mexico, from an entity controlled by the family of Frank Moreno, the General Manager of GPI Mexicana. The facilities are leased through December 2023 at a monthly rent amount of $0.31 per square foot, or approximately $28,000. We also have an immaterial service agreement with a company owned by a relative of the General Manager. In 2016, Alexandre Thieffry became our Executive Vice President of Finance. Mr. Alexandre Thieffry is the son of Alain Thieffry, our Chief Financial Officer, President, Secretary, Treasurer and Chairperson of the Board. Mr. Alexandre Thieffry served as our Controller from 2011 through 2015. Neither Mr. Moreno nor Alexandre Thieffry are directors or executive officers of the Company. Mr. Alain Thieffry is a director and executive officer of the Company. Our audit committee reviews any related party transactions involving our directors and executive officers. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 21. Subsequent Events On January 3, 2019, as part of the Merger Agreement, Nevada State Bank issued to us a $4.0 million letter of credit for the benefit of Angel. Debt. On March 12, 2019, the Company’s stockholders approved the Merger Agreement. |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation and Presentation. The consolidated financial statements include the accounts of GPIC and its wholly-owned subsidiaries GPI USA, GPI SAS, GPI Asia and GPI Mexicana. We also include the income or loss earned on our equity method investments, based on our share of the Company’s assets. All material intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. Certain amounts reported in prior years' consolidated financial statements have been reclassified to conform to the current presentation. These reclassifications had no impact on net revenues or net income. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents. We consider all highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. We maintain cash and cash equivalents in various United States banks. Several accounts are in excess of the federally-insured limit of $250,000. We also maintain cash and cash equivalents in foreign banks that are not insured. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments . |
Accounts Receivables And Customer Deposits [Policy Text Block] | Accounts Receivables and Customer Deposits. We perform ongoing credit evaluations of our customers and for casino currency and most significant orders, such as those orders for casino openings, generally require a deposit prior to commencing work on a customer order. These customer deposits are classified as a current liability on the consolidated balance sheets. We also maintain an allowance for doubtful accounts to state trade receivables at their estimated realizable value. This allowance applies to all customers and is estimated based on a variety of factors, including the length of time the receivables are past due, economic conditions and trends, significant one-time events, and historical experience. Changes are made to the allowance based on our awareness of a particular customer’s ability to meet its financial obligations. Receivables are written-off when management determines that collectability is remote. |
Inventory, Policy [Policy Text Block] | Inventories. Inventories are stated at the lower of cost or an estimate of net realizable value. Cost is determined using a weighted-average method for GPI SAS and a first-in, first-out method for GPI USA and GPI Asia. Market value is determined by comparing inventory item carrying values to estimates of net realizable value. The analysis of net realizable value includes reviewing overall inventory levels, historical and projected sales, usage of these items, the projected markets for our products, and selling costs. Inventory that we estimate will not be used within one year is considered non-current inventory. Inventory that we estimate will not be used within the next three years is written down. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment . : Years Buildings and Improvements 3 - 40 Equipment and Furniture 2 - 15 Vehicles 5 - 7 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill. Goodwill is recorded when the consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired. Goodwill is measured and tested for impairment on an annual basis or more frequently if we believe indicators of impairment exist. We test goodwill for impairment using qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, no further testing is performed. If it is more likely than not that the fair value of the reporting unit is less than its carrying amount, we perform a quantitative two-step impairment test. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount exceeds fair value, then the second step is used to measure the amount of impairment loss. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Long-Lived and Intangible Assets. We evaluate the carrying value of long-lived assets (including property and equipment and intangible assets) for possible impairment when events or change in circumstances indicate that the carrying value of an asset may not be recoverable. In general, we will identify a potential impairment loss when the sum of undiscounted expected cash flows from the asset is less than the carrying amount of such asset. We record an impairment loss when the carrying amount of the long-lived asset is not recoverable and the carrying amount exceeds the estimated fair value. Intangible assets, such as patents and trademarks, are amortized using the straight-line method over their economic lives. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition. The majority of our revenue is derived from selling and distributing manufactured table game equipment to the casino industry. We recognize revenue after we have completed all of the following steps: - Identification of the contract, or contracts, with a customer - Identification of the performance obligations in the contract - Determination of the transaction price - Allocation of the transaction price to the performance obligations in the contract - Recognition of revenue when, or as, the Company satisfies a performance obligation Determining whether these steps have been met may require us to make assumptions and exercise judgment that could significantly impact the timing and amount of revenue reported each period. The majority of our contracts have a similar performance obligation which is the transfer of the individual goods ordered. The Company typically invoices the customer upon shipment. Depending on the size of the customer order we may require deposits that range from 30% to 100% of the total order. We generally warrant our products from defects of material and workmanship for a period of ninety days. On occasion, we may recognize revenue under a bill and hold arrangement. The transfer of ownership, and revenue recognition, occurs at the point the items are ready for physical delivery and the customer is notified – i.e. when the product is manufactured, completed, invoiced, and segregated from our other inventory so that it is not subject to being used to fill other orders. The customer must request a bill and hold arrangement, preferably in writing, and must commit to the purchase. Under the RFID solutions product line, we may recognize revenue from entering into new arrangements which include software and/or multiple elements or deliverables, which include RFID equipment, embedded software licenses, and software maintenance services. In such cases, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The Company determines the standalone selling prices based on the Company's overall pricing objectives, taking into consideration historical selling prices, market conditions, costs to provide certain services and other factors. A portion of our revenue under RFID solutions is generated by new or existing software and hardware maintenance arrangements. Under these arrangements, customers pay in advance for the maintenance of hardware or software. As of December 31, 2018, the Company had contracts with unsatisfied performance obligations extending throughout 2020. Most of our contracts are for one year and renew on March 1 of every year. The Company recognizes as revenue the amount billed over the length of the arrangement. The unrecognized portion of the amount billed is accounted for as deferred revenue. At December 31, 2018 and December 31, 2017, these amounts were $0.1 million and $0.1 $0.7 million and $0.6 The application of our revenue recognition policies and changes in our assumptions or judgments affect the timing and amounts of our revenues and costs, as well as deferred revenue. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development. Research and development costs are the costs related to developing new and improved products and manufacturing processes, including staff compensation and related expenses, subcontract costs, materials, and supplies. Such costs are charged to expense when incurred and are included in our consolidated statements of income. |
Income Tax, Policy [Policy Text Block] | Income Taxes. We recognize a current tax liability or asset for estimated taxes payable or refundable on tax returns for the current year and a deferred non-current tax liability or asset for estimated future tax effects, attributable to temporary differences and carryforwards. The Tax Act made significant changes to federal tax law, including a reduction in the federal income tax rate from 34% to 21% $0.3 million of deferred tax expense due to the remeasurement of deferred tax assets at the 21% tax rate, and $1.4 million of additional tax expense related to a one-time transition tax which is completely offset by associated deferred tax assets for foreign tax credits. As of December 22, 2018, we completed our accounting for the Tax Act. As such, we finalized our measurement period adjustments in relation to SAB 118 and recognized measurement period adjustments related to our net deferred tax revaluation and deemed repatriation tax. This resulted in a net income tax benefit of $0.4 million primarily due to the acceleration of deductions on our 2017 tax return. We have not changed our indefinite reinvestment assertion, and we have elected to account for the impact of GILTI and BEAT based on the period cost method. While we consider our accounting for the Tax Act to be complete, we continue to evaluate new guidance and legislation as it is issued. GPIC and its subsidiaries file separate income tax returns in their respective jurisdictions. Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between the basis of assets and liabilities for financial and income tax reporting. The deferred tax assets and liabilities represent the future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes also are recognized for operating losses that are available to offset future income taxes. We review all of our tax positions and make a determination as to whether our position is more likely than not to be sustained upon examination by tax authorities. If a tax position meets the more-likely-than-not standard, then the related tax benefit is measured based on the cumulative probability that the amount is more likely than not to be realized upon ultimate settlement or disposition of the underlying issue. We recognize interest and penalties related to unrecognized tax positions in the provision for income taxes on our consolidated statements of income. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions . The financial statements of GPI SAS are measured using the euro as the functional currency. Assets and liabilities of GPI SAS are translated into the U.S. dollar at exchange rates at the balance sheet date. Revenues and expenses are translated into the U.S. dollar at average rates of exchange in effect during the year. The resulting cumulative translation adjustments are recorded within accumulated other comprehensive loss. The financial statements of GPI Asia and GPI Mexicana are measured using the U.S. dollar as the functional currency. Non-monetary assets and liabilities are translated at historical exchange rates, and monetary assets and liabilities are translated at current exchange rates. Exchange gains and losses arising from translation are included in other income and expense in the consolidated statements of income. Transaction gains and losses that arise from exchange rate fluctuations on transactions with third parties denominated in a currency other than the functional currency are included in the results of operations as incurred. |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income (Loss). |
Use of Estimates, Policy [Policy Text Block] | Estimates. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions have been made in determining the allowance for doubtful accounts receivable; write-downs of slow moving, excess, and obsolete inventories; the depreciable lives of fixed and intangible assets; estimates for the recoverability of long-lived assets, including intangible assets; the recoverability of deferred tax assets; and potential exposures relating to litigation, claims, and assessments. Actual results could differ from those estimates and assumptions. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards and Not Yet Adopted. Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) 12 $3.4 Recently Adopted Accounting Standards. In March 2017, the FASB issued ASU 2017-17, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The amendments require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. In the first quarter of 2018, the Company adopted this guidance. It had no significant impact on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . These amendments require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This guidance indicates that the former exception to income tax accounting that requires companies to defer the income tax effects of certain intercompany transactions would apply only to intercompany inventory transactions. That is, the exception no longer applies to intercompany sales and transfers of other assets (e.g., property and equipment or intangible assets). Under the former exception, income tax expense associated with intra-entity profits in an intercompany sale or transfer of assets was eliminated from earnings. Instead, that cost was deferred and recorded on the balance sheet (e.g., as a prepaid asset) until the assets left the consolidated group. Similarly, the entity was prohibited from recognizing deferred tax assets for the increases in tax bases due to the intercompany sale or transfer. A modified retrospective basis of adoption was required for this guidance. As a result, a cumulative-effect adjustment of approximately $0.4 million has been recorded to retained earnings on January 1, 2018, in connection with this adoption. This cumulative-effect adjustment relates to the prepaid expense associated with intra-entity transfers of intangible property included in prepaid expenses and other current assets in the accompanying consolidated balance sheet at December 31, 2017. In May 2014, the FASB issued ASU 2014-09, Revenues from Contracts with Customers (Topic 606) . This guidance applies to any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This guidance supersedes existing revenue recognition guidance, including most industry-specific guidance, as well as certain related guidance on accounting for contract costs. To further assist with adoption and implementation of ASU 2014-09, the FASB issued the following ASUs: ·ASU 2016-08 (Issued March 2016) - Principal versus Agent Consideration (Reporting Revenue Gross versus Net) ·ASU 2016-10 (Issued April 2016) - Identifying Performance Obligations and Licensing ·ASU 2016-12 (Issued May 2016) - Narrow-Scope Improvements and Practical Expedients ·ASU 2016-20 (Issued December 2016) - Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers The guidance provides for a five-step model to determine the revenue recognized for the transfer of goods or services to customers that reflects the expected entitled consideration in exchange for those goods or services. It also provides clarification for principal versus agent considerations and identifying performance obligations. In addition, the FASB introduced practical expedients related to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration and the presentation of sales and other similar taxes. Financial statement disclosures required under the guidance will enable users to understand the nature, amount, timing, judgments, and uncertainty of revenue and cash flows relating to customer contracts. The two permitted transition methods under the guidance are the full retrospective approach or a cumulative effect adjustment to the opening retained earnings in the year of adoption (cumulative effect approach). In the first quarter of 2018, we adopted this guidance using a modified retrospective method. It had no significant impact on the consolidated financial statements. Regarding the contract acquisition cost component of the guidance, the Company’s analysis supports use of the practical expedient when recognizing expense related to incremental costs incurred to acquire a contract, as the recovery of such costs is completed in less than one year’s time. Additionally, incremental costs to obtain contracts have been immaterial to date. Accordingly, the Company did not experience any material changes to the timing of when it recognizes expenses related to contract acquisition costs. |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives [Table Text Block] | Years Buildings and Improvements 3 - 40 Equipment and Furniture 2 - 15 Vehicles 5 - 7 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents [Table Text Block] | The following table summarizes our holdings at December 31 (in thousands): 2018 2017 United States (including Mexico) $ 4,510 $ 4,936 France 3,854 6,611 Macau S.A.R., China 3,736 2,517 Total $ 12,100 $ 14,064 |
Accounts Receivable and Allow_2
Accounts Receivable and Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule Of Allowance For Doubtful Accounts Receivable RollForward [Table Text Block] | The allowance for doubtful accounts consists of the following (in thousands): Balance at Beginning of Year Reduction of provision Exchange Rate Effect Balance at End of Period 2018 $ 307 $ (120 ) $ - $ 187 2017 $ 804 $ (498 ) $ 1 $ 307 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following at December 31 (in thousands): 2018 2017 Raw materials $ 9,800 $ 11,637 Work in progress 2,787 2,432 Finished goods 3,517 3,502 Total inventories $ 16,104 $ 17,571 |
Schedule of Inventory, Noncurrent [Table Text Block] | We classified a portion of our inventories as non-current because we currently do not expect this portion to be used within one year. The classification of our inventories on our consolidated balance sheets is as follows at December 31 (in thousands): 2018 2017 Current $ 13,885 $ 15,118 Non-current 2,219 2,453 Total inventories $ 16,104 $ 17,571 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | Other current assets consist of the following at December 31 (in thousands): 2018 2017 Income tax-related assets $ 2,650 $ 1,435 Deposits 775 327 Refundable value-added tax 591 996 Other, net 28 78 Total other current assets $ 4,044 $ 2,836 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consist of the following at December 31 (in thousands): 2018 2017 Land $ 657 $ 669 Buildings and improvements 11,306 11,196 Equipment and furniture 40,841 40,714 Vehicles 405 408 Construction in progress 412 529 53,621 53,516 Less accumulated depreciation (31,074 ) (28,583 ) Property and equipment, net $ 22,547 $ 24,933 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets consist of the following at December 31 (dollars in thousands): 2018 2017 Gross Carrying Amount Accum Amort Net Carrying Amount Gross Carrying Amount Accum Amort Net Carrying Amount Estimated Useful Life (Years) Trademarks $ 1,711 $ (821 ) $ 890 $ 1,711 $ (700 ) $ 1,011 10-15 Customer list 1,101 (557 ) 544 897 (353 ) 544 10-15 Patents 542 (541 ) 1 542 (534 ) 8 14 Other intangible assets 472 (384 ) 88 472 (359 ) 113 3-10 Total intangible assets $ 3,826 $ (2,303 ) $ 1,523 $ 3,622 $ (1,946 ) $ 1,676 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table provides estimated amortization expense for the years ending December 31 (in thousands): Amortization Year Expense 2019 $ 243 2020 241 2021 233 2022 169 2023 119 Thereafter 518 Total $ 1,523 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consist of the following at December 31 (in thousands): 2018 2017 Accrued bonuses and commissions $ 1,381 $ 953 Accrued salaries, wages, and related costs 1,331 1,359 Stock appreciation rights liability 1,244 1,153 Accrued vacation 942 964 Miscellaneous taxes 475 560 Legal and bank fees 309 52 Accrued fixed asset acquisition liability - 1,076 Other 475 368 Total accrued liabilities $ 6,157 $ 6,485 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | The following schedule reflects our future minimum lease payments under operating leases, including related-party payments described at Note 20. Related-Party Transactions for the years ending December 31 (in thousands): Minimum Lease Year Payments 2019 $ 1,057 2020 683 2021 644 2022 641 2023 338 Total $ 3,363 |
Geographic and Product Line I_2
Geographic and Product Line Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from Foreign Countries by Geographic Area [Table Text Block] | The following table presents certain data by geographic area for the years ended December 31 (dollars in thousands): 2018 2017 Revenues The Americas $ 57,868 66.5 % $ 54,638 67.8 % Asia-Pacific 26,098 30.0 % 23,200 28.8 % Europe and Africa 3,043 3.5 % 2,764 3.4 % Total $ 87,009 100.0 % $ 80,602 100.0 % |
Schedule of Product Revenue [Table Text Block] | The following table presents our net sales by product line for the years ended December 31 (dollars in thousands): 2018 2017 Casino currency without RFID $ 20,867 24.1 % $ 14,754 18.3 % Casino currency with RFID 17,520 20.1 % 18,041 22.4 % Total casino currency 38,387 44.2 % 32,795 40.7 % Playing cards 23,466 27.0 % 24,864 30.8 % Table accessories and other products 6,996 8.0 % 6,802 8.4 % Table layouts 5,753 6.6 % 5,315 6.6 % Gaming furniture 3,404 3.9 % 3,255 4.0 % Dice 2,999 3.4 % 2,791 3.5 % RFID solutions 2,521 2.9 % 1,623 2.0 % Shipping 3,483 4.0 % 3,157 4.0 % Total $ 87,009 100.0 % $ 80,602 100.0 % |
Schedule of Property Plant and Equipment by Geographic Area [Table Text Block] | The following table presents our property and equipment, net by geographic area at December 31 (in thousands): 2018 2017 United States $ 12,561 $ 13,708 Mexico 6,011 6,851 France 3,581 3,936 Macau S.A.R., China 394 438 Total $ 22,547 $ 24,933 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following table presents our intangible assets, net by geographic area at December 31 (in thousands): 2018 2017 United States $ 1,409 $ 1,634 Macau S.A.R., China 114 42 Total $ 1,523 $ 1,676 |
Pension Plans (Tables)
Pension Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following amounts relate to the Pension Plan at December 31 (in thousands): 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 630 $ 497 Service cost 36 31 Interest cost 8 8 Actuarial loss 23 29 Benefits paid (20 ) (8 ) Effect of foreign exchange rate changes (30 ) 73 Benefit obligation at end of year $ 647 $ 630 Change in plan assets: Fair value of plan assets at beginning of year $ 370 $ 317 Actual (loss) return on plan assets (40 ) 8 Effect of foreign exchange rate changes (16 ) 45 Fair value of plan assets at end of year 314 370 Funded status and accrued benefit cost $ (333 ) $ (260 ) |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Pension Plan assets are measured using a Level 1 valuation methodology and consist of the following asset funds at December 31 (in thousands): 2018 2017 Worldwide bond fund $ 167 $ 179 Guaranteed equity fund 17 34 European equity fund 130 157 Fair value of plan assets at end of year $ 314 $ 370 |
Schedule of Assumptions Used [Table Text Block] | The weighted-average assumptions used in measuring the net periodic benefit cost and Pension Plan obligations as of December 31 are: 2018 2017 Net periodic benefit cost: Discount rate 1.60 % 1.30 % Pension Plan obligations: Discount rate 1.60 % 1.30 % Rate of compensation increase 2.00 % 2.00 % |
Schedule of Net Benefit Costs [Table Text Block] | Net pension expense consisted of the following for the years ended December 31 (in thousands): 2018 2017 Service-cost benefits earned during the period $ 36 $ 31 Interest expense on benefit obligation 8 8 Actual (return) loss on plan assets 40 (8 ) Actuarial loss 23 29 Net pension expense $ 107 $ 60 |
Stock Option Programs and Sha_2
Stock Option Programs and Share-based Compensation Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity for the years ended December 31, 2018 and 2017: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2017 402,750 $ 7.34 3.9 $ 1,855 Granted 25,500 10.97 Expired (12,000 ) 10.72 Exercised (49,500 ) 7.07 Outstanding at December 31, 2017 366,750 7.35 3.8 $ 1,431 Granted 22,000 8.88 Expired (2,000 ) 5.80 Exercised (156,500 ) 6.13 Outstanding at December 31, 2018 230,250 $ 8.35 5.1 $ 1,072 Exercisable at December 31, 2018 221,750 $ 8.35 5.1 $ 1,047 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table summarizes the weighted-average assumptions used, and related information, for option activity for the years indicated. Option valuation assumptions: 2018 2017 Dividend yield 1.1 % 1.1 % Expected volatility 37.9 % 36.5 % Risk-free interest rate 2.64 % 1.91 % Expected term of options 5.6 yrs 5.6 yrs Weighted-average fair value of options granted during the period $ 3.06 $ 4.05 |
Share-based Compensation, Activity [Table Text Block] | The following table summarizes our reported stock compensation expense, which is included in general and administrative expenses in our consolidated statements of income as of December 31 (in thousands): 2018 2017 Stock appreciation right expense $ 261 $ 296 Estimated tax benefit (55 ) (144 ) Total stock compensation, net of tax benefit $ 206 $ 152 |
Other Income and Expense (Table
Other Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Other income and expense consist of the following for the years ended December 31 (in thousands): 2018 2017 Interest income $ 79 $ 1 Interest expense (176 ) (249 ) (Loss) gain on foreign currency transactions (188 ) 182 Other income (expense), net 70 (19 ) Total other expense, net $ (215 ) $ (85 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following table provides an analysis of our provision for income taxes for the years ended December 31 (in thousands): 2018 2017 Current: U.S. Federal $ (845 ) $ (47 ) U.S. State (15 ) 182 Foreign 712 494 Total Current (148 ) 629 Deferred: U.S. Federal 921 759 U.S. State 133 48 Foreign (18 ) 379 Total Deferred 1,036 1,186 Income tax provision $ 888 $ 1,815 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income before income taxes consisted of the following for the years ended December 31 (in thousands) : 2018 2017 Foreign $ 4,813 $ 5,185 United States (208 ) 256 Income before income taxes $ 4,605 $ 5,441 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of our income tax expense as compared to the tax expense calculated by applying the statutory federal tax rate to income before income taxes for the years ended December 31 is as follows: 2018 2017 Computed expected income tax expense 21.0 % 34.0 % State income taxes, net of federal benefits 1.7 % 1.2 % Subpart F income adjustment 4.1 % 7.4 % Foreign rate differential (excluding research credit) (1.2 ) % (13.3 ) % Impact of the Tax Act (7.9 ) % 5.2 % Impact of GILTI 3.2 % - French research and low wage credit (6.8 ) % (4.3 ) % Impact of tax-return true-ups 4.7 % 1.0 % Other, net 0.5 % 2.2 % Income tax expense 19.3 % 33.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The primary components of net deferred income tax assets (liabilities) at December 31 are as follows (in thousands): 2018 2017 Deferred tax assets: Tax credits $ 44 $ 2 Stock compensation 223 371 Macau intangible assets 186 - Other - France 323 367 Bad debt reserves and inventory 461 608 Accrued expenses 249 188 Other 29 6 Total deferred tax assets 1,515 1,542 Deferred tax liabilities: Other - France $ 190 $ 246 Property and equipment 722 80 Intangible assets 695 541 Total deferred tax liabilities 1,607 867 Deferred tax (liabilities) assets, net $ (92 ) $ 675 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amounts of unrecognized tax benefits, including estimated interest and penalties, related to the FTA audit, is as follows (in thousands): 2018 2017 Balance at beginning of year $ 294 $ 258 Foreign currency translation (14 ) 36 Balance at end of year $ 280 $ 294 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss [Table Text Block] | Accumulated other comprehensive loss consists of the following at December 31 (in thousands): 2018 2017 Foreign currency translation $ (1,223 ) $ (493 ) Minimum pension liability adjustment, net of tax (79 ) - Total accumulated other comprehensive loss $ (1,302 ) $ (493 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The weighted-average number of common shares outstanding used in the computation of basic and diluted earnings per share is as follows (in thousands): 2018 2017 Weighted-average number of common shares outstanding - basic 7,970 7,930 Potential dilution from equity grants 81 115 Weighted-average number of common shares outstanding - diluted 8,051 8,045 |
Nature of Business and Signif_4
Nature of Business and Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 15 years |
Furniture And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 2 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 7 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Nature of Business and Signif_5
Nature of Business and Significant Accounting Policies (Details Textual) - USD ($) | Jan. 02, 2018 | Dec. 22, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 12, 2019 | Jan. 01, 2019 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
FDIC Insured Limit | $ 250,000 | |||||
Deferred Tax Assets, Tax Deferred Expense | 300,000 | |||||
Income Tax Expense (Benefit) | 888,000 | $ 1,815,000 | ||||
Deferred Revenue, Current | 100,000 | 100,000 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 87,009,000 | $ 80,602,000 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 34.00% | ||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 1,400,000 | |||||
Lessor, Operating Lease, Term of Contract | 12 months | |||||
Contracts Revenue [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 700,000 | $ 600,000 | ||||
Tax Year 2017 [Member] | ||||||
Income Tax Expense (Benefit) | $ 400,000 | $ 400,000 | ||||
Maximum [Member] | ||||||
Percentage Of Security Deposit | 100.00% | |||||
Minimum [Member] | ||||||
Percentage Of Security Deposit | 30.00% | |||||
Subsequent Event [Member] | Angel [Member] | ||||||
Business Acquisition Value Assigned Per Share In Cash | $ 13.75 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||||
Accounting Standards Update 2016-16 [Member] | ||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ 400,000 | |||||
Accounting Standards Update 2016-16 [Member] | Subsequent Event [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 3,400,000 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Line Items] | |||
Cash and Cash Equivalents | $ 12,100 | $ 14,064 | $ 10,604 |
United States (including Mexico) [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash and Cash Equivalents | 4,510 | 4,936 | |
France [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash and Cash Equivalents | 3,854 | 6,611 | |
Macau S.A.R., China [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash and Cash Equivalents | $ 3,736 | $ 2,517 |
Accounts Receivable and Allow_3
Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at Beginning of Year | $ 307 | $ 804 |
Reduction of provision | (120) | (498) |
Exchange Rate Effect | 0 | 1 |
Balance at End of Period | $ 187 | $ 307 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Raw materials | $ 9,800 | $ 11,637 |
Work in progress | 2,787 | 2,432 |
Finished goods | 3,517 | 3,502 |
Total inventories | $ 16,104 | $ 17,571 |
Inventories (Details 1)
Inventories (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Current | $ 13,885 | $ 15,118 |
Non-current | 2,219 | 2,453 |
Total inventories | $ 16,104 | $ 17,571 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Income tax-related assets | $ 2,650 | $ 1,435 |
Deposits | 775 | 327 |
Refundable value-added tax | 591 | 996 |
Other, net | 28 | 78 |
Total other current assets | $ 4,044 | $ 2,836 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 657 | $ 669 |
Buildings and improvements | 11,306 | 11,196 |
Equipment and furniture | 40,841 | 40,714 |
Vehicles | 405 | 408 |
Construction in progress | 412 | 529 |
Property, Plant and Equipment, Gross | 53,621 | 53,516 |
Less accumulated depreciation | (31,074) | (28,583) |
Property and equipment, net | $ 22,547 | $ 24,933 |
Property and Equipment (Detai_2
Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 4,485 | $ 4,359 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | $ 3,826 | $ 3,622 |
Intangible assets, Accumulated Amortization | (2,303) | (1,946) |
Intangible assets, Net Carrying Amount | 1,523 | 1,676 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 1,711 | 1,711 |
Intangible assets, Accumulated Amortization | (821) | (700) |
Intangible assets, Net Carrying Amount | $ 890 | 1,011 |
Trademarks [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Estimated Useful Life (Years) | 10 years | |
Trademarks [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Estimated Useful Life (Years) | 15 years | |
Customer List [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | $ 1,101 | 897 |
Intangible assets, Accumulated Amortization | (557) | (353) |
Intangible assets, Net Carrying Amount | $ 544 | 544 |
Customer List [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Estimated Useful Life (Years) | 10 years | |
Customer List [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Estimated Useful Life (Years) | 15 years | |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | $ 542 | 542 |
Intangible assets, Accumulated Amortization | (541) | (534) |
Intangible assets, Net Carrying Amount | $ 1 | 8 |
Intangible assets, Estimated Useful Life (Years) | 14 years | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | $ 472 | 472 |
Intangible assets, Accumulated Amortization | (384) | (359) |
Intangible assets, Net Carrying Amount | $ 88 | $ 113 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Estimated Useful Life (Years) | 3 years | |
Other Intangible Assets [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Estimated Useful Life (Years) | 10 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
2019 | $ 243 | |
2020 | 241 | |
2021 | 233 | |
2022 | 169 | |
2023 | 119 | |
Thereafter | 518 | |
Total | $ 1,523 | $ 1,676 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Of Intangible Assets | $ 248 | $ 242 |
Goodwill | $ 10,292 | $ 10,292 |
Equity Method Investment (Detai
Equity Method Investment (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2018 | May 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Payments to Acquire Equity Method Investments | $ 150,000 | $ 451,000 | ||
Income (Loss) from Equity Method Investments | $ 0 | $ (40,000) | ||
On live Gaming Sas [Member] | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 26.50% | 20.00% | ||
Payments to Acquire Equity Method Investments | $ 150,000 | $ 451,000 | ||
Equity Method Investment, Ownership Percentage | 6.50% |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities [Abstract] | ||
Accrued bonuses and commissions | $ 1,381 | $ 953 |
Accrued salaries, wages, and related costs | 1,331 | 1,359 |
Stock appreciation rights liability | 1,244 | 1,153 |
Accrued vacation | 942 | 964 |
Miscellaneous taxes | 475 | 560 |
Legal and bank fees | 309 | 52 |
Accrued fixed asset acquisition liability | 0 | 1,076 |
Other | 475 | 368 |
Total accrued liabilities | $ 6,157 | $ 6,485 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | Jan. 03, 2019 | Jun. 26, 2015 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate Description | a rate per annum equal to LIBOR plus 2.25% | ||
Nevada State Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15 | ||
Long-term Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Expiration Date | Jun. 26, 2022 | ||
Long-term Debt [Member] | Nevada State Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-term Line of Credit | 10 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Expiration Date | Jun. 26, 2020 | ||
Revolving Credit Facility [Member] | Nevada State Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 5 | ||
Revolving Credit Facility [Member] | Nevada State Bank [Member] | Subsequent Event [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1 | ||
Letter of Credit [Member] | Nevada State Bank [Member] | Subsequent Event [Member] | |||
Line of Credit Facility [Line Items] | |||
Proceeds from Lines of Credit | $ 4 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments | |
2019 | $ 1,057 |
2020 | 683 |
2021 | 644 |
2022 | 641 |
2023 | 338 |
Total | $ 3,363 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Lease, Expense | $ 1.2 | $ 1 |
Supplemental Unemployment Benefits Severance Benefits And Retention Bonus | $ 1.4 |
Geographic and Product Line I_3
Geographic and Product Line Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 87,009 | $ 80,602 |
Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 100.00% | 100.00% |
The Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 57,868 | $ 54,638 |
The Americas [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 66.50% | 67.80% |
Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 26,098 | $ 23,200 |
Asia-Pacific [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 30.00% | 28.80% |
Europe and Africa [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 3,043 | $ 2,764 |
Europe and Africa [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 3.50% | 3.40% |
Geographic and Product Line I_4
Geographic and Product Line Information (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 87,009 | $ 80,602 |
Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 100.00% | 100.00% |
Casino currency without RFID [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 20,867 | $ 14,754 |
Casino currency without RFID [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 24.10% | 18.30% |
Casino currency with RFID [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 17,520 | $ 18,041 |
Casino currency with RFID [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 20.10% | 22.40% |
Total casino currency [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 38,387 | $ 32,795 |
Total casino currency [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 44.20% | 40.70% |
Playing Cards [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 23,466 | $ 24,864 |
Playing Cards [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 27.00% | 30.80% |
Table accessories and other products [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 6,996 | $ 6,802 |
Table accessories and other products [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 8.00% | 8.40% |
Table layouts [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 5,753 | $ 5,315 |
Table layouts [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 6.60% | 6.60% |
Gaming furniture [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 3,404 | $ 3,255 |
Gaming furniture [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 3.90% | 4.00% |
Dice [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 2,999 | $ 2,791 |
Dice [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 3.40% | 3.50% |
RFID solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 2,521 | $ 1,623 |
RFID solutions [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 2.90% | 2.00% |
Shipping [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 3,483 | $ 3,157 |
Shipping [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 4.00% | 4.00% |
Geographic and Product Line I_5
Geographic and Product Line Information (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 22,547 | $ 24,933 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 12,561 | 13,708 |
Mexico [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 6,011 | 6,851 |
France [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 3,581 | 3,936 |
Macau S.A.R., China [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 394 | $ 438 |
Geographic and Product Line I_6
Geographic and Product Line Information (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Intangible assets, net | $ 1,523 | $ 1,676 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Intangible assets, net | 1,409 | 1,634 |
Macau S.A.R., China [Member] | ||
Segment Reporting Information [Line Items] | ||
Intangible assets, net | $ 114 | $ 42 |
Geographic and Product Line I_7
Geographic and Product Line Information (Details Textual) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues, Percentage | 100.00% | 100.00% |
Pension Plans (Details)
Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation: | ||
Benefit obligation at beginning of year | $ 630 | $ 497 |
Service cost | 36 | 31 |
Interest cost | 8 | 8 |
Actuarial loss | 23 | 29 |
Benefits paid | (20) | (8) |
Effect of foreign exchange rate changes | (30) | 73 |
Benefit obligation at end of year | 647 | 630 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 370 | 317 |
Actual (loss) return on plan assets | (40) | 8 |
Effect of foreign exchange rate changes | (16) | 45 |
Fair value of plan assets at end of year | 314 | 370 |
Funded status and accrued benefit cost | $ (333) | $ (260) |
Pension Plans (Detail 1)
Pension Plans (Detail 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan, Plan Assets, Amount | $ 314 | $ 370 | $ 317 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Plan Assets, Amount | 314 | 370 | |
Worldwide Bond Fund [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Plan Assets, Amount | 167 | 179 | |
Guaranteed Rate Fund [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Plan Assets, Amount | 17 | 34 | |
European Equity Fund [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 130 | $ 157 |
Pension Plans (Details 2)
Pension Plans (Details 2) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net periodic benefit cost: | ||
Discount rate | 1.60% | 1.30% |
Pension Plan obligations: | ||
Discount rate | 1.60% | 1.30% |
Rate of compensation increase | 2.00% | 2.00% |
Pension Plans (Details 3)
Pension Plans (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Service-cost benefits earned during the period | $ 36 | $ 31 |
Interest expense on benefit obligation | 8 | 8 |
Actual (return) loss on plan assets | 40 | (8) |
Actuarial loss | 23 | 29 |
Net pension expense | $ 107 | $ 60 |
Pension Plans (Details Textual)
Pension Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Description | We contribute $0.50 for each $1.00 contributed by a participant in the 401K Plan up to 4 percent of the participant's wages. | ||
Defined Benefit Plan, Benefit Obligation | $ 647 | $ 630 | $ 497 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (333) | (260) | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 100 | $ 100 | |
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities | 300 | ||
From 2019 Through 2022 [Member] | |||
Defined Benefit Plan Projected Benefit Payments | 100 | ||
From 2023 Through 2027 [Member] | |||
Defined Benefit Plan, Benefit Obligation | 200 | ||
Defined Benefit Plan Projected Benefit Payments | $ 200 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 85 Months Ended | |||
Nov. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Nov. 30, 2012 | Dec. 01, 2011 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 498,512 | 409,951 | ||||
Stock Repurchase Program Number Of Shares Authorized To Be Repurchased Percentage | 5.00% | |||||
Stock Repurchased During Period, Shares | 400 | |||||
Stock Repurchased During Period, Value | $ 3 | $ 2,100 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 8 | $ 7.30 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 215,190 | 215,190 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.12 | $ 0.12 | ||||
Dividend paid to shareholders | $ 970 | $ 952 | ||||
Common Stock [Member] | ||||||
Stock Repurchased During Period, Shares | (400) | 283,322 | ||||
Stock Repurchased During Period, Value | $ 0 | |||||
Dividend paid to shareholders | $ 1,000 |
Stock Option Programs and Sha_3
Stock Option Programs and Share-based Compensation Expense (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares, Outstanding, Beginning Balance | 366,750 | 402,750 | |
Shares, Granted | 22,000 | 25,500 | |
Shares, Expired | (2,000) | (12,000) | |
Shares, Exercised | (156,500) | (49,500) | |
Shares, Outstanding, Ending Balance | 230,250 | 366,750 | 402,750 |
Shares, Exercisable | 221,750 | ||
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 7.35 | $ 7.34 | |
Weighted-Average Exercise Price, Granted | 8.88 | 10.97 | |
Weighted-Average Exercise Price, Expired | 5.80 | 10.72 | |
Weighted- Average Exercise Price, Exercised | 6.13 | 7.07 | |
Weighted-Average Exercise Price, Outstanding, Ending Balance | 8.35 | $ 7.35 | $ 7.34 |
Weighted-Average Exercise Price, Exercisable | $ 8.35 | ||
Weighted- Average Remaining Contractual Term (Years), Outstanding | 5 years 1 month 6 days | 3 years 9 months 18 days | 3 years 10 months 24 days |
Weighted- Average Remaining Contractual Term (Years), Exercisable | 5 years 1 month 6 days | ||
Aggregate Intrinsic Value, Outstanding | $ 1,072 | $ 1,431 | $ 1,855 |
Aggregate Intrinsic Value, Exercisable | $ 1,047 |
Stock Option Programs and Sha_4
Stock Option Programs and Share-based Compensation Expense (Details 1) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Option valuation assumptions: | ||
Dividend yield | 1.10% | 1.10% |
Expected volatility | 37.90% | 36.50% |
Risk-free interest rate | 2.64% | 1.91% |
Expected term of options | 5 years 7 months 6 days | 5 years 7 months 6 days |
Weighted-average fair value of options granted during the period | $ 3.06 | $ 4.05 |
Stock Option Programs and Sha_5
Stock Option Programs and Share-based Compensation Expense (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock appreciation right expense | $ 261 | $ 296 |
Estimated tax benefit | (55) | (144) |
Total stock compensation, net of tax benefit | $ 206 | $ 152 |
Stock Option Programs and Sha_6
Stock Option Programs and Share-based Compensation Expense (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2009 | |
Share-based Compensation, Total | $ 261 | $ 296 | ||
Adjustments To Additional Paid In Capital Stock Appreciation Rights Reclassification | $ (898) | |||
Number of Appreciation Rights Exercised During Period, Shares | 3,000 | 46,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,500 | $ 200 | ||
Deferred Compensation Share-based Arrangements, Liability, Current | $ 1,244 | $ 1,153 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Future Issuance Number | 211,250 | |||
Number Of Appreciation Rights Remained During Period Shares | 36,000 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 156,500 | 49,500 | ||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation, Total | $ 300 | |||
Adjustments To Additional Paid In Capital Stock Appreciation Rights Reclassification | 900 | |||
Deferred Compensation Share-based Arrangements, Liability, Current | $ 1,200 | |||
Directors Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 450,000 | |||
Directors Plan [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 262,750 | |||
Gronau Agreement [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,000 | |||
Non Employee Director [Member] | ||||
Stock Options To Be Grant To Purchase Of Common Stock | 6,000 | |||
Maximum Discretionary Stock Options Granted | 100,000 | |||
Deferred Compensation Share-based Arrangements, Liability, Current | $ 1,200 | |||
Each Non Employee Director [Member] | ||||
Stock Options To Be Grant For Each Year To Purchase Of Common Stock | 2,000 | |||
Stock Options To Be Grant For Each Year To Purchase Of Common Stock For Serving On Certain Committees | 1,500 |
Other Income and Expense (Detai
Other Income and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income | $ 79 | $ 1 |
Interest Expense | (176) | (249) |
(Loss) gain on foreign currency transactions | (188) | 182 |
Other income (expense), net | 70 | (19) |
Total other expense, net | $ (215) | $ (85) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | ||
U.S. Federal | $ (845) | $ (47) |
U.S. State | (15) | 182 |
Foreign | 712 | 494 |
Total Current | (148) | 629 |
Deferred: | ||
U.S. Federal | 921 | 759 |
U.S. State | 133 | 48 |
Foreign | (18) | 379 |
Total Deferred | 1,036 | 1,186 |
Income tax provision | $ 888 | $ 1,815 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Foreign | $ 4,813 | $ 5,185 |
United States | (208) | 256 |
Income before income taxes | $ 4,605 | $ 5,441 |
Income Taxes (Details 2)
Income Taxes (Details 2) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Computed expected income tax expense | 21.00% | 34.00% |
State income taxes, net of federal benefits | 1.70% | 1.20% |
Subpart F income adjustment | 4.10% | 7.40% |
Foreign rate differential (excluding research credit) | (1.20%) | (13.30%) |
Impact of the Tax Act | (7.90%) | 5.20% |
Impact of GILTI | 3.20% | 0.00% |
French research and low wage credit | (6.80%) | (4.30%) |
Impact of tax-return true-ups | 4.70% | 1.00% |
Other, net | 0.50% | 2.20% |
Income tax expense | 19.30% | 33.40% |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Tax credits | $ 44 | $ 2 |
Stock compensation | 223 | 371 |
Macau intangible assets | 186 | 0 |
Other - France | 323 | 367 |
Bad debt reserves and inventory | 461 | 608 |
Accrued expenses | 249 | 188 |
Other | 29 | 6 |
Total deferred tax assets | 1,515 | 1,542 |
Deferred tax liabilities: | ||
Other - France | 190 | 246 |
Property and equipment | 722 | 80 |
Intangible assets | 695 | 541 |
Total deferred tax liabilities | 1,607 | 867 |
Deferred tax assets, net | $ 675 | |
Deferred tax liabilities, net | $ (92) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at beginning of year | $ 294 | $ 258 |
Foreign currency translation Increase | 36 | |
Foreign currency translation Decrease | (14) | |
Balance at end of year | $ 280 | $ 294 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 22, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | |
Income Taxes Paid | € | € 1.4 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 34.00% | |
Unremitted Earnings | $ 6,300 | |||
Increase (Decrease) in Deferred Income Taxes | 300 | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 1,400 | |||
Foreign Earnings Unrepatriated | $ 2,900 | |||
Percentage of Bonus Depreciation For Qualified Assets Percentage Item | 100.00% | 100.00% | ||
Income Tax Expense (Benefit) | $ 888 | $ 1,815 | ||
Payment of Audit Adjustments Related to Income Tax | 100 | |||
Tax Year 2017 [Member] | ||||
Income Tax Expense (Benefit) | $ 400 | $ 400 | ||
Scenario, Plan [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other comprehensive loss: | ||
Foreign currency translation | $ (1,223) | $ (493) |
Minimum pension liability adjustment, net of tax | (79) | 0 |
Total accumulated other comprehensive loss | $ (1,302) | $ (493) |
Earnings per Share (Details)
Earnings per Share (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Basic and Diluted Earnings Per Share [Line Items] | ||
Weighted-average number of common shares outstanding - basic | 7,970 | 7,930 |
Potential dilution from equity grants | 81 | 115 |
Weighted-average number of common shares outstanding - diluted | 8,051 | 8,045 |
Earnings per Share (Details Tex
Earnings per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 13,018 |
Related-Party Transactions (Det
Related-Party Transactions (Details Textual) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | |
Area Of Lease Property | 80,000 |
Monthly Rental Per Square Feet | $ 0.31 |
Lease Property Monthly Lease | $ 28,000 |
Lease Expiration Date | Dec. 31, 2023 |
Subsequent event (Details Textu
Subsequent event (Details Textual) $ in Millions | Jan. 03, 2019USD ($) |
Subsequent Event [Member] | Nevada State Bank [Member] | |
Letters of Credit Outstanding, Amount | $ 4 |