Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 04, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | BALLANTYNE STRONG, INC. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 14,092,129 | ||
Entity Public Float | $58,846,579 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 946454 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $22,491 | $28,791 |
Accounts receivable (less allowance for doubtful accounts of $679 in 2014 and $703 in 2013) | 20,266 | 20,047 |
Inventories, net | 14,108 | 15,185 |
Recoverable income taxes | 1,255 | 2,207 |
Deferred income taxes | 3,541 | 2,264 |
Other current assets | 2,956 | 3,609 |
Total current assets | 64,617 | 72,103 |
Property, plant and equipment, net | 13,914 | 14,721 |
Intangible assets, net | 1,168 | 895 |
Goodwill | 1,029 | 1,123 |
Notes receivable | 2,985 | 2,497 |
Deferred income taxes | 4,910 | 1,393 |
Other assets | 1,447 | 2,712 |
Total assets | 90,070 | 95,444 |
Current liabilities: | ||
Accounts payable | 9,039 | 12,844 |
Accrued expenses | 4,366 | 6,236 |
Customer deposits/deferred revenue | 5,473 | 3,474 |
Income tax payable | 1,009 | 888 |
Total current liabilities | 19,887 | 23,442 |
Deferred revenue | 2,230 | 3,008 |
Deferred income taxes | 715 | 790 |
Other accrued expenses, net of current portion | 1,776 | 1,748 |
Total liabilities | 24,608 | 28,988 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, par value $.01 per share; Authorized 1,000 shares, none outstanding | 0 | 0 |
Common stock, par value $.01 per share; Authorized 25,000 shares; issued 16,809 and 16,741 shares at December 31, 2014 and December 31, 2013, respectively; 14,078 and 14,010 shares outstanding at December 31, 2014 and 2013, respectively | 168 | 167 |
Additional paid-in capital | 38,657 | 38,231 |
Accumulated other comprehensive income (loss): | ||
Foreign currency translation | -2,325 | -959 |
Postretirement benefit obligation | 139 | 190 |
Retained earnings | 47,062 | 47,066 |
83,701 | 84,695 | |
Less 2,731 of common shares in treasury, at December 31, 2014 and 2013, respectively, at cost | -18,239 | -18,239 |
Total stockholders’ equity | 65,462 | 66,456 |
Total liabilities and stockholders’ equity | $90,070 | $95,444 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts (in Dollars) | $679 | $703 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares | 25,000 | 25,000 |
Common stock, issued shares | 16,809 | 16,741 |
Common stock, outstanding shares | 14,078 | 14,010 |
Common shares in treasury | 2,731 | 2,731 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net product sales | $70,360 | $88,067 | $154,493 |
Net service revenues | 24,726 | 15,543 | 14,591 |
Total net revenues | 95,086 | 103,610 | 169,084 |
Cost of products sold | 60,106 | 75,171 | 135,174 |
Cost of services | 16,820 | 11,594 | 11,316 |
Total cost of revenues | 76,926 | 86,765 | 146,490 |
Gross profit | 18,160 | 16,845 | 22,594 |
Selling and administrative expenses: | |||
Selling | 7,235 | 3,965 | 4,467 |
Administrative | 12,740 | 12,773 | 11,456 |
Total selling and administrative expenses | 19,975 | 16,738 | 15,923 |
Gain (loss) on sale or disposal of assets | 10 | -8 | 1,332 |
Income from operations | -1,805 | 99 | 8,003 |
Equity in income (loss) of joint venture | 78 | -25 | 10 |
Other income: | |||
Interest income | 705 | 352 | 14 |
Interest expense | -48 | -2 | -47 |
Other income (expense), net | 601 | 527 | 170 |
Total other income | 1,258 | 877 | 137 |
Earnings (loss) before income taxes | -469 | 951 | 8,150 |
Income tax benefit (expense) | 465 | -788 | -2,608 |
Net earnings (loss) | ($4) | $163 | $5,542 |
Basic earnings per share (in Dollars per share) | $0 | $0.01 | $0.39 |
Diluted earnings per share (in Dollars per share) | $0 | $0.01 | $0.39 |
Weighted average shares outstanding: | |||
Basic (in Shares) | 14,061 | 13,999 | 14,038 |
Diluted (in Shares) | 14,061 | 14,031 | 14,115 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net earnings (loss) | ($4) | $163 | $5,542 |
Adjustment to postretirement benefit obligation: | |||
Prior service credit | -27 | 302 | |
Net actuarial loss | -24 | -158 | -35 |
Total adjustment to postretirement benefit obligation | -51 | 144 | -35 |
Unrealized net change arising during period | -1,366 | -1,228 | 406 |
Other comprehensive gain (loss) | -1,417 | -1,084 | 371 |
Comprehensive income (loss) | ($1,421) | ($921) | $5,913 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | ||||||
Balance at December 31 at Dec. 31, 2011 | $167 | $37,234 | $41,361 | ($15,483) | ($56) | $63,223 |
Net income (loss) | 5,542 | 5,542 | ||||
Other comprehensive gain (loss) | 371 | 371 | ||||
Treasury share purchase of 576 shares | -2,756 | -2,756 | ||||
Issuance of shares of common stock under the restricted stock plans | 213 | 213 | ||||
Issuance of shares of common stock under the employees stock purchase plan | 7 | 7 | ||||
Share-based compensation expense | 316 | 316 | ||||
Balance at December 31 at Dec. 31, 2012 | 167 | 37,770 | 46,903 | -18,239 | 315 | 66,916 |
Net income (loss) | 163 | 163 | ||||
Other comprehensive gain (loss) | -1,084 | -1,084 | ||||
Issuance of shares of common stock under the restricted stock plans | 66 | 66 | ||||
Issuance of shares of common stock under the employees stock purchase plan | 2 | 2 | ||||
Share-based compensation expense | 393 | 393 | ||||
Balance at December 31 at Dec. 31, 2013 | 167 | 38,231 | 47,066 | -18,239 | -769 | 66,456 |
Net income (loss) | -4 | -4 | ||||
Other comprehensive gain (loss) | -1,417 | -1,417 | ||||
Issuance of shares of common stock under the restricted stock plans | 1 | 309 | 310 | |||
Share-based compensation expense | 117 | 117 | ||||
Balance at December 31 at Dec. 31, 2014 | $168 | $38,657 | $47,062 | ($18,239) | ($2,186) | $65,462 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders’ Equity (Parentheticals) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Trеasury sharе purchasе, sharеs | 576 | ||
Issuancе of common stock undеr thе rеstrictеd stock plans, sharеs issuеd | 68 | 14 | 112 |
Issuancе of common stock undеr thе еmployееs stock purchasе plan, sharеs issuеd | 1 | 2 | |
Common Stock [Member] | |||
Issuancе of common stock undеr thе rеstrictеd stock plans, sharеs issuеd | 68 | 14 | 112 |
Issuancе of common stock undеr thе еmployееs stock purchasе plan, sharеs issuеd | 1 | 2 | |
Treasury Stock [Member] | |||
Trеasury sharе purchasе, sharеs | 576 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net earnings (loss) | ($4) | $163 | $5,542 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Provision for doubtful accounts | 92 | 273 | 626 |
Provision for obsolete inventory | -200 | -111 | -350 |
Provision for warranty | 430 | 538 | |
Depreciation and amortization | 1,924 | 1,511 | 1,268 |
Equity in (income) loss of joint venture | -78 | 25 | -10 |
(Gain) loss on forward contracts | 145 | 380 | -145 |
(Gain) loss on disposal or transfer of assets | -11 | 8 | -1,332 |
Deferred income taxes | -4,533 | 1,339 | 71 |
Share-based compensation expense | 426 | 461 | 393 |
Changes in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable, unbilled and notes receivable | 759 | 8,932 | 6,402 |
Inventories | 1,149 | 689 | 4,265 |
Other current assets | 8 | 1,826 | 2,605 |
Accounts payable | -3,732 | -4,813 | -15,534 |
Accrued expenses | -1,904 | -235 | 572 |
Customer deposits/deferred revenue | 1,229 | -3,327 | -88 |
Current income taxes | 1,145 | 685 | -5,382 |
Other assets | -87 | 268 | 130 |
Net cash provided by (used in) operating activities | -3,672 | 8,504 | -429 |
Cash flows from investing activities: | |||
Purchase of businesses, net of cash acquired | -18,810 | ||
Distribution from joint venture | 2,509 | ||
Capital expenditures | -1,982 | -529 | -2,541 |
Proceeds from sales of assets | 57 | 5 | 3,334 |
Net cash provided by (used in) investing activities | -1,925 | -19,334 | 3,302 |
Cash flows from financing activities: | |||
Purchase of treasury stock | -2,756 | ||
Proceeds from employee stock purchase plan | 4 | 8 | |
Payments on capital lease obligations | -14 | ||
Excess tax benefits from share-based arrangements | -7 | 16 | 2 |
Net cash provided by (used in) financing activities | -21 | 20 | -2,746 |
Effect of exchange rate changes on cash and cash equivalents | -682 | -567 | 152 |
Net increase (decrease) in cash and cash equivalents | -6,300 | -11,377 | 279 |
Cash and cash equivalents at beginning of year | 28,791 | 40,168 | 39,889 |
Cash and cash equivalents at end of year | 22,491 | 28,791 | 40,168 |
Supplemental disclosure of cash paid for: | |||
Interest | 34 | 27 | 22 |
Income Taxes | 1,724 | 961 | 4,469 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Capital lease obligations for property and equipment | $310 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | 1. Basis of Presentation |
Business Description | |
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., Strong Westrex (Beijing) Trading Inc., Convergent Corporation and Convergent Media Systems Corporation designs, integrates, and installs technology solutions for a broad range of applications; develops and delivers out-of-home messaging, advertising and communications; manufactures projection screens and lighting products; and provides managed services including monitoring of networked equipment to our customers. As of January 1, 2014 the legal entity Peintures Elite, Inc. was dissolved and consolidated into Strong/MDI Screen Systems, Inc. | |
The Company’s products are distributed to the retail, financial, government and cinema markets throughout the world. | |
Principles of Consolidation | |
The 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. | |
Use of Management Estimates | |
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results and changes in facts and circumstances may alter such estimates and affect results of operations and financial position in future periods. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies | ||||||||||||||||
Revenue Recognition | |||||||||||||||||
The Company recognizes revenue when all of the following circumstances are satisfied: | |||||||||||||||||
• | Persuasive evidence of an arrangement exists | ||||||||||||||||
• | Delivery has occurred or services have been rendered | ||||||||||||||||
• | The seller’s price to the buyer is fixed or determinable | ||||||||||||||||
• | Collectability is reasonably assured | ||||||||||||||||
The Company recognizes revenue when these criteria have been met and when title and risk of loss transfers to the customer. If an arrangement involves multiple deliverables, the items are considered separate units of accounting if the items have value on a stand-alone basis and there is objective and reliable evidence of their fair values. Revenues from the arrangement are allocated to the separate units of accounting based on their objectively determined fair value. For services, revenue is recognized when the services have been rendered. Revenues from service and support contracts is deferred and recognized as earned ratably over the service coverage periods. Unbilled revenue represents revenue recognized in accordance with the Company’s revenue recognition policy for which the invoice had not been processed and sent to the customer. Revenue is generally recognized upon shipment of the product, however, there are certain instances where revenue is deferred and recognized upon delivery or customer acceptance of the product as the Company legally retains the risk of loss on these transactions until such time. Estimates used in the recognition of revenues and cost of revenues include, but are not limited to, estimates for product warranties, price allowances and product returns. | |||||||||||||||||
Costs related to revenues are recognized in the same period in which the specific revenues are recorded. Shipping and handling fees billed to customers are reported in revenue. Shipping and handling costs incurred by the Company are included in cost of sales. Estimates used in the recognition of revenues and cost of revenues include, but are not limited to, estimates for product warranties, price allowances and product returns. | |||||||||||||||||
Accounts, Financingand Notes Receivable | |||||||||||||||||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company determines the allowance for doubtful accounts based on several factors including overall customer credit quality, historical write-off experience and a specific analysis that projects the ultimate collectability of the account. As such, these factors may change over time causing the reserve level and bad debt expense to adjust accordingly. | |||||||||||||||||
Beginning in October 1, 2013, with our acquisition of CMS in our managed services segment, sales-type lease revenue arrangements are included in services revenue in the Consolidated Statements of Operations. The arrangements are primarily related to sales of digital displays and have original lease terms ranging from 3 to 5 years. For sales-type/finance leases, the Company records an asset at lease inception. This asset is recorded at the aggregate future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed periodically, represent the estimated amount the Company expects to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. The Company performs ongoing credit evaluations and provides an allowance for potential credit losses against the portion of financing receivables which is estimated to be uncollectible based on historical experience, current economic conditions, and management’s evaluation of outstanding financing receivables. These factors may change over time causing the reserve level to adjust accordingly. There is currently no allowance for credit losses as management believes the entire balance will be collectible. The effective rate on these is 3.25%. | |||||||||||||||||
Notes receivables are recorded at estimated fair value at December 31, 2014 and accrue interest at 15%. The Company estimates allowances for doubtful accounts based on the Company’s best estimates of the amount of probable credit losses pertaining to the notes receivables, based on ongoing monitoring of the counterparty’s financial position and results of operations. | |||||||||||||||||
Past due accounts are written off for accounts, financing and notes receivable when our efforts have been unsuccessful in collecting amounts due. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost (first-in, first-out) or market and include appropriate elements of material, labor and manufacturing overhead. Inventory balances are net of reserves of slow moving or obsolete inventory based on management’s review of inventories on hand compared to estimated future usage and sales, technological changes and product pricing. | |||||||||||||||||
Digital projection equipment and lighting is provided to potential customers for consignment and demonstration purposes under customer use agreements. Revenues are subsequently recorded in accordance with the Company’s normal revenue recognition policies. Consignment inventory is reviewed for impairment by comparing the inventory to the estimated future usage and sales. Digital and lighting equipment on consignment amounted to approximately $0.3 million and $0.2 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||
Business Combinations | |||||||||||||||||
The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is often required in estimating the fair value of assets acquired, particularly intangible assets. As a result, in the case of significant acquisitions the Company normally obtains the assistance of third-party valuation specialists in estimating fair values of tangible and intangible assets. The fair value estimates are based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. | |||||||||||||||||
Intangible Assets | |||||||||||||||||
The Company’s amortizable intangibles consist of trademarks, customer relationships, software and product formulation. The Company evaluates its intangible assets for impairment when there is evidence that events or circumstances indicate that the carrying amount of these assets may not be recoverable. Intangible assets with definite lives are amortized over their respective estimated useful lives to their estimated residual values. Significant judgments and assumptions are required in the impairment evaluations. | |||||||||||||||||
Goodwill | |||||||||||||||||
Goodwill is not amortized and is tested for impairment at least annually, or whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. Significant judgment is involved in determining if an indicator of impairment has occurred. The Company may consider indicators such as deterioration in general economic conditions, adverse changes in the markets in which the reporting unit operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. | |||||||||||||||||
The Company may first review for goodwill impairment by assessing qualitative factors to determine whether any impairment may exist. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative two-step test is required; otherwise, no further testing is required. However, the Company also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. Under the first step of the quantitative test, the fair value of each reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit exceeds its carrying value, step two is not performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and step two of the impairment test (measurement) is performed. Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the fair value of that goodwill. The fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the fair value of the reporting unit goodwill. | |||||||||||||||||
Goodwill at December 31, 2014 was recorded in connection with the acquisition of Peintures Elite, Inc. in the third quarter of 2013. A qualitative assessment was performed for the year ended December 31, 2014 and it was determined no events had occurred since the acquisition that would indicate an impairment was more likely than not. | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Significant expenditures for the replacement or expansion of property, plant and equipment are capitalized. Depreciation of property, plant and equipment is provided over the estimated useful lives of the respective assets using the straight-line method. For financial reporting purposes, assets are depreciated over the estimated useful lives of 20 years for buildings and improvements, life of the related lease for leasehold improvements, 3 to 10 years for machinery and equipment, 7 years for furniture and fixtures and 3 years for computers and accessories. The Company generally uses accelerated methods of depreciation for income tax purposes. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of property, plant and equipment is based on management’s estimates of future undiscounted cash flows and these estimates may vary due to a number of factors, some of which may be outside of management’s control. To the extent that the Company is unable to achieve management’s forecasts of future income, it may become necessary to record impairment losses for any excess of the net book value of property, plant and equipment over their fair value. | |||||||||||||||||
The Company incurs maintenance costs on all of its major equipment. Repair and maintenance costs are expensed as incurred. | |||||||||||||||||
Income Taxes | |||||||||||||||||
Income taxes are accounted for under the asset and liability method. The Company uses an estimate of its annual effective rate at each interim period based on the facts and circumstances at the time while the actual effective rate is calculated at year-end. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing whether the deferred tax assets are realizable management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||||||||||||||
The Company’s uncertain tax positions are evaluated in a two-step process, whereby 1) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and 2) for those tax positions that meet the more likely than not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than fifty percent likely to be realized upon ultimate settlement with the related tax authority. The Company accrues interest and penalties related to uncertain tax positions in the statements of income as income tax expense. | |||||||||||||||||
Other Taxes | |||||||||||||||||
Sales taxes assessed by governmental authorities including sales, use, and excise taxes are on a net basis and therefore the presentation of these taxes is excluded from revenues and is shown as a liability on the balance sheet until remitted to the appropriate taxing authorities. | |||||||||||||||||
Research and Development | |||||||||||||||||
Research and development related costs are charged to operations in the period incurred. Such costs amounted to approximately $0.2 million, $0.1 million and $0.01 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Advertising Costs | |||||||||||||||||
Advertising and promotional costs are expensed as incurred and amounted to approximately $0.5 million, $0.5 million and $0.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Fair Value of Financial and Derivative Instruments | |||||||||||||||||
The Company follows the Financial Accounting Standards Board (FASB) issued authoritative guidance, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. As defined in the FASB guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | |||||||||||||||||
The FASB guidance establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. 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 tables present 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, 2014 and 2013. | |||||||||||||||||
Fair Values Measured on a Recurring Basis at December 31, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 22,491 | $ | — | $ | — | $ | 22,491 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,985 | $ | 2,985 | |||||||||
Fair Values Measured on a Recurring Basis at December 31, 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 28,791 | $ | — | $ | — | $ | 28,791 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,497 | $ | 2,497 | |||||||||
Foreign Exchange Forward Contracts | $ | — | $ | 10,934 | $ | — | $ | 10,934 | |||||||||
Quantitative information about the Company's level 3 fair value measurements at December 31, 2014 is set forth below: | |||||||||||||||||
Fair Value | Valuation Technique | Unobservable input | Range | ||||||||||||||
(in thousands) | |||||||||||||||||
Notes Receivable | $ | 2,985 | 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: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Notes Receivable balance, beginning of period | $ | 2,497 | $ | 2,232 | |||||||||||||
Interest income accrued | 488 | 265 | |||||||||||||||
Notes Receivable balance, end of period | $ | 2,985 | $ | 2,497 | |||||||||||||
The fair value of the foreign currency forward exchange contracts is measured based on the total amount of currency to be purchased and forward exchange rates as of the period end. See footnote 17 for additional information on the Company's foreign exchange contracts. | |||||||||||||||||
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 2014, the Company did not have any significant non-recurring measurements of non-financial assets or liabilities. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
All short-term, highly liquid financial instruments are classified as cash equivalents in the consolidated balance sheets and statements of cash flows. Generally, these instruments have maturities of three months or less from date of purchase. | |||||||||||||||||
EarningsPerCommon Share | |||||||||||||||||
Basic earnings per share have been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted earnings 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 reconciliation between basic and diluted earnings per share: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
( in thousands, except per share amounts) | |||||||||||||||||
Basic earnings (loss) per share: | |||||||||||||||||
Earnings applicable to common stock | $ | (4 | ) | $ | 163 | $ | 5,542 | ||||||||||
Weighted average common shares outstanding | 14,061 | 13,999 | 14,038 | ||||||||||||||
Basic earnings per share | $ | 0 | $ | 0.01 | $ | 0.39 | |||||||||||
Diluted earnings per share: | |||||||||||||||||
Earnings applicable to common stock | $ | (4 | ) | $ | 163 | $ | 5,542 | ||||||||||
Weighted average common shares outstanding | 14,061 | 13,999 | 14,038 | ||||||||||||||
Assuming conversion of options and restricted stock awards outstanding | — | 32 | 77 | ||||||||||||||
Weighted average common shares outstanding, as adjusted | 14,061 | 14,031 | 14,115 | ||||||||||||||
Diluted earnings per share | $ | 0 | $ | 0.01 | $ | 0.39 | |||||||||||
Grants and options to purchase 181,500, 291,000 and 189,025 shares of common stock were outstanding as of December 31, 2014, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per shares as the option’s exercise price was greater than the average market price of the common shares for the respective periods. An additional 141,936 options were excluded for the year ended December 31, 2014 as their inclusion would be anti-dilutive, thereby decreasing the net loss per share. | |||||||||||||||||
Stock Compensation Plans | |||||||||||||||||
The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated values on the date of grant. The Company uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise of stock options or vesting of restricted stock from new stock issuances. 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. The fair value of stock options granted and shares issued under the employee stock purchase plan is calculated using the Black-Scholes option pricing model. No share-based compensation cost was capitalized as a part of inventory as of December 31, 2014 and 2013. | |||||||||||||||||
Post-Retirement Benefits | |||||||||||||||||
The Company recognizes the overfunded or underfunded position of a defined benefit postretirement plan as an asset or liability in the balance sheet, measures the plan’s assets and its obligations that determine its funded status as of December 31, 2014 and recognizes the changes in the funded status through comprehensive income in the year in which the changes occur. | |||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
For foreign subsidiaries, the environment in which the business conducts operations is considered the functional currency, generally the local currency. The assets and liabilities of foreign subsidiaries are translated into the United States dollar at the foreign exchange rates in effect at the end of the period. Revenue and expenses of foreign subsidiaries are translated using an average of the foreign exchange rates in effect during the period. Translation adjustments are not included in determining net earnings but are presented in comprehensive income within the consolidated statements of comprehensive income. Transaction gains and losses that arise from foreign exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the statements of operations as incurred. Undistributed earnings of the Company’s foreign subsidiaries totaling $4.8 million are considered to not be permanently reinvested and the applicable portion of accumulated other comprehensive income (loss) has been tax effected. The components of accumulated other comprehensive income (loss) related to the earnings of foreign subsidiaries that are considered to be indefinitely reinvested have not been tax effected. | |||||||||||||||||
Warranty Reserves | |||||||||||||||||
Historically, the Company has generally granted a warranty to its customers for a one-year period following the sale of manufactured film projection equipment and on selected repaired equipment for a one-year period. In most instances, the digital products are covered by the manufacturing firm's OEM warranty; however, there are certain customers where the Company may grant warranties in excess of the manufacturer's warranty for digital products. The Company accrues for these costs at the time of sale. The following table summarizes warranty activity for the three years ended December 31, 2014. | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Warranty accrual at beginning of period | $ | 662 | $ | 770 | $ | 1,028 | |||||||||||
Charged to expense | 332 | 349 | 416 | ||||||||||||||
Amounts written off, net of recoveries | (559 | ) | (473 | ) | (688 | ) | |||||||||||
Foreign currency translation adjustment | (12 | ) | 16 | 14 | |||||||||||||
Warranty accrual at end of period | $ | 423 | $ | 662 | $ | 770 | |||||||||||
Contingencies | |||||||||||||||||
The Company accrues for contingencies when its assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. The Company’s estimates are based on currently available facts and its estimates of the ultimate outcome or resolution. Actual results may differ from the Company’s estimates resulting in an impact, positive or negative, on earnings. | |||||||||||||||||
RecentlyIssued Accounting Pronouncements | |||||||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The guidance is effective for the Company beginning January 1, 2017 and may be adopted using a full retrospective or a modified cumulative effect approach. Early adoption is not permitted. The Company is currently evaluating the potential impact of adopting this guidance and has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |||||||||||||||||
3. Acquisitions |
Note_3_Acquisitions
Note 3 - Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | On September 13, 2013, the Company acquired Peintures Elite, Inc. (“Elite”) 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 systems integration segment. The amounts allocated to goodwill were primarily attributable to anticipated synergies and other intangibles that do not qualify for separate recognition. | ||||||||
On October 1, 2013, the Company acquired CMS. CMS was acquired from Sony Electronics, Inc. for approximately $17.4 million in cash, which was the purchase price of $16.0 million adjusted for cash on hand in Canada of $0.4 million and working capital variance based upon CMS’s targeted working capital. CMS provides digital technologies for out-of-home messaging, advertising and communication (the DOOH market) and EVS, which provides enterprises with the infrastructure necessary for communication, collaboration, training and education of employees. CMS is included within the managed services segment and operates from its offices in the United States and Canada and has customers in North America. | |||||||||
The following table summarizes the fair value of the assets acquired and liabilities assumed at the acquisition date. | |||||||||
Amount of Identified Assets Acquired | |||||||||
and Liabilities Assumed | |||||||||
(in thousands) | |||||||||
Current Assets | $ | 10,987 | |||||||
Property and equipment | 4,989 | ||||||||
Other Assets | 3,686 | ||||||||
Software | 233 | ||||||||
Goodwill | — | ||||||||
Total acquired assets | 19,895 | ||||||||
Current liabilities | 2,336 | ||||||||
Long-term liabilities | 137 | ||||||||
Total liabilities assumed | 2,473 | ||||||||
Net assets acquired | $ | 17,422 | |||||||
The identifiable intangible assets are being amortized over their estimated useful lives and have a total weighted average amortization period of 3 years. The company recorded no goodwill as part of this transaction. The identifiable intangible assets are non-deductible for tax purposes. | |||||||||
The consolidated financial statements as of December 31, 2013 and for the year then ended included amounts acquired from, as well as the results of operations of, CMS from October 1, 2013, forward. Results of operations for the year ended December 31, 2013, include revenue of $7.1 million and an operating loss of $1.0 million attributable to CMS since its acquisition. Results of operations related to the acquisition of Elite were negligible for the year ended December 31, 2013. Acquisition-related costs included in selling, general and administrative expenses for the year ended December 31, 2013 approximated $0.6 million. The following unaudited pro forma information for the Company has been prepared as if the acquisitions of Elite and CMS had occurred on January 1, 2012. The information is based on the historical results of the separate companies and may not necessarily be indicative of the results that could have been achieved or of results that may occur in the future. The pro forma adjustments include the impact of depreciation and amortization of property and equipment and intangible assets acquired, interest expense on the acquisition debt and income tax benefits for tax effects of the foregoing adjustments to depreciation, amortization and interest expense. | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Revenue | $ | 129,737 | $ | 211,758 | |||||
Net income (loss) | $ | 1,041 | $ | 5,140 | |||||
Net income (loss) per share – basic | $ | 0.07 | $ | 0.37 | |||||
Net income (loss) per share – diluted | $ | 0.07 | $ | 0.36 | |||||
Note_4_Digital_Link_II_Joint_V
Note 4 - Digital Link II Joint Venture | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 4. 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 for the years ended December 31, 2014, December 31, 2013 and December 31, 2012. 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), including the income described below, of the LLC was $0.08 million, $(0.02) million and $0.01 million for the years ended December 31, 2014, 2013 and 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 2014, 2013 and 2012. However, the Company recognized $0.06 and $0.05 million of gross margin during 2013 and 2012, respectively, related to the LLC's sale of equipment to third parties. The total receivable balance due from the LLC was insignificant at December 31, 2014 and 2013. | |
The company received no distributions from the LLC in 2014 or 2013. During the first quarter of 2012 the Company received a $1.5 million return of investment in the LLC. During the third quarter of 2012 the Company received a $1.0 million distribution from the LLC. The excess of the distribution received in the third quarter over the Company's carrying value in the LLC of approximately $0.7 million is included in accrued expenses. The distribution in excess of the carrying value will be deferred until the Company determines that future contributions to the LLC will not be required. |
Note_5_Inventories
Note 5 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | 5. Inventories | ||||||||
Inventories consist of the following: | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
(in thousands) | |||||||||
Raw materials and components | $ | 2,281 | $ | 3,891 | |||||
Work in process | 632 | 345 | |||||||
Finished goods | 11,195 | 10,949 | |||||||
$ | 14,108 | $ | 15,185 | ||||||
The inventory balances are net of reserves of approximately $2.3 million and $1.9 million as of December 31, 2014 and 2013, respectively. |
Note_6_Property_Plant_and_Equi
Note 6 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, Plant and Equipment | ||||||||
Property, plant and equipment include the following: | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Land | $ | 1,605 | $ | 1,611 | |||||
Buildings and improvements | 10,203 | 10,516 | |||||||
Machinery and equipment | 4,227 | 4,589 | |||||||
Office furniture and fixtures | 3,713 | 2,786 | |||||||
Total properties cost | 19,748 | 19,502 | |||||||
Less accumulated depreciation | (5,834 | ) | (4,781 | ) | |||||
Net property, plant and equipment | $ | 13,914 | $ | 14,721 | |||||
Depreciation expense approximated $1.7 million, $1.4 million and $1.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Note_7_Restructuring_Activitie
Note 7 - Restructuring Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | 7. Restructuring Activities | ||||||||||||
2013 Convergent Related Restructuring | |||||||||||||
In connection with the integration of the 2013 CMS acquisition, as well as the Company’s ongoing plans to improve efficiency and effectiveness of its operations, the Company initiated plans in the fourth quarter of 2013 to reduce headcount and move the Company’s warehouse from Omaha, Nebraska to Georgia. In 2013, the Company recorded $1.5 million in severance costs it expected to incur as part of the integration of CMS and for site closure of the Omaha warehouse. The restructuring initiative is expected to be completed during the first quarter of 2015. | |||||||||||||
2011 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. Aggregate severance charges for the strategic initiative that began in 2011 are approximately $1.4 million. The strategic initiative was completed in the fourth quarter of 2013. | |||||||||||||
The following reconciles the activity in the restructuring related severance accruals for the years ended December 31, 2014, 2013, and 2012, which are included in accrued expenses: | |||||||||||||
2013 Convergent related severance | 2011 Corporate-wide Strategic Initiative | Total Restructuring | |||||||||||
(in thousands) | |||||||||||||
Balance, restructuring liability at December 31, 2011 | $ | — | $ | 963 | $ | 963 | |||||||
Severance expense included in administrative expenses | — | 107 | 107 | ||||||||||
Severance paid | — | (982 | ) | (982 | ) | ||||||||
Balance, restructuring liability at December 31, 2012 | — | 88 | 88 | ||||||||||
Severance expense included in administrative expenses | 1,417 | — | 1,417 | ||||||||||
Site closure costs included in administrative expenses | 58 | — | 58 | ||||||||||
Severance paid | (579 | ) | (88 | ) | (667 | ) | |||||||
Balance, restructuring liability at December 31, 2013 | 896 | — | 896 | ||||||||||
Severance paid | (709 | ) | — | (709 | ) | ||||||||
Balance, restructuring liability at December 31, 2014 | $ | 187 | $ | — | $ | 187 | |||||||
Note_8_Intangible_Assets
Note 8 - Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Intangible Assets | ||||||||||||||||
Intangible assets consisted of the following at December 31, 2014: | |||||||||||||||||
Useful life | Gross | Accumulated | Net | ||||||||||||||
amortization | |||||||||||||||||
(Years) | ( in thousands) | ||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Customer relationships | 9-Apr | $ | 1,556 | $ | (1,538 | ) | $ | 18 | |||||||||
Trademarks | 3 | 210 | (210 | ) | — | ||||||||||||
Software | 3 | 905 | (144 | ) | 761 | ||||||||||||
Software in development | 3 | 16 | — | 16 | |||||||||||||
Product Formulation | 10 | 526 | (153 | ) | 373 | ||||||||||||
Total | $ | 3,213 | $ | (2,045 | ) | $ | 1,168 | ||||||||||
Intangible assets consisted of the following at December 31, 2013: | |||||||||||||||||
Useful life | Gross | Accumulated | Net | ||||||||||||||
amortization | |||||||||||||||||
(Years) | ( in thousands) | ||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Customer relationships | 9-Apr | $ | 1,662 | $ | (1,600 | ) | $ | 62 | |||||||||
Trademarks | 3 | 229 | (229 | ) | — | ||||||||||||
Software | 3 | 234 | (24 | ) | 210 | ||||||||||||
Software in development | 3 | 92 | — | 92 | |||||||||||||
Product Formulation | 10 | 573 | (42 | ) | 531 | ||||||||||||
Total | $ | 2,790 | $ | (1,895 | ) | $ | 895 | ||||||||||
During 2014, the Company incurred charges of $0.02 million to internally develop software that is still under development. During 2013, the Company recorded additional intangible assets including software of $0.2 million in connection with the CMS acquisition and product formulation of $0.6 million in connection with the Elite acquisition. During 2013 the Company incurred charges of $0.1 million for internally developed software that was still under development at December 31, 2013. Any other change in the cost and accumulated amortization of the identifiable assets was due to certain intangibles recorded in a foreign currency and therefore affected by fluctuations in the exchange rate. Intangible assets, other than goodwill, with definitive lives are amortized over their useful lives. | |||||||||||||||||
The Company recorded amortization expense relating to other identifiable intangible assets of $0.3 million, $0.1 million and $0.2 million during each of the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
The following table shows the Company’s estimated future amortization expense related to intangible assets for the next five years. | |||||||||||||||||
Amount | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 384 | |||||||||||||||
2016 | 330 | ||||||||||||||||
2017 | 273 | ||||||||||||||||
2018 | 68 | ||||||||||||||||
2019 | 35 | ||||||||||||||||
Thereafter | 62 | ||||||||||||||||
Note_9_Goodwill
Note 9 - Goodwill | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Disclosure Text Block Supplement [Abstract] | |||||
Goodwill Disclosure [Text Block] | |||||
9. Goodwill | |||||
All of the Company’s goodwill is related to the Systems Integration segment. The following represents a summary of changes in the Company’s carrying amount of goodwill for the year ended December 31, 2014 (in thousands): | |||||
Balance as of December 31, 2012 | $ | — | |||
Acquisition of Peintures Elite, Inc. | 1,163 | ||||
Foreign currency translation | (40 | ) | |||
Balance as of December 31, 2013 | 1,123 | ||||
Foreign currency translation | (94 | ) | |||
Balance as of December 31, 2014 | $ | 1,029 | |||
Note_10_Accrued_Expenses
Note 10 - Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. Accrued Expenses | ||||||||
The major components of current accrued expenses are as follows: | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
(in thousands) | |||||||||
Employee related | $ | 1,797 | $ | 2,900 | |||||
Legal and professional fees | 265 | 77 | |||||||
Lease expenses | 86 | — | |||||||
Warranty obligation | 423 | 662 | |||||||
Joint venture excess distributions | 596 | 674 | |||||||
Interest and taxes | 575 | 596 | |||||||
Post-retirement benefit obligation | 17 | 17 | |||||||
Severance and benefits | 303 | 838 | |||||||
Other | 304 | 472 | |||||||
Total | $ | 4,366 | $ | 6,236 | |||||
The major components of long-term accrued expenses are as follows: | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
(in thousands) | |||||||||
Post-retirement benefit obligation | $ | 213 | $ | 197 | |||||
Employee related | 353 | 447 | |||||||
Rent and leasehold improvements | 1,184 | 1,084 | |||||||
Other | 26 | 20 | |||||||
Total | $ | 1,776 | $ | 1,748 | |||||
Note_11_Debt
Note 11 - Debt | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 11. Debt |
The Company is a party to a $20 million Revolving Credit Agreement and Note (collectively, the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”). The Company may request an increase in the Credit Agreement of up to an additional $5 million; however, any advances on the additional $5 million are subject to approval of Wells Fargo. The borrowings from the Credit Agreement are to be used for working capital purposes and for other general corporate purposes. The Company’s accounts receivable, general intangibles and inventory secure the Credit Agreement. | |
Borrowings under the Credit Agreement bear interest at a rate equal to LIBOR plus 125 basis points (1.41% at December 31, 2014). Interest is paid on a monthly basis. The Company pays a fee of 0.15% per annum on any unused portion. The Credit Agreement expires on June 30, 2015 at which time all unpaid principal and interest is due. Borrowings available under the Credit Agreement were $20.0 million at December 31, 2014. Since the inception of the Credit Agreement, no amounts have been borrowed. | |
The Credit Agreement contains certain covenants, including those relating to our financial condition. The primary financial condition covenants require the Company maintain a ratio of total liabilities to tangible net worth of less than 2 to 1, working capital of $20 million and beginning December 31, 2014 net income before taxes of $1 on a rolling 4-quarter basis, as defined in the Credit Agreement. Other covenants pertain to items such as certain limits on incurring additional debt or lease obligations, certain limits on issuing guarantees and certain limits on loans, advances and investments with third parties. Upon the occurrence of any event of default specified in the Credit Agreement, including a change in control of the Company (as defined in the Credit Agreement), all amounts due there under may be declared to be immediately due and payable. At December 31, 2014, the Company did not meet the requirement for net income before taxes on a rolling 4-quarter basis to equal or exceed $1. The Company obtained a waiver from Wells Fargo for the December 31, 2014 covenant violation. |
Note_12_Income_Taxes
Note 12 - Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | 12. Income Taxes | ||||||||||||||||||||||||
Income (loss) before income taxes consists of: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
United States | $ | (9,774 | ) | $ | (5,916 | ) | $ | 4,783 | |||||||||||||||||
Foreign | 9,305 | 6,867 | 3,367 | ||||||||||||||||||||||
$ | (469 | ) | $ | 951 | $ | 8,150 | |||||||||||||||||||
Income tax expense (benefit) attributable to income from continuing operations consists of: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Federal: | |||||||||||||||||||||||||
Current | $ | 592 | $ | 218 | $ | 1,257 | |||||||||||||||||||
Deferred | (3,333 | ) | (1,141 | ) | 317 | ||||||||||||||||||||
Total | (2,741 | ) | (923 | ) | 1,574 | ||||||||||||||||||||
State: | |||||||||||||||||||||||||
Current | 316 | (62 | ) | 153 | |||||||||||||||||||||
Deferred | (589 | ) | (86 | ) | 29 | ||||||||||||||||||||
Total | (273 | ) | (148 | ) | 182 | ||||||||||||||||||||
Foreign: | |||||||||||||||||||||||||
Current | 3,196 | 1,661 | 1,118 | ||||||||||||||||||||||
Deferred | (647 | ) | 198 | (266 | ) | ||||||||||||||||||||
Total | 2,549 | 1,859 | 852 | ||||||||||||||||||||||
$ | (465 | ) | $ | 788 | $ | 2,608 | |||||||||||||||||||
Income tax expense attributable to income (loss) from continuing operations differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income from continuing operations as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Expected federal income tax expense (benefit) | $ | (160 | ) | 34 | $ | 323 | 34 | $ | 2,771 | 34 | |||||||||||||||
State income taxes, net of federal benefit | (153 | ) | 32.5 | (88 | ) | (9.3 | ) | 120 | 1.5 | ||||||||||||||||
Foreign tax rates varying from 34% | (623 | ) | 132.7 | (489 | ) | (51.4 | ) | (204 | ) | (2.5 | ) | ||||||||||||||
Change in foreign reinvestment strategy | 429 | (91.4 | ) | 1,038 | 109.2 | — | — | ||||||||||||||||||
Other | 42 | (8.7 | ) | 4 | 0.4 | (79 | ) | (1.0 | ) | ||||||||||||||||
Total | $ | (465 | ) | 99.1 | $ | 788 | 82.9 | $ | 2,608 | 32 | |||||||||||||||
Deferred tax assets and liabilities were comprised of the following: | |||||||||||||||||||||||||
31-Dec | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Deferred revenue | $ | 2,028 | $ | 1,662 | |||||||||||||||||||||
Non-deductible accruals | 528 | 554 | |||||||||||||||||||||||
Inventory reserves | 768 | 583 | |||||||||||||||||||||||
Stock compensation expense | 289 | 344 | |||||||||||||||||||||||
Warranty reserves | 130 | 189 | |||||||||||||||||||||||
Uncollectible receivable reserves | 231 | 259 | |||||||||||||||||||||||
Accrued group health insurance claims | 120 | 141 | |||||||||||||||||||||||
Restructuring reserves | 111 | 307 | |||||||||||||||||||||||
Net operating losses | 646 | 91 | |||||||||||||||||||||||
Depreciation and amortization | 707 | 449 | |||||||||||||||||||||||
Foreign tax credits | 2,854 | — | |||||||||||||||||||||||
Accumulated other comprehensive income | 276 | — | |||||||||||||||||||||||
Other | 8 | 34 | |||||||||||||||||||||||
Net deferred tax assets | 8,696 | 4,613 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Depreciation and amortization | 444 | 688 | |||||||||||||||||||||||
Equity in income (loss) of joint venture | (51 | ) | 20 | ||||||||||||||||||||||
Intangibles | 238 | — | |||||||||||||||||||||||
Cash repatriation | 329 | 1,038 | |||||||||||||||||||||||
Net deferred tax liabilities | 960 | 1,746 | |||||||||||||||||||||||
Net deferred tax assets | $ | 7,736 | $ | 2,867 | |||||||||||||||||||||
The tax effect of the Company’s net operating loss carryforwards for Federal and state tax purposes total approximately $0.5 million at December 31, 2014, expiring at various times in 2023 through 2024, and $0.1 million in China at December 31, 2014, expiring at various times beginning 2018 through 2019. The Company has foreign tax credit carryforwards of approximately $2.9 million at December 31, 2014 that expire in 2024. The Company believes that it is more likely than not, with its projections of future taxable income and tax planning strategies, that the Company will generate sufficient taxable income to realize the benefits of the net deferred tax assets. | |||||||||||||||||||||||||
Federal and state income taxes have not been provided on accumulated but undistributed earnings of foreign subsidiaries aggregating approximately $15.2 million at December 31, 2014 as these earnings have been permanently reinvested in the business. The determination of the amount of the unrecognized deferred tax liability related to the undistributed earnings is not practicable. The company has recorded income taxes of $0.4 million on accumulated but undistributed earnings for foreign subsidiaries aggregating approximately $4.8 million at December 31, 2014 resulting in a deferred tax asset of $0.4 million. These earnings are not considered permanently reinvested in the business and will be transferred to the US as required by business needs. | |||||||||||||||||||||||||
The Company currently has an exam initiated for Federal purposes for the 2011 fiscal year. The Company has examinations not yet initiated for Federal purposes for fiscal years 2012 and 2013. In most cases, the Company has examinations open for State or local jurisdictions based on the particular jurisdiction’s statute of limitations. | |||||||||||||||||||||||||
Estimated amounts related to underpayment of income taxes, including interest and penalties, are classified as a component of tax expense in the consolidated statements of operations and were not material for the years ended December 31, 2014, 2013 and 2012. Amounts accrued for estimated underpayment of income taxes were zero as of December 31, 2014 and $0.1 million as of December 31, 2013. The accruals largely relate to state tax matters. |
Note_13_Financing_Receivable
Note 13 - Financing Receivable | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Financing Receivables [Text Block] | 13. Financing Receivable | ||||||||
The following table presents sales-type lease receivables. | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
(in thousands) | |||||||||
Investment in sales-type leases | |||||||||
Current | $ | 1,372 | $ | 1,958 | |||||
Noncurrent | 1,383 | 2,652 | |||||||
At December 31, 2013 and 2014, there are no sales-type lease receivables that are past due. | |||||||||
Scheduled maturities of minimum lease payments outstanding at December 31, 2014, are as follows: | |||||||||
Years ending: | Scheduled Payments | ||||||||
(in thousands) | |||||||||
31-Dec-15 | $ | 1,372 | |||||||
31-Dec-16 | 1,185 | ||||||||
31-Dec-17 | 198 | ||||||||
Total | $ | 2,755 | |||||||
Note_14_Note_Receivable
Note 14 - Note Receivable | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 14. Note Receivable |
During 2011, the Company entered into certain unsecured notes receivable arrangements with CDF2 Holdings, LLC pertaining to the sale and installation of digital projection equipment. The notes receivable accrue interest at a rate of 15% per annum which is to be paid in accordance with an agreed-upon cash flow schedule, as defined. Interest not paid in any particular year is added to the principal and accrues interest at 15%. The Company has recorded the notes receivable at their fair value. See note 2 for additional information on the fair value of the notes. |
Note_15_Deferred_Revenue
Note 15 - Deferred Revenue | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Revenue Disclosure [Abstract] | |||||||||
Deferred Revenue Disclosure [Text Block] | 15. Deferred Revenue | ||||||||
The Company deferred revenue associated with extended warranties provided to a third party exhibitor in 2011. The Company expects to recognize the majority of the revenue over a period of approximately 5 years when all conditions of revenue recognition have been met. The following summarizes the amounts included in deferred revenue related to extended warranties. | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
(in thousands) | |||||||||
Extended warranty deferrals expected to be recognized within one year | $ | 715 | $ | 629 | |||||
Extended warranty deferrals expected to be recognized after one year | 2,003 | 2,719 | |||||||
Total revenue deferred for extended warranty | $ | 2,718 | $ | 3,348 | |||||
Note_16_Stock_Compensation
Note 16 - Stock Compensation | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ||||||||||||||||||||||||||||
16. Stock Compensation | ||||||||||||||||||||||||||||
The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense included in selling and administrative expenses approximates the following: | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Share based compensation expense | $ | 426 | $ | 461 | $ | 393 | ||||||||||||||||||||||
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 2014, the Company awarded no stock options and 172,500 restricted stock units under the 2010 Plan. During 2013, the Company awarded 22,500 options and 9,000 restricted stock shares under the 2010 Plan. During 2012, the Company awarded 139,000 options and 56,000 restricted stock units under the 2010 Plan. At December 31, 2014, 241,800 shares were reserved for granting under the 2010 Plan. | ||||||||||||||||||||||||||||
Options | ||||||||||||||||||||||||||||
As noted above, under the 2010 Plan, the Company granted options to purchase 22,500 shares and 139,000 shares of the Company's common stock during 2013 and 2012. 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 weighted average grant date fair value of stock options granted in 2013 and 2012 was $1.85 and $2.51, respectively. The fair value of each stock option granted is estimated on the date of grant using a Black-Scholes valuation model with the following weighted average assumptions: | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Expected dividend yield at date of grant | 0.00% | 0.00% | ||||||||||||||||||||||||||
Risk-free interest rate | 0.90% | 1.30% | ||||||||||||||||||||||||||
Expected stock price volatility | 58.50% | 57.00% | ||||||||||||||||||||||||||
Expected life of options (in years) | 5.5 | 6 | ||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate | |||||||||||||||||||||||||
Per Share | Intrinsic Value | |||||||||||||||||||||||||||
(in years) | (in thousands) | |||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 213,700 | $ | 5.42 | 7.84 | 26 | |||||||||||||||||||||||
Granted | — | — | ||||||||||||||||||||||||||
Exercised | — | — | ||||||||||||||||||||||||||
Forfeited | (32,200 | ) | 4.66 | |||||||||||||||||||||||||
Outstanding at December 31, 2014 | 181,500 | $ | 5.56 | 6.77 | $ | 13 | ||||||||||||||||||||||
Exercisable at December 31, 2014 | 112,000 | $ | 6.24 | 6.55 | $ | 4 | ||||||||||||||||||||||
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 the date indicated. | ||||||||||||||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2014: | ||||||||||||||||||||||||||||
Options Outstanding at | Options Exercisable at | |||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-14 | |||||||||||||||||||||||||||
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 in years | life in years | |||||||||||||||||||||||||||
$ | 3.55 to $8.32 | 181,500 | 6.77 | $ | 5.56 | 112,000 | 6.55 | $ | 6.24 | |||||||||||||||||||
As of December 31, 2014, 69,500 stock option awards were non-vested. Unrecognized compensation costs related to all stock options outstanding amounted to $0.1 million at December 31, 2014, which is expected to be recognized over a weighted-average period of 1.0 year. | ||||||||||||||||||||||||||||
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, which expired September 1, 2013. These shares are subject to restrictions on transferability and other restrictions, if any, as the Compensation Committee may impose. During 2013, the Company awarded 41,000 restricted shares under the 2005 Plan, which vest annually over a three year period. During 2012 the Company awarded 28,210 restricted shares under the 2005 Plan as partial payment under the Company’s 2010 Short-Term Incentive Plan. The shares issued in 2012 under the 2005 Plan vested and became unrestricted immediately. | ||||||||||||||||||||||||||||
The Ballantyne Strong, Inc. Non-Employee Director’s Restricted Stock Plan (the “Non-Employee Plan”) provides for the award of restricted shares to outside directors, which expired on May 21, 2013. A total of 250,000 shares are reserved for issuance under the Non-Employee Plan. During 2014, 2013 and 2012, the Company granted 41,760, 37,500 and 28,200 shares under the Non-Employee Plan. Shares issued under the Non-Employee Plan vest the day preceding the Company’s Annual Meeting of Stockholders in the year following issuance. | ||||||||||||||||||||||||||||
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 noted above, the Company awarded a total of 214,260, 87,500 and 112,410 restricted stock units and restricted shares under the 2010 Plan, the 2005 Plan and the Non-Employee Plan during 2014, 2013 and 2012, respectively. The weighted average grant date fair value of restricted stock awarded in 2014, 2013 and 2012 was $3.86, $4.28 and $5.16, respectively. 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 the restricted stock awards based upon the market price of the underlying common stock on the date of grant. | ||||||||||||||||||||||||||||
As of December 31, 2014, the total unrecognized compensation cost related to non-vested restricted stock awarded was approximately $0.8 million which is expected to be recognized over a weighted average period of 3.0 years. | ||||||||||||||||||||||||||||
The following table summarizes restricted stock activity: | ||||||||||||||||||||||||||||
Number of Restricted Stock Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||||
Nonvested at December 31, 2013 | 129,500 | $ | 4.42 | |||||||||||||||||||||||||
Granted | 214,260 | 3.86 | ||||||||||||||||||||||||||
Shares vested | (68,167 | ) | 4.54 | |||||||||||||||||||||||||
Shares forfeited | (10,800 | ) | 4.39 | |||||||||||||||||||||||||
Nonvested at December 31, 2014 | 264,793 | $ | 3.93 | |||||||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||||||||||
The Company’s Employee Stock Purchase Plan provides for the purchase of shares of Company common stock by eligible employees at a per share purchase price equal to 85% of the fair market value of a share of Company common stock at either the beginning or end of the offering period, as defined, whichever is lower. Purchases are made through payroll deductions of up to 10% of each participating employee’s salary. The maximum number of shares that can be purchased by participants in any offering period is 2,000 shares. Additionally, the Plan has set certain limits, as defined, in regard to the number of shares that may be purchased by all eligible employees during an offering period. This plan expired in October 2013. | ||||||||||||||||||||||||||||
The estimated grant date fair value of purchase rights outstanding under the Employee Stock Purchase Plan was calculated using the Black- Scholes option pricing model using weighted average assumptions as follows: | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Expected dividend yield at date of grant | 0.00% | 0.00% | ||||||||||||||||||||||||||
Expected stock price volatility | 29.89% | 15.90% | ||||||||||||||||||||||||||
Risk-free interest rate | 0.14% | 0.15% | ||||||||||||||||||||||||||
Expected term (in years) | 1 | 1 | ||||||||||||||||||||||||||
Estimated grant date fair value | $ | 0.93 | $ | 0.88 | ||||||||||||||||||||||||
Compensation expense recorded during 2013 and 2012 related to the Employee Stock Purchase Plan was insignificant. At December 31, 2014, there was no unrecognized compensation cost. |
Note_17_Foreign_Exchange_Contr
Note 17 - Foreign Exchange Contracts | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Foreign Currency [Abstract] | |||||||||||||
Foreign Currency Disclosure [Text Block] | 17. 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 Company’s foreign exchange forward contracts expired in 2014. | |||||||||||||
The gross fair value of derivative instruments, none of which are designated as hedging instruments consisted of: | |||||||||||||
Asset Derivatives | |||||||||||||
(in thousands) | Classification | December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||||
Foreign exchange forward contracts | Other current assets | $ | — | $ | 10,934 | ||||||||
Asset Derivatives | |||||||||||||
(in thousands) | Classification | December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||||
Foreign exchange forward contracts | Other current liabilities | $ | — | $ | 11,000 | ||||||||
The above fair values at December 31, 2013 result in an immaterial net liability. All cash flows related to our foreign currency exchange contracts are classified as operating cash flows. The Company recognized in other income, the following realized and unrealized gains from foreign currency forward exchange contracts: | |||||||||||||
(in thousands) | Classification | 2014 | 2013 | 2012 | |||||||||
Foreign exchange forward contracts | Other Income (Loss) | $ | (145 | ) | $ | (380 | ) | $ | 145 | ||||
See Note 2 for further information related to the Company’s foreign exchange forward contracts. |
Note_18_Compensation_and_Benef
Note 18 - Compensation and Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | |||||||||||||||||||||||||
18. Compensation and Benefit Plans | |||||||||||||||||||||||||
Bonus Plans | |||||||||||||||||||||||||
The Compensation Committee of the Board of Directors administers a Short-Term Incentive Plan (the “Plan”). The Plan is an annual incentive program that provides certain officers and key employee’s bonuses in the form of cash or restricted stock or a combination of both if the Company achieves certain financial goals. Each payout is further subject to the achievement of certain individual goals, as defined in the Plan. The Company has recorded expenses related to the Plan of approximately zero, $0.4 million and $0.6 million in 2014, 2013 and 2012, respectively. The bonuses are generally paid through a distribution of cash and restricted stock. | |||||||||||||||||||||||||
Retirement Plan | |||||||||||||||||||||||||
The Company sponsors a defined contribution 401-K plan (the “Plan”) for all eligible employees. Pursuant to the provisions of the Plan, employees may defer up to 100% of their compensation. The Company will match 50% of the amount deferred up to 6% of their compensation. The contributions made to the Plan by the Company were approximately $0.3 million, $0.2 million and $0.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Postretirement Health Care | |||||||||||||||||||||||||
The Company sponsors a postretirement health care plan (the “Plan”) for two former executives and their spouses. The Company’s policy is to fund the cost of the Plan as expenses are incurred. The costs of the postretirement benefits were accrued over the employees’ service lives. | |||||||||||||||||||||||||
The following table sets forth the Plan’s benefit obligations, fair value of plan assets, and funded status at December 31, 2014 and 2013: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Reconciliation of benefit obligation | |||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 214 | $ | 347 | |||||||||||||||||||||
Plan amendment | — | (302 | ) | ||||||||||||||||||||||
Interest cost | 8 | 18 | |||||||||||||||||||||||
Benefits paid | (28 | ) | (18 | ) | |||||||||||||||||||||
Contributions by plan participants | 4 | 4 | |||||||||||||||||||||||
Actuarial (gain) loss | 32 | 165 | |||||||||||||||||||||||
Benefit obligation at December 31 | 230 | 214 | |||||||||||||||||||||||
Fair value of plan assets at December 31 | — | — | |||||||||||||||||||||||
Funded status at end of year | $ | (230 | ) | $ | (214 | ) | |||||||||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | — | |||||||||||||||||||||
Current liabilities | (17 | ) | (17 | ) | |||||||||||||||||||||
Noncurrent liabilities | (213 | ) | (197 | ) | |||||||||||||||||||||
Accumulated other comprehensive income | (139 | ) | (190 | ) | |||||||||||||||||||||
Net amount recognized | $ | (369 | ) | $ | (404 | ) | |||||||||||||||||||
During the year ending December 31, 2013 there were changes in the plan resulting in gains of $0.3 million within other comprehensive income. Amounts recognized in accumulated other comprehensive income at December 31, 2014 and 2013 consists of: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Prior service cost (credit) | $ | (278 | ) | $ | (302 | ) | |||||||||||||||||||
Net actuarial gain | 139 | 112 | |||||||||||||||||||||||
Total accumulated other comprehensive income | $ | (139 | ) | $ | (190 | ) | |||||||||||||||||||
Net periodic benefit cost recognized in the years ended December 31, 2014, 2013 and 2012 was: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Interest cost | $ | 8 | $ | 18 | $ | 13 | |||||||||||||||||||
Prior service credit | (24 | ) | — | — | |||||||||||||||||||||
Amortization of gain | 6 | 7 | (3 | ) | |||||||||||||||||||||
Net periodic benefit cost recognized | $ | (10 | ) | $ | 25 | $ | 10 | ||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income in the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Net actuarial gain | $ | 33 | $ | 165 | $ | 32 | |||||||||||||||||||
Prior service cost for plan amendment | — | (302 | ) | — | |||||||||||||||||||||
Prior service credit | 24 | — | — | ||||||||||||||||||||||
Amortization of (gain) loss | (6 | ) | (7 | ) | 3 | ||||||||||||||||||||
Total recognized in accumulated other comprehensive income (loss) | $ | 51 | $ | (144 | ) | $ | 35 | ||||||||||||||||||
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ | 41 | $ | (119 | ) | $ | 45 | ||||||||||||||||||
For the defined postretirement benefits plan, amortization of the net gain from accumulated other comprehensive income into net periodic benefit cost to be recognized in the next fiscal year is expected to be insignificant. | |||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Discount rate | 3.65 | % | 4.45 | % | 3.6 | % | |||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||
Health care cost trend rate | 6.2 | % | 6.5 | % | 7 | % | |||||||||||||||||||
Weighted average assumptions used to determine net periodic postretirement benefit cost for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Discount rate | 4.45 | % | 3.6 | % | 4.25 | % | |||||||||||||||||||
Expected long-term rate of return on plan assets | N/A | N/A | N/A | ||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||
Health care cost trend rate | 6.5 | % | 8.1 | % | 8 | % | |||||||||||||||||||
Assumed health care trend rates have a significant effect on the amounts reported for health care plans. A 1% change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||
( in thousands) | |||||||||||||||||||||||||
Effect on total service and interest cost components of periodic postretirement health care benefit cost | $ | 1 | $ | (1 | ) | ||||||||||||||||||||
Effect on the health care component of the accumulated postretirement benefit obligation | $ | 34 | $ | (29 | ) | ||||||||||||||||||||
For measurement purposes, a 6.2% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2014. The rate was assumed to decrease gradually to 5.0% through 2019 and remain at that level thereafter. The Company expects to contribute $0.02 million to its postretirement benefit plan in 2015. | |||||||||||||||||||||||||
The benefits expected to be paid from the postretirement benefit plan are as follows: | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020-2024 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Benefits expected to be paid | $ | 17 | $ | 19 | $ | 20 | $ | 10 | $ | 11 | $ | 58 | |||||||||||||
The expected benefits are based on the same assumptions used to measure the Company’s benefit obligation at December 31, 2014 and include estimated future employee service, if any. |
Note_19_Leases
Note 19 - Leases | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
Leases of Lessee Disclosure [Text Block] | 19. Leases | ||||||||
The Company and its subsidiaries lease plant and office facilities, 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. Rent expense under operating lease agreements amounted to approximately $1.0 million, $0.7 million and $0.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company also has capital leases for computer equipment. The capital lease obligations related to accrued expenses are included in accrued expenses on the balance sheet. | |||||||||
The Company’s future minimum lease payments are as follows: | |||||||||
Year Ending December 31, | Capital Leases | Operating Leases | |||||||
(In thousands) | |||||||||
2015 | $ | 99 | $ | 779 | |||||
2016 | 99 | 596 | |||||||
2017 | 70 | 516 | |||||||
2018 | 42 | 456 | |||||||
2019 | — | 453 | |||||||
Thereafter | — | 1,313 | |||||||
Total minimum lease payments | 310 | 4,113 | |||||||
Less: Amount representing interest | 25 | ||||||||
Present value of minimum lease payments | 285 | ||||||||
Less: Current maturities | 99 | ||||||||
Capital lease obligations, net of current portion | $ | 186 | |||||||
Note_20_Contingencies_and_Conc
Note 20 - Contingencies and Concentrations | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 20. Contingencies and Concentrations |
Concentrations | |
The Company’s top ten customers accounted for approximately 38% of 2014 consolidated net revenues and were from the systems integration and managed services segments. Trade accounts receivable from these customers represented approximately 38% of net consolidated receivables at December 31, 2014. | |
Self-Insurance | |
The Company is self-insured up to certain stop loss limits for group health insurance. Accruals for claims incurred but not paid as of December 31, 2014 and 2013 are included in accrued expenses in the accompanying consolidated balance sheets. The Company’s policy is to accrue the employee health benefit accruals based on historical information along with certain assumptions about future events. | |
Litigation | |
The Company is involved, from time to time, in certain legal disputes in the ordinary course of business. No such disputes, individually or in the aggregate, are expected to have a material effect on its business or financial condition at December 31, 2014. |
Note_21_Accumulated_Other_Comp
Note 21 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | 21. Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The following table summarizes the activity in the different components of Accumulated Other Comprehensive Income (loss) for the three years ended December 31, 2014. | |||||||||||||
Postretirement Benefit Obligation | Foreign Currency Translation | Total | |||||||||||
(in thousands) | |||||||||||||
Accumulated other comprehensive income (loss) at December 31, 2011 | $ | 81 | $ | (137 | ) | $ | (56 | ) | |||||
Other comprehensive gain (loss) | (35 | ) | 406 | 371 | |||||||||
Accumulated other comprehensive income at December 31, 2012 | 46 | 269 | 315 | ||||||||||
Other comprehensive gain (loss) | 144 | (1,228 | ) | (1,084 | ) | ||||||||
Accumulated other comprehensive income (loss) at December 31, 2013 | 190 | (959 | ) | (769 | ) | ||||||||
Other comprehensive gain (loss) | (51 | ) | (1,366 | ) | (1,417 | ) | |||||||
Accumulated other comprehensive income (loss) at December 31, 2014 | $ | 139 | $ | (2,325 | ) | $ | (2,186 | ) | |||||
Note_22_Business_Segment_Infor
Note 22 - Business Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | |||||||||||||
22. Business Segment Information | |||||||||||||
As of December 31, 2014, the Company’s operations were conducted principally through two business segments: Systems Integration and Managed Services. Systems Integration operations include the sale of digital projection equipment, screens, sound systems in addition to the design, assembly and sale of followspots and other lighting products. Managed Services operations include the delivery of end to end digital signage solutions, video communication solutions, content creation and management and service of digital signage and digital cinema equipment. The Company allocates resources to business segments and evaluates the performance of these segments based upon reported segment operating profit. The Company records intercompany sales at cost and has eliminated all significant intercompany sales in consolidation. | |||||||||||||
Summary by Business Segments | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Net Revenue: | |||||||||||||
Systems Integration | $ | 63,781 | $ | 85,451 | $ | 154,686 | |||||||
Managed Services | 32,494 | 19,105 | 16,092 | ||||||||||
Total segment net revenue | 96,275 | 104,556 | 170,778 | ||||||||||
Eliminations | (1,189 | ) | (946 | ) | (1,694 | ) | |||||||
Total net revenue | 95,086 | 103,610 | 169,084 | ||||||||||
Operating income (loss): | |||||||||||||
Systems Integration | 6,119 | 7,864 | 11,994 | ||||||||||
Managed Services | (24 | ) | 1,100 | 2,477 | |||||||||
Total segment operating income | 6,095 | 8,964 | 14,471 | ||||||||||
Unallocated general and administrative expenses | (7,910 | ) | (8,857 | ) | (7,800 | ) | |||||||
Gain (loss) on sale or disposal of assets: | |||||||||||||
Systems Integration | $ | (3 | ) | $ | (13 | ) | $ | 1,245 | |||||
Managed Services | 13 | 5 | 87 | ||||||||||
Total gain(loss) on sale or disposal of assets | 10 | (8 | ) | 1,332 | |||||||||
Income (loss) from operations | (1,805 | ) | 99 | 8,003 | |||||||||
Equity in income (loss) of joint venture – Systems Integration | $ | 78 | $ | (25 | ) | $ | 10 | ||||||
Other income(expense) | |||||||||||||
Systems Integration | $ | 1,308 | $ | 825 | $ | 277 | |||||||
Managed Services | (50 | ) | 52 | (140 | ) | ||||||||
Total other income | $ | 1,258 | $ | 877 | $ | 137 | |||||||
Income before taxes | $ | (469 | ) | $ | 951 | $ | 8,150 | ||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Expenditures on capital equipment: | |||||||||||||
Systems Integration | $ | 442 | $ | 370 | $ | 1,485 | |||||||
Managed Services | 1,540 | 165 | 1,243 | ||||||||||
Total expenditures on capital equipment | $ | 1,982 | $ | 535 | $ | 2,728 | |||||||
Depreciation, amortization and impairment: | |||||||||||||
Systems Integration | $ | 1,208 | $ | 1,308 | $ | 1,129 | |||||||
Managed Services | 716 | 203 | 139 | ||||||||||
Total depreciation, amortization and impairment | $ | 1,924 | $ | 1,511 | $ | 1,268 | |||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Identifiable assets | |||||||||||||
Systems Integration | $ | 64,798 | $ | 67,839 | |||||||||
Managed Services | 25,272 | 27,605 | |||||||||||
Total | $ | 90,070 | $ | 95,444 | |||||||||
Summary by Geographical Area | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Net revenue | |||||||||||||
United States | $ | 62,149 | $ | 67,348 | $ | 137,105 | |||||||
China | 14,010 | 16,580 | 15,697 | ||||||||||
South America | 8,288 | 11,788 | 7,250 | ||||||||||
Canada | 5,661 | 3,709 | 3,883 | ||||||||||
Mexico | 2,718 | 1,254 | 1,458 | ||||||||||
Europe | 1,189 | 1,216 | 721 | ||||||||||
Asia (excluding China) | 910 | 843 | 2,341 | ||||||||||
Other | 161 | 872 | 629 | ||||||||||
Total | $ | 95,086 | $ | 103,610 | $ | 169,084 | |||||||
31-Dec | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Identifiable assets | |||||||||||||
United States | $ | 61,159 | $ | 51,882 | |||||||||
Canada | 18,849 | 28,463 | |||||||||||
China | 7,002 | 9,573 | |||||||||||
Asia (excluding China) | 3,060 | 5,526 | |||||||||||
Total | $ | 90,070 | $ | 95,444 | |||||||||
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_23_Quarterly_Financial_Da
Note 23 - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | 23. Quarterly Financial Data (Unaudited) | ||||||||||||||||||||||||||||||||
The following is a summary of the unaudited quarterly results of operations for 2014 and 2013. | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||||||||||
Net revenue | $ | 22,021 | $ | 22,027 | $ | 22,664 | $ | 28,374 | $ | 27,621 | $ | 24,395 | $ | 18,855 | $ | 32,739 | |||||||||||||||||
Gross profit | 4,216 | 4,247 | 4,057 | 5,640 | 3,914 | 4,680 | 3,338 | 4,913 | |||||||||||||||||||||||||
Net earnings (loss) | (594 | ) | 381 | (109 | ) | 318 | 565 | 1,277 | 46 | (1,725 | ) | ||||||||||||||||||||||
Basic and diluted earnings (loss) per share: | |||||||||||||||||||||||||||||||||
Basic(1) | (0.04 | ) | 0.03 | (0.01 | ) | 0.02 | 0.04 | 0.09 | 0 | (0.12 | ) | ||||||||||||||||||||||
Diluted(1) | (0.04 | ) | 0.03 | (0.01 | ) | 0.02 | 0.04 | 0.09 | 0 | (0.12 | ) | ||||||||||||||||||||||
Stock price: | |||||||||||||||||||||||||||||||||
High | 5.15 | 4.89 | 4.69 | 4.5 | 4.29 | 4.8 | 4.53 | 5.15 | |||||||||||||||||||||||||
Low | 4.46 | 3.76 | 3.65 | 3.79 | 3.25 | 3.91 | 3.97 | 4.1 | |||||||||||||||||||||||||
-1 | Earnings per share is computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. | ||||||||||||||||||||||||||||||||
Note_24_Subsequent_Events
Note 24 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 24. Subsequent Events |
There were no subsequent events following the balance sheet date for which accounting and disclosure in these financial statements is required. |
Schedule_II
Schedule II | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II | ||||||||||||||||||||||||
Ballantyne Strong, Inc. and Subsidiaries | |||||||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance at beginning of year | Charged to costs and expenses | Acquisitions | Amounts Written off(1) | Foreign Exchange Translation | Balance at end of year | ||||||||||||||||||||
Allowance for doubtful accounts and notes receivable: | |||||||||||||||||||||||||
Year ended December 31, 2014 | $ | 703 | $ | 90 | $ | — | $ | (110 | ) | $ | (4 | ) | $ | 679 | |||||||||||
Year ended December 31, 2013 | 487 | 274 | 314 | (364 | ) | (8 | ) | 703 | |||||||||||||||||
Year ended December 31, 2012 | 142 | 626 | — | (283 | ) | 2 | 487 | ||||||||||||||||||
Inventory reserves: | |||||||||||||||||||||||||
Year ended December 31, 2014 | $ | 1,792 | $ | 470 | $ | — | $ | (71 | ) | $ | (1 | ) | $ | 2,190 | |||||||||||
Year ended December 31, 2013 | 1,494 | 323 | 597 | (622 | ) | — | 1,792 | ||||||||||||||||||
Year ended December 31, 2012 | 2,515 | 1,205 | — | (2,226 | ) | — | 1,494 | ||||||||||||||||||
-1 | The deductions from reserves are net of recoveries. | ||||||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | ||||||||||||||||
The 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. | |||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Management Estimates | ||||||||||||||||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. 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 Company follows the Financial Accounting Standards Board (FASB) issued authoritative guidance, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. As defined in the FASB guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | |||||||||||||||||
The FASB guidance establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. 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 tables present 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, 2014 and 2013. | |||||||||||||||||
Fair Values Measured on a Recurring Basis at December 31, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 22,491 | $ | — | $ | — | $ | 22,491 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,985 | $ | 2,985 | |||||||||
Fair Values Measured on a Recurring Basis at December 31, 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 28,791 | $ | — | $ | — | $ | 28,791 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,497 | $ | 2,497 | |||||||||
Foreign Exchange Forward Contracts | $ | — | $ | 10,934 | $ | — | $ | 10,934 | |||||||||
Quantitative information about the Company's level 3 fair value measurements at December 31, 2014 is set forth below: | |||||||||||||||||
Fair Value | Valuation Technique | Unobservable input | Range | ||||||||||||||
(in thousands) | |||||||||||||||||
Notes Receivable | $ | 2,985 | 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: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Notes Receivable balance, beginning of period | $ | 2,497 | $ | 2,232 | |||||||||||||
Interest income accrued | 488 | 265 | |||||||||||||||
Notes Receivable balance, end of period | $ | 2,985 | $ | 2,497 | |||||||||||||
The fair value of the foreign currency forward exchange contracts is measured based on the total amount of currency to be purchased and forward exchange rates as of the period end. See footnote 17 for additional information on the Company's foreign exchange contracts. | |||||||||||||||||
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 2014, the Company did not have any significant non-recurring measurements of non-financial assets or liabilities. | |||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | EarningsPerCommon Share | ||||||||||||||||
Basic earnings per share have been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted earnings 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 reconciliation between basic and diluted earnings per share: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
( in thousands, except per share amounts) | |||||||||||||||||
Basic earnings (loss) per share: | |||||||||||||||||
Earnings applicable to common stock | $ | (4 | ) | $ | 163 | $ | 5,542 | ||||||||||
Weighted average common shares outstanding | 14,061 | 13,999 | 14,038 | ||||||||||||||
Basic earnings per share | $ | 0 | $ | 0.01 | $ | 0.39 | |||||||||||
Diluted earnings per share: | |||||||||||||||||
Earnings applicable to common stock | $ | (4 | ) | $ | 163 | $ | 5,542 | ||||||||||
Weighted average common shares outstanding | 14,061 | 13,999 | 14,038 | ||||||||||||||
Assuming conversion of options and restricted stock awards outstanding | — | 32 | 77 | ||||||||||||||
Weighted average common shares outstanding, as adjusted | 14,061 | 14,031 | 14,115 | ||||||||||||||
Diluted earnings per share | $ | 0 | $ | 0.01 | $ | 0.39 | |||||||||||
Grants and options to purchase 181,500, 291,000 and 189,025 shares of common stock were outstanding as of December 31, 2014, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per shares as the option’s exercise price was greater than the average market price of the common shares for the respective periods. An additional 141,936 options were excluded for the year ended December 31, 2014 as their inclusion would be anti-dilutive, thereby decreasing the net loss per share. | |||||||||||||||||
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Warranty Reserves | ||||||||||||||||
Historically, the Company has generally granted a warranty to its customers for a one-year period following the sale of manufactured film projection equipment and on selected repaired equipment for a one-year period. In most instances, the digital products are covered by the manufacturing firm's OEM warranty; however, there are certain customers where the Company may grant warranties in excess of the manufacturer's warranty for digital products. The Company accrues for these costs at the time of sale. The following table summarizes warranty activity for the three years ended December 31, 2014. | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Warranty accrual at beginning of period | $ | 662 | $ | 770 | $ | 1,028 | |||||||||||
Charged to expense | 332 | 349 | 416 | ||||||||||||||
Amounts written off, net of recoveries | (559 | ) | (473 | ) | (688 | ) | |||||||||||
Foreign currency translation adjustment | (12 | ) | 16 | 14 | |||||||||||||
Warranty accrual at end of period | $ | 423 | $ | 662 | $ | 770 | |||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | ||||||||||||||||
The Company recognizes revenue when all of the following circumstances are satisfied: | |||||||||||||||||
• | Persuasive evidence of an arrangement exists | ||||||||||||||||
• | Delivery has occurred or services have been rendered | ||||||||||||||||
• | The seller’s price to the buyer is fixed or determinable | ||||||||||||||||
• | Collectability is reasonably assured | ||||||||||||||||
The Company recognizes revenue when these criteria have been met and when title and risk of loss transfers to the customer. If an arrangement involves multiple deliverables, the items are considered separate units of accounting if the items have value on a stand-alone basis and there is objective and reliable evidence of their fair values. Revenues from the arrangement are allocated to the separate units of accounting based on their objectively determined fair value. For services, revenue is recognized when the services have been rendered. Revenues from service and support contracts is deferred and recognized as earned ratably over the service coverage periods. Unbilled revenue represents revenue recognized in accordance with the Company’s revenue recognition policy for which the invoice had not been processed and sent to the customer. Revenue is generally recognized upon shipment of the product, however, there are certain instances where revenue is deferred and recognized upon delivery or customer acceptance of the product as the Company legally retains the risk of loss on these transactions until such time. Estimates used in the recognition of revenues and cost of revenues include, but are not limited to, estimates for product warranties, price allowances and product returns. | |||||||||||||||||
Costs related to revenues are recognized in the same period in which the specific revenues are recorded. Shipping and handling fees billed to customers are reported in revenue. Shipping and handling costs incurred by the Company are included in cost of sales. Estimates used in the recognition of revenues and cost of revenues include, but are not limited to, estimates for product warranties, price allowances and product returns. | |||||||||||||||||
Receivables, Policy [Policy Text Block] | Accounts, Financingand Notes Receivable | ||||||||||||||||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company determines the allowance for doubtful accounts based on several factors including overall customer credit quality, historical write-off experience and a specific analysis that projects the ultimate collectability of the account. As such, these factors may change over time causing the reserve level and bad debt expense to adjust accordingly. | |||||||||||||||||
Beginning in October 1, 2013, with our acquisition of CMS in our managed services segment, sales-type lease revenue arrangements are included in services revenue in the Consolidated Statements of Operations. The arrangements are primarily related to sales of digital displays and have original lease terms ranging from 3 to 5 years. For sales-type/finance leases, the Company records an asset at lease inception. This asset is recorded at the aggregate future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed periodically, represent the estimated amount the Company expects to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. The Company performs ongoing credit evaluations and provides an allowance for potential credit losses against the portion of financing receivables which is estimated to be uncollectible based on historical experience, current economic conditions, and management’s evaluation of outstanding financing receivables. These factors may change over time causing the reserve level to adjust accordingly. There is currently no allowance for credit losses as management believes the entire balance will be collectible. The effective rate on these is 3.25%. | |||||||||||||||||
Notes receivables are recorded at estimated fair value at December 31, 2014 and accrue interest at 15%. The Company estimates allowances for doubtful accounts based on the Company’s best estimates of the amount of probable credit losses pertaining to the notes receivables, based on ongoing monitoring of the counterparty’s financial position and results of operations. | |||||||||||||||||
Past due accounts are written off for accounts, financing and notes receivable when our efforts have been unsuccessful in collecting amounts due. | |||||||||||||||||
Inventory, Policy [Policy Text Block] | Inventories | ||||||||||||||||
Inventories are stated at the lower of cost (first-in, first-out) or market and include appropriate elements of material, labor and manufacturing overhead. Inventory balances are net of reserves of slow moving or obsolete inventory based on management’s review of inventories on hand compared to estimated future usage and sales, technological changes and product pricing. | |||||||||||||||||
Digital projection equipment and lighting is provided to potential customers for consignment and demonstration purposes under customer use agreements. Revenues are subsequently recorded in accordance with the Company’s normal revenue recognition policies. Consignment inventory is reviewed for impairment by comparing the inventory to the estimated future usage and sales. Digital and lighting equipment on consignment amounted to approximately $0.3 million and $0.2 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||
Business Combinations Policy [Policy Text Block] | Business Combinations | ||||||||||||||||
The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is often required in estimating the fair value of assets acquired, particularly intangible assets. As a result, in the case of significant acquisitions the Company normally obtains the assistance of third-party valuation specialists in estimating fair values of tangible and intangible assets. The fair value estimates are based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. | |||||||||||||||||
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets | ||||||||||||||||
The Company’s amortizable intangibles consist of trademarks, customer relationships, software and product formulation. The Company evaluates its intangible assets for impairment when there is evidence that events or circumstances indicate that the carrying amount of these assets may not be recoverable. Intangible assets with definite lives are amortized over their respective estimated useful lives to their estimated residual values. Significant judgments and assumptions are required in the impairment evaluations. | |||||||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill | ||||||||||||||||
Goodwill is not amortized and is tested for impairment at least annually, or whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. Significant judgment is involved in determining if an indicator of impairment has occurred. The Company may consider indicators such as deterioration in general economic conditions, adverse changes in the markets in which the reporting unit operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. | |||||||||||||||||
The Company may first review for goodwill impairment by assessing qualitative factors to determine whether any impairment may exist. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative two-step test is required; otherwise, no further testing is required. However, the Company also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. Under the first step of the quantitative test, the fair value of each reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit exceeds its carrying value, step two is not performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and step two of the impairment test (measurement) is performed. Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the fair value of that goodwill. The fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the fair value of the reporting unit goodwill. | |||||||||||||||||
Goodwill at December 31, 2014 was recorded in connection with the acquisition of Peintures Elite, Inc. in the third quarter of 2013. A qualitative assessment was performed for the year ended December 31, 2014 and it was determined no events had occurred since the acquisition that would indicate an impairment was more likely than not. | |||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment | ||||||||||||||||
Significant expenditures for the replacement or expansion of property, plant and equipment are capitalized. Depreciation of property, plant and equipment is provided over the estimated useful lives of the respective assets using the straight-line method. For financial reporting purposes, assets are depreciated over the estimated useful lives of 20 years for buildings and improvements, life of the related lease for leasehold improvements, 3 to 10 years for machinery and equipment, 7 years for furniture and fixtures and 3 years for computers and accessories. The Company generally uses accelerated methods of depreciation for income tax purposes. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of property, plant and equipment is based on management’s estimates of future undiscounted cash flows and these estimates may vary due to a number of factors, some of which may be outside of management’s control. To the extent that the Company is unable to achieve management’s forecasts of future income, it may become necessary to record impairment losses for any excess of the net book value of property, plant and equipment over their fair value. | |||||||||||||||||
The Company incurs maintenance costs on all of its major equipment. Repair and maintenance costs are expensed as incurred. | |||||||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | ||||||||||||||||
Income taxes are accounted for under the asset and liability method. The Company uses an estimate of its annual effective rate at each interim period based on the facts and circumstances at the time while the actual effective rate is calculated at year-end. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing whether the deferred tax assets are realizable management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||||||||||||||
The Company’s uncertain tax positions are evaluated in a two-step process, whereby 1) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and 2) for those tax positions that meet the more likely than not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than fifty percent likely to be realized upon ultimate settlement with the related tax authority. The Company accrues interest and penalties related to uncertain tax positions in the statements of income as income tax expense. | |||||||||||||||||
Other Taxes [Policy Text Block] | Other Taxes | ||||||||||||||||
Sales taxes assessed by governmental authorities including sales, use, and excise taxes are on a net basis and therefore the presentation of these taxes is excluded from revenues and is shown as a liability on the balance sheet until remitted to the appropriate taxing authorities. | |||||||||||||||||
Research and Development Expense, Policy [Policy Text Block] | Research and Development | ||||||||||||||||
Research and development related costs are charged to operations in the period incurred. Such costs amounted to approximately $0.2 million, $0.1 million and $0.01 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Advertising Costs, Policy [Policy Text Block] | Advertising Costs | ||||||||||||||||
Advertising and promotional costs are expensed as incurred and amounted to approximately $0.5 million, $0.5 million and $0.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | ||||||||||||||||
All short-term, highly liquid financial instruments are classified as cash equivalents in the consolidated balance sheets and statements of cash flows. Generally, these instruments have maturities of three months or less from date of purchase. | |||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Compensation Plans | ||||||||||||||||
The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated values on the date of grant. The Company uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise of stock options or vesting of restricted stock from new stock issuances. 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. The fair value of stock options granted and shares issued under the employee stock purchase plan is calculated using the Black-Scholes option pricing model. No share-based compensation cost was capitalized as a part of inventory as of December 31, 2014 and 2013. | |||||||||||||||||
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Post-Retirement Benefits | ||||||||||||||||
The Company recognizes the overfunded or underfunded position of a defined benefit postretirement plan as an asset or liability in the balance sheet, measures the plan’s assets and its obligations that determine its funded status as of December 31, 2014 and recognizes the changes in the funded status through comprehensive income in the year in which the changes occur. | |||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation | ||||||||||||||||
For foreign subsidiaries, the environment in which the business conducts operations is considered the functional currency, generally the local currency. The assets and liabilities of foreign subsidiaries are translated into the United States dollar at the foreign exchange rates in effect at the end of the period. Revenue and expenses of foreign subsidiaries are translated using an average of the foreign exchange rates in effect during the period. Translation adjustments are not included in determining net earnings but are presented in comprehensive income within the consolidated statements of comprehensive income. Transaction gains and losses that arise from foreign exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the statements of operations as incurred. Undistributed earnings of the Company’s foreign subsidiaries totaling $4.8 million are considered to not be permanently reinvested and the applicable portion of accumulated other comprehensive income (loss) has been tax effected. The components of accumulated other comprehensive income (loss) related to the earnings of foreign subsidiaries that are considered to be indefinitely reinvested have not been tax effected. | |||||||||||||||||
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies | ||||||||||||||||
The Company accrues for contingencies when its assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. The Company’s estimates are based on currently available facts and its estimates of the ultimate outcome or resolution. Actual results may differ from the Company’s estimates resulting in an impact, positive or negative, on earnings | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | RecentlyIssued Accounting Pronouncements | ||||||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The guidance is effective for the Company beginning January 1, 2017 and may be adopted using a full retrospective or a modified cumulative effect approach. Early adoption is not permitted. The Company is currently evaluating the potential impact of adopting this guidance and has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 | $ | 22,491 | $ | — | $ | — | $ | 22,491 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,985 | $ | 2,985 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 28,791 | $ | — | $ | — | $ | 28,791 | |||||||||
Notes Receivable | $ | — | $ | — | $ | 2,497 | $ | 2,497 | |||||||||
Foreign Exchange Forward Contracts | $ | — | $ | 10,934 | $ | — | $ | 10,934 | |||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Fair Value | Valuation Technique | Unobservable input | Range | |||||||||||||
(in thousands) | |||||||||||||||||
Notes Receivable | $ | 2,985 | 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] | 2014 | 2013 | |||||||||||||||
(in thousands) | |||||||||||||||||
Notes Receivable balance, beginning of period | $ | 2,497 | $ | 2,232 | |||||||||||||
Interest income accrued | 488 | 265 | |||||||||||||||
Notes Receivable balance, end of period | $ | 2,985 | $ | 2,497 | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||
( in thousands, except per share amounts) | |||||||||||||||||
Basic earnings (loss) per share: | |||||||||||||||||
Earnings applicable to common stock | $ | (4 | ) | $ | 163 | $ | 5,542 | ||||||||||
Weighted average common shares outstanding | 14,061 | 13,999 | 14,038 | ||||||||||||||
Basic earnings per share | $ | 0 | $ | 0.01 | $ | 0.39 | |||||||||||
Diluted earnings per share: | |||||||||||||||||
Earnings applicable to common stock | $ | (4 | ) | $ | 163 | $ | 5,542 | ||||||||||
Weighted average common shares outstanding | 14,061 | 13,999 | 14,038 | ||||||||||||||
Assuming conversion of options and restricted stock awards outstanding | — | 32 | 77 | ||||||||||||||
Weighted average common shares outstanding, as adjusted | 14,061 | 14,031 | 14,115 | ||||||||||||||
Diluted earnings per share | $ | 0 | $ | 0.01 | $ | 0.39 | |||||||||||
Schedule of Product Warranty Liability [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Warranty accrual at beginning of period | $ | 662 | $ | 770 | $ | 1,028 | |||||||||||
Charged to expense | 332 | 349 | 416 | ||||||||||||||
Amounts written off, net of recoveries | (559 | ) | (473 | ) | (688 | ) | |||||||||||
Foreign currency translation adjustment | (12 | ) | 16 | 14 | |||||||||||||
Warranty accrual at end of period | $ | 423 | $ | 662 | $ | 770 |
Note_3_Acquisitions_Tables
Note 3 - Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Amount of Identified Assets Acquired | ||||||||
and Liabilities Assumed | |||||||||
(in thousands) | |||||||||
Current Assets | $ | 10,987 | |||||||
Property and equipment | 4,989 | ||||||||
Other Assets | 3,686 | ||||||||
Software | 233 | ||||||||
Goodwill | — | ||||||||
Total acquired assets | 19,895 | ||||||||
Current liabilities | 2,336 | ||||||||
Long-term liabilities | 137 | ||||||||
Total liabilities assumed | 2,473 | ||||||||
Net assets acquired | $ | 17,422 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Revenue | $ | 129,737 | $ | 211,758 | |||||
Net income (loss) | $ | 1,041 | $ | 5,140 | |||||
Net income (loss) per share – basic | $ | 0.07 | $ | 0.37 | |||||
Net income (loss) per share – diluted | $ | 0.07 | $ | 0.36 |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||
(in thousands) | |||||||||
Raw materials and components | $ | 2,281 | $ | 3,891 | |||||
Work in process | 632 | 345 | |||||||
Finished goods | 11,195 | 10,949 | |||||||
$ | 14,108 | $ | 15,185 |
Note_6_Property_Plant_and_Equi1
Note 6 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Land | $ | 1,605 | $ | 1,611 | |||||
Buildings and improvements | 10,203 | 10,516 | |||||||
Machinery and equipment | 4,227 | 4,589 | |||||||
Office furniture and fixtures | 3,713 | 2,786 | |||||||
Total properties cost | 19,748 | 19,502 | |||||||
Less accumulated depreciation | (5,834 | ) | (4,781 | ) | |||||
Net property, plant and equipment | $ | 13,914 | $ | 14,721 |
Note_7_Restructuring_Activitie1
Note 7 - Restructuring Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Costs [Table Text Block] | 2013 Convergent related severance | 2011 Corporate-wide Strategic Initiative | Total Restructuring | ||||||||||
(in thousands) | |||||||||||||
Balance, restructuring liability at December 31, 2011 | $ | — | $ | 963 | $ | 963 | |||||||
Severance expense included in administrative expenses | — | 107 | 107 | ||||||||||
Severance paid | — | (982 | ) | (982 | ) | ||||||||
Balance, restructuring liability at December 31, 2012 | — | 88 | 88 | ||||||||||
Severance expense included in administrative expenses | 1,417 | — | 1,417 | ||||||||||
Site closure costs included in administrative expenses | 58 | — | 58 | ||||||||||
Severance paid | (579 | ) | (88 | ) | (667 | ) | |||||||
Balance, restructuring liability at December 31, 2013 | 896 | — | 896 | ||||||||||
Severance paid | (709 | ) | — | (709 | ) | ||||||||
Balance, restructuring liability at December 31, 2014 | $ | 187 | $ | — | $ | 187 |
Note_8_Intangible_Assets_Table
Note 8 - Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Useful life | Gross | Accumulated | Net | |||||||||||||
amortization | |||||||||||||||||
(Years) | ( in thousands) | ||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Customer relationships | 9-Apr | $ | 1,556 | $ | (1,538 | ) | $ | 18 | |||||||||
Trademarks | 3 | 210 | (210 | ) | — | ||||||||||||
Software | 3 | 905 | (144 | ) | 761 | ||||||||||||
Software in development | 3 | 16 | — | 16 | |||||||||||||
Product Formulation | 10 | 526 | (153 | ) | 373 | ||||||||||||
Total | $ | 3,213 | $ | (2,045 | ) | $ | 1,168 | ||||||||||
Useful life | Gross | Accumulated | Net | ||||||||||||||
amortization | |||||||||||||||||
(Years) | ( in thousands) | ||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Customer relationships | 9-Apr | $ | 1,662 | $ | (1,600 | ) | $ | 62 | |||||||||
Trademarks | 3 | 229 | (229 | ) | — | ||||||||||||
Software | 3 | 234 | (24 | ) | 210 | ||||||||||||
Software in development | 3 | 92 | — | 92 | |||||||||||||
Product Formulation | 10 | 573 | (42 | ) | 531 | ||||||||||||
Total | $ | 2,790 | $ | (1,895 | ) | $ | 895 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amount | ||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 384 | |||||||||||||||
2016 | 330 | ||||||||||||||||
2017 | 273 | ||||||||||||||||
2018 | 68 | ||||||||||||||||
2019 | 35 | ||||||||||||||||
Thereafter | 62 |
Note_9_Goodwill_Tables
Note 9 - Goodwill (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Disclosure Text Block Supplement [Abstract] | |||||
Schedule of Goodwill [Table Text Block] | Balance as of December 31, 2012 | $ | — | ||
Acquisition of Peintures Elite, Inc. | 1,163 | ||||
Foreign currency translation | (40 | ) | |||
Balance as of December 31, 2013 | 1,123 | ||||
Foreign currency translation | (94 | ) | |||
Balance as of December 31, 2014 | $ | 1,029 |
Note_10_Accrued_Expenses_Table
Note 10 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||
(in thousands) | |||||||||
Employee related | $ | 1,797 | $ | 2,900 | |||||
Legal and professional fees | 265 | 77 | |||||||
Lease expenses | 86 | — | |||||||
Warranty obligation | 423 | 662 | |||||||
Joint venture excess distributions | 596 | 674 | |||||||
Interest and taxes | 575 | 596 | |||||||
Post-retirement benefit obligation | 17 | 17 | |||||||
Severance and benefits | 303 | 838 | |||||||
Other | 304 | 472 | |||||||
Total | $ | 4,366 | $ | 6,236 | |||||
31-Dec-14 | 31-Dec-13 | ||||||||
(in thousands) | |||||||||
Post-retirement benefit obligation | $ | 213 | $ | 197 | |||||
Employee related | 353 | 447 | |||||||
Rent and leasehold improvements | 1,184 | 1,084 | |||||||
Other | 26 | 20 | |||||||
Total | $ | 1,776 | $ | 1,748 |
Note_12_Income_Taxes_Tables
Note 12 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
United States | $ | (9,774 | ) | $ | (5,916 | ) | $ | 4,783 | |||||||||||||||||
Foreign | 9,305 | 6,867 | 3,367 | ||||||||||||||||||||||
$ | (469 | ) | $ | 951 | $ | 8,150 | |||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Federal: | |||||||||||||||||||||||||
Current | $ | 592 | $ | 218 | $ | 1,257 | |||||||||||||||||||
Deferred | (3,333 | ) | (1,141 | ) | 317 | ||||||||||||||||||||
Total | (2,741 | ) | (923 | ) | 1,574 | ||||||||||||||||||||
State: | |||||||||||||||||||||||||
Current | 316 | (62 | ) | 153 | |||||||||||||||||||||
Deferred | (589 | ) | (86 | ) | 29 | ||||||||||||||||||||
Total | (273 | ) | (148 | ) | 182 | ||||||||||||||||||||
Foreign: | |||||||||||||||||||||||||
Current | 3,196 | 1,661 | 1,118 | ||||||||||||||||||||||
Deferred | (647 | ) | 198 | (266 | ) | ||||||||||||||||||||
Total | 2,549 | 1,859 | 852 | ||||||||||||||||||||||
$ | (465 | ) | $ | 788 | $ | 2,608 | |||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Expected federal income tax expense (benefit) | $ | (160 | ) | 34 | $ | 323 | 34 | $ | 2,771 | 34 | |||||||||||||||
State income taxes, net of federal benefit | (153 | ) | 32.5 | (88 | ) | (9.3 | ) | 120 | 1.5 | ||||||||||||||||
Foreign tax rates varying from 34% | (623 | ) | 132.7 | (489 | ) | (51.4 | ) | (204 | ) | (2.5 | ) | ||||||||||||||
Change in foreign reinvestment strategy | 429 | (91.4 | ) | 1,038 | 109.2 | — | — | ||||||||||||||||||
Other | 42 | (8.7 | ) | 4 | 0.4 | (79 | ) | (1.0 | ) | ||||||||||||||||
Total | $ | (465 | ) | 99.1 | $ | 788 | 82.9 | $ | 2,608 | 32 | |||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 31-Dec | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Deferred revenue | $ | 2,028 | $ | 1,662 | |||||||||||||||||||||
Non-deductible accruals | 528 | 554 | |||||||||||||||||||||||
Inventory reserves | 768 | 583 | |||||||||||||||||||||||
Stock compensation expense | 289 | 344 | |||||||||||||||||||||||
Warranty reserves | 130 | 189 | |||||||||||||||||||||||
Uncollectible receivable reserves | 231 | 259 | |||||||||||||||||||||||
Accrued group health insurance claims | 120 | 141 | |||||||||||||||||||||||
Restructuring reserves | 111 | 307 | |||||||||||||||||||||||
Net operating losses | 646 | 91 | |||||||||||||||||||||||
Depreciation and amortization | 707 | 449 | |||||||||||||||||||||||
Foreign tax credits | 2,854 | — | |||||||||||||||||||||||
Accumulated other comprehensive income | 276 | — | |||||||||||||||||||||||
Other | 8 | 34 | |||||||||||||||||||||||
Net deferred tax assets | 8,696 | 4,613 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Depreciation and amortization | 444 | 688 | |||||||||||||||||||||||
Equity in income (loss) of joint venture | (51 | ) | 20 | ||||||||||||||||||||||
Intangibles | 238 | — | |||||||||||||||||||||||
Cash repatriation | 329 | 1,038 | |||||||||||||||||||||||
Net deferred tax liabilities | 960 | 1,746 | |||||||||||||||||||||||
Net deferred tax assets | $ | 7,736 | $ | 2,867 |
Note_13_Financing_Receivable_T
Note 13 - Financing Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Lease Receivable [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||
(in thousands) | |||||||||
Investment in sales-type leases | |||||||||
Current | $ | 1,372 | $ | 1,958 | |||||
Noncurrent | 1,383 | 2,652 | |||||||
Capital Leases in Financial Statements of Lessor Disclosure [Text Block] | Years ending: | Scheduled Payments | |||||||
(in thousands) | |||||||||
31-Dec-15 | $ | 1,372 | |||||||
31-Dec-16 | 1,185 | ||||||||
31-Dec-17 | 198 | ||||||||
Total | $ | 2,755 |
Note_15_Deferred_Revenue_Table
Note 15 - Deferred Revenue (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Revenue Disclosure [Abstract] | |||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||
(in thousands) | |||||||||
Extended warranty deferrals expected to be recognized within one year | $ | 715 | $ | 629 | |||||
Extended warranty deferrals expected to be recognized after one year | 2,003 | 2,719 | |||||||
Total revenue deferred for extended warranty | $ | 2,718 | $ | 3,348 |
Note_16_Stock_Compensation_Tab
Note 16 - Stock Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Share based compensation expense | $ | 426 | $ | 461 | $ | 393 | ||||||||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | 2013 | 2012 | ||||||||||||||||||||||||||
Expected dividend yield at date of grant | 0.00% | 0.00% | ||||||||||||||||||||||||||
Risk-free interest rate | 0.90% | 1.30% | ||||||||||||||||||||||||||
Expected stock price volatility | 58.50% | 57.00% | ||||||||||||||||||||||||||
Expected life of options (in years) | 5.5 | 6 | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Expected dividend yield at date of grant | 0.00% | 0.00% | ||||||||||||||||||||||||||
Expected stock price volatility | 29.89% | 15.90% | ||||||||||||||||||||||||||
Risk-free interest rate | 0.14% | 0.15% | ||||||||||||||||||||||||||
Expected term (in years) | 1 | 1 | ||||||||||||||||||||||||||
Estimated grant date fair value | $ | 0.93 | $ | 0.88 | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate | ||||||||||||||||||||||||
Per Share | Intrinsic Value | |||||||||||||||||||||||||||
(in years) | (in thousands) | |||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 213,700 | $ | 5.42 | 7.84 | 26 | |||||||||||||||||||||||
Granted | — | — | ||||||||||||||||||||||||||
Exercised | — | — | ||||||||||||||||||||||||||
Forfeited | (32,200 | ) | 4.66 | |||||||||||||||||||||||||
Outstanding at December 31, 2014 | 181,500 | $ | 5.56 | 6.77 | $ | 13 | ||||||||||||||||||||||
Exercisable at December 31, 2014 | 112,000 | $ | 6.24 | 6.55 | $ | 4 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding at | Options Exercisable at | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-14 | |||||||||||||||||||||||||||
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 in years | life in years | |||||||||||||||||||||||||||
$ | 3.55 to $8.32 | 181,500 | 6.77 | $ | 5.56 | 112,000 | 6.55 | $ | 6.24 | |||||||||||||||||||
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Restricted Stock Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||
Nonvested at December 31, 2013 | 129,500 | $ | 4.42 | |||||||||||||||||||||||||
Granted | 214,260 | 3.86 | ||||||||||||||||||||||||||
Shares vested | (68,167 | ) | 4.54 | |||||||||||||||||||||||||
Shares forfeited | (10,800 | ) | 4.39 | |||||||||||||||||||||||||
Nonvested at December 31, 2014 | 264,793 | $ | 3.93 |
Note_17_Foreign_Exchange_Contr1
Note 17 - Foreign Exchange Contracts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Foreign Currency [Abstract] | |||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Asset Derivatives | ||||||||||||
(in thousands) | Classification | December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||||
Foreign exchange forward contracts | Other current assets | $ | — | $ | 10,934 | ||||||||
Asset Derivatives | |||||||||||||
(in thousands) | Classification | December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||||
Foreign exchange forward contracts | Other current liabilities | $ | — | $ | 11,000 | ||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | (in thousands) | Classification | 2014 | 2013 | 2012 | ||||||||
Foreign exchange forward contracts | Other Income (Loss) | $ | (145 | ) | $ | (380 | ) | $ | 145 |
Note_18_Compensation_and_Benef1
Note 18 - Compensation and Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Note 18 - Compensation and Benefit Plans (Tables) [Line Items] | |||||||||||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Reconciliation of benefit obligation | |||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 214 | $ | 347 | |||||||||||||||||||||
Plan amendment | — | (302 | ) | ||||||||||||||||||||||
Interest cost | 8 | 18 | |||||||||||||||||||||||
Benefits paid | (28 | ) | (18 | ) | |||||||||||||||||||||
Contributions by plan participants | 4 | 4 | |||||||||||||||||||||||
Actuarial (gain) loss | 32 | 165 | |||||||||||||||||||||||
Benefit obligation at December 31 | 230 | 214 | |||||||||||||||||||||||
Fair value of plan assets at December 31 | — | — | |||||||||||||||||||||||
Funded status at end of year | $ | (230 | ) | $ | (214 | ) | |||||||||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | — | |||||||||||||||||||||
Current liabilities | (17 | ) | (17 | ) | |||||||||||||||||||||
Noncurrent liabilities | (213 | ) | (197 | ) | |||||||||||||||||||||
Accumulated other comprehensive income | (139 | ) | (190 | ) | |||||||||||||||||||||
Net amount recognized | $ | (369 | ) | $ | (404 | ) | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Prior service cost (credit) | $ | (278 | ) | $ | (302 | ) | |||||||||||||||||||
Net actuarial gain | 139 | 112 | |||||||||||||||||||||||
Total accumulated other comprehensive income | $ | (139 | ) | $ | (190 | ) | |||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Interest cost | $ | 8 | $ | 18 | $ | 13 | |||||||||||||||||||
Prior service credit | (24 | ) | — | — | |||||||||||||||||||||
Amortization of gain | 6 | 7 | (3 | ) | |||||||||||||||||||||
Net periodic benefit cost recognized | $ | (10 | ) | $ | 25 | $ | 10 | ||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Net actuarial gain | $ | 33 | $ | 165 | $ | 32 | |||||||||||||||||||
Prior service cost for plan amendment | — | (302 | ) | — | |||||||||||||||||||||
Prior service credit | 24 | — | — | ||||||||||||||||||||||
Amortization of (gain) loss | (6 | ) | (7 | ) | 3 | ||||||||||||||||||||
Total recognized in accumulated other comprehensive income (loss) | $ | 51 | $ | (144 | ) | $ | 35 | ||||||||||||||||||
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ | 41 | $ | (119 | ) | $ | 45 | ||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 1% Increase | 1% Decrease | |||||||||||||||||||||||
( in thousands) | |||||||||||||||||||||||||
Effect on total service and interest cost components of periodic postretirement health care benefit cost | $ | 1 | $ | (1 | ) | ||||||||||||||||||||
Effect on the health care component of the accumulated postretirement benefit obligation | $ | 34 | $ | (29 | ) | ||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | 2015 | 2016 | 2017 | 2018 | 2019 | 2020-2024 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Benefits expected to be paid | $ | 17 | $ | 19 | $ | 20 | $ | 10 | $ | 11 | $ | 58 | |||||||||||||
Benefit Obligations [Member] | |||||||||||||||||||||||||
Note 18 - Compensation and Benefit Plans (Tables) [Line Items] | |||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Discount rate | 3.65 | % | 4.45 | % | 3.6 | % | |||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||
Health care cost trend rate | 6.2 | % | 6.5 | % | 7 | % | |||||||||||||||||||
Net Periodic Postretirement Benefit Cost [Member] | |||||||||||||||||||||||||
Note 18 - Compensation and Benefit Plans (Tables) [Line Items] | |||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.45 | % | 3.6 | % | 4.25 | % | |||||||||||||||||||
Expected long-term rate of return on plan assets | N/A | N/A | N/A | ||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||
Health care cost trend rate | 6.5 | % | 8.1 | % | 8 | % |
Note_19_Leases_Tables
Note 19 - Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
Future Minimum Lease Payments on Capital and Operating Leases [Table Text Block] | Year Ending December 31, | Capital Leases | Operating Leases | ||||||
(In thousands) | |||||||||
2015 | $ | 99 | $ | 779 | |||||
2016 | 99 | 596 | |||||||
2017 | 70 | 516 | |||||||
2018 | 42 | 456 | |||||||
2019 | — | 453 | |||||||
Thereafter | — | 1,313 | |||||||
Total minimum lease payments | 310 | 4,113 | |||||||
Less: Amount representing interest | 25 | ||||||||
Present value of minimum lease payments | 285 | ||||||||
Less: Current maturities | 99 | ||||||||
Capital lease obligations, net of current portion | $ | 186 |
Note_21_Accumulated_Other_Comp1
Note 21 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Note 21 - Accumulated Other Comprehensive Income (Loss) (Tables) [Line Items] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2014 | 2013 | |||||||||||
(in thousands) | |||||||||||||
Prior service cost (credit) | $ | (278 | ) | $ | (302 | ) | |||||||
Net actuarial gain | 139 | 112 | |||||||||||
Total accumulated other comprehensive income | $ | (139 | ) | $ | (190 | ) | |||||||
Other Comprehensive Income (Loss) [Member] | |||||||||||||
Note 21 - Accumulated Other Comprehensive Income (Loss) (Tables) [Line Items] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Postretirement Benefit Obligation | Foreign Currency Translation | Total | ||||||||||
(in thousands) | |||||||||||||
Accumulated other comprehensive income (loss) at December 31, 2011 | $ | 81 | $ | (137 | ) | $ | (56 | ) | |||||
Other comprehensive gain (loss) | (35 | ) | 406 | 371 | |||||||||
Accumulated other comprehensive income at December 31, 2012 | 46 | 269 | 315 | ||||||||||
Other comprehensive gain (loss) | 144 | (1,228 | ) | (1,084 | ) | ||||||||
Accumulated other comprehensive income (loss) at December 31, 2013 | 190 | (959 | ) | (769 | ) | ||||||||
Other comprehensive gain (loss) | (51 | ) | (1,366 | ) | (1,417 | ) | |||||||
Accumulated other comprehensive income (loss) at December 31, 2014 | $ | 139 | $ | (2,325 | ) | $ | (2,186 | ) |
Note_22_Business_Segment_Infor1
Note 22 - Business Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Net Revenue: | |||||||||||||
Systems Integration | $ | 63,781 | $ | 85,451 | $ | 154,686 | |||||||
Managed Services | 32,494 | 19,105 | 16,092 | ||||||||||
Total segment net revenue | 96,275 | 104,556 | 170,778 | ||||||||||
Eliminations | (1,189 | ) | (946 | ) | (1,694 | ) | |||||||
Total net revenue | 95,086 | 103,610 | 169,084 | ||||||||||
Operating income (loss): | |||||||||||||
Systems Integration | 6,119 | 7,864 | 11,994 | ||||||||||
Managed Services | (24 | ) | 1,100 | 2,477 | |||||||||
Total segment operating income | 6,095 | 8,964 | 14,471 | ||||||||||
Unallocated general and administrative expenses | (7,910 | ) | (8,857 | ) | (7,800 | ) | |||||||
Gain (loss) on sale or disposal of assets: | |||||||||||||
Systems Integration | $ | (3 | ) | $ | (13 | ) | $ | 1,245 | |||||
Managed Services | 13 | 5 | 87 | ||||||||||
Total gain(loss) on sale or disposal of assets | 10 | (8 | ) | 1,332 | |||||||||
Income (loss) from operations | (1,805 | ) | 99 | 8,003 | |||||||||
Equity in income (loss) of joint venture – Systems Integration | $ | 78 | $ | (25 | ) | $ | 10 | ||||||
Other income(expense) | |||||||||||||
Systems Integration | $ | 1,308 | $ | 825 | $ | 277 | |||||||
Managed Services | (50 | ) | 52 | (140 | ) | ||||||||
Total other income | $ | 1,258 | $ | 877 | $ | 137 | |||||||
Income before taxes | $ | (469 | ) | $ | 951 | $ | 8,150 | ||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Expenditures on capital equipment: | |||||||||||||
Systems Integration | $ | 442 | $ | 370 | $ | 1,485 | |||||||
Managed Services | 1,540 | 165 | 1,243 | ||||||||||
Total expenditures on capital equipment | $ | 1,982 | $ | 535 | $ | 2,728 | |||||||
Depreciation, amortization and impairment: | |||||||||||||
Systems Integration | $ | 1,208 | $ | 1,308 | $ | 1,129 | |||||||
Managed Services | 716 | 203 | 139 | ||||||||||
Total depreciation, amortization and impairment | $ | 1,924 | $ | 1,511 | $ | 1,268 | |||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Identifiable assets | |||||||||||||
Systems Integration | $ | 64,798 | $ | 67,839 | |||||||||
Managed Services | 25,272 | 27,605 | |||||||||||
Total | $ | 90,070 | $ | 95,444 | |||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
(in thousands) | |||||||||||||
Net revenue | |||||||||||||
United States | $ | 62,149 | $ | 67,348 | $ | 137,105 | |||||||
China | 14,010 | 16,580 | 15,697 | ||||||||||
South America | 8,288 | 11,788 | 7,250 | ||||||||||
Canada | 5,661 | 3,709 | 3,883 | ||||||||||
Mexico | 2,718 | 1,254 | 1,458 | ||||||||||
Europe | 1,189 | 1,216 | 721 | ||||||||||
Asia (excluding China) | 910 | 843 | 2,341 | ||||||||||
Other | 161 | 872 | 629 | ||||||||||
Total | $ | 95,086 | $ | 103,610 | $ | 169,084 | |||||||
Assets by Geographic Areas [Table Text Block] | 31-Dec | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Identifiable assets | |||||||||||||
United States | $ | 61,159 | $ | 51,882 | |||||||||
Canada | 18,849 | 28,463 | |||||||||||
China | 7,002 | 9,573 | |||||||||||
Asia (excluding China) | 3,060 | 5,526 | |||||||||||
Total | $ | 90,070 | $ | 95,444 |
Note_23_Quarterly_Financial_Da1
Note 23 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||||||||||
Net revenue | $ | 22,021 | $ | 22,027 | $ | 22,664 | $ | 28,374 | $ | 27,621 | $ | 24,395 | $ | 18,855 | $ | 32,739 | |||||||||||||||||
Gross profit | 4,216 | 4,247 | 4,057 | 5,640 | 3,914 | 4,680 | 3,338 | 4,913 | |||||||||||||||||||||||||
Net earnings (loss) | (594 | ) | 381 | (109 | ) | 318 | 565 | 1,277 | 46 | (1,725 | ) | ||||||||||||||||||||||
Basic and diluted earnings (loss) per share: | |||||||||||||||||||||||||||||||||
Basic(1) | (0.04 | ) | 0.03 | (0.01 | ) | 0.02 | 0.04 | 0.09 | 0 | (0.12 | ) | ||||||||||||||||||||||
Diluted(1) | (0.04 | ) | 0.03 | (0.01 | ) | 0.02 | 0.04 | 0.09 | 0 | (0.12 | ) | ||||||||||||||||||||||
Stock price: | |||||||||||||||||||||||||||||||||
High | 5.15 | 4.89 | 4.69 | 4.5 | 4.29 | 4.8 | 4.53 | 5.15 | |||||||||||||||||||||||||
Low | 4.46 | 3.76 | 3.65 | 3.79 | 3.25 | 3.91 | 3.97 | 4.1 |
Schedule_II_Tables
Schedule II (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
Schedule of Valuation Allowance Accounts for Inventory and Receivables [Table Text Block] | Balance at beginning of year | Charged to costs and expenses | Acquisitions | Amounts Written off(1) | Foreign Exchange Translation | Balance at end of year | |||||||||||||||||||
Allowance for doubtful accounts and notes receivable: | |||||||||||||||||||||||||
Year ended December 31, 2014 | $ | 703 | $ | 90 | $ | — | $ | (110 | ) | $ | (4 | ) | $ | 679 | |||||||||||
Year ended December 31, 2013 | 487 | 274 | 314 | (364 | ) | (8 | ) | 703 | |||||||||||||||||
Year ended December 31, 2012 | 142 | 626 | — | (283 | ) | 2 | 487 | ||||||||||||||||||
Inventory reserves: | |||||||||||||||||||||||||
Year ended December 31, 2014 | $ | 1,792 | $ | 470 | $ | — | $ | (71 | ) | $ | (1 | ) | $ | 2,190 | |||||||||||
Year ended December 31, 2013 | 1,494 | 323 | 597 | (622 | ) | — | 1,792 | ||||||||||||||||||
Year ended December 31, 2012 | 2,515 | 1,205 | — | (2,226 | ) | — | 1,494 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 3.25% | |||
Time Sharing Transactions, Weighted Average of Stated Interest Rates for Notes Receivable | 15.00% | 15.00% | ||
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross | $300,000 | $200,000 | ||
Research and Development Expense | 200,000 | 100,000 | 10,000 | |
Advertising Expense | 500,000 | 500,000 | 700,000 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 181,500 | 291,000 | 189,025 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 0 | 0 | ||
Additional Options [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 141,936 | |||
Building and Building Improvements [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Furniture and Fixtures [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Computer Equipment [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Cash Available, but no Longer Permanently Reinvested [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Cash | $4,800,000 | |||
Minimum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Lease Terms | 3 years | |||
Maximum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Lease Terms | 5 years |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Financial Assets and Liabilities Measured on a Recurring Basis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 2 - Summary of Significant Accounting Policies (Details) - Financial Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Cash and cash equivalents | $22,491 | $28,791 |
Notes receivable | 2,985 | 2,497 |
Foreign Exchange Forward Contracts | 10,934 | |
Fair Value, Inputs, Level 1 [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) - Financial Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Cash and cash equivalents | 22,491 | 28,791 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) - Financial Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Foreign Exchange Forward Contracts | 10,934 | |
Fair Value, Inputs, Level 3 [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) - Financial Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Notes receivable | $2,985 | $2,497 |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Quantitative Information about Level 3 Fair Value Measurements (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Quantitative Information about Level 3 Fair Value Measurements [Abstract] | ||
Notes Receivable (in Dollars) | $2,985 | $2,497 |
Notes Receivable | 0.00% | |
0.00% | ||
0.00% |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies (Details) - Notes Receivable Reconciliation (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Notes Receivable Reconciliation [Abstract] | ||
Notes Receivable balance, beginning of period | $2,497 | $2,232 |
Notes Receivable balance, end of period | 2,985 | 2,497 |
Interest income accrued | $488 | $265 |
Note_2_Summary_of_Significant_6
Note 2 - Summary of Significant Accounting Policies (Details) - Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Basic and Diluted Earnings Per Share [Abstract] | |||||||||||||||||||
Earnings applicable to common stock (in Dollars) | $318 | ($109) | $381 | ($594) | ($1,725) | $46 | $1,277 | $565 | ($4) | $163 | $5,542 | ||||||||
Weighted average common shares outstanding | 14,061 | 13,999 | 14,038 | ||||||||||||||||
Assuming conversion of options and restricted stock awards outstanding | 32 | 77 | |||||||||||||||||
Weighted average common shares outstanding, as adjusted | 14,061 | 14,031 | 14,115 | ||||||||||||||||
Diluted earnings per share (in Dollars per share) | $0.02 | [1] | ($0.01) | [1] | $0.03 | [1] | ($0.04) | [1] | ($0.12) | [1] | $0 | [1] | $0.09 | [1] | $0.04 | [1] | $0 | $0.01 | $0.39 |
Basic earnings per share (in Dollars per share) | $0.02 | [1] | ($0.01) | [1] | $0.03 | [1] | ($0.04) | [1] | ($0.12) | [1] | $0 | [1] | $0.09 | [1] | $0.04 | [1] | $0 | $0.01 | $0.39 |
[1] | Earnings per share is computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. |
Note_2_Summary_of_Significant_7
Note 2 - Summary of Significant Accounting Policies (Details) - Warranty Activity (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Warranty Activity [Abstract] | |||
Warranty accrual at beginning of period | $662 | $770 | $1,028 |
Charged to expense | 332 | 349 | 416 |
Amounts written off, net of recoveries | -559 | -473 | -688 |
Foreign currency translation adjustment | -12 | 16 | 14 |
Warranty accrual at end of period | $423 | $662 | $770 |
Note_3_Acquisitions_Details
Note 3 - Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |
Dec. 31, 2013 | Sep. 13, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | |
Note 3 - Acquisitions (Details) [Line Items] | ||||
Goodwill, Acquired During Period | $1,163,000 | |||
Peintures Elite, Inc. [Member] | ||||
Note 3 - Acquisitions (Details) [Line Items] | ||||
Payments to Acquire Businesses, Gross | 1,700,000 | |||
Goodwill, Acquired During Period | 1,200,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 600,000 | |||
CMS [Member] | ||||
Note 3 - Acquisitions (Details) [Line Items] | ||||
Payments to Acquire Businesses, Gross | 17,400,000 | |||
Goodwill, Acquired During Period | 0 | |||
Business Acquisition Cost of Acquired Entity Purchase Price Before Working Capital Adjustments | 16,000,000 | |||
Cash Acquired from Acquisition | 400,000 | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 7,100,000 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,000,000 | |||
Business Acquisition, Transaction Costs | $600,000 | $600,000 |
Note_3_Acquisitions_Details_Id
Note 3 - Acquisitions (Details) - Identified Assets and Liabilities Assumed (CMS [Member], USD $) | Oct. 01, 2013 |
In Thousands, unless otherwise specified | |
CMS [Member] | |
Note 3 - Acquisitions (Details) - Identified Assets and Liabilities Assumed [Line Items] | |
Current Assets | $10,987 |
Property and equipment | 4,989 |
Other Assets | 3,686 |
Software | 233 |
Total acquired assets | 19,895 |
Current liabilities | 2,336 |
Long-term liabilities | 137 |
Total liabilities assumed | 2,473 |
Net assets acquired | $17,422 |
Note_3_Acquisitions_Details_Re
Note 3 - Acquisitions (Details) - Results of Operations (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Results of Operations [Abstract] | ||
Revenue | $129,737 | $211,758 |
Net income (loss) | $1,041 | $5,140 |
Net income (loss) per share – basic | $0.07 | $0.37 |
Net income (loss) per share – diluted | $0.07 | $0.36 |
Note_4_Digital_Link_II_Joint_V1
Note 4 - Digital Link II Joint Venture (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 06, 2007 | |
Note 4 - Digital Link II Joint Venture (Details) [Line Items] | ||||||
Number of Members of Joint Venture | 2 | |||||
Equity Method Investment, Ownership Percentage | 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 | 91 days | |||||
Length of Fiscal Year | 364 days | |||||
Income (Loss) from Equity Method Investments | $78,000 | ($25,000) | $10,000 | |||
Gross Margin on Sales to Equity Method Investee | 60,000 | 50,000 | ||||
Proceeds from Equity Method Investment, Dividends or Distributions | 0 | 0 | ||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 1,000,000 | 1,500,000 | 2,509,000 | |||
Distributions from Equity Method Investment in Excess of Investment in Excess of Investment | 700,000 | |||||
Joint Venture II [Member] | ||||||
Note 4 - Digital Link II Joint Venture (Details) [Line Items] | ||||||
Income (Loss) from Equity Method Investments | 80,000 | -20,000 | 10,000 | |||
Sales to Equity Method Investee | $0 | $0 | $0 |
Note_5_Inventories_Details
Note 5 - Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Inventory Valuation Reserves | $2.30 | $1.90 |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials and components | $2,281 | $3,891 |
Work in process | 632 | 345 |
Finished goods | 11,195 | 10,949 |
$14,108 | $15,185 |
Note_6_Property_Plant_and_Equi2
Note 6 - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $1.70 | $1.40 | $1 |
Note_6_Property_Plant_and_Equi3
Note 6 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $19,748 | $19,502 |
Less accumulated depreciation | -5,834 | -4,781 |
Net property, plant and equipment | 13,914 | 14,721 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,605 | 1,611 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,203 | 10,516 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,227 | 4,589 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $3,713 | $2,786 |
Note_7_Restructuring_Activitie2
Note 7 - Restructuring Activities (Details) (USD $) | 12 Months Ended | 36 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Note 7 - Restructuring Activities (Details) [Line Items] | ||
Restructuring Charges | $58 | |
Expected to Incur in Relation to Integration [Member] | Convergent 2013 Related Severance [Member] | ||
Note 7 - Restructuring Activities (Details) [Line Items] | ||
Restructuring Charges | 1,500 | |
Convergent 2013 Related Severance [Member] | ||
Note 7 - Restructuring Activities (Details) [Line Items] | ||
Restructuring Charges | 58 | |
2011 Corporate-wide Strategic Initiative [Member] | ||
Note 7 - Restructuring Activities (Details) [Line Items] | ||
Restructuring Charges | $1,400 |
Note_7_Restructuring_Activitie3
Note 7 - Restructuring Activities (Details) - Restructuring Activities (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Balance, restructuring liability at December 31 | $896 | $88 | $963 |
Severance expense included in administrative expenses | 1,417 | 107 | |
Site closure costs included in administrative expenses | 58 | ||
Severance paid | -709 | -667 | -982 |
Balance, restructuring liability at December 31 | 187 | 896 | 88 |
Convergent 2013 Related Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, restructuring liability at December 31 | 896 | 0 | 0 |
Severance expense included in administrative expenses | 1,417 | 0 | |
Site closure costs included in administrative expenses | 58 | ||
Severance paid | -709 | -579 | 0 |
Balance, restructuring liability at December 31 | 187 | 896 | 0 |
Corporate Wide 2011 Strategic Initiative [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, restructuring liability at December 31 | 0 | 88 | 963 |
Severance expense included in administrative expenses | 0 | 107 | |
Site closure costs included in administrative expenses | 0 | ||
Severance paid | 0 | -88 | -982 |
Balance, restructuring liability at December 31 | $0 | $0 | $88 |
Note_8_Intangible_Assets_Detai
Note 8 - Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 8 - Intangible Assets (Details) [Line Items] | |||
Amortization | $0.30 | $0.10 | $0.20 |
Software Development [Member] | |||
Note 8 - Intangible Assets (Details) [Line Items] | |||
Capitalized Computer Software, Additions | 0.02 | 0.1 | |
Computer Software, Intangible Asset [Member] | CMS [Member] | |||
Note 8 - Intangible Assets (Details) [Line Items] | |||
Finite-lived Intangible Assets Acquired | 0.2 | ||
Production Formulation [Member] | Peintures Elite, Inc. [Member] | |||
Note 8 - Intangible Assets (Details) [Line Items] | |||
Finite-lived Intangible Assets Acquired | $0.60 |
Note_8_Intangible_Assets_Detai1
Note 8 - Intangible Assets (Details) - Intangible Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Intangible assets subject to amortization: | ||
Intangible assets, gross | 3,213 | 2,790 |
Intangible assets, accumulated amortization | -2,045 | -1,895 |
Intangible assets, net | 1,168 | 895 |
Customer Relationships [Member] | Minimum [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, useful life | 4 years | 4 years |
Customer Relationships [Member] | Maximum [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, useful life | 9 years | 9 years |
Customer Relationships [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, gross | 1,556 | 1,662 |
Intangible assets, accumulated amortization | -1,538 | -1,600 |
Intangible assets, net | 18 | 62 |
Trademarks [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, useful life | 3 years | 3 years |
Intangible assets, gross | 210 | 229 |
Intangible assets, accumulated amortization | -210 | -229 |
Computer Software, Intangible Asset [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, useful life | 3 years | 3 years |
Intangible assets, gross | 905 | 234 |
Intangible assets, accumulated amortization | -144 | -24 |
Intangible assets, net | 761 | 210 |
Software Development [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, useful life | 3 years | 3 years |
Intangible assets, gross | 16 | 92 |
Intangible assets, net | 16 | 92 |
Production Formulation [Member] | ||
Intangible assets subject to amortization: | ||
Intangible assets, useful life | 10 years | 10 years |
Intangible assets, gross | 526 | 573 |
Intangible assets, accumulated amortization | -153 | -42 |
Intangible assets, net | 373 | 531 |
Note_8_Intangible_Assets_Detai2
Note 8 - Intangible Assets (Details) - Future Amortization Expense (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Amortization Expense [Abstract] | |
2015 | $384 |
2016 | 330 |
2017 | 273 |
2018 | 68 |
2019 | 35 |
Thereafter | $62 |
Note_9_Goodwill_Details_Carryi
Note 9 - Goodwill (Details) - Carrying Amount of Goodwill (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Carrying Amount of Goodwill [Abstract] | ||
Balance | $1,123 | $0 |
Acquisition of Peintures Elite, Inc. | 1,163 | |
Foreign currency translation | -94 | -40 |
Balance | $1,029 | $1,123 |
Note_10_Accrued_Expenses_Detai
Note 10 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ||
Employee related | $1,797 | $2,900 |
Legal and professional fees | 265 | 77 |
Lease expenses | 86 | |
Warranty obligation | 423 | 662 |
Joint venture excess distributions | 596 | 674 |
Interest and taxes | 575 | 596 |
Post-retirement benefit obligation | 17 | 17 |
Severance and benefits | 303 | 838 |
Other | 304 | 472 |
Total | 4,366 | 6,236 |
Post-retirement benefit obligation | 213 | 197 |
Employee related | 353 | 447 |
Rent and leasehold improvements | 1,184 | 1,084 |
Other | 26 | 20 |
Total | $1,776 | $1,748 |
Note_11_Debt_Details
Note 11 - Debt (Details) (Revolving Credit Facility [Member], Wells Fargo Bank [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Note 11 - Debt (Details) [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 |
Line of Credit Facility, Additional Borrowing Capacity | 5,000,000 |
Line of Credit Facility, Interest Rate at Period End | 1.41% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% |
Line of Credit Facility, Remaining Borrowing Capacity | 20,000,000 |
Line Of Credit Covenant Maximum Total Liabilities to Tangible Net Worth | 2 |
Line of Credit Covenant Working Capital | 20,000,000 |
London Interbank Offered Rate (LIBOR) [Member] | |
Note 11 - Debt (Details) [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Minimum [Member] | |
Note 11 - Debt (Details) [Line Items] | |
Line of Credit Facility, Restriction, Income Before Taxes | 1 |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Note 12 - Income Taxes (Details) [Line Items] | ||
Undistributed Earnings of Foreign Subsidiaries | $15.20 | |
Income Taxes on Accumulated by Undistributed Earnings for Foreign Subsidiaries | 0.4 | |
Deferred Tax Assets Undistributed Foreign Earnings | 0.4 | |
Liability for Uncertain Tax Positions, Current | 0 | 0.1 |
Latest Tax Year [Member] | Domestic Tax Authority [Member] | ||
Note 12 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2013 | |
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | ||
Note 12 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2012 | |
Domestic Tax Authority [Member] | ||
Note 12 - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | 0.5 | |
Income Tax Examination, Year under Examination | 2011 | |
State and Local Jurisdiction [Member] | ||
Note 12 - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | 0.5 | |
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | ||
Note 12 - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | 0.1 | |
Foreign Tax Authority [Member] | ||
Note 12 - Income Taxes (Details) [Line Items] | ||
Tax Credit Carryforward, Amount | 2.9 | |
Undistributed Earnings of Foreign Subsidiaries, Not to be Permanently Reinvested | $4.80 |
Note_12_Income_Taxes_Details_I
Note 12 - Income Taxes (Details) - Income (Loss) Before Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (Loss) Before Income Taxes [Abstract] | |||
United States | ($9,774) | ($5,916) | $4,783 |
Foreign | 9,305 | 6,867 | 3,367 |
($469) | $951 | $8,150 |
Note_12_Income_Taxes_Details_I1
Note 12 - Income Taxes (Details) - Income Tax Expense (Benefit) Attributable to Income from Continuing Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Federal: | |||
Current | $592 | $218 | $1,257 |
Deferred | -3,333 | -1,141 | 317 |
Total | -2,741 | -923 | 1,574 |
State: | |||
Current | 316 | -62 | 153 |
Deferred | -589 | -86 | 29 |
Total | -273 | -148 | 182 |
Foreign: | |||
Current | 3,196 | 1,661 | 1,118 |
Deferred | -647 | 198 | -266 |
Total | 2,549 | 1,859 | 852 |
($465) | $788 | $2,608 |
Note_12_Income_Taxes_Details_I2
Note 12 - Income Taxes (Details) - Income Tax Expense Attributable to Income (Loss) from Continuing Operations Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense Attributable to Income (Loss) from Continuing Operations Reconciliation [Abstract] | |||
Expected federal income tax expense (benefit) | ($160) | $323 | $2,771 |
Expected federal income tax expense (benefit) | 34.00% | 34.00% | 34.00% |
State income taxes, net of federal benefit | -153 | -88 | 120 |
State income taxes, net of federal benefit | 32.50% | -9.30% | 1.50% |
Foreign tax rates varying from 34% | -623 | -489 | -204 |
Foreign tax rates varying from 34% | 132.70% | -51.40% | -2.50% |
Change in foreign reinvestment strategy | 429 | 1,038 | |
Change in foreign reinvestment strategy | -91.40% | 109.20% | |
Other | 42 | 4 | -79 |
Other | -8.70% | 0.40% | -1.00% |
Total | ($465) | $788 | $2,608 |
Total | 99.10% | 82.90% | 32.00% |
Note_12_Income_Taxes_Details_D
Note 12 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Deferred revenue | $2,028 | $1,662 |
Non-deductible accruals | 528 | 554 |
Inventory reserves | 768 | 583 |
Stock compensation expense | 289 | 344 |
Warranty reserves | 130 | 189 |
Uncollectible receivable reserves | 231 | 259 |
Accrued group health insurance claims | 120 | 141 |
Restructuring reserves | 111 | 307 |
Net operating losses | 646 | 91 |
Depreciation and amortization | 707 | 449 |
Foreign tax credits | 2,854 | |
Accumulated other comprehensive income | 276 | |
Other | 8 | 34 |
Net deferred tax assets | 8,696 | 4,613 |
Deferred tax liabilities: | ||
Depreciation and amortization | 444 | 688 |
Equity in income (loss) of joint venture | -51 | 20 |
Intangibles | 238 | |
Cash repatriation | 329 | 1,038 |
Net deferred tax liabilities | 960 | 1,746 |
Net deferred tax assets | $7,736 | $2,867 |
Note_13_Financing_Receivable_D
Note 13 - Financing Receivable (Details) (Past Due [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Past Due [Member] | ||
Note 13 - Financing Receivable (Details) [Line Items] | ||
Capital Leases, Net Investment in Sales Type Leases | $0 | $0 |
Note_13_Financing_Receivable_D1
Note 13 - Financing Receivable (Details) - Sales-type Lease Receivables (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in sales-type leases | ||
Current | $1,372 | $1,958 |
Noncurrent | $1,383 | $2,652 |
Note_13_Financing_Receivable_D2
Note 13 - Financing Receivable (Details) - Maturities of Minimum Lease Payments Outstanding (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Maturities of Minimum Lease Payments Outstanding [Abstract] | |
31-Dec-15 | $1,372 |
31-Dec-16 | 1,185 |
31-Dec-17 | 198 |
Total | $2,755 |
Note_14_Note_Receivable_Detail
Note 14 - Note Receivable (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2011 | |
Note 14 - Note Receivable (Details) [Line Items] | ||
Time Sharing Transactions, Weighted Average of Stated Interest Rates for Notes Receivable | 15.00% | 15.00% |
Unpaid Interest Accrual Rate [Member] | ||
Note 14 - Note Receivable (Details) [Line Items] | ||
Time Sharing Transactions, Weighted Average of Stated Interest Rates for Notes Receivable | 15.00% |
Note_15_Deferred_Revenue_Detai
Note 15 - Deferred Revenue (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Deferred Revenue Disclosure [Abstract] | |
Extended Warranty Deferred Revenue, Recognition Period | 5 years |
Note_15_Deferred_Revenue_Detai1
Note 15 - Deferred Revenue (Details) - Deferred Revenue Associated with Extended Warranties (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Associated with Extended Warranties [Abstract] | ||
Extended warranty deferrals expected to be recognized within one year | $715 | $629 |
Extended warranty deferrals expected to be recognized after one year | 2,003 | 2,719 |
Total revenue deferred for extended warranty | $2,718 | $3,348 |
Note_16_Stock_Compensation_Det
Note 16 - Stock Compensation (Details) (USD $) | 12 Months Ended | 10 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Dec. 31, 2005 | |
Note 16 - Stock Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $1.85 | $2.51 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number | 69,500 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $100,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||||
Restricted Stock [Member] | 2010 Plan [Member] | |||||
Note 16 - Stock Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 172,500 | 9,000 | 56,000 | ||
Restricted Stock [Member] | The 2005 Plan [Member] | |||||
Note 16 - 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 | 28,210 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Restricted Stock [Member] | Non-Employee Plan [Member] | |||||
Note 16 - 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 | 41,760 | 37,500 | 28,200 | ||
Restricted Stock [Member] | |||||
Note 16 - Stock Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 214,260 | 87,500 | 112,410 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $3.86 | $4.28 | $5.16 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options (in Dollars) | 800,000 | ||||
2010 Plan [Member] | |||||
Note 16 - 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 | 0 | 22,500 | 139,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 241,800 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Employee Stock Purchase Plan [Member] | |||||
Note 16 - Stock Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 2,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $0 |
Note_16_Stock_Compensation_Det1
Note 16 - Stock Compensation (Details) - Share-based Compensation Expense (Selling, General and Administrative Expenses [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share based compensation expense | $426 | $461 | $393 |
Note_16_Stock_Compensation_Det2
Note 16 - Stock Compensation (Details) - Weighted Average Fair Value Assumptions Used In Grant Date Fair Value Of Purchase Rights Outstanding (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Option [Member] | ||
Note 16 - Stock Compensation (Details) - Weighted Average Fair Value Assumptions Used In Grant Date Fair Value Of Purchase Rights Outstanding [Line Items] | ||
Expected dividend yield at date of grant | 0.00% | 0.00% |
Risk-free interest rate | 0.90% | 1.30% |
Expected stock price volatility | 58.50% | 57.00% |
Expected term (in years) | 5 years 6 months | 6 years |
Restricted Stock [Member] | ||
Note 16 - Stock Compensation (Details) - Weighted Average Fair Value Assumptions Used In Grant Date Fair Value Of Purchase Rights Outstanding [Line Items] | ||
Expected dividend yield at date of grant | 0.00% | 0.00% |
Risk-free interest rate | 0.14% | 0.15% |
Expected stock price volatility | 29.89% | 15.90% |
Expected term (in years) | 1 year | 1 year |
Estimated grant date fair value (in Dollars per share) | 0.93 | 0.88 |
Note_16_Stock_Compensation_Det3
Note 16 - Stock Compensation (Details) - Stock Option Activity (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Stock Option Activity [Abstract] | ||
Outstanding Number of Options | 181,500 | 213,700 |
Outstanding Weighted Average Exercise Price Per Share | $5.56 | $5.42 |
Outstanding Weighted Average Remaining Contractual Term | 6 years 281 days | 7 years 306 days |
Outstanding Aggregate Intrinsic Value | $13 | $26 |
Exercisable at December 31, 2014 | 112,000 | |
Exercisable at December 31, 2014 | $6.24 | |
Exercisable at December 31, 2014 | 6 years 200 days | |
Exercisable at December 31, 2014 | $4 | |
Forfeited | -32,200 | |
Forfeited | $4.66 |
Note_16_Stock_Compensation_Det4
Note 16 - Stock Compensation (Details) - Stock Options Outstanding and Exercisable (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Stock Options Outstanding and Exercisable [Abstract] | |
$3.55 | |
$8.32 | |
(in Shares) | 181,500 |
6 years 281 days | |
$5.56 | |
(in Shares) | 112,000 |
6 years 200 days | |
$6.24 |
Note_16_Stock_Compensation_Det5
Note 16 - Stock Compensation (Details) - Restricted Stock Activity (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Note 16 - Stock Compensation (Details) - Restricted Stock Activity [Line Items] | |||
Nonvested at December 31, 2013 | 129,500 | ||
Nonvested at December 31, 2013 | $4.42 | ||
Granted | 214,260 | 87,500 | 112,410 |
Granted | $3.86 | $4.28 | $5.16 |
Shares vested | -68,167 | ||
Shares vested | $4.54 | ||
Shares forfeited | -10,800 | ||
Shares forfeited | $4.39 | ||
Nonvested at December 31, 2014 | 264,793 | 129,500 | |
Nonvested at December 31, 2014 | $3.93 | $4.42 |
Note_17_Foreign_Exchange_Contr2
Note 17 - Foreign Exchange Contracts (Details) - Gross Fair Value of Derivative Instruments Not Designated as Hedging (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Other Current Assets [Member] | |
Derivatives, Fair Value [Line Items] | |
Foreign exchange forward contracts | $10,934 |
Other Current Liabilities [Member] | |
Derivatives, Fair Value [Line Items] | |
Foreign exchange forward contracts | $11,000 |
Note_17_Foreign_Exchange_Contr3
Note 17 - Foreign Exchange Contracts (Details) - Realized and Unrealized Gains from Foreign Currency Forward Exchange Contracts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Realized and Unrealized Gains from Foreign Currency Forward Exchange Contracts [Abstract] | |||
Foreign exchange forward contracts | Other Income (Loss) | ||
Foreign exchange forward contracts | ($145) | ($380) | $145 |
Note_18_Compensation_and_Benef2
Note 18 - Compensation and Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Short Term Incentive Plan Cost Recognized | $0 | $400,000 | $600,000 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | ||
Defined Contribution Employee Deferral Percent Employer Match Applies | 6.00% | ||
Defined Contribution Employer Contributions | 300,000 | 200,000 | 200,000 |
Defined Benefit Plan, Plan Amendments | -302,000 | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.20% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $20,000 |
Note_18_Compensation_and_Benef3
Note 18 - Compensation and Benefit Plans (Details) - Plan's Benefit Obligations, Fair Value of Plan Assets, and Funded Status (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of benefit obligation | |||
Benefit obligation at January 1 | $214 | $347 | |
Plan amendment | -302 | ||
Interest cost | 8 | 18 | 13 |
Benefits paid | -28 | -18 | |
Contributions by plan participants | 4 | 4 | |
Actuarial (gain) loss | 32 | 165 | |
Benefit obligation at December 31 | 230 | 214 | 347 |
Funded status at end of year | -230 | -214 | |
Current liabilities | -17 | -17 | |
Noncurrent liabilities | -213 | -197 | |
Accumulated other comprehensive income | -139 | -190 | |
Net amount recognized | ($369) | ($404) |
Note_18_Compensation_and_Benef4
Note 18 - Compensation and Benefit Plans (Details) - Accumulated Other Comprehensive Income (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income [Abstract] | ||
Prior service cost (credit) | ($278) | ($302) |
Net actuarial gain | 139 | 112 |
Total accumulated other comprehensive income | ($139) | ($190) |
Note_18_Compensation_and_Benef5
Note 18 - Compensation and Benefit Plans (Details) - Net Periodic Benefit Cost (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Periodic Benefit Cost [Abstract] | |||
Interest cost | $8 | $18 | $13 |
Prior service credit | -24 | ||
Amortization of gain | 6 | 7 | -3 |
Net periodic benefit cost recognized | ($10) | $25 | $10 |
Note_18_Compensation_and_Benef6
Note 18 - Compensation and Benefit Plans (Details) - Changes in Plan Assets and Benefit Obligations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 18 - Compensation and Benefit Plans (Details) - Changes in Plan Assets and Benefit Obligations [Line Items] | |||
Net actuarial gain | $33 | $165 | $32 |
Prior service cost (credit) | 24 | ||
Amortization of (gain) loss | -6 | -7 | 3 |
Total recognized in accumulated other comprehensive income (loss) | 51 | -144 | 35 |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | 41 | -119 | 45 |
Prior Service Cost for Plan Amendment [Member] | |||
Note 18 - Compensation and Benefit Plans (Details) - Changes in Plan Assets and Benefit Obligations [Line Items] | |||
Prior service cost (credit) | ($302) |
Note_18_Compensation_and_Benef7
Note 18 - Compensation and Benefit Plans (Details) - Weighted Average Assumptions to Determine Benefit Obligations | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Weighted Average Assumptions to Determine Benefit Obligations [Abstract] | |||
Discount rate | 3.65% | 4.45% | 3.60% |
Rate of compensation increase | |||
Health care cost trend rate | 6.20% | 6.50% | 7.00% |
Note_18_Compensation_and_Benef8
Note 18 - Compensation and Benefit Plans (Details) - Weighted Average Assumptions to Determine Net Periodic Postretirement Benefit Cost | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted Average Assumptions to Determine Net Periodic Postretirement Benefit Cost [Abstract] | |||
Discount rate | 4.45% | 3.60% | 4.25% |
Expected long-term rate of return on plan assets | |||
Rate of compensation increase | |||
Health care cost trend rate | 6.50% | 8.10% | 8.00% |
Note_18_Compensation_and_Benef9
Note 18 - Compensation and Benefit Plans (Details) - Effect of 1% Change in Assumed Health Care Cost Trend Rates (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Effect of 1% Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Effect on total service and interest cost components of periodic postretirement health care benefit cost | $1 |
Effect on total service and interest cost components of periodic postretirement health care benefit cost | -1 |
Effect on the health care component of the accumulated postretirement benefit obligation | 34 |
Effect on the health care component of the accumulated postretirement benefit obligation | ($29) |
Recovered_Sheet1
Note 18 - Compensation and Benefit Plans (Details) - Benefits Expected to be Paid from Postretirement Benefit Plan (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Benefits Expected to be Paid from Postretirement Benefit Plan [Abstract] | |
Benefits expected to be paid | $17 |
Benefits expected to be paid | 19 |
Benefits expected to be paid | 20 |
Benefits expected to be paid | 10 |
Benefits expected to be paid | 11 |
Benefits expected to be paid | $58 |
Note_19_Leases_Details
Note 19 - Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Operating Leases, Rent Expense | $1 | $0.70 | $0.60 |
Note_19_Leases_Details_Future_
Note 19 - Leases (Details) - Future Minimium Lease Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimium Lease Payments [Abstract] | |
2015 | $99 |
2015 | 779 |
2016 | 99 |
2016 | 596 |
2017 | 70 |
2017 | 516 |
2018 | 42 |
2018 | 456 |
2019 | 453 |
Thereafter | 1,313 |
Total minimum lease payments | 310 |
Total minimum lease payments | 4,113 |
Less: Amount representing interest | 25 |
Present value of minimum lease payments | 285 |
Less: Current maturities | 99 |
Capital lease obligations, net of current portion | $186 |
Note_20_Contingencies_and_Conc1
Note 20 - Contingencies and Concentrations (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Note 20 - Contingencies and Concentrations (Details) [Line Items] | |
Concentration Risk, Number of Customers | 10 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |
Note 20 - Contingencies and Concentrations (Details) [Line Items] | |
Concentration Risk, Percentage | 38.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |
Note 20 - Contingencies and Concentrations (Details) [Line Items] | |
Concentration Risk, Percentage | 38.00% |
Note_21_Accumulated_Other_Comp2
Note 21 - Accumulated Other Comprehensive Income (Loss) (Details) - Accumulated Other Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | ($769) | $315 | ($56) |
Other comprehensive gain (loss) | -1,417 | -1,084 | 371 |
Accumulated other comprehensive income (loss) | -2,186 | -769 | 315 |
Postretirement Benefit Obligation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | 190 | 46 | 81 |
Other comprehensive gain (loss) | -51 | 144 | -35 |
Accumulated other comprehensive income (loss) | 139 | 190 | 46 |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | -959 | 269 | -137 |
Other comprehensive gain (loss) | -1,366 | -1,228 | 406 |
Accumulated other comprehensive income (loss) | ($2,325) | ($959) | $269 |
Note_22_Business_Segment_Infor2
Note 22 - Business Segment Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Note_22_Business_Segment_Infor3
Note 22 - Business Segment Information (Details) - Summary of Business Segments (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Revenue: | |||||||||||
Net Revenue | $28,374 | $22,664 | $22,027 | $22,021 | $32,739 | $18,855 | $24,395 | $27,621 | $95,086 | $103,610 | $169,084 |
Operating income (loss): | |||||||||||
Operating Income | -1,805 | 99 | 8,003 | ||||||||
Unallocated general and administrative expenses | -12,740 | -12,773 | -11,456 | ||||||||
Gain (loss) on sale or disposal of assets: | |||||||||||
Equity in income (loss) of joint venture – Systems Integration | 78 | -25 | 10 | ||||||||
Other income(expense) | |||||||||||
Total other income(expense) | 1,258 | 877 | 137 | ||||||||
Income before taxes | -469 | 951 | 8,150 | ||||||||
Expenditures on capital equipment: | |||||||||||
Total expenditures on capital equipment | 1,982 | 535 | 2,728 | ||||||||
Depreciation, amortization and impairment: | |||||||||||
Total depreciation, amortization and impairment | 1,924 | 1,511 | 1,268 | ||||||||
Operating Segments [Member] | Systems Integration [Member] | |||||||||||
Net Revenue: | |||||||||||
Net Revenue | 63,781 | 85,451 | 154,686 | ||||||||
Operating income (loss): | |||||||||||
Operating Income | 6,119 | 7,864 | 11,994 | ||||||||
Gain (loss) on sale or disposal of assets: | |||||||||||
Total gain(loss) on sale or disposal of assets | -3 | -13 | 1,245 | ||||||||
Operating Segments [Member] | Managed Services [Member] | |||||||||||
Net Revenue: | |||||||||||
Net Revenue | 32,494 | 19,105 | 16,092 | ||||||||
Operating income (loss): | |||||||||||
Operating Income | -24 | 1,100 | 2,477 | ||||||||
Gain (loss) on sale or disposal of assets: | |||||||||||
Total gain(loss) on sale or disposal of assets | 13 | 5 | 87 | ||||||||
Operating Segments [Member] | |||||||||||
Net Revenue: | |||||||||||
Net Revenue | 96,275 | 104,556 | 170,778 | ||||||||
Operating income (loss): | |||||||||||
Operating Income | 6,095 | 8,964 | 14,471 | ||||||||
Gain (loss) on sale or disposal of assets: | |||||||||||
Total gain(loss) on sale or disposal of assets | 10 | -8 | 1,332 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Net Revenue: | |||||||||||
Net Revenue | -1,189 | -946 | -1,694 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Operating income (loss): | |||||||||||
Unallocated general and administrative expenses | -7,910 | -8,857 | -7,800 | ||||||||
Systems Integration [Member] | |||||||||||
Other income(expense) | |||||||||||
Total other income(expense) | 1,308 | 825 | 277 | ||||||||
Expenditures on capital equipment: | |||||||||||
Total expenditures on capital equipment | 442 | 370 | 1,485 | ||||||||
Depreciation, amortization and impairment: | |||||||||||
Total depreciation, amortization and impairment | 1,208 | 1,308 | 1,129 | ||||||||
Managed Services [Member] | |||||||||||
Other income(expense) | |||||||||||
Total other income(expense) | -50 | 52 | -140 | ||||||||
Expenditures on capital equipment: | |||||||||||
Total expenditures on capital equipment | 1,540 | 165 | 1,243 | ||||||||
Depreciation, amortization and impairment: | |||||||||||
Total depreciation, amortization and impairment | $716 | $203 | $139 |
Note_22_Business_Segment_Infor4
Note 22 - Business Segment Information (Details) - Summary of Identifiable Assets by Business Segment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | $90,070 | $95,444 |
Systems Integration [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | 64,798 | 67,839 |
Managed Services [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | $25,272 | $27,605 |
Note_22_Business_Segment_Infor5
Note 22 - Business Segment Information (Details) - Summary of Net Revenue by Geographical Area (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net revenue | |||||||||||
Net Revenue | $28,374 | $22,664 | $22,027 | $22,021 | $32,739 | $18,855 | $24,395 | $27,621 | $95,086 | $103,610 | $169,084 |
UNITED STATES | |||||||||||
Net revenue | |||||||||||
Net Revenue | 62,149 | 67,348 | 137,105 | ||||||||
CHINA | |||||||||||
Net revenue | |||||||||||
Net Revenue | 14,010 | 16,580 | 15,697 | ||||||||
Latin America [Member] | |||||||||||
Net revenue | |||||||||||
Net Revenue | 8,288 | 11,788 | 7,250 | ||||||||
CANADA | |||||||||||
Net revenue | |||||||||||
Net Revenue | 5,661 | 3,709 | 3,883 | ||||||||
MEXICO | |||||||||||
Net revenue | |||||||||||
Net Revenue | 2,718 | 1,254 | 1,458 | ||||||||
Europe [Member] | |||||||||||
Net revenue | |||||||||||
Net Revenue | 1,189 | 1,216 | 721 | ||||||||
Asia Excluding China [Member] | |||||||||||
Net revenue | |||||||||||
Net Revenue | 910 | 843 | 2,341 | ||||||||
Other Countries [Member] | |||||||||||
Net revenue | |||||||||||
Net Revenue | $161 | $872 | $629 |
Note_22_Business_Segment_Infor6
Note 22 - Business Segment Information (Details) - Summary of Identifiable Assets by Geographical Area (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Identifiable assets | ||
Identifiable assets | $90,070 | $95,444 |
UNITED STATES | ||
Identifiable assets | ||
Identifiable assets | 61,159 | 51,882 |
CANADA | ||
Identifiable assets | ||
Identifiable assets | 18,849 | 28,463 |
CHINA | ||
Identifiable assets | ||
Identifiable assets | 7,002 | 9,573 |
Asia Excluding China [Member] | ||
Identifiable assets | ||
Identifiable assets | $3,060 | $5,526 |
Note_23_Quarterly_Financial_Da2
Note 23 - Quarterly Financial Data (Unaudited) (Details) - Summary of Quarterly Results (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Note 23 - Quarterly Financial Data (Unaudited) (Details) - Summary of Quarterly Results [Line Items] | |||||||||||||||||||
Net revenue (in Dollars) | $28,374 | $22,664 | $22,027 | $22,021 | $32,739 | $18,855 | $24,395 | $27,621 | $95,086 | $103,610 | $169,084 | ||||||||
Gross profit (in Dollars) | 5,640 | 4,057 | 4,247 | 4,216 | 4,913 | 3,338 | 4,680 | 3,914 | 18,160 | 16,845 | 22,594 | ||||||||
Net earnings (loss) (in Dollars) | $318 | ($109) | $381 | ($594) | ($1,725) | $46 | $1,277 | $565 | ($4) | $163 | $5,542 | ||||||||
Basic(1) | $0.02 | [1] | ($0.01) | [1] | $0.03 | [1] | ($0.04) | [1] | ($0.12) | [1] | $0 | [1] | $0.09 | [1] | $0.04 | [1] | $0 | $0.01 | $0.39 |
Diluted(1) | $0.02 | [1] | ($0.01) | [1] | $0.03 | [1] | ($0.04) | [1] | ($0.12) | [1] | $0 | [1] | $0.09 | [1] | $0.04 | [1] | $0 | $0.01 | $0.39 |
Maximum [Member] | |||||||||||||||||||
Note 23 - Quarterly Financial Data (Unaudited) (Details) - Summary of Quarterly Results [Line Items] | |||||||||||||||||||
Stock price | $4.50 | $4.69 | $4.89 | $5.15 | $5.15 | $4.53 | $4.80 | $4.29 | $4.50 | $5.15 | |||||||||
Minimum [Member] | |||||||||||||||||||
Note 23 - Quarterly Financial Data (Unaudited) (Details) - Summary of Quarterly Results [Line Items] | |||||||||||||||||||
Stock price | $3.79 | $3.65 | $3.76 | $4.46 | $4.10 | $3.97 | $3.91 | $3.25 | $3.79 | $4.10 | |||||||||
[1] | Earnings per share is computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. |
Schedule_II_Details_Valuation_
Schedule II (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Allowance for doubtful accounts and notes receivable: | ||||||
Balance at beginning of year | $703 | $487 | $142 | |||
Charged to costs and expenses | 90 | 274 | 626 | |||
Acquisitions | 314 | |||||
Amounts written off | -110 | [1] | -364 | [1] | -283 | [1] |
Foreign exchange translation | -4 | -8 | 2 | |||
Balance at end of year | 679 | 703 | 487 | |||
Inventory Valuation Reserve [Member] | ||||||
Allowance for doubtful accounts and notes receivable: | ||||||
Balance at beginning of year | 1,792 | 1,494 | 2,515 | |||
Charged to costs and expenses | 470 | 323 | 1,205 | |||
Acquisitions | 597 | |||||
Amounts written off | -71 | [1] | -622 | [1] | -2,226 | [1] |
Foreign exchange translation | -1 | |||||
Balance at end of year | $2,190 | $1,792 | $1,494 | |||
[1] | The deductions from reserves are net of recoveries. |