Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'BALLANTYNE STRONG, INC. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 14,138,297 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000946454 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $26,333 | $40,168 |
Accounts receivable (net of allowance for doubtful accounts of $536 and $487, respectively) | 12,404 | 26,227 |
Inventories: | ' | ' |
Finished goods, net | 9,667 | 6,706 |
Work in process | 407 | 1,018 |
Raw materials and components, net | 3,811 | 3,247 |
Total inventories, net | 13,885 | 10,971 |
Deposit on Convergent acquisition | 17,424 | ' |
Other current assets | 4,131 | 6,741 |
Total current assets | 74,177 | 84,107 |
Property, plant and equipment (net of accumulated depreciation of $4,589 and $3,750, respectively) | 10,149 | 11,105 |
Note receivable | 2,388 | 2,232 |
Intangible assets, net | 635 | 105 |
Goodwill | 1,163 | ' |
Other assets | 2,172 | 1,997 |
Total assets | 90,684 | 99,546 |
Current liabilities: | ' | ' |
Accounts payable | 9,028 | 16,646 |
Accrued expenses | 4,520 | 5,313 |
Income taxes payable | 57 | ' |
Customer deposits/deferred revenue | 2,726 | 5,251 |
Total current liabilities | 16,331 | 27,210 |
Deferred revenue | 3,081 | 3,302 |
Deferred income taxes | 816 | 580 |
Other accrued expenses, net of current portion | 1,821 | 1,538 |
Total liabilities | 22,049 | 32,630 |
Stockholders’ equity: | ' | ' |
Common stock, par value $.01 per share; Authorized 25,000 shares; issued 16,869 and 16,782 shares at September 30, 2013 and December 31, 2012, respectively; 14,138 and 14,051 shares outstanding at September 30, 2013 and December 31, 2012, respectively | 167 | 167 |
Additional paid-in capital | 38,116 | 37,770 |
Accumulated other comprehensive income: | ' | ' |
Foreign currency translation | -287 | 269 |
Postretirement benefit obligations | 46 | 46 |
Retained earnings | 48,832 | 46,903 |
86,874 | 85,155 | |
Less 2,731 of common shares in treasury, at cost at September 30, 2013 and December 31, 2012 | -18,239 | -18,239 |
Total stockholders’ equity | 68,635 | 66,916 |
Total liabilities and stockholders’ equity | $90,684 | $99,546 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts (in Dollars) | $536 | $487 |
Property, plant and equipment, accumulated depreciation (in Dollars) | $4,589 | $3,750 |
Preferred stock par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in Shares) | 1,000 | 1,000 |
Preferred stock, shares outstanding (in Shares) | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares (in Shares) | 25,000 | 25,000 |
Common stock, issued shares (in Shares) | 16,869 | 16,782 |
Common stock, outstanding shares (in Shares) | 14,138 | 14,051 |
Common shares in treasury, shares (in Shares) | 2,731 | 2,731 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenues | $18,855 | $39,260 | $70,865 | $129,987 |
Cost of revenues | 15,517 | 35,539 | 58,934 | 113,569 |
Gross profit | 3,338 | 3,721 | 11,931 | 16,418 |
Selling and administrative expenses: | ' | ' | ' | ' |
Selling | 850 | 1,349 | 2,586 | 3,405 |
Administrative | 2,524 | 2,345 | 7,478 | 8,547 |
Total selling and administrative expenses | 3,374 | 3,694 | 10,064 | 11,952 |
Gain (loss) on the sale/disposal/transfer of assets | 3 | -17 | 7 | 1,361 |
Income (loss) from operations | -33 | 10 | 1,874 | 5,827 |
Net interest income (expense) | 152 | -8 | 169 | -30 |
Equity income (loss) of joint venture | 2 | -65 | -117 | 1 |
Other income (expense), net | -33 | -205 | 463 | 208 |
Income (loss) before income taxes | 88 | -268 | 2,389 | 6,006 |
Income tax expense | -42 | ' | -502 | -2,024 |
Net earnings (loss) | $46 | ($268) | $1,887 | $3,982 |
Basic earnings (loss) per share (in Dollars per share) | $0 | ($0.02) | $0.13 | $0.28 |
Diluted earnings (loss) per share (in Dollars per share) | $0 | ($0.02) | $0.13 | $0.28 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 14,009 | 13,959 | 13,995 | 14,055 |
Diluted (in Shares) | 14,039 | 13,959 | 14,025 | 14,136 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net earnings (loss) | $46 | ($268) | $1,887 | $3,982 |
Currency translation adjustment: | ' | ' | ' | ' |
Unrealized net change arising during period | 535 | 612 | -556 | 572 |
Other comprehensive income (loss) | 535 | 612 | -556 | 572 |
Comprehensive Income | $581 | $344 | $1,331 | $4,554 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net cash provided by (used in) operating activities | $5,775 | ($5,346) |
Cash flows from investing activities: | ' | ' |
Distribution from Joint Venture | ' | 2,508 |
Capital expenditures | -231 | -1,095 |
Proceeds from sale of assets | 6 | 3,332 |
Net cash (used in) provided by investing activities | -19,396 | 4,745 |
Cash flows from financing activities: | ' | ' |
Excess tax benefits from share-based arrangements | -11 | ' |
Purchase of treasury stock | ' | -2,756 |
Proceeds from employee stock purchase plan | 4 | ' |
Net cash used in financing activities | -7 | -2,756 |
Effect of exchange rate changes on cash and cash equivalents | -207 | 231 |
Net decrease in cash and cash equivalents | -13,835 | -3,126 |
Cash and cash equivalents at beginning of period | 40,168 | 39,889 |
Cash and cash equivalents at end of period | $26,333 | $36,763 |
Note_1_Nature_of_Operations
Note 1 - Nature of Operations | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. Nature of Operations | |
Ballantyne Strong, Inc. (“Ballantyne” or the “Company”), a Delaware corporation, and its wholly owned subsidiaries Strong Westrex, Inc., Strong Technical Services, Inc., Strong/MDI Screen Systems, Inc., Peintures Elite, Inc., and Strong Westrex (Beijing) Trading Inc., manufacture, distribute, integrate and service theatre and lighting systems on a worldwide basis. | |
The Company’s products are distributed to movie exhibition companies, sports arenas, auditoriums, amusement parks and special venues. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | ' | ||||||||||||||||
2. Summary of Significant Accounting Policies | |||||||||||||||||
Basis of Presentation and Principles of Consolidation | |||||||||||||||||
The condensed consolidated financial statements include the accounts of the Company and all majority owned and controlled domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
The condensed consolidated financial statements included in this report are presented in accordance with the requirements of Form 10-Q and consequently do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America for annual reporting purposes or those made in the Company’s Annual Report on Form 10-K. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year-ended December 31, 2012. | |||||||||||||||||
The condensed consolidated balance sheet as of December 31, 2012 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary to present a fair statement of the financial position and the results of operations and cash flows for the respective interim periods. The results for interim periods are not necessarily indicative of trends or results expected for a full year. | |||||||||||||||||
Use of Management Estimates | |||||||||||||||||
The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results and changes in facts and circumstances may alter such estimates and affect results of operations and financial position in future periods. | |||||||||||||||||
Fair Value of Financial and Derivative Instruments | |||||||||||||||||
The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: | |||||||||||||||||
● | Level 1 - inputs to the valuation techniques are quoted prices in active markets for identical assets or liabilities | ||||||||||||||||
● | Level 2 - inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly | ||||||||||||||||
● | Level 3 - inputs to the valuation techniques are unobservable for the assets or liabilities | ||||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of September 30, 2013: | |||||||||||||||||
Fair Values Measured on a Recurring Basis: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
$ in thousands | |||||||||||||||||
Cash and cash equivalents | $ | 26,333 | $ | — | $ | — | $ | 26,333 | |||||||||
Foreign currency forward contracts | $ | — | $ | 9,985 | $ | — | $ | 9,985 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,388 | $ | 2,388 | |||||||||
The notes receivable accrue interest at a rate of 15% per annum which is paid in accordance with an agreed-upon cash flow schedule. | |||||||||||||||||
Quantitative information about the Company’s level 3 fair value measurements at September 30, 2013 is set forth below: | |||||||||||||||||
$ in thousands | Fair Value at | Valuation Technique | Unobservable input | Range | |||||||||||||
9/30/13 | |||||||||||||||||
Notes Receivable | $ | 2,388 | Discounted cash flow | Probability of default | 0 | % | |||||||||||
Prepayment rates | 0 | % | |||||||||||||||
Loss severity | 0 | % | |||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s notes receivable are prepayment rates, probability of default and loss severity in the event of default. Significant increases (decreases) in any of these inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and directionally opposite change in the assumption used for prepayment rates. | |||||||||||||||||
The following table reconciles the beginning and ending balance of the Company’s Notes Receivable fair value: | |||||||||||||||||
Nine months ended | |||||||||||||||||
30-Sep | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
$ in thousands | |||||||||||||||||
Notes Receivable balance, beginning of period | $ | 2,232 | $ | 2,062 | |||||||||||||
Interest Income | 156 | — | |||||||||||||||
Issuances of new notes | — | 155 | |||||||||||||||
Notes Receivable balance, end of period | $ | 2,388 | $ | 2,217 | |||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 31, 2012: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
$ in thousands | |||||||||||||||||
Cash and cash equivalents | $ | 40,168 | $ | — | $ | — | $ | 40,168 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,232 | $ | 2,232 | |||||||||
The carrying values of all other financial assets and liabilities including accounts receivable, accounts payable and accrued expenses reported in the consolidated balance sheets equal or approximate their fair values due to the short-term nature of these instruments. All non-financial assets that are not recognized or disclosed at fair value in the financial statements on a recurring basis, which includes non-financial long-lived assets, are measured at fair value in certain circumstances (for example, when there is evidence of impairment). During the nine months ended September 30, 2013 we did not have any significant non-recurring measurements of non-financial assets or liabilities. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
There are no recently issued accounting pronouncements which the Company believes will materially impact its consolidated financial statements. |
Note_3_Acquisitions
Note 3 - Acquisitions | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
3. Acquisitions | |
On September 13, 2013, the Company acquired Peintures Elite, Inc. for $1.7 million in cash. Elite is a manufacturer of paint and lacquer products and has been the primary provider of paint for our screen manufacturing business. Approximately $1.2 million of the purchase price was allocated to goodwill and $0.6 million was allocated to amortizable other intangibles. This business is included within the Theatre segment. The amounts allocated to goodwill were primarily attributable to anticipated synergies and other intangibles that do not qualify for separate recognition. The fair value of the assets and liabilities related to the acquisition are subject to refinement as the Company completes our analyses of the fair values at the acquisition date. The pro forma effect of the acquisition was not material. | |
The Company paid a deposit of $17.4 million for the acquisition of Convergent Media Systems, Inc. (“CMS”), which closed on October 1, 2013, subsequent to the end of our third quarter of fiscal 2013. CMS was acquired from Sony Corporation for approximately $17.4 million in cash, which was the purchase price of $16.0 million adjusted for cash on hand in Canada and working capital variance based upon CMS’s targeted working capital. CMS provides digital technologies for out-of-home messaging, advertising and communication (the Digital Out-of-Home or DOOH market) and Enterprise Video Solutions (EVS), which provides enterprises with the infrastructure necessary for communication, collaboration, training and education of employees. CMS operates from its offices in the United States and Canada and has customers in North America. Due to the timing of the acquisition, the Company has not yet completed its purchase allocation and analysis. Therefore, it is impracticable to provide proforma information or further information related to the assets and liabilities acquired at this time. In addition, the Company expects to incur costs attributable to integration and reorganization actions associated with this acquisition in the fourth quarter. |
Note_4_Earnings_Loss_Per_Commo
Note 4 - Earnings (Loss) Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
4. Earnings (Loss) Per Common Share | |||||||||||||||||
Basic earnings (loss) per share have been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share has been computed on the basis of the weighted average number of shares of common stock outstanding after giving effect to potential common shares from dilutive stock options and certain non-vested shares of restricted stock. The following table provides the reconciliation between basic and diluted earnings (loss) per share: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Basic earnings (loss) per share: | |||||||||||||||||
Earnings (loss) applicable to common stock | $ | 46 | $ | (268 | ) | $ | 1,887 | $ | 3,982 | ||||||||
Basic weighted average common shares outstanding | 14,009 | 13,959 | 13,995 | 14,055 | |||||||||||||
Basic earnings (loss) per share | $ | 0 | $ | (0.02 | ) | $ | 0.13 | $ | 0.28 | ||||||||
Diluted earnings (loss) per share: | |||||||||||||||||
Earnings (loss) applicable to common stock | $ | 46 | $ | (268 | ) | $ | 1,887 | $ | 3,982 | ||||||||
Basic weighted average common shares outstanding | 14,009 | 13,959 | 13,995 | 14,055 | |||||||||||||
Dilutive effect of stock options and restricted stock awards | 30 | — | 30 | 81 | |||||||||||||
Dilutive weighted average common shares outstanding | 14,039 | 13,959 | 14,025 | 14,136 | |||||||||||||
Diluted earnings (loss) per share | $ | 0 | $ | (0.02 | ) | $ | 0.13 | $ | 0.28 | ||||||||
For the three and nine month periods ended September 30, 2013, grants and options to purchase 291,000 and 293,200 shares of common stock were outstanding but were not included in the computation of diluted earnings per share as the option’s exercise price was greater than the average market price of the common shares for the respective periods. For the three and nine month periods ended September 30, 2012, options to purchase 50,000 shares of common stock were outstanding but were not included in the computation of diluted earnings (loss) per share as the option’s exercise price was greater than the average market price of the common shares for the respective periods. An additional 79,000 options were excluded from the three month period ended September 30, 2012 as their inclusion would be anti-dilutive, thereby decreasing the net loss per share. |
Note_5_Warranty_Reserves
Note 5 - Warranty Reserves | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||||||||||
5. Warranty Reserves | |||||||||||||||||
The Company has generally granted a warranty to its customers for a one-year period following the sale of manufactured and distributed products. In most instances, the distributed products are covered by the manufacturing firm’s OEM warranty on parts and we cover warranty labor cost when required. However, there are certain customers where the Company may grant warranties in excess of the manufacturer’s warranty for distributed products. The Company accrues for these costs at the time of sale or repair. The following table summarizes warranty activity for the three and nine months ended September 30 2013 and 2012: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Warranty accrual at beginning of period | $ | 851 | $ | 846 | $ | 770 | $ | 1,028 | |||||||||
Charged to expense | 91 | 98 | 280 | 321 | |||||||||||||
Amounts written off, net of recoveries | (55 | ) | (89 | ) | (171 | ) | (495 | ) | |||||||||
Foreign currency adjustment | 4 | 13 | 12 | 14 | |||||||||||||
Warranty accrual at end of period | $ | 891 | $ | 868 | $ | 891 | $ | 868 | |||||||||
Note_6_Digital_Link_II_Joint_V
Note 6 - Digital Link II Joint Venture | 9 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' |
6. Digital Link II Joint Venture | |
On March 6, 2007, the Company entered into an agreement with RealD to form an operating entity Digital Link II, LLC (the “LLC”). Under the agreement, the LLC was formed with the Company and RealD as the only two members with membership interests of 44.4% and 55.6%, respectively. The LLC was formed for purposes of commercializing certain 3D technology and to fund the deployment of digital projector systems and servers to exhibitors. | |
The Company accounts for its investment by the equity method. Under this method, the Company recorded its proportionate share of LLC net income or loss based on the LLC’s financial statements as of September 20, 2013 and September 21, 2012, respectively. The LLC uses four 13-week periods for a total of 52 weeks to align its fiscal year-end with that of its majority interest holder, RealD. The Company’s portion of gain (loss) of the LLC was immaterial and ($0.1) million for the three and nine months ended September 30, 2013. The Company’s portion of income (loss) of the LLC was ($0.1) million and immaterial gain for the three and nine months ended September 30, 2012, respectively. | |
In the past, the Company sold digital theatre projection equipment, in the normal course of business, to the LLC. The LLC in turn provides and sells the digital projection equipment to third party customers under system use agreements or through sales agreements. Revenue recognized by the Company on the sale transaction to the LLC is limited by its 44.4% ownership in the joint venture which will be recognized upon sale of the equipment to the third parties. There were no sales to the LLC during the three and nine months ended September 30, 2013. The Company recognized $0 and $0.2 million of gross margin during the three and nine months ended September 30, 2012, respectively, related to the LLC’s sale of equipment to third parties. The total receivable balance due from the LLC was insignificant at September 30, 2013 and December 31, 2012. | |
During the first quarter of 2012 the Company received a $1.5 million distribution from the LLC. During the third quarter of 2012 the Company received a $1.0 million distribution from the LLC. The Company received no distributions from the LLC in the nine months ended September 30, 2013. |
Note_7_Corporatewide_Strategic
Note 7 - Corporate-wide Strategic Initiative | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||
7. Corporate-wide strategic initiative | |||||
In the fourth quarter of 2011, the Board of Directors and management of the Company approved a corporate-wide strategic initiative to refocus its worldwide digital equipment distribution business, services platform and cinema screen manufacturing business and exit the analog projector manufacturing business. The strategic initiative consisted of selling the Company’s Omaha, Nebraska-based analog projector facility and manufacturing equipment and relocating its corporate headquarters to a new, smaller location in Omaha, which also houses its Network Operations Center. Total life to date severance charges for the strategic initiative begun in 2011 are approximately $1.4 million. The strategic initiative is expected to be completed by the end of 2013. | |||||
The following table reconciles the beginning and ending restructuring balance for the nine months ended September 30, 2013, which are included in accrued expenses: | |||||
(in thousands) | |||||
Accrued severance at beginning of period | $ | 88 | |||
Severance paid | (66 | ) | |||
Accrued severance at end of period | $ | 22 | |||
Note_8_Income_Taxes
Note 8 - Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
8. Income Taxes | |
The effective tax rate (calculated as a ratio of income tax expense to pretax earnings, inclusive of equity method investment losses) was approximately 47.8% and 21.0% for the three and nine months ended September 30, 2013, respectively as compared to 0.1% and 33.7% for the three and nine months ended September 30, 2012, respectively. The effective tax rate differs from the statutory rates primarily as a result of differing foreign and U.S. tax rates applied to respective pre-tax earnings by tax jurisdiction. The Company’s estimated annual effective rate was higher in the three months ended September 30, 2013 compared to the comparable period of 2012 due to higher proportion of earnings before tax being within our US operations, which has a higher tax rate. The Company’s estimated annual effective rate was lower in the nine months ended September 30, 2013 compared to the comparable period of 2012 due to higher proportion of earnings before tax being within our Canadian operations, Strong/MDI Screen Systems, Inc., which has a lower tax rate. In addition the effective tax rate for the three months and nine months ended September 30, 2013 were impacted as the Company also recorded $0.03 million of additional tax expense due to return to provision adjustments related to filing the 2012 tax returns. | |
The Company’s uncertain tax positions are related to tax years that remain subject to examination by the relevant taxable authorities. The Company has examinations not yet initiated for Federal purposes for fiscal years 2005 through 2012. In most cases, the Company has examinations open for State or local jurisdictions based on the particular jurisdiction’s statute of limitations. The Company does not currently have any examinations in process. As of September 30, 2013, total unrecognized tax benefits amounted to approximately $0.2 million. |
Note_9_Stock_Compensation
Note 9 - Stock Compensation | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||||||||
9. Stock Compensation | ||||||||||||||||||||||||||||
The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on their estimated fair values. Share-based compensation expense approximated the following for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Share based compensation expense | $ | 125 | $ | 10 | $ | 345 | $ | 289 | ||||||||||||||||||||
Long-Term Incentive Plan | ||||||||||||||||||||||||||||
The Company’s 2010 Long-Term Incentive Plan (“2010 Plan”) provides the Compensation Committee of the Board of Directors with the discretion to grant stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, or performance units. Vesting terms vary with each grant and may be subject to vesting upon a “change in control” of the Company. The total number of shares reserved for issuance under the 2010 Plan was 600,000 shares. During the nine months ended September 30, 2013, the Company awarded 22,500 options and 9,000 restricted stock shares under the 2010 Plan. | ||||||||||||||||||||||||||||
Options | ||||||||||||||||||||||||||||
As noted above, under the 2010 Plan, the Company granted options to purchase 22,500 shares of the Company’s common stock during the nine months ended September 30, 2013. Options to purchase shares of common stock were granted with exercise prices equal to the fair value of the common stock on the date of grant and vest over a four-year period. The fair value of stock options granted was estimated using a Black-Scholes valuation model with the following assumptions: | ||||||||||||||||||||||||||||
Expected dividend yield at date of grant | 0 | % | ||||||||||||||||||||||||||
Expected stock price volatility | 58.5 | % | ||||||||||||||||||||||||||
Risk-free interest rate | 0.9 | % | ||||||||||||||||||||||||||
Expected life of options (in years) | 5.5 | |||||||||||||||||||||||||||
The risk-free interest rate assumptions were based on the U.S. Treasury yield curve in effect at the time of the grant. The expected volatility was based on historical monthly price changes of the Company’s stock based on the expected life of the options at the date of grant. The expected life of options is the average number of years the Company estimates that options will be outstanding. The Company considers groups of associates that have similar historical exercise behavior separately for valuation purposes. | ||||||||||||||||||||||||||||
The following table summarizes the Company’s activities with respect to its stock options for the nine months ended September 30, 2013 as follows: | ||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||
Options | Average | Average | Intrinsic | |||||||||||||||||||||||||
Exercise Price | Remaining | Value | ||||||||||||||||||||||||||
Per Share | Contractual | |||||||||||||||||||||||||||
Term | ||||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 191,200 | $ | 5.64 | 8.69 | $ | — | ||||||||||||||||||||||
Granted | 22,500 | 3.55 | ||||||||||||||||||||||||||
Exercised | — | — | ||||||||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||||||||
Outstanding at September 30, 2013 | 213,700 | $ | 5.42 | 8.09 | $ | 16,393 | ||||||||||||||||||||||
Exercisable at September 30, 2013 | 70,283 | $ | 6.4 | 7.68 | $ | 418 | ||||||||||||||||||||||
The aggregate intrinsic value in the table above represents the total that would have been received by the option holders if all in-the-money options had been exercised on September 30, 2013. | ||||||||||||||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at September 30, 2013: | ||||||||||||||||||||||||||||
Options Outstanding at | Options Exercisable at | |||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | |||||||||||||||||||||||||||
Range of option exercise price | Number of | Weighted | Weighted | Number of | Weighted | Weighted | ||||||||||||||||||||||
options | average | average | options | average | average | |||||||||||||||||||||||
remaining | exercise price | remaining | exercise price | |||||||||||||||||||||||||
contractual | per option | contractual | per option | |||||||||||||||||||||||||
life | life | |||||||||||||||||||||||||||
$3.55 | to | 8.32 | 213,700 | 8.09 | $ | 5.42 | 70,283 | 7.68 | $ | 6.4 | ||||||||||||||||||
Restricted Stock Plans | ||||||||||||||||||||||||||||
The Company’s 2005 Restricted Stock Plan (the “2005 Plan”) provides for the grant of restricted stock awards. A total of 250,000 shares were reserved for issuance under the 2005 Plan. These shares are subject to such restrictions on transferability and other restrictions, if any, as the Compensation Committee may impose. During the nine months ended September 30, 2013, the Company awarded 41,000 restricted shares under the 2005 Plan, which vest annually over a three year period. | ||||||||||||||||||||||||||||
The Ballantyne Strong, Inc. Non-Employee Directors’ Restricted Stock Plan (the “Non-Employee Plan”) provides for the award of restricted shares to outside directors. A total of 250,000 shares are reserved for issuance under the Non-Employee Plan. During the nine months ended September 30, 2013, the Company granted 37,500 restricted shares under the Non-Employee Plan to the Board of Directors. These shares will vest the day preceding the Company’s 2014 Annual Meeting of Stockholders. | ||||||||||||||||||||||||||||
In connection with the restricted stock granted to certain employees and non-employee directors, the Company accrues compensation expense based on the estimated number of shares expected to be issued utilizing the most current information available to the Company at the date of the financial statements. The Company estimates the fair value of restricted stock awards based upon the market price of the underlying common stock on the date of grant. | ||||||||||||||||||||||||||||
As of September 30, 2013, the total unrecognized compensation cost related to non-vested restricted stock awards was approximately $0.7 million which is expected to be recognized over a weighted average period of 2.1 years. | ||||||||||||||||||||||||||||
The following table summarizes restricted stock activity for the nine months ended September 30, 2013: | ||||||||||||||||||||||||||||
Number of Restricted | Weighted Average | |||||||||||||||||||||||||||
Stock Shares | Grant Price | |||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||
Non-vested at December 31, 2012 | 84,200 | $ | 5.24 | |||||||||||||||||||||||||
Granted | 87,500 | 4.28 | ||||||||||||||||||||||||||
Shares vested | (42,200 | ) | 5.78 | |||||||||||||||||||||||||
Shares forfeited | — | — | ||||||||||||||||||||||||||
Non-vested at September 30, 2013 | 129,500 | $ | 4.42 | |||||||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||||||||||
The estimated grant date fair value of purchase rights outstanding under the Employee Stock Purchase Plan at September 30, 2013 was $1.57 per share using the Black-Scholes option-pricing model made with the following weighted average assumptions: | ||||||||||||||||||||||||||||
Expected dividend yield at date of grant | 0 | % | ||||||||||||||||||||||||||
Expected stock price volatility | 29.89 | % | ||||||||||||||||||||||||||
Risk-free interest rate | 0.14 | % | ||||||||||||||||||||||||||
Expected term (in years) | 1 | |||||||||||||||||||||||||||
The Company recorded insignificant share-based compensation expense pertaining to the stock purchase plan with insignificant associated tax benefits for each of the three and nine months ended September 30, 2013 and 2012. At September 30, 2013, the total unrecognized estimated compensation cost was insignificant. |
Note_10_Foreign_Exchange_Contr
Note 10 - Foreign Exchange Contracts | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Foreign Currency [Abstract] | ' | |||||||||||||||||||||
Foreign Currency Disclosure [Text Block] | ' | |||||||||||||||||||||
10. Foreign Exchange Contracts | ||||||||||||||||||||||
The Company’s primary exposure to foreign currency fluctuations pertains to its subsidiaries in Canada and China. In certain instances the Company may enter into foreign exchange forward contracts to manage a portion of this risk. The Company has not designated its foreign exchange forward contracts as hedges. | ||||||||||||||||||||||
The following table presents the gross fair value of derivative instruments, all of which are not designated as hedging instruments: | ||||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||||
(in thousands) | Classification | September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 9,985 | $ | — | |||||||||||||||||
The above fair value at September 30, 2013 is offset against $10.0 million in other current assets, resulting in a net amount of $0.02 million of net asset. All cash flows related to our foreign currency exchange contracts are classified as operating cash flows. We recognized in other income, the following realized and unrealized gains from foreign currency forward exchange contracts: | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands) | Classification | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Foreign exchange forward contracts | Other Income (Loss) | $ | 197 | $ | (16 | ) | $ | 9 | $ | 145 | ||||||||||||
Note_11_Commitments_Contingenc
Note 11 - Commitments, Contingencies and Concentrations | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
11. Commitments, Contingencies and Concentrations | |||||||||||||||||||||||||||||
Concentrations | |||||||||||||||||||||||||||||
The Company’s top ten customers accounted for approximately 53.5% and 43.3% of total consolidated net revenues for the three and nine months ended September 30, 2013, respectively, and were from the theatre segment. Trade accounts receivable from these customers represented approximately 33.1% of net consolidated receivables at September 30, 2013. While the Company believes its relationships with such customers are stable, most arrangements are made by purchase order and are terminable at will by either party. A significant decrease or interruption in business from the Company’s significant customers could have a material adverse effect on the Company’s business, financial condition and results of operations. The Company could also be adversely affected by such factors as changes in foreign currency rates and weak economic and political conditions in each of the countries in which the Company sells its products. | |||||||||||||||||||||||||||||
Financial instruments that potentially expose the Company to a concentration of credit risk principally consist of accounts receivable. The Company sells product to a large number of customers in many different geographic regions. To minimize credit concentration risk, the Company performs ongoing credit evaluations of its customers’ financial condition. | |||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||
The Company and its subsidiaries lease plant and office facilities, furniture, autos and equipment under operating leases expiring through 2023. These leases generally contain renewal options and the Company expects to renew or replace certain of these leases in the ordinary course of business. | |||||||||||||||||||||||||||||
The Company’s future minimum lease payments for operating leases are as follows: | |||||||||||||||||||||||||||||
Payments due by period ($ in thousands) | |||||||||||||||||||||||||||||
Total | Remainder | 2014 | 2015 | 2016 | 2017 | Thereafter | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Operating leases | $ | 3,767 | $ | 158 | $ | 579 | $ | 345 | $ | 355 | $ | 359 | $ | 1,971 | |||||||||||||||
Note_12_Business_Segment_Infor
Note 12 - Business Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
12. Business Segment Information | |||||||||||||||||
As of September 30, 2013, the Company’s operations were conducted principally through two business segments: Theatre and Lighting. Theatre operations include the sale and service of digital projection equipment, sound systems, xenon lamps, lenses and other accessories. The lighting segment operations include the design, assembly and sale of follow spotlights, stationary searchlights and computer operated lighting systems for the motion picture production, television, live entertainment, theme parks and architectural industries. The Company allocates resources to business segments and evaluates the performance of these segments based upon reported segment operating profit. All significant intercompany sales are eliminated in consolidation. | |||||||||||||||||
Summary by Business Segments | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenue | |||||||||||||||||
Theatre | |||||||||||||||||
Products | $ | 15,601 | $ | 34,145 | $ | 58,112 | $ | 116,546 | |||||||||
Services | 2,737 | 4,276 | 8,381 | 11,240 | |||||||||||||
Total theatre | 18,338 | 38,421 | 66,493 | 127,786 | |||||||||||||
Lighting | 517 | 839 | 4,372 | 2,201 | |||||||||||||
Total revenue | $ | 18,855 | $ | 39,260 | $ | 70,865 | $ | 129,987 | |||||||||
Operating Income (Loss) | |||||||||||||||||
Theatre | |||||||||||||||||
Products | $ | 1,905 | $ | 1,617 | $ | 6,071 | $ | 9,096 | |||||||||
Services | (38 | ) | 148 | 692 | 1,236 | ||||||||||||
Total theatre | 1,867 | 1,765 | 6,763 | 10,332 | |||||||||||||
Lighting | (117 | ) | 44 | 309 | (169 | ) | |||||||||||
Total segment operating income | 1,750 | 1,809 | 7,072 | 10,163 | |||||||||||||
Unallocated general and administrative expenses | (1,786 | ) | (1,782 | ) | (5,205 | ) | (5,697 | ) | |||||||||
Interest, net | 152 | (8 | ) | 169 | (30 | ) | |||||||||||
Gain on sale of assets | 3 | (17 | ) | 7 | 1,361 | ||||||||||||
Equity income (loss) of joint venture | 2 | (65 | ) | (117 | ) | 1 | |||||||||||
Other income | (33 | ) | (205 | ) | 463 | 208 | |||||||||||
Income (loss) before income taxes | $ | 88 | $ | (268 | ) | $ | 2,389 | $ | 6,006 | ||||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | |||||||||||||||
Identifiable assets | |||||||||||||||||
Theatre | |||||||||||||||||
Products | $ | 85,334 | $ | 92,525 | |||||||||||||
Services | 2,038 | 4,484 | |||||||||||||||
Total theatre | 87,372 | 97,009 | |||||||||||||||
Lighting | 3,312 | 2,537 | |||||||||||||||
Total | $ | 90,684 | $ | 99,546 | |||||||||||||
Summary by Geographical Area | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenue | |||||||||||||||||
United States | $ | 11,542 | $ | 30,050 | $ | 47,761 | $ | 107,579 | |||||||||
China | 4,374 | 4,263 | 10,821 | 12,261 | |||||||||||||
South America | 1,055 | 3,271 | 7,505 | 3,873 | |||||||||||||
Canada | 530 | 537 | 2,036 | 2,950 | |||||||||||||
Asia (excluding China) | 120 | 841 | 486 | 1,847 | |||||||||||||
Mexico | 527 | 152 | 962 | 546 | |||||||||||||
Europe | 654 | 146 | 976 | 488 | |||||||||||||
Other | 53 | — | 318 | 443 | |||||||||||||
Total | $ | 18,855 | $ | 39,260 | $ | 70,865 | $ | 129,987 | |||||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | |||||||||||||||
Identifiable assets | |||||||||||||||||
United States | $ | 50,900 | $ | 65,868 | |||||||||||||
Canada | 24,218 | 21,092 | |||||||||||||||
Asia (excluding China) | 5,961 | 7,337 | |||||||||||||||
China | 9,605 | 5,249 | |||||||||||||||
Total | $ | 90,684 | $ | 99,546 | |||||||||||||
Net revenues by business segment are to unaffiliated customers. Identifiable assets by geographical area are based on location of facilities. Net sales by geographical area are based on destination of sales. |
Note_13_Subsequent_Event
Note 13 - Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
13. Subsequent Event | |
Subsequent to the end of the quarter, on October 1, 2013, we acquired Convergent Media Systems, Inc. (CMS) from Sony Corporation for approximately $17.4 million in cash, which was the purchase price of $16.0 million adjusted for cash on hand in Canada and working capital variance based upon CMS’s targeted working capital. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||||||
The condensed consolidated financial statements include the accounts of the Company and all majority owned and controlled domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
The condensed consolidated financial statements included in this report are presented in accordance with the requirements of Form 10-Q and consequently do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America for annual reporting purposes or those made in the Company’s Annual Report on Form 10-K. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year-ended December 31, 2012. | |||||||||||||||||
The condensed consolidated balance sheet as of December 31, 2012 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary to present a fair statement of the financial position and the results of operations and cash flows for the respective interim periods. The results for interim periods are not necessarily indicative of trends or results expected for a full year. | |||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||||||
Use of Management Estimates | |||||||||||||||||
The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results and changes in facts and circumstances may alter such estimates and affect results of operations and financial position in future periods. | |||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||||||
Fair Value of Financial and Derivative Instruments | |||||||||||||||||
The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: | |||||||||||||||||
● | Level 1 - inputs to the valuation techniques are quoted prices in active markets for identical assets or liabilities | ||||||||||||||||
● | Level 2 - inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly | ||||||||||||||||
● | Level 3 - inputs to the valuation techniques are unobservable for the assets or liabilities | ||||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of September 30, 2013: | |||||||||||||||||
Fair Values Measured on a Recurring Basis: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
$ in thousands | |||||||||||||||||
Cash and cash equivalents | $ | 26,333 | $ | — | $ | — | $ | 26,333 | |||||||||
Foreign currency forward contracts | $ | — | $ | 9,985 | $ | — | $ | 9,985 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,388 | $ | 2,388 | |||||||||
The notes receivable accrue interest at a rate of 15% per annum which is paid in accordance with an agreed-upon cash flow schedule. | |||||||||||||||||
Quantitative information about the Company’s level 3 fair value measurements at September 30, 2013 is set forth below: | |||||||||||||||||
$ in thousands | Fair Value at | Valuation Technique | Unobservable input | Range | |||||||||||||
9/30/13 | |||||||||||||||||
Notes Receivable | $ | 2,388 | Discounted cash flow | Probability of default | 0 | % | |||||||||||
Prepayment rates | 0 | % | |||||||||||||||
Loss severity | 0 | % | |||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s notes receivable are prepayment rates, probability of default and loss severity in the event of default. Significant increases (decreases) in any of these inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and directionally opposite change in the assumption used for prepayment rates. | |||||||||||||||||
The following table reconciles the beginning and ending balance of the Company’s Notes Receivable fair value: | |||||||||||||||||
Nine months ended | |||||||||||||||||
30-Sep | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
$ in thousands | |||||||||||||||||
Notes Receivable balance, beginning of period | $ | 2,232 | $ | 2,062 | |||||||||||||
Interest Income | 156 | — | |||||||||||||||
Issuances of new notes | — | 155 | |||||||||||||||
Notes Receivable balance, end of period | $ | 2,388 | $ | 2,217 | |||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 31, 2012: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
$ in thousands | |||||||||||||||||
Cash and cash equivalents | $ | 40,168 | $ | — | $ | — | $ | 40,168 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,232 | $ | 2,232 | |||||||||
The carrying values of all other financial assets and liabilities including accounts receivable, accounts payable and accrued expenses reported in the consolidated balance sheets equal or approximate their fair values due to the short-term nature of these instruments. All non-financial assets that are not recognized or disclosed at fair value in the financial statements on a recurring basis, which includes non-financial long-lived assets, are measured at fair value in certain circumstances (for example, when there is evidence of impairment). During the nine months ended September 30, 2013 we did not have any significant non-recurring measurements of non-financial assets or liabilities. | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||||
There are no recently issued accounting pronouncements which the Company believes will materially impact its consolidated financial statements. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
$ in thousands | |||||||||||||||||
Cash and cash equivalents | $ | 26,333 | $ | — | $ | — | $ | 26,333 | |||||||||
Foreign currency forward contracts | $ | — | $ | 9,985 | $ | — | $ | 9,985 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,388 | $ | 2,388 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
$ in thousands | |||||||||||||||||
Cash and cash equivalents | $ | 40,168 | $ | — | $ | — | $ | 40,168 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,232 | $ | 2,232 | |||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||
$ in thousands | Fair Value at | Valuation Technique | Unobservable input | Range | |||||||||||||
9/30/13 | |||||||||||||||||
Notes Receivable | $ | 2,388 | Discounted cash flow | Probability of default | 0 | % | |||||||||||
Prepayment rates | 0 | % | |||||||||||||||
Loss severity | 0 | % | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||
Nine months ended | |||||||||||||||||
30-Sep | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
$ in thousands | |||||||||||||||||
Notes Receivable balance, beginning of period | $ | 2,232 | $ | 2,062 | |||||||||||||
Interest Income | 156 | — | |||||||||||||||
Issuances of new notes | — | 155 | |||||||||||||||
Notes Receivable balance, end of period | $ | 2,388 | $ | 2,217 |
Note_4_Earnings_Loss_Per_Commo1
Note 4 - Earnings (Loss) Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Basic earnings (loss) per share: | |||||||||||||||||
Earnings (loss) applicable to common stock | $ | 46 | $ | (268 | ) | $ | 1,887 | $ | 3,982 | ||||||||
Basic weighted average common shares outstanding | 14,009 | 13,959 | 13,995 | 14,055 | |||||||||||||
Basic earnings (loss) per share | $ | 0 | $ | (0.02 | ) | $ | 0.13 | $ | 0.28 | ||||||||
Diluted earnings (loss) per share: | |||||||||||||||||
Earnings (loss) applicable to common stock | $ | 46 | $ | (268 | ) | $ | 1,887 | $ | 3,982 | ||||||||
Basic weighted average common shares outstanding | 14,009 | 13,959 | 13,995 | 14,055 | |||||||||||||
Dilutive effect of stock options and restricted stock awards | 30 | — | 30 | 81 | |||||||||||||
Dilutive weighted average common shares outstanding | 14,039 | 13,959 | 14,025 | 14,136 | |||||||||||||
Diluted earnings (loss) per share | $ | 0 | $ | (0.02 | ) | $ | 0.13 | $ | 0.28 |
Note_5_Warranty_Reserves_Table
Note 5 - Warranty Reserves (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Warranty accrual at beginning of period | $ | 851 | $ | 846 | $ | 770 | $ | 1,028 | |||||||||
Charged to expense | 91 | 98 | 280 | 321 | |||||||||||||
Amounts written off, net of recoveries | (55 | ) | (89 | ) | (171 | ) | (495 | ) | |||||||||
Foreign currency adjustment | 4 | 13 | 12 | 14 | |||||||||||||
Warranty accrual at end of period | $ | 891 | $ | 868 | $ | 891 | $ | 868 |
Note_7_Corporatewide_Strategic1
Note 7 - Corporate-wide Strategic Initiative (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring and Related Costs [Table Text Block] | ' | ||||
(in thousands) | |||||
Accrued severance at beginning of period | $ | 88 | |||
Severance paid | (66 | ) | |||
Accrued severance at end of period | $ | 22 |
Note_9_Stock_Compensation_Tabl
Note 9 - Stock Compensation (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Share based compensation expense | $ | 125 | $ | 10 | $ | 345 | $ | 289 | ||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||||||||||
Expected dividend yield at date of grant | 0 | % | ||||||||||||||||||||||||||
Expected stock price volatility | 58.5 | % | ||||||||||||||||||||||||||
Risk-free interest rate | 0.9 | % | ||||||||||||||||||||||||||
Expected life of options (in years) | 5.5 | |||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||
Options | Average | Average | Intrinsic | |||||||||||||||||||||||||
Exercise Price | Remaining | Value | ||||||||||||||||||||||||||
Per Share | Contractual | |||||||||||||||||||||||||||
Term | ||||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 191,200 | $ | 5.64 | 8.69 | $ | — | ||||||||||||||||||||||
Granted | 22,500 | 3.55 | ||||||||||||||||||||||||||
Exercised | — | — | ||||||||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||||||||
Outstanding at September 30, 2013 | 213,700 | $ | 5.42 | 8.09 | $ | 16,393 | ||||||||||||||||||||||
Exercisable at September 30, 2013 | 70,283 | $ | 6.4 | 7.68 | $ | 418 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||||||||||||||
Options Outstanding at | Options Exercisable at | |||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | |||||||||||||||||||||||||||
Range of option exercise price | Number of | Weighted | Weighted | Number of | Weighted | Weighted | ||||||||||||||||||||||
options | average | average | options | average | average | |||||||||||||||||||||||
remaining | exercise price | remaining | exercise price | |||||||||||||||||||||||||
contractual | per option | contractual | per option | |||||||||||||||||||||||||
life | life | |||||||||||||||||||||||||||
$3.55 | to | 8.32 | 213,700 | 8.09 | $ | 5.42 | 70,283 | 7.68 | $ | 6.4 | ||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||||||||||||||||
Number of Restricted | Weighted Average | |||||||||||||||||||||||||||
Stock Shares | Grant Price | |||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||
Non-vested at December 31, 2012 | 84,200 | $ | 5.24 | |||||||||||||||||||||||||
Granted | 87,500 | 4.28 | ||||||||||||||||||||||||||
Shares vested | (42,200 | ) | 5.78 | |||||||||||||||||||||||||
Shares forfeited | — | — | ||||||||||||||||||||||||||
Non-vested at September 30, 2013 | 129,500 | $ | 4.42 | |||||||||||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||||||||||
Expected dividend yield at date of grant | 0 | % | ||||||||||||||||||||||||||
Expected stock price volatility | 29.89 | % | ||||||||||||||||||||||||||
Risk-free interest rate | 0.14 | % | ||||||||||||||||||||||||||
Expected term (in years) | 1 |
Note_10_Foreign_Exchange_Contr1
Note 10 - Foreign Exchange Contracts (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Foreign Currency [Abstract] | ' | |||||||||||||||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | ' | |||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||||
(in thousands) | Classification | September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 9,985 | $ | — | |||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands) | Classification | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Foreign exchange forward contracts | Other Income (Loss) | $ | 197 | $ | (16 | ) | $ | 9 | $ | 145 |
Note_11_Commitments_Contingenc1
Note 11 - Commitments, Contingencies and Concentrations (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||||||||||||||||||
Payments due by period ($ in thousands) | |||||||||||||||||||||||||||||
Total | Remainder | 2014 | 2015 | 2016 | 2017 | Thereafter | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Operating leases | $ | 3,767 | $ | 158 | $ | 579 | $ | 345 | $ | 355 | $ | 359 | $ | 1,971 |
Note_12_Business_Segment_Infor1
Note 12 - Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenue | |||||||||||||||||
Theatre | |||||||||||||||||
Products | $ | 15,601 | $ | 34,145 | $ | 58,112 | $ | 116,546 | |||||||||
Services | 2,737 | 4,276 | 8,381 | 11,240 | |||||||||||||
Total theatre | 18,338 | 38,421 | 66,493 | 127,786 | |||||||||||||
Lighting | 517 | 839 | 4,372 | 2,201 | |||||||||||||
Total revenue | $ | 18,855 | $ | 39,260 | $ | 70,865 | $ | 129,987 | |||||||||
Operating Income (Loss) | |||||||||||||||||
Theatre | |||||||||||||||||
Products | $ | 1,905 | $ | 1,617 | $ | 6,071 | $ | 9,096 | |||||||||
Services | (38 | ) | 148 | 692 | 1,236 | ||||||||||||
Total theatre | 1,867 | 1,765 | 6,763 | 10,332 | |||||||||||||
Lighting | (117 | ) | 44 | 309 | (169 | ) | |||||||||||
Total segment operating income | 1,750 | 1,809 | 7,072 | 10,163 | |||||||||||||
Unallocated general and administrative expenses | (1,786 | ) | (1,782 | ) | (5,205 | ) | (5,697 | ) | |||||||||
Interest, net | 152 | (8 | ) | 169 | (30 | ) | |||||||||||
Gain on sale of assets | 3 | (17 | ) | 7 | 1,361 | ||||||||||||
Equity income (loss) of joint venture | 2 | (65 | ) | (117 | ) | 1 | |||||||||||
Other income | (33 | ) | (205 | ) | 463 | 208 | |||||||||||
Income (loss) before income taxes | $ | 88 | $ | (268 | ) | $ | 2,389 | $ | 6,006 | ||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | |||||||||||||||
Identifiable assets | |||||||||||||||||
Theatre | |||||||||||||||||
Products | $ | 85,334 | $ | 92,525 | |||||||||||||
Services | 2,038 | 4,484 | |||||||||||||||
Total theatre | 87,372 | 97,009 | |||||||||||||||
Lighting | 3,312 | 2,537 | |||||||||||||||
Total | $ | 90,684 | $ | 99,546 | |||||||||||||
Revenue from External Customers by Geographic Areas [Table Text Block] | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenue | |||||||||||||||||
United States | $ | 11,542 | $ | 30,050 | $ | 47,761 | $ | 107,579 | |||||||||
China | 4,374 | 4,263 | 10,821 | 12,261 | |||||||||||||
South America | 1,055 | 3,271 | 7,505 | 3,873 | |||||||||||||
Canada | 530 | 537 | 2,036 | 2,950 | |||||||||||||
Asia (excluding China) | 120 | 841 | 486 | 1,847 | |||||||||||||
Mexico | 527 | 152 | 962 | 546 | |||||||||||||
Europe | 654 | 146 | 976 | 488 | |||||||||||||
Other | 53 | — | 318 | 443 | |||||||||||||
Total | $ | 18,855 | $ | 39,260 | $ | 70,865 | $ | 129,987 | |||||||||
Total Assets By Geographic Areas | ' | ||||||||||||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | |||||||||||||||
Identifiable assets | |||||||||||||||||
United States | $ | 50,900 | $ | 65,868 | |||||||||||||
Canada | 24,218 | 21,092 | |||||||||||||||
Asia (excluding China) | 5,961 | 7,337 | |||||||||||||||
China | 9,605 | 5,249 | |||||||||||||||
Total | $ | 90,684 | $ | 99,546 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Time Sharing Transactions, Weighted Average of Stated Interest Rates for Notes Receivable | 15.00% |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Fair Value Measured Financial Assets and Liabilities (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 2 - Summary of Significant Accounting Policies (Details) - Fair Value Measured Financial Assets and Liabilities [Line Items] | ' | ' |
Cash and cash equivalents | $26,333 | $40,168 |
Foreign currency forward contracts | 9,985 | ' |
Notes Receivable | 2,388 | 2,232 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) - Fair Value Measured Financial Assets and Liabilities [Line Items] | ' | ' |
Cash and cash equivalents | 26,333 | 40,168 |
Foreign currency forward contracts | 0 | ' |
Notes Receivable | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) - Fair Value Measured Financial Assets and Liabilities [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Foreign currency forward contracts | 9,985 | ' |
Notes Receivable | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) - Fair Value Measured Financial Assets and Liabilities [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Foreign currency forward contracts | 0 | ' |
Notes Receivable | $2,388 | $2,232 |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Quantitative Information About Company's Level 3 Fair Value Measurements (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Probability of default [Member] | Probability of default [Member] | Probability of default [Member] | Probability of default [Member] | Prepayment Rates [Member] | Prepayment Rates [Member] | Loss severity [Member] | Loss severity [Member] | ||
Valuation Technique [Member] | Unobservable Input [Member] | Unobservable Input Range [Member] | Unobservable Input [Member] | Unobservable Input Range [Member] | Unobservable Input [Member] | Unobservable Input Range [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Receivable Fair Value (in Dollars) | $2,388 | $2,232 | $2,388 | ' | ' | ' | ' | ' | ' | ' |
Notes Receivable Valuation Technique | ' | ' | ' | 'Discounted cash flow | 'Probability of default | ' | 'Prepayment rates | ' | 'Loss severity | ' |
Notes Receivable Unobservable input | ' | ' | ' | 'Discounted cash flow | 'Probability of default | ' | 'Prepayment rates | ' | 'Loss severity | ' |
Range | ' | ' | ' | ' | ' | 0.00% | ' | 0.00% | ' | 0.00% |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies (Details) - Notes Receivable Reconciliation (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Notes Receivable Reconciliation [Abstract] | ' | ' |
Notes Receivable balance, beginning of period | $2,232 | $2,062 |
Notes Receivable balance, end of period | 2,388 | 2,217 |
Interest Income | 156 | ' |
Issuances of new notes | $0 | $155 |
Note_3_Acquisitions_Details
Note 3 - Acquisitions (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Oct. 01, 2013 | Sep. 30, 2013 | Sep. 13, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Peintures Elite Inc. [Member] | Peintures Elite Inc. [Member] | Convergent Media Systems, Inc. [Member] | Convergent Media Systems, Inc. [Member] | |
Convergent Media Systems, Inc. [Member] | Convergent Media Systems, Inc. [Member] | Convergent Media Systems, Inc. [Member] | |||||
Note 3 - Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | $17,400,000 | $17,400,000 | ' | $1,700,000 | $1,747,000 | ' | $17,424,000 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount (Deprecated 2013-01-31) | ' | ' | ' | 1,200,000 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | 600,000 | ' | ' | ' |
Payments for Other Deposits | ' | ' | ' | ' | ' | 17,400,000 | ' |
Business Acquisition Cost Of Acquired Entity Purchase Price Before Working Capital Adjustments | ' | $16,000,000 | $16,000,000 | ' | ' | ' | ' |
Note_4_Earnings_Loss_Per_Commo2
Note 4 - Earnings (Loss) Per Common Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Note 4 - Earnings (Loss) Per Common Share (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 291,000 | 50,000 | 293,200 | 50,000 |
Equity Option [Member] | ' | ' | ' | ' |
Note 4 - Earnings (Loss) Per Common Share (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 79,000 | ' | ' |
Note_4_Earnings_Loss_Per_Commo3
Note 4 - Earnings (Loss) Per Common Share (Details) - Reconciliation Between Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciliation Between Basic and Diluted Earnings Per Share [Abstract] | ' | ' | ' | ' |
Earnings applicable to common stock (in Dollars) | $46 | ($268) | $1,887 | $3,982 |
Basic weighted average common shares outstanding | 14,009 | 13,959 | 13,995 | 14,055 |
Dilutive effect of stock options and restricted stock awards | 30 | ' | 30 | 81 |
Dilutive weighted average common shares outstanding | 14,039 | 13,959 | 14,025 | 14,136 |
Diluted earnings (loss) per share (in Dollars per share) | $0 | ($0.02) | $0.13 | $0.28 |
Basic earnings (loss) per share (in Dollars per share) | $0 | ($0.02) | $0.13 | $0.28 |
Note_5_Warranty_Reserves_Detai
Note 5 - Warranty Reserves (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Product Warranties Disclosures [Abstract] | ' |
Product Warranty Period for Sold Equipment | '1 year |
Note_5_Warranty_Reserves_Detai1
Note 5 - Warranty Reserves (Details) - Warranty Reserves (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Warranty Reserves [Abstract] | ' | ' | ' | ' |
Warranty accrual at beginning of period | $851 | $846 | $770 | $1,028 |
Charged to expense | 91 | 98 | 280 | 321 |
Amounts written off, net of recoveries | -55 | -89 | -171 | -495 |
Foreign currency adjustment | 4 | 13 | 12 | 14 |
Warranty accrual at end of period | $891 | $868 | $891 | $868 |
Note_6_Digital_Link_II_Joint_V1
Note 6 - Digital Link II Joint Venture (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2007 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 06, 2007 | |
Note 6 - Digital Link II Joint Venture (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Members of Joint Venture | 2 | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | 44.40% | ' | ' | 44.40% | ' | 44.40% |
Joint Venture Ownership Percentage by Partner in Venture | ' | ' | ' | ' | ' | ' | 55.60% |
Number of Tranche in Period | ' | ' | ' | ' | 4 | ' | ' |
Number of Weeks in Each Tranche of Period | ' | ' | ' | ' | '13 | ' | ' |
Length of Fiscal Year | ' | ' | ' | ' | '52 | ' | ' |
Income (Loss) from Equity Method Investments | ' | $2,000 | ($65,000) | ' | ($117,000) | $1,000 | ' |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | ' | ' | 1,000,000 | 1,500,000 | ' | 2,508,000 | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | 0 | ' | ' | 0 | ' | ' |
Joint Venture II [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 6 - Digital Link II Joint Venture (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | -100,000 | ' | ' |
Gross Margin Recognized on Equity Method Investee Sales | ' | ' | $0 | ' | ' | $200,000 | ' |
Note_7_Corporatewide_Strategic2
Note 7 - Corporate-wide Strategic Initiative (Details) (USD $) | 33 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Restructuring and Related Activities [Abstract] | ' |
Severance Costs | $1.40 |
Note_7_Corporatewide_Strategic3
Note 7 - Corporate-wide Strategic Initiative (Details) - Restructuring Balance Reconciliation (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Restructuring Balance Reconciliation [Abstract] | ' |
Accrued severance at beginning of period | $88 |
Severance paid | -66 |
Accrued severance at end of period | $22 |
Note_8_Income_Taxes_Details
Note 8 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 47.80% | 0.10% | 21.00% | 33.70% |
Tax Adjustment Return To Accrual Provision (in Dollars) | $0.03 | ' | $0.03 | ' |
Unrecognized Tax Benefits (in Dollars) | $0.20 | ' | $0.20 | ' |
Note_9_Stock_Compensation_Deta
Note 9 - Stock Compensation (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Note 9 - Stock Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 22,500 | ' |
Restricted Stock [Member] | 2010 Plan [Member] | ' | ' |
Note 9 - Stock Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,000 | ' |
Restricted Stock [Member] | 2005 Plan [Member] | ' | ' |
Note 9 - Stock Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 250,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 41,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Restricted Stock [Member] | Non-Employee Plan [Member] | ' | ' |
Note 9 - Stock Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 250,000 | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 37,500 | ' |
Restricted Stock [Member] | ' | ' |
Note 9 - Stock Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 87,500 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $0.70 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 36 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in Dollars per share) | $4.42 | $5.24 |
2010 Plan [Member] | ' | ' |
Note 9 - Stock Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 600,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 22,500 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' |
Employe Stock Purchase Plan [Member] | ' | ' |
Note 9 - Stock Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in Dollars per share) | $1.57 | ' |
Note_9_Stock_Compensation_Deta1
Note 9 - Stock Compensation (Details) - Share-based Compensation Expense (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Expense [Abstract] | ' | ' | ' | ' |
Share based compensation expense | $125 | $10 | $345 | $289 |
Note_9_Stock_Compensation_Deta2
Note 9 - Stock Compensation (Details) - Fair Value Assumptions for Stock Options Granted (Employee Stock Option [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Employee Stock Option [Member] | ' |
Note 9 - Stock Compensation (Details) - Fair Value Assumptions for Stock Options Granted [Line Items] | ' |
Expected dividend yield at date of grant | 0.00% |
Expected stock price volatility | 58.50% |
Risk-free interest rate | 0.90% |
Expected life of options (in years) | '5 years 6 months |
Note_9_Stock_Compensation_Deta3
Note 9 - Stock Compensation (Details) - Stock Options Activities (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Stock Options Activities [Abstract] | ' | ' |
Outstanding at December 31, 2012 | ' | 191,200 |
Outstanding at December 31, 2012 (in Dollars per share) | ' | $5.64 |
Outstanding at December 31, 2012 | '8 years 32 days | '8 years 251 days |
Outstanding at December 31, 2012 (in Dollars) | ' | $0 |
Outstanding at September 30, 2013 | 213,700 | ' |
Outstanding at September 30, 2013 (in Dollars per share) | $5.42 | ' |
Outstanding at September 30, 2013 | '8 years 32 days | '8 years 251 days |
Outstanding at September 30, 2013 (in Dollars) | 16,393 | ' |
Exercisable at September 30, 2013 | 70,283 | ' |
Exercisable at September 30, 2013 (in Dollars per share) | $6.40 | ' |
Exercisable at September 30, 2013 | '7 years 248 days | ' |
Exercisable at September 30, 2013 (in Dollars) | $418 | ' |
Granted | 22,500 | ' |
Granted (in Dollars per share) | $3.55 | ' |
Exercised | 0 | ' |
Exercised (in Dollars per share) | $0 | ' |
Forfeited | 0 | ' |
Forfeited (in Dollars per share) | $0 | ' |
Note_9_Stock_Compensation_Deta4
Note 9 - Stock Compensation (Details) - Information About Stock Options Outstanding and Exercisable (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Information About Stock Options Outstanding and Exercisable [Abstract] | ' |
$3.55 | |
$8.32 | |
(in Shares) | 213,700 |
'8 years 32 days | |
$5.42 | |
(in Shares) | 70,283 |
'7 years 248 days | |
$6.40 |
Note_9_Stock_Compensation_Deta5
Note 9 - Stock Compensation (Details) - Restricted Stock Activity (Restricted Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock [Member] | ' |
Note 9 - Stock Compensation (Details) - Restricted Stock Activity [Line Items] | ' |
Number of Restricted Stock Shares | 84,200 |
Weighted Average Grant Price Fair Value (in Dollars per share) | $5.24 |
Granted | 87,500 |
Granted (in Dollars per share) | $4.28 |
Shares vested | -42,200 |
Shares vested (in Dollars per share) | $5.78 |
Shares forfeited | 0 |
Shares forfeited (in Dollars per share) | $0 |
Number of Restricted Stock Shares | 129,500 |
Weighted Average Grant Price Fair Value (in Dollars per share) | $4.42 |
Note_9_Stock_Compensation_Deta6
Note 9 - Stock Compensation (Details) - Fair Value Assumptions for Employee Stock Purchase Plan (Employe Stock Purchase Plan [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Employe Stock Purchase Plan [Member] | ' |
Note 9 - Stock Compensation (Details) - Fair Value Assumptions for Employee Stock Purchase Plan [Line Items] | ' |
Expected dividend yield at date of grant | 0.00% |
Expected stock price volatility | 29.89% |
Risk-free interest rate | 0.14% |
Expected term (in years) | '1 year |
Note_10_Foreign_Exchange_Contr2
Note 10 - Foreign Exchange Contracts (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Foreign Currency [Abstract] | ' |
Derivative Asset Fair Value, Amount Offset Against Current Liabilities | $10 |
Current Liability Net of Offset of Derivative Fair Value Gross Amount | $0.02 |
Note_10_Foreign_Exchange_Contr3
Note 10 - Foreign Exchange Contracts (Details) - Gross Fair Value of Derivative Instruments Not Designated as Hedging Instruments (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Gross Fair Value of Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' |
Foreign exchange forward contracts | $9,985 |
Note_10_Foreign_Exchange_Contr4
Note 10 - Foreign Exchange Contracts (Details) - Realized and Unrealized Gains From Foreign Currency Forward Exchange Contracts (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Realized and Unrealized Gains From Foreign Currency Forward Exchange Contracts [Abstract] | ' | ' | ' | ' |
Foreign exchange forward contracts | $197 | ($16) | $9 | $145 |
Note_11_Commitments_Contingenc2
Note 11 - Commitments, Contingencies and Concentrations (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Note 11 - Commitments, Contingencies and Concentrations (Details) [Line Items] | ' | ' |
Concentration Risk, Number of Customers | 10 | 10 |
Top Ten Customers [Member] | Net Revenue [Member] | ' | ' |
Note 11 - Commitments, Contingencies and Concentrations (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 53.50% | 43.30% |
Top Ten Customers [Member] | Accounts Receivable [Member] | ' | ' |
Note 11 - Commitments, Contingencies and Concentrations (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | ' | 33.10% |
Note_11_Commitments_Contingenc3
Note 11 - Commitments, Contingencies and Concentrations (Details) - Operating Leases Future Minimium Lease Payments (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimium Lease Payments [Abstract] | ' |
Operating leases | $3,767 |
Operating leases | 158 |
Operating leases | 579 |
Operating leases | 345 |
Operating leases | 355 |
Operating leases | 359 |
Operating leases | $1,971 |
Note_12_Business_Segment_Infor2
Note 12 - Business Segment Information (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 2 |
Note_12_Business_Segment_Infor3
Note 12 - Business Segment Information (Details) - Summary of Business Segments (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenue | ' | ' | ' | ' |
Net Revenue | $18,855 | $39,260 | $70,865 | $129,987 |
Operating Income (Loss) | ' | ' | ' | ' |
Operating Income | -33 | 10 | 1,874 | 5,827 |
Unallocated general and administrative expenses | -1,786 | -1,782 | -5,205 | -5,697 |
Interest, net | 152 | -8 | 169 | -30 |
Gain on sale of assets | 3 | -17 | 7 | 1,361 |
Equity income (loss) of joint venture | 2 | -65 | -117 | 1 |
Other income | -33 | -205 | 463 | 208 |
Income (loss) before income taxes | 88 | -268 | 2,389 | 6,006 |
Product [Member] | Theatre [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | 15,601 | 34,145 | 58,112 | 116,546 |
Operating Income (Loss) | ' | ' | ' | ' |
Operating Income | 1,905 | 1,617 | 6,071 | 9,096 |
Services [Member] | Theatre [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | 2,737 | 4,276 | 8,381 | 11,240 |
Operating Income (Loss) | ' | ' | ' | ' |
Operating Income | -38 | 148 | 692 | 1,236 |
Theatre [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | 18,338 | 38,421 | 66,493 | 127,786 |
Operating Income (Loss) | ' | ' | ' | ' |
Operating Income | 1,867 | 1,765 | 6,763 | 10,332 |
Lighting [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | 517 | 839 | 4,372 | 2,201 |
Operating Income (Loss) | ' | ' | ' | ' |
Operating Income | -117 | 44 | 309 | -169 |
Operating Segments [Member] | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | ' | ' |
Operating Income | $1,750 | $1,809 | $7,072 | $10,163 |
Note_12_Business_Segment_Infor4
Note 12 - Business Segment Information (Details) - Summary of Identifiable Assets By Business Segment (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Identifiable assets | ' | ' |
Identifiable assets | $90,684 | $99,546 |
Product [Member] | Theatre [Member] | ' | ' |
Identifiable assets | ' | ' |
Identifiable assets | 85,334 | 92,525 |
Services [Member] | Theatre [Member] | ' | ' |
Identifiable assets | ' | ' |
Identifiable assets | 2,038 | 4,484 |
Theatre [Member] | ' | ' |
Identifiable assets | ' | ' |
Identifiable assets | 87,372 | 97,009 |
Lighting [Member] | ' | ' |
Identifiable assets | ' | ' |
Identifiable assets | $3,312 | $2,537 |
Note_12_Business_Segment_Infor5
Note 12 - Business Segment Information (Details) - Summary of Net Revenue by Geographical Area (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenue | ' | ' | ' | ' |
Net Revenue | $18,855 | $39,260 | $70,865 | $129,987 |
United States [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | 11,542 | 30,050 | 47,761 | 107,579 |
China [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | 4,374 | 4,263 | 10,821 | 12,261 |
South America [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | 1,055 | 3,271 | 7,505 | 3,873 |
Canada [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | 530 | 537 | 2,036 | 2,950 |
Asia Excluding China [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | 120 | 841 | 486 | 1,847 |
Mexico [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | 527 | 152 | 962 | 546 |
Europe [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | 654 | 146 | 976 | 488 |
Other Countries [Member] | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' |
Net Revenue | $53 | ' | $318 | $443 |
Note_12_Business_Segment_Infor6
Note 12 - Business Segment Information (Details) - Summary of Identifiable Assets By Geographical Area (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Identifiable assets | ' | ' |
Identifiable Assets | $90,684 | $99,546 |
United States [Member] | ' | ' |
Identifiable assets | ' | ' |
Identifiable Assets | 50,900 | 65,868 |
Canada [Member] | ' | ' |
Identifiable assets | ' | ' |
Identifiable Assets | 24,218 | 21,092 |
Asia Excluding China [Member] | ' | ' |
Identifiable assets | ' | ' |
Identifiable Assets | 5,961 | 7,337 |
China [Member] | ' | ' |
Identifiable assets | ' | ' |
Identifiable Assets | $9,605 | $5,249 |
Note_13_Subsequent_Event_Detai
Note 13 - Subsequent Event (Details) (Convergent Media Systems, Inc. [Member], USD $) | 0 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Oct. 01, 2013 | Sep. 30, 2013 | |
Note 13 - Subsequent Event (Details) [Line Items] | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | $17,424,000 |
Subsequent Event [Member] | ' | ' | ' |
Note 13 - Subsequent Event (Details) [Line Items] | ' | ' | ' |
Payments to Acquire Businesses, Gross | 17,400,000 | 17,400,000 | ' |
Business Acquisition Cost Of Acquired Entity Purchase Price Before Working Capital Adjustments | ' | $16,000,000 | $16,000,000 |