Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 16, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | INTEST CORP | ||
Entity Central Index Key | 1,036,262 | ||
Trading Symbol | intt | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 10,473,558 | ||
Entity Public Float | $ 57,738,020 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 13,290 | $ 28,611 |
Trade accounts receivable, net of allowance for doubtful accounts of $213 and $146, respectively | 12,166 | 5,377 |
Inventories | 4,966 | 3,676 |
Prepaid expenses and other current assets | 577 | 342 |
Total current assets | 30,999 | 38,006 |
Property and equipment: | ||
Machinery and equipment | 5,033 | 4,383 |
Leasehold improvements | 822 | 603 |
Gross property and equipment | 5,855 | 4,986 |
Less: accumulated depreciation | (4,314) | (4,042) |
Net property and equipment | 1,541 | 944 |
Deferred tax assets | 1,110 | |
Goodwill | 13,738 | 1,706 |
Intangible assets, net | 16,014 | 875 |
Restricted certificates of deposit | 175 | 175 |
Other assets | 26 | 28 |
Total assets | 62,493 | 42,844 |
Current liabilities: | ||
Accounts payable | 2,032 | 1,368 |
Accrued wages and benefits | 2,781 | 1,588 |
Accrued rent | 521 | 572 |
Accrued professional fees | 717 | 419 |
Accrued sales commissions | 529 | 287 |
Customer deposits and deferred revenue | 886 | 74 |
Domestic and foreign income taxes payable | 1,199 | 575 |
Earnout payable | 5,355 | |
Other current liabilities | 399 | 173 |
Total current liabilities | 14,419 | 5,056 |
Federal transition tax payable, net of current portion | 436 | |
Deferred tax liabilities | 2,606 | |
Contingent consideration liability, net of current portion | 5,744 | |
Total liabilities | 23,205 | 5,056 |
Commitments and Contingencies (Notes 10 and 12) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | ||
Common stock, $0.01 par value; 20,000,000 shares authorized; 10,427,435 and 10,394,018 shares issued, respectively | 104 | 104 |
Addtional paid-in capital | 25,860 | 25,578 |
Retained earnings | 12,646 | 11,671 |
Accumulated other comprehensive earnings | 882 | 639 |
Treasury stock, at cost; 33,077 and 33,077 shares, respectively | (204) | (204) |
Total stockholders' equity | 39,288 | 37,788 |
Total liabilities and stockholders' equity | $ 62,493 | $ 42,844 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 213 | $ 146 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 10,427,435 | 10,394,018 |
Treasury stock, at cost, shares (in shares) | 33,077 | 33,077 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net revenues | $ 66,801 | $ 40,227 |
Cost of revenues | 32,111 | 19,849 |
Gross margin | 34,690 | 20,378 |
Operating expenses: | ||
Selling expense | 8,108 | 5,567 |
Engineering and product development expense | 4,301 | 3,660 |
General and administrative expense | 11,694 | 7,005 |
Adjustment to contingent consideration liability | 6,976 | |
Total operating expenses | 31,079 | 16,232 |
Operating income | 3,611 | 4,146 |
Other income | 227 | 61 |
Earnings before income tax expense | 3,838 | 4,207 |
Income tax expense | 2,863 | 1,549 |
Net earnings | $ 975 | $ 2,658 |
Net earnings per common share - basic (in dollars per share) | $ 0.09 | $ 0.26 |
Weighted average common shares outstanding - basic (in shares) | 10,284,572 | 10,313,747 |
Net earnings per common share - diluted (in dollars per share) | $ 0.09 | $ 0.26 |
Weighted average common shares and common share equivalents outstanding - diluted (in shares) | 10,339,313 | 10,332,920 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net earnings | $ 975 | $ 2,658 |
Foreign currency translation adjustments | 243 | (86) |
Comprehensive earnings | $ 1,218 | $ 2,572 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 10,549,423 | |||||
Balance at Dec. 31, 2015 | $ 105 | $ 26,286 | $ 9,013 | $ 725 | $ (204) | $ 35,925 |
Net earnings | 2,658 | 2,658 | ||||
Other comprehensive loss | (86) | (86) | ||||
Amortization of deferred compensation related to stock-based awards | 269 | 269 | ||||
Issuance of unvested shares of restricted stock (in shares) | 86,400 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | $ 369 | |||
Repurchase and retirement of common stock (in shares) | (241,805) | (241,805) | ||||
Repurchase and retirement of common stock | $ (2) | (976) | $ (978) | |||
Balance (in shares) at Dec. 31, 2016 | 10,394,018 | 10,394,018 | ||||
Balance at Dec. 31, 2016 | $ 104 | 25,578 | 11,671 | 639 | (204) | $ 37,788 |
Net earnings | 975 | 975 | ||||
Other comprehensive loss | 243 | 243 | ||||
Amortization of deferred compensation related to stock-based awards | 344 | 344 | ||||
Issuance of unvested shares of restricted stock (in shares) | 66,000 | |||||
Issuance of unvested shares of restricted stock | $ 432 | |||||
Repurchase and retirement of common stock (in shares) | (13,883) | (13,883) | ||||
Repurchase and retirement of common stock | (62) | $ (62) | ||||
Forfeiture of unvested shares of restricted stock (in shares) | (18,700) | |||||
Balance (in shares) at Dec. 31, 2017 | 10,427,435 | 10,427,435 | ||||
Balance at Dec. 31, 2017 | $ 104 | $ 25,860 | $ 12,646 | $ 882 | $ (204) | $ 39,288 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings | $ 975 | $ 2,658 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 1,779 | 599 |
Adjustment to earnout payable | 5,355 | |
Adjustment to contingent consideration liability | 1,621 | |
Provision for excess and obsolete inventory | 251 | 226 |
Foreign exchange (gain) loss | (146) | 16 |
Amortization of deferred compensation related to stock-based awards | 344 | 269 |
Proceeds from sale of demonstration equipment, net of gain | 152 | 129 |
Deferred income tax (benefit) expense | (1,630) | 135 |
Changes in assets and liabilities: | ||
Trade accounts receivable | (2,983) | (1,009) |
Inventories | 388 | (384) |
Prepaid expenses and other current assets | (31) | 295 |
Restricted certificates of deposit | 175 | |
Other assets | 2 | 178 |
Accounts payable | (756) | 459 |
Accrued wages and benefits | 512 | 126 |
Accrued rent | (51) | (85) |
Accrued professional fees | 210 | 57 |
Accrued sales commissions | 137 | (10) |
Customer deposits and deferred revenue | 55 | (118) |
Domestic and foreign income taxes payable | 586 | 549 |
Other current liabilities | 36 | 23 |
Federal transition tax payable | 436 | |
Net cash provided by operating activities | 7,242 | 4,288 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of business, net of cash acquired | (21,962) | |
Purchase of property and equipment | (745) | (339) |
Proceeds from sale of property and equipment | 36 | |
Net cash used in investing activities | (22,671) | (339) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repurchases of common stock | (62) | (978) |
Net cash used in financing activities | (62) | (978) |
Effects of exchange rates on cash | 170 | (70) |
Net cash provided by (used in) all activities | (15,321) | 2,901 |
Cash and cash equivalents at beginning of period | 28,611 | 25,710 |
Cash and cash equivalents at end of period | 13,290 | 28,611 |
Cash payments for: | ||
Domestic and foreign income taxes | 3,467 | 635 |
Goodwill resulting from acquisition | 12,032 | |
Net cash paid for acquisition | 21,962 | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Issuance of unvested shares of restricted stock | 432 | 369 |
Forfeiture of unvested shares of restricted stock | (104) | |
Ambrell [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of business, net of cash acquired | (21,962) | |
Cash payments for: | ||
Fair value of assets acquired, net of cash | 22,652 | |
Liabilities assumed | (8,599) | |
Goodwill resulting from acquisition | 12,032 | |
Contingent consideration | (4,123) | |
Net cash paid for acquisition | $ 21,962 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 NATURE OF OPERATIONS We are an independent designer, manufacturer and marketer of thermal management products and semiconductor automated test equipment (“ ATE”) interface solutions. Our products are used by semiconductor manufacturers to perform development, qualifying and final testing of integrated circuits (“ICs”) and wafers, and for other electronic testing across a range of industries including the automotive, defense/aerospace, energy, industrial and telecommunications markets. We also offer induction heating products for joining and forming metals in a variety of industrial markets, including automotive, aerospace, machinery, wire & fasteners, medical, semiconductor, food & beverage, and packaging. We manufacture our products in the U.S. Marketing and support activities are conducted worldwide from our facilities in the U.S., Germany, Singapore, the Netherlands and the U.K. The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. 2016, three two January 1, 2017, two 2017. May 24, 2017, 3. not may may may not may not may not may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
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 ("U.S. GAAP") 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, contingent consideration and deferred tax assets and liabilities including related valuation allowances, are particularly impacted by estimates. Reclassification Cash and Cash Equivalents three may not Trade Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not no not $68 December 31, 2017. no December 31, 2016. Fair Value of Financial Instruments Our financial instruments include accounts receivable , accounts payable and our liability for contingent consideration . Our accounts receivable and accounts payable are carried at cost which approximates fair value, due to the short maturities of the accounts. Our liability for contingent consideration is accounted for in accordance with the guidance in Accounting Standards Codification ("ASC") 820 820 3 4 Inventories Inventories are valued at cost on a first first not not twelve three $251 $226 December 31, 2017 2016, Property and Equipment one ten $618 $370 December 31, 2017 2016, Goodwill, Intangible and Long-Lived Assets 350 fourth may not two two not two not If we determine it is more-likely-than- not two two fourth not not no may not no Stock-Based Compensation We account for stock-based compensation in accordance with ASC Topic 718 13. Subsequent Events We have made an assessment of our operations and determined that there were no December 31, 2017. Revenue Recognition third no not not six 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 Product Warranties Engineering and Product Development Foreign Currency not December 31, 2017 2016, $146 16 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 not December 22, 2017, 21% 2018 one December 2017, No. 118 118” 118 one 118, December 31, 2017, 11 Net Earnings Per Common Share 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 that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: Years Ended December 31, 2017 2016 Weighted average common shares outstanding - basic 10,284,572 10,313,747 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 54,741 19,173 Weighted average common shares outstanding - diluted 10,339,313 10,332,920 Average number of potentially dilutive securities excluded from calculation 77,047 18,658 Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In March 2016, 718 January 1, 2017. not July 2015, 330 first January 1, 2017. not Effect of Recently Issued Amendments to Authoritative Accounting Guidance May 2017, January 1, 2018. not January 2017, not January 1, 2020, January 1, 2017. not January 2017, January 1, 2018, not November 2016, January 1, 2018, not In February 2016, 842 February 2016, 12 January 1, 2019. fourth 2017, none not may May 2014, May 2014, 606 August 2015, one January 1, 2018. January 1, 2018 fourth 2017, not not not |
Note 3 - Acquisition
Note 3 - Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 3 ACQUISITION On May 24, 2017, The purchase price for Ambrell was $22,000 may 2017 2018, $935. May 24, 2017. third not The total purchase price of $26,733 Cash paid to acquire the capital stock of Ambrell $ 22,610 Estimated fair value of contingent consideration 4,123 Total purchase price $ 26,733 As noted above, the consideration paid for the acquisition of Ambrell includes contingent consideration in the form of earnouts based on the future adjusted EBITDA of Ambrell. Adjusted EBITDA is earnings (or loss) from operations before interest expense, benefit or provision for income taxes, depreciation and amortization, and excludes other non-recurring income and expense items as defined in the stock purchase agreement for Ambrell. The first 2017 8x 2017 $22,000 as well as the $175 2017 December 31, 2017, $5,355 first second 2018 8x 2018 $22,000 2017. 2017 2018 $18,000. $4,123, $26,733 Goodwill $ 12,032 Identifiable intangible assets 16,300 Tangible assets acquired and liabilities assumed: Cash 648 Trade accounts receivable 3,621 Inventories 1,917 Other current assets 200 Property and equipment 614 Accounts payable (1,420 ) Accrued expenses (1,280 ) Customer advances (554 ) Deferred tax liability (5,345 ) Total purchase price $ 26,733 We estimated the fair value of identifiable intangible assets acquired using a combination of the income, cost and market approaches. Identifiable intangible assets acquired include customer relationships, customer backlog, technology and trademarks. 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. The following table summarizes the estimated fair value of Ambrell's identifiable intangible assets and their estimated useful lives as of the acquisition date: Fair Weighted Average (in years) Finite-lived intangible assets: Customer relationships $ 9,000 9.0 Technology 600 9.0 Customer backlog 500 0.3 Total finite-lived intangible assets 10,100 8.6 Indefinite-lived intangible assets: Trademarks 6,200 Total intangible assets $ 16,300 For the period from May 24, 2017 December 31, 2017, $13,562 $6,23 8, $6,976 January 1, 2016. not may not Year Ended December 31, 2017 2016 Net revenues $ 74,421 $ 60,410 Net earnings $ 1,637 $ 1,796 Diluted earnings per share $ 0.16 $ 0.17 The pro forma results shown above do not 935 $6,976 second 2017. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 4 FAIR VALUE MEASUREMENTS ASC Topic 820 ASC 820 820 three Level 1 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not Level 3 Valuations based on inputs that are unobservable and significant to the overall fair value measurement. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Recurring Fair Value Measurements The contingent consideration liability on our balance sheet is measured at fair value on a recurring basis using Level 3 May 24, 2017, 2018, 3. We use an option based income approach using a Monte Carlo simulation model to estimate the fair value of the contingent consideration as of the end of each quarter which involves generating various scenarios for projected adjusted EBITDA over a specified time period, calculating the associated contingent consideration payments and discounting the average payments to present value. Significant variation in the amount of the estimated fair value of contingent consideration from period to period is possible as the fair value is affected by our then current estimation of future events including future net revenues and other items that affect future projected adjusted EBITDA. During the second 2017, $6,976 December 31, 2017 fourth 2017 December 31, 2018, 2018 Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2017 Contingent consideration liability $ 5,744 $ - $ - $ 5,744 Changes in the fair value of our Level 3 December 31, 2017 Year Ended 2017 Balance at beginning of period $ - Contingent consideration liability established in connection with the acquisition of Ambrell 4,123 Fair value adjustment 6,976 Transfer of contingent consideration liability to 2017 earnout payable (5,355 ) Balance at end of period $ 5,744 |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 5 GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets on our balance sheets are the result of our acquisitions of Sigma Systems Corp. ("Sigma") in October 2008, ") in January 2012 May 2017. Goodwill December 31, 2017 Sigma Thermonics Ambrell Total Balance - January 1, 2017 $ 1,656 $ 50 $ - $ 1,706 Acquisition of Ambrell - - 12,032 12,032 Balance - December 31, 2017 $ 1,656 $ 50 $ 12,032 $ 13,738 Intangible Assets Changes in the amount of the carrying value of finite-lived intangible assets for the year ended December 31, 2017 Balance - January 1, 2017 $ 365 Acquisition of Ambrell 10,100 Amortization (1,161 ) Balance - December 31, 2017 $ 9,304 The following tables provide further detail about our intangible assets as of December 31, 2017 2016: December 31, 2017 Gross Carrying Accumulated Amortization Net Carrying Finite-lived intangible assets: Customer relationships $ 10,480 $ 1,828 $ 8,652 Technology 600 95 505 Patents 590 463 127 Software 270 250 20 Trade name 140 140 - Customer backlog 500 500 - Total finite-lived intangible assets 12,580 3,276 9,304 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 19,290 $ 3,276 $ 16,014 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,328 $ 152 Patents 590 424 166 Software 270 223 47 Trade name 140 140 - Total finite-lived intangible assets 2,480 2,115 365 Indefinite-lived intangible assets: Sigma trademark 510 - 510 Total intangible assets $ 2,990 $ 2,115 $ 875 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 Total amortization expense for our finite-lived intangible assets was $1,161 $229, December 31, 2017 2016. expense for each of the next five 2018 $ 1,102 2019 $ 1,257 2020 $ 1,234 2021 $ 1,227 2022 $ 1,167 Impairment of Goodwill and Indefinite Life Intangible Assets During December 2017 2016, 350 2017 2016 14.5% 18.5%, 2017 2016, no 2017 2016, no 2017 2016. 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 2016, 2016, December 2016. not 2016, not no 2017, not no |
Note 6 - Major Customers
Note 6 - Major Customers | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 6 MAJOR CUSTOMERS During the years ended December 31, 2017 2016, one 11% 13% nues, respectively. These revenues were generated by our Thermal segment. During the years ended December 31, 2017 2016, 11% 10% both December 31, 2017 2016, no 10% |
Note 7 - Inventories
Note 7 - Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 INVENTORIES Inventor ies held at December 31 2017 2016 Raw materials $ 3,424 $ 2,695 Work in process 791 728 Inventory consigned to others 64 81 Finished goods 687 172 Total inventories $ 4,966 $ 3,676 |
Note 8 - Other Current Liabilit
Note 8 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ( 8 OTHER CURRENT LIABILITIES Other current liabilities at December 31 2017 2016 Accrued warranty $ 233 $ 125 Other 166 48 Total other current liabilities $ 399 $ 173 |
Note 9 - Debt
Note 9 - Debt | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
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 sheets. The terms of our leases require us to renew these letters of credit at least 30 not one December 31, 2017 2016 L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Dec. 31 2017 Dec. 31 2016 Mt. Laurel, NJ 3/29/2010 3/31/2018 4/30/2021 $ 125 $ 125 Mansfield, MA 10/27/2010 11/08/2018 8/31/2021 50 50 $ 175 $ 175 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 10 COMMITMENTS AND CONTINGENCIES Operating Lease Commitments We lease our offices, warehouse facilities and certain equipment under non-cancellable operating leases which expire at various dates through 2029. December 31, 2017 2016 $1,600 $1,241, not not December 31, 2017 2018 $ 1,778 2019 1,638 2020 1,592 2021 844 2022 291 Thereafter 1,739 Total $ 7,882 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 1 1 ) INCOME TAXES We are subject to Federal and certain state income taxes. In addition, we are taxed in certain foreign countries. As previously discussed in Note 2, December 22, 2017 The two 2017 December 31, 2017 35% 21% one As a result of the legislative changes enacted, we were required to revalue our deferred tax assets and liabilities to the new rate of 21% December 31, 2017, $1,743 2017 $476. 14% Earnings before income taxes was as follows: Years Ended December 31, 2017 2016 Domestic $ 2,580 $ 3,345 Foreign 1,258 862 Total $ 3,838 $ 4,207 Income tax expense (benefit) was as follows: Years Ended December 31, 2017 2016 Current Domestic -- Federal $ 4,106 $ 1,295 Domestic -- state 175 74 Foreign 212 45 Total $ 4,493 $ 1,414 Deferred Domestic -- Federal $ (1,886 ) $ (39 ) Domestic -- state 244 10 Foreign 12 164 Total (1,630 ) 135 Income tax expense $ 2,863 $ 1,549 Deferred income taxes reflect the net tax effect of net operating loss and tax 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, 2017 2016: December 31, 2017 2016 Deferred tax assets: Net operating loss (state and foreign) $ 444 $ 71 Tax credit carryforwards 206 - Inventories 185 182 Accrued vacation pay and stock-based compensation 156 161 Depreciation of property and equipment 97 580 Allowance for doubtful accounts 47 55 Accrued warranty 20 9 Acquisition costs 15 28 Intangibles - 311 Other 15 7 Total 1,185 1,404 Valuation allowance (370 ) - Deferred tax assets 815 1,404 Deferred tax liabilities: Net intangible assets (3,421 ) (212 ) Unremitted earnings of foreign subsidiaries - (82 ) Deferred tax liabilities (3,421 ) (294 ) Net deferred tax assets (l iabilities) $ (2,606 ) $ 1,110 The net change in the valuation allowance for the years ended December 31, 2017 2016 $370 $15, ot that some portion or all of the deferred tax assets will not 2037. An analysis of the effective tax rate for the years ended December 31, 2017 2016 f 35% 2017 34% 2016 Years Ended December 31, 2017 201 6 Expected income tax provision at U.S. statutory rate $ 1,343 $ 1,430 Increase (decrease) in tax from: Federal tax rate changes (1,843 ) - Current year tax credits (foreign and research) (379 ) (140 ) Domestic production activities deduction (290 ) (112 ) Foreign income tax rate differences (229 ) (258 ) Restricted stock (59 ) - Nondeductible expenses 2,463 14 Domestic tax expense, net of Federal benefit 791 55 Federal transition tax payable 476 - Deemed dividend from foreign subsidiaries 423 396 Acquisition costs 142 - NOL carryforwards utilized 36 180 Changes in valuation allowance 17 (15 ) Other (28 ) (1 ) Income tax expense $ 2,863 $ 1,549 In accounting for income taxes, we follow the guidance in ASC Topic 740 not December 31, 2017 2016, not December 31, 2015 first 2017, December 31, 2014 no |
Note 12 - Legal Proceedings
Note 12 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | ( 12 LEGAL PROCEEDINGS From time to time we may ring in the ordinary course of business. We are not |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 13 STOCK-BASED COMPENSATION PLAN As of December 31, 2017, 2007 "2007 2014 (the "2014 2007 June 13, 2007 500,000 2014 June 25, 2014 500,000 December 31, 2017, 345,200 Our unvested restricted stock awards and stock options are accounted for based on their grant date fair value. As of December 31, 2017, $455. 2.9 2017 2016, Years Ended December 31, 2017 2016 Cost of revenues $ 6 $ 10 Selling expense - 6 Engineering and product development expense 5 11 General and administrative expense 333 242 $ 344 $ 269 There was no 2017 2016. Stock Options We record compensation expense for stock options based on the fair market value of the options as of the grant date. No may ten four 2017 2016 2017 2016 Risk-free interest rate 2.14 % 1.30 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .39 .40 Weighted average expected life of stock options (years) 6 4 The per share weighted average fair value of stock options issued during 2017 2016 $2.64 $1.43, The following table summarizes the activity related to stock options for the two December 31, 2017: Number of Shares Weighted Average Exercise Price Options outstanding, January 1, 2016 - $ - Granted 19,800 4.37 Exercised - - Canceled - - Options outstanding, December 31, 2016 (none exercisable) 19,800 4.37 Granted 96,000 6.35 Exercised - - Canceled (39,400 ) 6.08 Options outstanding, December 31, 2017 (4,950 exercisable) 76,400 5.98 Restricted Stock Awards We record compensation expense for restricted stock awards (unvested 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 The follow ing table summarizes the activity related to unvested shares for the two December 31, 2017: Number of Shares Weighted Average Fair Value Unvested shares outstanding, January 1, 2016 63,750 3.64 Granted 86,400 4.27 Vested (53,125 ) 3.94 Forfeited - - Unvested shares outstanding, December 31, 2016 97,025 4.04 Granted 66,000 6.54 Vested (69,100 ) 4.65 Forfeited (18,700 ) 5.59 Unvested shares outstanding, December 31, 2017 75,225 5.29 The total fair value of the shares that vested during the years ended December 31, 2017 2016 $493 $208, |
Note 14 - Stock Repurchase Plan
Note 14 - Stock Repurchase Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stock Repurchase Plan [Text Block] | ( 14 STOCK REPURCHASE PLAN On October 27, 2015, $5,000 10b 18 1934, "2015 may "10b5 1 2015 not may 2015 2015 10b5 1 not may 10b5 1 December 31, 2017, ’s 10b5 1 During 2017 2016, 13,883 241,805 2015 $62 $978, December 31, 2017, 297,020 2015 $1,195. |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ( 15 EMPLOYEE BENEFIT PLANS We have defined contribution 401 18 10% $5. four For the years ended December 31, 2017 2016, $338 $347 All permanent employees of Ambrell are immediately eligible to participate in the Ambrell Corporation Savings & Profit Sharing Plan (the "Ambrell Plan") upon employment and are eligible for employer matching contributions after completing one 100% 25% 2% December 31, 2017, $35. |
Note 16 - Segment Information
Note 16 - Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 16 SEGMENT INFORMATION As discussed in Note 1, 2016, three two January 1, 2017, two 2017. Thermal includes the operations of Temptronic, Thermonics, Sigma, inTEST Thermal Solutions GmbH (Germany), inTEST Pte, Limited (Singapore) and Ambrell, which we acquired in May 2017, 3. third Years Ended December 31, 2017 2016 Net revenues from unaffiliated customers: Ther mal $ 42,233 $ 24,033 EMS 24,568 16,194 $ 66,801 $ 40,227 Depreciation/amortization: Ther mal $ 1,628 $ 440 EMS 151 159 $ 1,779 $ 599 Operating income (loss): Ther mal $ (822 ) $ 4,210 EMS 6,830 989 Corporate (2,397 ) (1,053 ) $ 3,611 $ 4,146 Earnings (loss) before income tax expense (benefit): Ther mal $ (686 ) $ 4,193 EMS 6,869 1,021 Corporate (2,345 ) (1,007 ) $ 3,838 $ 4,207 Income tax expense (benefit): Ther mal $ 1,665 $ 1,544 EMS 1,819 376 Corporate (621 ) (371 ) $ 2,863 $ 1,549 Net earnings (loss): Ther mal $ (2,351 ) $ 2,649 EMS 5,050 645 Corporate (1,724 ) (636 ) $ 975 $ 2,658 Years Ended December 31, 2017 2016 Capital expenditures: Ther mal $ 659 $ 262 EMS 86 77 $ 745 $ 339 December 31, 2017 2016 Identifiable assets: Ther mal $ 50,408 $ 19,893 EMS 12,085 22,951 $ 62,493 $ 42,844 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, 2017 2016 Net revenues from unaffiliated customers: U.S. $ 20,205 $ 13,061 Foreign 46,596 27,166 $ 66,801 $ 40,227 December 31, 2017 2016 Property and equipment: U.S. $ 991 $ 691 Foreign 550 253 $ 1,541 $ 944 |
Note 17 - Quarterly Consolidate
Note 17 - Quarterly Consolidated Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
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 December 31, 2017. 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 Year-over-year quarterly comparisons of our results of operations may not et forth below that tend to reflect the cyclical and seasonal activity of the semiconductor and ATE markets. Quarterly fluctuations in expenses are related directly to sales activity and volume and may Quarters Ended 3/31/17 6/30/17 9/30/17 (1) 12/31/17 (2) (3) Total Net revenues $ 14,180 $ 15,888 $ 17,352 $ 19,381 $ 66,801 Gross margin 7,728 8,421 8,796 9,745 34,690 Earnings (loss) before income tax expense 3,172 2,336 2,841 (4,511 ) 3,838 Income tax expense 1,094 891 823 55 2,863 Net earnings (loss) 2,078 1,445 2,018 (4,566 ) 975 Net earnings (loss)per common share - basic $ 0.20 $ 0.14 $ 0.20 $ (0.44 ) $ 0.09 Weighted average common shares outstanding - basic 10,264,565 10,277,155 10,288,325 10,308,243 10,284,572 Net earnings (loss) per common share - diluted $ 0.20 $ 0.14 $ 0.19 $ (0.44 ) $ 0.09 Weighted average common shares outstanding - diluted 10,295,337 10,334,894 10,351,009 10,308,243 10,339,313 Quarters Ended 3/31/16 6/30/16 9/30/16 12/31/16 Total Net revenues $ 8,647 $ 10,485 $ 10,823 $ 10,272 $ 40,227 Gross margin 4,067 5,329 5,577 5,405 20,378 Earnings before income tax expense 124 749 1,721 1,613 4,207 Income tax expense 43 263 631 612 1,549 Net earnings 81 486 1,090 1,001 2,658 Net earnings per common share - basic $ 0.01 $ 0.05 $ 0.11 $ 0.10 $ 0.26 Weighted average common shares outstanding - basic 10,390,002 10,295,836 10,295,447 10,273,702 10,313,747 Net earnings per common share - diluted $ 0.01 $ 0.05 $ 0.11 $ 0.10 $ 0.26 Weighted average common shares outstanding - diluted 10,404,244 10,310,692 10,318,715 10,297,439 10,332,920 ( 1 The quarter ended September 30, 2017 s a $549 not . ( 2 The quarter ended December 31, 2017 s a $7,525 not . ( 3 The quarter ended December 31, 2017 s adjustments related to tax legislation enacted in December 2017, 2 11. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | inTEST CORPORATION (in thousands) Balance at Beginning of Period Expense (Recovery) Deductions Balance at End of Period Year Ended December 31, 2017 Allowance for doubtful accounts $ 146 $ 68 $ (1 ) $ 213 Warranty reserve 125 209 (101 ) 233 Year Ended December 31, 2016 Allowance for doubtful accounts $ 146 $ - $ - $ 146 Warranty reserve 94 125 (94 ) 125 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 ("U.S. GAAP") 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, contingent consideration and deferred tax assets and liabilities including related valuation allowances, are particularly impacted by estimates. |
Reclassification, Policy [Policy Text Block] | Reclassification |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three may not |
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 no not $68 December 31, 2017. no December 31, 2016. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments include accounts receivable , accounts payable and our liability for contingent consideration . Our accounts receivable and accounts payable are carried at cost which approximates fair value, due to the short maturities of the accounts. Our liability for contingent consideration is accounted for in accordance with the guidance in Accounting Standards Codification ("ASC") 820 820 3 4 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at cost on a first first not not twelve three $251 $226 December 31, 2017 2016, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment one ten $618 $370 December 31, 2017 2016, |
Goodwill Intangible And Long Lived Assets [Policy Text Block] | Goodwill, Intangible and Long-Lived Assets 350 fourth may not two two not two not If we determine it is more-likely-than- not two two fourth not not no may not no |
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 13. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We have made an assessment of our operations and determined that there were no December 31, 2017. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition third no not not six 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 |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties |
Research and Development Expense, Policy [Policy Text Block] | Engineering and Product Development |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency not December 31, 2017 2016, $146 16 |
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 not December 22, 2017, 21% 2018 one December 2017, No. 118 118” 118 one 118, December 31, 2017, 11 |
Earnings Per Share, Policy [Policy Text Block] | Net Earnings Per Common Share 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 that were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive: Years Ended December 31, 2017 2016 Weighted average common shares outstanding - basic 10,284,572 10,313,747 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 54,741 19,173 Weighted average common shares outstanding - diluted 10,339,313 10,332,920 Average number of potentially dilutive securities excluded from calculation 77,047 18,658 |
New Accounting Pronouncements, Policy [Policy Text Block] | Effect of Recently Adopted Amendments to Authoritative Accounting Guidance In March 2016, 718 January 1, 2017. not July 2015, 330 first January 1, 2017. not Effect of Recently Issued Amendments to Authoritative Accounting Guidance May 2017, January 1, 2018. not January 2017, not January 1, 2020, January 1, 2017. not January 2017, January 1, 2018, not November 2016, January 1, 2018, not In February 2016, 842 February 2016, 12 January 1, 2019. fourth 2017, none not may May 2014, May 2014, 606 August 2015, one January 1, 2018. January 1, 2018 fourth 2017, not not not |
Note 2 - Summary of Significa27
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended December 31, 2017 2016 Weighted average common shares outstanding - basic 10,284,572 10,313,747 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 54,741 19,173 Weighted average common shares outstanding - diluted 10,339,313 10,332,920 Average number of potentially dilutive securities excluded from calculation 77,047 18,658 |
Note 3 - Acquisition (Tables)
Note 3 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash paid to acquire the capital stock of Ambrell $ 22,610 Estimated fair value of contingent consideration 4,123 Total purchase price $ 26,733 Goodwill $ 12,032 Identifiable intangible assets 16,300 Tangible assets acquired and liabilities assumed: Cash 648 Trade accounts receivable 3,621 Inventories 1,917 Other current assets 200 Property and equipment 614 Accounts payable (1,420 ) Accrued expenses (1,280 ) Customer advances (554 ) Deferred tax liability (5,345 ) Total purchase price $ 26,733 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Fair Weighted Average (in years) Finite-lived intangible assets: Customer relationships $ 9,000 9.0 Technology 600 9.0 Customer backlog 500 0.3 Total finite-lived intangible assets 10,100 8.6 Indefinite-lived intangible assets: Trademarks 6,200 Total intangible assets $ 16,300 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2017 2016 Net revenues $ 74,421 $ 60,410 Net earnings $ 1,637 $ 1,796 Diluted earnings per share $ 0.16 $ 0.17 |
Note 4 - Fair Value Measureme29
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2017 Contingent consideration liability $ 5,744 $ - $ - $ 5,744 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year Ended 2017 Balance at beginning of period $ - Contingent consideration liability established in connection with the acquisition of Ambrell 4,123 Fair value adjustment 6,976 Transfer of contingent consideration liability to 2017 earnout payable (5,355 ) Balance at end of period $ 5,744 |
Note 5 - Goodwill and Intangi30
Note 5 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Sigma Thermonics Ambrell Total Balance - January 1, 2017 $ 1,656 $ 50 $ - $ 1,706 Acquisition of Ambrell - - 12,032 12,032 Balance - December 31, 2017 $ 1,656 $ 50 $ 12,032 $ 13,738 |
Schedule of Carrying Value of Finite-lived Intangible Assets [Table Text Block] | Balance - January 1, 2017 $ 365 Acquisition of Ambrell 10,100 Amortization (1,161 ) Balance - December 31, 2017 $ 9,304 |
Schedule Of Intangible Assets [Table Text Block] | December 31, 2017 Gross Carrying Accumulated Amortization Net Carrying Finite-lived intangible assets: Customer relationships $ 10,480 $ 1,828 $ 8,652 Technology 600 95 505 Patents 590 463 127 Software 270 250 20 Trade name 140 140 - Customer backlog 500 500 - Total finite-lived intangible assets 12,580 3,276 9,304 Indefinite-lived intangible assets: Trademarks 6,710 - 6,710 Total intangible assets $ 19,290 $ 3,276 $ 16,014 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 1,480 $ 1,328 $ 152 Patents 590 424 166 Software 270 223 47 Trade name 140 140 - Total finite-lived intangible assets 2,480 2,115 365 Indefinite-lived intangible assets: Sigma trademark 510 - 510 Total intangible assets $ 2,990 $ 2,115 $ 875 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2018 $ 1,102 2019 $ 1,257 2020 $ 1,234 2021 $ 1,227 2022 $ 1,167 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2017 2016 Raw materials $ 3,424 $ 2,695 Work in process 791 728 Inventory consigned to others 64 81 Finished goods 687 172 Total inventories $ 4,966 $ 3,676 |
Note 8 - Other Current Liabil32
Note 8 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Current Liabilities [Table Text Block] | 2017 2016 Accrued warranty $ 233 $ 125 Other 166 48 Total other current liabilities $ 399 $ 173 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule Of Outstanding Letters Of Credit [Table Text Block] | L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Dec. 31 2017 Dec. 31 2016 Mt. Laurel, NJ 3/29/2010 3/31/2018 4/30/2021 $ 125 $ 125 Mansfield, MA 10/27/2010 11/08/2018 8/31/2021 50 50 $ 175 $ 175 |
Note 10 - Commitments and Con34
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2018 $ 1,778 2019 1,638 2020 1,592 2021 844 2022 291 Thereafter 1,739 Total $ 7,882 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2017 2016 Domestic $ 2,580 $ 3,345 Foreign 1,258 862 Total $ 3,838 $ 4,207 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2017 2016 Current Domestic -- Federal $ 4,106 $ 1,295 Domestic -- state 175 74 Foreign 212 45 Total $ 4,493 $ 1,414 Deferred Domestic -- Federal $ (1,886 ) $ (39 ) Domestic -- state 244 10 Foreign 12 164 Total (1,630 ) 135 Income tax expense $ 2,863 $ 1,549 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2017 2016 Deferred tax assets: Net operating loss (state and foreign) $ 444 $ 71 Tax credit carryforwards 206 - Inventories 185 182 Accrued vacation pay and stock-based compensation 156 161 Depreciation of property and equipment 97 580 Allowance for doubtful accounts 47 55 Accrued warranty 20 9 Acquisition costs 15 28 Intangibles - 311 Other 15 7 Total 1,185 1,404 Valuation allowance (370 ) - Deferred tax assets 815 1,404 Deferred tax liabilities: Net intangible assets (3,421 ) (212 ) Unremitted earnings of foreign subsidiaries - (82 ) Deferred tax liabilities (3,421 ) (294 ) Net deferred tax assets (l iabilities) $ (2,606 ) $ 1,110 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2017 201 6 Expected income tax provision at U.S. statutory rate $ 1,343 $ 1,430 Increase (decrease) in tax from: Federal tax rate changes (1,843 ) - Current year tax credits (foreign and research) (379 ) (140 ) Domestic production activities deduction (290 ) (112 ) Foreign income tax rate differences (229 ) (258 ) Restricted stock (59 ) - Nondeductible expenses 2,463 14 Domestic tax expense, net of Federal benefit 791 55 Federal transition tax payable 476 - Deemed dividend from foreign subsidiaries 423 396 Acquisition costs 142 - NOL carryforwards utilized 36 180 Changes in valuation allowance 17 (15 ) Other (28 ) (1 ) Income tax expense $ 2,863 $ 1,549 |
Note 13 - Stock-based Compens36
Note 13 - Stock-based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Years Ended December 31, 2017 2016 Cost of revenues $ 6 $ 10 Selling expense - 6 Engineering and product development expense 5 11 General and administrative expense 333 242 $ 344 $ 269 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 Risk-free interest rate 2.14 % 1.30 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .39 .40 Weighted average expected life of stock options (years) 6 4 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Options outstanding, January 1, 2016 - $ - Granted 19,800 4.37 Exercised - - Canceled - - Options outstanding, December 31, 2016 (none exercisable) 19,800 4.37 Granted 96,000 6.35 Exercised - - Canceled (39,400 ) 6.08 Options outstanding, December 31, 2017 (4,950 exercisable) 76,400 5.98 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares Weighted Average Fair Value Unvested shares outstanding, January 1, 2016 63,750 3.64 Granted 86,400 4.27 Vested (53,125 ) 3.94 Forfeited - - Unvested shares outstanding, December 31, 2016 97,025 4.04 Granted 66,000 6.54 Vested (69,100 ) 4.65 Forfeited (18,700 ) 5.59 Unvested shares outstanding, December 31, 2017 75,225 5.29 |
Note 16 - Segment Information (
Note 16 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, 2017 2016 Net revenues from unaffiliated customers: Ther mal $ 42,233 $ 24,033 EMS 24,568 16,194 $ 66,801 $ 40,227 Depreciation/amortization: Ther mal $ 1,628 $ 440 EMS 151 159 $ 1,779 $ 599 Operating income (loss): Ther mal $ (822 ) $ 4,210 EMS 6,830 989 Corporate (2,397 ) (1,053 ) $ 3,611 $ 4,146 Earnings (loss) before income tax expense (benefit): Ther mal $ (686 ) $ 4,193 EMS 6,869 1,021 Corporate (2,345 ) (1,007 ) $ 3,838 $ 4,207 Income tax expense (benefit): Ther mal $ 1,665 $ 1,544 EMS 1,819 376 Corporate (621 ) (371 ) $ 2,863 $ 1,549 Net earnings (loss): Ther mal $ (2,351 ) $ 2,649 EMS 5,050 645 Corporate (1,724 ) (636 ) $ 975 $ 2,658 Years Ended December 31, 2017 2016 Capital expenditures: Ther mal $ 659 $ 262 EMS 86 77 $ 745 $ 339 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Years Ended December 31, 2017 2016 Net revenues from unaffiliated customers: U.S. $ 20,205 $ 13,061 Foreign 46,596 27,166 $ 66,801 $ 40,227 |
Long-lived Assets by Geographic Areas [Table Text Block] | December 31, 2017 2016 Property and equipment: U.S. $ 991 $ 691 Foreign 550 253 $ 1,541 $ 944 |
Asset [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | December 31, 2017 2016 Identifiable assets: Ther mal $ 50,408 $ 19,893 EMS 12,085 22,951 $ 62,493 $ 42,844 |
Note 17 - Quarterly Consolida38
Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarters Ended 3/31/17 6/30/17 9/30/17 (1) 12/31/17 (2) (3) Total Net revenues $ 14,180 $ 15,888 $ 17,352 $ 19,381 $ 66,801 Gross margin 7,728 8,421 8,796 9,745 34,690 Earnings (loss) before income tax expense 3,172 2,336 2,841 (4,511 ) 3,838 Income tax expense 1,094 891 823 55 2,863 Net earnings (loss) 2,078 1,445 2,018 (4,566 ) 975 Net earnings (loss)per common share - basic $ 0.20 $ 0.14 $ 0.20 $ (0.44 ) $ 0.09 Weighted average common shares outstanding - basic 10,264,565 10,277,155 10,288,325 10,308,243 10,284,572 Net earnings (loss) per common share - diluted $ 0.20 $ 0.14 $ 0.19 $ (0.44 ) $ 0.09 Weighted average common shares outstanding - diluted 10,295,337 10,334,894 10,351,009 10,308,243 10,339,313 Quarters Ended 3/31/16 6/30/16 9/30/16 12/31/16 Total Net revenues $ 8,647 $ 10,485 $ 10,823 $ 10,272 $ 40,227 Gross margin 4,067 5,329 5,577 5,405 20,378 Earnings before income tax expense 124 749 1,721 1,613 4,207 Income tax expense 43 263 631 612 1,549 Net earnings 81 486 1,090 1,001 2,658 Net earnings per common share - basic $ 0.01 $ 0.05 $ 0.11 $ 0.10 $ 0.26 Weighted average common shares outstanding - basic 10,390,002 10,295,836 10,295,447 10,273,702 10,313,747 Net earnings per common share - diluted $ 0.01 $ 0.05 $ 0.11 $ 0.10 $ 0.26 Weighted average common shares outstanding - diluted 10,404,244 10,310,692 10,318,715 10,297,439 10,332,920 |
Schedule II - Valuation and Q39
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Balance at Beginning of Period Expense (Recovery) Deductions Balance at End of Period Year Ended December 31, 2017 Allowance for doubtful accounts $ 146 $ 68 $ (1 ) $ 213 Warranty reserve 125 209 (101 ) 233 Year Ended December 31, 2016 Allowance for doubtful accounts $ 146 $ - $ - $ 146 Warranty reserve 94 125 (94 ) 125 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Reportable Segments | 2 | 3 |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Provision for Doubtful Accounts | $ 68 | $ 0 | |
Inventory Write-down | 251 | 226 | |
Depreciation | 618 | 370 | |
Foreign Currency Transaction Gain (Loss), before Tax | $ 146 | $ (16) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 34.00% | |
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Thermal Products and Mechanical Products [Member] | |||
Equipment Leased To Customers Initial Term | 180 days | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years |
Note 2 - Summary of Significa42
Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | [3] | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted average common shares outstanding - basic (in shares) | 10,308,243 | 10,288,325 | 10,277,155 | 10,264,565 | 10,273,702 | 10,295,447 | 10,295,836 | 10,390,002 | 10,284,572 | 10,313,747 | ||
Potentially dilutive securities: | ||||||||||||
Unvested shares of restricted stock and employee stock options (in shares) | 54,741 | 19,173 | ||||||||||
Weighted average common shares outstanding - diluted (in shares) | 10,308,243 | 10,351,009 | 10,334,894 | 10,295,337 | 10,297,439 | 10,318,715 | 10,310,692 | 10,404,244 | 10,339,313 | 10,332,920 | ||
Average number of potentially dilutive securities excluded from calculation (in shares) | 77,047 | 18,658 | ||||||||||
[1] | The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes. | |||||||||||
[2] | The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11. | |||||||||||
[3] | The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable. |
Note 3 - Acquisition (Details T
Note 3 - Acquisition (Details Textual) - USD ($) $ in Thousands | May 24, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Combination, Contingent Consideration, Liability, Current | $ 5,355 | $ 5,355 | $ 5,355 | $ 5,355 | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 7,525 | $ (549) | 1,621 | ||||
Ambrell [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 22,610 | ||||||
Business Acquisition, Transaction Costs | 935 | ||||||
Business Combination, Consideration Transferred | 26,733 | ||||||
Business Combination, Contingent Consideration, Liability, Current | $ 5,355 | 5,355 | 5,355 | $ 5,355 | |||
Business Combination, Contingent Consideration, Liability | 4,123 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 13,562 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (6,238) | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 6,976 | 6,976 | |||||
Ambrell [Member] | Management Bonus [Member] | |||||||
Business Combination, Amount Removed From EBITDA Calculation | $ 175 | ||||||
Ambrell [Member] | Aggregate Total Payout [Member] | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 18,000 |
Note 3 - Acquisition - Purchase
Note 3 - Acquisition - Purchase Price (Details) - USD ($) $ in Thousands | May 24, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill | $ 13,738 | $ 1,706 | |
Ambrell [Member] | |||
Cash paid to acquire the capital stock of Ambrell | $ 22,610 | ||
Estimated fair value of contingent consideration | 4,123 | 4,123 | |
Total purchase price | 26,733 | ||
Goodwill | 12,032 | $ 12,032 | |
Identifiable intangible assets | 16,300 | ||
Cash | 648 | ||
Trade accounts receivable | 3,621 | ||
Inventories | 1,917 | ||
Other current assets | 200 | ||
Property and equipment | 614 | ||
Accounts payable | (1,420) | ||
Accrued expenses | (1,280) | ||
Customer advances | (554) | ||
Deferred tax liability | (5,345) | ||
Total purchase price | $ 26,733 |
Note 3 - Acquisition - Intangib
Note 3 - Acquisition - Intangible Assets Acquired (Details) - USD ($) $ in Thousands | May 24, 2017 | Dec. 31, 2017 |
Finite-lived intangible assets | $ 10,100 | |
Acquisition of Ambrell | $ 10,100 | |
Ambrell [Member] | ||
Finite-lived intangible assets | $ 10,100 | |
Finite-lived intangible assets, weighted average estimated useful life (Year) | 8 years 219 days | |
Acquisition of Ambrell | $ 10,100 | |
Identifiable intangible assets | 16,300 | |
Ambrell [Member] | Trademarks [Member] | ||
Indefinite-lived intangible assets | 6,200 | |
Ambrell [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets | $ 9,000 | |
Finite-lived intangible assets, weighted average estimated useful life (Year) | 9 years | |
Acquisition of Ambrell | $ 9,000 | |
Ambrell [Member] | Patented Technology [Member] | ||
Finite-lived intangible assets | $ 600 | |
Finite-lived intangible assets, weighted average estimated useful life (Year) | 9 years | |
Acquisition of Ambrell | $ 600 | |
Ambrell [Member] | Order or Production Backlog [Member] | ||
Finite-lived intangible assets | $ 500 | |
Finite-lived intangible assets, weighted average estimated useful life (Year) | 109 days | |
Acquisition of Ambrell | $ 500 |
Note 3 - Acquisition - Proforma
Note 3 - Acquisition - Proforma Information (Details) - Ambrell [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net revenues | $ 74,421 | $ 60,410 |
Net earnings | $ 1,637 | $ 1,796 |
Diluted earnings per share (in dollars per share) | $ 0.16 | $ 0.17 |
Note 4 - Fair Value Measureme47
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 7,525 | $ (549) | $ 1,621 | |||
Ambrell [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 6,976 | $ 6,976 |
Note 4 - Fair Value Measureme48
Note 4 - Fair Value Measurements - Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Contingent consideration liability | $ 5,744 |
Fair Value, Inputs, Level 1 [Member] | |
Contingent consideration liability | |
Fair Value, Inputs, Level 2 [Member] | |
Contingent consideration liability | |
Fair Value, Inputs, Level 3 [Member] | |
Contingent consideration liability | $ 5,744 |
Note 4 - Fair Value Measureme49
Note 4 - Fair Value Measurements - Change in Fair Value of Contingent Consideration Liability (Details) - Contingent Consideration Liability [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Balance at beginning of period | |
Contingent consideration liability established in connection with the acquisition of Ambrell | 4,123 |
Fair value adjustment | 6,976 |
Transfer of contingent consideration liability to 2017 earnout payable | (5,355) |
Balance at end of period | $ 5,744 |
Note 5 - Goodwill and Intangi50
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization of Intangible Assets | $ 1,161 | $ 229 |
Fair Value Inputs, Discount Rate | 14.50% | 18.50% |
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 |
Note 5 - Goodwill and Intangi51
Note 5 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 1,706 | |
Acquisition of Ambrell | 12,032 | |
Balance | 13,738 | $ 1,706 |
Sigma [Member] | ||
Balance | 1,656 | |
Balance | 1,656 | 1,656 |
Thermonics [Member] | ||
Balance | 50 | |
Balance | 50 | 50 |
Ambrell [Member] | ||
Balance | ||
Acquisition of Ambrell | 12,032 | |
Balance | $ 12,032 |
Note 5 - Goodwill and Intangi52
Note 5 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 365 | |
Acquisition of Ambrell | 10,100 | |
Amortization | (1,161) | $ (229) |
Balance | $ 9,304 | $ 365 |
Note 5 - Goodwill and Intangi53
Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-lived intangible assets: | ||
Finite-lived, Gross Carrying Amount | $ 12,580 | $ 2,480 |
Finite-lived, Accumulated Amortization | 3,276 | 2,115 |
Net Carrying Amount | 9,304 | 365 |
Indefinite-lived intangible assets: | ||
Intangible Assets, Gross Carrying Amount | 19,290 | 2,990 |
Finite-lived, Accumulated Amortization | 3,276 | 2,115 |
Net Carrying Amount | 16,014 | 875 |
Trademarks [Member] | ||
Indefinite-lived intangible assets: | ||
Indefinite-lived, Gross Carrying Amount | 6,710 | 510 |
Net Carrying Amount | 6,710 | 510 |
Indefinite-lived, Gross Carrying Amount | 6,710 | 510 |
Customer Relationships [Member] | ||
Finite-lived intangible assets: | ||
Finite-lived, Gross Carrying Amount | 10,480 | 1,480 |
Finite-lived, Accumulated Amortization | 1,828 | 1,328 |
Net Carrying Amount | 8,652 | 152 |
Indefinite-lived intangible assets: | ||
Finite-lived, Accumulated Amortization | 1,828 | 1,328 |
Patented Technology [Member] | ||
Finite-lived intangible assets: | ||
Finite-lived, Gross Carrying Amount | 600 | |
Finite-lived, Accumulated Amortization | 95 | |
Net Carrying Amount | 505 | |
Indefinite-lived intangible assets: | ||
Finite-lived, Accumulated Amortization | 95 | |
Patents [Member] | ||
Finite-lived intangible assets: | ||
Finite-lived, Gross Carrying Amount | 590 | 590 |
Finite-lived, Accumulated Amortization | 463 | 424 |
Net Carrying Amount | 127 | 166 |
Indefinite-lived intangible assets: | ||
Finite-lived, Accumulated Amortization | 463 | 424 |
Computer Software, Intangible Asset [Member] | ||
Finite-lived intangible assets: | ||
Finite-lived, Gross Carrying Amount | 270 | 270 |
Finite-lived, Accumulated Amortization | 250 | 223 |
Net Carrying Amount | 20 | 47 |
Indefinite-lived intangible assets: | ||
Finite-lived, Accumulated Amortization | 250 | 223 |
Trade Names [Member] | ||
Finite-lived intangible assets: | ||
Finite-lived, Gross Carrying Amount | 140 | 140 |
Finite-lived, Accumulated Amortization | 140 | 140 |
Net Carrying Amount | ||
Indefinite-lived intangible assets: | ||
Finite-lived, Accumulated Amortization | 140 | $ 140 |
Order or Production Backlog [Member] | ||
Finite-lived intangible assets: | ||
Finite-lived, Gross Carrying Amount | 500 | |
Finite-lived, Accumulated Amortization | 500 | |
Net Carrying Amount | ||
Indefinite-lived intangible assets: | ||
Finite-lived, Accumulated Amortization | $ 500 |
Note 5 - Goodwill and Intangi54
Note 5 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 1,102 |
2,019 | 1,257 |
2,020 | 1,234 |
2,021 | 1,227 |
2,022 | $ 1,167 |
Note 6 - Major Customers (Detai
Note 6 - Major Customers (Details Textual) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Operating Segments | 2 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Hakuto Co Ltd [Member] | ||
Concentration Risk, Percentage | 11.00% | 13.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Texas Instruments Incorporated [Member] | ||
Concentration Risk, Percentage | 11.00% | 10.00% |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventories Held (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Raw materials | $ 3,424 | $ 2,695 |
Work in process | 791 | 728 |
Inventory consigned to others | 64 | 81 |
Finished goods | 687 | 172 |
Total inventories | $ 4,966 | $ 3,676 |
Note 8 - Other Current Liabil57
Note 8 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued warranty | $ 233 | $ 125 |
Other | 166 | 48 |
Total other current liabilities | $ 399 | $ 173 |
Note 9 - Debt - Outstanding Let
Note 9 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Letters of Credit Amount Outstanding | $ 175 | $ 175 |
Mt Laurel [Member] | ||
Line of Credit, Issue Date | Mar. 29, 2010 | |
Line of Credit, ExpirationDate | Mar. 31, 2018 | |
Lease Expiration Date | Apr. 30, 2021 | |
Letters of Credit Amount Outstanding | $ 125 | 125 |
Mansfield [Member] | ||
Line of Credit, Issue Date | Oct. 27, 2010 | |
Line of Credit, ExpirationDate | Nov. 8, 2018 | |
Lease Expiration Date | Aug. 31, 2021 | |
Letters of Credit Amount Outstanding | $ 50 | $ 50 |
Note 10 - Commitments and Con59
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Rent Expense | $ 1,600 | $ 1,241 |
Note 10 - Commitments and Con60
Note 10 - Commitments and Contingencies - Minimum Rental Commitments Under Noncancellable Operating Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 1,778 |
2,019 | 1,638 |
2,020 | 1,592 |
2,021 | 844 |
2,022 | 291 |
Thereafter | 1,739 |
Total | $ 7,882 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 34.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (1,743) | ||
Effective Income Tax Rate Reconciliation, Federal Transition Tax Payable, Amount | $ 476 | ||
Transition Tax Rate on Undistributed Foreign Earnings | 14.00% | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 370 | (15) | |
Liability for Uncertainty in Income Taxes, Current | $ 0 | $ 0 | |
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 11 - Income Taxes - Earnin
Note 11 - Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | [3] | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Domestic | $ 2,580 | $ 3,345 | ||||||||||
Foreign | 1,258 | 862 | ||||||||||
Total | $ (4,511) | $ 2,841 | $ 2,336 | $ 3,172 | $ 1,613 | $ 1,721 | $ 749 | $ 124 | $ 3,838 | $ 4,207 | ||
[1] | The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes. | |||||||||||
[2] | The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11. | |||||||||||
[3] | The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable. |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | [3] | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | ||||||||||||
Domestic -- Federal | $ 4,106 | $ 1,295 | ||||||||||
Domestic -- state | 175 | 74 | ||||||||||
Foreign | 212 | 45 | ||||||||||
Total | 4,493 | 1,414 | ||||||||||
Deferred | ||||||||||||
Domestic -- Federal | (1,886) | (39) | ||||||||||
Domestic -- state | 244 | 10 | ||||||||||
Foreign | 12 | 164 | ||||||||||
Total | (1,630) | 135 | ||||||||||
Income tax expense | $ 55 | $ 823 | $ 891 | $ 1,094 | $ 612 | $ 631 | $ 263 | $ 43 | $ 2,863 | $ 1,549 | ||
[1] | The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes. | |||||||||||
[2] | The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11. | |||||||||||
[3] | The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable. |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Net operating loss (state and foreign) | $ 444 | $ 71 |
Tax credit carryforwards | 206 | |
Inventories | 185 | 182 |
Accrued vacation pay and stock-based compensation | 156 | 161 |
Depreciation of property and equipment | 97 | 580 |
Allowance for doubtful accounts | 47 | 55 |
Accrued warranty | 20 | 9 |
Acquisition costs | 15 | 28 |
Intangibles | 311 | |
Other | 15 | 7 |
Total | 1,185 | 1,404 |
Valuation allowance | (370) | |
Deferred tax assets | 815 | 1,404 |
Deferred tax liabilities: | ||
Net intangible assets | (3,421) | (212) |
Unremitted earnings of foreign subsidiaries | (82) | |
Deferred tax liabilities | (3,421) | (294) |
Net deferred tax assets (liabilities) | (2,606) | (1,110) |
Net deferred tax assets (liabilities) | $ 2,606 | $ 1,110 |
Note 11 - Income Taxes - Effect
Note 11 - Income Taxes - Effective Tax Rate Analysis and Reconciliation of Expected Statutory Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | [3] | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Expected income tax provision at U.S. statutory rate | $ 1,343 | $ 1,430 | ||||||||||
Federal tax rate changes | (1,843) | |||||||||||
Current year tax credits (foreign and research) | (379) | (140) | ||||||||||
Domestic production activities deduction | (290) | (112) | ||||||||||
Foreign income tax rate differences | (229) | (258) | ||||||||||
Restricted stock | (59) | |||||||||||
Nondeductible expenses | 2,463 | 14 | ||||||||||
Domestic tax expense, net of Federal benefit | 791 | 55 | ||||||||||
Effective Income Tax Rate Reconciliation, Federal Transition Tax Payable, Amount | 476 | |||||||||||
Deemed dividend from foreign subsidiaries | 423 | 396 | ||||||||||
Acquisition costs | 142 | |||||||||||
NOL carryforwards utilized | 36 | 180 | ||||||||||
Changes in valuation allowance | 17 | (15) | ||||||||||
Other | (28) | (1) | ||||||||||
Income tax expense | $ 55 | $ 823 | $ 891 | $ 1,094 | $ 612 | $ 631 | $ 263 | $ 43 | $ 2,863 | $ 1,549 | ||
[1] | The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes. | |||||||||||
[2] | The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11. | |||||||||||
[3] | The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable. |
Note 13 - Stock-based Compens66
Note 13 - Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 455 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 328 days | |
Restricted Stock [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | $ 0 |
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 | $ 493 | $ 208 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.64 | $ 1.43 |
Stock Plan 2007 [Member] | ||
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 | 345,200 | |
Stock Plan 2014 [Member] | ||
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 | 345,200 |
Note 13 - Stock-based Compens67
Note 13 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Allocation of Share-based Compensation Expense | $ 344 | $ 269 |
Cost of Sales [Member] | ||
Allocation of Share-based Compensation Expense | 6 | 10 |
Selling and Marketing Expense [Member] | ||
Allocation of Share-based Compensation Expense | 6 | |
Research and Development Expense [Member] | ||
Allocation of Share-based Compensation Expense | 5 | 11 |
General and Administrative Expense [Member] | ||
Allocation of Share-based Compensation Expense | $ 333 | $ 242 |
Note 13 - Stock-based Compens68
Note 13 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Employee Stock Option [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Risk-free interest rate | 2.14% | 1.30% |
Dividend yield | 0.00% | 0.00% |
Expected common stock market price volatility factor | 0.39% | 0.40% |
Weighted average expected life of stock options (years) (Year) | 6 years | 4 years |
Note 13 - Stock-based Compens69
Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Options outstanding, number of shares (in shares) | 19,800 | |
Options outstanding, weighted average exercise price (in dollars per share) | ||
Granted, number of shares (in shares) | 96,000 | 19,800 |
Granted, weighted average exercise price (in dollars per share) | $ 6.35 | $ 4.37 |
Canceled, number of shares (in shares) | 39,400 | |
Canceled, weighted average exercise price (in dollars per share) | $ 6.08 | |
Canceled, number of shares (in shares) | (39,400) | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 5.98 | |
Options outstanding, number of shares (in shares) | 76,400 | 19,800 |
Note 13 - Stock-based Compens70
Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Options exercisable (in shares) | 4,950 | 0 |
Note 13 - Stock-based Compens71
Note 13 - Stock-based Compensation Plan - Nonvested Shares (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Unvested shares outstanding (in shares) | 97,025 | 63,750 |
Unvested shares outstanding (in dollars per share) | $ 4.04 | $ 3.64 |
Granted (in shares) | 66,000 | 86,400 |
Granted (in dollars per share) | $ 6.54 | $ 4.27 |
Vested (in shares) | (69,100) | (53,125) |
Vested (in dollars per share) | $ 4.65 | $ 3.94 |
Forfeited (in shares) | (18,700) | |
Forfeited (in dollars per share) | $ 5.59 | |
Unvested shares outstanding (in shares) | 75,225 | 97,025 |
Unvested shares outstanding (in dollars per share) | $ 5.29 | $ 4.04 |
Note 14 - Stock Repurchase Pl72
Note 14 - Stock Repurchase Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 26 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Oct. 27, 2015 | |
Stock Repurchase Program, Authorized Amount | $ 5,000 | |||
Stock Repurchased and Retired During Period, Shares | 13,883 | 241,805 | 297,020 | |
Stock Repurchased and Retired During Period, Value | $ 62 | $ 978 | $ 1,195 |
Note 15 - Employee Benefit Pl73
Note 15 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | ||
Defined Contribution Plan Maximum Annual Employer Matching Contribution Per Emplyee Amount | $ 5 | ||
Defined Contribution Plan Employer Matching Contribution Vesting Period | 4 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 338 | $ 347 | |
The Ambrell Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 35 | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% |
Note 16 - Segment Information74
Note 16 - Segment Information (Details Textual) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Reportable Segments | 2 | 3 |
Note 16 - Segment Information -
Note 16 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | [3] | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net revenues | $ 19,381 | $ 17,352 | $ 15,888 | $ 14,180 | $ 10,272 | $ 10,823 | $ 10,485 | $ 8,647 | $ 66,801 | $ 40,227 | ||
Depreciation/amortization | 1,779 | 599 | ||||||||||
Operating income (loss) | 3,611 | 4,146 | ||||||||||
Earnings (loss) before income tax expense (benefit) | (4,511) | 2,841 | 2,336 | 3,172 | 1,613 | 1,721 | 749 | 124 | 3,838 | 4,207 | ||
Income tax expense (benefit) | 55 | 823 | 891 | 1,094 | 612 | 631 | 263 | 43 | 2,863 | 1,549 | ||
Net earnings (loss) | $ (4,566) | $ 2,018 | $ 1,445 | $ 2,078 | $ 1,001 | $ 1,090 | $ 486 | $ 81 | 975 | 2,658 | ||
Capital expenditures | 745 | 339 | ||||||||||
Corporate, Non-Segment [Member] | ||||||||||||
Operating income (loss) | (2,397) | (1,053) | ||||||||||
Earnings (loss) before income tax expense (benefit) | (2,345) | (1,007) | ||||||||||
Income tax expense (benefit) | (621) | (371) | ||||||||||
Net earnings (loss) | (1,724) | (636) | ||||||||||
Thermal Products [Member] | Operating Segments [Member] | ||||||||||||
Net revenues | 42,233 | 24,033 | ||||||||||
Depreciation/amortization | 1,628 | 440 | ||||||||||
Operating income (loss) | (822) | 4,210 | ||||||||||
Earnings (loss) before income tax expense (benefit) | (686) | 4,193 | ||||||||||
Income tax expense (benefit) | 1,665 | 1,544 | ||||||||||
Net earnings (loss) | (2,351) | 2,649 | ||||||||||
Capital expenditures | 659 | 262 | ||||||||||
EMS [Member] | Operating Segments [Member] | ||||||||||||
Net revenues | 24,568 | 16,194 | ||||||||||
Depreciation/amortization | 151 | 159 | ||||||||||
Operating income (loss) | 6,830 | 989 | ||||||||||
Earnings (loss) before income tax expense (benefit) | 6,869 | 1,021 | ||||||||||
Income tax expense (benefit) | 1,819 | 376 | ||||||||||
Net earnings (loss) | 5,050 | 645 | ||||||||||
Capital expenditures | $ 86 | $ 77 | ||||||||||
[1] | The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes. | |||||||||||
[2] | The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11. | |||||||||||
[3] | The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable. |
Note 16 - Segment Information76
Note 16 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Identifiable assets: | ||
Identifiable Assets | $ 62,493 | $ 42,844 |
Thermal Products [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 50,408 | 19,893 |
EMS [Member] | ||
Identifiable assets: | ||
Identifiable Assets | $ 12,085 | $ 22,951 |
Note 16 - Segment Information77
Note 16 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | [3] | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net revenues | $ 19,381 | $ 17,352 | $ 15,888 | $ 14,180 | $ 10,272 | $ 10,823 | $ 10,485 | $ 8,647 | $ 66,801 | $ 40,227 | ||
UNITED STATES | ||||||||||||
Net revenues | 20,205 | 13,061 | ||||||||||
Foreign [Member] | ||||||||||||
Net revenues | $ 46,596 | $ 27,166 | ||||||||||
[1] | The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes. | |||||||||||
[2] | The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11. | |||||||||||
[3] | The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable. |
Note 16 - Segment Information78
Note 16 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property and equipment: | ||
Property and Equipment | $ 1,541 | $ 944 |
UNITED STATES | ||
Property and equipment: | ||
Property and Equipment | 991 | 691 |
Foreign [Member] | ||
Property and equipment: | ||
Property and Equipment | $ 550 | $ 253 |
Note 17 - Quarterly Consolida79
Note 17 - Quarterly Consolidated Financial Data (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 7,525 | $ (549) | $ 1,621 |
Note 17 - Quarterly Consolida80
Note 17 - Quarterly Consolidated Financial Data - Quarterly Consolidated Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | [3] | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net revenues | $ 19,381 | $ 17,352 | $ 15,888 | $ 14,180 | $ 10,272 | $ 10,823 | $ 10,485 | $ 8,647 | $ 66,801 | $ 40,227 | ||
Gross margin | 9,745 | 8,796 | 8,421 | 7,728 | 5,405 | 5,577 | 5,329 | 4,067 | 34,690 | 20,378 | ||
Earnings (loss) before income tax expense | (4,511) | 2,841 | 2,336 | 3,172 | 1,613 | 1,721 | 749 | 124 | 3,838 | 4,207 | ||
Income tax expense | 55 | 823 | 891 | 1,094 | 612 | 631 | 263 | 43 | 2,863 | 1,549 | ||
Net earnings (loss) | $ (4,566) | $ 2,018 | $ 1,445 | $ 2,078 | $ 1,001 | $ 1,090 | $ 486 | $ 81 | $ 975 | $ 2,658 | ||
Net earnings (loss)per common share - basic (in dollars per share) | $ (0.44) | $ 0.20 | $ 0.14 | $ 0.20 | $ 0.10 | $ 0.11 | $ 0.05 | $ 0.01 | $ 0.09 | $ 0.26 | ||
Weighted average common shares outstanding - basic (in shares) | 10,308,243 | 10,288,325 | 10,277,155 | 10,264,565 | 10,273,702 | 10,295,447 | 10,295,836 | 10,390,002 | 10,284,572 | 10,313,747 | ||
Net earnings (loss) per common share - diluted (in dollars per share) | $ (0.44) | $ 0.19 | $ 0.14 | $ 0.20 | $ 0.10 | $ 0.11 | $ 0.05 | $ 0.01 | $ 0.09 | $ 0.26 | ||
Weighted average common shares outstanding - diluted (in shares) | 10,308,243 | 10,351,009 | 10,334,894 | 10,295,337 | 10,297,439 | 10,318,715 | 10,310,692 | 10,404,244 | 10,339,313 | 10,332,920 | ||
[1] | The quarter ended December 31, 2017 includes a $7,525 increase in the fair value of contingent consideration, which was not deductible for tax purposes. | |||||||||||
[2] | The quarter ended December 31, 2017 includes adjustments related to tax legislation enacted in December 2017, as discussed in Note 2 and 11. | |||||||||||
[3] | The quarter ended September 30, 2017 includes a $549 reduction in the fair value of contingent consideration, which was not taxable. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts [Member] | ||
Balance at Beginning of Period | $ 146 | $ 146 |
Expense (Recovery) | 68 | |
Deductions | (1) | |
Balance at End of Period | 213 | 146 |
Warranty Reserves [Member] | ||
Balance at Beginning of Period | 125 | 94 |
Expense (Recovery) | 209 | 125 |
Deductions | (101) | (94) |
Balance at End of Period | $ 233 | $ 125 |