Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 01, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | HUDSON TECHNOLOGIES INC /NY | ||
Entity Central Index Key | 925,528 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 96,210,824 | ||
Trading Symbol | HDSN | ||
Entity Common Stock, Shares Outstanding | 41,518,820 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 33,931 | $ 1,258 |
Trade accounts receivable - net | 4,797 | 4,414 |
Inventories | 68,601 | 61,897 |
Deferred tax asset | 0 | 376 |
Prepaid expenses and other current assets | 847 | 1,524 |
Total current assets | 108,176 | 69,469 |
Property, plant and equipment, less accumulated depreciation | 7,532 | 7,536 |
Deferred tax asset | 2,532 | 3,287 |
Goodwill | 856 | 856 |
Intangible assets, less accumulated amortization | 3,299 | 3,787 |
Other assets | 75 | 76 |
Total Assets | 122,470 | 85,011 |
Current liabilities: | ||
Trade accounts payable | 5,110 | 5,792 |
Accrued expenses and other current liabilities | 2,888 | 3,018 |
Accrued payroll | 1,782 | 1,577 |
Income taxes payable | 322 | 0 |
Short-term debt and current maturities of long-term debt | 199 | 20,573 |
Total current liabilities | 10,301 | 30,960 |
Other liabilities | 0 | 333 |
Long-term debt, less current maturities | 152 | 4,293 |
Total Liabilities | 10,453 | 35,586 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, shares authorized 5,000,000: Series A Convertible preferred stock, $0.01 par value ($100 liquidation preference value); shares authorized 150,000; none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; shares authorized 100,000,000; issued and outstanding 41,465,820 and 32,804,617 | 415 | 328 |
Additional paid-in capital | 114,032 | 62,163 |
Accumulated deficit | (2,430) | (13,066) |
Total Stockholders' Equity | 112,017 | 49,425 |
Total Liabilities and Stockholders' Equity | $ 122,470 | $ 85,011 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 41,465,820 | 32,804,617 |
Common stock, outstanding | 41,465,820 | 32,804,617 |
Preferred Stock | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Series A Convertible Preferred Stock | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference value | $ 100 | $ 100 |
Preferred stock, shares authorized | 150,000 | 150,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 105,481 | $ 79,722 | $ 55,810 |
Cost of sales | 74,395 | 61,233 | 49,364 |
Gross profit | 31,086 | 18,489 | 6,446 |
Operating expenses: | |||
Selling and marketing | 4,310 | 4,179 | 2,723 |
General and administrative | 7,829 | 6,129 | 4,708 |
Total operating expenses | 12,139 | 10,308 | 7,431 |
Operating income (loss) | 18,947 | 8,181 | (985) |
Other income (expense): | |||
Interest expense | (1,118) | (776) | (641) |
Other income (expense) | (564) | 302 | 0 |
Total other (expense) | (1,682) | (474) | (641) |
Income (loss) before income taxes | 17,265 | 7,707 | (1,626) |
Income tax expense (benefit) | 6,628 | 2,944 | (906) |
Net income (loss) | $ 10,637 | $ 4,763 | $ (720) |
Net income (loss) per common share - Basic | $ 0.31 | $ 0.15 | $ (0.02) |
Net income (loss) per common share - Diluted | $ 0.3 | $ 0.14 | $ (0.02) |
Weighted average number of shares outstanding - Basic | 34,104,476 | 32,546,840 | 29,122,746 |
Weighted average number of shares outstanding - Diluted | 35,416,910 | 33,936,099 | 29,122,746 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2013 | $ 28,086 | $ 251 | $ 44,944 | $ (17,109) |
Balance (in shares) at Dec. 31, 2013 | 25,070,386 | |||
Sale of common stock | 15,616 | $ 69 | 15,547 | 0 |
Sale of common stock (in shares) | 6,900,000 | |||
Issuance of common stock upon exercise of stock options | 309 | $ 3 | 306 | 0 |
Issuance of common stock upon exercise of stock options (in shares) | 341,890 | |||
Value of share-based arrangements | 708 | $ 0 | 708 | 0 |
Value of share-based arrangements (in shares) | 0 | |||
Net income (loss) | (720) | $ 0 | 0 | (720) |
Balance at Dec. 31, 2014 | 43,999 | $ 323 | 61,505 | (17,829) |
Balance (in shares) at Dec. 31, 2014 | 32,312,276 | |||
Issuance of common stock upon exercise of stock options and warrants | 460 | $ 5 | 455 | 0 |
Issuance of common stock upon exercise of stock options and warrants (in shares) | 482,506 | |||
Issuance of common stock for services | 30 | $ 0 | 30 | 0 |
Issuance of common stock for services (in shares) | 9,835 | |||
Value of share-based arrangements | 173 | $ 0 | 173 | 0 |
Value of share-based arrangements (in shares) | 0 | |||
Net income (loss) | 4,763 | $ 0 | 0 | 4,763 |
Balance at Dec. 31, 2015 | 49,425 | $ 328 | 62,163 | (13,066) |
Balance (in shares) at Dec. 31, 2015 | 32,804,617 | |||
Sale of common stock | 48,356 | $ 74 | 48,282 | 0 |
Sale of common stock (in shares) | 7,392,856 | |||
Issuance of common stock upon exercise of stock options and warrants | 2,704 | $ 13 | 2,691 | 0 |
Issuance of common stock upon exercise of stock options and warrants (in shares) | 1,251,199 | |||
Excess tax benefits from exercise of stock options | 189 | 189 | 0 | |
Issuance of common stock for services | 105 | $ 0 | 105 | 0 |
Issuance of common stock for services (in shares) | 17,148 | |||
Value of share-based arrangements | 601 | $ 0 | 601 | 0 |
Value of share-based arrangements (in shares) | 0 | |||
Net income (loss) | 10,637 | $ 0 | 0 | 10,637 |
Balance at Dec. 31, 2016 | $ 112,017 | $ 415 | $ 114,032 | $ (2,430) |
Balance (in shares) at Dec. 31, 2016 | 41,465,820 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 10,637 | $ 4,763 | $ (720) |
Adjustments to reconcile net income (loss): | |||
Depreciation and amortization | 2,225 | 2,072 | 979 |
Allowance for doubtful accounts | 21 | 99 | 31 |
Amortization of deferred finance cost | 154 | 75 | 112 |
Value of share-based payment arrangements | 706 | 203 | 708 |
Excess tax benefits from stock option exercise | (189) | 0 | 0 |
Deferred tax expense (benefit) | 1,080 | 2,768 | (857) |
Other non cash (income) expenses | 564 | (302) | 414 |
Changes in assets and liabilities (net of acquisitions): | |||
Trade accounts receivable | (404) | (545) | (293) |
Inventories | (6,704) | (23,430) | (1,150) |
Prepaid and other assets | 523 | (465) | (548) |
Income taxes payable | 562 | 0 | 2,709 |
Accounts payable and accrued expenses | 173 | 4,259 | 316 |
Cash provided (used) by operating activities | 9,348 | (10,503) | 1,701 |
Cash flows from investing activities: | |||
Payments for acquisitions | 0 | (2,424) | (7,368) |
Additions to patents | 0 | (12) | (10) |
Additions to property, plant and equipment | (1,733) | (889) | (716) |
Investment in affiliates | 0 | 0 | 63 |
Cash used in investing activities | (1,733) | (3,325) | (8,031) |
Cash flows from financing activities: | |||
Net proceeds from issuances of common stock | 51,060 | 460 | 15,925 |
Excess tax benefits from stock-based compensation | 189 | 0 | 0 |
(Repayments of) borrowing from short-term debt - net | (20,227) | 14,172 | (9,024) |
Proceeds from long-term debt | 61 | 292 | 0 |
Repayment of long-term debt | (4,349) | (328) | (305) |
Payment of deferred acquisition cost | (1,676) | (445) | 0 |
Cash provided by financing activities | 25,058 | 14,151 | 6,596 |
Increase in cash and cash equivalents | 32,673 | 323 | 266 |
Cash and cash equivalents at beginning of period | 1,258 | 935 | 669 |
Cash and cash equivalents at end of period | 33,931 | 1,258 | 935 |
Supplemental disclosure of cash flow information: | |||
Cash paid during period for interest | 964 | 701 | 529 |
Cash paid for income taxes | 4,985 | 0 | 0 |
Non cash investing activity: | |||
Deferred acquisition cost | $ 0 | $ 1,982 | $ 667 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Hudson Technologies, Inc., incorporated under the laws of New York on January 11, 1991 TM In preparing the accompanying consolidated financial statements, and in accordance with ASC855-10 “Subsequent Events”, the Company’s management has evaluated subsequent events through the date that the financial statements were filed. In the opinion of management, all estimates and adjustments considered necessary for a fair presentation have been included and all such adjustments were normal and recurring. The consolidated financial statements represent all companies of which Hudson directly or indirectly has majority ownership or otherwise controls. Significant intercompany accounts and transactions have been eliminated. The Company's consolidated financial statements include the accounts of wholly-owned subsidiaries Hudson Holdings, Inc. and Hudson Technologies Company. The Company does not present a statement of comprehensive income as its comprehensive income is the same as its net income. The carrying values of financial instruments including trade accounts receivable and accounts payable approximate fair value at December 31, 2016 and December 31, 2015, because of the relatively short maturity of these instruments. The carrying value of short and long-term debt approximates fair value, due to the variable rate nature of the debt, as of December 31, 2016 and December 31, 2015. Please see Note 2 for further details on fair value description and hierarchy of the Company’s deferred acquisition cost. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of temporary cash investments and trade accounts receivable. The Company maintains its temporary cash investments in highly-rated financial institutions and, at times, the balances exceed FDIC insurance coverage. The Company's trade accounts receivable are primarily due from companies throughout the United States. The Company reviews each customer's credit history before extending credit. The Company establishes an allowance for doubtful accounts based on factors associated with the credit risk of specific accounts, historical trends, and other information. The carrying value of the Company’s accounts receivable is reduced by the established allowance for doubtful accounts. The allowance for doubtful accounts includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve for the remaining accounts receivable balances. The Company adjusts its reserves based on factors that affect the collectability of the accounts receivable balances. For the year ended December 31, 2016, two customers each accounted for 10% or more of the Company’s revenues 30 For the year ended December 31, 2015, two customers each accounted for 10% or more of the Company’s revenues 33 For the year ended December 31, 2014, two customers each accounted for 10% or more of the Company’s revenues 25 0.7 The loss of a principal customer or a decline in the economic prospects of and/or a reduction in purchases of the Company's products or services by any such customer could have a material adverse effect on the Company's operating results and financial position. Temporary investments with original maturities of ninety days or less are included in cash and cash equivalents. Inventories, consisting primarily of refrigerant products available for sale, are stated at the lower of cost, on a first-in first-out basis, or market. Where the market price of inventory is less than the related cost, the Company may be required to write down its inventory through a lower of cost or market adjustment, the impact of which would be reflected in cost of sales on the Consolidated Statements of Operations. Any such adjustment would be based on management’s judgment regarding future demand and market conditions and analysis of historical experience. Property, plant and equipment are stated at cost, including internally manufactured equipment. The cost to complete equipment that is under construction is not considered to be material to the Company's financial position. Provision for depreciation is recorded (for financial reporting purposes) using the straight-line method over the useful lives of the respective assets. Leasehold improvements are amortized on a straight-line basis over the shorter of economic life or terms of the respective leases. Costs of maintenance and repairs are charged to expense when incurred. Due to the specialized nature of the Company's business, it is possible that the Company's estimates of equipment useful life periods may change in the future. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. The Company performed the annual goodwill impairment assessment using a qualitative approach to determine whether it is more likely than not that the fair value of goodwill is less than its carrying value. In performing the qualitative assessment, we identify and consider the significance of relevant key factors, events, and circumstances that affect the fair value of our goodwill. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as our actual and planned financial performance. If the results of the qualitative assessment conclude that it is not more likely than not that the fair value of goodwill exceeds its carrying value, additional quantitative impairment testing is performed. Revenues are recorded upon completion of service or product shipment and passage of title to customers in accordance with contractual terms. The Company evaluates each sale to ensure collectability. In addition, each sale is based on an arrangement with the customer and the sales price to the customer is fixed. In July 2016 the Company was awarded, as prime contractor, a five-year contract, including a five-year renewal option, by the United States Defense Logistics Agency (“DLA”) for the management, supply, and sale of refrigerants, compressed gases, cylinders and related terms. Due to the contract containing multiple elements, the Company assessed the arrangement in accordance with Accounting Standards Codification (“ASC”) 605-25, Revenue Recognition: Multiple-Element Arrangements 2.4 1.3 Cost of sales is recorded based on the cost of products shipped or services performed and related direct operating costs of the Company's facilities. To the extent that the Company charges its customers shipping fees, such amounts are included as a component of revenue and the corresponding costs are included as a component of cost of sales. Years Ended December 31, 2016 2015 2014 (in thousands) Product and related sales $ 101,344 $ 75,154 $ 50,460 RefrigerantSide ® 4,137 4,568 5,350 Total $ 105,481 $ 79,722 $ 55,810 The Company utilizes the asset and liability method for recording deferred income taxes, which provides for the establishment of deferred tax asset or liability accounts based on the difference between tax and financial reporting bases of certain assets and liabilities. The tax benefit associated with the Company's net operating loss carry forwards (“NOLs”) is recognized to the extent that the Company is expected to recognize future taxable income. The Company assesses the recoverability of its deferred tax assets based on its expectation that it will recognize future taxable income and adjusts its valuation allowance accordingly. As of December 31, 2016 and 2015, the net deferred tax asset was $ 2.5 3.7 Certain states either do not allow or limit NOLs and as such the Company will be liable for certain state taxes. To the extent that the Company utilizes its NOLs, it will not pay tax on such income but may be subject to the federal alternative minimum tax. In addition, to the extent that the Company’s net income, if any, exceeds the annual NOL limitation it will pay income taxes based on existing statutory rates. Moreover, as a result of a “change in control”, as defined by the Internal Revenue Service, the Company’s ability to utilize its existing NOLs is subject to certain annual limitations. All of the Company’s remaining $5.4 million of NOLs are subject to annual limitations of $1.3 million. As a result of an Internal Revenue Service audit, the 2013 and prior federal tax years have been closed. The Company operates in many states throughout the United States and, as of December 31, 2016, the various states’ statutes of limitations remain open for tax years subsequent to 2009. The Company recognizes interest and penalties, if any, relating to income taxes as a component of the provision for income taxes. The Company evaluates uncertain tax positions, if any, by determining if it is more likely than not to be sustained upon examination by the taxing authorities. As of December 31, 2016 and 2015, the Company had no uncertain tax positions. If dilutive, common equivalent shares (common shares assuming exercise of options and warrants) utilizing the treasury stock method are considered in the presentation of diluted earnings per share. Years ended December 31, 2016 2015 2014 Net income (loss) $ 10,637 $ 4,763 $ (720) Weighted average number of shares - basic 34,104,476 32,546,840 29,122,746 Shares underlying warrants 300,846 Shares underlying options 1,312,434 1,088,413 Weighted average number of shares outstanding diluted 35,416,910 33,936,099 29,122,746 During the years ended December 31, 2016, 2015 and 2014, certain options and warrants aggregating 73,034 106,290 4,449,624 The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect reported amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities, and the results of operations during the reporting period. Actual results could differ from these estimates. The Company utilizes both internal and external sources to evaluate potential current and future liabilities for various commitments and contingencies. In the event that the assumptions or conditions change in the future, the estimates could differ from the original estimates. Several of the Company's accounting policies involve significant judgments, uncertainties and estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. To the extent that actual results differ from management's judgments and estimates, there could be a material adverse effect on the Company. On a continuous basis, the Company evaluates its estimates, including, but not limited to, those estimates related to its allowance for doubtful accounts, inventory reserves, and valuation allowance for the deferred tax assets relating to its NOLs and commitments and contingencies. With respect to accounts receivable, the Company estimates the necessary allowance for doubtful accounts based on both historical and anticipated trends of payment history and the ability of the customer to fulfill its obligations. For inventory, the Company evaluates both current and anticipated sales prices of its products to determine if a write down of inventory to net realizable value is necessary. In determining the Company’s valuation allowance for its deferred tax assets, the Company assesses its ability to generate taxable income in the future. The Company participates in an industry that is highly regulated, and changes in the regulations affecting our business could affect our operating results. Currently the Company purchases virgin hydrochlorofluorocarbon (“HCFC”) and hydrofluorocarbon (“HFC”) refrigerants and reclaimable, primarily HCFC, HFC and chlorofluorocarbon (“CFC”), refrigerants from suppliers and its customers. Effective January 1, 1996, the Clean Air Act (the “Act”) prohibited the production of virgin CFC refrigerants and limited the production of virgin HCFC refrigerants. Effective January 2004, the Act further limited the production of virgin HCFC refrigerants and federal regulations were enacted which established production and consumption allowances for HCFC refrigerants which imposed limitations on the importation of certain virgin HCFC refrigerants. Under the Act, production of certain virgin HCFC refrigerants is scheduled to be phased out during the period 2010 through 2020, and production of all virgin HCFC refrigerants is scheduled to be phased out by 2030. In April 2013, the Environmental Protection Agency (“EPA”) published a final rule providing for the production or importation of 63 51 To the extent that the Company is unable to source sufficient quantities of refrigerants or is unable to obtain refrigerants on commercially reasonable terms or experiences a decline in demand and/or price for refrigerants sold by the Company, the Company could realize reductions in revenue from refrigerant sales, which could have a material adverse effect on its operating results and its financial position. The Company is subject to various legal proceedings. The Company assesses the merit and potential liability associated with each of these proceedings. In addition, the Company estimates potential liability, if any, related to these matters. To the extent that these estimates are not accurate, or circumstances change in the future, the Company could realize liabilities, which could have a material adverse effect on its operating results and its financial position. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the cost to sell. In August 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments." This ASU addresses eight specific cash flow issues with the objective of eliminating the existing diversity in practice. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and for interim periods therein. We elected to adopt ASU 2016-15 as of December 31, 2016, and the adoption did not have a material impact on the presentation of the statement of cash flows. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses." This ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and for interim periods therein. The Company does not expect the amended standard to have a material impact on the Company’s results of operations. In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting.” Excess tax benefits and deficiencies will be recognized in the consolidated statement of earnings rather than capital in excess of par value of stock on a prospective basis. A policy election will be available to account for forfeitures as they occur, with the cumulative effect of the change recognized as an adjustment to retained earnings at the date of adoption. Excess tax benefits within the consolidated statement of cash flows will be presented as an operating activity (prospective or retrospective application) and cash payments to tax authorities in connection with shares withheld for statutory tax withholding requirements will be presented as a financing activity (retrospective application). The guidance is effective beginning in 2017. The Company expects that the future adoption of ASU No. 2016-09 will not have a material impact on the Company’s financial statements. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842)." In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes”. ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in ASU 2015-17 apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected. For public business entities, the amendments in ASU 2015-17 are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company elected to early adopt ASU 2015-17 prospectively in the fourth quarter of 2016. As a result, all deferred tax assets and liabilities have been presented as noncurrent on the consolidated balance sheet as of December 31, 2016. There was no impact on our results of operations as a result of the adoption of ASU 2015-17 and prior periods have not been adjusted. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”, or ASU 2015-16. This amendment requires the acquirer in a business combination to recognize in the reporting period in which adjustment amounts are determined, any adjustments to provisional amounts that are identified during the measurement period, calculated as if the accounting had been completed at the acquisition date. Prior to the issuance of ASU 2015-16, an acquirer was required to restate prior period financial statements as of the acquisition date for adjustments to provisional amounts. The amendments in ASU 2015-16 are to be applied prospectively upon adoption. The Company adopted ASU 2015-16 in the fourth quarter of 2016. The adoption of the provisions of ASU 2015-16 did not have a material impact on its results of operations or financial position. In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, " Revenue from Contracts with Customers (Topic 606) |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 2- Fair Value ASC Subtopic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market-corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based upon observable inputs used in the valuation techniques, the Company is required to provide information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values into three broad levels as follows: Level 1: Valuations for assets and liabilities traded in active markets from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities. Level 3: Valuations for assets and liabilities include certain unobservable inputs in the assumptions and projections used in determining the fair value assigned to such assets or liabilities. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. (in thousands) As of December 31, 2016 Fair Value Measurements Carrying Amount Fair Value Level 1 Level 2 Level 3 Liabilities: Deferred acquisition cost $ 789 $ 789 $ 789 (in thousands) As of December 31, 2015 Fair Value Measurements Carrying Amount Fair Value Level 1 Level 2 Level 3 Liabilities: Deferred acquisition cost $ 1,902 $ 1,902 $ 1,902 (in thousands) Acquisition of Polar 2015 (1) Total Deferred Balance at January 1, 2015 $ 667 $ $ 667 2015 Acquisition (1) 1,982 1,982 Payments (445) (445) Total adjustments included in earnings (302) (302) Balance at December, 31, 2015 $ 667 $ 1,235 $ 1,902 Payments (667) (1,010) (1,677) Total adjustments included in earnings 564 564 Balance at December 31, 2016 $ $ 789 $ 789 (1) Represents acquisition of a supplier of refrigerants and compressed gases in January 2015. |
Trade accounts receivable - net
Trade accounts receivable - net | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Trade accounts receivable - net | Note 3 - Trade accounts receivable - net At December 31, 2016, 2015, and 2014 trade accounts receivable are net of reserves for doubtful accounts of $ 0.4 0.3 0.2 Beginning Balance Net additions charged to Deductions and Other Ending Balance (in thousands) at January 1 Operations (1) at December 31 2016 $ 335 $ 21 $ 9 $ 365 2015 $ 244 $ 99 $ (8) $ 335 2014 $ 227 $ 31 $ (14) $ 244 (1) 2016 includes a reclassification adjustment not affecting operations |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4- Inventories December 31, 2016 2015 (in thousands) Refrigerant and cylinders $ 11,168 $ 11,167 Packaged refrigerants 57,433 50,730 Total $ 68,601 $ 61,897 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Note 5 - Property, plant and equipment December 31, 2016 2015 Estimated Lives (in thousands) Property, plant and equipment - Land $ 535 $ 535 - Buildings 830 830 39 years - Building improvements 873 810 39 years - Equipment 13,423 13,206 3-7 years - Equipment under capital lease 248 234 5-7 years - Vehicles 1,360 1,311 5 years - Lab and computer equipment, software 2,652 2,499 3-5 years - Furniture & fixtures 289 276 7-8 years - Leasehold improvements 119 110 3 years - Equipment under construction 1,654 491 Subtotal 21,983 20,302 Accumulated depreciation 14,451 12,766 Total $ 7,532 $ 7,536 Depreciation expense for the years ended December 31, 2016, 2015 and 2014 was $ 1.7 1.6 0.9 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 6 - Income taxes Income tax expense (benefit) for the years ended December 31, 2016, 2015 and 2014 was $ 6.6 2.9 0.9 Years Ended December 31, 2016 2015 2014 (in thousands) Current: Federal $ 4,981 $ 174 $ 0 State and local 567 2 (49) 5,548 176 (49) Deferred: Federal 949 2,460 (767) State and local 131 308 (90) 1,080 2,768 (857) Expense (benefit) for income taxes $ 6,628 $ 2,944 $ (906) Years ended December 31, 2016 2015 2014 Income tax rates - Statutory U.S. federal rate 35 % 34 % 34 % - States, net U.S. benefits 3 % 4 % 4 % - Tax benefit from prior year 0 % 0 % 18 % Total 38 % 38 % 56 % As of December 31, 2016, the Company had NOL's of approximately $ 5.4 2023 all of which are subject to annual limitations of $1.3 million. December 31, 2016 2015 (in thousands) Deferred tax assets (liabilities) - Depreciation & amortization $ (236) $ (412) - Reserves for doubtful accounts 139 127 - Inventory reserve 304 250 - Non qualified stock options 247 108 - NOL 2,078 3,430 - AMT credit carryforward 160 Total $ 2,532 $ 3,663 As discussed above in Note 1, the Company elected to early adopt ASU 2015-17 prospectively in the fourth quarter of 2016. As a result, all deferred tax assets and liabilities have been presented as noncurrent on the consolidated balance sheet as of December 31, 2016. The Company considered its projected future taxable income, and associated annual limitations, in determining the amount of deferred tax assets to recognize. The Company believes that given the extended time period that it may recognize its deferred tax assets, it is more likely than not it will realize the benefit of these assets prior to their expiration. |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Note 7 Goodwill and intangible assets Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. The Company performed the annual goodwill impairment assessment using a qualitative approach to determine whether it is more likely than not that the fair value of goodwill is less than its carrying value. In performing the qualitative assessment, we identify and consider the significance of relevant key factors, events, and circumstances that affect the fair value of our goodwill. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as our actual and planned financial performance. If the results of the qualitative assessment conclude that it is not more likely than not that the fair value of goodwill exceeds its carrying value, additional quantitative impairment testing is performed. The impairment test was performed at the operating segment level as the acquired businesses have been fully integrated into our existing structure. Based on the results of the impairment assessment performed, we concluded that it is more likely than not that the fair value of our goodwill significantly exceeds the carrying value. At December 31, 2016 the Company had $ 0.9 0.4 0.4 December 31, 2016 2015 (in thousands) Amortization Gross Gross Period Carrying Accumulated Carrying Accumulated (in years) Amount Amortization Net Amount Amortization Net Intangible Assets with determinable lives Patents 5 $ 386 $ 366 $ 20 $ 387 $ 352 $ 35 Covenant Not to Compete 6 - 10 1,270 322 948 1,270 171 1,099 Customer Relationships 3 - 10 2,000 452 1,548 2,000 236 1,764 Trade Name 2 30 30 0 30 24 6 Licenses 10 1,000 217 783 1,000 117 883 Totals identifiable intangible assets $ 4,686 $ 1,387 $ 3,299 $ 4,687 $ 900 $ 3,787 Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. No impairments were recognized for the years ended December 31, 2016 and December 31, 2015. The amortization of intangible assets for the years ended December 31, 2016, 2015, and 2014 were $ 0.5 0.5 0.1 0.5 0.4 0.4 0.4 0.4 1.1 |
Short-term and long-term debt
Short-term and long-term debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-term and long-term debt | Note 8 - Short-term and long-term debt December 31, 2016 2015 (in thousands) Short-term & long-term debt Short-term debt: - Bank credit line $ $ 20,227 - Long-term debt: current 199 346 Subtotal 199 20,573 Long-term debt: - Bank credit line 4,000 - Building and land mortgage 93 260 - Vehicle and equipment loans 70 145 - Capital lease obligations 188 234 - Less: current maturities (199) (346) Subtotal 152 4,293 Total short-term & long-term debt $ 351 $ 24,866 Bank Credit Line On June 22, 2012, a subsidiary of Hudson entered into a Revolving Credit, Term Loan and Security Agreement (the “PNC Facility”) with PNC Bank, National Association, as agent (“Agent” or “PNC”), and such other lenders as may thereafter become a party to the PNC Facility. The Maximum Loan Amount (as defined in the PNC Facility) is currently $ 50,000,000 46,000,000 44 130,000 Under the terms of the original PNC Facility, as amended by the First Amendment to the PNC Facility, dated February 15, 2013, Hudson could initially borrow up to a maximum of $ 40,000,000 4,000,000 36,000,000 Interest on loans under the PNC Facility is payable in arrears on the first day of each month with respect to loans bearing interest at the domestic rate (as set forth in the PNC Facility) and at the end of each interest period with respect to loans bearing interest at the Eurodollar Rate (as defined in the PNC Facility) or, for Eurodollar Rate Loans (as defined in the PNC Facility) with an interest period in excess of three months, at the earlier of (a) each three months from the commencement of such Eurodollar Rate Loan or (b) the end of the interest period. Interest charges with respect to loans are computed on the actual principal amount of loans outstanding during the month at a rate per annum equal to (A) with respect to Domestic Rate Loans (as defined in the PNC Facility), the sum of the Alternate Base Rate (as defined in the PNC Facility) plus one half of one percent (.50%) and (B) with respect to Eurodollar Rate Loans, the sum of the Eurodollar Rate plus two and one quarter of one percent (2.25%). Hudson granted to PNC, for itself, and as agent for such other lenders as may thereafter become a lender under the PNC Facility, a security interest in Hudson’s receivables, intellectual property, general intangibles, inventory and certain other assets. The PNC Facility contains certain financial and non-financial covenants relating to Hudson, including limitations on Hudson’s ability to pay dividends on common stock or preferred stock, and also includes certain events of default, including payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to other obligations, events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts, impairments to guarantees and a change of control. The PNC Facility contains a financial covenant to maintain at all times a Fixed Charge Coverage Ratio of not less than 1.10 1.00 On October 25, 2013, the Company entered into the Second Amendment to the PNC facility (the “Second PNC Amendment”) which, among other things, waived the requirement to comply with the minimum fixed charge coverage ratio covenant of 1.10 1.00 On July 2, 2014, the Company entered into the Third Amendment to the PNC Facility (the “Third PNC Amendment”) which, among other things, extended the term of PNC Facility. Pursuant to the Third PNC Amendment, which was effective June 30, 2014, the Termination Date of the PNC Facility (as defined in the PNC Facility) was extended to June 30, 2018. On July 1, 2015, the Company entered into the Fourth Amendment to the PNC Facility (the “Fourth PNC Amendment”). The Fourth PNC Amendment redefined the “Revolving Interest Rate” as well as the “Term Loan Rate” (as defined in the PNC Facility) as follows: “Revolving Interest Rate” shall mean an interest rate per annum equal to (a) the sum of the Alternate Base Rate (as defined in the PNC Facility) plus one half of one percent (.50%) with respect to Domestic Rate Loans and (b) the sum of the Eurodollar Rate plus two and one quarter of one percent ( 2.25 “Term Loan Rate” shall mean an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus one half of one percent (.50%) with respect to the Domestic Rate Loans and (b) the sum of the Eurodollar Rate plus two and one quarter of one percent ( 2.25 On April 8, 2016, the Company entered into the Fifth Amendment to the PNC Facility (the “Fifth PNC Amendment”). Pursuant to the Fifth PNC Amendment, the Maximum Loan Amount (as defined in the PNC Facility) has been increased from $ 40,000,000 50,000,000 36,000,000 46,000,000 The Company was in compliance with all covenants, under the PNC Facility as of December 31, 2016. The Company’s ability to comply with these covenants in future quarters may be affected by events beyond the Company’s control, including general economic conditions, weather conditions, regulations and refrigerant pricing. Although we expect to remain in compliance with all covenants in the PNC Facility, as amended, depending on our future operating performance and general economic conditions, we cannot make any assurance that we will continue to be in compliance. The commitments under the PNC Facility will expire and the full outstanding principal amount of the loans, together with accrued and unpaid interest, are due and payable in full on June 30, 2020, unless the commitments are terminated for any reason or the outstanding principal amount of the loans are accelerated sooner following an event of default. Building and Land Mortgage On June 1, 2012, the Company entered into a mortgage note with Busey Bank for $ 855,000 4 June 1, 2017 93,000 Vehicle and Equipment Loans The Company has entered into various vehicle and equipment loans. These loans are payable in 60 monthly payments through March 2020 and bear interest ranging from 0.0 6.7 Capital Lease Obligations The Company rents certain equipment with a net book value of approximately $ 249,000 Years ended December 31, Amount (in thousands) -2017 $ 82 -2018 82 -2019 31 -2020 6 -2021 3 Subtotal 204 Less interest expense (16) Total $ 188 Years ended December 31, Amount (in thousands) -2018 $ 93 -2019 47 -2020 9 -2021 3 Thereafter - Total $ 152 |
Stockholders' equity
Stockholders' equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders equity | Note 9 - Stockholders' equity On July 7, 2010, the Company sold 2,737,500 2,737,500 1,368,750 2.00 2.60 4.9 1,300,000 Effective as of March 4, 2011, the Company re-purchased warrants to purchase 150,000 0.60 On March 7, 2011, the remaining 1,218,750 Between January 2016 and July 2016, 1,161,252 2.60 7,498 On December 8, 2016 the Company entered into an Underwriting Agreement with two investment banking firms for themselves and as representatives for two other investment banking firms (collectively, the “Underwriters”), in connection with an underwritten offering (the “Offering”) of 6,428,571 0.01 6,428,571 964,285 The closing of the Offering was held on December 14, 2016, at which time the Company sold 7,392,856 964,285 7.00 51.7 3.3 48.4 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Note 10 - Commitments and contingencies Rents and operating leases Properties Lease Expiration Location Annual Rent Date Auburn, Washington $ 39,000 8/2018 Baton Rouge, Louisiana $ 23,000 5/2019 Champaign, Illinois $ 504,000 12/2018 Charlotte, North Carolina $ 26,000 5/2019 Escondido, California $ 36,000 Month to Month Hampstead, New Hampshire $ 52,000 8/2022 Nashville, Tennessee $ 173,000 3/2018 Ontario, California $ 90,000 12/2018 Pearl River, New York $ 150,000 12/2021 Pottsboro, Texas $ 6,000 8/2017 Catano, Puerto Rico $ 124,000 12/2020 Stony Point, New York $ 90,000 6/2021 Tulsa, Oklahoma $ 27,000 12/2017 The Company rents properties and various equipment under operating leases. Rent expense for the years ended December 31, 2016, 2015 and 2014 totaled approximately $ 1.4 1.2 0.8 Years ended December 31, Amount (in thousands) -2017 $ 1,368 -2018 1,145 -2019 464 -2020 446 -2021 253 Thereafter 35 Total $ 3,711 Legal Proceedings On April 1, 1999, the Company reported a release of approximately 7,800 lbs. of R-11 refrigerant (the “1999 Release”), at its former leased facility in Hillburn, NY (the “Hillburn Facility”), which the Company vacated in June 2006. Since September 2000, last modified in March 2013, the Company signed an Order on Consent with the New York State Department of Environmental Conservation (“DEC”) whereby the Company agreed to operate a remediation system to reduce R-11 refrigerant levels in the groundwater under and around the Hillburn Facility and agreed to perform periodic testing at the Hillburn Facility until remaining groundwater contamination has been effectively abated. The Company accrued, as an expense in its consolidated financial statements, the costs that the Company believes it will incur in connection with its compliance with the Order of Consent through December 31, 2018. There can be no assurance that additional testing will not be required or that the Company will not incur additional costs and such costs in excess of the Company’s estimate may have a material adverse effect on the Company financial condition or results of operations. The Company has exhausted all insurance proceeds available for the 1999 Release under all applicable policies. In May 2000, the Hillburn Facility as a result of the 1999 Release, was nominated by EPA for listing on the National Priorities List (“NPL”) pursuant to CERCLA. In September 2003, the EPA advised the Company that it had no current plans to finalize the process for listing of the Hillburn Facility on the NPL. During the years ended December 31, 2016, 2015 and 2014 the Company incurred $ 0 0 53,000 0.1 |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | Note 11 - Share-Based Compensation Share-based compensation represents the cost related to share-based awards, typically stock options or stock grants, granted to employees, non-employees, officers and directors. Share-based compensation is measured at grant date, based on the estimated aggregate fair value of the award on the grant date, and such amount is charged to compensation expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. For the years ended 2016, 2015 and 2014, the share-based compensation expense of $ 0.6 0.2 0.7 Share-based awards have historically been made as stock options, and recently during the third quarter 2015 as stock grants, issued pursuant to the terms of the Company’s stock option and stock incentive plans, (collectively, the “Plans”), described below. The Plans may be administered by the Board of Directors or the Compensation Committee of the Board or by another committee appointed by the Board from among its members as provided in the Plans. Presently, the Plans are administered by the Company’s Compensation Committee of the Board of Directors. As of December 31, 2016, the Plans authorized the issuance of stock options to purchase 6,000,000 3,251,340 Stock option awards, which allow the recipient to purchase shares of the Company’s common stock at a fixed price, are typically granted at an exercise price equal to the Company’s stock price at the date of grant. Typically, the Company’s stock option awards have vested from immediately to two years from the grant date and have had a contractual term ranging from three to ten years. During the years ended December 31, 2016, 2015 and 2014, the Company issued options to purchase 1,170,534 164,506 1,055,500 17,148 9,835 Effective July 25, 1997, the Company adopted its 1997 Employee Stock Option Plan, which was amended on August 19, 1999, (“1997 Plan”) pursuant to which 2,000,000 Effective September 10, 2004, the Company adopted its 2004 Stock Incentive Plan (“2004 Plan”) pursuant to which 2,500,000 September 10, 2014 Effective August 27, 2008, the Company adopted its 2008 Stock Incentive Plan (“2008 Plan”) pursuant to which 3,000,000 August 27, 2018 ISOs granted under the 2008 Plan may not be granted at a price less than the fair market value of the common stock on the date of grant (or 110 Effective September 17, 2014, the Company adopted its 2014 Stock Incentive Plan (“2014 Plan”) pursuant to which 3,000,000 September 17, 2024 ISOs granted under the 2014 Plan may not be granted at a price less than the fair market value of the common stock on the date of grant (or 110 All stock options have been granted to employees and non-employees at exercise prices equal to or in excess of the market value on the date of the grant. Years ended December 31, 2016 2015 2014 Assumptions Dividend yield 0 % 0 % 0 % Risk free interest rate 0.%-1.0 % 0.83%-1.03 % 1.00%-1.69 % Expected volatility 47%-53 % 49%-60 % 59%-66 % Expected lives 3 years 3 years 3-5 years Weighted Average Stock Option Plan Totals Shares Exercise Price Outstanding at December 31, 2013 2,517,911 $ 1.33 -Exercised (292,537) $ 1.03 -Granted 1,055,500 $ 3.28 Outstanding at December 31, 2014 3,280,874 $ 1.98 -Cancelled (132,500) $ 3.72 -Exercised (679,291) $ 1.65 -Granted 164,506 $ 3.28 Outstanding at December 31, 2015 2,633,589 $ 2.06 -Exercised (589,725) $ 2.43 -Granted 1,170,534 $ 3.95 Outstanding at December 31, 2016 3,214,398 $ 2.68 Weighted Average Number of Remaining Weighted Average 2016 Options Contractual Life Exercise Price Options outstanding 3,214,398 2.0 years $ 2.68 Options vested 1,191,368 3.0 years $ 3.94 Weighted Average Number of Remaining Weighted Average 2015 Options Contractual Life Exercise Price Options outstanding 2,633,589 2.8 years $ 2.06 Options vested 2,612,755 2.8 years $ 2.05 The intrinsic values of options outstanding at December 31, 2016 and 2015 are $ 17.1 2.8 : 2016 2015 2014 Intrinsic value of options vested $ 4,843,774 $ 5,000 $ 535,000 Intrinsic value of options exercised $ 1,777,476 $ 1,309,000 $ 793,000 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Note 12 - Acquisitions On November 5, 2014 the Company purchased certain assets from Polar Technologies, LLC (“Polar”) related to its refrigerant reclamation business and facilities in Nashville, Tennessee; Ontario, California, and San Juan, Puerto Rico; hiring approximately thirty-two Polar employees associated with the business. The purchase price for this acquisition was $ 8.0 5.4 2.3 0.3 2 10 As of December 31, 2015 the valuation and allocation of the purchase price for Polar was finalized resulting in an increase in tangible assets of $ 0.2 0.2 0.3 The results of the Polar operations are included in the Company’s consolidated statement of operations from the date of acquisition and are not material to the Company’s financial position or results of operations. On January 16, 2015, the Company acquired certain assets of a supplier of refrigerants and compressed gases, and also hired three employees associated with the business. The purchase price for this acquisition was $2.4 million cash paid at closing and the assumption of a liability of $20,000, and a maximum of an additional $3.0 million of deferred acquisition cost, or earn-out. 1.6 1.5 2.3 As of December 31, 2015 the valuation and allocation of the purchase price for this acquisition was finalized. As part of that process it was determined that the deferred acquisition cost payable that had been previously recorded at the maximum earn out of $ 3.0 1.0 5.4 4.4 1.9 0.8 0.1 Please see table in Note 2 for a rollforward of the deferred acquisition cost. During the year ended December 31, 2015, approximately $ 0.4 0.3 The deferred acquisition cost liability balance at December 31, 2015, which was included in Accrued expenses and other current liabilities, was $ 1.9 1.7 0.6 0.8 The intangible assets are being amortized over a period ranging from two to ten years. The goodwill recognized as part of the acquisition will be deductible for tax purposes. The transaction also provides for additional employee compensation for years 2017 through 2019, based on certain revenue performance. The total additional employee compensation, if any, cannot exceed $ 3,000,000 The results of the acquired business operations are included in the Company’s consolidated Statements of Operations from the date of acquisition, and are not material to the Company’s financial position or results of operations. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 13- Quarterly Financial Data (Unaudited) (in thousands, except share and per share data) For the Year Ended 2016 Q1 Q2 Q3 Q4 Total (a) Revenues $ 28,167 $ 34,605 $ 34,930 $ 7,779 $ 105,481 Gross profit $ 7,522 $ 10,491 $ 12,040 $ 1,033 $ 31,086 Operating expenses $ 2,503 $ 2,347 $ 4,022 $ 3,267 $ 12,139 Operating income (loss) $ 5,019 $ 8,144 $ 8,018 $ (2,234) $ 18,947 Other (expense) $ (271) $ (352) $ (296) $ (763) $ (1,682) Income (loss) before income taxes $ 4,748 $ 7,792 $ 7,722 $ (2,997) $ 17,265 Income tax expense (benefit) $ 1,804 $ 2,962 $ 2,933 $ (1,071) $ 6,628 Net income (loss) $ 2,944 $ 4,830 $ 4,789 $ (1,926) $ 10,637 Net income (loss) per common share Basic (a) $ 0.09 $ 0.15 $ 0.14 $ (0.05) $ 0.31 Net income (loss) per common share Diluted (a) $ 0.09 $ 0.14 $ 0.14 $ (0.05) $ 0.30 Weighted average number of shares outstanding Basic 32,888,659 33,128,518 33,873,479 36,527,250 34,104,476 Weighted average number of shares outstanding Diluted 33,944,876 34,270,337 35,297,585 36,527,250 35,416,910 (a) The sum of the net earnings per share may not add up to the full year amount due to rounding and because the quarterly calculations are based on varying numbers of shares outstanding. For the Year Ended 2015 Q1 Q2 Q3 Q4 Total (a) Revenues $ 22,103 $ 28,637 $ 21,682 $ 7,300 $ 79,722 Gross profit $ 5,525 $ 7,212 $ 4,384 $ 1,368 $ 18,489 Operating expenses $ 2,255 $ 2,451 $ 2,482 $ 3,120 $ 10,308 Operating income (loss) $ 3,270 $ 4,761 $ 1,902 $ (1,752) $ 8,181 Other Income (expense) $ (207) $ (236) $ (157) $ 126 $ (474) Income (loss) before income taxes $ 3,063 $ 4,525 $ 1,745 $ (1,626) $ 7,707 Income tax expense (benefit) $ 1,170 $ 1,714 $ 663 $ (603) $ 2,944 Net income (loss) $ 1,893 $ 2,811 $ 1,082 $ (1,023) $ 4,763 Net income (loss) per common share Basic $ 0.06 $ 0.09 $ 0.03 $ (0.03) $ 0.15 Net income (loss) per common share Diluted $ 0.06 $ 0.08 $ 0.03 $ (0.03) $ 0.14 Weighted average number of shares outstanding Basic 32,333,443 32,542,672 32,639,429 32,715,802 32,546,840 Weighted average number of shares outstanding Diluted 34,280,385 34,383,092 33,856,045 32,715,802 33,936,099 (a) The sum of the net earnings per share may not add up to the full year amount due to rounding and because the quarterly calculations are based on varying numbers of shares outstanding. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Business | Business Hudson Technologies, Inc., incorporated under the laws of New York on January 11, 1991 TM In preparing the accompanying consolidated financial statements, and in accordance with ASC855-10 “Subsequent Events”, the Company’s management has evaluated subsequent events through the date that the financial statements were filed. In the opinion of management, all estimates and adjustments considered necessary for a fair presentation have been included and all such adjustments were normal and recurring. |
Consolidation | Consolidation The consolidated financial statements represent all companies of which Hudson directly or indirectly has majority ownership or otherwise controls. Significant intercompany accounts and transactions have been eliminated. The Company's consolidated financial statements include the accounts of wholly-owned subsidiaries Hudson Holdings, Inc. and Hudson Technologies Company. The Company does not present a statement of comprehensive income as its comprehensive income is the same as its net income. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying values of financial instruments including trade accounts receivable and accounts payable approximate fair value at December 31, 2016 and December 31, 2015, because of the relatively short maturity of these instruments. The carrying value of short and long-term debt approximates fair value, due to the variable rate nature of the debt, as of December 31, 2016 and December 31, 2015. Please see Note 2 for further details on fair value description and hierarchy of the Company’s deferred acquisition cost. |
Credit Risk | Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of temporary cash investments and trade accounts receivable. The Company maintains its temporary cash investments in highly-rated financial institutions and, at times, the balances exceed FDIC insurance coverage. The Company's trade accounts receivable are primarily due from companies throughout the United States. The Company reviews each customer's credit history before extending credit. The Company establishes an allowance for doubtful accounts based on factors associated with the credit risk of specific accounts, historical trends, and other information. The carrying value of the Company’s accounts receivable is reduced by the established allowance for doubtful accounts. The allowance for doubtful accounts includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve for the remaining accounts receivable balances. The Company adjusts its reserves based on factors that affect the collectability of the accounts receivable balances. For the year ended December 31, 2016, two customers each accounted for 10% or more of the Company’s revenues 30 For the year ended December 31, 2015, two customers each accounted for 10% or more of the Company’s revenues 33 For the year ended December 31, 2014, two customers each accounted for 10% or more of the Company’s revenues 25 0.7 The loss of a principal customer or a decline in the economic prospects of and/or a reduction in purchases of the Company's products or services by any such customer could have a material adverse effect on the Company's operating results and financial position. |
Cash and Cash Equivalents | Cash and Cash Equivalents Temporary investments with original maturities of ninety days or less are included in cash and cash equivalents. |
Inventories | Inventories Inventories, consisting primarily of refrigerant products available for sale, are stated at the lower of cost, on a first-in first-out basis, or market. Where the market price of inventory is less than the related cost, the Company may be required to write down its inventory through a lower of cost or market adjustment, the impact of which would be reflected in cost of sales on the Consolidated Statements of Operations. Any such adjustment would be based on management’s judgment regarding future demand and market conditions and analysis of historical experience. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, including internally manufactured equipment. The cost to complete equipment that is under construction is not considered to be material to the Company's financial position. Provision for depreciation is recorded (for financial reporting purposes) using the straight-line method over the useful lives of the respective assets. Leasehold improvements are amortized on a straight-line basis over the shorter of economic life or terms of the respective leases. Costs of maintenance and repairs are charged to expense when incurred. Due to the specialized nature of the Company's business, it is possible that the Company's estimates of equipment useful life periods may change in the future. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. The Company performed the annual goodwill impairment assessment using a qualitative approach to determine whether it is more likely than not that the fair value of goodwill is less than its carrying value. In performing the qualitative assessment, we identify and consider the significance of relevant key factors, events, and circumstances that affect the fair value of our goodwill. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as our actual and planned financial performance. If the results of the qualitative assessment conclude that it is not more likely than not that the fair value of goodwill exceeds its carrying value, additional quantitative impairment testing is performed. |
Revenues and Cost of Sales | Revenues and Cost of Sales Revenues are recorded upon completion of service or product shipment and passage of title to customers in accordance with contractual terms. The Company evaluates each sale to ensure collectability. In addition, each sale is based on an arrangement with the customer and the sales price to the customer is fixed. In July 2016 the Company was awarded, as prime contractor, a five-year contract, including a five-year renewal option, by the United States Defense Logistics Agency (“DLA”) for the management, supply, and sale of refrigerants, compressed gases, cylinders and related terms. Due to the contract containing multiple elements, the Company assessed the arrangement in accordance with Accounting Standards Codification (“ASC”) 605-25, Revenue Recognition: Multiple-Element Arrangements 2.4 1.3 Cost of sales is recorded based on the cost of products shipped or services performed and related direct operating costs of the Company's facilities. To the extent that the Company charges its customers shipping fees, such amounts are included as a component of revenue and the corresponding costs are included as a component of cost of sales. Years Ended December 31, 2016 2015 2014 (in thousands) Product and related sales $ 101,344 $ 75,154 $ 50,460 RefrigerantSide ® 4,137 4,568 5,350 Total $ 105,481 $ 79,722 $ 55,810 |
Income Taxes | Income Taxes The Company utilizes the asset and liability method for recording deferred income taxes, which provides for the establishment of deferred tax asset or liability accounts based on the difference between tax and financial reporting bases of certain assets and liabilities. The tax benefit associated with the Company's net operating loss carry forwards (“NOLs”) is recognized to the extent that the Company is expected to recognize future taxable income. The Company assesses the recoverability of its deferred tax assets based on its expectation that it will recognize future taxable income and adjusts its valuation allowance accordingly. As of December 31, 2016 and 2015, the net deferred tax asset was $ 2.5 3.7 Certain states either do not allow or limit NOLs and as such the Company will be liable for certain state taxes. To the extent that the Company utilizes its NOLs, it will not pay tax on such income but may be subject to the federal alternative minimum tax. In addition, to the extent that the Company’s net income, if any, exceeds the annual NOL limitation it will pay income taxes based on existing statutory rates. Moreover, as a result of a “change in control”, as defined by the Internal Revenue Service, the Company’s ability to utilize its existing NOLs is subject to certain annual limitations. All of the Company’s remaining $5.4 million of NOLs are subject to annual limitations of $1.3 million. As a result of an Internal Revenue Service audit, the 2013 and prior federal tax years have been closed. The Company operates in many states throughout the United States and, as of December 31, 2016, the various states’ statutes of limitations remain open for tax years subsequent to 2009. The Company recognizes interest and penalties, if any, relating to income taxes as a component of the provision for income taxes. The Company evaluates uncertain tax positions, if any, by determining if it is more likely than not to be sustained upon examination by the taxing authorities. As of December 31, 2016 and 2015, the Company had no uncertain tax positions. |
Income per Common and Equivalent Shares | Income per Common and Equivalent Shares If dilutive, common equivalent shares (common shares assuming exercise of options and warrants) utilizing the treasury stock method are considered in the presentation of diluted earnings per share. Years ended December 31, 2016 2015 2014 Net income (loss) $ 10,637 $ 4,763 $ (720) Weighted average number of shares - basic 34,104,476 32,546,840 29,122,746 Shares underlying warrants 300,846 Shares underlying options 1,312,434 1,088,413 Weighted average number of shares outstanding diluted 35,416,910 33,936,099 29,122,746 During the years ended December 31, 2016, 2015 and 2014, certain options and warrants aggregating 73,034 106,290 4,449,624 |
Estimates and Risks | Estimates and Risks The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect reported amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities, and the results of operations during the reporting period. Actual results could differ from these estimates. The Company utilizes both internal and external sources to evaluate potential current and future liabilities for various commitments and contingencies. In the event that the assumptions or conditions change in the future, the estimates could differ from the original estimates. Several of the Company's accounting policies involve significant judgments, uncertainties and estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. To the extent that actual results differ from management's judgments and estimates, there could be a material adverse effect on the Company. On a continuous basis, the Company evaluates its estimates, including, but not limited to, those estimates related to its allowance for doubtful accounts, inventory reserves, and valuation allowance for the deferred tax assets relating to its NOLs and commitments and contingencies. With respect to accounts receivable, the Company estimates the necessary allowance for doubtful accounts based on both historical and anticipated trends of payment history and the ability of the customer to fulfill its obligations. For inventory, the Company evaluates both current and anticipated sales prices of its products to determine if a write down of inventory to net realizable value is necessary. In determining the Company’s valuation allowance for its deferred tax assets, the Company assesses its ability to generate taxable income in the future. The Company participates in an industry that is highly regulated, and changes in the regulations affecting our business could affect our operating results. Currently the Company purchases virgin hydrochlorofluorocarbon (“HCFC”) and hydrofluorocarbon (“HFC”) refrigerants and reclaimable, primarily HCFC, HFC and chlorofluorocarbon (“CFC”), refrigerants from suppliers and its customers. Effective January 1, 1996, the Clean Air Act (the “Act”) prohibited the production of virgin CFC refrigerants and limited the production of virgin HCFC refrigerants. Effective January 2004, the Act further limited the production of virgin HCFC refrigerants and federal regulations were enacted which established production and consumption allowances for HCFC refrigerants which imposed limitations on the importation of certain virgin HCFC refrigerants. Under the Act, production of certain virgin HCFC refrigerants is scheduled to be phased out during the period 2010 through 2020, and production of all virgin HCFC refrigerants is scheduled to be phased out by 2030. In April 2013, the Environmental Protection Agency (“EPA”) published a final rule providing for the production or importation of 63 51 To the extent that the Company is unable to source sufficient quantities of refrigerants or is unable to obtain refrigerants on commercially reasonable terms or experiences a decline in demand and/or price for refrigerants sold by the Company, the Company could realize reductions in revenue from refrigerant sales, which could have a material adverse effect on its operating results and its financial position. The Company is subject to various legal proceedings. The Company assesses the merit and potential liability associated with each of these proceedings. In addition, the Company estimates potential liability, if any, related to these matters. To the extent that these estimates are not accurate, or circumstances change in the future, the Company could realize liabilities, which could have a material adverse effect on its operating results and its financial position. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the cost to sell. |
Recent Accounting Pronouncements | In August 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments." This ASU addresses eight specific cash flow issues with the objective of eliminating the existing diversity in practice. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and for interim periods therein. We elected to adopt ASU 2016-15 as of December 31, 2016, and the adoption did not have a material impact on the presentation of the statement of cash flows. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses." This ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and for interim periods therein. The Company does not expect the amended standard to have a material impact on the Company’s results of operations. In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting.” Excess tax benefits and deficiencies will be recognized in the consolidated statement of earnings rather than capital in excess of par value of stock on a prospective basis. A policy election will be available to account for forfeitures as they occur, with the cumulative effect of the change recognized as an adjustment to retained earnings at the date of adoption. Excess tax benefits within the consolidated statement of cash flows will be presented as an operating activity (prospective or retrospective application) and cash payments to tax authorities in connection with shares withheld for statutory tax withholding requirements will be presented as a financing activity (retrospective application). The guidance is effective beginning in 2017. The Company expects that the future adoption of ASU No. 2016-09 will not have a material impact on the Company’s financial statements. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842)." In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes”. ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in ASU 2015-17 apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected. For public business entities, the amendments in ASU 2015-17 are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company elected to early adopt ASU 2015-17 prospectively in the fourth quarter of 2016. As a result, all deferred tax assets and liabilities have been presented as noncurrent on the consolidated balance sheet as of December 31, 2016. There was no impact on our results of operations as a result of the adoption of ASU 2015-17 and prior periods have not been adjusted. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”, or ASU 2015-16. This amendment requires the acquirer in a business combination to recognize in the reporting period in which adjustment amounts are determined, any adjustments to provisional amounts that are identified during the measurement period, calculated as if the accounting had been completed at the acquisition date. Prior to the issuance of ASU 2015-16, an acquirer was required to restate prior period financial statements as of the acquisition date for adjustments to provisional amounts. The amendments in ASU 2015-16 are to be applied prospectively upon adoption. The Company adopted ASU 2015-16 in the fourth quarter of 2016. The adoption of the provisions of ASU 2015-16 did not have a material impact on its results of operations or financial position. In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, " Revenue from Contracts with Customers (Topic 606) |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Company's revenues | The Company's revenues are derived from Product and related sales and RefrigerantSide® Services revenues. The revenues for each of these lines are as follows: Years Ended December 31, 2016 2015 2014 (in thousands) Product and related sales $ 101,344 $ 75,154 $ 50,460 RefrigerantSide ® 4,137 4,568 5,350 Total $ 105,481 $ 79,722 $ 55,810 |
Reconciliation of shares used to determine net income per share | The reconciliation of shares used to determine net income per share is as follows (dollars in thousands): Years ended December 31, 2016 2015 2014 Net income (loss) $ 10,637 $ 4,763 $ (720) Weighted average number of shares - basic 34,104,476 32,546,840 29,122,746 Shares underlying warrants 300,846 Shares underlying options 1,312,434 1,088,413 Weighted average number of shares outstanding diluted 35,416,910 33,936,099 29,122,746 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The valuation methodologies used for the Company's financial instruments measured on a recurring basis at fair value, including the general classification of such instruments pursuant to the valuation hierarchy, is set forth in the tables below. (in thousands) As of December 31, 2016 Fair Value Measurements Carrying Amount Fair Value Level 1 Level 2 Level 3 Liabilities: Deferred acquisition cost $ 789 $ 789 $ 789 (in thousands) As of December 31, 2015 Fair Value Measurements Carrying Amount Fair Value Level 1 Level 2 Level 3 Liabilities: Deferred acquisition cost $ 1,902 $ 1,902 $ 1,902 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a rollforward of deferred acquisition costs in 2015 and 2016. (in thousands) Acquisition of Polar 2015 (1) Total Deferred Balance at January 1, 2015 $ 667 $ $ 667 2015 Acquisition (1) 1,982 1,982 Payments (445) (445) Total adjustments included in earnings (302) (302) Balance at December, 31, 2015 $ 667 $ 1,235 $ 1,902 Payments (667) (1,010) (1,677) Total adjustments included in earnings 564 564 Balance at December 31, 2016 $ $ 789 $ 789 (1) Represents acquisition of a supplier of refrigerants and compressed gases in January 2015. |
Trade accounts receivable - n23
Trade accounts receivable - net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table represents the activity occurring in the reserves for doubtful accounts in 2016, 2015 and 2014. Beginning Balance Net additions charged to Deductions and Other Ending Balance (in thousands) at January 1 Operations (1) at December 31 2016 $ 335 $ 21 $ 9 $ 365 2015 $ 244 $ 99 $ (8) $ 335 2014 $ 227 $ 31 $ (14) $ 244 (1) 2016 includes a reclassification adjustment not affecting operations |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Noncurrent | Inventories, net of reserve, consist of the following: December 31, 2016 2015 (in thousands) Refrigerant and cylinders $ 11,168 $ 11,167 Packaged refrigerants 57,433 50,730 Total $ 68,601 $ 61,897 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | December 31, 2016 2015 Estimated Lives (in thousands) Property, plant and equipment - Land $ 535 $ 535 - Buildings 830 830 39 years - Building improvements 873 810 39 years - Equipment 13,423 13,206 3-7 years - Equipment under capital lease 248 234 5-7 years - Vehicles 1,360 1,311 5 years - Lab and computer equipment, software 2,652 2,499 3-5 years - Furniture & fixtures 289 276 7-8 years - Leasehold improvements 119 110 3 years - Equipment under construction 1,654 491 Subtotal 21,983 20,302 Accumulated depreciation 14,451 12,766 Total $ 7,532 $ 7,536 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following summarizes the (benefit) / provision for income taxes: Years Ended December 31, 2016 2015 2014 (in thousands) Current: Federal $ 4,981 $ 174 $ 0 State and local 567 2 (49) 5,548 176 (49) Deferred: Federal 949 2,460 (767) State and local 131 308 (90) 1,080 2,768 (857) Expense (benefit) for income taxes $ 6,628 $ 2,944 $ (906) |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation of the Company's actual tax rate to the U.S. Federal statutory rate is as follows: Years ended December 31, 2016 2015 2014 Income tax rates - Statutory U.S. federal rate 35 % 34 % 34 % - States, net U.S. benefits 3 % 4 % 4 % - Tax benefit from prior year 0 % 0 % 18 % Total 38 % 38 % 56 % |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2016 2015 (in thousands) Deferred tax assets (liabilities) - Depreciation & amortization $ (236) $ (412) - Reserves for doubtful accounts 139 127 - Inventory reserve 304 250 - Non qualified stock options 247 108 - NOL 2,078 3,430 - AMT credit carryforward 160 Total $ 2,532 $ 3,663 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Company's other intangible assets | The Company’s other intangible assets consist of the following: December 31, 2016 2015 (in thousands) Amortization Gross Gross Period Carrying Accumulated Carrying Accumulated (in years) Amount Amortization Net Amount Amortization Net Intangible Assets with determinable lives Patents 5 $ 386 $ 366 $ 20 $ 387 $ 352 $ 35 Covenant Not to Compete 6 - 10 1,270 322 948 1,270 171 1,099 Customer Relationships 3 - 10 2,000 452 1,548 2,000 236 1,764 Trade Name 2 30 30 0 30 24 6 Licenses 10 1,000 217 783 1,000 117 883 Totals identifiable intangible assets $ 4,686 $ 1,387 $ 3,299 $ 4,687 $ 900 $ 3,787 |
Short-term and long-term debt (
Short-term and long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-term and long-term debt | Elements of short-term and long-term debt are as follows: December 31, 2016 2015 (in thousands) Short-term & long-term debt Short-term debt: - Bank credit line $ $ 20,227 - Long-term debt: current 199 346 Subtotal 199 20,573 Long-term debt: - Bank credit line 4,000 - Building and land mortgage 93 260 - Vehicle and equipment loans 70 145 - Capital lease obligations 188 234 - Less: current maturities (199) (346) Subtotal 152 4,293 Total short-term & long-term debt $ 351 $ 24,866 |
Future minimum lease payments under capital leases | Scheduled future minimum lease payments under capital leases, net of interest, are as follows: Years ended December 31, Amount (in thousands) -2017 $ 82 -2018 82 -2019 31 -2020 6 -2021 3 Subtotal 204 Less interest expense (16) Total $ 188 |
Maturities of long-term debt and capital lease obligations | Scheduled maturities of the Company's long-term debt and capital lease obligations are as follows: Years ended December 31, Amount (in thousands) -2018 $ 93 -2019 47 -2020 9 -2021 3 Thereafter - Total $ 152 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Rent Expense | Properties Lease Expiration Location Annual Rent Date Auburn, Washington $ 39,000 8/2018 Baton Rouge, Louisiana $ 23,000 5/2019 Champaign, Illinois $ 504,000 12/2018 Charlotte, North Carolina $ 26,000 5/2019 Escondido, California $ 36,000 Month to Month Hampstead, New Hampshire $ 52,000 8/2022 Nashville, Tennessee $ 173,000 3/2018 Ontario, California $ 90,000 12/2018 Pearl River, New York $ 150,000 12/2021 Pottsboro, Texas $ 6,000 8/2017 Catano, Puerto Rico $ 124,000 12/2020 Stony Point, New York $ 90,000 6/2021 Tulsa, Oklahoma $ 27,000 12/2017 |
Summarized table of future commitments under operating leases | Years ended December 31, Amount (in thousands) -2017 $ 1,368 -2018 1,145 -2019 464 -2020 446 -2021 253 Thereafter 35 Total $ 3,711 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-Based Compensation [Abstract] | |
Weighted-average assumptions used in determining fair value of share based awards | The Company determines the fair value of share based awards at the grant date by using the Black-Scholes option-pricing model, and is incorporating the simplified method to compute expected lives of share based awards with the following weighted-average assumptions: Years ended December 31, 2016 2015 2014 Assumptions Dividend yield 0 % 0 % 0 % Risk free interest rate 0.%-1.0 % 0.83%-1.03 % 1.00%-1.69 % Expected volatility 47%-53 % 49%-60 % 59%-66 % Expected lives 3 years 3 years 3-5 years |
Summary of status of company's stock option plan | A summary of the activity for the Company’s Plans for the indicated periods is presented below: Weighted Average Stock Option Plan Totals Shares Exercise Price Outstanding at December 31, 2013 2,517,911 $ 1.33 -Exercised (292,537) $ 1.03 -Granted 1,055,500 $ 3.28 Outstanding at December 31, 2014 3,280,874 $ 1.98 -Cancelled (132,500) $ 3.72 -Exercised (679,291) $ 1.65 -Granted 164,506 $ 3.28 Outstanding at December 31, 2015 2,633,589 $ 2.06 -Exercised (589,725) $ 2.43 -Granted 1,170,534 $ 3.95 Outstanding at December 31, 2016 3,214,398 $ 2.68 |
Weighted average contractual life and exercise price | The following is the weighted average contractual life in years and the weighted average exercise price at December 31, 2016 and 2015 of: Weighted Average Number of Remaining Weighted Average 2016 Options Contractual Life Exercise Price Options outstanding 3,214,398 2.0 years $ 2.68 Options vested 1,191,368 3.0 years $ 3.94 Weighted Average Number of Remaining Weighted Average 2015 Options Contractual Life Exercise Price Options outstanding 2,633,589 2.8 years $ 2.06 Options vested 2,612,755 2.8 years $ 2.05 |
Intrinsic value | The intrinsic values of options vested and exercised during the years ended 2016, 2015 and 2014 were as follows : 2016 2015 2014 Intrinsic value of options vested $ 4,843,774 $ 5,000 $ 535,000 Intrinsic value of options exercised $ 1,777,476 $ 1,309,000 $ 793,000 |
Quarterly Financial Data (Una31
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | For the Year Ended 2016 Q1 Q2 Q3 Q4 Total (a) Revenues $ 28,167 $ 34,605 $ 34,930 $ 7,779 $ 105,481 Gross profit $ 7,522 $ 10,491 $ 12,040 $ 1,033 $ 31,086 Operating expenses $ 2,503 $ 2,347 $ 4,022 $ 3,267 $ 12,139 Operating income (loss) $ 5,019 $ 8,144 $ 8,018 $ (2,234) $ 18,947 Other (expense) $ (271) $ (352) $ (296) $ (763) $ (1,682) Income (loss) before income taxes $ 4,748 $ 7,792 $ 7,722 $ (2,997) $ 17,265 Income tax expense (benefit) $ 1,804 $ 2,962 $ 2,933 $ (1,071) $ 6,628 Net income (loss) $ 2,944 $ 4,830 $ 4,789 $ (1,926) $ 10,637 Net income (loss) per common share Basic (a) $ 0.09 $ 0.15 $ 0.14 $ (0.05) $ 0.31 Net income (loss) per common share Diluted (a) $ 0.09 $ 0.14 $ 0.14 $ (0.05) $ 0.30 Weighted average number of shares outstanding Basic 32,888,659 33,128,518 33,873,479 36,527,250 34,104,476 Weighted average number of shares outstanding Diluted 33,944,876 34,270,337 35,297,585 36,527,250 35,416,910 (a) The sum of the net earnings per share may not add up to the full year amount due to rounding and because the quarterly calculations are based on varying numbers of shares outstanding. For the Year Ended 2015 Q1 Q2 Q3 Q4 Total (a) Revenues $ 22,103 $ 28,637 $ 21,682 $ 7,300 $ 79,722 Gross profit $ 5,525 $ 7,212 $ 4,384 $ 1,368 $ 18,489 Operating expenses $ 2,255 $ 2,451 $ 2,482 $ 3,120 $ 10,308 Operating income (loss) $ 3,270 $ 4,761 $ 1,902 $ (1,752) $ 8,181 Other Income (expense) $ (207) $ (236) $ (157) $ 126 $ (474) Income (loss) before income taxes $ 3,063 $ 4,525 $ 1,745 $ (1,626) $ 7,707 Income tax expense (benefit) $ 1,170 $ 1,714 $ 663 $ (603) $ 2,944 Net income (loss) $ 1,893 $ 2,811 $ 1,082 $ (1,023) $ 4,763 Net income (loss) per common share Basic $ 0.06 $ 0.09 $ 0.03 $ (0.03) $ 0.15 Net income (loss) per common share Diluted $ 0.06 $ 0.08 $ 0.03 $ (0.03) $ 0.14 Weighted average number of shares outstanding Basic 32,333,443 32,542,672 32,639,429 32,715,802 32,546,840 Weighted average number of shares outstanding Diluted 34,280,385 34,383,092 33,856,045 32,715,802 33,936,099 (a) The sum of the net earnings per share may not add up to the full year amount due to rounding and because the quarterly calculations are based on varying numbers of shares outstanding. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Company's Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Product and related sales | $ 101,344 | $ 75,154 | $ 50,460 | ||||||||
RefrigerantSide~®~ Services | 4,137 | 4,568 | 5,350 | ||||||||
Total | $ 7,779 | $ 34,930 | $ 34,605 | $ 28,167 | $ 7,300 | $ 21,682 | $ 28,637 | $ 22,103 | $ 105,481 | $ 79,722 | $ 55,810 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Reconciliation of Shares Used to Determine Net Income per Share (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share Disclosure [Line Items] | |||||||||||
Net income (loss) | $ (1,926) | $ 4,789 | $ 4,830 | $ 2,944 | $ (1,023) | $ 1,082 | $ 2,811 | $ 1,893 | $ 10,637 | $ 4,763 | $ (720) |
Weighted average number of shares - basic | 36,527,250 | 33,873,479 | 33,128,518 | 32,888,659 | 32,715,802 | 32,639,429 | 32,542,672 | 32,333,443 | 34,104,476 | 32,546,840 | 29,122,746 |
Weighted average number of shares outstanding - diluted | 36,527,250 | 35,297,585 | 34,270,337 | 33,944,876 | 32,715,802 | 33,856,045 | 34,383,092 | 34,280,385 | 35,416,910 | 33,936,099 | 29,122,746 |
Warrants | |||||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||||
Shares underlying | 0 | 300,846 | 0 | ||||||||
Options | |||||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||||
Shares underlying | 1,312,434 | 1,088,413 | 0 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands, lb in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)lbshares | Dec. 31, 2013lb | |
Significant Accounting Policies [Line Items] | ||||
Entity Incorporation Date Of Incorporation | Jan. 11, 1991 | |||
Concentration risk, customer | two customers each accounted for 10% or more of the Companys revenues | two customers each accounted for 10% or more of the Companys revenues | two customers each accounted for 10% or more of the Companys revenues | |
Deferred tax asset | $ 2,500 | $ 3,700 | ||
Operating loss carryforwards, limitations on use | All of the Companys remaining $5.4 million of NOLs are subject to annual limitations of $1.3 million. | |||
Options and warrants excluded from the calculation of diluted shares | shares | 73,034 | 106,290 | 4,449,624 | |
Production and importation permission description | 22 million pounds in 2015 and reduces by approximately 4.5 million pounds each year and ends at zero in 2020. | |||
Production Or Importation Of Hcfc | lb | 51 | 63 | ||
Sales Revenue Services Net | $ 4,137 | $ 4,568 | $ 5,350 | |
Refrigerants and Management Services [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Annual Service Revenue | 2,400 | |||
Sales Revenue Services Net | $ 1,300 | |||
Sales Revenue, Net [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Aggregate percentage of revenue the from customers accounted for more than 10% | 30.00% | 33.00% | 25.00% | |
Customer | ||||
Significant Accounting Policies [Line Items] | ||||
Accounts receivable, net | $ 700 |
Fair Value (Details)
Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Acquisition Cost Carrying Amount | $ 789 | $ 1,902 |
Deferred Acquisition Cost Fair Value | 789 | 1,902 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Acquisition Cost Fair Value | $ 789 | $ 1,902 |
Fair Value (Details 1)
Fair Value (Details 1) - Deferred Acquisition Costs [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Begining Balance | $ 1,902 | $ 667 | |
2015 Acquisition | [1] | 1,982 | |
Payments | (1,677) | (445) | |
Total adjustments included in earnings | 564 | (302) | |
Ending Balance | 789 | 1,902 | |
Polar Technologies [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Begining Balance | 667 | 667 | |
2015 Acquisition | [1] | 0 | |
Payments | (667) | 0 | |
Total adjustments included in earnings | 0 | 0 | |
Ending Balance | 0 | 667 | |
CCS [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Begining Balance | [1] | 1,235 | 0 |
2015 Acquisition | [1] | 1,982 | |
Payments | [1] | (1,010) | (445) |
Total adjustments included in earnings | [1] | 564 | (302) |
Ending Balance | [1] | $ 789 | $ 1,235 |
[1] | Represents acquisition of a supplier of refrigerants and compressed gases in January 2015. |
Trade accounts receivable - n37
Trade accounts receivable - net (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | $ 335 | $ 244 | $ 227 | |
Provision for Doubtful Accounts | 21 | 99 | 31 | |
Deductions and Other | [1] | 9 | (8) | (14) |
Ending Balance | $ 365 | $ 335 | $ 244 | |
[1] | 2016 includes a reclassification adjustment not affecting operations |
Trade accounts receivable - n38
Trade accounts receivable - net - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Line Items] | |||
Trade accounts receivable are net of reserves for doubtful accounts | $ 0.4 | $ 0.3 | $ 0.2 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Inventories | $ 68,601 | $ 61,897 |
Refrigerant and cylinders | ||
Inventory [Line Items] | ||
Inventories | 11,168 | 11,167 |
Packaged refrigerants | ||
Inventory [Line Items] | ||
Inventories | $ 57,433 | $ 50,730 |
Property, plant and equipment40
Property, plant and equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 21,983 | $ 20,302 |
Accumulated depreciation | 14,451 | 12,766 |
Total | 7,532 | 7,536 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 535 | 535 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 830 | 830 |
Property, Plant and Equipment, Useful Life | 39 years | |
Building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 873 | 810 |
Property, Plant and Equipment, Useful Life | 39 years | |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 13,423 | 13,206 |
Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment under capital lease | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 248 | 234 |
Equipment under capital lease | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Equipment under capital lease | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,360 | 1,311 |
Property, Plant and Equipment, Useful Life | 5 years | |
Lab and computer equipment, software | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,652 | 2,499 |
Lab and computer equipment, software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Lab and computer equipment, software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture & fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 289 | 276 |
Furniture & fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 8 years | |
Furniture & fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 119 | 110 |
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment under construction | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,654 | $ 491 |
Property, plant and equipment -
Property, plant and equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 1.7 | $ 1.6 | $ 0.9 |
Provision for Income Taxes (Det
Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||||||||||
Federal | $ 4,981 | $ 174 | $ 0 | ||||||||
State and local | 567 | 2 | (49) | ||||||||
Current Income Tax Expense (Benefit), Total | 5,548 | 176 | (49) | ||||||||
Deferred: | |||||||||||
Federal | 949 | 2,460 | (767) | ||||||||
State and local | 131 | 308 | (90) | ||||||||
Deferred Income Tax Expense (Benefit) | 1,080 | 2,768 | (857) | ||||||||
Expense (benefit) for income taxes | $ (1,071) | $ 2,933 | $ 2,962 | $ 1,804 | $ (603) | $ 663 | $ 1,714 | $ 1,170 | $ 6,628 | $ 2,944 | $ (906) |
Reconciliation of Company's Act
Reconciliation of Company's Actual Tax Rate to U.S. Federal Statutory Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax rates | |||
- Statutory U.S. federal rate | 35.00% | 34.00% | 34.00% |
- States, net U.S. benefits | 3.00% | 4.00% | 4.00% |
- Tax benefit from prior year | 0.00% | 0.00% | 18.00% |
Total | 38.00% | 38.00% | 56.00% |
Elements of Deferred Income Tax
Elements of Deferred Income Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets (liabilities) | ||
- Depreciation & amortization | $ (236) | $ (412) |
- Reserves for doubtful accounts | 139 | 127 |
- Inventory reserve | 304 | 250 |
- Non qualified stock options | 247 | 108 |
- NOL | 2,078 | 3,430 |
- AMT credit carryforward | 0 | 160 |
Total | $ 2,500 | $ 3,700 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | |||||||||||
Operating Loss Carry forwards Expiration Period | 2,023 | ||||||||||
Income Tax Expense (Benefit) | $ (1,071) | $ 2,933 | $ 2,962 | $ 1,804 | $ (603) | $ 663 | $ 1,714 | $ 1,170 | $ 6,628 | $ 2,944 | $ (906) |
Operating Loss Carryforwards | $ 5,400 | $ 5,400 | |||||||||
Operating Loss Carryforwards, Limitations On Use | All of the Companys remaining $5.4 million of NOLs are subject to annual limitations of $1.3 million. |
Goodwill and intangible asset46
Goodwill and intangible assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | ||
GrossCarryingAmount | $ 4,686 | $ 4,687 |
AccumulatedAmortization | 1,387 | 900 |
Net | $ 3,299 | 3,787 |
License Agreement Terms [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 10 years | |
GrossCarryingAmount | $ 1,000 | 1,000 |
AccumulatedAmortization | 217 | 117 |
Net | $ 783 | 883 |
Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 2 years | |
GrossCarryingAmount | $ 30 | 30 |
AccumulatedAmortization | 30 | 24 |
Net | $ 0 | 6 |
Patents [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 5 years | |
GrossCarryingAmount | $ 386 | 387 |
AccumulatedAmortization | 366 | 352 |
Net | 20 | 35 |
Noncompete Agreements [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
GrossCarryingAmount | 1,270 | 1,270 |
AccumulatedAmortization | 322 | 171 |
Net | $ 948 | 1,099 |
Noncompete Agreements [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 10 years | |
Noncompete Agreements [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 6 years | |
Customer Relationships [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
GrossCarryingAmount | $ 2,000 | 2,000 |
AccumulatedAmortization | 452 | 236 |
Net | $ 1,548 | $ 1,764 |
Customer Relationships [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 10 years | |
Customer Relationships [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period(in years) | 3 years |
Goodwill and intangible asset47
Goodwill and intangible assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | $ 856 | $ 856 | |
Amortization of Intangible Assets | 500 | $ 500 | $ 100 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 500 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 400 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 400 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 400 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 400 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 1,100 | ||
Polar Technologies, LLC [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | 400 | ||
Supplier [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | $ 400 |
Short-term and long-term debt48
Short-term and long-term debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term debt: | ||
- Bank credit line | $ 0 | $ 20,227 |
- Long-term debt: current | 199 | 346 |
Subtotal | 199 | 20,573 |
Long-term debt: | ||
- Bank credit line | 0 | 4,000 |
- Building and land mortgage | 93 | 260 |
- Vehicle and equipment loans | 70 | 145 |
- Capital lease obligations | 188 | 234 |
- Less: current maturities | (199) | (346) |
Subtotal | 152 | 4,293 |
Total short-term & long-term debt | $ 351 | $ 24,866 |
Future minimum lease payments u
Future minimum lease payments under capital leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Future Minimum Lease Payments Under Capital Leases [Line Items] | |
(2,017) | $ 82 |
(2,018) | 82 |
(2,019) | 31 |
(2,020) | 6 |
(2,021) | 3 |
Subtotal | 204 |
Less interest expense | (16) |
Total | $ 188 |
Maturities of long-term debt an
Maturities of long-term debt and capital lease obligations (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
(2,018) | $ 93 |
(2,019) | 47 |
(2,020) | 9 |
(2,021) | 3 |
Thereafter | 0 |
Total | $ 152 |
Short-term and long-term debt -
Short-term and long-term debt - Additional Information (Detail) | Apr. 08, 2016USD ($) | Jul. 02, 2015 | Sep. 30, 2013 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 15, 2013USD ($) | Jun. 01, 2012USD ($) |
Credit facility maximum borrowing | $ 50,000,000 | $ 40,000,000 | |||||
Capital leased assets gross | 249,000 | ||||||
Principal balance of this mortgage note | 93,000 | $ 260,000 | |||||
Line of Credit Facility, Current Borrowing Capacity | 44,000,000 | ||||||
Letters of Credit Outstanding, Amount | 130,000 | ||||||
FifthAmendmen | |||||||
Debt Instrument, Maturity Date | Jun. 30, 2020 | ||||||
Revolving Credit Facility | |||||||
Credit facility maximum borrowing | $ 46,000,000 | 36,000,000 | |||||
Revolving Credit Facility | Eurodollar | |||||||
Fixed charge coverage ratio percentage | 2.25% | ||||||
Minimum | |||||||
Fixed charge coverage ratio | 1 | 1 | |||||
Minimum | FifthAmendmen | |||||||
Credit facility maximum borrowing | $ 40,000,000 | ||||||
Minimum | Revolving Credit Facility | FifthAmendmen | |||||||
Credit facility maximum borrowing | 36,000,000 | ||||||
Maximum | |||||||
Fixed charge coverage ratio | 1.10 | 1.10 | |||||
Maximum | FifthAmendmen | |||||||
Credit facility maximum borrowing | 50,000,000 | ||||||
Maximum | Revolving Credit Facility | FifthAmendmen | |||||||
Credit facility maximum borrowing | $ 46,000,000 | ||||||
Mortgage Note | |||||||
Debt Instrument, Maturity Date | Jun. 30, 2020 | ||||||
Vehicle and Equipment Loans | Minimum | |||||||
Credit facility effective rate of interest | 0.00% | ||||||
Vehicle and Equipment Loans | Maximum | |||||||
Credit facility effective rate of interest | 6.70% | ||||||
Term Loan | |||||||
Credit facility maximum borrowing | $ 4,000,000 | ||||||
Interest rate description under PNC facility | Interest charges with respect to loans are computed on the actual principal amount of loans outstanding during the month at a rate per annum equal to (A) with respect to Domestic Rate Loans (as defined in the PNC Facility), the sum of the Alternate Base Rate (as defined in the PNC Facility) plus one half of one percent (.50%) and (B) with respect to Eurodollar Rate Loans, the sum of the Eurodollar Rate plus two and one quarter of one percent (2.25%). | ||||||
Term Loan | Eurodollar | |||||||
Fixed charge coverage ratio percentage | 2.25% | ||||||
Term Loan | Revolving Credit Facility | Base Rate | |||||||
Fixed charge coverage ratio percentage | 0.50% | ||||||
Busey Bank | |||||||
Principal balance of this mortgage note | $ 93,000 | ||||||
Busey Bank | Mortgage Note | |||||||
Credit facility maximum borrowing | $ 855,000 | ||||||
Credit facility effective rate of interest | 4.00% | ||||||
Line of Credit Facility, Expiration Date | Jun. 1, 2017 |
Stockholders' equity - Addition
Stockholders' equity - Additional Information (Detail) - USD ($) | Dec. 14, 2016 | Dec. 08, 2016 | Jul. 31, 2016 | Jan. 31, 2016 | Jun. 11, 2014 | Mar. 07, 2011 | Mar. 04, 2011 | Jul. 07, 2010 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders Equity [Line Items] | |||||||||||
Common Stock, Shares, Issued | 41,465,820 | 32,804,617 | |||||||||
Common Stock, Par Or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||||
Proceeds From Issuance Of Common Stock | $ 51,060,000 | $ 460,000 | $ 15,925,000 | ||||||||
Common Stock | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Common Stock, Shares, Issued | 2,737,500 | ||||||||||
Stock Unit | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Common Stock, Shares, Issued | 2,737,500 | ||||||||||
2010 Offering | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Common Stock, Shares, Issued | 1,368,750 | ||||||||||
Common Stock, Par Or Stated Value Per Share | $ 2 | ||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 4,900,000 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.60 | $ 0.60 | $ 2.60 | ||||||||
Adjustment of Warrants Granted for Services | $ 1,300,000 | ||||||||||
Class Of Warrant Or Right Repurchase During Period | 150,000 | ||||||||||
Class Of Warrant Or Right Issued Unit During Period | 7,498 | 1,161,252 | 1,218,750 | ||||||||
Underwritten Offering | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Common Stock, Shares, Issued | 6,428,571 | ||||||||||
Common Stock, Par Or Stated Value Per Share | $ 0.01 | ||||||||||
Proceeds From Issuance Of Common Stock | $ 48,400,000 | ||||||||||
Additional Offering Expenses | 3,300,000 | ||||||||||
Underwriters | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Proceeds From Issuance Of Common Stock | $ 51,700,000 | ||||||||||
Stock Issued During Period, Shares, New Issues | 6,428,571 | 7,392,856 | |||||||||
Share Price | $ 7 | ||||||||||
Purchase Of Additional Common Stock | 964,285 | 964,285 |
Commitments and contingencies53
Commitments and contingencies (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Auburn, Washington | |
Rent Expense [Line Items] | |
Rent expense | $ 39,000 |
Lease Expiration Date | Aug. 31, 2018 |
Baton Rouge, Louisiana | |
Rent Expense [Line Items] | |
Rent expense | $ 23,000 |
Lease Expiration Date | May 31, 2019 |
Champaign, Illinois | |
Rent Expense [Line Items] | |
Rent expense | $ 504,000 |
Lease Expiration Date | Dec. 31, 2018 |
Charlotte, North Carolina | |
Rent Expense [Line Items] | |
Rent expense | $ 26,000 |
Lease Expiration Date | May 31, 2019 |
Escondido, California | |
Rent Expense [Line Items] | |
Rent expense | $ 36,000 |
Lease Expiration Period Description | Month to Month |
Hampstead, New Hampshire | |
Rent Expense [Line Items] | |
Rent expense | $ 52,000 |
Lease Expiration Date | Aug. 31, 2022 |
Nashville, Tennessee | |
Rent Expense [Line Items] | |
Rent expense | $ 173,000 |
Lease Expiration Date | Mar. 31, 2018 |
Ontario, California | |
Rent Expense [Line Items] | |
Rent expense | $ 90,000 |
Lease Expiration Date | Dec. 31, 2018 |
Pearl River, New York | |
Rent Expense [Line Items] | |
Rent expense | $ 150,000 |
Lease Expiration Date | Dec. 31, 2021 |
Pottsboro, Texas | |
Rent Expense [Line Items] | |
Rent expense | $ 6,000 |
Lease Expiration Date | Aug. 31, 2017 |
Catano, Puerto Rico | |
Rent Expense [Line Items] | |
Rent expense | $ 124,000 |
Lease Expiration Date | Dec. 31, 2020 |
Stony Point, New York | |
Rent Expense [Line Items] | |
Rent expense | $ 90,000 |
Lease Expiration Date | Jun. 30, 2021 |
Tulsa, Oklahoma | |
Rent Expense [Line Items] | |
Rent expense | $ 27,000 |
Lease Expiration Date | Dec. 31, 2017 |
Future Commitments under Operat
Future Commitments under Operating Leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Future Commitments Under Operating Leases [Line Items] | |
(2,017) | $ 1,368 |
(2,018) | 1,145 |
(2,019) | 464 |
(2,020) | 446 |
(2,021) | 253 |
Thereafter | 35 |
Total | $ 3,711 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $ 1,400,000 | $ 1,200,000 | $ 800,000 |
Remediation Costs Incurred | 0 | $ 0 | $ 53,000 |
Accrual for Environmental Loss Contingencies | $ 100,000 |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted Average Assumptions Used in Determining Fair Value of Share Based Awards at Grant Date by Using Black-Scholes Option Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected lives | 3 years | 3 years | |
Minimum | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Risk free interest rate | 0.00% | 0.83% | 1.00% |
Expected volatility | 47.00% | 49.00% | 59.00% |
Expected lives | 3 years | ||
Maximum | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Risk free interest rate | 1.00% | 1.03% | 1.69% |
Expected volatility | 53.00% | 60.00% | 66.00% |
Expected lives | 5 years |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Status of Company's Stock Option Plan (Detail) - Stock Option Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | |||
Outstanding at beginning of period | 2,633,589 | 3,280,874 | 2,517,911 |
-Cancelled | (132,500) | ||
-Exercised | (589,725) | (679,291) | (292,537) |
-Granted | 1,170,534 | 164,506 | 1,055,500 |
Outstanding at end of period | 3,214,398 | 2,633,589 | 3,280,874 |
Weighted Average Exercise Price | |||
Outstanding at beginning of period | $ 2.06 | $ 1.98 | $ 1.33 |
-Cancelled | 3.72 | ||
-Exercised | 2.43 | 1.65 | 1.03 |
-Granted | 3.95 | 3.28 | 3.28 |
Outstanding at end of period | $ 2.68 | $ 2.06 | $ 1.98 |
Share-Based Compensation - We58
Share-Based Compensation - Weighted Average Contractual Life and Exercise Price (Detail) - Stock Option Plan - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Options | ||
Options outstanding | 3,214,398 | 2,633,589 |
Options vested | 1,191,368 | 2,612,755 |
Weighted Average Remaining Contractual Life | ||
Options outstanding | 2 years | 2 years 9 months 18 days |
Options vested | 3 years | 2 years 9 months 18 days |
Weighted Average Exercise Price | ||
Options outstanding | $ 2.68 | $ 2.06 |
Options vested | $ 3.94 | $ 2.05 |
Share-Based Compensation - Intr
Share-Based Compensation - Intrinsic Value (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Performance Options [Line Items] | |||
Intrinsic value of options vested | $ 4,843,774 | $ 5,000 | $ 535,000 |
Intrinsic value of options exercised | $ 1,777,476 | $ 1,309,000 | $ 793,000 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | Sep. 10, 2004 | Sep. 17, 2014 | Aug. 27, 2008 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 19, 1999 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Share based compensation expense | $ 0.6 | $ 0.2 | $ 0.7 | ||||
Issuance of stock option to purchase stock | 6,000,000 | ||||||
Common stock reserved for issuance | 3,251,340 | ||||||
Stock option awards vesting period | 2 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 17,148 | 9,835 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 17.1 | $ 2.8 | |||||
2004 Stock Incentive Plan | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Common stock reserved for issuance | 2,500,000 | ||||||
Plan expiration date | Sep. 10, 2014 | ||||||
2008 Stock Incentive Plan | Maximum | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Expiration period of option awards | 10 years | ||||||
2008 Stock Incentive Plan | Minimum | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Expiration period of option awards | 5 years | ||||||
2014 Stock Incentive Plan | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Common stock reserved for issuance | 3,000,000 | ||||||
Plan expiration date | Sep. 17, 2024 | ||||||
Share based compensation arrangement by share based payment award percentage of fair market Person holding more then 10% voting stock | 110.00% | ||||||
2014 Stock Incentive Plan | Maximum | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Expiration period of option awards | 10 years | ||||||
2014 Stock Incentive Plan | Minimum | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Expiration period of option awards | 5 years | ||||||
Stock Option Plan | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Options granted | 1,170,534 | 164,506 | 1,055,500 | ||||
Stock Option Plan | Maximum | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Share-based compensation arrangement by share based payment award options granted contractual term | 10 years | ||||||
Stock Option Plan | Minimum | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Share-based compensation arrangement by share based payment award options granted contractual term | 3 years | ||||||
2008 Stock Incentive Plan | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Common stock reserved for issuance | 3,000,000 | ||||||
Plan expiration date | Aug. 27, 2018 | ||||||
Share based compensation arrangement by share based payment award percentage of fair market Person holding more then 10% voting stock | 110.00% | ||||||
1997 Employee Stock Option Plan | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Common stock reserved for issuance | 2,000,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2017USD ($) | Jan. 16, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 05, 2014USD ($) | |
Number Of Employees | 3 | |||||
Business Acquisition Purchase Price Allocation Description | The purchase price for this acquisition was $2.4 million cash paid at closing and the assumption of a liability of $20,000, and a maximum of an additional $3.0 million of deferred acquisition cost, or earn-out. | |||||
Tangible assets | $ 1,600,000 | |||||
Intangible assets | 1,500,000 | |||||
Goodwill | $ 2,300,000 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3,000,000 | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,000,000 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Goodwill | 1,900,000 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 800,000 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 100,000 | |||||
Business Combination Earnout Liability, cash paid | $ 1,700,000 | 400,000 | ||||
Subsequent Event [Member] | ||||||
Business Combination Earnout Liability, cash paid | $ 800,000 | |||||
Accrued Expenses and Other Current Liabilities [Member] | ||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 1,900,000 | |||||
Other Income (Expense) [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, Low | 300,000 | |||||
Other Noncash Expense | $ 600,000 | |||||
Minimum [Member] | ||||||
Intangible assets amotized period | 2 years | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | 4,400,000 | |||||
Maximum [Member] | ||||||
Intangible assets amotized period | 10 years | |||||
Allocated Share Based Compensation Expense | $ 3,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | 5,400,000 | |||||
Polar Technologies [Member] | ||||||
Tangible assets | 200,000 | $ 5,400,000 | ||||
Intangible assets | 300,000 | 2,300,000 | ||||
Goodwill | $ 200,000 | $ 300,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | $ 8,000,000 | |||||
Polar Technologies [Member] | Minimum [Member] | ||||||
Intangible assets amotized period | 2 years | |||||
Polar Technologies [Member] | Maximum [Member] | ||||||
Intangible assets amotized period | 10 years |
Quarterly Financial Data (Una62
Quarterly Financial Data (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Revenues | $ 7,779 | $ 34,930 | $ 34,605 | $ 28,167 | $ 7,300 | $ 21,682 | $ 28,637 | $ 22,103 | $ 105,481 | $ 79,722 | $ 55,810 | ||||
Gross profit | 1,033 | 12,040 | 10,491 | 7,522 | 1,368 | 4,384 | 7,212 | 5,525 | 31,086 | 18,489 | 6,446 | ||||
Operating expenses | 3,267 | 4,022 | 2,347 | 2,503 | 3,120 | 2,482 | 2,451 | 2,255 | 12,139 | 10,308 | 7,431 | ||||
Operating income (loss) | (2,234) | 8,018 | 8,144 | 5,019 | (1,752) | 1,902 | 4,761 | 3,270 | 18,947 | 8,181 | (985) | ||||
Other Income (expense) | (763) | (296) | (352) | (271) | 126 | (157) | (236) | (207) | (1,682) | (474) | (641) | ||||
Income (loss) before income taxes | (2,997) | 7,722 | 7,792 | 4,748 | (1,626) | 1,745 | 4,525 | 3,063 | 17,265 | 7,707 | (1,626) | ||||
Income tax expense (benefit) | (1,071) | 2,933 | 2,962 | 1,804 | (603) | 663 | 1,714 | 1,170 | 6,628 | 2,944 | (906) | ||||
Net income (loss) | $ (1,926) | $ 4,789 | $ 4,830 | $ 2,944 | $ (1,023) | $ 1,082 | $ 2,811 | $ 1,893 | $ 10,637 | $ 4,763 | $ (720) | ||||
Net income (loss) per common share - Basic | $ (0.05) | [1] | $ 0.14 | [1] | $ 0.15 | [1] | $ 0.09 | [1] | $ (0.03) | $ 0.03 | $ 0.09 | $ 0.06 | $ 0.31 | $ 0.15 | $ (0.02) |
Net income (loss) per common share - Diluted | $ (0.05) | [1] | $ 0.14 | [1] | $ 0.14 | [1] | $ 0.09 | [1] | $ (0.03) | $ 0.03 | $ 0.08 | $ 0.06 | $ 0.3 | $ 0.14 | $ (0.02) |
Weighted average number of shares outstanding - Basic | 36,527,250 | 33,873,479 | 33,128,518 | 32,888,659 | 32,715,802 | 32,639,429 | 32,542,672 | 32,333,443 | 34,104,476 | 32,546,840 | 29,122,746 | ||||
Weighted average number of shares outstanding - Diluted | 36,527,250 | 35,297,585 | 34,270,337 | 33,944,876 | 32,715,802 | 33,856,045 | 34,383,092 | 34,280,385 | 35,416,910 | 33,936,099 | 29,122,746 | ||||
[1] | The sum of the net earnings per share may not add up to the full year amount due to rounding and because the quarterly calculations are based on varying numbers of shares outstanding. |