Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'MILLER INDUSTRIES INC /TN/ | ' | ' |
Entity Central Index Key | '0000924822 | ' | ' |
Trading Symbol | 'mlr | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-Known Seasoned Issuer | 'No | ' | ' |
Entity Common Stock Shares Outstanding | ' | 11,272,333 | ' |
Entity Public Float | ' | ' | $139,459,119 |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and temporary investments | $42,864 | $48,591 |
Accounts receivable, net of allowance for doubtful accounts of $1,714 and $1,614, at December 31, 2013 and 2012, respectively | 80,821 | 59,113 |
Inventories | 54,172 | 45,045 |
Prepaid expenses | 2,190 | 1,951 |
Current deferred income taxes | 3,888 | 3,581 |
Total current assets | 183,935 | 158,281 |
PROPERTY, PLANT, AND EQUIPMENT, net | 30,834 | 32,188 |
GOODWILL | 11,619 | 11,619 |
OTHER ASSETS | 281 | 263 |
TOTAL ASSETS | 226,669 | 202,351 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 47,388 | 30,745 |
Accrued liabilities | 15,726 | 12,358 |
Total current liabilities | 63,114 | 43,103 |
DEFERRED INCOME TAX LIABILITIES | 1,842 | 1,758 |
COMMITMENTS AND CONTINGENCIES (Notes 3 and 5) | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Preferred stock, $.01 par value; 5,000,000 shares authorized, none issued or outstanding | ' | ' |
Common stock, $.01 par value; 100,000,000 shares authorized, 11,265,679 and 11,158,631, outstanding at December 31, 2013 and 2012, respectively | 113 | 112 |
Additional paid-in capital | 149,608 | 148,688 |
Accumulated surplus | 11,696 | 8,760 |
Accumulated other comprehensive income (loss) | 814 | -70 |
Total Miller Industries, Inc. shareholders' equity | 162,231 | 157,490 |
Noncontrolling interest | -518 | ' |
Total shareholders' equity | 161,713 | 157,490 |
LIABILITIES AND SHAREHOLDERS' EQUITY TOTAL | $226,669 | $202,351 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | $1,714 | $1,614 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 11,265,679 | 11,158,631 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
NET SALES | $404,170 | $342,663 | $412,659 |
COSTS OF OPERATIONS | 361,734 | 302,606 | 342,557 |
GROSS PROFIT | 42,436 | 40,057 | 70,102 |
OPERATING EXPENSES: | ' | ' | ' |
Selling, general, and administrative expenses | 28,323 | 27,507 | 31,407 |
Interest expense, net | 369 | 712 | 728 |
Other income | -119 | -815 | -161 |
Total operating expenses | 28,573 | 27,404 | 31,974 |
INCOME BEFORE INCOME TAXES | 13,863 | 12,653 | 38,128 |
INCOME TAX PROVISION | 5,175 | 3,531 | 15,120 |
NET INCOME | 8,688 | 9,122 | 23,008 |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 542 | ' | ' |
NET INCOME ATTRIBUTABLE TO MILLER INDUSTRIES, INC. | $9,230 | $9,122 | $23,008 |
BASIC INCOME PER COMMON SHARE (in dollars per share) | $0.82 | $0.82 | $1.98 |
DILUTED INCOME PER COMMON SHARE (in dollars per share) | $0.82 | $0.82 | $1.92 |
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0.56 | $0.52 | $0.48 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ' | ' | ' |
Basic (in shares) | 11,233 | 11,068 | 11,600 |
Diluted (in shares) | 11,324 | 11,258 | 11,984 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Other Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $8,688 | $9,122 | $23,008 |
Other comprehensive income: | ' | ' | ' |
Foreign currency translation adjustment | 1,175 | -207 | 71 |
Derivative instrument and hedging activities | -216 | ' | ' |
Reclassifications from accumulated other comprehensive income (loss) | -75 | ' | ' |
Total other comprehensive income (loss) | 884 | -207 | 71 |
Comprehensive income | 9,572 | 8,915 | 23,079 |
Net loss attributable to noncontrolling interests | 542 | ' | ' |
Comprehensive income attributable to Miller Industries, Inc. | $10,114 | $8,915 | $23,079 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Surplus (Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Miller Industries, Inc. Shareholders' Equity | Noncontrolling Interests | Total |
In Thousands, unless otherwise specified | |||||||
BALANCE at Dec. 31, 2010 | $117 | $162,447 | ($12,062) | $66 | $150,568 | ' | $150,568 |
Components of comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 23,008 | ' | 23,008 | ' | 23,008 |
Foreign currency translation adjustments | ' | ' | ' | 71 | 71 | ' | 71 |
Total comprehensive income | ' | ' | 23,008 | 71 | 23,079 | ' | 23,079 |
Issuance of common stock to non-employee directors (4,734 in 2013, 4,737 in 2012 and 6,840 in 2011) | ' | 100 | ' | ' | 100 | ' | 100 |
Exercise of stock options (102,314 in 2013, 153,775 in 2012 and 468,204 in 2011) | 5 | 2,762 | ' | ' | 2,767 | ' | 2,767 |
Repurchase of common stock (1,184,200 in 2011) | -12 | -19,988 | ' | ' | -20,000 | ' | -20,000 |
Stock-based compensation expense | ' | 399 | ' | ' | 399 | ' | 399 |
Excess tax effect for stock-based compensation | ' | 1,284 | ' | ' | 1,284 | ' | 1,284 |
Dividends paid, $0.56 per share in 2013, $0.52 per share in 2012 and $0.48 per share in 2011 | ' | ' | -5,546 | ' | -5,546 | ' | -5,546 |
BALANCE at Dec. 31, 2011 | 110 | 147,004 | 5,400 | 137 | 152,651 | ' | 152,651 |
Components of comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 9,122 | ' | 9,122 | ' | 9,122 |
Foreign currency translation adjustments | ' | ' | ' | -207 | -207 | ' | -207 |
Total comprehensive income | ' | ' | 9,122 | -207 | 8,915 | ' | 8,915 |
Issuance of common stock to non-employee directors (4,734 in 2013, 4,737 in 2012 and 6,840 in 2011) | ' | 75 | ' | ' | 75 | ' | 75 |
Exercise of stock options (102,314 in 2013, 153,775 in 2012 and 468,204 in 2011) | 2 | 851 | ' | ' | 853 | ' | 853 |
Stock-based compensation expense | ' | 332 | ' | ' | 332 | ' | 332 |
Excess tax effect for stock-based compensation | ' | 426 | ' | ' | 426 | ' | 426 |
Dividends paid, $0.56 per share in 2013, $0.52 per share in 2012 and $0.48 per share in 2011 | ' | ' | -5,762 | ' | -5,762 | ' | -5,762 |
BALANCE at Dec. 31, 2012 | 112 | 148,688 | 8,760 | -70 | 157,490 | ' | 157,490 |
Components of comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 9,230 | ' | 9,230 | -542 | 8,688 |
Foreign currency translation adjustments | ' | ' | ' | 1,175 | 1,175 | ' | 1,175 |
Derivative instrument and hedging activities | ' | ' | ' | -291 | -291 | ' | -216 |
Total comprehensive income | ' | ' | 9,230 | 884 | 10,114 | -542 | 9,572 |
Capital Contribution from noncontrolling interest holder | ' | ' | ' | ' | ' | 24 | 24 |
Issuance of common stock to non-employee directors (4,734 in 2013, 4,737 in 2012 and 6,840 in 2011) | ' | 75 | ' | ' | 75 | ' | 75 |
Exercise of stock options (102,314 in 2013, 153,775 in 2012 and 468,204 in 2011) | 1 | 620 | ' | ' | 621 | ' | 621 |
Excess tax effect for stock-based compensation | ' | 225 | ' | ' | 225 | ' | 225 |
Dividends paid, $0.56 per share in 2013, $0.52 per share in 2012 and $0.48 per share in 2011 | ' | ' | -6,294 | ' | -6,294 | ' | -6,294 |
BALANCE at Dec. 31, 2013 | $113 | $149,608 | $11,696 | $814 | $162,231 | ($518) | $161,713 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement Of Stockholders' Equity [Abstract] | ' | ' | ' |
Issuance of common stock to non-employee directors, shares | 4,734 | 4,737 | 6,840 |
Exercise of stock options, shares | 102,314 | 153,775 | 468,204 |
Repurchase of common stock, shares | ' | ' | 1,184,200 |
Dividends paid, per share (in dollars per share) | $0.56 | $0.52 | $0.48 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $8,688 | $9,122 | $23,008 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' | ' |
Depreciation and amortization | 3,763 | 3,807 | 3,675 |
Deferred tax provision | -225 | 1,210 | 206 |
Provision for doubtful accounts | 211 | 257 | 240 |
Stock-based compensation | ' | 332 | 399 |
Excess tax benefit from stock-based compensation | -225 | -426 | -1,284 |
Issuance of non-employee director shares | 75 | 75 | 100 |
(Gain) Loss on disposals of equipment | -2 | -1 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -21,993 | 1,884 | -1,365 |
Inventories | -8,506 | 3,033 | -9,360 |
Prepaid expenses | -173 | 270 | 1,338 |
Accounts payable | 16,164 | -8,893 | 5,886 |
Accrued liabilities | 3,415 | -4,561 | 5,495 |
Net cash flows from operating activities | 1,192 | 6,109 | 28,338 |
INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property, plant, and equipment | -2,430 | -2,889 | -3,961 |
Proceeds from sale of equipment | 19 | 20 | 1,017 |
Payments received on notes receivables | 76 | 33 | 177 |
Net cash flows from investing activities | -2,335 | -2,836 | -2,767 |
FINANCING ACTIVITIES: | ' | ' | ' |
Payments on long-term obligations | ' | -5 | -47 |
Payments of cash dividends | -6,294 | -5,762 | -5,546 |
Additions to deferred financing costs | ' | -10 | ' |
Proceeds from exercise of stock options | 621 | 851 | 2,766 |
Excess tax benefit from stock-based compensation | 225 | 426 | 1,284 |
Payments for common stock repurchased | ' | ' | -20,000 |
Net cash flows from financing activities | -5,448 | -4,500 | -21,543 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS | 864 | -335 | -209 |
NET CHANGE IN CASH AND TEMPORARY INVESTMENTS | -5,727 | -1,562 | 3,819 |
CASH AND TEMPORARY INVESTMENTS, beginning of year | 48,591 | 50,153 | 46,334 |
CASH AND TEMPORARY INVESTMENTS, end of year | 42,864 | 48,591 | 50,153 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Cash payments for interest | 912 | 1,070 | 968 |
Cash payments for income taxes, net of refunds | $2,419 | $3,858 | $12,578 |
ORGANIZATION_AND_NATURE_OF_OPE
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
ORGANIZATION AND NATURE OF OPERATIONS | ' |
1. ORGANIZATION AND NATURE OF OPERATIONS | |
Miller Industries, Inc. and subsidiaries (the “Company”) is The World’s Largest Manufacturer of Towing and Recovery Equipment.® The principal markets for the Company’s towing and recovery equipment are approximately 80 independent distributors and the users of towing and recovery equipment located primarily throughout North America, and other customers throughout the world. The Company’s products are marketed under the brand names of Century®, Challenger®, Holmes®, Champion®, Eagle®, Titan®, JigeTM, BonifaceTM, Vulcan®, and ChevronTM. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Consolidation | |||||||||
The accompanying consolidated financial statements include the accounts of Miller Industries, Inc. and its subsidiaries. All significant intercompany transactions and balances have been eliminated. We consolidate our majority-owned and controlled Delavan joint venture, and our joint venturer’s interests in the Delavan joint venture are reported as noncontrolling interests. | |||||||||
Cash and Temporary Investments | |||||||||
Cash and temporary investments include all cash and cash equivalent investments with original maturities of three months or less. | |||||||||
Accounts Receivable | |||||||||
Receivables consist of amounts billed and currently due from customers. The Company extends credit to customers in the normal course of business. Collections from customers are continuously monitored and an allowance for doubtful accounts is maintained based on historical experience and any specific customer collection issues. | |||||||||
Fair Value of Financial Instruments | |||||||||
For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy of measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect our assumptions about valuation based on the best information available in the circumstances. Depending on the inputs, we classify each fair value measurement as follows: | |||||||||
Level 1—based upon quoted prices for identical instruments in active markets, | |||||||||
Level 2—based upon quoted prices for similar instruments, prices for identical or similar instruments in markets that are not active, or model-derived valuations, all of whose significant inputs are observable, and | |||||||||
Level 3—based upon one or more significant unobservable inputs | |||||||||
The carrying values of cash and temporary investments, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments. The carrying values of long-term obligations are reasonable estimates of their fair values based on the rates available for obligations with similar terms and maturities. | |||||||||
The fair value of derivative assets and liabilities are measured assuming that the unit of account is an individual derivative transaction and that each derivative could be sold or transferred on a stand-alone basis. We classify within Level 2 our forward foreign currency exchange contracts based upon quoted prices for similar instruments that are actively traded. For more information regarding derivatives, see Note 11, Derivative Financial Instruments. | |||||||||
Inventories | |||||||||
Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or market (net realizable value), determined on a first-in, first-out basis. Appropriate consideration is given to obsolescence, valuation and other factors in determining net realizable value. Revisions of these estimates could result in the need for adjustments. Inventories, net of reserves, at December 31, 2013 and 2012 consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Chassis | $ | 7,665 | $ | 9,952 | |||||
Raw materials | 25,772 | 18,856 | |||||||
Work in process | 9,915 | 7,961 | |||||||
Finished goods | 10,820 | 8,276 | |||||||
$ | 54,172 | $ | 45,045 | ||||||
Property, Plant, and Equipment | |||||||||
Property, plant and equipment are recorded at cost. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are used for income tax reporting purposes. Estimated useful lives range from 20 to 30 years for buildings and improvements and 5 to 10 years for machinery and equipment, furniture and fixtures, and software costs. Expenditures for routine maintenance and repairs are charged to expense as incurred. Internal labor is used in certain capital projects. | |||||||||
Property, plant and equipment at December 31, 2013 and 2012 consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 5,031 | $ | 4,887 | |||||
Buildings and improvements | 32,759 | 33,498 | |||||||
Machinery and equipment | 29,664 | 26,959 | |||||||
Furniture and fixtures | 8,556 | 8,242 | |||||||
Software costs | 7,533 | 7,381 | |||||||
83,543 | 80,967 | ||||||||
Less accumulated depreciation | (52,709 | ) | (48,779 | ) | |||||
$ | 30,834 | $ | 32,188 | ||||||
The Company recognized $3,757, $3,796 and $3,648 in depreciation expense in 2013, 2012 and 2011, respectively. | |||||||||
The Company capitalizes costs related to software development in accordance with established criteria, and amortizes those costs to expense on a straight-line basis over five years. System development costs not meeting proper criteria for capitalization are expensed as incurred. | |||||||||
Basic and Diluted Income Per Common Share | |||||||||
Basic income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted income per common share is calculated by dividing net income by the weighted average number of common and potential dilutive common shares outstanding. Diluted income per common share takes into consideration the assumed exercise of outstanding stock options resulting in approximately 91,000, 190,000 and 384,000 potential dilutive common shares in 2013, 2012 and 2011, respectively. For 2013, 2012 and 2011, none of the outstanding stock options would have been anti-dilutive. | |||||||||
Long-Lived Assets | |||||||||
The Company periodically reviews the carrying amount of its long-lived assets to determine if those assets may be recoverable based upon the future operating cash flows expected to be generated by those assets. Management believes that its long-lived assets are appropriately valued. | |||||||||
Goodwill | |||||||||
Goodwill consists of the excess of cost of acquired entities over the sum of the amounts assigned to identifiable assets acquired less liabilities assumed. Goodwill is not amortized. However, the Company evaluates the carrying value of goodwill for impairment at least annually or if an event or circumstance occurs that would indicate that the carrying amount had been impaired. The Company reviews goodwill for impairment utilizing a qualitative assessment or a two-step process. If the qualitative analysis of goodwill is utilized and it is determined that fair value more likely than not exceeds the carrying value, no further testing is needed. If the two-step approach is chosen, first, the carrying value of the entity is compared to the fair value. If the fair value is less, a comparison of the carrying value of goodwill to the fair value of goodwill is performed to determine if a writedown is required. | |||||||||
Patents, Trademarks and Other Purchased Product Rights | |||||||||
The cost of acquired patents, trademarks and other purchased product rights is capitalized and amortized using the straight-line method over various periods not exceeding 20 years. Total accumulated amortization of these assets was $1,547 at December 31, 2013 and 2012. At December 31, 2013 and 2012, all intangible assets subject to amortization were fully amortized. As acquisitions and dispositions of intangible assets occur in the future, the amortization amounts may vary. | |||||||||
Deferred Financing Costs | |||||||||
All deferred financing costs are included in other assets and are amortized using the straight-line method over the terms of the respective obligations. Total accumulated amortization of deferred financing costs at December 31, 2013 and 2012 was $61 and $55, respectively. Amortization expense in 2013, 2012 and 2011, was $6, $10 and $27, respectively, and is included in interest expense in the accompanying consolidated statements of income. Based on the current amount of deferred financing costs subject to amortization, the estimated amortization expense in future years is not significant. | |||||||||
Accrued Liabilities | |||||||||
Accrued liabilities consisted of the following at December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Accrued wages, commissions, bonuses and benefits | $ | 4,991 | $ | 4,819 | |||||
Accrued products warranty | 3,084 | 4,357 | |||||||
Accrued income taxes | 2,995 | 57 | |||||||
Other | 4,656 | 3,125 | |||||||
$ | 15,726 | $ | 12,358 | ||||||
Income Taxes | |||||||||
The Company recognizes as deferred income tax assets and liabilities the future tax consequences of the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company considers the need to record a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. Tax loss carryforwards, reversal of deferred tax liabilities, tax planning and estimates of future taxable income are considered in assessing the need for a valuation allowance. | |||||||||
The Company accounts for uncertain tax positions in accordance with FASB ASC Topic 740, Income Taxes. ASC Topic 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on derecognition, classification, interest and penalties, disclosure and transition. The evaluation of a tax position in accordance with ASC Topic 740 is a two-step process. The first step is recognition, where the Company evaluates whether an individual tax position has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50% likelihood of being sustained, zero tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, the Company performs the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from the Company’s estimates. In future periods, changes in facts and circumstances and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur. As of December 31 2013, the Company had no unrecognized tax benefits pertaining to uncertain tax positions. | |||||||||
Stock-Based Compensation | |||||||||
Stock compensation expense was $-0- for 2013, $332 for 2012 and $399 for 2011. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statements of income. | |||||||||
No options were granted during 2013 or 2012. The fair value of options granted in 2008 has been estimated as of the date of the grant using the Black-Scholes option-pricing model with the following weighted average assumptions: expected dividend yield of 0%; expected volatility of 44%; risk-free interest rate of 1.71%; and expected life of four years. Using these assumptions, the fair value of options granted in 2008 was $1,596, which is being amortized as compensation expense over the vesting period. | |||||||||
At December 31, 2013, the Company had no unrecognized compensation expense related to stock options. The Company issued approximately 102,000 and 154,000 shares of common stock during 2013 and 2012, respectively, from the exercise of stock options. | |||||||||
Product Warranty | |||||||||
The Company generally provides a one-year limited product and service warranty on certain of its products. The Company provides for the estimated cost of this warranty at the time of sale. These estimates are established using historical information about the nature, frequency, and average cost of warranty claims. Warranty expense in 2013, 2012 and 2011, was $1,086, $901 and $3,908, respectively. | |||||||||
The table below provides a summary of the warranty liability for December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Accrual at beginning of the year | $ | 4,357 | $ | 5,322 | |||||
Provision | 1,086 | 901 | |||||||
Settlement and Other | (2,359 | ) | (1,866 | ) | |||||
Accrual at end of year | $ | 3,084 | $ | 4,357 | |||||
Credit Risk | |||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments and trade accounts receivable. The Company places its cash investments with high-quality financial institutions. In addition, the Company limits the amount of credit exposure through the use of accounts and funds backed by the U.S. Government and its agencies. Trade accounts receivable are generally diversified due to the number of entities comprising the Company’s customer base and their dispersion across many geographic regions and by frequent monitoring of the creditworthiness of the customers to whom the credit is granted in the normal course of business. | |||||||||
Revenue Recognition | |||||||||
Revenue is recorded by the Company when the risk of ownership for products has transferred to the independent distributors or other customers, which is generally upon shipment. From time to time, revenue is recognized under a bill and hold arrangement. Recognition of revenue on bill and hold arrangements occurs when risk of ownership has passed to the customer, a fixed written commitment has been provided by the customer, the goods are complete and ready for shipment, the goods are segregated from inventory, no performance obligation remains, and a schedule for delivery has been established. | |||||||||
Shipping and Handling Fees and Cost | |||||||||
The Company records revenues earned for shipping and handling as revenue, while the cost of shipping and handling is classified as cost of operations. | |||||||||
Research and Development | |||||||||
Research and development costs are expensed as incurred and included in cost of operations and to a lesser extent in selling, general and administrative expenses. Research and development costs amounted to $1,304, $1,436 and $1,922 for 2013, 2012 and 2011, respectively. | |||||||||
Foreign Currency Translation | |||||||||
The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date, historical rates for equity and the weighted average exchange rate during the period for revenue and expense accounts. Foreign currency translation adjustments resulting from such translations are included in shareholders’ equity. Intercompany transactions denominated in a currency other than the functional currency are remeasured into the functional currency. Gains and losses resulting from foreign currency transactions are included in other income (expense) in our consolidated statements of income. | |||||||||
Derivative Financial Instruments | |||||||||
The Company periodically enters into certain forward foreign currency exchange contracts that are designed to mitigate foreign currency risk. | |||||||||
Prior to November 2012, the Company had not instituted a formal foreign exchange policy. Any foreign currency exchange contracts entered into did not qualify for hedge accounting. Changes in fair value of these instruments were recognized each period in other income (expense) in our consolidated statements of income. | |||||||||
In November 2012, the Company adopted a formal foreign exchange policy. Under this policy, at inception of each hedge relationship, the Company documents its risk management objectives, procedures and accounting treatment. For those foreign currency exchange contracts that qualify for hedge accounting treatment, changes in the fair value of such instruments are included in accumulated other comprehensive income (loss). The Company also assesses, both at inception and on an ongoing basis, whether the derivatives that are used in the hedging transaction are highly effective in offsetting changes in cash flows of the hedged items. For those foreign currency exchange contracts that do not qualify for hedge accounting treatment, changes in the fair value of such instruments are recognized each period in other income (expense) in our consolidated statements of income. | |||||||||
Recent Accounting Pronouncements | |||||||||
Recently Adopted Standards | |||||||||
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (FASB ASU 2013-02). The amendment in this update requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles to be reclassified in its entirety to net income. The provisions of FASB ASU 2013-02 are effective for annual and interim periods beginning after December 15, 2012. The adoption of the provisions of FASB ASU 2013-02 did not have a material impact on the Company’s consolidated financial statements. | |||||||||
In December 2011, the FASB issued Accounting Standards Update 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (FASB ASU 2011-11). The amendments in this update will require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The intention is to enhance required disclosures by improving information about financial instruments and derivative instruments that are either offset in accordance with FASB guidance or are subject to an enforceable master netting arrangement; irrespective of whether they are offset in accordance with FASB guidance. The provisions of FASB ASU 2011-11 are effective for annual and interim reporting periods beginning on or after January 1, 2013. The adoption of the provisions of FASB ASU 2011-11 did not have a material impact on the Company’s consolidated financial statements. | |||||||||
Recently Issued Standards | |||||||||
There are no recently issued accounting standards for which the Company expects a material impact on our consolidated financial statements. | |||||||||
Reclassifications | |||||||||
Certain prior year amounts have been reclassified to conform to current year presentation, with no impact on previously reported shareholders’ equity or net income. |
LONGTERM_OBLIGATIONS
LONG-TERM OBLIGATIONS | 12 Months Ended |
Dec. 31, 2013 | |
Long-Term Debt, Unclassified [Abstract] | ' |
LONG-TERM OBLIGATIONS | ' |
3. LONG-TERM OBLIGATIONS | |
Long-Term Obligations | |
Credit Facility On April 6, 2010 we entered into a Loan Agreement with First Tennessee Bank National Association for a $20.0 million unsecured revolving credit facility, and on December 21, 2011 the credit facility was renewed and our unsecured revolving credit facility was increased to $25.0 million (the “Credit Facility”). On December 17, 2013 the Credit Facility was further renewed, which extended the maturity date to March 31, 2016. The Credit Facility contains customary representations and warranties, events of default, and financial, affirmative and negative covenants for loan agreements of this kind. Covenants under the Credit Facility restrict the payment of cash dividends if the Company would be in violation of the minimum tangible net worth test or the leverage ratio test in the current loan agreement as a result of the dividend, among various restrictions. | |
In the absence of a default, all borrowings under the Credit Facility bear interest at the LIBOR Rate plus 1.50% per annum. The Company will pay a non-usage fee under the current loan agreement at a rate per annum equal to between 0.15% and 0.35% of the unused amount of the Credit Facility, which fee shall be paid quarterly. | |
At December 31, 2013 and 2012, the Company had no outstanding borrowings under the Credit Facility. | |
Interest Rate Sensitivity. Changes in interest rates affect the interest paid on indebtedness under our Credit Facility because the outstanding amounts of indebtedness under our Credit Facility are subject to variable interest rates. Under our Credit Facility, the non-default rate of interest is equal to the LIBOR Market Index Rate plus 1.50% per annum (for a rate of interest of 1.67% at December 31, 2013). A one percent change in the interest rate on our variable-rate debt would not have materially impacted our financial position, results of operations or cash flows for the year ended December 31, 2013. |
STOCKBASED_COMPENSATION_PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||||||||||||
STOCK-BASED COMPENSATION PLANS | ' | ||||||||||||||||||||||||
4. STOCK-BASED COMPENSATION PLANS | |||||||||||||||||||||||||
In accordance with the Company’s stock-based compensation plans, the Company may grant incentive stock options as well as non-qualified and other stock-related incentives to officers, employees and non-employee directors of the Company. Options vest ratably over a two to four-year period beginning on the grant date and expire ten years from the date of grant. Shares available for granting options at December 31, 2013, 2012 and 2011 were 600,000. | |||||||||||||||||||||||||
A summary of the activity of stock options for the years ended December 31, 2013, 2012 and 2011, is presented below (shares in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||||||
Under | Average | Under | Average | Under | Average | ||||||||||||||||||||
Option | Exercise | Option | Exercise | Option | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding at Beginning of Period | 206 | $ | 5.83 | 360 | $ | 5.71 | 831 | $ | 5.82 | ||||||||||||||||
Granted | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Exercised | (102 | ) | 6.07 | (154 | ) | 5.54 | (468 | ) | 5.91 | ||||||||||||||||
Forfeited and cancelled | -- | -- | -- | -- | (3 | ) | 5.49 | ||||||||||||||||||
Outstanding at End of Period | 104 | $ | 5.6 | 206 | $ | 5.83 | 360 | $ | 5.71 | ||||||||||||||||
Options exercisable at year end | 104 | $ | 5.6 | 206 | $ | 5.83 | 161 | $ | 5.98 | ||||||||||||||||
A summary of options outstanding under the Company’s stock-based compensation plans at December 31, 2013 is presented below: | |||||||||||||||||||||||||
Exercise Price | Shares | Weighted | Weighted | Options | Weighted | ||||||||||||||||||||
Under | Average | Average | Exercisable | Average | |||||||||||||||||||||
Option | Exercise Price | Remaining Life | Exercise Price | ||||||||||||||||||||||
of | of | ||||||||||||||||||||||||
Options | Shares | ||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||
$ | 5.49 | 99,572 | $ | 5.49 | 4.9 | 99,572 | $ | 5.49 | |||||||||||||||||
8.31 | 4,125 | 8.31 | 0.2 | 4,125 | 8.31 | ||||||||||||||||||||
Total | 103,697 | $ | 5.6 | 4.7 | 103,697 | $ | 5.6 |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
5. COMMITMENTS AND CONTINGENCIES | |||||
Commitments | |||||
The Company has entered into various operating leases for buildings and for office and computer equipment. Rental expense under these leases was $1,126, $1,127 and $1,570 in 2013, 2012 and 2011, respectively. | |||||
At December 31, 2013 future minimum lease payments under non-cancelable operating leases for the next five years and in the aggregate are as follows: | |||||
2014 | $ | 582 | |||
2015 | 432 | ||||
2016 | 176 | ||||
2017 | 66 | ||||
2018 | -- | ||||
Thereafter | -- | ||||
$ | 1,256 | ||||
The Company has also entered into arrangements with third-party lenders where it has agreed, in the event of a default by the independent distributor customer, to repurchase from the third-party lender Company products repossessed from the independent distributor customer. These arrangements are typically subject to a maximum repurchase amount. The Company’s risk under these arrangements is mitigated by the value of the products repurchased as part of the transaction. The maximum amount of collateral the Company could be required to purchase was approximately $31,854 and $22,035 at December 31, 2013 and 2012, respectively. No repurchases of products were required during 2013 or 2012. | |||||
Contingencies | |||||
The Company is, from time to time, a party to litigation arising in the normal course of its business. Litigation is subject to various inherent uncertainties, and it is possible that some of these matters could be resolved unfavorably to the Company, which could result in substantial damages against the Company. The Company has established accruals for matters that are probable and reasonably estimable and maintains product liability and other insurance that management believes to be adequate. Management believes that any liability that may ultimately result from the resolution of these matters in excess of available insurance coverage and accruals will not have a material adverse effect on the consolidated financial position or results of operations of the Company. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
6. INCOME TAXES | |||||||||||||
Deferred tax assets and liabilities are determined based on the differences between the financial and tax basis of existing assets and liabilities using the currently enacted tax rates in effect for the year in which the differences are expected to reverse. | |||||||||||||
The provision for income taxes on income consisted of the following in 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 3,960 | $ | 202 | $ | 11,902 | |||||||
State | 415 | 321 | 1,428 | ||||||||||
Foreign | 1,025 | 1,798 | 1,584 | ||||||||||
5,400 | 2,321 | 14,914 | |||||||||||
Deferred: | |||||||||||||
Federal | (238 | ) | 1,095 | 245 | |||||||||
State | (28 | ) | 122 | 27 | |||||||||
Foreign | 41 | (7 | ) | (66 | ) | ||||||||
(225 | ) | 1,210 | 206 | ||||||||||
$ | 5,175 | $ | 3,531 | $ | 15,120 | ||||||||
The principal differences between the federal statutory tax rate and the income tax expense in 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal tax benefit | 3.7 | % | 4 | % | 4 | % | |||||||
Excess of foreign tax over US tax on foreign income | 0.3 | % | 0.6 | % | 0.6 | % | |||||||
Domestic Tax Credits | (1.5 | )% | (10.8 | )% | -- | ||||||||
Other | (0.2 | )% | (0.9 | )% | 0.1 | % | |||||||
Effective tax rate | 37.3 | % | 27.9 | % | 39.7 | % | |||||||
Income taxes for 2012 include $1,361 of income tax benefits resulting primarily from Federal Domestic Activity Deductions, as well as Federal Research and Development and other tax credits recognized during the period. | |||||||||||||
Deferred income tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting and income tax reporting purposes. Temporary differences and carry forwards which give rise to deferred tax assets and liabilities at December 31, 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 95 | $ | 95 | |||||||||
Accruals and reserves | 3,739 | 3,390 | |||||||||||
Other | 54 | 96 | |||||||||||
Total deferred tax assets | 3,888 | 3,581 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant, and equipment | 1,842 | 1,758 | |||||||||||
Total deferred tax liabilities | 1,842 | 1,758 | |||||||||||
Net deferred tax asset | $ | 2,046 | $ | 1,823 | |||||||||
As of December 31, 2013, the Company has no federal or state net operating loss carryforwards. | |||||||||||||
At December 31, 2013 and 2012, the Company had no unrecognized tax positions. The Company does not expect its unrecognized tax positions to change significantly in the next twelve months. If unrecognized tax positions existed, the interest and penalties related to the unrecognized tax positions would be recorded as income tax expense in the consolidated statements of income. | |||||||||||||
The Company is subject to United States federal income taxes, as well as income taxes in various states and foreign jurisdictions. The Company’s tax years 2010 through 2012 remain open to examination for U.S. Federal and state income taxes. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS EQUITY | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||
SHAREHOLDERS EQUITY | ' | ||||||||||
7. SHAREHOLDERS EQUITY | |||||||||||
Preferred Stock | |||||||||||
The Company has authorized 5,000,000 shares of undesignated preferred stock which can be issued in one or more series. The terms, price and conditions of the preferred shares will be set by the board of directors. No shares have been issued. | |||||||||||
Dividends | |||||||||||
Prior to March 2010, we had never declared cash dividends on our common stock. On March 8, 2010, our board of directors adopted a dividend policy to consider and pay annual cash dividends subject to our ability to satisfy all applicable statutory and regulatory requirements and our continued financial strength. On May 10, 2011, the Company’s board of directors approved a dividend policy to consider and pay quarterly dividends on its common stock subject to the Company’s ability to satisfy all applicable statutory requirements and the Company’s continued financial strength, replacing the previous policy of paying annual cash dividends. Dividend payments made for 2013, 2012 and 2011 were as follows: | |||||||||||
Payment | Record Date | Payment Date | Dividend | Amount | |||||||
(per share) | |||||||||||
Q1 2011 | 17-Mar-11 | 24-Mar-11 | $ | 0.12 | $ | 1,415 | |||||
Q2 2011 | 23-May-11 | 31-May-11 | 0.12 | 1,429 | |||||||
Q3 2011 | 19-Aug-11 | 26-Aug-11 | 0.12 | 1,365 | |||||||
Q4 2011 | 5-Dec-11 | 19-Dec-11 | 0.12 | 1,336 | |||||||
Total for 2011 | $ | 0.48 | $ | 5,545 | |||||||
Q1 2012 | 19-Mar-12 | 26-Mar-12 | $ | 0.13 | $ | 1,437 | |||||
Q2 2012 | 18-Jun-12 | 25-Jun-12 | 0.13 | 1,439 | |||||||
Q3 2012 | 17-Sep-12 | 24-Sep-12 | 0.13 | 1,439 | |||||||
Q4 2012 | 10-Dec-12 | 17-Dec-12 | 0.13 | 1,447 | |||||||
Total for 2012 | $ | 0.52 | $ | 5,762 | |||||||
Q1 2013 | 18-Mar-13 | 25-Mar-13 | $ | 0.14 | $ | 1,569 | |||||
Q2 2013 | 17-Jun-13 | 24-Jun-13 | 0.14 | 1,573 | |||||||
Q3 2013 | 16-Sep-13 | 23-Sep-13 | 0.14 | 1,575 | |||||||
Q4 2013 | 9-Dec-13 | 16-Dec-13 | 0.14 | 1,577 | |||||||
Total for 2013 | $ | 0.56 | $ | 6,294 | |||||||
Stock Repurchase Program | |||||||||||
In May 2011, the Company’s board of directors authorized the repurchase of up to $20.0 million of shares of its common stock. At December 31, 2011, the repurchase program was complete and total of 1,184,200 shares have been repurchased for $20.0 million. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
EMPLOYEE BENEFIT PLANS | ' |
8. EMPLOYEE BENEFIT PLANS | |
The Company maintains a contributory retirement plan for all full-time employees with at least 90 days of service. The plan is designed to provide tax-deferred income to the Company’s employees in accordance with the provisions of Section 401(k) of the Internal Revenue Code. | |
The plan provides that each participant may contribute the maximum allowable under Internal Revenue Service regulations. For 2013, 2012 and 2011, the Company matched 50% of the first 5% of participant contributions. Matching contributions vest over the first five years of employment. Company contributions to the plan were $472, $424, and $409 in 2013, 2012 and 2011, respectively. |
GEOGRAPHIC_INFORMATION
GEOGRAPHIC INFORMATION | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
GEOGRAPHIC INFORMATION | ' | ||||||||||||||||||||||||
9. GEOGRAPHIC INFORMATION | |||||||||||||||||||||||||
Net sales and long-lived assets (property, plant and equipment and goodwill and intangible assets) by region were as follows (net sales are attributed to regions based on the locations of customers): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Net Sales | Long-Lived | Net Sales | Long-Lived | Net Sales | Long-Lived | ||||||||||||||||||||
Assets | Assets | Assets | |||||||||||||||||||||||
North America | $ | 335,969 | $ | 39,832 | $ | 282,497 | $ | 40,965 | $ | 356,257 | $ | 42,147 | |||||||||||||
Foreign | 68,201 | 2,645 | 60,166 | 2,842 | 56,402 | 2,592 | |||||||||||||||||||
$ | 404,170 | $ | 42,477 | $ | 342,663 | $ | 43,807 | $ | 412,659 | $ | 44,739 |
CUSTOMER_INFORMATION
CUSTOMER INFORMATION | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
CUSTOMER INFORMATION | ' |
10. CUSTOMER INFORMATION | |
No single customer accounted for 10% or more of consolidated net sales for 2013 or 2012. The Company’s largest customer accounted for 26.8% of consolidated sales for 2011. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | ||||||||||||||||
11. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||||
The Company periodically enters into foreign currency exchange contracts designed to mitigate the impact of foreign currency risk. Prior to November 2012, the Company had not instituted a formal foreign exchange policy. All contracts entered into prior to this date are accounted for as undesignated hedges and, therefore changes in fair value are recognized each period in other income (expense) in our consolidated statements of income. The fair value of the contracts is presented in accounts receivable in our consolidated balance sheets. At December 31, 2011, the Company had foreign exchange contracts with notional values of $600 that matured in April 2012. At December 31, 2012, the Company also had undesignated foreign currency hedge contracts with notional amounts of $6,600 which were directly offset by corresponding foreign currency contracts. These contracts expire over a period from September to November 2013. A gain of $4 and $43 was recognized for 2012 and 2011, respectively. | |||||||||||||||||
In November 2012, the Company adopted a formal foreign currency exchange policy. Under this policy, for those foreign currency exchange contracts that qualify for hedge accounting treatment, changes in the fair value of such instruments are included in accumulated other comprehensive income (loss). The Company also assesses, both at inception and on an ongoing basis, whether the derivatives that are used in the hedging transaction are highly effective in offsetting changes in cash flows of the hedged items. For those foreign currency exchange contracts that do not qualify for hedge accounting treatment, changes in the fair value of such instruments are recognized each period in other income (expense) in our consolidated statements of income. In December 2012, the Company entered into foreign exchange currency contracts with notional values of $10,637 at December 31, 2013 and $12,950 at December 31, 2012 maturing from September 2013 to October 2014 that were considered cash flow hedges. Changes in fair value of such cash flow hedges are recorded in accumulated other comprehensive income (loss) to the extent that the hedges are considered effective. At December 31, 2013 and 2012, the net fair value of foreign currency exchange contracts was ($291) and $-0-, respectively, which is included in accounts receivable or accounts payable in our consolidated balance sheets, depending on the asset or liability position of the derivative. | |||||||||||||||||
The following table presents the financial instruments measured at fair value on a recurring basis: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Current Assets | |||||||||||||||||
Derivative financial instruments | |||||||||||||||||
Foreign currency contracts | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||
Total assets | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||
Current Liabilities | |||||||||||||||||
Derivative financial instruments | |||||||||||||||||
Foreign currency contracts | $ | -- | $ | 291 | $ | -- | $ | 291 | |||||||||
Total liabilities | $ | -- | $ | 291 | $ | -- | $ | 291 | |||||||||
31-Dec-12 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Current Assets | |||||||||||||||||
Derivative financial instruments | |||||||||||||||||
Foreign currency contracts | $ | -- | $ | 326 | $ | -- | $ | 326 | |||||||||
Total assets | $ | -- | $ | 326 | $ | -- | $ | 326 | |||||||||
Current Liabilities | |||||||||||||||||
Derivative financial instruments | |||||||||||||||||
Foreign currency contracts | $ | -- | $ | 326 | $ | -- | $ | 326 | |||||||||
Total liabilities | $ | -- | $ | 326 | $ | -- | $ | 326 |
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | ||||||||||||||||||||||||
12. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||||||||||
The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||
Net Sales | Operating | Net | Basic | Diluted | Cash | ||||||||||||||||||||
Income | Income | Income | Income Per | Dividends | |||||||||||||||||||||
Attributable to | Per Share | Share | Declared | ||||||||||||||||||||||
Miller | Per Share | ||||||||||||||||||||||||
Industries, Inc. | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
First Quarter | $ | 84,950 | $ | 1,935 | $ | 1,328 | $ | 0.12 | $ | 0.12 | $ | 0.14 | |||||||||||||
Second Quarter | 105,834 | 4,510 | 2,901 | 0.26 | 0.26 | 0.14 | |||||||||||||||||||
Third Quarter | 105,108 | 4,079 | 2,622 | 0.23 | 0.23 | 0.14 | |||||||||||||||||||
Fourth Quarter | 108,278 | 3,589 | 2,379 | 0.21 | 0.21 | 0.14 | |||||||||||||||||||
Total | $ | 404,170 | $ | 14,113 | $ | 9,230 | $ | 0.82 | $ | 0.82 | $ | 0.56 | |||||||||||||
2012 | |||||||||||||||||||||||||
First Quarter | $ | 94,957 | $ | 3,882 | $ | 2,010 | $ | 0.18 | $ | 0.18 | $ | 0.13 | |||||||||||||
Second Quarter | 87,346 | 3,361 | 2,546 | 0.23 | 0.23 | 0.13 | |||||||||||||||||||
Third Quarter | 77,957 | 2,534 | 2,890 | 0.26 | 0.26 | 0.13 | |||||||||||||||||||
Fourth Quarter | 82,403 | 2,773 | 1,676 | 0.15 | 0.15 | 0.13 | |||||||||||||||||||
Total | $ | 342,663 | $ | 12,550 | $ | 9,122 | $ | 0.82 | $ | 0.82 | $ | 0.52 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
13. SUBSEQUENT EVENTS | |
On December 27, 2012, we formed Delavan Automotive LLC, of which we have a controlling interest, for the sale of larger capacity automobile transport trailers in the United States and Canada. We began to produce trailers under this entity beginning in 2013 as an extension of our current product offering. | |
Following a review and evaluation of operations related to the Delavan joint venture, the Company made the decision to consider strategic alternatives with regard to the venture. On February 28, 2014, the Company entered into an agreement to sell its interest in the Delavan joint venture to its joint venture partner, which is expected to close on March 31, 2014. Our Greeneville facility will cease the manufacturing of Delavan products by the end of the first quarter of 2014 as it winds down Delavan production. | |
On March 3, 2014, the Company’s board of directors declared a quarterly cash dividend of $0.15 per share. The dividend is payable March 24, 2014 to shareholders of record as of March 17, 2014. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||
SCHEDULE II –VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at | Charged to | Accounts | Balance at | ||||||||||||||
Beginning | Expense | Written | End of | ||||||||||||||
of Period | Off | Period | |||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||
Deduction from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 1,843 | 240 | -392 | $ | 1,691 | |||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Deduction from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 1,691 | 240 | -317 | $ | 1,614 | |||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Deduction from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 1,614 | 211 | -111 | $ | 1,714 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Use of Estimates in the Preparation of Financial Statements | ' | ||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Consolidation | ' | ||||||||
Consolidation | |||||||||
The accompanying consolidated financial statements include the accounts of Miller Industries, Inc. and its subsidiaries. All significant intercompany transactions and balances have been eliminated. We consolidate our majority-owned and controlled Delavan joint venture, and our joint venturer’s interests in the Delavan joint venture are reported as noncontrolling interests. | |||||||||
Cash and Temporary Investments | ' | ||||||||
Cash and Temporary Investments | |||||||||
Cash and temporary investments include all cash and cash equivalent investments with original maturities of three months or less. | |||||||||
Accounts Receivable | ' | ||||||||
Accounts Receivable | |||||||||
Receivables consist of amounts billed and currently due from customers. The Company extends credit to customers in the normal course of business. Collections from customers are continuously monitored and an allowance for doubtful accounts is maintained based on historical experience and any specific customer collection issues. | |||||||||
Fair Value of Financial Instruments | ' | ||||||||
Fair Value of Financial Instruments | |||||||||
For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy of measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect our assumptions about valuation based on the best information available in the circumstances. Depending on the inputs, we classify each fair value measurement as follows: | |||||||||
Level 1—based upon quoted prices for identical instruments in active markets, | |||||||||
Level 2—based upon quoted prices for similar instruments, prices for identical or similar instruments in markets that are not active, or model-derived valuations, all of whose significant inputs are observable, and | |||||||||
Level 3—based upon one or more significant unobservable inputs | |||||||||
The carrying values of cash and temporary investments, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments. The carrying values of long-term obligations are reasonable estimates of their fair values based on the rates available for obligations with similar terms and maturities. | |||||||||
The fair value of derivative assets and liabilities are measured assuming that the unit of account is an individual derivative transaction and that each derivative could be sold or transferred on a stand-alone basis. We classify within Level 2 our forward foreign currency exchange contracts based upon quoted prices for similar instruments that are actively traded. For more information regarding derivatives, see Note 11, Derivative Financial Instruments. | |||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or market (net realizable value), determined on a first-in, first-out basis. Appropriate consideration is given to obsolescence, valuation and other factors in determining net realizable value. Revisions of these estimates could result in the need for adjustments. Inventories, net of reserves, at December 31, 2013 and 2012 consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Chassis | $ | 7,665 | $ | 9,952 | |||||
Raw materials | 25,772 | 18,856 | |||||||
Work in process | 9,915 | 7,961 | |||||||
Finished goods | 10,820 | 8,276 | |||||||
$ | 54,172 | $ | 45,045 | ||||||
Property, Plant, and Equipment | ' | ||||||||
Property, Plant, and Equipment | |||||||||
Property, plant and equipment are recorded at cost. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are used for income tax reporting purposes. Estimated useful lives range from 20 to 30 years for buildings and improvements and 5 to 10 years for machinery and equipment, furniture and fixtures, and software costs. Expenditures for routine maintenance and repairs are charged to expense as incurred. Internal labor is used in certain capital projects. | |||||||||
Property, plant and equipment at December 31, 2013 and 2012 consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 5,031 | $ | 4,887 | |||||
Buildings and improvements | 32,759 | 33,498 | |||||||
Machinery and equipment | 29,664 | 26,959 | |||||||
Furniture and fixtures | 8,556 | 8,242 | |||||||
Software costs | 7,533 | 7,381 | |||||||
83,543 | 80,967 | ||||||||
Less accumulated depreciation | (52,709 | ) | (48,779 | ) | |||||
$ | 30,834 | $ | 32,188 | ||||||
The Company recognized $3,757, $3,796 and $3,648 in depreciation expense in 2013, 2012 and 2011, respectively. | |||||||||
The Company capitalizes costs related to software development in accordance with established criteria, and amortizes those costs to expense on a straight-line basis over five years. System development costs not meeting proper criteria for capitalization are expensed as incurred. | |||||||||
Basic and Diluted Income Per Common Share | ' | ||||||||
Basic and Diluted Income Per Common Share | |||||||||
Basic income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted income per common share is calculated by dividing net income by the weighted average number of common and potential dilutive common shares outstanding. Diluted income per common share takes into consideration the assumed exercise of outstanding stock options resulting in approximately 91,000, 190,000 and 384,000 potential dilutive common shares in 2013, 2012 and 2011, respectively. For 2013, 2012 and 2011, none of the outstanding stock options would have been anti-dilutive. | |||||||||
Long-Lived Assets | ' | ||||||||
Long-Lived Assets | |||||||||
The Company periodically reviews the carrying amount of its long-lived assets to determine if those assets may be recoverable based upon the future operating cash flows expected to be generated by those assets. Management believes that its long-lived assets are appropriately valued. | |||||||||
Goodwill | ' | ||||||||
Goodwill | |||||||||
Goodwill consists of the excess of cost of acquired entities over the sum of the amounts assigned to identifiable assets acquired less liabilities assumed. Goodwill is not amortized. However, the Company evaluates the carrying value of goodwill for impairment at least annually or if an event or circumstance occurs that would indicate that the carrying amount had been impaired. The Company reviews goodwill for impairment utilizing a qualitative assessment or a two-step process. If the qualitative analysis of goodwill is utilized and it is determined that fair value more likely than not exceeds the carrying value, no further testing is needed. If the two-step approach is chosen, first, the carrying value of the entity is compared to the fair value. If the fair value is less, a comparison of the carrying value of goodwill to the fair value of goodwill is performed to determine if a writedown is required. | |||||||||
Patents, Trademarks and Other Purchased Product Rights | ' | ||||||||
Patents, Trademarks and Other Purchased Product Rights | |||||||||
The cost of acquired patents, trademarks and other purchased product rights is capitalized and amortized using the straight-line method over various periods not exceeding 20 years. Total accumulated amortization of these assets was $1,547 at December 31, 2013 and 2012. At December 31, 2013 and 2012, all intangible assets subject to amortization were fully amortized. As acquisitions and dispositions of intangible assets occur in the future, the amortization amounts may vary. | |||||||||
Deferred Financing Costs | ' | ||||||||
Deferred Financing Costs | |||||||||
All deferred financing costs are included in other assets and are amortized using the straight-line method over the terms of the respective obligations. Total accumulated amortization of deferred financing costs at December 31, 2013 and 2012 was $61 and $55, respectively. Amortization expense in 2013, 2012 and 2011, was $6, $10 and $27, respectively, and is included in interest expense in the accompanying consolidated statements of income. Based on the current amount of deferred financing costs subject to amortization, the estimated amortization expense in future years is not significant. | |||||||||
Accrued Liabilities | ' | ||||||||
Accrued Liabilities | |||||||||
Accrued liabilities consisted of the following at December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Accrued wages, commissions, bonuses and benefits | $ | 4,991 | $ | 4,819 | |||||
Accrued products warranty | 3,084 | 4,357 | |||||||
Accrued income taxes | 2,995 | 57 | |||||||
Other | 4,656 | 3,125 | |||||||
$ | 15,726 | $ | 12,358 | ||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
The Company recognizes as deferred income tax assets and liabilities the future tax consequences of the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company considers the need to record a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. Tax loss carryforwards, reversal of deferred tax liabilities, tax planning and estimates of future taxable income are considered in assessing the need for a valuation allowance. | |||||||||
The Company accounts for uncertain tax positions in accordance with FASB ASC Topic 740, Income Taxes. ASC Topic 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on derecognition, classification, interest and penalties, disclosure and transition. The evaluation of a tax position in accordance with ASC Topic 740 is a two-step process. The first step is recognition, where the Company evaluates whether an individual tax position has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50% likelihood of being sustained, zero tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, the Company performs the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from the Company’s estimates. In future periods, changes in facts and circumstances and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur. As of December 31 2013, the Company had no unrecognized tax benefits pertaining to uncertain tax positions. | |||||||||
Stock-Based Compensation | ' | ||||||||
Stock-Based Compensation | |||||||||
Stock compensation expense was $-0- for 2013, $332 for 2012 and $399 for 2011. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statements of income. | |||||||||
No options were granted during 2013 or 2012. The fair value of options granted in 2008 has been estimated as of the date of the grant using the Black-Scholes option-pricing model with the following weighted average assumptions: expected dividend yield of 0%; expected volatility of 44%; risk-free interest rate of 1.71%; and expected life of four years. Using these assumptions, the fair value of options granted in 2008 was $1,596, which is being amortized as compensation expense over the vesting period. | |||||||||
At December 31, 2013, the Company had no unrecognized compensation expense related to stock options. The Company issued approximately 102,000 and 154,000 shares of common stock during 2013 and 2012, respectively, from the exercise of stock options. | |||||||||
Product Warranty | ' | ||||||||
Product Warranty | |||||||||
The Company generally provides a one-year limited product and service warranty on certain of its products. The Company provides for the estimated cost of this warranty at the time of sale. These estimates are established using historical information about the nature, frequency, and average cost of warranty claims. Warranty expense in 2013, 2012 and 2011, was $1,086, $901 and $3,908, respectively. | |||||||||
The table below provides a summary of the warranty liability for December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Accrual at beginning of the year | $ | 4,357 | $ | 5,322 | |||||
Provision | 1,086 | 901 | |||||||
Settlement and Other | (2,359 | ) | (1,866 | ) | |||||
Accrual at end of year | $ | 3,084 | $ | 4,357 | |||||
Credit Risk | ' | ||||||||
Credit Risk | |||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments and trade accounts receivable. The Company places its cash investments with high-quality financial institutions. In addition, the Company limits the amount of credit exposure through the use of accounts and funds backed by the U.S. Government and its agencies. Trade accounts receivable are generally diversified due to the number of entities comprising the Company’s customer base and their dispersion across many geographic regions and by frequent monitoring of the creditworthiness of the customers to whom the credit is granted in the normal course of business. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue Recognition | |||||||||
Revenue is recorded by the Company when the risk of ownership for products has transferred to the independent distributors or other customers, which is generally upon shipment. From time to time, revenue is recognized under a bill and hold arrangement. Recognition of revenue on bill and hold arrangements occurs when risk of ownership has passed to the customer, a fixed written commitment has been provided by the customer, the goods are complete and ready for shipment, the goods are segregated from inventory, no performance obligation remains, and a schedule for delivery has been established. | |||||||||
Shipping and Handling Fees and Cost | ' | ||||||||
Shipping and Handling Fees and Cost | |||||||||
The Company records revenues earned for shipping and handling as revenue, while the cost of shipping and handling is classified as cost of operations. | |||||||||
Research and Development | ' | ||||||||
Research and Development | |||||||||
Research and development costs are expensed as incurred and included in cost of operations and to a lesser extent in selling, general and administrative expenses. Research and development costs amounted to $1304, $1,436 and $1,922 for 2013, 2012 and 2011, respectively. | |||||||||
Foreign Currency Translation | ' | ||||||||
Foreign Currency Translation | |||||||||
The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date, historical rates for equity and the weighted average exchange rate during the period for revenue and expense accounts. Foreign currency translation adjustments resulting from such translations are included in shareholders’ equity. Intercompany transactions denominated in a currency other than the functional currency are remeasured into the functional currency. Gains and losses resulting from foreign currency transactions are included in other income (expense) in our consolidated statements of income. | |||||||||
Derivative Financial Instruments | ' | ||||||||
Derivative Financial Instruments | |||||||||
The Company periodically enters into certain forward foreign currency exchange contracts that are designed to mitigate foreign currency risk. | |||||||||
Prior to November 2012, the Company had not instituted a formal foreign exchange policy. Any foreign currency exchange contracts entered into did not qualify for hedge accounting. Changes in fair value of these instruments were recognized each period in other income (expense) in our consolidated statements of income. | |||||||||
In November 2012, the Company adopted a formal foreign exchange policy. Under this policy, at inception of each hedge relationship, the Company documents its risk management objectives, procedures and accounting treatment. For those foreign currency exchange contracts that qualify for hedge accounting treatment, changes in the fair value of such instruments are included in accumulated other comprehensive income (loss). The Company also assesses, both at inception and on an ongoing basis, whether the derivatives that are used in the hedging transaction are highly effective in offsetting changes in cash flows of the hedged items. For those foreign currency exchange contracts that do not qualify for hedge accounting treatment, changes in the fair value of such instruments are recognized each period in other income (expense) in our consolidated statements of income. | |||||||||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
Recently Adopted Standards | |||||||||
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (FASB ASU 2013-02). The amendment in this update requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles to be reclassified in its entirety to net income. The provisions of FASB ASU 2013-02 are effective for annual and interim periods beginning after December 15, 2012. The adoption of the provisions of FASB ASU 2013-02 did not have a material impact on the Company’s consolidated financial statements. | |||||||||
In December 2011, the FASB issued Accounting Standards Update 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (FASB ASU 2011-11). The amendments in this update will require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The intention is to enhance required disclosures by improving information about financial instruments and derivative instruments that are either offset in accordance with FASB guidance or are subject to an enforceable master netting arrangement; irrespective of whether they are offset in accordance with FASB guidance. The provisions of FASB ASU 2011-11 are effective for annual and interim reporting periods beginning on or after January 1, 2013. The adoption of the provisions of FASB ASU 2011-11 did not have a material impact on the Company’s consolidated financial statements. | |||||||||
Recently Issued Standards | |||||||||
There are no recently issued accounting standards for which the Company expects a material impact on our consolidated financial statements. | |||||||||
Reclassifications | ' | ||||||||
Reclassifications | |||||||||
Certain prior year amounts have been reclassified to conform to current year presentation, with no impact on previously reported shareholders’ equity or net income. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of inventories, net of reserves | ' | ||||||||
2013 | 2012 | ||||||||
Chassis | $ | 7,665 | $ | 9,952 | |||||
Raw materials | 25,772 | 18,856 | |||||||
Work in process | 9,915 | 7,961 | |||||||
Finished goods | 10,820 | 8,276 | |||||||
$ | 54,172 | $ | 45,045 | ||||||
Schedule of property, plant and equipment | ' | ||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 5,031 | $ | 4,887 | |||||
Buildings and improvements | 32,759 | 33,498 | |||||||
Machinery and equipment | 29,664 | 26,959 | |||||||
Furniture and fixtures | 8,556 | 8,242 | |||||||
Software costs | 7,533 | 7,381 | |||||||
83,543 | 80,967 | ||||||||
Less accumulated depreciation | (52,709 | ) | (48,779 | ) | |||||
$ | 30,834 | $ | 32,188 | ||||||
Schedule of accrued liabilities | ' | ||||||||
2013 | 2012 | ||||||||
Accrued wages, commissions, bonuses and benefits | $ | 4,991 | $ | 4,819 | |||||
Accrued products warranty | 3,084 | 4,357 | |||||||
Accrued income taxes | 2,995 | 57 | |||||||
Other | 4,656 | 3,125 | |||||||
$ | 15,726 | $ | 12,358 | ||||||
Schedule of product warranty liability | ' | ||||||||
2013 | 2012 | ||||||||
Accrual at beginning of the year | $ | 4,357 | $ | 5,322 | |||||
Provision | 1,086 | 901 | |||||||
Settlement and Other | (2,359 | ) | (1,866 | ) | |||||
Accrual at end of year | $ | 3,084 | $ | 4,357 |
STOCKBASED_COMPENSATION_PLANS_
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||||||||||||
Schedule of stock options, activity | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||||||
Under | Average | Under | Average | Under | Average | ||||||||||||||||||||
Option | Exercise | Option | Exercise | Option | Exercise | ||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding at Beginning of Period | 206 | $ | 5.83 | 360 | $ | 5.71 | 831 | $ | 5.82 | ||||||||||||||||
Granted | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
Exercised | (102 | ) | 6.07 | (154 | ) | 5.54 | (468 | ) | 5.91 | ||||||||||||||||
Forfeited and cancelled | -- | -- | -- | -- | (3 | ) | 5.49 | ||||||||||||||||||
Outstanding at End of Period | 104 | $ | 5.6 | 206 | $ | 5.83 | 360 | $ | 5.71 | ||||||||||||||||
Options exercisable at year end | 104 | $ | 5.6 | 206 | $ | 5.83 | 161 | $ | 5.98 | ||||||||||||||||
Schedule of stock-based compensation plans | ' | ||||||||||||||||||||||||
Exercise Price | Shares | Weighted | Weighted | Options | Weighted | ||||||||||||||||||||
Under | Average | Average | Exercisable | Average | |||||||||||||||||||||
Option | Exercise Price | Remaining Life | Exercise Price | ||||||||||||||||||||||
of | of | ||||||||||||||||||||||||
Options | Shares | ||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||
$ | 5.49 | 99,572 | $ | 5.49 | 4.9 | 99,572 | $ | 5.49 | |||||||||||||||||
8.31 | 4,125 | 8.31 | 0.2 | 4,125 | 8.31 | ||||||||||||||||||||
Total | 103,697 | $ | 5.6 | 4.7 | 103,697 | $ | 5.6 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of future minimum lease payments under non-cancelable operating lease | ' | ||||
2014 | $ | 582 | |||
2015 | 432 | ||||
2016 | 176 | ||||
2017 | 66 | ||||
2018 | -- | ||||
Thereafter | -- | ||||
$ | 1,256 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of provision for income taxes | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 3,960 | $ | 202 | $ | 11,902 | |||||||
State | 415 | 321 | 1,428 | ||||||||||
Foreign | 1,025 | 1,798 | 1,584 | ||||||||||
5,400 | 2,321 | 14,914 | |||||||||||
Deferred: | |||||||||||||
Federal | (238 | ) | 1,095 | 245 | |||||||||
State | (28 | ) | 122 | 27 | |||||||||
Foreign | 41 | (7 | ) | (66 | ) | ||||||||
(225 | ) | 1,210 | 206 | ||||||||||
$ | 5,175 | $ | 3,531 | $ | 15,120 | ||||||||
Schedule of effective income tax rate reconciliation | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal tax benefit | 3.7 | % | 4 | % | 4 | % | |||||||
Excess of foreign tax over US tax on foreign income | 0.3 | % | 0.6 | % | 0.6 | % | |||||||
Domestic Tax Credits | (1.5 | )% | (10.8 | )% | -- | ||||||||
Other | (0.2 | )% | (0.9 | )% | 0.1 | % | |||||||
Effective tax rate | 37.3 | % | 27.9 | % | 39.7 | % | |||||||
Schedule of deferred income tax assets and liabilities | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 95 | $ | 95 | |||||||||
Accruals and reserves | 3,739 | 3,390 | |||||||||||
Other | 54 | 96 | |||||||||||
Total deferred tax assets | 3,888 | 3,581 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant, and equipment | 1,842 | 1,758 | |||||||||||
Total deferred tax liabilities | 1,842 | 1,758 | |||||||||||
Net deferred tax asset | $ | 2,046 | $ | 1,823 |
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS EQUITY (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||
Schedule of dividends payments | ' | ||||||||||
Payment | Record Date | Payment Date | Dividend | Amount | |||||||
(per share) | |||||||||||
Q1 2011 | 17-Mar-11 | 24-Mar-11 | $ | 0.12 | $ | 1,415 | |||||
Q2 2011 | 23-May-11 | 31-May-11 | 0.12 | 1,429 | |||||||
Q3 2011 | 19-Aug-11 | 26-Aug-11 | 0.12 | 1,365 | |||||||
Q4 2011 | 5-Dec-11 | 19-Dec-11 | 0.12 | 1,336 | |||||||
Total for 2011 | $ | 0.48 | $ | 5,545 | |||||||
Q1 2012 | 19-Mar-12 | 26-Mar-12 | $ | 0.13 | $ | 1,437 | |||||
Q2 2012 | 18-Jun-12 | 25-Jun-12 | 0.13 | 1,439 | |||||||
Q3 2012 | 17-Sep-12 | 24-Sep-12 | 0.13 | 1,439 | |||||||
Q4 2012 | 10-Dec-12 | 17-Dec-12 | 0.13 | 1,447 | |||||||
Total for 2012 | $ | 0.52 | $ | 5,762 | |||||||
Q1 2013 | 18-Mar-13 | 25-Mar-13 | $ | 0.14 | $ | 1,569 | |||||
Q2 2013 | 17-Jun-13 | 24-Jun-13 | 0.14 | 1,573 | |||||||
Q3 2013 | 16-Sep-13 | 23-Sep-13 | 0.14 | 1,575 | |||||||
Q4 2013 | 9-Dec-13 | 16-Dec-13 | 0.14 | 1,577 | |||||||
Total for 2013 | $ | 0.56 | $ | 6,294 |
GEOGRAPHIC_INFORMATION_Tables
GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of net sales and long-lived assets by region | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Net Sales | Long-Lived | Net Sales | Long-Lived | Net Sales | Long-Lived | ||||||||||||||||||||
Assets | Assets | Assets | |||||||||||||||||||||||
North America | $ | 335,969 | $ | 39,832 | $ | 282,497 | $ | 40,965 | $ | 356,257 | $ | 42,147 | |||||||||||||
Foreign | 68,201 | 2,645 | 60,166 | 2,842 | 56,402 | 2,592 | |||||||||||||||||||
$ | 404,170 | $ | 42,477 | $ | 342,663 | $ | 43,807 | $ | 412,659 | $ | 44,739 |
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of financial instruments measured at fair value on a recurring basis | ' | ||||||||||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Current Assets | |||||||||||||||||
Derivative financial instruments | |||||||||||||||||
Foreign currency contracts | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||
Total assets | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||
Current Liabilities | |||||||||||||||||
Derivative financial instruments | |||||||||||||||||
Foreign currency contracts | $ | -- | $ | 291 | $ | -- | $ | 291 | |||||||||
Total liabilities | $ | -- | $ | 291 | $ | -- | $ | 291 | |||||||||
31-Dec-12 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Current Assets | |||||||||||||||||
Derivative financial instruments | |||||||||||||||||
Foreign currency contracts | $ | -- | $ | 326 | $ | -- | $ | 326 | |||||||||
Total assets | $ | -- | $ | 326 | $ | -- | $ | 326 | |||||||||
Current Liabilities | |||||||||||||||||
Derivative financial instruments | |||||||||||||||||
Foreign currency contracts | $ | -- | $ | 326 | $ | -- | $ | 326 | |||||||||
Total liabilities | $ | -- | $ | 326 | $ | -- | $ | 326 |
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of quarterly financial information | ' | ||||||||||||||||||||||||
Net Sales | Operating | Net | Basic | Diluted | Cash | ||||||||||||||||||||
Income | Income | Income | Income Per | Dividends | |||||||||||||||||||||
Attributable to | Per Share | Share | Declared | ||||||||||||||||||||||
Miller | Per Share | ||||||||||||||||||||||||
Industries, Inc. | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
First Quarter | $ | 84,950 | $ | 1,935 | $ | 1,328 | $ | 0.12 | $ | 0.12 | $ | 0.14 | |||||||||||||
Second Quarter | 105,834 | 4,510 | 2,901 | 0.26 | 0.26 | 0.14 | |||||||||||||||||||
Third Quarter | 105,108 | 4,079 | 2,622 | 0.23 | 0.23 | 0.14 | |||||||||||||||||||
Fourth Quarter | 108,278 | 3,589 | 2,379 | 0.21 | 0.21 | 0.14 | |||||||||||||||||||
Total | $ | 404,170 | $ | 14,113 | $ | 9,230 | $ | 0.82 | $ | 0.82 | $ | 0.56 | |||||||||||||
2012 | |||||||||||||||||||||||||
First Quarter | $ | 94,957 | $ | 3,882 | $ | 2,010 | $ | 0.18 | $ | 0.18 | $ | 0.13 | |||||||||||||
Second Quarter | 87,346 | 3,361 | 2,546 | 0.23 | 0.23 | 0.13 | |||||||||||||||||||
Third Quarter | 77,957 | 2,534 | 2,890 | 0.26 | 0.26 | 0.13 | |||||||||||||||||||
Fourth Quarter | 82,403 | 2,773 | 1,676 | 0.15 | 0.15 | 0.13 | |||||||||||||||||||
Total | $ | 342,663 | $ | 12,550 | $ | 9,122 | $ | 0.82 | $ | 0.82 | $ | 0.52 |
ORGANIZATION_AND_NATURE_OF_OPE1
ORGANIZATION AND NATURE OF OPERATIONS (Detail Textuals) | 12 Months Ended |
Dec. 31, 2013 | |
Distributor | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Number of independent distributors | 80 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Chassis | $7,665 | $9,952 |
Raw materials | 25,772 | 18,856 |
Work in process | 9,915 | 7,961 |
Finished goods | 10,820 | 8,276 |
Inventories | $54,172 | $45,045 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $83,543 | $80,967 |
Less accumulated depreciation | -52,709 | -48,779 |
Property, plant and equipment, net | 30,834 | 32,188 |
Land and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 5,031 | 4,887 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 32,759 | 33,498 |
Machinery and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 29,664 | 26,959 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 8,556 | 8,242 |
Software costs | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $7,533 | $7,381 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accrued Liabilities (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Accrued wages, commissions, bonuses and benefits | $4,991 | $4,819 |
Accrued products warranty | 3,084 | 4,357 |
Accrued income taxes | 2,995 | 57 |
Other | 4,656 | 3,125 |
Accrued liabilities | $15,726 | $12,358 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Product Warranty (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' |
Accrual at beginning of the year | $4,357 | $5,322 |
Provision | 1,086 | 901 |
Settlement and Other | -2,359 | -1,866 |
Accrual at end of year | $3,084 | $4,357 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Method used for calculating depreciation | 'straight-line method | ' | ' |
Depreciation expense | $3,757 | $3,796 | $3,648 |
Buildings and improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives | '20 to 30 years | ' | ' |
Machinery and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives | '5 to 10 years | ' | ' |
Furniture and fixtures | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives | '5 to 10 years | ' | ' |
Software costs | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives | '5 to 10 years | ' | ' |
Method used for amortization of intangible assets | 'straight-line basis | ' | ' |
Amortization period for intangible assets | '5 years | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 1) (Patents, Trademarks and Other Purchased Product Rights, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Patents, Trademarks and Other Purchased Product Rights | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Method used for amortization of intangible assets | 'straight-line method | ' |
Accumulated amortization of patents, trademarks and other purchased product rights | $1,547 | $1,547 |
Amortization period for intangible assets | '20 years | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 2) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Outstanding stock options included in the calculation of diluted EPS | 91,000 | 190,000 | 384,000 |
Total accumulated amortization of deferred financing costs | $61 | $55 | ' |
Amortization of deferred financing costs | 6 | 10 | 27 |
Selling, General and Administrative Expenses | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock compensation expense | $0 | $332 | $399 |
Recovered_Sheet1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 3) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of common stock issued from exercise of stock options | 102,314 | 153,775 | 468,204 | ' |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Method used for fair value assumption of options granted | ' | ' | ' | 'Black-Scholes option-pricing model |
Expected dividend yield | ' | ' | ' | 0.00% |
Expected volatility rate | ' | ' | ' | 44.00% |
Risk-free interest rate | ' | ' | ' | 1.71% |
Expected life | ' | ' | ' | '4 years |
Fair value of options granted | ' | ' | ' | $1,596 |
Number of common stock issued from exercise of stock options | 102,000 | 154,000 | 468,000 | ' |
Recovered_Sheet2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Term of product warranty | '1 year | ' | ' |
Product warranty expense | $1,086 | $901 | $3,908 |
Research and development costs | $1,304 | $1,436 | $1,922 |
LONGTERM_OBLIGATIONS_Detail_Te
LONG-TERM OBLIGATIONS (Detail Textuals) (First Tennessee Bank National Association, Revolving Credit Facility, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 21, 2011 | Apr. 06, 2010 |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving credit facility | ' | $25 | $20 |
Description of reference rate basis | 'LIBOR Market Index Rate | ' | ' |
Variable interest rate in addition to reference rate | 1.50% | ' | ' |
Interest rate | 1.67% | ' | ' |
Minimum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Non-usage fee for current loan agreement in annual amount percentage | 0.15% | ' | ' |
Maximum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Non-usage fee for current loan agreement in annual amount percentage | 0.35% | ' | ' |
STOCKBASED_COMPENSATION_PLANS_1
STOCK-BASED COMPENSATION PLANS - Summary of activity of stock options (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares Under Option | ' | ' | ' |
Exercised | -102,314 | -153,775 | -468,204 |
Stock Options | ' | ' | ' |
Shares Under Option | ' | ' | ' |
Outstanding at Beginning of Period | 206,000 | 360,000 | 831,000 |
Granted | ' | ' | ' |
Exercised | -102,000 | -154,000 | -468,000 |
Forfeited and cancelled | ' | ' | -3,000 |
Outstanding at End of Period | 104,000 | 206,000 | 360,000 |
Options exercisable at year end | 104,000 | 206,000 | 161,000 |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding at Beginning of Period | 5.83 | 5.71 | 5.82 |
Granted | ' | ' | ' |
Exercised | 6.07 | 5.54 | 5.91 |
Forfeited and cancelled | ' | ' | 5.49 |
Outstanding at End of Period | 5.6 | 5.83 | 5.71 |
Options exercisable at year end | 5.6 | 5.83 | 5.98 |
STOCKBASED_COMPENSATION_PLANS_2
STOCK-BASED COMPENSATION PLANS - Summary of options outstanding (Details 1) (Stock Options, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Shares Under Option | 103,697 |
Weighted Average Exercise Price of Options Outstanding | $5.60 |
Weighted Average Remaining Life | '4 years 8 months 12 days |
Options Exercisable | 103,697 |
Weighted Average Exercise Price of Shares Exercisable | $5.60 |
Exercise Price $5.49 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | $5.49 |
Shares Under Option | 99,572 |
Weighted Average Exercise Price of Options Outstanding | $5.49 |
Weighted Average Remaining Life | '4 years 10 months 24 days |
Options Exercisable | 99,572 |
Weighted Average Exercise Price of Shares Exercisable | $5.49 |
Exercise Price $8.31 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | $8.31 |
Shares Under Option | 4,125 |
Weighted Average Exercise Price of Options Outstanding | $8.31 |
Weighted Average Remaining Life | '2 months 12 days |
Options Exercisable | 4,125 |
Weighted Average Exercise Price of Shares Exercisable | $8.31 |
STOCKBASED_COMPENSATION_PLANS_3
STOCK-BASED COMPENSATION PLANS (Detail Textuals) (Stock Options) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expiration period of options from date of grant | '10 years | ' | ' |
Number of shares available for granting options | 600,000 | 600,000 | 600,000 |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of options | '2 years | ' | ' |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of options | '4 years | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES - Future minimum lease payments under non-cancelable operating leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $582 |
2015 | 432 |
2016 | 176 |
2017 | 66 |
2018 | ' |
Thereafter | ' |
Total operating leases, future minimum payments due | $1,256 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Detail Textuals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rental expense for operating leases | $1,126 | $1,127 | $1,570 |
Maximum repurchase collateral amount | $31,854 | $22,035 | ' |
INCOME_TAXES_Provision_for_inc
INCOME TAXES - Provision for income taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $3,960 | $202 | $11,902 |
State | 415 | 321 | 1,428 |
Foreign | 1,025 | 1,798 | 1,584 |
Current income tax expense | 5,400 | 2,321 | 14,914 |
Deferred: | ' | ' | ' |
Federal | -238 | 1,095 | 245 |
State | -28 | 122 | 27 |
Foreign | 41 | -7 | -66 |
Deferred income tax expense | -225 | 1,210 | 206 |
Income tax expense | $5,175 | $3,531 | $15,120 |
INCOME_TAXES_Principal_differe
INCOME TAXES - Principal differences between federal statutory tax rate and income tax expense (Details 1) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefit | 3.70% | 4.00% | 4.00% |
Excess of foreign tax over US tax on foreign income | 0.30% | 0.60% | 0.60% |
Domestic Tax Credits | -1.50% | -10.80% | ' |
Other | -0.20% | -0.90% | 0.10% |
Effective tax rate | 37.30% | 27.90% | 39.70% |
INCOME_TAXES_Deferred_income_t
INCOME TAXES - Deferred income tax assets and liabilities (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for doubtful accounts | $95 | $95 |
Accruals and reserves | 3,739 | 3,390 |
Other | 54 | 96 |
Total deferred tax assets | 3,888 | 3,581 |
Deferred tax liabilities: | ' | ' |
Property, plant, and equipment | 1,842 | 1,758 |
Total deferred tax liabilities | 1,842 | 1,758 |
Net deferred tax asset | $2,046 | $1,823 |
INCOME_TAXES_Detail_Textuals
INCOME TAXES (Detail Textuals) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' |
Current income tax expense benefit adjustment of federal and other tax | $1,361 |
SHAREHOLDERS_EQUITY_Summary_of
SHAREHOLDERS EQUITY - Summary of Dividend payments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Record Date | 9-Dec-13 | 16-Sep-13 | 17-Jun-13 | 18-Mar-13 | 10-Dec-12 | 17-Sep-12 | 18-Jun-12 | 19-Mar-12 | 5-Dec-11 | 19-Aug-11 | 23-May-11 | 17-Mar-11 | ' | ' | ' |
Payment Date | 16-Dec-13 | 23-Sep-13 | 24-Jun-13 | 25-Mar-13 | 17-Dec-12 | 24-Sep-12 | 25-Jun-12 | 26-Mar-12 | 19-Dec-11 | 26-Aug-11 | 31-May-11 | 24-Mar-11 | ' | ' | ' |
Dividend (per share) | $0.14 | $0.14 | $0.14 | $0.14 | $0.13 | $0.13 | $0.13 | $0.13 | $0.12 | $0.12 | $0.12 | $0.12 | $0.56 | $0.52 | $0.48 |
Dividend paid, amount | $1,577 | $1,575 | $1,573 | $1,569 | $1,447 | $1,439 | $1,439 | $1,437 | $1,336 | $1,365 | $1,429 | $1,415 | $6,294 | $5,762 | $5,545 |
SHAREHOLDERS_EQUITY_Detail_Tex
SHAREHOLDERS EQUITY (Detail Textuals) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | 31-May-11 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Undesignated preferred stock, shares authorized | ' | ' | 5,000,000 | 5,000,000 |
Amount of shares authorized to repurchase | $20 | ' | ' | ' |
Repurchase of common stock, shares | ' | 1,184,200 | ' | ' |
Amount of shares purchased under repurchase program | ' | $20 | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Detail_
EMPLOYEE BENEFIT PLANS (Detail Textuals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Period of completion of services for qualification of defined contribution plan | '90 days | ' | ' |
Defined contribution plan, percentage of employer matching contribution | 50.00% | 50.00% | 50.00% |
Defined contribution plan, percentage of participant contributions | 5.00% | 5.00% | 5.00% |
Employee contributions vesting period | 'over the first five years of employment | ' | ' |
Defined contribution plan, employer contribution | $472 | $424 | $409 |
GEOGRAPHIC_INFORMATION_Net_Sal
GEOGRAPHIC INFORMATION - Net Sales and Long Lived Assets by Region (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $108,278 | $105,108 | $105,834 | $84,950 | $82,403 | $77,957 | $87,346 | $94,957 | $404,170 | $342,663 | $412,659 |
Long - Lived Assets | 42,477 | ' | ' | ' | 43,807 | ' | ' | ' | 42,477 | 43,807 | 44,739 |
North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 335,969 | 282,497 | 356,257 |
Long - Lived Assets | 39,832 | ' | ' | ' | 40,965 | ' | ' | ' | 39,832 | 40,965 | 42,147 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 68,201 | 60,166 | 56,402 |
Long - Lived Assets | $2,645 | ' | ' | ' | $2,842 | ' | ' | ' | $2,645 | $2,842 | $2,592 |
CUSTOMER_INFORMATION_Detail_Te
CUSTOMER INFORMATION (Detail Textuals) (Customer Concentration Risk, Net sales) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Customer Concentration Risk | Net sales | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Major customer, benchmark description | 'No single customer accounted for 10% or more of consolidated net sales | 'No single customer accounted for 10% or more of consolidated net sales | ' |
Percentage of company's largest customer | ' | ' | 26.80% |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS - Financial instruments measured at fair value on a recurring basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 | ' | ' |
Derivative financial instruments | ' | ' |
Derivative financial assets | ' | ' |
Derivative financial liability | ' | ' |
Level 1 | Foreign currency contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative financial assets | ' | ' |
Derivative financial liability | ' | ' |
Level 2 | ' | ' |
Derivative financial instruments | ' | ' |
Derivative financial assets | ' | 326 |
Derivative financial liability | 291 | 326 |
Level 2 | Foreign currency contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative financial assets | ' | 326 |
Derivative financial liability | 291 | 326 |
Level 3 | ' | ' |
Derivative financial instruments | ' | ' |
Derivative financial assets | ' | ' |
Derivative financial liability | ' | ' |
Level 3 | Foreign currency contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative financial assets | ' | ' |
Derivative financial liability | ' | ' |
Total | ' | ' |
Derivative financial instruments | ' | ' |
Derivative financial assets | ' | 326 |
Derivative financial liability | 291 | 326 |
Total | Foreign currency contracts | ' | ' |
Derivative financial instruments | ' | ' |
Derivative financial assets | ' | 326 |
Derivative financial liability | $291 | $326 |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS (Detail Textuals) (Foreign Exchange Contract, USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts receivable | Accounts payable | Cash Flow Hedging | Cash Flow Hedging | Undesignated | Undesignated | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | $10,637 | $12,950 | $6,600 | $600 |
Gain on foreign currency exchange contracts | 4 | 43 | ' | ' | ' | ' | ' | ' |
Fair value of foreign currency exchange contracts included in accounts receivable | ' | ' | 0 | ' | ' | ' | ' | ' |
Fair value of foreign currency exchange contracts included in account payable | ' | ' | ' | ($291) | ' | ' | ' | ' |
QUARTERLY_FINANCIAL_INFORMATIO2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) - Summary of the unaudited quarterly financial information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $108,278 | $105,108 | $105,834 | $84,950 | $82,403 | $77,957 | $87,346 | $94,957 | ' | ' | ' | ' | $404,170 | $342,663 | $412,659 |
Operating Income | 3,589 | 4,079 | 4,510 | 1,935 | 2,773 | 2,534 | 3,361 | 3,882 | ' | ' | ' | ' | 14,113 | 12,550 | ' |
Net Income Attributable to Miller Industries, Inc. | $2,379 | $2,622 | $2,901 | $1,328 | $1,676 | $2,890 | $2,546 | $2,010 | ' | ' | ' | ' | $9,230 | $9,122 | $23,008 |
Basic Income Per Share (in dollars per share) | $0.21 | $0.23 | $0.26 | $0.12 | $0.15 | $0.26 | $0.23 | $0.18 | ' | ' | ' | ' | $0.82 | $0.82 | $1.98 |
Diluted Income Per Share (in dollars per share) | $0.21 | $0.23 | $0.26 | $0.12 | $0.15 | $0.26 | $0.23 | $0.18 | ' | ' | ' | ' | $0.82 | $0.82 | $1.92 |
Cash Dividends Declared Per Share (in dollars per share) | $0.14 | $0.14 | $0.14 | $0.15 | $0.13 | $0.13 | $0.13 | $0.13 | $0.12 | $0.12 | $0.12 | $0.12 | $0.56 | $0.52 | $0.48 |
SUBSEQUENT_EVENTS_Detail_Textu
SUBSEQUENT EVENTS (Detail Textuals) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 03, 2014 | |
Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend declared per share | $0.14 | $0.14 | $0.14 | $0.15 | $0.13 | $0.13 | $0.13 | $0.13 | $0.12 | $0.12 | $0.12 | $0.12 | $0.56 | $0.52 | $0.48 | $0.15 |
Dividends payable, declared date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3-Mar-14 |
Dividends payable, payment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24-Mar-14 |
Dividends payable record date | 9-Dec-13 | 16-Sep-13 | 17-Jun-13 | 18-Mar-13 | 10-Dec-12 | 17-Sep-12 | 18-Jun-12 | 19-Mar-12 | 5-Dec-11 | 19-Aug-11 | 23-May-11 | 17-Mar-11 | ' | ' | ' | 17-Mar-14 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) (Allowance for doubtful accounts, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | $1,614 | $1,691 | $1,843 |
Charged to Expense | 211 | 240 | 240 |
Accounts Written Off | -111 | -317 | -392 |
Balance at End of Period | $1,714 | $1,614 | $1,691 |