Document And Entity Information
Document And Entity Information - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | IMAGE SENSING SYSTEMS INC | |
Entity Central Index Key | 943,034 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
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 | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,039,039 | |
Entity Common Stock, Par Value Per Share | $ 0.01 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 1,403 | $ 2,648 |
Accounts receivable, net of allowance for doubtful accounts of $56 and $138, respectively | 2,520 | 3,063 |
Inventories | 375 | 648 |
Prepaid expenses and other current assets | 481 | 445 |
Discontinued operations assets | 420 | 420 |
Total current assets | 5,199 | 7,224 |
Property and equipment: | ||
Furniture and fixtures | 491 | 491 |
Leasehold improvements | 429 | 426 |
Equipment | 3,464 | 3,397 |
[PropertyPlantAndEquipmentGross] | 4,384 | 4,314 |
Accumulated depreciation | 3,911 | 3,796 |
[PropertyPlantAndEquipmentNet] | 473 | 518 |
Intangible assets, net | 1,811 | 1,210 |
Deferred income taxes | 19 | 19 |
TOTAL ASSETS | 7,502 | 8,971 |
Current liabilities: | ||
Accounts payable | 814 | 1,519 |
Warranty | 760 | 760 |
Accrued compensation | 311 | 722 |
Other current liabilities | 324 | 573 |
Accrued restructuring | 126 | |
Total current liabilities | $ 2,335 | $ 3,574 |
Shareholders' equity | ||
Preferred stock, $.01 par value; 5,000,000 shares authorized, none issued or outstanding | ||
Common stock, $.01 par value; 20,000,000 shares authorized, 5,039,039 and 5,028,000 issued and outstanding at March 31, 2016 and December 31, 2015, respectively | $ 50 | $ 49 |
Additional paid-in capital | 23,886 | 23,826 |
Accumulated other comprehensive loss | (257) | (258) |
Accumulated deficit | (18,512) | (18,220) |
Total shareholders' equity | 5,167 | 5,397 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 7,502 | $ 8,971 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 56 | $ 138 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 5,039,039 | 5,028,000 |
Common stock, shares outstanding | 5,039,039 | 5,028,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue: | ||
Product sales | $ 1,614 | $ 1,216 |
Royalties | 1,624 | 2,011 |
[SalesRevenueNet] | 3,238 | 3,227 |
Cost of revenue: | ||
Product sales | 918 | 587 |
[CostOfRevenue] | 918 | 587 |
Gross profit | 2,320 | 2,640 |
Operating expenses: | ||
Selling, general and administrative | 1,689 | 1,744 |
Research and development | 794 | 906 |
Amortization of intangible assets | 122 | |
Restructuring | 126 | 119 |
[OperatingExpenses] | 2,609 | 2,891 |
Operating loss from continuing operations | (289) | (251) |
Other, net | (1) | (1) |
Loss from continuing operations before income taxes | (290) | (252) |
Income tax expense | 2 | 16 |
Net loss from continuing operations | (292) | (268) |
Net loss from discontinued operations, net of tax | (899) | |
Net loss | $ (292) | $ (1,167) |
Basic | ||
Continuing operations (in dollars per share) | $ (0.06) | $ (0.05) |
Discontinued operations (in dollars per share) | (0.18) | |
Net basic loss per share (in dollars per share) | (0.06) | (0.23) |
Diluted | ||
Continuing operations (in dollars per share) | (0.06) | (0.05) |
Discontinued operations (in dollars per share) | (0.18) | |
Net diluted loss per share (in dollars per share) | $ (0.06) | $ (0.23) |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 5,030,000 | 4,999,000 |
Diluted (in shares) | 5,030,000 | 4,999,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (292) | $ (1,167) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 1 | (177) |
Comprehensive loss | $ (291) | $ (1,344) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities: | ||
Net loss from continuing operations | $ (292) | $ (268) |
Net loss from discontinued operations | (899) | |
Net loss | (292) | (1,167) |
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ||
Depreciation | 75 | 74 |
Amortization | 122 | |
Stock-based compensation | 59 | 75 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 544 | (604) |
Inventories | 272 | (51) |
Prepaid expenses and other current assets | (36) | 183 |
Accounts payable | (705) | (105) |
Accrued expenses and other liabilities | (534) | (430) |
Net cash used for continuing operating activities | (617) | (1,903) |
Net cash provided by discontinuing operating activities | 291 | |
Net cash used for operating activities | (617) | (1,612) |
Investing activities: | ||
Capitalized software development costs | (601) | |
Purchases of property and equipment | (24) | (37) |
Net cash used for continuing investing activities | (625) | (37) |
Net cash provided by discontinued investing activities | 9 | |
Net cash used from investing activities | (625) | (28) |
Financing activities: | ||
Effect of exchange rate changes on cash | (3) | (132) |
Decrease in cash and cash equivalents | (1,245) | (1,772) |
Cash and cash equivalents at beginning of period | 2,648 | 2,656 |
Cash and cash equivalents at end of period | $ 1,403 | $ 884 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note A: Basis of Presentation Image Sensing Systems, Inc. (referred to herein as we, the Company, us and our) develops and markets software-based computer enabled detection products for use in traffic, security, police and parking applications. We sell our products primarily to distributors and also receive royalties under a license agreement with a manufacturer/distributor for certain of our products. Our products are used primarily by governmental entities. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q, which require the Company to make estimates and assumptions that affect amounts reported. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. It is the opinion of management that the unaudited condensed consolidated financial statements include all adjustments consisting of normal recurring accruals considered necessary for a fair presentation. All significant intercompany balances and transactions have been eliminated. Operating results for the three-month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The accompanying condensed consolidated financial statements of the Company should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2015 as filed with the SEC. Summary of Significant Accounting Policies The Company believes that of its significant accounting policies, the following are particularly important to the portrayal of the Companys results of operations and financial position and may require the application of a higher level of judgment by the Companys management and, as a result, are subject to an inherent degree of uncertainty. Revenue Recognition We recognize revenue on a sales arrangement when it is realized or realizable and earned, which occurs when all of the following criteria have been met: persuasive evidence of an arrangement exists; delivery and title transfer have occurred or services have been rendered; the sales price is fixed and determinable; collectability is reasonably assured; and all significant obligations to the customer have been fulfilled. Certain sales may contain multiple elements for revenue recognition purposes. We consider each deliverable that provides value to the customer on a standalone basis as a separable element. Separable elements in these arrangements may include the hardware, software, installation services, training and support. We initially allocate consideration to each separable element using the relative selling price method. Selling prices are determined by us based on either vendor-specific objective evidence (VSOE) (the actual selling prices of similar products and services sold on a standalone basis) or, in the absence of VSOE, our best estimate of the selling price. Factors considered by us in determining estimated selling prices for applicable elements generally include overall economic conditions, customer demand, costs incurred by us to provide the deliverable, as well as our historical pricing practices. Under these arrangements, revenue associated with each delivered element is recognized in an amount equal to the lesser of the consideration initially allocated to the delivered element or the amount for which payment is not deemed contingent upon future delivery of other elements in the arrangement. Under arrangements where special acceptance protocols exist, installation services and training may not be considered separable. Under those circumstances, revenue for the entire arrangement is recognized upon the completion of installation, training and fulfillment of any other significant obligations specific to the terms of the arrangement. Arrangements that do not contain any separable elements are typically recognized when the products are shipped and title has transferred to the customer. Revenue from arrangements for services such as maintenance, repair, consulting and technical support are recognized either as the service is performed or ratably over the defined contractual period for service maintenance contracts. Econolite Control Products, Inc. (Econolite) is our licensee that sells certain of our products in the United States, Mexico, Canada and the Caribbean. The royalty of approximately 50% of the gross profit on licensed products is recognized when the products are shipped or delivered by Econolite to its customers. We record provisions against sales revenue for estimated returns and allowances in the period when the related revenue is recorded based on historical sales returns and changes in end user demand. Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Inventories Inventories are primarily electronic components and finished goods and are valued at the lower of cost or market on the first-in, first-out accounting method. Income Taxes We record a tax provision for the anticipated tax consequences of the reported results of operations. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those deferred tax assets and liabilities are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. We believe it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, together with the tax effects of the deferred tax liabilities, will be sufficient to fully recover the remaining net realizable value of deferred tax assets. In the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with managements expectations could have a material impact on our financial condition and operating results. We recognize penalties and interest expense related to unrecognized tax benefits in income tax expense. Intangible Assets Intangible assets with finite lives are amortized on a straight-line basis over the expected period to be benefited by future cash flows and reviewed for quarterly impairment. At both March 31, 2016 and December 31, 2015, we determined there was no impairment of intangible assets. At both March 31, 2016 and December 31, 2015, there were no indefinite-lived intangible assets. We capitalize certain software development costs related to software to be sold, leased, or otherwise marketed. Capitalized software development costs include purchased materials and services and other costs associated with the development of new products and services. Software development costs are expensed as incurred until technological feasibility has been established, at which time future costs incurred are capitalized until the product is available for general release to the public. A certain amount of judgment and estimation is required to assess when technological feasibility is established, as well as the ongoing assessment of the recoverability of capitalized costs. In evaluating the recoverability of capitalized software costs, the Company compares expected product performance, utilizing forecasted revenue amounts, to the total costs incurred to date and estimates of additional costs to be incurred. If revised forecasted product revenue is less than, and/or revised forecasted costs are greater than, the previously forecasted amounts, the net realizable value may be lower than previously estimated, which could result in the recognition of an impairment charge in the period in which such a determination is made. |
Divestiture of Automatic Licens
Divestiture of Automatic License Plate Recognition Business | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestiture of Automatic License Plate Recognition Business | Note B: Divestiture of Automatic License Plate Recognition Business On July 9, 2015, the Company entered into a share and asset sales purchase agreement (the share and asset purchase agreement, SAPA) with TagMaster AB (the Buyer). Under the terms of the SAPA, the Company and Image Sensing Systems EMEA Limited, a wholly-owned subsidiary of the Company (ISS EMEA), sold to the Buyer the entire issued share capital of Image Sensing Systems UK Limited, a wholly-owned subsidiary of ISS EMEA, as well as certain other assets owned by the Company primarily used or primarily held for use in connection with its license plate recognition (LPR) business. The Buyer also agreed to assume on the closing date certain agreements and liabilities relating to the LPR business and the acquired assets. Additionally, the Company and the Buyer also entered into a transitional services agreement. Effective July 9, 2015, the LPR business qualified for discontinued operations presentation in the Companys condensed consolidated financial statements. In accordance with Accounting Standards Codification (ASC) 205-20, the results of the discontinued LPR business have been presented as discontinued operations effective with the reporting of financial results for the third quarter of 2015. As such, financial results for the three months ended March 31, 2016 have been reported on this basis. Previously reported results for the three months ended March 31, 2015 have also been restated to reflect this reclassification. The purchase price for the LPR business was $4.2 million, subject to certain customary closing adjustments based on the difference between estimated net asset value and final net asset value, of which $3.8 million has been paid to the Company. The remaining $420,000 was placed in an escrow account and will be available until July 9, 2016 to satisfy any indemnification obligations the Company may have under the SAPA. The $420,000 in escrow is classified as discontinued operations assets on the Companys Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015. The operational results of the LPR business are presented in the Net loss from discontinued operations line item on the Condensed Consolidated Statements of Operations. In accordance with ASC 205-20, no general corporate charges were allocated to the discontinued business. The assets and liabilities of the discontinued business are presented on the Condensed Consolidated Balance Sheets as assets and liabilities from discontinued operations. Other than consolidated amounts reflecting operating results and balances for both the continuing and discontinuing operations, all remaining amounts presented in the accompanying condensed consolidated financial statements and notes reflect the financial results and financial position of the Companys continuing Autoscope® Video (Autoscope) and RTMS® (RTMS) businesses. Revenue, operating income and net loss from discontinued operations were as follows (in thousands): Three-Month Periods Ended March 31, 2016 2015 Net revenue $ $ 680 Operating loss from continuing operations (899 ) Net loss on discontinued operations, net of tax $ $ (899 ) |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Note C: Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-09, Compensation-Stock Compensation (Topic 718). ASU 2016-09 provides new guidance on how an entity should account for stock compensation. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The new standard must be adopted using a modified retrospective and a prospective transition. In addition, the transition will require application of the new guidance at the beginning of the earliest comparative period presented. We are currently determining our implementation approach and assessing the impact of ASU 2016-02 on the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). ASU 2016-02 provides new guidance on how an entity should account for leases and recognize associated lease assets and liabilities. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. In addition, the transition will require application of the new guidance at the beginning of the earliest comparative period presented. We are currently determining our implementation approach and assessing the impact of ASU 2016-02 on the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 provides guidance related to how an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, ASU 2014-09 specifies accounting for costs associated with obtaining or fulfilling contracts with customers and expands the required disclosures related to revenue and cash flows from contracts with customers. On July 9, 2015, the FASB affirmed its proposal to defer the effective date of ASU 2014-09 for all entities by one year. As a result, public business entities, certain not-for-profit entities, and certain employee benefit plans will apply this new revenue standard to annual reporting periods beginning after December 15, 2017. All other entities will apply this new revenue standard to annual reporting periods beginning after December 15, 2018. Additionally, the FASB affirmed its proposal to permit all entities to apply ASU 2014-09 early, but not before the original effective date for public business entities, certain not-for-profit entities, and certain employee benefit plans (that is, annual periods beginning after December 15, 2016). Entities choosing to implement early will apply ASU 2014-09 to all interim reporting periods within the year of adoption. The Company is currently determining its implementation approach and assessing the impact of ASU 2014-09 on the consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note D: Fair Value Measurements The guidance for fair value measurements establishes the authoritative definition of fair value, sets out a framework for measuring fair value and outlines the required disclosures regarding fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We use a three-tier fair value hierarchy based upon observable and non-observable inputs as follows: · Level 1 observable inputs such as quoted prices in active markets; · Level 2 inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and · Level 3 unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis Our intangible assets and other long-lived assets are nonfinancial assets that were acquired either as part of a business combination, individually or with a group of other assets. These nonfinancial assets were initially, and have historically been, measured and recognized at amounts equal to the fair value determined as of the date of acquisition. Financial Instruments not Measured at Fair Value Certain of our financial instruments are not measured at fair value and are recorded at carrying amounts approximating fair value, based on their short-term nature or variable interest rate. These financial instruments include cash and cash equivalents, accounts receivable, accounts payable and other current assets and liabilities. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note E: Inventories Inventories consisted of the $375,000 and $648,000 of finished goods as of March 31, 2016 and December 31, 2015, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note F: Intangible Assets Intangible assets consisted of the following (dollars in thousands): March 31, 2016 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Developed technology $ 3,900 (3,900 ) $ Software development costs 1,811 1,811 Total $ 5,711 $ (3,900 ) $ 1,811 December 31, 2015 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Developed technology $ 3,900 $ (3,900 ) $ Software development costs 1,210 1,210 $ 5,110 $ (3,900 ) $ 1,210 |
Credit Facilities
Credit Facilities | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facilities | Note G: Credit Facilities In May 2014, the Company entered into a credit agreement and related documents with Alliance Bank providing for a revolving line of credit for the Company. The credit agreement and related documents with Alliance Bank (collectively, the Alliance Credit Agreement) provide up to a $5.0 million revolving line of credit. Amounts due under the Alliance Credit Agreement bear interest at a fixed annual rate of 3.95%. Any advances are secured by the Companys inventories, accounts receivable, cash, marketable securities, and equipment. We are subject to certain covenants under the Alliance Credit Agreement. In April 2016, we entered into an agreement with Alliance Bank amending the Alliance Credit Agreement to extend the maturity date from April 1, 2016 to May 12, 2017. At March 31, 2016, we had no borrowings under the Alliance Credit Agreement, and we were in compliance with all financial covenants. |
Warranties
Warranties | 3 Months Ended |
Mar. 31, 2016 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Note H: Warranties We generally provide a two to five year warranty on product sales. Reserves to honor warranty claims are estimated and recorded at the time of sale based on historical claim information and are analyzed and adjusted periodically based on claim trends. Warranty liability and related activity consisted of the following (in thousands): Three-Month Periods Ended 2016 2015 Beginning balance $ 760 $ 824 Warranty provisions 71 44 Warranty claims (95 ) (86 ) Adjustments to preexisting warranties 24 (25 ) Ending balance $ 760 $ 757 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note I: Stock-Based Compensation We compensate officers, directors and key employees with stock-based compensation under stock option and incentive plans approved by our shareholders and administered under the supervision of our Board of Directors. Stock option awards are granted at exercise prices equal to the closing price of our stock on the day before the date of grant. Generally, options vest proportionally over periods of three to five years from the dates of the grant, beginning one year from the date of grant, and have a contractual term of nine to ten years. Performance stock options are time based; however, the final number of awards earned and the related compensation expense is adjusted up or down to the extent the performance target is met. The actual number of shares that will ultimately vest ranges from 90% to 100% of the targeted amount if the minimum performance target is achieved. For performance stock awards granted in 2015, the performance target was operating income. We evaluate the likelihood of meeting the performance target at each reporting period and adjust compensation expense, on a cumulative basis, based on the expected achievement of each performance target. Compensation expense, net of estimated forfeitures, is recognized ratably over the vesting period. Stock-based compensation expense included in general and administrative expense for the three-month periods ended March 31, 2016 and 2015 was $60,000 and $75,000, respectively. At March 31, 2016, a total of 267,126 shares were available for grant under the Companys stock option and incentive plan. Stock Options A summary of the option activity for the first three months of 2016 is as follows: Number of Weighted Weighted Aggregate Options outstanding at December 31, 2015 307,750 $ 5.96 6.3 $ 46 Granted $ $ Exercised $ $ Expired $ $ Forfeited (4,250 ) $ 7.78 $ Options outstanding at March 31, 2016 303,500 $ 5.93 6.1 $ 3 Options exercisable at March 31, 2016 198,625 $ 6.43 5.2 $ 2 There were no options exercised during the three-month periods ended March 31, 2016 and March 31, 2015. As of March 31, 2016, there was $180,000 of total unrecognized compensation cost related to non-vested stock options. The weighted average period over which the compensation cost is expected to be recognized is 1.8 years. Restricted Stock Awards We issue restricted stock awards to executive officers. Executive officers vest in the restricted stock awards if the Companys common stock meets certain performance metrics for a specific number of consecutive trading days during the performance period. The shares of common stock subject to the restriction, will vest as to 50% of such shares on the first anniversary date of the performance goal achievement and 50% of such shares on the second anniversary date of the performance goal achievement. The awards will not otherwise vest if the executive officers employment with the Company is terminated for any reason during the performance period or terminated for any reason after the attainment of the performance goal but before the restricted stock awards vest. Performance restricted stock awards are valued based on the market value of the shares at the date of grant with the compensation expense recognized over the vesting periods. During the quarter ended March 31, 2016, there were restricted stock awards issued for 99,638 shares with a weighted-average grant date fair value of $2.76. Stock Awards We issue stock awards as a portion of the annual retainer for each director on a quarterly basis. The stock awards are fully vested at the time of issuance. Compensation expense related to stock awards is determined on the grant date based on the publicly quoted fair market value of our common stock and is charged to earnings on the grant date. During the quarter ended March 31, 2016, there were stock awards issued for 11,039 shares with a weighted-average grant date fair value of $2.65. |
Loss per Common Share
Loss per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Net loss per share: | |
Loss per Common Share | Note J: Loss per Common Share Net loss per share is computed by dividing net loss by the daily weighted average number of common shares outstanding during the applicable periods. Diluted net loss per share includes the potentially dilutive effect of common shares subject to outstanding stock options using the treasury stock method. Under the treasury stock method, shares subject to certain outstanding stock options have been excluded from the diluted weighted average shares outstanding calculation because the exercise of those options would lead to a net reduction in common shares outstanding. As a result, stock options to acquire 278,500 and 556,989 weighted common shares have been excluded from the diluted weighted shares outstanding for the three-month periods ended March 31, 2016 and 2015, respectively. The potentially dilutive effect of common shares subject to certain outstanding stock options is determined based on net loss. A reconciliation of these amounts is as follows (dollar amounts in thousands except per share data): Three-Month Periods Ended 2016 2015 Numerator: Net loss from continuing operations $ (292 ) $ (268 ) Net loss from discontinued operations $ $ (899 ) Net loss $ (292 ) $ (1,167 ) Denominator: Weighted average common shares outstanding 5,030 4,999 Dilutive potential common shares Shares used in diluted net loss per common share calculations 5,030 4,999 Basic net loss per common share Continuing operations $ (0.06 ) $ (0.05 ) Discontinued operations $ $ (0.18 ) Net basic earnings per share $ (0.06 ) (0.23 ) Diluted net loss per common share Continuing operations $ (0.06 ) $ (0.05 ) Discontinued operations $ $ (0.18 ) Net basic earnings per share $ (0.06 ) $ (0.23 ) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Note K: Segment Information The Companys Interim Chief Executive Officer and management regularly review financial information for the Companys discrete operating segments. Based on similarities in the economic characteristics, nature of products and services, production processes, type or class of customer served, method of distribution and regulatory environments, the operating segments have been aggregated for financial statement purposes and categorized into two reportable segments: Intersection and Highway. Autoscope video is our machine-vision product line, and revenue consists of royalties (all of which are received from Econolite), as well as a portion of international product sales. Video products are normally sold in the Intersection segment. RTMS is our radar product line, and revenue consists of international and North American product sales as well as a portion of royalties (all of which are received from Econolite). Radar products are normally sold in the Highway segment. Until July 9, 2015, Autoscope license plate recognition was our LPR product line and was the Companys third operating segment. All segment revenues are derived from external customers. As described in Note B to these Notes to the Condensed Consolidated Financial Statements, effective on July 9, 2015, we sold our LPR business. Therefore, effective on that date, the LPR business qualified for discontinued operations presentation in the Companys condensed consolidated financial statements, and the results of the discontinued LPR business have been presented as discontinued operations effective with the reporting of financial results for the three months ended September 30, 2015. Financial results for the three months ended March 31, 2016 have been reported on this basis, and previously reported results for the three months ended March 31, 2015 have also been restated to reflect this classification. Therefore, the following tables do not include financial results for the Companys LPR business segment. Operating expenses and total assets are not allocated to the segments for internal reporting purposes. Due to the changes in how we manage our business, we may reevaluate our segment definitions in the future. The following tables set forth selected unaudited financial information for each of our reportable segments (in thousands): Three Months Ended March 31, Intersection Highway Total 2016 2015 2016 2015 2016 2015 Revenue $ 1,904 $ 2,161 $ 1,334 $ 1,066 $ 3,238 $ 3,227 Gross profit 1,718 2,060 602 580 2,320 2,640 Amortization of intangible assets 122 122 Intangible assets 1,811 332 1,811 332 |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring | Note L: Restructuring In the first quarter of 2016, the Company implemented restructuring plans in Canada. Because of these actions, restructuring charges of approximately $126,000 were recorded in the first three months of 2016 related to employee terminations. The following table shows the restructuring activity for the three months ended March 31, 2016 (in thousands): Facility Costs Termination and Contract Benefits Termination Total Balance at January 1, 2016 $ $ $ Charges 126 126 Payments/settlements Balance at March 31, 2016 $ 126 $ $ 126 In the fourth quarter of 2014, the Company implemented restructuring plans to close our offices in Asia. Because of these actions, restructuring charges of approximately $119,000 were recorded in the first quarter of 2015 related to employee terminations. The following table shows the restructuring activity for the three months ended March 31, 2015 (in thousands): Facility Costs Termination and Contract Benefits Termination Total Balance at January 1, 2015 $ 190 $ 26 $ 216 Charges 119 119 Payments/settlements (295 ) (8 ) (303 ) Balance at March 31, 2015 $ 14 $ 18 $ 32 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note M: Commitments and Contingencies Litigation We are involved from time to time in various legal proceedings arising in the ordinary course of our business, including primarily commercial, product liability, employment and intellectual property claims. In accordance with GAAP, we record a liability in our Condensed Consolidated Financial Statements with respect to any of these matters when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. With respect to any currently pending legal proceedings, we have not established an estimated range of reasonably possible additional losses either because we believe that we have valid defenses to claims asserted against us or the proceeding has not advanced to a stage of discovery that would enable us to establish an estimate. We currently do not expect the outcome of these matters to have a material effect on our consolidated results of operations, financial position or cash flows. Litigation, however, is inherently unpredictable, and it is possible that the ultimate outcome of one or more claims asserted against us could adversely impact our results of operations, financial position or cash flows. We expense legal costs as incurred. In addition, on May 5, 2016, Econolite, our exclusive North American manufacturer and distributor, served a complaint on us for a lawsuit filed by Econolite in the Superior Court of the State of California for the County of Orange. The complaint asserts claims against us under the Manufacturing, Distributing and Technology License Agreement, as amended, with Econolite (the Econolite Agreement) for breach of contract and breach of implied covenant of good faith and fair dealing and seeks specific performance related to the transition of North American RTMS sales and marketing activities from Econolite to us in July 2014. In the complaint, Econolite requests damages from us in an amount to be proven at trial and seeks certain other remedies. We believe this suit is without merit, and we plan to vigorously defend against it. However, we cannot predict the outcome of this matter at this time or whether it will have a material adverse impact on our business prospects, financial condition, operating results or cash flow. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue Recognition | Revenue Recognition We recognize revenue on a sales arrangement when it is realized or realizable and earned, which occurs when all of the following criteria have been met: persuasive evidence of an arrangement exists; delivery and title transfer have occurred or services have been rendered; the sales price is fixed and determinable; collectability is reasonably assured; and all significant obligations to the customer have been fulfilled. Certain sales may contain multiple elements for revenue recognition purposes. We consider each deliverable that provides value to the customer on a standalone basis as a separable element. Separable elements in these arrangements may include the hardware, software, installation services, training and support. We initially allocate consideration to each separable element using the relative selling price method. Selling prices are determined by us based on either vendor-specific objective evidence (VSOE) (the actual selling prices of similar products and services sold on a standalone basis) or, in the absence of VSOE, our best estimate of the selling price. Factors considered by us in determining estimated selling prices for applicable elements generally include overall economic conditions, customer demand, costs incurred by us to provide the deliverable, as well as our historical pricing practices. Under these arrangements, revenue associated with each delivered element is recognized in an amount equal to the lesser of the consideration initially allocated to the delivered element or the amount for which payment is not deemed contingent upon future delivery of other elements in the arrangement. Under arrangements where special acceptance protocols exist, installation services and training may not be considered separable. Under those circumstances, revenue for the entire arrangement is recognized upon the completion of installation, training and fulfillment of any other significant obligations specific to the terms of the arrangement. Arrangements that do not contain any separable elements are typically recognized when the products are shipped and title has transferred to the customer. Revenue from arrangements for services such as maintenance, repair, consulting and technical support are recognized either as the service is performed or ratably over the defined contractual period for service maintenance contracts. Econolite Control Products, Inc. (Econolite) is our licensee that sells certain of our products in the United States, Mexico, Canada and the Caribbean. The royalty of approximately 50% of the gross profit on licensed products is recognized when the products are shipped or delivered by Econolite to its customers. We record provisions against sales revenue for estimated returns and allowances in the period when the related revenue is recorded based on historical sales returns and changes in end user demand. Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. |
Inventories | Inventories Inventories are primarily electronic components and finished goods and are valued at the lower of cost or market on the first-in, first-out accounting method. |
Income Taxes | Income Taxes We record a tax provision for the anticipated tax consequences of the reported results of operations. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those deferred tax assets and liabilities are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. We believe it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, together with the tax effects of the deferred tax liabilities, will be sufficient to fully recover the remaining net realizable value of deferred tax assets. In the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with managements expectations could have a material impact on our financial condition and operating results. We recognize penalties and interest expense related to unrecognized tax benefits in income tax expense. |
Intangible Assets | Intangible Assets Intangible assets with finite lives are amortized on a straight-line basis over the expected period to be benefited by future cash flows and reviewed for quarterly impairment. At both March 31, 2016 and December 31, 2015, we determined there was no impairment of intangible assets. At both March 31, 2016 and December 31, 2015, there were no indefinite-lived intangible assets. We capitalize certain software development costs related to software to be sold, leased, or otherwise marketed. Capitalized software development costs include purchased materials and services and other costs associated with the development of new products and services. Software development costs are expensed as incurred until technological feasibility has been established, at which time future costs incurred are capitalized until the product is available for general release to the public. A certain amount of judgment and estimation is required to assess when technological feasibility is established, as well as the ongoing assessment of the recoverability of capitalized costs. In evaluating the recoverability of capitalized software costs, the Company compares expected product performance, utilizing forecasted revenue amounts, to the total costs incurred to date and estimates of additional costs to be incurred. If revised forecasted product revenue is less than, and/or revised forecasted costs are greater than, the previously forecasted amounts, the net realizable value may be lower than previously estimated, which could result in the recognition of an impairment charge in the period in which such a determination is made. |
Divestiture of Automatic Lice21
Divestiture of Automatic License Plate Recognition Business (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of revenue, operating income and net loss from discontinued operations | Revenue, operating income and net loss from discontinued operations were as follows (in thousands): Three-Month Periods Ended March 31, 2016 2015 Net revenue $ $ 680 Operating loss from continuing operations (899 ) Net loss on discontinued operations, net of tax $ $ (899 ) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Intangible assets consisted of the following (dollars in thousands): March 31, 2016 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Developed technology $ 3,900 (3,900 ) $ Software development costs 1,811 1,811 Total $ 5,711 $ (3,900 ) $ 1,811 December 31, 2015 Weighted Gross Net Average Carrying Accumulated Carrying Useful Life Amount Amortization Value (in Years) Developed technology $ 3,900 $ (3,900 ) $ Software development costs 1,210 1,210 $ 5,110 $ (3,900 ) $ 1,210 |
Warranties (Tables)
Warranties (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Product Warranties Disclosures [Abstract] | |
Schedule of warranty liability and related activity | Warranty liability and related activity consisted of the following (in thousands): Three-Month Periods Ended 2016 2015 Beginning balance $ 760 $ 824 Warranty provisions 71 44 Warranty claims (95 ) (86 ) Adjustments to preexisting warranties 24 (25 ) Ending balance $ 760 $ 757 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | A summary of the option activity for the first three months of 2016 is as follows: Number of Weighted Weighted Aggregate Options outstanding at December 31, 2015 307,750 $ 5.96 6.3 $ 46 Granted $ $ Exercised $ $ Expired $ $ Forfeited (4,250 ) $ 7.78 $ Options outstanding at March 31, 2016 303,500 $ 5.93 6.1 $ 3 Options exercisable at March 31, 2016 198,625 $ 6.43 5.2 $ 2 |
Loss per Common Share (Tables)
Loss per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Net loss per share: | |
Schedule of reconciliation of earnings per share | A reconciliation of these amounts is as follows (dollar amounts in thousands except per share data): Three-Month Periods Ended 2016 2015 Numerator: Net loss from continuing operations $ (292 ) $ (268 ) Net loss from discontinued operations $ $ (899 ) Net loss $ (292 ) $ (1,167 ) Denominator: Weighted average common shares outstanding 5,030 4,999 Dilutive potential common shares Shares used in diluted net loss per common share calculations 5,030 4,999 Basic net loss per common share Continuing operations $ (0.06 ) $ (0.05 ) Discontinued operations $ $ (0.18 ) Net basic earnings per share $ (0.06 ) (0.23 ) Diluted net loss per common share Continuing operations $ (0.06 ) $ (0.05 ) Discontinued operations $ $ (0.18 ) Net basic earnings per share $ (0.06 ) $ (0.23 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of financial information by reportable segment | The following tables set forth selected unaudited financial information for each of our reportable segments (in thousands): Three Months Ended March 31, Intersection Highway Total 2016 2015 2016 2015 2016 2015 Revenue $ 1,904 $ 2,161 $ 1,334 $ 1,066 $ 3,238 $ 3,227 Gross profit 1,718 2,060 602 580 2,320 2,640 Amortization of intangible assets 122 122 Intangible assets 1,811 332 1,811 332 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring Charges [Abstract] | |
Schedule of restructuring activity | The following table shows the restructuring activity for the three months ended March 31, 2016 (in thousands): Facility Costs Termination and Contract Benefits Termination Total Balance at January 1, 2016 $ $ $ Charges 126 126 Payments/settlements Balance at March 31, 2016 $ 126 $ $ 126 The following table shows the restructuring activity for the three months ended March 31, 2015 (in thousands): Facility Costs Termination and Contract Benefits Termination Total Balance at January 1, 2015 $ 190 $ 26 $ 216 Charges 119 119 Payments/settlements (295 ) (8 ) (303 ) Balance at March 31, 2015 $ 14 $ 18 $ 32 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Royalty percentage of gross profit on licensed products | 50.00% |
Divestiture of Automatic Lice29
Divestiture of Automatic License Plate Recognition Business (Details Narrative) - USD ($) $ in Thousands | Jul. 09, 2015 | Mar. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued operations assets | $ 420 | $ 420 | |
License Plate Recognition (TagMaster AB) [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash consideration from sale of business | $ 4,200 | ||
Net proceeds from sale of business | $ 3,800 |
Divestiture of Automatic Lice30
Divestiture of Automatic License Plate Recognition Business (Details) - License Plate Recognition (TagMaster AB) [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net revenue | $ 680 |
Operating loss from continuing operations | (899) |
Net loss on discontinued operations, net of tax | $ (899) |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 375 | $ 648 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,711 | $ 5,110 |
Accumulated Amortization | (3,900) | (3,900) |
Net Carrying Value | 1,811 | 1,210 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,900 | 3,900 |
Accumulated Amortization | (3,900) | (3,900) |
Computer Software Intangible Asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,811 | 1,210 |
Net Carrying Value | $ 1,811 | $ 1,210 |
Credit Facilities (Details Narr
Credit Facilities (Details Narrative) - Alliance Credit Agreement [Member] - USD ($) $ in Thousands | May. 12, 2014 | Mar. 31, 2016 |
Maxiumum borrowing line of credit capacity | $ 5,000 | |
Interest rate | 3.95% | |
Description of collateral | Inventories, accounts receivable, cash, marketable securities, and equipment | |
Expiration | Apr. 1, 2016 | May 12, 2017 |
Warranties (Details)
Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Product Warranties Disclosures [Abstract] | ||
Beginning balance | $ 760 | $ 824 |
Warranty provisions | 71 | 44 |
Warranty claims | (95) | (86) |
Adjustments to preexisting warranties | 24 | (25) |
Ending balance | $ 760 | $ 757 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock-based compensation expense | $ 59 | $ 75 |
Shares available for grant | 267,126 | |
Unrecognized compensation cost related to non-vested stock options | $ 180 | |
Period for recognition of unrecognized compensation cost related to non-vested stock options | 1 year 9 months 18 days | |
Restricted Stock Awards [Member] | ||
Vesting rights description of stock awards granted | will vest as to 50% of such shares on the first anniversary date of the performance goal achievement and 50% of such shares on the second anniversary date of the performance goal achievement | |
Stock awards granted | 99,638 | |
Stock awards, weighted average grant date fair value | $ 2.76 | |
Stock Awards [Member] | ||
Stock awards granted | 11,039 | |
Stock awards, weighted average grant date fair value | $ 2.65 | |
Minimum [Member] | ||
Stock option awards, vesting term | 3 years | |
Stock option awards, contractual term | 9 years | |
Percentage of vesting shares | 90.00% | |
Maximum [Member] | ||
Stock option awards, vesting term | 5 years | |
Stock option awards, contractual term | 10 years | |
Percentage of vesting shares | 100.00% |
Stock-Based Compensation (Det36
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Number of Shares | ||
Outstanding - beginning of period | 307,750 | |
Forfeited | (4,250) | |
Outstanding - end of period | 303,500 | 307,750 |
Exercisable - end of period | 198,625 | |
Weighted Average Exercise Price | ||
Outstanding - beginning of period | $ 5.96 | |
Forfeited | 7.78 | |
Outstanding - end of period | 5.93 | $ 5.96 |
Exercisable - end of period | $ 6.43 | |
Weighted Average Remaining Contractual Term | ||
Outstanding | 6 years 1 month 6 days | 6 years 3 months 18 days |
Options exercisable | 5 years 2 months 12 days | |
Aggregate Intrinsic Value | ||
Outstanding - beginning of period | $ 46 | |
Outstanding - end of period | 3 | $ 46 |
Exercisable - end of period | $ 2 |
Loss per Common Share (Details
Loss per Common Share (Details Narrative) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net loss per share: | ||
Shares excluded from diluted weighted shares outstanding | 278,500 | 556,989 |
Loss per Common Share (Details)
Loss per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||
Net loss from continuing operations | $ (292) | $ (268) |
Net loss from discontinued operations | (899) | |
Net loss | $ (292) | $ (1,167) |
Denominator: | ||
Weighted average common shares outstanding | 5,030,000 | 4,999,000 |
Shares used in diluted net loss per common share calculations | 5,030,000 | 4,999,000 |
Basic net loss per common share | ||
Continuing operations | $ (0.06) | $ (0.05) |
Discontinued operations | (0.18) | |
Net basic earnings per share | (0.06) | (0.23) |
Diluted net loss per common share | ||
Continuing operations | (0.06) | (0.05) |
Discontinued operations | (0.18) | |
Net basic earnings per share | $ (0.06) | $ (0.23) |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 3,238 | $ 3,227 |
Gross profit | 2,320 | 2,640 |
Amortization of intangible assets | 122 | |
Intangible assets | 1,811 | 332 |
Intersection [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,904 | 2,161 |
Gross profit | 1,718 | 2,060 |
Intangible assets | 1,811 | |
Highway [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,334 | 1,066 |
Gross profit | $ 602 | 580 |
Amortization of intangible assets | 122 | |
Intangible assets | $ 332 |
Restructuring (Details Narrativ
Restructuring (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Charges [Abstract] | ||
Restructuring charges related to facility closures | $ 126 | $ 119 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 216 | |
Charges | $ 126 | 119 |
Payments/Settlements | (303) | |
Balance at end of period | 126 | 32 |
Termination Benefits [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 190 | |
Charges | 126 | 119 |
Payments/Settlements | (295) | |
Balance at end of period | $ 126 | 14 |
Facility Costs And Contract Termination [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 26 | |
Payments/Settlements | (8) | |
Balance at end of period | $ 18 |