Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 19, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'INTEST CORP | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 10,557,678 | ' |
Entity Public Float | ' | ' | $29,988,259 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001036262 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $19,018 | $15,576 |
Trade accounts receivable, net of allowance for doubtful accounts of $147 and $147, respectively | 5,748 | 5,501 |
Inventories | 3,243 | 3,135 |
Deferred tax assets | 701 | 1,004 |
Prepaid expenses and other current assets | 371 | 363 |
Total current assets | 29,081 | 25,579 |
Machinery and equipment | 4,190 | 3,948 |
Leasehold improvements | 594 | 591 |
Gross property and equipment | 4,784 | 4,539 |
Less: accumulated depreciation | -3,530 | -3,289 |
Net property and equipment | 1,254 | 1,250 |
Deferred tax assets | 1,030 | 1,034 |
Goodwill | 1,706 | 1,706 |
Intangible assets, net | 1,748 | 2,194 |
Restricted certificates of deposit | 450 | 450 |
Other assets | 212 | 186 |
Total assets | 35,481 | 32,399 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 1,064 | 1,041 |
Accrued wages and benefits | 1,635 | 1,562 |
Accrued sales commissions | 305 | 348 |
Accrued rent | 577 | 529 |
Accrued professional fees | 367 | 385 |
Deferred revenue and customer deposits | 74 | 255 |
Domestic and foreign income taxes payable | 83 | 83 |
Other current liabilities | 227 | 376 |
Total current liabilities | 4,332 | 4,579 |
Commitments and Contingencies (Notes 11 and 13) | ' | ' |
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 20,000,000 shares authorized; 10,590,755 and 10,453,255 shares issued, respectively | 106 | 105 |
Addtional paid-in capital | 26,187 | 26,030 |
Retained earnings | 3,713 | 636 |
Accumulated other comprehensive earnings | 1,347 | 1,253 |
Treasury stock, at cost; 33,077 and 33,077 shares, respectively | -204 | -204 |
Total stockholders' equity | 31,149 | 27,820 |
Total liabilities and stockholders' equity | 35,481 | 32,399 |
Common Stock [Member] | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Total stockholders' equity | $106 | $105 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts, respectively (in Dollars) | 147 | 147 |
Preferred stock par value (in Dollars per share) | 0.01 | 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | 0.01 | 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Treasury stock, at cost, shares, respectively | 33,077 | 33,077 |
Common Stock [Member] | ' | ' |
Common stock, shares issued | 10,590,755 | 10,453,255 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net revenues | $39,426 | $43,376 |
Cost of revenues | 20,411 | 24,317 |
Gross margin | 19,015 | 19,059 |
Operating expenses: | ' | ' |
Selling expense | 5,395 | 5,425 |
Engineering and product development expense | 3,683 | 3,895 |
General and administrative expense | 5,975 | 6,430 |
Restructuring and other charges | ' | 313 |
Total operating expenses | 15,053 | 16,063 |
Operating income | 3,962 | 2,996 |
Other income | 46 | 57 |
Earnings before income tax expense | 4,008 | 3,053 |
Income tax expense | 931 | 897 |
Net earnings | $3,077 | $2,156 |
Net earnings per common share: | ' | ' |
Basic (in Dollars per share) | $0.30 | $0.21 |
Diluted (in Dollars per share) | $0.30 | $0.21 |
Weighted average common shares outstanding: | ' | ' |
Basic (in Shares) | 10,363,678 | 10,273,377 |
Diluted (in Shares) | 10,419,103 | 10,347,077 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net earnings | $3,077 | $2,156 |
Foreign currency translation adjustments | 94 | 36 |
Comprehensive earnings | $3,171 | $2,192 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2011 | $105 | $26,035 | ($686) | $1,217 | ($472) | $26,199 |
Balance (in Shares) at Dec. 31, 2011 | 10,463,255 | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 2,156 | ' | ' | 2,156 |
Cash dividends of $0.08 per common share | ' | ' | -834 | ' | ' | -834 |
Other comprehensive loss | ' | ' | ' | 36 | ' | 36 |
Amortization of deferred compensation related to restricted stock | ' | 113 | ' | ' | ' | 113 |
Stock options exercised (in Shares) | ' | ' | ' | ' | ' | 0 |
Forfeiture of non-vested shares of restricted stock (in Shares) | -10,000 | ' | ' | ' | ' | ' |
Issuance of 43,251 shares to satisfy profit sharing expense | ' | -118 | ' | ' | 268 | 150 |
Balance at Dec. 31, 2012 | 105 | 26,030 | 636 | 1,253 | -204 | 27,820 |
Balance (in Shares) at Dec. 31, 2012 | 10,453,255 | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 3,077 | ' | ' | 3,077 |
Other comprehensive loss | ' | ' | ' | 94 | ' | 94 |
Amortization of deferred compensation related to restricted stock | ' | 128 | ' | ' | ' | 128 |
Issuance of non-vested shares of restricted stock (in Shares) | 127,500 | ' | ' | ' | ' | ' |
Issuance of non-vested shares of restricted stock | 1 | -1 | ' | ' | ' | 462 |
Stock options exercised | ' | 30 | ' | ' | ' | 30 |
Stock options exercised (in Shares) | 10,000 | ' | ' | ' | ' | 10,000 |
Balance at Dec. 31, 2013 | $106 | $26,187 | $3,713 | $1,347 | ($204) | $31,149 |
Balance (in Shares) at Dec. 31, 2013 | 10,590,755 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net earnings | $3,077 | $2,156 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 847 | 933 |
Provision for excess and obsolete inventory | 311 | 688 |
Foreign exchange (gain) loss | 4 | -12 |
Amortization of deferred compensation related to restricted stock | 128 | 113 |
Profit sharing expense funded through the issuance of treasury stock | ' | 150 |
Gain on sale of property and equipment | -3 | ' |
Proceeds from sale of demonstration equipment, net of gain | 32 | 109 |
Deferred income tax expense | 307 | 443 |
Changes in assets and liabilities: | ' | ' |
Trade accounts receivable | -233 | 1,868 |
Inventories | -416 | 948 |
Prepaid expenses and other current assets | -6 | -60 |
Restricted certificates of deposit | ' | 50 |
Other assets | -18 | -3 |
Accounts payable | 23 | -67 |
Accrued wages and benefits | 63 | -237 |
Accrued sales commissions | -43 | -227 |
Accrued rent | 48 | 122 |
Accrued professional fees | -19 | -66 |
Deferred revenue and customer deposits | -182 | -171 |
Domestic and foreign income taxes payable | ' | 75 |
Other current liabilities | -150 | -167 |
Net cash provided by operating activities | 3,770 | 6,645 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Acquisition of business | ' | -3,802 |
Purchase of property and equipment | -424 | -431 |
Proceeds from sale of property and equipment | 10 | 19 |
Net cash used in investing activitites | -414 | -4,214 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Cash dividends paid | ' | -834 |
Proceeds from stock options exercised | 30 | ' |
Net cash provided by (used in) financing activities | 30 | -834 |
Effects of exchange rates on cash | 56 | 22 |
Net cash provided by all activities | 3,442 | 1,619 |
Cash and cash equivalents at beginning of period | 15,576 | 13,957 |
Cash and cash equivalents at end of period | 19,018 | 15,576 |
Cash payments for: | ' | ' |
Domestic and foreign income taxes | 623 | 379 |
Interest | ' | 8 |
Details of acquisition: | ' | ' |
Fair value of assets acquired | ' | 4,026 |
Liabilities assumed | ' | -274 |
Goodwill resulting from acquisition | ' | 50 |
Net cash paid for acquisition | ' | 3,802 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Issuance of non-vested shares of restricted stock | 462 | ' |
Forfeiture of non-vested shares of restricted stock | ' | ($14) |
Note_1_Nature_of_Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
(1) NATURE OF OPERATIONS | |
We are an independent designer, manufacturer and marketer of thermal, mechanical and electrical products that are primarily used by semiconductor manufacturers in conjunction with automatic test equipment ("ATE") in the testing of integrated circuits ("ICs" or "semiconductors"). In addition, in recent years we have begun marketing our thermal products in markets outside the ATE market, such as the automotive, consumer electronics, defense/aerospace, energy, industrial and telecommunications markets. | |
The consolidated entity is comprised of inTEST Corporation (parent) and our wholly-owned subsidiaries. We have three reportable segments which are also our reporting units: Thermal Products, Mechanical Products and Electrical Products. We manufacture our products in the U.S. Marketing and support activities are conducted worldwide from our facilities in the U.S., Germany and Singapore. On January 16, 2012, Temptronic Corporation ("Temptronic"), a wholly-owned subsidiary of inTEST Corporation, acquired substantially all of the assets and certain liabilities of Thermonics, Inc. ("Thermonics"), a division of Test Enterprises, Inc. The acquisition of the Thermonics business broadens the product line of inTEST's Thermal Products Segment. This acquisition is discussed further in Note 3. | |
The semiconductor market in which we operate is characterized by rapid technological change, competitive pricing pressures and cyclical market patterns. This market is subject to significant economic downturns at various times. Our financial results are affected by a wide variety of factors, including, but not limited to, general economic conditions worldwide and in the markets in which we operate, economic conditions specific to the semiconductor market and the other markets we serve, our ability to safeguard patented technology and intellectual property in a rapidly evolving market, downward pricing pressures from customers, and our reliance on a relatively few number of customers for a significant portion of our sales. In addition, we are exposed to the risk of obsolescence of our inventory depending on the mix of future business and technological changes within the semiconductor market. As a result of these or other factors, we may experience significant period-to-period fluctuations in future operating results. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Basis of Presentation and Use of Estimates | |||||||||
The accompanying consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain of our accounts, including inventories, long-lived assets, goodwill, identifiable intangibles, deferred income tax valuation allowances and product warranty reserves, are particularly impacted by estimates. | |||||||||
Reclassification | |||||||||
Certain prior year amounts have been reclassified to be comparable with the current year's presentation. | |||||||||
Cash and Cash Equivalents | |||||||||
Short-term investments that have maturities of three months or less when purchased are considered to be cash equivalents and are carried at cost, which approximates market value. | |||||||||
Trade Accounts Receivable and Allowance for Doubtful Accounts | |||||||||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We grant credit to customers and generally require no collateral. To minimize our risk, we perform ongoing credit evaluations of our customers' financial condition. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical write-off experience and the aging of such receivables, among other factors. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not have any off-balance sheet credit exposure related to our customers. Bad debt expense (recovery) was $0 and $(8) for the years ended December 31, 2013 and 2012, respectively. Cash flows from accounts receivable are recorded in operating cash flows. | |||||||||
Fair Value of Financial Instruments | |||||||||
Our financial instruments, principally accounts receivable and accounts payable, are carried at cost which approximates fair value, due to the short maturities of the accounts. | |||||||||
Inventories | |||||||||
Inventories are valued at cost on a first-in, first-out basis, not in excess of market value. Cash flows from the sale of inventories are recorded in operating cash flows. On a quarterly basis, we review our inventories and record excess and obsolete inventory charges based upon our established objective excess and obsolete inventory criteria. These criteria identify material that has not been used in a work order during the prior twelve months and the quantity of material on hand that is greater than the average annual usage of that material over the prior three years. In certain cases, additional excess and obsolete inventory charges are recorded based upon current market conditions, anticipated product life cycles, new product introductions and expected future use of the inventory. The excess and obsolete inventory charges we record establish a new cost basis for the related inventories. We incurred excess and obsolete inventory charges of $311 and $688 for the years ended December 31, 2013 and 2012, respectively. | |||||||||
Property and Equipment | |||||||||
Machinery and equipment are stated at cost. As further discussed below under "Goodwill, Intangible and Long-Lived Assets," machinery and equipment that has been determined to be impaired is written down to its fair value at the time of the impairment. Depreciation is based upon the estimated useful life of the assets using the straight-line method. The estimated useful lives range from one to ten years. Leasehold improvements are recorded at cost and amortized over the shorter of the lease term or the estimated useful life of the asset. We record leasehold improvements made to our leased facilities based on the amount of the total cost to construct the improvements regardless of whether a portion of that cost was paid through an allowance provided by the facility's landlord. Expenditures for maintenance and repairs are charged to operations as incurred. Total depreciation expense was $401 and $457 for the years ended December 31, 2013 and 2012, respectively. | |||||||||
Goodwill, Intangible and Long-Lived Assets | |||||||||
We account for goodwill and intangible assets in accordance with Accounting Standards Codification ("ASC") 350 (Intangibles- Goodwill and Other). Finite-lived intangible assets are amortized over their estimated useful economic life and are carried at cost less accumulated amortization. Goodwill is assessed for impairment at least annually in the fourth quarter, on a reporting unit basis, or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. As a part of the goodwill impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If we determine this is the case, we are required to perform a two-step goodwill impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized. The two-step test is discussed below. If we determine that it is more-likely-than-not that the fair value of the reporting unit is greater than its carrying amounts, the two-step goodwill impairment test is not required. | |||||||||
If we determine it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a result of our qualitative assessment, we will perform a quantitative two-step goodwill impairment test. In the Step I test, the fair value of a reporting unit is computed and compared with its book value. If the book value of a reporting unit exceeds its fair value, a Step II test is performed in which the implied fair value of goodwill is compared with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recorded in an amount equal to that excess. The two-step goodwill impairment assessment is based upon a combination of the income approach, which estimates the fair value of our reporting units based upon a discounted cash flow approach, and the market approach which estimates the fair value of our reporting units based upon comparable market multiples. This fair value is then reconciled to our market capitalization at year end with an appropriate control premium. The determination of the fair value of our reporting units requires management to make significant estimates and assumptions including the selection of appropriate peer group companies, control premiums, discount rate, terminal growth rates, forecasts of revenue and expense growth rates, changes in working capital, depreciation, amortization and capital expenditures. Changes in assumptions concerning future financial results or other underlying assumptions would have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge. | |||||||||
Indefinite-lived intangible assets are assessed for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. As a part of the impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If, as a result of our qualitative assessment, we determine that it is more-likely-than-not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of the intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. | |||||||||
Long-lived assets, which consist of finite-lived intangible assets and property and equipment, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the estimated undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value. The cash flow estimates used to determine the impairment, if any, contain management's best estimates using appropriate assumptions and projections at that time. | |||||||||
Stock-Based Compensation | |||||||||
We account for stock-based compensation in accordance with ASC Topic 718 (Compensation - Stock Compensation) which requires that employee share-based equity awards be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plan in Note 14. | |||||||||
Subsequent Events | |||||||||
We have made an assessment of our operations and determined that there were no material subsequent events requiring adjustment to, or disclosure in, our consolidated financial statements for the year ended December 31, 2013, other than the approval of the inTEST Corporation 2014 Stock Plan, as discussed further in Note 18. | |||||||||
Revenue Recognition | |||||||||
We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collection of the related receivable is reasonably assured. Sales of our products are made through our sales employees, third-party sales representatives and distributors. There are no differences in revenue recognition policies based on the sales channel. We do not provide our customers with rights of return or exchanges. Revenue is generally recognized upon product shipment. Our customers' purchase orders do not typically contain any customer-specific acceptance criteria, other than that the product performs within the agreed upon specifications. We test all products manufactured as part of our quality assurance process to determine that they comply with specifications prior to shipment to a customer. To the extent that any customer purchase order contains customer-specific acceptance criteria, revenue recognition is deferred until customer acceptance. | |||||||||
In addition, in our Thermal Products segment, we lease certain of our equipment to customers under non-cancellable operating leases. These leases generally have an initial term of six months. We recognize revenue for these leases on a straight-line basis over the term of the lease. | |||||||||
With respect to sales tax collected from customers and remitted to governmental authorities, we use a net presentation in our consolidated statement of operations. As a result, there are no amounts included in either our net revenues or cost of revenues related to sales tax. | |||||||||
Product Warranties | |||||||||
We generally provide product warranties and record estimated warranty expense at the time of sale based upon historical claims experience. Warranty expense is included in selling expense in the consolidated financial statements. | |||||||||
Engineering and Product Development | |||||||||
Engineering and product development costs, which consist primarily of the salary and related benefits costs of our technical staff, as well as the cost of materials used in product development, are expensed as incurred. | |||||||||
Restructuring and Other Charges | |||||||||
We recognize a liability for restructuring costs at fair value only when the liability is incurred. The three main components of our restructuring plans have been related to workforce reductions, the consolidation of excess facilities and asset impairments. Workforce-related charges are accrued when it is determined that a liability has been incurred, which is generally after individuals have been notified of their termination dates and expected severance benefits. Plans to consolidate excess facilities result in charges for lease termination fees and future commitments to pay lease charges, net of estimated future sub-lease income. We recognize these charges when we have vacated the premises. In addition, as a result of plans to consolidate excess facilities, we may incur other associated costs such as charges to relocate inventory, equipment or personnel. We recognize charges for other associated costs when these costs are incurred, which is generally when the goods or services have been provided to us. Assets that may be impaired consist of property and equipment and intangible assets. Asset impairment charges are based on an estimate of the amounts and timing of future cash flows related to the expected future remaining use and ultimate sale or disposal of the asset. | |||||||||
Foreign Currency | |||||||||
For our foreign subsidiaries whose functional currency is not the U.S. dollar, assets and liabilities are translated using the exchange rate in effect at the balance sheet date. The results of operations are translated using an average exchange rate for the period. The effects of rate fluctuations in translating assets and liabilities of these international operations into U.S. dollars are included in accumulated other comprehensive earnings in stockholders' equity. Transaction gains or losses are included in net earnings. For the years ended December 31, 2013 and 2012, foreign currency transaction gains (losses) were $(4) and $12, respectively. | |||||||||
Income Taxes | |||||||||
The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | |||||||||
Net Earnings Per Common Share | |||||||||
Net earnings per common share - basic is computed by dividing net earnings by the weighted average number of common shares outstanding during each period. Net earnings per common share - diluted is computed by dividing net earnings by the weighted average number of common shares and common share equivalents outstanding during each period. Common share equivalents represent stock options and unvested shares of restricted stock and are calculated using the treasury stock method. Common share equivalents are excluded from the calculation if their effect is anti-dilutive. | |||||||||
The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding - basic to weighted average common shares and common share equivalents outstanding - diluted and the average number of potentially dilutive securities and their respective weighted average exercise prices that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Weighted average common shares outstanding - basic | 10,363,678 | 10,273,377 | |||||||
Potentially dilutive securities: | |||||||||
Employee stock options and unvested shares of restricted stock | 55,425 | 73,700 | |||||||
Weighted average common shares outstanding - diluted | 10,419,103 | 10,347,077 | |||||||
Average number of potentially dilutive securities excluded from calculation | 30,554 | 39,209 | |||||||
Effect of Recently Issued Amendments to Authoritative Accounting Guidance | |||||||||
In February 2013, the FASB issued amendments to existing guidance on the accounting for accumulated other comprehensive income. The amendments require entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. The amendments were effective for annual and interim periods beginning after December 15, 2012. We adopted these amendments on January 1, 2013. |
Note_3_Acquisition
Note 3 - Acquisition | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||||||
(3) ACQUISITION | |||||||||
On January 16, 2012, Temptronic acquired substantially all of the assets and certain liabilities of Thermonics pursuant to the Asset Purchase Agreement dated December 9, 2011. Thermonics is engaged in the business of designing, manufacturing, selling and distributing temperature forcing systems used in the testing of various products under temperature controlled situations. The acquisition of the Thermonics business broadened the product line of inTEST's Thermal Products segment. | |||||||||
The purchase price for the assets was approximately $3,802 in cash, plus the assumption of specified liabilities, including trade payables and certain customer contract obligations. In connection with this acquisition, we also signed a separate one year lease for the facility then occupied by Thermonics in Sunnyvale, California. This facility was owned by certain shareholders of the seller. We ceased operations at this facility in February 2012 and relocated the Thermonics product line to our facility in Mansfield, Massachusetts where our Temptronic operations are located. During 2012, we recorded a restructuring charge of $313 related to this action. See Note 5 for further detail regarding this charge. | |||||||||
Total acquisition costs incurred to complete this transaction were $485. The portion of these costs that was incurred in 2011 was $148. Acquisition costs are expensed as incurred and included in general and administrative expense. | |||||||||
The Thermonics acquisition was accounted for as a purchase business combination and, accordingly, the results of Thermonics have been included in our consolidated results of operations from the date of acquisition. The allocation of the total purchase price of Thermonics net tangible and identifiable intangible assets was based on their estimated fair values as of the acquisition date. The tangible assets acquired include accounts receivable, inventory, and property and equipment. Liabilities assumed include trade payables, certain customer contract obligations and accrued payments under a non-compete/non-solicitation agreement with a former employee of Thermonics. Identifiable intangible assets acquired include customer relationships, customer backlog, the Thermonics trade name, patented technology, and a non-compete/non-solicitation agreement with a former employee of Thermonics. The excess of the purchase price over the identifiable intangible and net tangible assets in the amount of $50 was allocated to goodwill and is deductible for tax purposes. Goodwill is attributed to the synergies that are expected to result from the operations of the combined businesses. The determination of fair value reflects the assistance of third-party valuation specialists, as well as our own estimates and assumptions. | |||||||||
The following represents the allocation of the purchase price: | |||||||||
Goodwill | $ | 50 | |||||||
Identifable intangible assets | 1,728 | ||||||||
Tangible assets acquired and liabilities assumed: | |||||||||
Trade accounts receivable | 1,161 | ||||||||
Inventories | 874 | ||||||||
Property and equipment | 263 | ||||||||
Accounts payable | (77 | ) | |||||||
Accrued non-compete/non-solicitation payments | (48 | ) | |||||||
Accrued sales commissions | (82 | ) | |||||||
Accrued warranty | (67 | ) | |||||||
Total purchase price | $ | 3,802 | |||||||
We estimated the fair value of identifiable intangible assets acquired using a combination of the income, cost and market approaches. The following table provides further information about the finite-lived intangible assets acquired in connection with the acquisition of Thermonics as of the acquisition date: | |||||||||
Weighted | |||||||||
Average | |||||||||
Fair | Estimated | ||||||||
Value | Useful Life | ||||||||
(in months) | |||||||||
Customer relationships | $ | 1,110 | 72 | ||||||
Customer backlog | 70 | 3 | |||||||
Thermonics trade name | 140 | 48 | |||||||
Patented technology | 360 | 132 | |||||||
Non-compete/non-solicitation agreement | 48 | 18 | |||||||
Total intangible assets | $ | 1,728 | 78.3 | ||||||
For the period from January 16, 2012 to December 31, 2012, Thermonics contributed $4,692 of net revenues. We do not track net income within our Thermal Products segment by product line. As a result, the net income for Thermonics for the period from January 16, 2012 to December 31, 2012 is not available. |
Note_4_Goodwill_Intangible_and
Note 4 - Goodwill, Intangible and Long-lived Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
(4) GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS | |||||||||||||
Goodwill and intangible assets on our balance sheets are the result of our acquisitions of Sigma Systems Corp. ("Sigma") in October 2008 and Thermonics in January 2012. The acquisition of Thermonics is discussed further in Note 3. | |||||||||||||
Goodwill | |||||||||||||
All of our goodwill is allocated to our Thermal Products segment. There were no changes in the amount of the carrying value of goodwill for the year ended December 31, 2013. | |||||||||||||
Intangible Assets | |||||||||||||
The following table provides further detail about our intangible assets as of December 31, 2013 and 2012: | |||||||||||||
31-Dec-13 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Amount | ||||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 725 | $ | 755 | |||||||
Patented technology | 590 | 307 | 283 | ||||||||||
Software | 270 | 142 | 128 | ||||||||||
Trade name | 140 | 68 | 72 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 48 | - | ||||||||||
Total finite-lived intangible assets | 2,598 | 1,360 | 1,238 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 1,360 | $ | 1,748 | |||||||
31-Dec-12 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Amount | ||||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 439 | $ | 1,041 | |||||||
Patented technology | 590 | 233 | 357 | ||||||||||
Software | 270 | 115 | 155 | ||||||||||
Trade name | 140 | 33 | 107 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 24 | 24 | ||||||||||
Total finite-lived intangible assets | 2,598 | 914 | 1,684 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 914 | $ | 2,194 | |||||||
We generally amortize our finite-lived intangible assets over their estimated useful lives on a straight-line basis, unless an alternate amortization method can be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. None of our finite-lived assets have any residual value. The following table provides further information about the estimated useful lives of our finite-lived intangible assets as of December 31, 2013: | |||||||||||||
Remaining | |||||||||||||
Estimated | |||||||||||||
Estimated | Useful Life at | ||||||||||||
Useful Life | Dec. 31, 2013 | ||||||||||||
- - - - (in months) - - - - | |||||||||||||
Finite-lived intangible assets resulting from the acquisition of Sigma: | |||||||||||||
Customer relationships | 72 | 9 | |||||||||||
Software | 120 | 57 | |||||||||||
Patented technology | 60 | - | |||||||||||
Finite-lived intangible assets resulting from the acquisition of Thermonics: | |||||||||||||
Customer relationships | 72 | 48.5 | |||||||||||
Customer backlog | 3 | - | |||||||||||
Trade name | 48 | 24.5 | |||||||||||
Patented technology | 132 | 108.5 | |||||||||||
Non-compete/non-solicitation agreement | 18 | - | |||||||||||
The following table sets forth changes in the amount of the carrying value of finite-lived intangible assets for the year ended December 31, 2013: | |||||||||||||
Balance - January 1, 2013 | $ | 1,684 | |||||||||||
Amortization | (446 | ) | |||||||||||
Balance - December 31, 2013 | $ | 1,238 | |||||||||||
Total amortization expense for the years ended December 31, 2013 and 2012 was $446 and $476, respectively. The following table sets forth the estimated annual amortization expense for our finite-lived intangible assets for each of the next five years: | |||||||||||||
2014 | $ | 355 | |||||||||||
2015 | $ | 289 | |||||||||||
2016 | $ | 229 | |||||||||||
2017 | $ | 212 | |||||||||||
2018 | $ | 65 | |||||||||||
Impairment of Goodwill and Indefinite Life Intangible Assets | |||||||||||||
During December 2013 and 2012, we assessed our goodwill and indefinite life intangible asset for impairment in accordance with the requirements of ASC Topic 350 (Intangibles - Goodwill and Other). Our goodwill impairment assessment is based upon a combination of the income approach, which estimates the fair value of our reporting units based upon a discounted cash flow approach, and the market approach which estimates the fair value of our reporting units based upon comparable market multiples. This fair value is then reconciled to our market capitalization at year end with an appropriate control premium. The discount rate used in 2013 and 2012 for the discounted cash flows were 20% and 24%, respectively. The selection of these rates was based upon our analysis of market based estimates of capital costs and discount rates. The peer companies used in the market approach operate in our market segment. The determination of the fair value of our reporting units requires management to make significant estimates and assumptions including the selection of appropriate peer group companies, control premiums, discount rate, terminal growth rates, forecasts of revenue and expense growth rates, changes in working capital, depreciation, amortization and capital expenditures. Changes in assumptions concerning future financial results or other underlying assumptions would have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge. | |||||||||||||
During the goodwill impairment assessment in both 2013 and 2012, we performed a Step I test to identify potential impairment, in which the fair value of the reporting unit was compared with its book value. This assessment indicated no impairment existed as the fair value of this reporting unit was determined to exceed its carrying value by 65% or $13,888 at December 31, 2013 and by 41% or $7,516 at December 31, 2012. | |||||||||||||
During the indefinite life intangible asset impairment assessment in both 2013 and 2012, we compared the fair value of our intangible asset with its carrying amount. This assessment indicated no impairment existed as the fair value of the intangible assets exceeded their carrying values in both 2013 and 2012. | |||||||||||||
Impairment of Long-Lived Assets and Finite-lived Intangible Assets | |||||||||||||
As previously noted, our long-lived assets consist of our finite-lived intangible assets and property and equipment. During both December 2013 and 2012, due to continued operating losses experienced in our Mechanical Products segment, we assessed the long-lived assets of this segment for impairment. Our assessments indicated that the property and equipment that is allocated to this segment was not impaired. During 2013 and 2012, we did not review our Thermal and Electrical Products segment's long lived assets for impairment as there were no events or changes in business circumstances that would indicate an impairment might exist. |
Note_5_Restructuring_and_Other
Note 5 - Restructuring and Other Charges | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||
(5) RESTRUCTURING AND OTHER CHARGES | |||||
In connection with the acquisition of Thermonics, as discussed further in Note 3, we signed a separate one year lease for the facility in Sunnyvale, California then occupied by Thermonics at the time of the acquisition. This facility was owned by certain shareholders of the seller. We ceased operations at this facility in February 2012 and relocated the Thermonics product line to our facility in Mansfield, Massachusetts where our Temptronic operations are located. During the first quarter of 2012, we incurred approximately $359 of facility closure costs related to this action. These costs included lease termination fees of approximately $220 and other costs associated with this consolidation of facilities, including the cost to relocate inventory and equipment, of approximately $139. During the fourth quarter of 2012 we received a refund of $46 of lease termination fees paid in the first quarter due to the sale of the leased facility. | |||||
Changes in our liability for restructuring and other charges for the year ended December 31, 2012 are summarized as follows: | |||||
Thermonics | |||||
Relocation | |||||
Balance - January 1, 2012 | $ | - | |||
Accruals for facility closure costs | 313 | ||||
Cash payments related to facility closure costs | (359 | ) | |||
Refund of lease termination fees | 46 | ||||
Balance - December 31, 2012 | $ | - | |||
Note_6_Major_Customers
Note 6 - Major Customers | 12 Months Ended |
Dec. 31, 2013 | |
Table Text Block [Abstract] | ' |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' |
(6) MAJOR CUSTOMERS | |
Texas Instruments Incorporated accounted for 13% and 14% of our consolidated net revenues in 2013 and 2012, respectively. While all three of our operating segments sold products to this customer, these revenues were primarily generated by our Mechanical Products and Electrical Products segments. Teradyne, Inc. accounted for 11% of our consolidated net revenues in 2012. While all three of our operating segments sold products to this customer, these revenues were primarily generated by our Electrical Products segment. During the years ended December 31, 2013 and 2012, no other customer accounted for 10% or more of our consolidated net revenues. |
Note_7_Inventories
Note 7 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
(7) INVENTORIES | |||||||||
Inventories held at December 31 were comprised of the following: | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 2,753 | $ | 2,157 | |||||
Work in process | 222 | 454 | |||||||
Inventory consigned to others | 94 | 105 | |||||||
Finished goods | 174 | 419 | |||||||
$ | 3,243 | $ | 3,135 | ||||||
Note_8_Other_Current_Liabiliti
Note 8 - Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ' | ||||||||
(8) OTHER CURRENT LIABILITIES | |||||||||
Other current liabilities at December 31, were comprised of the following: | |||||||||
2013 | 2012 | ||||||||
Accrued warranty | $ | 123 | $ | 197 | |||||
Other | 104 | 179 | |||||||
$ | 227 | $ | 376 | ||||||
Note_9_Debt
Note 9 - Debt | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||
(9) DEBT | |||||||||||||||
Letters of Credit | |||||||||||||||
We have issued letters of credit as the security deposits for certain of our domestic leases. These letters of credit are secured by pledged certificates of deposit which are classified as Restricted Certificates of Deposit on our balance sheet. The terms of our leases require us to renew these letters of credit at least 30 days prior to their expiration dates for successive terms of not less than one year until lease expiration. Our outstanding letters of credit at December 31, 2013 and 2012 consisted of the following: | |||||||||||||||
L/C | Lease | Letters of Credit | |||||||||||||
Amount Outstanding | |||||||||||||||
Facility | Original L/C | Expiration | Expiration | Dec. 31 | Dec. 31, | ||||||||||
Issue Date | Date | Date | 2013 | 2012 | |||||||||||
Mt. Laurel, NJ | 3/29/10 | 3/31/14 | 4/30/21 | $ | 250 | $ | 250 | ||||||||
Mansfield, MA | 10/27/10 | 11/8/14 | 8/23/21 | 200 | 200 | ||||||||||
$ | 450 | $ | 450 | ||||||||||||
Note_10_Equipment_Leasing
Note 10 - Equipment Leasing | 12 Months Ended |
Dec. 31, 2013 | |
Leases, Operating [Abstract] | ' |
Operating Leases of Lessor Disclosure [Text Block] | ' |
(10) EQUIPMENT LEASING | |
In our Thermal Products segment, we lease certain of our equipment to customers under non-cancellable operating leases. These leases generally have an initial term of six months. We recognize revenue for these leases on a straight-line basis over the term of the lease. | |
The total cost of leased equipment at December 31, 2013 and 2012 was $561 and $282, respectively, and is included in Machinery and Equipment on our balance sheet. As of December 31, 2013 and 2012, accumulated depreciation for leased equipment was $138 and $72, respectively. | |
As of December 31, 2013, total minimum payments receivable under non-cancellable operating leases were $109. All of these payments will be received in 2014. |
Note_11_Commitments_and_Contin
Note 11 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
(11) COMMITMENTS AND CONTINGENCIES | |||||
Operating Lease Commitments | |||||
We lease our offices, warehouse facilities, automobiles and certain equipment under non-cancellable operating leases which expire at various dates through 2021. Total rental expense for the years ended December 31, 2013 and 2012 was $1,221 and $1,237, respectively. Certain of our operating leases contain predetermined fixed escalations of minimum rentals and rent holidays during the original lease terms. Rent holidays are periods during which we have control of the leased facility but are not obligated to pay rent. For these leases, we recognize the related rental expense on a straight-line basis over the life of the lease, which includes any rent holiday, and record the difference between the amounts charged to operations and amounts paid as Accrued Rent on our balance sheet. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities require us to pay our portion of the common area maintenance, property taxes and insurance charges incurred by the landlord for the facilities which we occupy. These amounts are generally included in rental expense in our statement of operations, but they are not included in the minimum rental commitments disclosed below as they are based on actual charges incurred in the periods to which they apply. | |||||
The aggregate minimum rental commitments under the non-cancellable operating leases in effect at December 31, 2013 are as follows: | |||||
2014 | $ | 1,041 | |||
2015 | 1,023 | ||||
2016 | 1,094 | ||||
2017 | 1,060 | ||||
2018 | 979 | ||||
Thereafter | 2,500 | ||||
$ | 7,697 | ||||
Note_12_Income_Taxes
Note 12 - Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||
(12) INCOME TAXES. | ||||||||||
We are subject to Federal and certain state income taxes. In addition, we are taxed in certain foreign countries. As of December 31, 2013 and 2012, there were no cumulative undistributed earnings of our foreign subsidiaries for which U.S. income taxes have not been provided. | ||||||||||
Earnings before income taxes was as follows: | ||||||||||
Years Ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Domestic | $ | 3,245 | $ | 2,580 | ||||||
Foreign | 763 | 473 | ||||||||
$ | 4,008 | $ | 3,053 | |||||||
Income tax expense (benefit) was as follows: | ||||||||||
Years Ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Current | ||||||||||
Domestic -- Federal | $ | 515 | $ | 362 | ||||||
Domestic -- state | 74 | 62 | ||||||||
Foreign | 35 | 30 | ||||||||
624 | 454 | |||||||||
Deferred | ||||||||||
Domestic -- Federal | 218 | 396 | ||||||||
Domestic -- state | 212 | (126 | ) | |||||||
Foreign | (123 | ) | 173 | |||||||
307 | 443 | |||||||||
Income tax expense | $ | 931 | $ | 897 | ||||||
Deferred income taxes reflect the net tax effect of net operating loss and credit carryforwards as well as temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2013 and 2012: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Deferred tax assets: | ||||||||||
Net operating loss ("NOL") (state and foreign) | $ | 829 | $ | 1,182 | ||||||
Depreciation of property and equipment | 646 | 793 | ||||||||
Tax credit carryforwards (foreign, research and AMT) | 269 | 440 | ||||||||
Inventories | 180 | 177 | ||||||||
Accrued vacation pay and stock-based compensation | 169 | 182 | ||||||||
Intangibles | 162 | 86 | ||||||||
Allowance for doubtful accounts | 56 | 56 | ||||||||
Acquisition costs | 37 | 39 | ||||||||
Accrued warranty | 11 | 22 | ||||||||
Other | 26 | 68 | ||||||||
2,385 | 3,045 | |||||||||
Valuation allowance | (287 | ) | (573 | ) | ||||||
Deferred tax assets | 2,098 | 2,472 | ||||||||
Deferred tax liabilities: | ||||||||||
Net intangible assets | (260 | ) | (307 | ) | ||||||
Unremitted earnings of foreign subsidiaries | (107 | ) | (127 | ) | ||||||
Deferred tax liabilities | (367 | ) | (434 | ) | ||||||
Net deferred tax asset | $ | 1,731 | $ | 2,038 | ||||||
The valuation allowance for deferred tax assets as of the beginning of 2013 and 2012 was $573 and $484, respectively. The net change in the valuation allowance for the years ended December 31, 2013 and 2012 was a decrease of $286 and an increase of $89, respectively. In assessing the ability to realize the deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. In order to fully realize the total deferred tax assets, we will need to generate future taxable income prior to the expiration of net operating loss and credit carryforwards which expire in various years through 2033. | ||||||||||
An analysis of the effective tax rate for the years ended December 31, 2013 and 2012 and a reconciliation from the expected statutory rate of 34% is as follows: | ||||||||||
Years Ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Expected income tax provision at U.S. statutory rate | $ | 1,363 | $ | 1,038 | ||||||
Increase (decrease) in tax from: | ||||||||||
Current year tax credits (foreign and research) | (417 | ) | (523 | ) | ||||||
Foreign income tax rate differences | (80 | ) | (36 | ) | ||||||
Changes in valuation allowance | (286 | ) | 89 | |||||||
Deemed dividend from foreign subsidiaries | 135 | 212 | ||||||||
Domestic tax expense, net of Federal benefit | 127 | 72 | ||||||||
Nondeductible expenses | 10 | 20 | ||||||||
NOL carryforwards utilized | 200 | 103 | ||||||||
Other | (121 | ) | (78 | ) | ||||||
Income tax expense | $ | 931 | $ | 897 | ||||||
In accounting for income taxes, we follow the guidance in ASC Topic 740 (Income Taxes) regarding the recognition and measurement of uncertain tax positions in our financial statements. Recognition involves a determination of whether it is more likely than not that a tax position will be sustained upon examination with the presumption that the tax position will be examined by the appropriate taxing authority having full knowledge of all relevant information. Our policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of December 31, 2013 and 2012, we did not have an accrual for uncertain tax positions. | ||||||||||
We file U.S. income tax returns and multiple state and foreign income tax returns. With few exceptions, the U.S. and state income tax returns filed for the tax years ending on December 31, 2010 and thereafter are subject to examination by the relevant taxing authorities. |
Note_13_Legal_Proceedings
Note 13 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
(13) LEGAL PROCEEDINGS | |
From time to time we may be a party to legal proceedings occurring in the ordinary course of business. We are not currently involved in any legal proceedings the resolution of which we believe could have a material effect on our business, financial position, results of operations or long-term liquidity. |
Note_14_StockBased_Compensatio
Note 14 - Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||
(14) STOCK-BASED COMPENSATION PLAN | |||||||||||||||||||
As of December 31, 2013 and 2012, we have outstanding stock options and unvested restricted stock awards granted under the Amended and Restated 1997 Stock Plan (the "1997 Stock Plan") as well as under the inTEST Corporation 2007 Stock Plan (the "2007 Stock Plan"). As of March 31, 2007, no additional stock options or shares of restricted stock could be granted under the 1997 Plan. | |||||||||||||||||||
The 2007 Stock Plan was approved at our annual meeting of stockholders held on June 13, 2007, upon the recommendation of our Board of Directors. The 2007 Stock Plan permits the granting of stock options or restricted stock, for up to 500,000 shares of our common stock, to officers, other key employees and consultants. A description of the 2007 Stock Plan, including the full text of the 2007 Stock Plan, is contained in the proxy statement for our 2007 annual meeting of stockholders. As of December 31, 2013, 62,500 shares remain available to grant under the 2007 Stock Plan. | |||||||||||||||||||
We have not granted any stock options during 2013 or 2012. Our unvested restricted stock awards outstanding are accounted for based on their grant date fair value. As of December 31, 2013, total compensation expense to be recognized in future periods was $439. All of this expense is related to nonvested shares of restricted stock. The weighted average period over which this expense is expected to be recognized is 2.6 years. | |||||||||||||||||||
Stock Options | |||||||||||||||||||
The following table summarizes the stock option activity for the two years ended December 31, 2013: | |||||||||||||||||||
Weighted | |||||||||||||||||||
Number | Average | ||||||||||||||||||
of Shares | Exercise Price | ||||||||||||||||||
Options outstanding, January 1, 2012 (249,000 exercisable) | 249,000 | $ | 3.28 | ||||||||||||||||
Granted | - | - | |||||||||||||||||
Exercised | - | - | |||||||||||||||||
Canceled | (30,000 | ) | 4.11 | ||||||||||||||||
Options outstanding, December 31, 2012 (219,000 exercisable) | 219,000 | 3.17 | |||||||||||||||||
Granted | - | - | |||||||||||||||||
Exercised | (10,000 | ) | 3.04 | ||||||||||||||||
Canceled | (199,000 | ) | 3.05 | ||||||||||||||||
Options outstanding, December 31, 2013 (10,000 exercisable) | 10,000 | 5.66 | |||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||
Range of | Number | Weighted | Weighted | Aggregate | |||||||||||||||
Exercise Prices | Outstanding and | Average | Average | Intrinsic | |||||||||||||||
Exercisable at | Remaining Life | Exercise Price | Value | ||||||||||||||||
(years) | |||||||||||||||||||
$ | 5.66 | 10,000 | 0.47 | $ | 5.66 | - | |||||||||||||
The aggregate intrinsic value in the table above, if any, represents the total pretax intrinsic value, based on a closing price for our stock of $3.75 at December 31, 2013, assuming all option holders exercised their stock options that were in-the-money as of that date. In general, it is our policy to issue new shares upon the exercise of stock options. | |||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||
We record compensation expense for restricted stock awards (nonvested shares) based on the quoted market price of our stock at the grant date and amortize the expense over the vesting period. Restricted stock awards generally vest over four years. The following table summarizes the compensation expense we recorded during 2013 and 2012, respectively, related to nonvested shares: | |||||||||||||||||||
Years Ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Cost of revenues | $ | 8 | $ | 5 | |||||||||||||||
Selling expense | 10 | 9 | |||||||||||||||||
Engineering and product development expense | 28 | 24 | |||||||||||||||||
General and administrative expense | 82 | 75 | |||||||||||||||||
$ | 128 | $ | 113 | ||||||||||||||||
There was no compensation expense capitalized in 2013 or 2012. The following table summarizes the activity related to nonvested shares for the two years ended December 31, 2013: | |||||||||||||||||||
Weighted Average | |||||||||||||||||||
Grant Date | |||||||||||||||||||
Number | Fair Value | ||||||||||||||||||
of Shares | |||||||||||||||||||
Nonvested shares outstanding, January 1, 2012 | 195,000 | $ | 1.62 | ||||||||||||||||
Granted | - | - | |||||||||||||||||
Vested | (76,250 | ) | 1.62 | ||||||||||||||||
Forfeited | (10,000 | ) | 1.42 | ||||||||||||||||
Nonvested shares outstanding, December 31, 2012 | 108,750 | 1.63 | |||||||||||||||||
Granted | 127,500 | 3.62 | |||||||||||||||||
Vested | (56,250 | ) | 1.7 | ||||||||||||||||
Forfeited | - | - | |||||||||||||||||
Nonvested shares outstanding, December 31, 2013 | 180,000 | 2.69 | |||||||||||||||||
The total fair value of the shares that vested during the years ended December 31, 2013 and 2012 was $176 and $253, respectively, as of the vesting dates of these shares. |
Note_15_Employee_Benefit_Plans
Note 15 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
(15) EMPLOYEE BENEFIT PLANS | |
We have a defined contribution 401(k) plan for our employees who work in the U.S. (the "inTEST 401(k) Plan"). All permanent employees of inTEST Corporation, Temptronic (effective January 1, 2013) and inTEST Silicon Valley Corp who are at least 18 years of age are eligible to participate in the plan. We match employee contributions dollar for dollar up to 10% of the employee's annual compensation, with a maximum limit of $5. Employer contributions vest ratably over four years. Matching contributions are discretionary. For the years ended December 31, 2013 and 2012, we recorded $320 and $182 of expense for matching contributions, respectively. | |
Temptronic adopted a defined contribution 401(k) plan for its domestic employees in 1988, that was merged into the inTEST 401(k) Plan effective September 1, 2002. Prior to January 1, 2013, the inTEST 401(k) Plan retained the matching provisions of the prior Temptronic plan for all Temptronic employees, which included discretionary employer matching contributions of $0.50 on the dollar up to 6% of the employees' annual compensation, with a maximum limit of $3. The eligibility and vesting provisions of the prior Temptronic plan were conformed to those for inTEST Corporation and inTEST Silicon Valley Corporation employees. For the year ended December 31, 2012, Temptronic contributed $81 to the plan. | |
Prior to January 1, 2013, in addition to the employer matching contributions for which Temptronic employees were eligible, all Temptronic employees were also eligible to receive profit sharing contributions. During the third quarter of 2012, our Board of Directors approved an amendment to the inTEST 401(k) Plan. The amendment terminated the profit sharing contributions for Temptronic employees effective December 31, 2012. In addition, the amendment conformed the employer matching provisions for the Temptronic employees with those currently in place for inTEST Corporation and inTEST Silicon Valley employees effective January 1, 2013. During 2012, profit sharing contributions totaling $300 were acrrued and paid. We funded these contributions through the use of treasury shares. |
Note_16_Segment_Information
Note 16 - Segment Information | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
(16) SEGMENT INFORMATION | |||||||||
We have three reportable segments, which are also our reporting units: Thermal Products, Mechanical Products and Electrical Products. | |||||||||
The Thermal Products segment includes the operations of Temptronic Corporation, Thermonics (which we acquired in January 2012 as discussed further in Note 3), Sigma Systems Corp., inTEST Thermal Solutions GmbH (Germany), and inTEST Pte, Limited (Singapore). Sales of this segment consist primarily of temperature management systems which we design, manufacture and market under our Temptronic, Thermonics and Sigma Systems product lines. In addition, this segment provides post warranty service and support. | |||||||||
The Mechanical Products segment includes the operations of our Mt. Laurel, New Jersey manufacturing facility. Sales of our Mechanical Products segment consist primarily of manipulator and docking hardware products, which we design, manufacture and market. In addition, this segment provides post warranty service and support for various ATE equipment. | |||||||||
The Electrical Products segment includes the operations of inTEST Silicon Valley Corporation. Sales of this segment consist primarily of tester interface products which we design, manufacture and market. | |||||||||
We operate our business worldwide, and all three segments sell their products both domestically and internationally. All three segments sell to semiconductor manufacturers, third-party test and assembly houses and ATE manufacturers. Our Thermal Products segment also sells into a variety of markets outside of the ATE market, including the automotive, consumer electronics, defense/aerospace, energy, industrial and telecommunications markets. Intercompany pricing between segments is either a multiple of cost for component parts or list price for finished goods. | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net revenues from unaffiliated customers: | |||||||||
Thermal Products | $ | 22,962 | $ | 24,307 | |||||
Mechanical Products | 9,962 | 9,904 | |||||||
Electrical Products | 6,502 | 9,165 | |||||||
$ | 39,426 | $ | 43,376 | ||||||
Depreciation/amortization: | |||||||||
Thermal Products | $ | 695 | $ | 816 | |||||
Mechanical Products | 79 | 73 | |||||||
Electrical Products | 73 | 44 | |||||||
$ | 847 | $ | 933 | ||||||
Operating income (loss): | |||||||||
Thermal Products | $ | 4,322 | $ | 2,939 | |||||
Mechanical Products | (784 | ) | (1,944 | ) | |||||
Electrical Products | 722 | 2,023 | |||||||
Corporate | (298 | ) | (22 | ) | |||||
$ | 3,962 | $ | 2,996 | ||||||
Earnings (loss) before income tax expense (benefit): | |||||||||
Thermal Products | $ | 4,327 | $ | 2,958 | |||||
Mechanical Products | (772 | ) | (1,934 | ) | |||||
Electrical Products | 751 | 2,051 | |||||||
Corporate | (298 | ) | (22 | ) | |||||
$ | 4,008 | $ | 3,053 | ||||||
Income tax expense (benefit): | |||||||||
Thermal Products | $ | 1,005 | $ | 869 | |||||
Mechanical Products | (179 | ) | (568 | ) | |||||
Electrical Products | 174 | 602 | |||||||
Corporate | (69 | ) | (6 | ) | |||||
$ | 931 | $ | 897 | ||||||
Net earnings (loss): | |||||||||
Thermal Products | $ | 3,322 | $ | 2,089 | |||||
Mechanical Products | (593 | ) | (1,366 | ) | |||||
Electrical Products | 577 | 1,449 | |||||||
Corporate | (229 | ) | (16 | ) | |||||
$ | 3,077 | $ | 2,156 | ||||||
Capital expenditures: | |||||||||
Thermal Products | $ | 349 | $ | 216 | |||||
Mechanical Products | 16 | 37 | |||||||
Electrical Products | 59 | 178 | |||||||
$ | 424 | $ | 431 | ||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Identifiable assets: | |||||||||
Thermal Products | $ | 23,934 | $ | 20,849 | |||||
Mechanical Products | 7,093 | 7,737 | |||||||
Electrical Products | 4,454 | 3,813 | |||||||
$ | 35,481 | $ | 32,399 | ||||||
The following table provides information about our geographic areas of operation. Net revenues from unaffiliated customers are based on the location to which the goods are shipped. | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net revenues from unaffiliated customers: | |||||||||
U.S. | $ | 13,337 | $ | 15,915 | |||||
Foreign | 26,089 | 27,461 | |||||||
$ | 39,426 | $ | 43,376 | ||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Long-lived assets: | |||||||||
U.S. | $ | 700 | $ | 899 | |||||
Foreign | 554 | 351 | |||||||
$ | 1,254 | $ | 1,250 | ||||||
Note_17_Quarterly_Consolidated
Note 17 - Quarterly Consolidated Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
(17) QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited) | |||||||||||||||||||||
The following tables present certain unaudited consolidated quarterly financial information for each of the eight quarters ended December 31, 2013. In our opinion, this quarterly information has been prepared on the same basis as the consolidated financial statements and includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the information for the periods presented. The results of operations for any quarter are not necessarily indicative of results for the full year or for any future period. | |||||||||||||||||||||
Year-over-year quarterly comparisons of our results of operations may not be as meaningful as the sequential quarterly comparisons set forth below that tend to reflect the cyclical activity of the semiconductor and ATE markets. Quarterly fluctuations in expenses are related directly to sales activity and volume and may also reflect the timing of operating expenses incurred throughout the year. | |||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | Total | |||||||||||||||||
Net revenues | $ | 8,973 | $ | 11,218 | $ | 9,900 | $ | 9,335 | $ | 39,426 | |||||||||||
Gross margin | 4,105 | 5,465 | 4,756 | 4,689 | 19,015 | ||||||||||||||||
Earnings before income tax expense | 370 | 1,487 | 1,114 | 1,037 | 4,008 | ||||||||||||||||
Income tax expense | 78 | 484 | 24 | 345 | 931 | ||||||||||||||||
Net earnings | 292 | 1,003 | 1,090 | 692 | 3,077 | ||||||||||||||||
Net earnings per common share - basic | $ | 0.03 | $ | 0.1 | $ | 0.11 | $ | 0.07 | $ | 0.3 | |||||||||||
Weighted average common shares outstanding - basic | 10,327,428 | 10,371,716 | 10,377,189 | 10,377,678 | 10,363,678 | ||||||||||||||||
Net earnings per common share - diluted | $ | 0.03 | $ | 0.1 | $ | 0.1 | $ | 0.07 | $ | 0.3 | |||||||||||
Weighted average common shares outstanding - diluted | 10,366,312 | 10,394,094 | 10,404,095 | 10,435,096 | 10,419,103 | ||||||||||||||||
Quarters Ended | |||||||||||||||||||||
3/31/12 | 6/30/12 | 9/30/12 | 12/31/12 | Total | |||||||||||||||||
Net revenues | $ | 10,731 | $ | 13,576 | $ | 10,799 | $ | 8,270 | $ | 43,376 | |||||||||||
Gross margin | 4,596 | 6,194 | 4,762 | 3,507 | 19,059 | ||||||||||||||||
Earnings (loss) before income tax expense (benefit) | (71 | ) | 1,994 | 1,012 | 118 | 3,053 | |||||||||||||||
Income tax expense (benefit) | (28 | ) | 660 | 348 | (83 | ) | 897 | ||||||||||||||
Net earnings (loss) | (43 | ) | 1,334 | 664 | 201 | 2,156 | |||||||||||||||
Net earnings (loss) per common share - basic | $ | 0 | $ | 0.13 | $ | 0.06 | $ | 0.02 | $ | 0.21 | |||||||||||
Weighted average common shares outstanding - basic | 10,205,114 | 10,273,812 | 10,302,417 | 10,311,428 | 10,273,377 | ||||||||||||||||
Net earnings (loss) per common share - diluted | $ | 0 | $ | 0.13 | $ | 0.06 | $ | 0.02 | $ | 0.21 | |||||||||||
Weighted average common shares outstanding - diluted | 10,205,114 | 10,359,657 | 10,360,377 | 10,343,793 | 10,347,077 | ||||||||||||||||
Note_18_Subsequent_Events
Note 18 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
(18) SUBSEQUENT EVENTS | |
On March 4, 2014, our Board of Directors approved the inTEST Corporation 2014 Stock Plan (the “2014 Stock Plan”). The 2014 Stock Plan will be included in our 2014 proxy statement for approval by our stockholders. The 2014 Stock Plan, when approved by stockholders, permits the granting of stock options, restricted stock, stock appreciation rights or restricted stock units for up to 500,000 shares of our common stock to directors, officers, other key employees and consultants. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Presentation and Use of Estimates [Policy Text Block] | ' | ||||||||
Basis of Presentation and Use of Estimates | |||||||||
The accompanying consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain of our accounts, including inventories, long-lived assets, goodwill, identifiable intangibles, deferred income tax valuation allowances and product warranty reserves, are particularly impacted by estimates. | |||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||
Reclassification | |||||||||
Certain prior year amounts have been reclassified to be comparable with the current year's presentation. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
Cash and Cash Equivalents | |||||||||
Short-term investments that have maturities of three months or less when purchased are considered to be cash equivalents and are carried at cost, which approximates market value. | |||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||
Trade Accounts Receivable and Allowance for Doubtful Accounts | |||||||||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We grant credit to customers and generally require no collateral. To minimize our risk, we perform ongoing credit evaluations of our customers' financial condition. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical write-off experience and the aging of such receivables, among other factors. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not have any off-balance sheet credit exposure related to our customers. Bad debt expense (recovery) was $0 and $(8) for the years ended December 31, 2013 and 2012, respectively. Cash flows from accounts receivable are recorded in operating cash flows. | |||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||
Fair Value of Financial Instruments | |||||||||
Our financial instruments, principally accounts receivable and accounts payable, are carried at cost which approximates fair value, due to the short maturities of the accounts. | |||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||
Inventories | |||||||||
Inventories are valued at cost on a first-in, first-out basis, not in excess of market value. Cash flows from the sale of inventories are recorded in operating cash flows. On a quarterly basis, we review our inventories and record excess and obsolete inventory charges based upon our established objective excess and obsolete inventory criteria. These criteria identify material that has not been used in a work order during the prior twelve months and the quantity of material on hand that is greater than the average annual usage of that material over the prior three years. In certain cases, additional excess and obsolete inventory charges are recorded based upon current market conditions, anticipated product life cycles, new product introductions and expected future use of the inventory. The excess and obsolete inventory charges we record establish a new cost basis for the related inventories. We incurred excess and obsolete inventory charges of $311 and $688 for the years ended December 31, 2013 and 2012, respectively. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
Property and Equipment | |||||||||
Machinery and equipment are stated at cost. As further discussed below under "Goodwill, Intangible and Long-Lived Assets," machinery and equipment that has been determined to be impaired is written down to its fair value at the time of the impairment. Depreciation is based upon the estimated useful life of the assets using the straight-line method. The estimated useful lives range from one to ten years. Leasehold improvements are recorded at cost and amortized over the shorter of the lease term or the estimated useful life of the asset. We record leasehold improvements made to our leased facilities based on the amount of the total cost to construct the improvements regardless of whether a portion of that cost was paid through an allowance provided by the facility's landlord. Expenditures for maintenance and repairs are charged to operations as incurred. Total depreciation expense was $401 and $457 for the years ended December 31, 2013 and 2012, respectively. | |||||||||
Goodwill Intangible and Long Lived Assets [Policy Text Block] | ' | ||||||||
Goodwill, Intangible and Long-Lived Assets | |||||||||
We account for goodwill and intangible assets in accordance with Accounting Standards Codification ("ASC") 350 (Intangibles- Goodwill and Other). Finite-lived intangible assets are amortized over their estimated useful economic life and are carried at cost less accumulated amortization. Goodwill is assessed for impairment at least annually in the fourth quarter, on a reporting unit basis, or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. As a part of the goodwill impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If we determine this is the case, we are required to perform a two-step goodwill impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized. The two-step test is discussed below. If we determine that it is more-likely-than-not that the fair value of the reporting unit is greater than its carrying amounts, the two-step goodwill impairment test is not required. | |||||||||
If we determine it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a result of our qualitative assessment, we will perform a quantitative two-step goodwill impairment test. In the Step I test, the fair value of a reporting unit is computed and compared with its book value. If the book value of a reporting unit exceeds its fair value, a Step II test is performed in which the implied fair value of goodwill is compared with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recorded in an amount equal to that excess. The two-step goodwill impairment assessment is based upon a combination of the income approach, which estimates the fair value of our reporting units based upon a discounted cash flow approach, and the market approach which estimates the fair value of our reporting units based upon comparable market multiples. This fair value is then reconciled to our market capitalization at year end with an appropriate control premium. The determination of the fair value of our reporting units requires management to make significant estimates and assumptions including the selection of appropriate peer group companies, control premiums, discount rate, terminal growth rates, forecasts of revenue and expense growth rates, changes in working capital, depreciation, amortization and capital expenditures. Changes in assumptions concerning future financial results or other underlying assumptions would have a significant impact on either the fair value of the reporting unit or the amount of the goodwill impairment charge. | |||||||||
Indefinite-lived intangible assets are assessed for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. As a part of the impairment assessment, we have the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If, as a result of our qualitative assessment, we determine that it is more-likely-than-not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of the intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. | |||||||||
Long-lived assets, which consist of finite-lived intangible assets and property and equipment, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the estimated undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value. The cash flow estimates used to determine the impairment, if any, contain management's best estimates using appropriate assumptions and projections at that time. | |||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||
Stock-Based Compensation | |||||||||
We account for stock-based compensation in accordance with ASC Topic 718 (Compensation - Stock Compensation) which requires that employee share-based equity awards be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value, which is then amortized to expense over the service periods. See further disclosures related to our stock-based compensation plan in Note 14. | |||||||||
Subsequent Events, Policy [Policy Text Block] | ' | ||||||||
Subsequent Events | |||||||||
We have made an assessment of our operations and determined that there were no material subsequent events requiring adjustment to, or disclosure in, our consolidated financial statements for the year ended December 31, 2013, other than the approval of the inTEST Corporation 2014 Stock Plan, as discussed further in Note 18. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
Revenue Recognition | |||||||||
We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collection of the related receivable is reasonably assured. Sales of our products are made through our sales employees, third-party sales representatives and distributors. There are no differences in revenue recognition policies based on the sales channel. We do not provide our customers with rights of return or exchanges. Revenue is generally recognized upon product shipment. Our customers' purchase orders do not typically contain any customer-specific acceptance criteria, other than that the product performs within the agreed upon specifications. We test all products manufactured as part of our quality assurance process to determine that they comply with specifications prior to shipment to a customer. To the extent that any customer purchase order contains customer-specific acceptance criteria, revenue recognition is deferred until customer acceptance. | |||||||||
In addition, in our Thermal Products segment, we lease certain of our equipment to customers under non-cancellable operating leases. These leases generally have an initial term of six months. We recognize revenue for these leases on a straight-line basis over the term of the lease. | |||||||||
With respect to sales tax collected from customers and remitted to governmental authorities, we use a net presentation in our consolidated statement of operations. As a result, there are no amounts included in either our net revenues or cost of revenues related to sales tax. | |||||||||
Standard Product Warranty, Policy [Policy Text Block] | ' | ||||||||
Product Warranties | |||||||||
We generally provide product warranties and record estimated warranty expense at the time of sale based upon historical claims experience. Warranty expense is included in selling expense in the consolidated financial statements. | |||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | ||||||||
Engineering and Product Development | |||||||||
Engineering and product development costs, which consist primarily of the salary and related benefits costs of our technical staff, as well as the cost of materials used in product development, are expensed as incurred. | |||||||||
Restructuring and Other Charges [Policy Text Block] | ' | ||||||||
Restructuring and Other Charges | |||||||||
We recognize a liability for restructuring costs at fair value only when the liability is incurred. The three main components of our restructuring plans have been related to workforce reductions, the consolidation of excess facilities and asset impairments. Workforce-related charges are accrued when it is determined that a liability has been incurred, which is generally after individuals have been notified of their termination dates and expected severance benefits. Plans to consolidate excess facilities result in charges for lease termination fees and future commitments to pay lease charges, net of estimated future sub-lease income. We recognize these charges when we have vacated the premises. In addition, as a result of plans to consolidate excess facilities, we may incur other associated costs such as charges to relocate inventory, equipment or personnel. We recognize charges for other associated costs when these costs are incurred, which is generally when the goods or services have been provided to us. Assets that may be impaired consist of property and equipment and intangible assets. Asset impairment charges are based on an estimate of the amounts and timing of future cash flows related to the expected future remaining use and ultimate sale or disposal of the asset. | |||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||
Foreign Currency | |||||||||
For our foreign subsidiaries whose functional currency is not the U.S. dollar, assets and liabilities are translated using the exchange rate in effect at the balance sheet date. The results of operations are translated using an average exchange rate for the period. The effects of rate fluctuations in translating assets and liabilities of these international operations into U.S. dollars are included in accumulated other comprehensive earnings in stockholders' equity. Transaction gains or losses are included in net earnings. For the years ended December 31, 2013 and 2012, foreign currency transaction gains (losses) were $(4) and $12, respectively. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
Income Taxes | |||||||||
The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
Net Earnings Per Common Share | |||||||||
Net earnings per common share - basic is computed by dividing net earnings by the weighted average number of common shares outstanding during each period. Net earnings per common share - diluted is computed by dividing net earnings by the weighted average number of common shares and common share equivalents outstanding during each period. Common share equivalents represent stock options and unvested shares of restricted stock and are calculated using the treasury stock method. Common share equivalents are excluded from the calculation if their effect is anti-dilutive. | |||||||||
The table below sets forth, for the periods indicated, a reconciliation of weighted average common shares outstanding - basic to weighted average common shares and common share equivalents outstanding - diluted and the average number of potentially dilutive securities and their respective weighted average exercise prices that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Weighted average common shares outstanding - basic | 10,363,678 | 10,273,377 | |||||||
Potentially dilutive securities: | |||||||||
Employee stock options and unvested shares of restricted stock | 55,425 | 73,700 | |||||||
Weighted average common shares outstanding - diluted | 10,419,103 | 10,347,077 | |||||||
Average number of potentially dilutive securities excluded from calculation | 30,554 | 39,209 | |||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
Effect of Recently Issued Amendments to Authoritative Accounting Guidance | |||||||||
In February 2013, the FASB issued amendments to existing guidance on the accounting for accumulated other comprehensive income. The amendments require entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. The amendments were effective for annual and interim periods beginning after December 15, 2012. We adopted these amendments on January 1, 2013. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Weighted average common shares outstanding - basic | 10,363,678 | 10,273,377 | |||||||
Potentially dilutive securities: | |||||||||
Employee stock options and unvested shares of restricted stock | 55,425 | 73,700 | |||||||
Weighted average common shares outstanding - diluted | 10,419,103 | 10,347,077 | |||||||
Average number of potentially dilutive securities excluded from calculation | 30,554 | 39,209 |
Note_3_Acquisition_Tables
Note 3 - Acquisition (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Note 3 - Acquisition (Tables) [Line Items] | ' | ||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||||
Goodwill | $ | 50 | |||||||
Identifable intangible assets | 1,728 | ||||||||
Tangible assets acquired and liabilities assumed: | |||||||||
Trade accounts receivable | 1,161 | ||||||||
Inventories | 874 | ||||||||
Property and equipment | 263 | ||||||||
Accounts payable | (77 | ) | |||||||
Accrued non-compete/non-solicitation payments | (48 | ) | |||||||
Accrued sales commissions | (82 | ) | |||||||
Accrued warranty | (67 | ) | |||||||
Total purchase price | $ | 3,802 | |||||||
Thermonics [Member] | ' | ||||||||
Note 3 - Acquisition (Tables) [Line Items] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
Weighted | |||||||||
Average | |||||||||
Fair | Estimated | ||||||||
Value | Useful Life | ||||||||
(in months) | |||||||||
Customer relationships | $ | 1,110 | 72 | ||||||
Customer backlog | 70 | 3 | |||||||
Thermonics trade name | 140 | 48 | |||||||
Patented technology | 360 | 132 | |||||||
Non-compete/non-solicitation agreement | 48 | 18 | |||||||
Total intangible assets | $ | 1,728 | 78.3 |
Note_4_Goodwill_Intangible_and1
Note 4 - Goodwill, Intangible and Long-lived Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Note 4 - Goodwill, Intangible and Long-lived Assets (Tables) [Line Items] | ' | ||||||||||||
Schedule of Intangible Assets [Table Text Block] | ' | ||||||||||||
31-Dec-13 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Amount | ||||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 725 | $ | 755 | |||||||
Patented technology | 590 | 307 | 283 | ||||||||||
Software | 270 | 142 | 128 | ||||||||||
Trade name | 140 | 68 | 72 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 48 | - | ||||||||||
Total finite-lived intangible assets | 2,598 | 1,360 | 1,238 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 1,360 | $ | 1,748 | |||||||
31-Dec-12 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Amount | ||||||||||||
Finite-lived intangible assets: | |||||||||||||
Customer relationships | $ | 1,480 | $ | 439 | $ | 1,041 | |||||||
Patented technology | 590 | 233 | 357 | ||||||||||
Software | 270 | 115 | 155 | ||||||||||
Trade name | 140 | 33 | 107 | ||||||||||
Customer backlog | 70 | 70 | - | ||||||||||
Non-compete/non-solicitation agreement | 48 | 24 | 24 | ||||||||||
Total finite-lived intangible assets | 2,598 | 914 | 1,684 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Sigma trademark | 510 | - | 510 | ||||||||||
Total intangible assets | $ | 3,108 | $ | 914 | $ | 2,194 | |||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||
2014 | $ | 355 | |||||||||||
2015 | $ | 289 | |||||||||||
2016 | $ | 229 | |||||||||||
2017 | $ | 212 | |||||||||||
2018 | $ | 65 | |||||||||||
Useful Life [Member] | ' | ||||||||||||
Note 4 - Goodwill, Intangible and Long-lived Assets (Tables) [Line Items] | ' | ||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||
Remaining | |||||||||||||
Estimated | |||||||||||||
Estimated | Useful Life at | ||||||||||||
Useful Life | Dec. 31, 2013 | ||||||||||||
- - - - (in months) - - - - | |||||||||||||
Finite-lived intangible assets resulting from the acquisition of Sigma: | |||||||||||||
Customer relationships | 72 | 9 | |||||||||||
Software | 120 | 57 | |||||||||||
Patented technology | 60 | - | |||||||||||
Finite-lived intangible assets resulting from the acquisition of Thermonics: | |||||||||||||
Customer relationships | 72 | 48.5 | |||||||||||
Customer backlog | 3 | - | |||||||||||
Trade name | 48 | 24.5 | |||||||||||
Patented technology | 132 | 108.5 | |||||||||||
Non-compete/non-solicitation agreement | 18 | - | |||||||||||
Carrying Value Changes [Member] | ' | ||||||||||||
Note 4 - Goodwill, Intangible and Long-lived Assets (Tables) [Line Items] | ' | ||||||||||||
Schedule of Intangible Assets [Table Text Block] | ' | ||||||||||||
Balance - January 1, 2013 | $ | 1,684 | |||||||||||
Amortization | (446 | ) | |||||||||||
Balance - December 31, 2013 | $ | 1,238 |
Note_5_Restructuring_and_Other1
Note 5 - Restructuring and Other Charges (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring and Related Costs [Table Text Block] | ' | ||||
Thermonics | |||||
Relocation | |||||
Balance - January 1, 2012 | $ | - | |||
Accruals for facility closure costs | 313 | ||||
Cash payments related to facility closure costs | (359 | ) | |||
Refund of lease termination fees | 46 | ||||
Balance - December 31, 2012 | $ | - |
Note_7_Inventories_Tables
Note 7 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 2,753 | $ | 2,157 | |||||
Work in process | 222 | 454 | |||||||
Inventory consigned to others | 94 | 105 | |||||||
Finished goods | 174 | 419 | |||||||
$ | 3,243 | $ | 3,135 |
Note_8_Other_Current_Liabiliti1
Note 8 - Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Current Liabilities [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Accrued warranty | $ | 123 | $ | 197 | |||||
Other | 104 | 179 | |||||||
$ | 227 | $ | 376 |
Note_9_Debt_Tables
Note 9 - Debt (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Schedule Of Outstanding Letters Of Credit [Table Text Block] | ' | ||||||||||||||
L/C | Lease | Letters of Credit | |||||||||||||
Amount Outstanding | |||||||||||||||
Facility | Original L/C | Expiration | Expiration | Dec. 31 | Dec. 31, | ||||||||||
Issue Date | Date | Date | 2013 | 2012 | |||||||||||
Mt. Laurel, NJ | 3/29/10 | 3/31/14 | 4/30/21 | $ | 250 | $ | 250 | ||||||||
Mansfield, MA | 10/27/10 | 11/8/14 | 8/23/21 | 200 | 200 | ||||||||||
$ | 450 | $ | 450 |
Note_11_Commitments_and_Contin1
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
2014 | $ | 1,041 | |||
2015 | 1,023 | ||||
2016 | 1,094 | ||||
2017 | 1,060 | ||||
2018 | 979 | ||||
Thereafter | 2,500 | ||||
$ | 7,697 |
Note_12_Income_Taxes_Tables
Note 12 - Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | |||||||||
Years Ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Domestic | $ | 3,245 | $ | 2,580 | ||||||
Foreign | 763 | 473 | ||||||||
$ | 4,008 | $ | 3,053 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||
Years Ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Current | ||||||||||
Domestic -- Federal | $ | 515 | $ | 362 | ||||||
Domestic -- state | 74 | 62 | ||||||||
Foreign | 35 | 30 | ||||||||
624 | 454 | |||||||||
Deferred | ||||||||||
Domestic -- Federal | 218 | 396 | ||||||||
Domestic -- state | 212 | (126 | ) | |||||||
Foreign | (123 | ) | 173 | |||||||
307 | 443 | |||||||||
Income tax expense | $ | 931 | $ | 897 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Deferred tax assets: | ||||||||||
Net operating loss ("NOL") (state and foreign) | $ | 829 | $ | 1,182 | ||||||
Depreciation of property and equipment | 646 | 793 | ||||||||
Tax credit carryforwards (foreign, research and AMT) | 269 | 440 | ||||||||
Inventories | 180 | 177 | ||||||||
Accrued vacation pay and stock-based compensation | 169 | 182 | ||||||||
Intangibles | 162 | 86 | ||||||||
Allowance for doubtful accounts | 56 | 56 | ||||||||
Acquisition costs | 37 | 39 | ||||||||
Accrued warranty | 11 | 22 | ||||||||
Other | 26 | 68 | ||||||||
2,385 | 3,045 | |||||||||
Valuation allowance | (287 | ) | (573 | ) | ||||||
Deferred tax assets | 2,098 | 2,472 | ||||||||
Deferred tax liabilities: | ||||||||||
Net intangible assets | (260 | ) | (307 | ) | ||||||
Unremitted earnings of foreign subsidiaries | (107 | ) | (127 | ) | ||||||
Deferred tax liabilities | (367 | ) | (434 | ) | ||||||
Net deferred tax asset | $ | 1,731 | $ | 2,038 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||
Years Ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Expected income tax provision at U.S. statutory rate | $ | 1,363 | $ | 1,038 | ||||||
Increase (decrease) in tax from: | ||||||||||
Current year tax credits (foreign and research) | (417 | ) | (523 | ) | ||||||
Foreign income tax rate differences | (80 | ) | (36 | ) | ||||||
Changes in valuation allowance | (286 | ) | 89 | |||||||
Deemed dividend from foreign subsidiaries | 135 | 212 | ||||||||
Domestic tax expense, net of Federal benefit | 127 | 72 | ||||||||
Nondeductible expenses | 10 | 20 | ||||||||
NOL carryforwards utilized | 200 | 103 | ||||||||
Other | (121 | ) | (78 | ) | ||||||
Income tax expense | $ | 931 | $ | 897 |
Note_14_StockBased_Compensatio1
Note 14 - Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||
Weighted | |||||||||||||||||||
Number | Average | ||||||||||||||||||
of Shares | Exercise Price | ||||||||||||||||||
Options outstanding, January 1, 2012 (249,000 exercisable) | 249,000 | $ | 3.28 | ||||||||||||||||
Granted | - | - | |||||||||||||||||
Exercised | - | - | |||||||||||||||||
Canceled | (30,000 | ) | 4.11 | ||||||||||||||||
Options outstanding, December 31, 2012 (219,000 exercisable) | 219,000 | 3.17 | |||||||||||||||||
Granted | - | - | |||||||||||||||||
Exercised | (10,000 | ) | 3.04 | ||||||||||||||||
Canceled | (199,000 | ) | 3.05 | ||||||||||||||||
Options outstanding, December 31, 2013 (10,000 exercisable) | 10,000 | 5.66 | |||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||
Range of | Number | Weighted | Weighted | Aggregate | |||||||||||||||
Exercise Prices | Outstanding and | Average | Average | Intrinsic | |||||||||||||||
Exercisable at | Remaining Life | Exercise Price | Value | ||||||||||||||||
(years) | |||||||||||||||||||
$ | 5.66 | 10,000 | 0.47 | $ | 5.66 | - | |||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||||
Years Ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Cost of revenues | $ | 8 | $ | 5 | |||||||||||||||
Selling expense | 10 | 9 | |||||||||||||||||
Engineering and product development expense | 28 | 24 | |||||||||||||||||
General and administrative expense | 82 | 75 | |||||||||||||||||
$ | 128 | $ | 113 | ||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||||
Weighted Average | |||||||||||||||||||
Grant Date | |||||||||||||||||||
Number | Fair Value | ||||||||||||||||||
of Shares | |||||||||||||||||||
Nonvested shares outstanding, January 1, 2012 | 195,000 | $ | 1.62 | ||||||||||||||||
Granted | - | - | |||||||||||||||||
Vested | (76,250 | ) | 1.62 | ||||||||||||||||
Forfeited | (10,000 | ) | 1.42 | ||||||||||||||||
Nonvested shares outstanding, December 31, 2012 | 108,750 | 1.63 | |||||||||||||||||
Granted | 127,500 | 3.62 | |||||||||||||||||
Vested | (56,250 | ) | 1.7 | ||||||||||||||||
Forfeited | - | - | |||||||||||||||||
Nonvested shares outstanding, December 31, 2013 | 180,000 | 2.69 |
Note_16_Segment_Information_Ta
Note 16 - Segment Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
Years Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net revenues from unaffiliated customers: | |||||||||
Thermal Products | $ | 22,962 | $ | 24,307 | |||||
Mechanical Products | 9,962 | 9,904 | |||||||
Electrical Products | 6,502 | 9,165 | |||||||
$ | 39,426 | $ | 43,376 | ||||||
Depreciation/amortization: | |||||||||
Thermal Products | $ | 695 | $ | 816 | |||||
Mechanical Products | 79 | 73 | |||||||
Electrical Products | 73 | 44 | |||||||
$ | 847 | $ | 933 | ||||||
Operating income (loss): | |||||||||
Thermal Products | $ | 4,322 | $ | 2,939 | |||||
Mechanical Products | (784 | ) | (1,944 | ) | |||||
Electrical Products | 722 | 2,023 | |||||||
Corporate | (298 | ) | (22 | ) | |||||
$ | 3,962 | $ | 2,996 | ||||||
Earnings (loss) before income tax expense (benefit): | |||||||||
Thermal Products | $ | 4,327 | $ | 2,958 | |||||
Mechanical Products | (772 | ) | (1,934 | ) | |||||
Electrical Products | 751 | 2,051 | |||||||
Corporate | (298 | ) | (22 | ) | |||||
$ | 4,008 | $ | 3,053 | ||||||
Income tax expense (benefit): | |||||||||
Thermal Products | $ | 1,005 | $ | 869 | |||||
Mechanical Products | (179 | ) | (568 | ) | |||||
Electrical Products | 174 | 602 | |||||||
Corporate | (69 | ) | (6 | ) | |||||
$ | 931 | $ | 897 | ||||||
Net earnings (loss): | |||||||||
Thermal Products | $ | 3,322 | $ | 2,089 | |||||
Mechanical Products | (593 | ) | (1,366 | ) | |||||
Electrical Products | 577 | 1,449 | |||||||
Corporate | (229 | ) | (16 | ) | |||||
$ | 3,077 | $ | 2,156 | ||||||
Capital expenditures: | |||||||||
Thermal Products | $ | 349 | $ | 216 | |||||
Mechanical Products | 16 | 37 | |||||||
Electrical Products | 59 | 178 | |||||||
$ | 424 | $ | 431 | ||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Identifiable assets: | |||||||||
Thermal Products | $ | 23,934 | $ | 20,849 | |||||
Mechanical Products | 7,093 | 7,737 | |||||||
Electrical Products | 4,454 | 3,813 | |||||||
$ | 35,481 | $ | 32,399 | ||||||
Years Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net revenues from unaffiliated customers: | |||||||||
U.S. | $ | 13,337 | $ | 15,915 | |||||
Foreign | 26,089 | 27,461 | |||||||
$ | 39,426 | $ | 43,376 | ||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Long-lived assets: | |||||||||
U.S. | $ | 700 | $ | 899 | |||||
Foreign | 554 | 351 | |||||||
$ | 1,254 | $ | 1,250 |
Note_17_Quarterly_Consolidated1
Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | Total | |||||||||||||||||
Net revenues | $ | 8,973 | $ | 11,218 | $ | 9,900 | $ | 9,335 | $ | 39,426 | |||||||||||
Gross margin | 4,105 | 5,465 | 4,756 | 4,689 | 19,015 | ||||||||||||||||
Earnings before income tax expense | 370 | 1,487 | 1,114 | 1,037 | 4,008 | ||||||||||||||||
Income tax expense | 78 | 484 | 24 | 345 | 931 | ||||||||||||||||
Net earnings | 292 | 1,003 | 1,090 | 692 | 3,077 | ||||||||||||||||
Net earnings per common share - basic | $ | 0.03 | $ | 0.1 | $ | 0.11 | $ | 0.07 | $ | 0.3 | |||||||||||
Weighted average common shares outstanding - basic | 10,327,428 | 10,371,716 | 10,377,189 | 10,377,678 | 10,363,678 | ||||||||||||||||
Net earnings per common share - diluted | $ | 0.03 | $ | 0.1 | $ | 0.1 | $ | 0.07 | $ | 0.3 | |||||||||||
Weighted average common shares outstanding - diluted | 10,366,312 | 10,394,094 | 10,404,095 | 10,435,096 | 10,419,103 | ||||||||||||||||
Quarters Ended | |||||||||||||||||||||
3/31/12 | 6/30/12 | 9/30/12 | 12/31/12 | Total | |||||||||||||||||
Net revenues | $ | 10,731 | $ | 13,576 | $ | 10,799 | $ | 8,270 | $ | 43,376 | |||||||||||
Gross margin | 4,596 | 6,194 | 4,762 | 3,507 | 19,059 | ||||||||||||||||
Earnings (loss) before income tax expense (benefit) | (71 | ) | 1,994 | 1,012 | 118 | 3,053 | |||||||||||||||
Income tax expense (benefit) | (28 | ) | 660 | 348 | (83 | ) | 897 | ||||||||||||||
Net earnings (loss) | (43 | ) | 1,334 | 664 | 201 | 2,156 | |||||||||||||||
Net earnings (loss) per common share - basic | $ | 0 | $ | 0.13 | $ | 0.06 | $ | 0.02 | $ | 0.21 | |||||||||||
Weighted average common shares outstanding - basic | 10,205,114 | 10,273,812 | 10,302,417 | 10,311,428 | 10,273,377 | ||||||||||||||||
Net earnings (loss) per common share - diluted | $ | 0 | $ | 0.13 | $ | 0.06 | $ | 0.02 | $ | 0.21 | |||||||||||
Weighted average common shares outstanding - diluted | 10,205,114 | 10,359,657 | 10,360,377 | 10,343,793 | 10,347,077 |
Note_1_Nature_of_Operations_De
Note 1 - Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Number of Reportable Segments | 3 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' |
Provision for Doubtful Accounts | $0 | $8,000 |
Inventory Adjustments | 311,000 | 688,000 |
Depreciation | 401,000 | 457,000 |
Foreign Currency Transaction Gain (Loss), before Tax | ($4,000) | $12,000 |
Minimum [Member] | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | 'one | ' |
Maximum [Member] | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | 'ten | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Weighted Average Common Shares | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted Average Common Shares [Abstract] | ' | ' |
Weighted average common shares outstanding - basic | 10,363,678 | 10,273,377 |
Potentially dilutive securities: | ' | ' |
Employee stock options and unvested shares of restricted stock | 55,425 | 73,700 |
Weighted average common shares outstanding - diluted | 10,419,103 | 10,347,077 |
Average number of potentially dilutive securities excluded from calculation | 30,554 | 39,209 |
Note_3_Acquisition_Details
Note 3 - Acquisition (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 16, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Thermonics [Member] | Thermonics [Member] | Thermonics [Member] | Thermonics [Member] | |||
Note 3 - Acquisition (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | $3,802 | $3,802 | ' | ' | ' |
Restructuring Charges | ' | 313 | ' | ' | 313 | ' |
Business Acquisition, Transaction Costs | ' | ' | 485 | ' | ' | 148 |
Goodwill, Acquired During Period | ' | 50 | 50 | ' | ' | ' |
Revenues | $39,426 | $43,376 | ' | $4,692 | ' | ' |
Note_3_Acquisition_Details_All
Note 3 - Acquisition (Details) - Allocation of the Purchase Price: (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Business Acquisition [Line Items] | ' |
Goodwill | $50 |
Identifable intangible assets | 1,728 |
Tangible assets acquired and liabilities assumed: | ' |
Trade accounts receivable | 1,161 |
Inventories | 874 |
Property and equipment | 263 |
Accounts payable | -77 |
Total purchase price | 3,802 |
Accrued Non-Compete/Non-Solicitation Payments [Member] | ' |
Tangible assets acquired and liabilities assumed: | ' |
Other Current Liabilities | -48 |
Accrued Sales Commissions [Member] | ' |
Tangible assets acquired and liabilities assumed: | ' |
Other Current Liabilities | -82 |
Accured Warranty [Member] | ' |
Tangible assets acquired and liabilities assumed: | ' |
Other Current Liabilities | ($67) |
Note_3_Acquisition_Details_Fin
Note 3 - Acquisition (Details) - Finite-Lived Intangible Assets Acquired with Acquisition of Thermonics (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | $2,598 | $2,598 |
Weighted Average Estimated Useful Life | '78 months 9 days | ' |
Fair Value [Member] | Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | 1,110 | ' |
Fair Value [Member] | Customer Backlog [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | 70 | ' |
Fair Value [Member] | Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | 140 | ' |
Fair Value [Member] | Patented Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | 360 | ' |
Fair Value [Member] | Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | 48 | ' |
Fair Value [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | 1,728 | ' |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | 1,480 | 1,480 |
Weighted Average Estimated Useful Life | '72 months | ' |
Customer Backlog [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | 70 | 70 |
Weighted Average Estimated Useful Life | '3 months | ' |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | 140 | 140 |
Weighted Average Estimated Useful Life | '48 months | ' |
Patented Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | 590 | 590 |
Weighted Average Estimated Useful Life | '132 months | ' |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Fair Value | $48 | $48 |
Weighted Average Estimated Useful Life | '18 months | ' |
Note_4_Goodwill_Intangible_and2
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) [Line Items] | ' | ' |
Amortization of Intangible Assets | $446 | $476 |
Percent by which Goodwill Exceeds Fair Value | 65.00% | 41.00% |
Amount By Which Goodwill Exceeds Fair Value | $13,888 | $7,516 |
Goodwill and Indefinite Lived Intangible Assets [Member] | ' | ' |
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | 20.00% | 24.00% |
Note_4_Goodwill_Intangible_and3
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $2,598 | $2,598 |
Accumulated Amortization | 1,360 | 914 |
Net Carrying Amount | 1,238 | 1,684 |
Gross Carrying Amount | 3,108 | 3,108 |
Net Carrying Amount | 1,748 | 2,194 |
Trademarks [Member] | ' | ' |
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 510 | 510 |
Net Carrying Amount | 510 | 510 |
Customer Relationships [Member] | ' | ' |
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,480 | 1,480 |
Accumulated Amortization | 725 | 439 |
Net Carrying Amount | 755 | 1,041 |
Patented Technology [Member] | ' | ' |
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 590 | 590 |
Accumulated Amortization | 307 | 233 |
Net Carrying Amount | 283 | 357 |
Computer Software, Intangible Asset [Member] | ' | ' |
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 270 | 270 |
Accumulated Amortization | 142 | 115 |
Net Carrying Amount | 128 | 155 |
Trade Names [Member] | ' | ' |
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 140 | 140 |
Accumulated Amortization | 68 | 33 |
Net Carrying Amount | 72 | 107 |
Customer Backlog [Member] | ' | ' |
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 70 | 70 |
Accumulated Amortization | 70 | 70 |
Noncompete Agreements [Member] | ' | ' |
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 48 | 48 |
Accumulated Amortization | 48 | 24 |
Net Carrying Amount | ' | $24 |
Note_4_Goodwill_Intangible_and4
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Estimated Useful Lives of Finite Lived Intangible Assets | 12 Months Ended | |||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Sigma [Member] | Sigma [Member] | Sigma [Member] | Thermonics [Member] | Thermonics [Member] | Thermonics [Member] | Thermonics [Member] | Thermonics [Member] | Customer Relationships [Member] | Patented Technology [Member] | Customer Backlog [Member] | Trade Names [Member] | Noncompete Agreements [Member] | ||
Customer Relationships [Member] | Computer Software, Intangible Asset [Member] | Patented Technology [Member] | Customer Relationships [Member] | Patented Technology [Member] | Customer Backlog [Member] | Trade Names [Member] | Noncompete Agreements [Member] | |||||||
Finite-lived intangible assets resulting from the acquisition of Sigma: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Useful Life | '78 months 9 days | '72 months | '120 months | '60 months | '72 months | '132 months | '3 months | '48 months | '18 months | '72 months | '132 months | '3 months | '48 months | '18 months |
Remaining Estimated Useful Life | ' | '9 months | '57 months | ' | '48 months 15 days | '108 months 15 days | ' | '24 months 15 days | ' | ' | ' | ' | ' | ' |
Note_4_Goodwill_Intangible_and5
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Changes in the Amount of the Carrying Value of Intangible Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in the Amount of the Carrying Value of Intangible Assets [Abstract] | ' | ' |
Balance - January 1, 2013 | $1,684 | ' |
Amortization | -446 | -476 |
Balance - December 31, 2013 | $1,238 | $1,684 |
Note_4_Goodwill_Intangible_and6
Note 4 - Goodwill, Intangible and Long-lived Assets (Details) - Future Amortization Expense (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Amortization Expense [Abstract] | ' |
2014 | $355 |
2015 | 289 |
2016 | 229 |
2017 | 212 |
2018 | $65 |
Note_5_Restructuring_and_Other2
Note 5 - Restructuring and Other Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 |
Termination Fees [Member] | Facility Closure Costs [Member] | Relocation Fees [Member] | |||
Note 5 - Restructuring and Other Charges (Details) [Line Items] | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | $359 | ' |
Restructuring Charges | ' | 313 | 220 | ' | 139 |
Restructuring Reserve, Accrual Adjustment | $46 | $46 | ' | ' | ' |
Note_5_Restructuring_and_Other3
Note 5 - Restructuring and Other Charges (Details) - Liability for Restructuring and Other Charges (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 |
Liability for Restructuring and Other Charges [Abstract] | ' | ' |
Balance | ' | $0 |
Accruals for facility closure costs | ' | 313 |
Cash payments related to facility closure costs | ' | -359 |
Refund of lease termination fees | 46 | 46 |
Balance | $0 | $0 |
Note_6_Major_Customers_Details
Note 6 - Major Customers (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 6 - Major Customers (Details) [Line Items] | ' | ' |
Number of Operating Segments | 3 | ' |
Texas Instruments Incorporated [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' |
Note 6 - Major Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 13.00% | 14.00% |
Teradyne Inc [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' |
Note 6 - Major Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | ' | 11.00% |
Note_7_Inventories_Details_Inv
Note 7 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $2,753 | $2,157 |
Work in process | 222 | 454 |
Inventory consigned to others | 94 | 105 |
Finished goods | 174 | 419 |
$3,243 | $3,135 |
Note_8_Other_Current_Liabiliti2
Note 8 - Other Current Liabilities (Details) - Other Current Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities [Abstract] | ' | ' |
Accrued warranty | $123 | $197 |
Other | 104 | 179 |
$227 | $376 |
Note_9_Debt_Details_Outstandin
Note 9 - Debt (Details) - Outstanding Letters of Credit (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 9 - Debt (Details) - Outstanding Letters of Credit [Line Items] | ' | ' |
Letters of Credit Amount Outstanding | $450 | $450 |
Original L/C Issue Date: 3/29/2010 [Member] | Letter of Credit Expiration Date: 3/31/2014 [Member] | Mt. Laurel [Member] | Lease Expiration Date: 4/30/2021 [Member] | ' | ' |
Note 9 - Debt (Details) - Outstanding Letters of Credit [Line Items] | ' | ' |
Original L/C Issue Date | 29-Mar-10 | ' |
L/C Expiration Date | 31-Mar-14 | ' |
Lease Expiration Date | 30-Apr-21 | ' |
Letters of Credit Amount Outstanding | 250 | 250 |
Original L/C Issue Date: 10/27/2010 [Member] | Letter of Credit Expiration Date: 11/08/2013 [Member] | Mansfield [Member] | Lease Expiration Date: 8/23/2021 [Member] | ' | ' |
Note 9 - Debt (Details) - Outstanding Letters of Credit [Line Items] | ' | ' |
Original L/C Issue Date | 27-Oct-10 | ' |
L/C Expiration Date | 8-Nov-14 | ' |
Lease Expiration Date | 23-Aug-21 | ' |
Letters of Credit Amount Outstanding | $200 | $200 |
Note_10_Equipment_Leasing_Deta
Note 10 - Equipment Leasing (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 10 - Equipment Leasing (Details) [Line Items] | ' | ' |
Machinery and Equipment, Gross | $4,190 | $3,948 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 3,530 | 3,289 |
Equipment [Member] | ' | ' |
Note 10 - Equipment Leasing (Details) [Line Items] | ' | ' |
Machinery and Equipment, Gross | 561 | 282 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 138 | 72 |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | $109 | ' |
Note_11_Commitments_and_Contin2
Note 11 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Operating Leases, Rent Expense | $1,221 | $1,237 |
Note_11_Commitments_and_Contin3
Note 11 - Commitments and Contingencies (Details) - Minimum Rental Commitments Under Noncancellable Operating Leases (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Minimum Rental Commitments Under Noncancellable Operating Leases [Abstract] | ' |
2014 | $1,041 |
2015 | 1,023 |
2016 | 1,094 |
2017 | 1,060 |
2018 | 979 |
Thereafter | 2,500 |
$7,697 |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | $287 | $573 | $484 |
Valuation Allowances and Reserves, Period Increase (Decrease) | ($286) | $89 | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | ' |
Note_12_Income_Taxes_Details_E
Note 12 - Income Taxes (Details) - Earnings Before Income Taxes (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Before Income Taxes [Abstract] | ' | ' |
Domestic | $3,245 | $2,580 |
Foreign | 763 | 473 |
$4,008 | $3,053 |
Note_12_Income_Taxes_Details_I
Note 12 - Income Taxes (Details) - Income Tax Expense (Benefit) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Current | ' | ' |
Current Income Tax Expense (Benefit) | $624 | $454 |
Deferred | ' | ' |
Domestic -- Federal | 218 | 396 |
Domestic -- state | 212 | -126 |
Foreign | -123 | 173 |
307 | 443 | |
Income tax expense | 931 | 897 |
Domestic Tax Authority [Member] | ' | ' |
Current | ' | ' |
Current Income Tax Expense (Benefit) | 515 | 362 |
State and Local Jurisdiction [Member] | ' | ' |
Current | ' | ' |
Current Income Tax Expense (Benefit) | 74 | 62 |
Foreign Tax Authority [Member] | ' | ' |
Current | ' | ' |
Current Income Tax Expense (Benefit) | $35 | $30 |
Note_12_Income_Taxes_Details_D
Note 12 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | ' | ' | ' |
Net operating loss ("NOL") (state and foreign) | $829 | $1,182 | ' |
Depreciation of property and equipment | 646 | 793 | ' |
Tax credit carryforwards (foreign, research and AMT) | 269 | 440 | ' |
Inventories | 180 | 177 | ' |
Accrued vacation pay and stock-based compensation | 169 | 182 | ' |
Intangibles | 162 | 86 | ' |
Allowance for doubtful accounts | 56 | 56 | ' |
Acquisition costs | 37 | 39 | ' |
Accrued warranty | 11 | 22 | ' |
Other | 26 | 68 | ' |
2,385 | 3,045 | ' | |
Valuation allowance | -287 | -573 | -484 |
Deferred tax assets | 2,098 | 2,472 | ' |
Deferred tax liabilities: | ' | ' | ' |
Net intangible assets | -260 | -307 | ' |
Unremitted earnings of foreign subsidiaries | -107 | -127 | ' |
Deferred tax liabilities | -367 | -434 | ' |
Net deferred tax asset | $1,731 | $2,038 | ' |
Note_12_Income_Taxes_Details_E1
Note 12 - Income Taxes (Details) - Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate [Abstract] | ' | ' |
Expected income tax provision at U.S. statutory rate | $1,363 | $1,038 |
Increase (decrease) in tax from: | ' | ' |
Current year tax credits (foreign and research) | -417 | -523 |
Foreign income tax rate differences | -80 | -36 |
Changes in valuation allowance | -286 | 89 |
Deemed dividend from foreign subsidiaries | 135 | 212 |
Domestic tax expense, net of Federal benefit | 127 | 72 |
Nondeductible expenses | 10 | 20 |
NOL carryforwards utilized | 200 | 103 |
Other | -121 | -78 |
Income tax expense | $931 | $897 |
Note_14_StockBased_Compensatio2
Note 14 - Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 13, 2007 |
Restricted Stock [Member] | Stock Plan 2007 [Member] | Stock Plan 2007 [Member] | |||
Note 14 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | 500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | 62,500 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $439 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 219 days | ' | ' | ' | ' |
Share Price (in Dollars per share) | $3.75 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '4 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value (in Dollars) | $176 | $253 | ' | ' | ' |
Note_14_StockBased_Compensatio3
Note 14 - Stock-Based Compensation (Details) - Stock Option Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Option Activity [Abstract] | ' | ' | ' |
Options outstanding - Number of shares | 10,000 | 219,000 | 249,000 |
Options outstanding - Weighted average exercise price | $5.66 | $3.17 | $3.28 |
Options granted - Number of shares | 0 | 0 | ' |
Options granted - Weighted average exercise price | $0 | $0 | ' |
Options exercised - Number of shares | -10,000 | 0 | ' |
Options exercised - Weighted average exercise price | $3.04 | $0 | ' |
Options canceled - Number of shares | -199,000 | -30,000 | ' |
Options canceled - Weighted average exercise price | $3.05 | $4.11 | ' |
Note_14_StockBased_Compensatio4
Note 14 - Stock-Based Compensation (Details) - Stock Option Activity (Parentheticals) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Option Activity [Abstract] | ' | ' | ' |
Options exercisable | 10,000 | 219,000 | 249,000 |
Note_14_StockBased_Compensatio5
Note 14 - Stock-Based Compensation (Details) - Stock Option Outstanding (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Option Outstanding [Abstract] | ' |
$5.66 | |
(in Shares) | 10,000 |
'171 days | |
$5.66 |
Note_14_StockBased_Compensatio6
Note 14 - Stock-Based Compensation (Details) - Allocation of Share-Based Compensation Expense (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Allocated Share-Based Compensation Expense | $128 | $113 |
Cost of Sales [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Allocated Share-Based Compensation Expense | 8 | 5 |
Selling and Marketing Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Allocated Share-Based Compensation Expense | 10 | 9 |
Engineering and Product Development Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Allocated Share-Based Compensation Expense | 28 | 24 |
General and Administrative Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Allocated Share-Based Compensation Expense | $82 | $75 |
Note_14_StockBased_Compensatio7
Note 14 - Stock-Based Compensation (Details) - Nonvested Shares (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Nonvested Shares [Abstract] | ' | ' | ' |
Nonvested Shares - Number of Shares | 180,000 | 108,750 | 195,000 |
Nonvested Shares - Weighted Average Grant Date Fair Value | $2.69 | $1.63 | $1.62 |
Shares Granted - Number of Shares | 127,500 | ' | ' |
Shares Granted - Weighted Average Grant Date Fair Value | $3.62 | ' | ' |
Shares Vested - Number of Shares | -56,250 | -76,250 | ' |
Shares Vested - Weighted Average Grant Date Fair Value | $1.70 | $1.62 | ' |
Shares Forfeited - Number of Shares | ' | -10,000 | ' |
Shares Forfeited - Weighted Average Grant Date Fair Value | ' | $1.42 | ' |
Note_15_Employee_Benefit_Plans1
Note 15 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 15 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $5 | ' |
Defined Contribution Plan Employer Matching Contribution Vesting Period | '4 years | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 320 | 182 |
Defined Contribution Plan, Cost Recognized | ' | 300 |
Temptronic Facility [Member] | ' | ' |
Note 15 - Employee Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | ' | 6.00% |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | ' | 3 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | ' | $81 |
Maximum Contribution Per Dollar | ' | 0.5 |
Note_16_Segment_Information_De
Note 16 - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 3 |
Note_16_Segment_Information_De1
Note 16 - Segment Information (Details) - Segment Information (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net revenues from unaffiliated customers: | ' | ' |
Revenues | $39,426 | $43,376 |
Depreciation/amortization: | ' | ' |
Depreciation/Amortization | 847 | 933 |
Operating income (loss): | ' | ' |
Operating Income (Loss) | 3,962 | 2,996 |
Earnings (loss) before income tax expense (benefit): | ' | ' |
Earnings (loss) before income tax expense (benefit) | 4,008 | 3,053 |
Income tax expense (benefit): | ' | ' |
Income Tax Expense (Benefit) | 931 | 897 |
Net earnings (loss): | ' | ' |
Net earnings (loss) | 3,077 | 2,156 |
Capital expenditures: | ' | ' |
Capital Expenditures | 424 | 431 |
Identifiable assets: | ' | ' |
Identifiable Assets | 35,481 | 32,399 |
Long-lived Assets | 1,254 | 1,250 |
Thermal Products [Member] | ' | ' |
Net revenues from unaffiliated customers: | ' | ' |
Revenues | 22,962 | 24,307 |
Depreciation/amortization: | ' | ' |
Depreciation/Amortization | 695 | 816 |
Operating income (loss): | ' | ' |
Operating Income (Loss) | 4,322 | 2,939 |
Earnings (loss) before income tax expense (benefit): | ' | ' |
Earnings (loss) before income tax expense (benefit) | 4,327 | 2,958 |
Income tax expense (benefit): | ' | ' |
Income Tax Expense (Benefit) | 1,005 | 869 |
Net earnings (loss): | ' | ' |
Net earnings (loss) | 3,322 | 2,089 |
Capital expenditures: | ' | ' |
Capital Expenditures | 349 | 216 |
Identifiable assets: | ' | ' |
Identifiable Assets | 23,934 | 20,849 |
Mechanical Products [Member] | ' | ' |
Net revenues from unaffiliated customers: | ' | ' |
Revenues | 9,962 | 9,904 |
Depreciation/amortization: | ' | ' |
Depreciation/Amortization | 79 | 73 |
Operating income (loss): | ' | ' |
Operating Income (Loss) | -784 | -1,944 |
Earnings (loss) before income tax expense (benefit): | ' | ' |
Earnings (loss) before income tax expense (benefit) | -772 | -1,934 |
Income tax expense (benefit): | ' | ' |
Income Tax Expense (Benefit) | -179 | -568 |
Net earnings (loss): | ' | ' |
Net earnings (loss) | -593 | -1,366 |
Capital expenditures: | ' | ' |
Capital Expenditures | 16 | 37 |
Identifiable assets: | ' | ' |
Identifiable Assets | 7,093 | 7,737 |
Electrical Products [Member] | ' | ' |
Net revenues from unaffiliated customers: | ' | ' |
Revenues | 6,502 | 9,165 |
Depreciation/amortization: | ' | ' |
Depreciation/Amortization | 73 | 44 |
Operating income (loss): | ' | ' |
Operating Income (Loss) | 722 | 2,023 |
Earnings (loss) before income tax expense (benefit): | ' | ' |
Earnings (loss) before income tax expense (benefit) | 751 | 2,051 |
Income tax expense (benefit): | ' | ' |
Income Tax Expense (Benefit) | 174 | 602 |
Net earnings (loss): | ' | ' |
Net earnings (loss) | 577 | 1,449 |
Capital expenditures: | ' | ' |
Capital Expenditures | 59 | 178 |
Identifiable assets: | ' | ' |
Identifiable Assets | 4,454 | 3,813 |
Corporate Segment [Member] | ' | ' |
Operating income (loss): | ' | ' |
Operating Income (Loss) | -298 | -22 |
Earnings (loss) before income tax expense (benefit): | ' | ' |
Earnings (loss) before income tax expense (benefit) | -298 | -22 |
Income tax expense (benefit): | ' | ' |
Income Tax Expense (Benefit) | -69 | -6 |
Net earnings (loss): | ' | ' |
Net earnings (loss) | -229 | -16 |
UNITED STATES | ' | ' |
Net revenues from unaffiliated customers: | ' | ' |
Revenues | 13,337 | 15,915 |
Identifiable assets: | ' | ' |
Long-lived Assets | 700 | 899 |
Foreign [Member] | ' | ' |
Net revenues from unaffiliated customers: | ' | ' |
Revenues | 26,089 | 27,461 |
Identifiable assets: | ' | ' |
Long-lived Assets | $554 | $351 |
Note_17_Quarterly_Consolidated2
Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Details) - Quarterly Consolidated Financial Data (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Details) - Quarterly Consolidated Financial Data [Line Items] | ' | ' |
Net revenues | $39,426 | $43,376 |
Gross margin | 19,015 | 19,059 |
Earnings | 4,008 | 3,053 |
Income tax expense | 931 | 897 |
Net earnings | 3,077 | 2,156 |
Net earnings (in Dollars per share) | $0.30 | $0.21 |
Weighted average common shares outstanding - basic (in Shares) | 10,363,678 | 10,273,377 |
Net earnings (in Dollars per share) | $0.30 | $0.21 |
Weighted average common shares outstanding - diluted (in Shares) | 10,419,103 | 10,347,077 |
Quarter One [Member] | ' | ' |
Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Details) - Quarterly Consolidated Financial Data [Line Items] | ' | ' |
Net revenues | 8,973 | 10,731 |
Gross margin | 4,105 | 4,596 |
Earnings | 370 | -71 |
Income tax expense | 78 | -28 |
Net earnings | 292 | -43 |
Net earnings (in Dollars per share) | $0.03 | $0 |
Weighted average common shares outstanding - basic (in Shares) | 10,327,428 | 10,205,114 |
Net earnings (in Dollars per share) | $0.03 | $0 |
Weighted average common shares outstanding - diluted (in Shares) | 10,366,312 | 10,205,114 |
Quarter Two [Member] | ' | ' |
Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Details) - Quarterly Consolidated Financial Data [Line Items] | ' | ' |
Net revenues | 11,218 | 13,576 |
Gross margin | 5,465 | 6,194 |
Earnings | 1,487 | 1,994 |
Income tax expense | 484 | 660 |
Net earnings | 1,003 | 1,334 |
Net earnings (in Dollars per share) | $0.10 | $0.13 |
Weighted average common shares outstanding - basic (in Shares) | 10,371,716 | 10,273,812 |
Net earnings (in Dollars per share) | $0.10 | $0.13 |
Weighted average common shares outstanding - diluted (in Shares) | 10,394,094 | 10,359,657 |
Quarter Three [Member] | ' | ' |
Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Details) - Quarterly Consolidated Financial Data [Line Items] | ' | ' |
Net revenues | 9,900 | 10,799 |
Gross margin | 4,756 | 4,762 |
Earnings | 1,114 | 1,012 |
Income tax expense | 24 | 348 |
Net earnings | 1,090 | 664 |
Net earnings (in Dollars per share) | $0.11 | $0.06 |
Weighted average common shares outstanding - basic (in Shares) | 10,377,189 | 10,302,417 |
Net earnings (in Dollars per share) | $0.10 | $0.06 |
Weighted average common shares outstanding - diluted (in Shares) | 10,404,095 | 10,360,377 |
Quarter Four [Member] | ' | ' |
Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Details) - Quarterly Consolidated Financial Data [Line Items] | ' | ' |
Net revenues | 9,335 | 8,270 |
Gross margin | 4,689 | 3,507 |
Earnings | 1,037 | 118 |
Income tax expense | 345 | -83 |
Net earnings | $692 | $201 |
Net earnings (in Dollars per share) | $0.07 | $0.02 |
Weighted average common shares outstanding - basic (in Shares) | 10,377,678 | 10,311,428 |
Net earnings (in Dollars per share) | $0.07 | $0.02 |
Weighted average common shares outstanding - diluted (in Shares) | 10,435,096 | 10,343,793 |
Note_18_Subsequent_Events_Deta
Note 18 - Subsequent Events (Details) (Subsequent Event [Member], Stock Plan 2014 [Member]) | Mar. 04, 2014 |
Subsequent Event [Member] | Stock Plan 2014 [Member] | ' |
Note 18 - Subsequent Events (Details) [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 |