Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001036262 | |
Entity Registrant Name | INTEST CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-36117 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-2370659 | |
Entity Address, Address Line One | 804 East Gate Drive, Suite 200 | |
Entity Address, City or Town | Mt. Laurel | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08054 | |
City Area Code | 856 | |
Local Phone Number | 505-8800 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | INTT | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,005,180 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 17,211 | $ 21,195 |
Trade accounts receivable, net of allowance for doubtful accounts of $212 and $213, respectively | 17,292 | 16,536 |
Inventories | 14,913 | 12,863 |
Prepaid expenses and other current assets | 1,853 | 1,483 |
Total current assets | 51,269 | 52,077 |
Property and equipment: | ||
Machinery and equipment | 5,801 | 5,733 |
Leasehold improvements | 3,193 | 3,001 |
Gross property and equipment | 8,994 | 8,734 |
Less: accumulated depreciation | (6,190) | (6,046) |
Net property and equipment | 2,804 | 2,688 |
Right-of-use assets, net | 5,657 | 5,919 |
Goodwill | 21,863 | 21,448 |
Net Carrying Amount | 20,905 | 21,634 |
Restricted certificates of deposit | 100 | 100 |
Other assets | 336 | 39 |
Total assets | 102,934 | 103,905 |
Current liabilities: | ||
Current portion of Term Note | 4,100 | 4,100 |
Current portion of operating lease liabilities | 1,444 | 1,371 |
Accounts payable | 5,896 | 4,281 |
Accrued wages and benefits | 2,898 | 4,080 |
Accrued professional fees | 527 | 1,048 |
Customer deposits and deferred revenue | 5,425 | 6,038 |
Accrued sales commissions | 842 | 863 |
Domestic and foreign income taxes payable | 1,625 | 2,024 |
Other current liabilities | 1,390 | 1,267 |
Total current liabilities | 24,147 | 25,072 |
Operating lease liabilities, net of current portion | 4,876 | 5,248 |
Term Note, net of current portion | 15,117 | 16,000 |
Deferred tax liabilities | 941 | 1,379 |
Contingent consideration | 1,369 | 930 |
Other liabilities | 483 | 453 |
Total liabilities | 46,933 | 49,082 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
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; 10,995,194 and 10,910,460 shares issued, respectively | 110 | 109 |
Additional paid-in capital | 30,358 | 29,931 |
Retained earnings | 24,970 | 24,393 |
Accumulated other comprehensive earnings | 767 | 594 |
Treasury stock, at cost; 33,077 shares | (204) | (204) |
Total stockholders' equity | 56,001 | 54,823 |
Total liabilities and stockholders' equity | $ 102,934 | $ 103,905 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 212 | $ 213 |
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) | 10,995,194 | 10,910,460 |
Treasury stock, shares (in shares) | 33,077 | 33,077 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 24,081 | $ 19,556 |
Cost of revenue | 13,068 | 10,035 |
Gross profit | 11,013 | 9,521 |
Operating expenses: | ||
Selling expense | 3,456 | 2,403 |
Engineering and product development expense | 1,924 | 1,322 |
General and administrative expense | 4,831 | 3,161 |
Restructuring and other charges | 0 | 55 |
Total operating expenses | 10,211 | 6,941 |
Operating income | 802 | 2,580 |
Other expense | (147) | (2) |
Earnings before income tax expense | 655 | 2,578 |
Income tax expense | 78 | 366 |
Net earnings | $ 577 | $ 2,212 |
Earnings per common share – basic (in dollars per share) | $ 0.05 | $ 0.21 |
Weighted average common shares outstanding – basic (in shares) | 10,617,271 | 10,329,449 |
Earnings per common share – diluted (in dollars per share) | $ 0.05 | $ 0.21 |
Weighted average common shares and common share equivalents outstanding – diluted (in shares) | 10,842,592 | 10,525,826 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net earnings | $ 577 | $ 2,212 |
Unrealized gain on interest rate swap agreement | 289 | 0 |
Foreign currency translation adjustments | (116) | (101) |
Comprehensive earnings | $ 750 | $ 2,111 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 2020 | 10,562,200 | |||||
Balance at Dec. 31, 2020 | $ 106 | $ 26,851 | $ 17,110 | $ 889 | $ (204) | $ 44,752 |
Net earnings | 0 | 0 | 2,212 | 0 | 0 | 2,212 |
Other comprehensive earnings (loss) | 0 | 0 | 0 | (101) | 0 | (101) |
Amortization of deferred compensation related to stock-based awards | $ 0 | 269 | 0 | 0 | 0 | 269 |
Issuance of unvested shares of restricted stock (in shares) | 81,468 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | |
Stock options exercised (in shares) | 99,740 | |||||
Stock options exercised | $ 1 | 716 | 0 | 0 | 0 | 717 |
Balance (in shares) at Mar. 31, 2021 | 10,743,408 | |||||
Balance at Mar. 31, 2021 | $ 108 | 27,835 | 19,322 | 788 | (204) | 47,849 |
Balance (in shares) at Dec. 31, 2021 | 10,910,460 | |||||
Balance at Dec. 31, 2021 | $ 109 | 29,931 | 24,393 | 594 | (204) | 54,823 |
Net earnings | 0 | 0 | 577 | 0 | 0 | 577 |
Other comprehensive earnings (loss) | 0 | 0 | 0 | 173 | 0 | 173 |
Amortization of deferred compensation related to stock-based awards | $ 0 | 372 | 0 | 0 | 0 | 372 |
Issuance of unvested shares of restricted stock (in shares) | 79,489 | |||||
Issuance of unvested shares of restricted stock | $ 1 | (1) | 0 | 0 | 0 | |
Shares issued under Employee Stock Purchase Plan (in shares) | 5,245 | |||||
Shares issued under Employee Stock Purchase Plan | $ 0 | 56 | 0 | 0 | 0 | $ 56 |
Stock options exercised (in shares) | 0 | |||||
Balance (in shares) at Mar. 31, 2022 | 10,995,194 | |||||
Balance at Mar. 31, 2022 | $ 110 | $ 30,358 | $ 24,970 | $ 767 | $ (204) | $ 56,001 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings | $ 577 | $ 2,212 |
Adjustments to reconcile net earnings to net cash used in operating activities: | ||
Depreciation and amortization | 1,279 | 740 |
Provision for excess and obsolete inventory | 123 | 39 |
Foreign exchange loss | 40 | 8 |
Amortization of deferred compensation related to stock-based awards | 372 | 269 |
Loss on disposal of property and equipment | 0 | 22 |
Proceeds from sale of demonstration equipment, net of gain | 19 | 7 |
Deferred income tax benefit | (438) | (9) |
Changes in assets and liabilities: | ||
Trade accounts receivable | (832) | (5,082) |
Inventories | (2,177) | (783) |
Prepaid expenses and other current assets | (374) | 212 |
Other assets | (8) | (8) |
Accounts payable | 1,592 | 1,235 |
Accrued wages and benefits | (1,179) | 103 |
Accrued professional fees | (520) | (261) |
Customer deposits and deferred revenue | (608) | 799 |
Accrued sales commissions | (20) | 232 |
Operating lease liabilities | (346) | (343) |
Domestic and foreign income taxes payable | (395) | 335 |
Other current liabilities | 40 | (57) |
Other liabilities | 60 | (7) |
Net cash used in operating activities | (2,795) | (337) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (335) | (388) |
Net cash used in investing activities | (335) | (388) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from shares sold under Employee Stock Purchase Plan | 56 | 0 |
Proceeds from stock options exercised | 0 | 717 |
Net cash provided by (used in) financing activities | (827) | 717 |
Effects of exchange rates on cash | (27) | (74) |
Net cash used in all activities | (3,984) | (82) |
Cash and cash equivalents at beginning of period | 21,195 | 10,277 |
Cash and cash equivalents at end of period | 17,211 | 10,195 |
Cash payments for: | ||
Domestic and foreign income taxes | 966 | 41 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES: | ||
Increase in liability for contingent consideration | 500 | |
Increase in fair value of intangible assets | (49) | |
Increase in goodwill | (451) | |
Term Note [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of Term Note | $ (883) | $ 0 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | ( 1 NATURE OF OPERATIONS We are a global supplier of innovative test and process solutions for use in manufacturing and testing across a wide range of markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. During the year ended December 31, 2021, 15, January 1, 2022, 2022, three The consolidated entity is comprised of inTEST Corporation and our wholly-owned subsidiaries. We manufacture our products in the U.S, Canada and the Netherlands. Marketing and support activities are conducted worldwide from our facilities in the U.S., Canada, Germany, Singapore, the Netherlands and the U.K. We operate our business worldwide and sell our products both domestically and internationally. All of our operating segments have multiple products that we design, manufacture and market to our customers. Due to a number of factors, our products have varying levels of gross margin. The mix of products we sell in any period is ultimately determined by our customers' needs. Therefore, the mix of products sold in any given period can change significantly from the prior period. In addition, we sell our products to a variety of different types of customers with varying levels of discounts and commission expense. As a result of changes in both the mix of products sold as well as customer mix in any given period, our consolidated gross margin can vary significantly from period to period. The semiconductor market (“semi” or the “semi market”) which includes both the broader semiconductor market, as well as the more specialized automated test equipment (“ATE”) and wafer processing sectors within the broader semiconductor market, has historically been the largest single market in which we operate. The semi market is characterized by rapid technological change, competitive pricing pressures and cyclical as well as seasonal market patterns. The semi market is also subject to periods of significant expansion or contraction in demand. In addition to the semi market, we sell into a variety of other markets. Our intention is to continue diversifying our markets, our product offerings within the markets we serve and our customer base across all of our markets with the goal of reducing our dependence on any one Our Electronic Test segment sells its products to semiconductor manufacturers and third third December 2021, Our financial results are affected by a wide variety of factors, including, but not may may may not may not may not may COVID- 19 With respect to the COVID- 19 no 19 19 may one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Form 10 December 31, 2021 ( “2021 10 March 23, 2022 Reclassification Subsequent Events no three March 31, 2022. Business Combinations third Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our credit facility and our interest rate swap are discussed further below and in Note 11. 820 820 3 4 Goodwill, Intangible and Long-Lived Assets 1 15, December 31, 2021, January 1, 2022, 2022, We account for goodwill and intangible assets in accordance with ASC Topic 350 fourth may not not not not not The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Indefinite-lived intangible assets are assessed for impairment annually at the beginning of the fourth not not no Long-lived assets, which consist of finite-lived intangible assets, property and equipment and right-of-use (“ROU”) assets, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not no Revenue Recognition 606 may Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do not 30 90 not Nature of Products and Services We are a global supplier of innovative test and process solutions for use in manufacturing and testing in targeted markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences (formerly Z-Sciences) product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT and EASYHEAT products. As a result of the acquisition of Videology, we sell industrial-grade circuit board mounted video digital cameras and related devices, systems and software. We sell semiconductor ATE interface solutions which include manipulators, docking hardware and electrical interface products. As a result of the acquisition of Acculogic, we sell robotics-based electronic production test equipment. We provide post-warranty service and support for the equipment we sell. We sell semiconductor ATE interface solutions and certain thermal management products to the semi market. We also sell many of our products to various other markets including the automotive, defense/aerospace, industrial, life sciences and security markets. We lease certain of our equipment under short-term leasing agreements with original lease terms of six not Types of Contracts with Customers Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do not Contract Balances We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in current assets on our balance sheet. To the extent that we do not The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, if any, historical experience, and other currently available evidence. Costs to Obtain a Contract with a Customer The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or third third not Product Warranties In connection with the sale of our products, we generally provide standard one two not not See Notes 7 15 Inventories Inventories are valued at cost on a first first not three not twenty-four three March 31, 2022 2021, Leases We account for leases in accordance with ASC Topic 842 may not not 842. not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. None may not We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing 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 not Operating lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows. Amortization of ROU assets is presented separately from the change in operating lease liabilities and is included in depreciation and amortization on our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 10 Interest Rate Swap Agreement We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Notes 4 11. 815 Contingent Liability for Repayment of State and Local Grant Funds Received In connection with leasing a facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, three March 31, 2022. 2024. may March 31, 2022, not no March 31, 2022. March 31, 2022, Stock-Based Compensation 718 12. Income Taxes not not Earnings (Loss) 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 (loss) per share because their effect was anti-dilutive: Three Months Ended March 31, 2022 2021 Weighted average common shares outstanding–basic 10,617,271 10,329,449 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 225,321 196,377 Weighted average common shares and common share equivalents outstanding–diluted 10,842,592 10,525,826 Average number of potentially dilutive securities excluded from calculation 318,574 347,068 Effect of Recently Issued Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. |
Note 3 - Acquisitions
Note 3 - Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 3 ACQUISITIONS Z-Sciences As discussed further in Note 3 2021 10 October 6, 2021, 2004. 2022. March 31, 2022, one March 31, 2022 October 2022. March 31, 2022 2022 2026. The acquisition of Z-Sciences has been accounted for as a business combination using purchase accounting, and, accordingly, the results of Z-Sciences have been included in our consolidated results of operations from the date of acquisition. The allocation of the Z-Sciences’ purchase price was based on fair values as of October 6, 2021. 3 2021 10 Unaudited pro forma information which would give effect to the acquisition of Z-Sciences as if the acquisition occurred on January 1, 2021 not Videology As discussed further in Note 3 2021 10 October 28, 2021, The acquisition of Videology has been accounted for as a business combination using purchase accounting, and, accordingly, the results of Videology have been included in our consolidated results of operations from the date of acquisition. The allocation of the Videology purchase price was based on fair values as of October 27, 2021. 3 2021 10 The following unaudited pro forma information gives effect to the acquisition of Videology as if the acquisition occurred on January 1, 2021. not may not Three Months Ended March 31, 2021 Revenue $ 21,855 Net earnings $ 2,832 Diluted earnings per share $ 0.27 The pro forma results shown above do not Acculogic As discussed further in Note 3 2021 10 December 21, 2021, may five 2022 2026. five March 31, 2022. The acquisition of Acculogic has been accounted for as a business combination using purchase accounting, and, accordingly, the results of Acculogic have been included in our consolidated results of operations from the date of acquisition. The allocation of the purchase price for Acculogic is not not second 2022. The preliminary allocation of the Acculogic purchase price which is presented below was based on estimated fair values as of December 21, 2021. December 31, 2021, third first 2022, not 2021 10 2021 10 five 2022 2026. The excess of the purchase price over the identifiable intangible and net tangible assets was allocated to goodwill and is not The total purchase price of $9,797, which includes $1,430 for the estimated fair value of contingent consideration, has been allocated as follows: Goodwill $ 3,363 Identifiable intangible assets 5,123 Tangible assets acquired and liabilities assumed: Cash 312 Trade accounts receivable 2,630 Inventories 1,329 Other current assets 240 Property and equipment 156 Accounts payable (406 ) Accrued expenses (2,950 ) Total purchase price $ 9,797 Further information about the intangible assets recorded as a result of the acquisition is discussed in Note 3 2021 10 The following unaudited pro forma information gives effect to the acquisition of Acculogic as if the acquisition occurred on January 1, 2021. not may not Three Months Ended March 31, 2021 Revenue $ 22,286 Net earnings $ 2,185 Diluted earnings per share $ 0.21 The pro forma results shown above do not |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 4 FAIR VALUE MEASUREMENTS ASC Topic 820 ASC Topic 820 820 three Level 1 Level 2 not Level 3 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 interest rate swap agreement we entered into in connection with our Term Note, as discussed further in Notes 2 11 2 3 October 6, 2021 December 21, 2021. 3. December 31, 2021, 3. three March 31, 2022 The following fair value hierarchy table presents information about liabilities measured at fair value on a recurring basis: Amounts at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 As of March 31, 2022 Contingent consideration liability – Z-Sciences $ 179 $ - $ - $ 179 Contingent consideration liability – Acculogic $ 1,478 $ - $ - $ 1,478 Interest rate swap $ 289 $ - $ 289 $ - Changes in the fair value of our Level 3 three March 31, 2022 Three Months Ended March 31, 2022 Balance at beginning of period $ 1,109 Adjustment to contingent consideration liability in connection with the acquisition of Acculogic 500 Impact of foreign currency translation adjustments 48 Balance at end of period $ 1,657 |
Note 5 - Restructuring and Othe
Note 5 - Restructuring and Other Charges | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | ( 5 RESTRUCTURING AND OTHER CHARGES During 2021, 5 2021 10 three March 31, 2022. first 2021, Accrued Restructuring The liability for accrued restructuring charges at March 31, 2022 5 2021 10 second 2022. three March 31, 2022 Balance - January 1, 2022 $ 70 Cash payments (7 ) Balance - March 31, 2022 $ 63 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 6 GOODWILL AND INTANGIBLE ASSETS We have three Goodwill three March 31, 2022 Balance - January 1, 2022 $ 21,448 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 for contingent consideration and intangible assets related to acquisition of Acculogic (see Note 3) 451 Impact of foreign currency translation adjustments (36 ) Balance - March 31, 2022 $ 21,863 Goodwill was comprised of the following at March 31, 2022 December 31, 2021: March 31, December 31, 2022 2021 Electronic Test: Acculogic $ 3,566 $ 3,055 Environmental Technologies: Sigma 1,656 1,656 Thermonics 50 50 Z-Sciences 111 111 Total Environmental Technologies 1,817 1,817 Process Technologies: Ambrell 12,032 12,032 Videology 4,448 4,544 Total Process Technologies 16,480 16,576 Total goodwill $ 21,863 $ 21,448 Intangible Assets three March 31, 2022 Balance - January 1, 2022 $ 8,428 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3) 20 Impact of foreign currency translation adjustments 2 Balance - March 31, 2022 $ 8,450 Changes in the amount of the carrying value of finite-lived intangible assets for the three March 31, 2022 Balance - January 1, 2022 $ 13,206 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3) 29 Impact of foreign currency translation adjustments 2 Amortization (782 ) Balance - March 31, 2022 $ 12,455 Intangible assets were allocated to our reporting segments at March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Electronic Test: Acculogic $ 4,973 $ 5,074 Environmental Technologies: Sigma 510 510 Thermonics 3 5 Z-Sciences 365 378 Total Environmental Technologies 878 893 Process Technologies: Ambrell 10,375 10,680 Videology 4,679 4,987 Total Process Technologies 15,054 15,667 Total intangible assets $ 20,905 $ 21,634 The following tables provide further detail about our intangible assets as of March 31, 2022 December 31, 2021: March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 16,566 $ 6,634 $ 9,932 Technology 2,971 682 2,289 Patents 590 587 3 Backlog 507 276 231 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 21,044 8,589 12,455 Indefinite-lived intangible assets: Trademarks 8,450 - 8,450 Total intangible assets $ 29,494 $ 8,589 $ 20,905 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 16,544 $ 6,160 $ 10,384 Technology 2,950 569 2,381 Patents 590 585 5 Backlog 521 85 436 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 21,015 7,809 13,206 Indefinite-lived intangible assets: Trademarks 8,428 - 8,428 Total intangible assets $ 29,443 $ 7,809 $ 21,634 We generally amortize our finite-lived intangible assets over their estimated useful lives based on the pattern in which the economic benefits of the intangible assets are expected to be consumed, or on a straight-line basis, if an alternate amortization method cannot be reliably determined. Any such alternate amortization method would. None The following table sets forth the estimated annual amortization expense for each of the next five 2022 (remainder) $ 1,937 2023 $ 2,137 2024 $ 2,013 2025 $ 1,799 2026 $ 1,188 |
Note 7 - Revenue From Contracts
Note 7 - Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 7 REVENUE FROM CONTRACTS WITH CUSTOMERS The following tables provide additional information about our revenue from contracts with customers, including revenue by customer and product type and revenue by market. The information about revenue by market for the three March 31, 2021 15 Three Months Ended March 31, 2022 2021 Revenue by customer type: End user $ 19,579 $ 17,660 OEM/Integrator 4,502 1,896 $ 24,081 $ 19,556 Revenue by product type: Thermal test $ 5,057 $ 4,305 Thermal process 7,465 5,566 Semiconductor test 6,348 8,320 Video imaging 1,851 - Flying probe and in-circuit testers 1,688 - Service/other 1,672 1,365 $ 24,081 $ 19,556 Revenue by market: Semiconductor $ 13,390 $ 13,320 Industrial 2,799 1,427 Automotive (including Electric Vehicles) 2,756 1,327 Defense/aerospace 1,493 1,252 Life Sciences 699 643 Security 574 - Other 2,370 1,587 $ 24,081 $ 19,556 There were no significant changes in the amount of the allowance for doubtful accounts for the three March 31, 2022. |
Note 8 - Major Customers
Note 8 - Major Customers | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 8 MAJOR CUSTOMERS During the three March 31, 2022, no 10% three March 31, 2021, No 10% three March 31, 2021. |
Note 9 - Inventories
Note 9 - Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 9 INVENTORIES Inventories held at March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Raw materials $ 11,179 $ 10,403 Work in process 1,562 1,250 Inventory consigned to others 44 44 Finished goods 2,128 1,166 Total inventories $ 14,913 $ 12,863 |
Note 10 - Leases
Note 10 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 10 LEASES As previously discussed in Note 2, 842. 2031. three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 Operating lease cost $ 326 $ 324 Short-term lease cost $ 30 $ 8 The following is additional information about our leases as of March 31, 2022: Range of remaining lease terms (in years) 1.0 to 9.1 Weighted average remaining lease term (in years) 5.5 Weighted average discount rate 4.2% Maturities of lease liabilities as of March 31, 2022 2022 $ 1,227 2023 1,636 2024 1,573 2025 735 2026 467 Thereafter 1,378 Total lease payments $ 7,016 Less imputed interest (696 ) Total $ 6,320 Cash Flow Information Total amortization of ROU assets for the three March 31, 2022 2021 During the three March 31, 2022, April 1, 2022 March 31, 2024. |
Note 11 - Debt
Note 11 - Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 11 DEBT Letters of Credit 30 not one March 31, 2022 December 31, 2021 L/C Lease Letters of Credit Amount Outstanding Facility Original L/C Issue Date Expiration Date Expiration Date Mar. 31, 2022 Dec. 31, 2021 Mt. Laurel, NJ 3/29/2010 4/30/2023 4/30/2031 $ 50 $ 50 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 100 Credit Facility On October 15, 2021 ( “October 2021 October 2021 October 2021 five October 15, 2026 ( two March 31, 2022, not three March 31, 2022 no three March 31, 2021. The principal balance of the revolving credit facility and the principal balance of any amount drawn under the Term Note will accrue interest based on the secured overnight financing rate for U.S. government securities (“SOFR”) or a bank-defined base rate plus an applicable margin, depending on leverage. Each draw under the Term Note will have an option for us of either (i) up to a five five seven five October 2021 The October 2021 not October 2021 October 2021 October 2021 On October 28, 2021, five On December 29, 2021, not March 31, 2022 April, 1 2022 The following table sets forth the maturities of long-term debt for each of the next five 2022 (remainder) $ 3,217 2023 4,100 2024 4,100 2025 4,100 2026 3,700 $ 19,217 |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation Plan | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 12 STOCK-BASED COMPENSATION PLAN As of March 31, 2022, 15 2021 10 Our unvested restricted stock awards and stock options are accounted for based on their grant date fair value. As of March 31, 2022, The following table summarizes the compensation expense we recorded during the three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Cost of revenue $ 11 $ - Selling expense 7 3 Engineering and product development expense 19 10 General and administrative expense 335 256 $ 372 $ 269 There was no compensation expense capitalized in three March 31, 2022 2021. Stock Options No may ten four three March 31, 2022 2021 2022 2021 Risk-free interest rate 1.81 % 1.00 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .54 .49 Weighted average expected life of stock options (years) 6.25 6.25 The per share weighted average fair value of stock options issued during the three March 31, 2022 2021 The following table summarizes the activity related to stock options for the three March 31, 2022: Number of Shares Weighted Average Exercise Price Options outstanding, January 1, 2022 ( 59,195 408,869 9.07 Granted 38,540 9.76 Exercised - - Canceled - - Options outstanding, March 31, 2022 ( 101,670 447,409 9.13 Restricted Stock Awards four one March 31, June 30, September 30, December 31 Since August 2020, January 1, 2022 15 2021 10 no March 31, 2022. On March 9, 2022, third March 9, 2022. March 31, 2022, The following table summarizes the activity related to unvested restricted stock awards for the three March 31, 2022: Number of Shares Weighted Average Grant Date Fair Value Unvested shares outstanding, January 1, 2022 262,533 7.16 Granted 79,489 10.03 Vested (18,467 ) 9.21 Forfeited - - Unvested shares outstanding, March 31, 2022 323,555 7.69 The total fair value of the restricted stock awards that vested during the three March 31, 2022 2021 |
Note 13 - Employee Stock Purcha
Note 13 - Employee Stock Purchase Plan | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Employee Stock Purchase Plan [Text Block] | ( 13 EMPLOYEE STOCK PURCHASE PLAN The inTEST Corporation Employee Stock Purchase Plan (the “ESPP”) was adopted by the Board in April 2021 June 23, 2021 October 1, 2021. The ESPP provides that an aggregate of up to 250,000 shares of our common stock will be available for issuance under the ESPP. The shares of our common stock purchasable under the ESPP will be shares of authorized but unissued or reacquired shares, including shares repurchased by us on the open market. On March 31, 2022, March 31, 2022, |
Note 14 - Employee Benefit Plan
Note 14 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 14 EMPLOYEE BENEFIT PLANS We have defined contribution 401 18 four three March 31, 2022 2021 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 six three March 31, 2022 2021 |
Note 15 - Segment Information
Note 15 - Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 15 SEGMENT INFORMATION During the year ended December 31, 2021, 1, January 1, 2022, fourth 2021, 2022, three Our management team, including our CEO who is also our Chief Operating Decision Maker as defined under U.S. GAAP, evaluates the performance of our operating segments primarily on income from divisional operations which represents earnings before income tax expense and excludes other income (expense), corporate expenses and acquired intangible amortization. Three Months Ended March 31, 2022 2021 Revenue: Electronic Test $ 8,778 $ 8,501 Environmental Technologies 6,993 6,198 Process Technologies 8,310 4,857 Total revenue $ 24,081 $ 19,556 Income from divisional operations: Electronic Test $ 1,887 $ 2,987 Environmental Technologies 802 923 Process Technologies 730 456 Total income from divisional operations 3,419 4,366 Corporate expenses (1,835 ) (1,482 ) Acquired intangible amortization (782 ) (304 ) Other income (expense) (147 ) (2 ) Earnings before income tax expense $ 655 $ 2,578 March 31, December 31, 2022 2021 Identifiable assets: Electronic Test $ 28,319 $ 26,251 Environmental Technologies 15,736 15,411 Process Technologies 51,737 52,120 Corporate 7,142 10,123 $ 102,934 $ 103,905 The following table provides information about our geographic areas of operation. Revenue is based on the location to which the goods are shipped. Three Months Ended March 31, 2022 2021 Revenue: U.S. $ 9,234 $ 5,747 Foreign 14,847 13,809 $ 24,081 $ 19,556 March 31, December 31, 2022 2021 Property and equipment: U.S. $ 2,433 $ 2,346 Foreign 371 342 $ 2,804 $ 2,688 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Use Of Estimates [Policy Text Block] | Basis of Presentation and Use of Estimates In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Form 10 December 31, 2021 ( “2021 10 March 23, 2022 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events no three March 31, 2022. |
Business Combinations Policy [Policy Text Block] | Business Combinations third |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, our credit facility, interest rate swaps and our liabilities for contingent consideration. Our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at cost which approximates fair value, due to the short maturities of the accounts. Our credit facility and our interest rate swap are discussed further below and in Note 11. 820 820 3 4 |
Goodwill Intangible And Long Lived Assets [Policy Text Block] | Goodwill, Intangible and Long-Lived Assets 1 15, December 31, 2021, January 1, 2022, 2022, We account for goodwill and intangible assets in accordance with ASC Topic 350 fourth may not not not not not The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Indefinite-lived intangible assets are assessed for impairment annually at the beginning of the fourth not not no Long-lived assets, which consist of finite-lived intangible assets, property and equipment and right-of-use (“ROU”) assets, are assessed for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not no |
Revenue [Policy Text Block] | Revenue Recognition 606 may Revenue is recorded in an amount that reflects the consideration we expect to receive in exchange for those products or services. We do not 30 90 not Nature of Products and Services We are a global supplier of innovative test and process solutions for use in manufacturing and testing in targeted markets including automotive, defense/aerospace, industrial, life sciences, security and semiconductor. We sell thermal management products including ThermoStreams, ThermoChambers, process chillers, refrigerators and freezers, which we sell under our Temptronic, Sigma, Thermonics and North Sciences (formerly Z-Sciences) product lines, and Ambrell Corporation’s (“Ambrell”) precision induction heating systems, including EKOHEAT and EASYHEAT products. As a result of the acquisition of Videology, we sell industrial-grade circuit board mounted video digital cameras and related devices, systems and software. We sell semiconductor ATE interface solutions which include manipulators, docking hardware and electrical interface products. As a result of the acquisition of Acculogic, we sell robotics-based electronic production test equipment. We provide post-warranty service and support for the equipment we sell. We sell semiconductor ATE interface solutions and certain thermal management products to the semi market. We also sell many of our products to various other markets including the automotive, defense/aerospace, industrial, life sciences and security markets. We lease certain of our equipment under short-term leasing agreements with original lease terms of six not Types of Contracts with Customers Our contracts with customers are generally structured as individual purchase orders which specify the exact products or services being sold or equipment being leased along with the selling price, service fee or monthly lease amount for each individual item on the purchase order. Payment terms and any other customer-specific acceptance criteria are also specified on the purchase order. We generally do not Contract Balances We record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in current assets on our balance sheet. To the extent that we do not The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, if any, historical experience, and other currently available evidence. Costs to Obtain a Contract with a Customer The only costs we incur associated with obtaining contracts with customers are sales commissions that we pay to our internal sales personnel or third third not Product Warranties In connection with the sale of our products, we generally provide standard one two not not See Notes 7 15 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at cost on a first first not three not twenty-four three March 31, 2022 2021, |
Lessee, Leases [Policy Text Block] | Leases We account for leases in accordance with ASC Topic 842 may not not 842. not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. None may not We have lease agreements which contain both lease and non-lease components, which are generally accounted for separately. In addition to the monthly rental payments due, most of our leases for our offices and warehouse facilities include non-lease components representing 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 not Operating lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows. Amortization of ROU assets is presented separately from the change in operating lease liabilities and is included in depreciation and amortization on our consolidated statements of cash flows. We have made an accounting policy election not 842 one See Note 10 |
Derivatives, Policy [Policy Text Block] | Interest Rate Swap Agreement We are exposed to interest rate risk on our floating-rate debt. We have entered into an interest rate swap agreement to effectively convert our floating-rate debt to a fixed-rate basis for a portion of our floating rate debt, as discussed further in Notes 4 11. 815 |
Contingent Liability, Repayment of State and Local Grant Funds Received, Policy [Policy Text Block] | Contingent Liability for Repayment of State and Local Grant Funds Received In connection with leasing a facility in Rochester, New York, which our subsidiary, Ambrell, occupied in May 2018, three March 31, 2022. 2024. may March 31, 2022, not no March 31, 2022. March 31, 2022, |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation 718 12. |
Income Tax, Policy [Policy Text Block] | Income Taxes not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) 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 (loss) per share because their effect was anti-dilutive: Three Months Ended March 31, 2022 2021 Weighted average common shares outstanding–basic 10,617,271 10,329,449 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 225,321 196,377 Weighted average common shares and common share equivalents outstanding–diluted 10,842,592 10,525,826 Average number of potentially dilutive securities excluded from calculation 318,574 347,068 |
New Accounting Pronouncements, Policy [Policy Text Block] | Effect of Recently Issued Amendments to Authoritative Accounting Guidance In June 2016, November 2019, December 15, 2022. first January 1, 2023. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2022 2021 Weighted average common shares outstanding–basic 10,617,271 10,329,449 Potentially dilutive securities: Unvested shares of restricted stock and employee stock options 225,321 196,377 Weighted average common shares and common share equivalents outstanding–diluted 10,842,592 10,525,826 Average number of potentially dilutive securities excluded from calculation 318,574 347,068 |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended March 31, 2021 Revenue $ 21,855 Net earnings $ 2,832 Diluted earnings per share $ 0.27 Three Months Ended March 31, 2021 Revenue $ 22,286 Net earnings $ 2,185 Diluted earnings per share $ 0.21 |
Acculogic [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Goodwill $ 3,363 Identifiable intangible assets 5,123 Tangible assets acquired and liabilities assumed: Cash 312 Trade accounts receivable 2,630 Inventories 1,329 Other current assets 240 Property and equipment 156 Accounts payable (406 ) Accrued expenses (2,950 ) Total purchase price $ 9,797 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Contingent consideration liability – Z-Sciences $ 179 $ - $ - $ 179 Contingent consideration liability – Acculogic $ 1,478 $ - $ - $ 1,478 Interest rate swap $ 289 $ - $ 289 $ - |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 2022 Balance at beginning of period $ 1,109 Adjustment to contingent consideration liability in connection with the acquisition of Acculogic 500 Impact of foreign currency translation adjustments 48 Balance at end of period $ 1,657 |
Note 5 - Restructuring and Ot_2
Note 5 - Restructuring and Other Charges (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Balance - January 1, 2022 $ 70 Cash payments (7 ) Balance - March 31, 2022 $ 63 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Changes in Goodwill [Table Text Block] | Balance - January 1, 2022 $ 21,448 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 for contingent consideration and intangible assets related to acquisition of Acculogic (see Note 3) 451 Impact of foreign currency translation adjustments (36 ) Balance - March 31, 2022 $ 21,863 |
Schedule of Goodwill [Table Text Block] | March 31, December 31, 2022 2021 Electronic Test: Acculogic $ 3,566 $ 3,055 Environmental Technologies: Sigma 1,656 1,656 Thermonics 50 50 Z-Sciences 111 111 Total Environmental Technologies 1,817 1,817 Process Technologies: Ambrell 12,032 12,032 Videology 4,448 4,544 Total Process Technologies 16,480 16,576 Total goodwill $ 21,863 $ 21,448 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2022 $ 8,428 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3) 20 Impact of foreign currency translation adjustments 2 Balance - March 31, 2022 $ 8,450 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Balance - January 1, 2022 $ 13,206 Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3) 29 Impact of foreign currency translation adjustments 2 Amortization (782 ) Balance - March 31, 2022 $ 12,455 |
Schedule Of Intangible Assets [Table Text Block] | March 31, December 31, 2022 2021 Electronic Test: Acculogic $ 4,973 $ 5,074 Environmental Technologies: Sigma 510 510 Thermonics 3 5 Z-Sciences 365 378 Total Environmental Technologies 878 893 Process Technologies: Ambrell 10,375 10,680 Videology 4,679 4,987 Total Process Technologies 15,054 15,667 Total intangible assets $ 20,905 $ 21,634 March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 16,566 $ 6,634 $ 9,932 Technology 2,971 682 2,289 Patents 590 587 3 Backlog 507 276 231 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 21,044 8,589 12,455 Indefinite-lived intangible assets: Trademarks 8,450 - 8,450 Total intangible assets $ 29,494 $ 8,589 $ 20,905 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 16,544 $ 6,160 $ 10,384 Technology 2,950 569 2,381 Patents 590 585 5 Backlog 521 85 436 Software 270 270 - Trade name 140 140 - Total finite-lived intangible assets 21,015 7,809 13,206 Indefinite-lived intangible assets: Trademarks 8,428 - 8,428 Total intangible assets $ 29,443 $ 7,809 $ 21,634 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2022 (remainder) $ 1,937 2023 $ 2,137 2024 $ 2,013 2025 $ 1,799 2026 $ 1,188 |
Note 7 - Revenue From Contrac_2
Note 7 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 2021 Revenue by customer type: End user $ 19,579 $ 17,660 OEM/Integrator 4,502 1,896 $ 24,081 $ 19,556 Revenue by product type: Thermal test $ 5,057 $ 4,305 Thermal process 7,465 5,566 Semiconductor test 6,348 8,320 Video imaging 1,851 - Flying probe and in-circuit testers 1,688 - Service/other 1,672 1,365 $ 24,081 $ 19,556 Revenue by market: Semiconductor $ 13,390 $ 13,320 Industrial 2,799 1,427 Automotive (including Electric Vehicles) 2,756 1,327 Defense/aerospace 1,493 1,252 Life Sciences 699 643 Security 574 - Other 2,370 1,587 $ 24,081 $ 19,556 |
Note 9 - Inventories (Tables)
Note 9 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2022 December 31, 2021 Raw materials $ 11,179 $ 10,403 Work in process 1,562 1,250 Inventory consigned to others 44 44 Finished goods 2,128 1,166 Total inventories $ 14,913 $ 12,863 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2022 2021 Operating lease cost $ 326 $ 324 Short-term lease cost $ 30 $ 8 Range of remaining lease terms (in years) 1.0 to 9.1 Weighted average remaining lease term (in years) 5.5 Weighted average discount rate 4.2% |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 1,227 2023 1,636 2024 1,573 2025 735 2026 467 Thereafter 1,378 Total lease payments $ 7,016 Less imputed interest (696 ) Total $ 6,320 |
Note 11 - Debt (Tables)
Note 11 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 Mar. 31, 2022 Dec. 31, 2021 Mt. Laurel, NJ 3/29/2010 4/30/2023 4/30/2031 $ 50 $ 50 Mansfield, MA 10/27/2010 12/31/2024 12/31/2024 50 50 $ 100 $ 100 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2022 (remainder) $ 3,217 2023 4,100 2024 4,100 2025 4,100 2026 3,700 $ 19,217 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2022 2021 Cost of revenue $ 11 $ - Selling expense 7 3 Engineering and product development expense 19 10 General and administrative expense 335 256 $ 372 $ 269 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2022 2021 Risk-free interest rate 1.81 % 1.00 % Dividend yield 0.00 % 0.00 % Expected common stock market price volatility factor .54 .49 Weighted average expected life of stock options (years) 6.25 6.25 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Options outstanding, January 1, 2022 ( 59,195 408,869 9.07 Granted 38,540 9.76 Exercised - - Canceled - - Options outstanding, March 31, 2022 ( 101,670 447,409 9.13 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Unvested shares outstanding, January 1, 2022 262,533 7.16 Granted 79,489 10.03 Vested (18,467 ) 9.21 Forfeited - - Unvested shares outstanding, March 31, 2022 323,555 7.69 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2022 2021 Revenue: Electronic Test $ 8,778 $ 8,501 Environmental Technologies 6,993 6,198 Process Technologies 8,310 4,857 Total revenue $ 24,081 $ 19,556 Income from divisional operations: Electronic Test $ 1,887 $ 2,987 Environmental Technologies 802 923 Process Technologies 730 456 Total income from divisional operations 3,419 4,366 Corporate expenses (1,835 ) (1,482 ) Acquired intangible amortization (782 ) (304 ) Other income (expense) (147 ) (2 ) Earnings before income tax expense $ 655 $ 2,578 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended March 31, 2022 2021 Revenue: U.S. $ 9,234 $ 5,747 Foreign 14,847 13,809 $ 24,081 $ 19,556 |
Long-Lived Assets by Geographic Areas [Table Text Block] | March 31, December 31, 2022 2021 Property and equipment: U.S. $ 2,433 $ 2,346 Foreign 371 342 $ 2,804 $ 2,688 |
Asset [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | March 31, December 31, 2022 2021 Identifiable assets: Electronic Test $ 28,319 $ 26,251 Environmental Technologies 15,736 15,411 Process Technologies 51,737 52,120 Corporate 7,142 10,123 $ 102,934 $ 103,905 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Number of Operating Segments | 2 | 2 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021 | May 31, 2018USD ($) | |
Number of Operating Segments | 2 | 2 | ||
Number of Reportable Segments | 3 | 2 | ||
Inventory Write-down | $ 123 | $ 39 | ||
Deferred Grant Proceeds | 236 | |||
City of Rochester and State of New York [Member] | ||||
Contingent Liability, Repayment of State and Local Grant Funds Received | 87 | $ 550 | ||
Covenant, Future Amount Receivable | $ 285 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Weighted average common shares outstanding–basic (in shares) | 10,617,271 | 10,329,449 |
Unvested shares of restricted stock and employee stock options (in shares) | 225,321 | 196,377 |
Weighted average common shares and common share equivalents outstanding – diluted (in shares) | 10,842,592 | 10,525,826 |
Average number of potentially dilutive securities excluded from calculation (in shares) | 318,574 | 347,068 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) $ in Thousands, $ in Millions | Dec. 21, 2021USD ($) | Dec. 21, 2021CAD ($) | Oct. 28, 2021USD ($) | Oct. 06, 2021USD ($)shares | Jun. 30, 2022USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2022CAD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 21, 2021CAD ($) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 500 | |||||||||
Z-Sciences [Member] | ||||||||||
Business Combination, Consideration Transferred, Total | $ 500 | |||||||||
Payments to Acquire Businesses, Gross | 300 | |||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 200 | 179 | ||||||||
Z-Sciences [Member] | Restricted Stock Award [Member] | Achieving Future Performance Milestones [Member] | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Vesting Percentage | 100.00% | |||||||||
Z-Sciences [Member] | Maximum [Member] | Restricted Stock Award [Member] | Achieving Future Performance Milestones [Member] | ||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,800 | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 200,000 | |||||||||
Videology [Member] | ||||||||||
Payments to Acquire Businesses, Gross | $ 12,000 | |||||||||
Business Acquisition, Transaction Costs | $ 288 | |||||||||
Acculogic [Member] | ||||||||||
Business Combination, Consideration Transferred, Total | $ 9,797 | |||||||||
Payments to Acquire Businesses, Gross | 9,000 | |||||||||
Business Combination, Contingent Consideration, Liability, Total | 1,430 | 1,478 | ||||||||
Business Acquisition, Transaction Costs | $ 1,297 | |||||||||
Minimum Amount Required for Invoices Received | $ 2.5 | |||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 500 | |||||||||
Acculogic [Member] | Payments Based on Performance Metrics [Member] | ||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 1,430 | $ 5 | ||||||||
Minimum Amount Required for Invoices Received | $ 2.5 | |||||||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 4,000 | $ 5 | ||||||||
Acculogic [Member] | Maximum [Member] | Forecast [Member] | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 450 | |||||||||
Acculogic [Member] | Minimum [Member] | Forecast [Member] | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 350 |
Note 3 - Acquisitions - Pro For
Note 3 - Acquisitions - Pro Forma Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / shares | |
Videology [Member] | |
Revenue | $ 21,855 |
Net earnings | $ 2,832 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 0.27 |
Acculogic [Member] | |
Revenue | $ 22,286 |
Net earnings | $ 2,185 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 0.21 |
Note 3 - Acquisitions - Total P
Note 3 - Acquisitions - Total Purchase Consideration (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 21, 2021 |
Goodwill | $ 21,863 | $ 21,448 | |
Acculogic [Member] | |||
Goodwill | $ 3,363 | ||
Identifiable intangible assets | 5,123 | ||
Cash | 312 | ||
Trade accounts receivable | 2,630 | ||
Inventories | 1,329 | ||
Other current assets | 240 | ||
Property and equipment | 156 | ||
Accounts payable | (406) | ||
Accrued expenses | (2,950) | ||
Total purchase price | $ 9,797 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 0.5 | |
Acculogic [Member] | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 0.5 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 21, 2021 | Oct. 06, 2021 |
Interest Rate Swap [Member] | |||
Interest rate swap | $ 289 | ||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||
Interest rate swap | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Interest rate swap | 289 | ||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||
Interest rate swap | 0 | ||
Z-Sciences [Member] | |||
Contingent consideration liability | 179 | $ 200 | |
Z-Sciences [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Contingent consideration liability | 0 | ||
Z-Sciences [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Contingent consideration liability | 0 | ||
Z-Sciences [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Contingent consideration liability | 179 | ||
Acculogic [Member] | |||
Contingent consideration liability | 1,478 | $ 1,430 | |
Acculogic [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Contingent consideration liability | 0 | ||
Acculogic [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Contingent consideration liability | 0 | ||
Acculogic [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Contingent consideration liability | $ 1,478 |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Changes in the Fair Value of Level 3 Contingent Consideration Liabilities (Details) - Contingent Consideration Liabilities [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Balance | $ 1,109 |
Impact of foreign currency translation adjustments | 48 |
Balance | 1,657 |
Acculogic [Member] | |
Adjustment to contingent consideration liability in connection with the acquisition of Acculogic | $ 500 |
Note 5 - Restructuring and Ot_3
Note 5 - Restructuring and Other Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Electronic Test [Member] | ||
Restructuring Charges, Total | $ 0 | $ 55 |
Note 5 - Restructuring and Ot_4
Note 5 - Restructuring and Other Charges - Changes in Accrued Restructuring (Details) - EMS Segment Restructuring and Facility Consolidation [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Beginning balance | $ 70 |
Cash payments | (7) |
Balance | $ 63 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Balance | $ 21,448 |
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 for contingent consideration and intangible assets related to acquisition of Acculogic (see Note 3) | 451 |
Impact of foreign currency translation adjustments | (36) |
Balance | $ 21,863 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Component of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 21, 2021 |
Goodwill | $ 21,863 | $ 21,448 | |
Environmental Technologies [Member] | |||
Goodwill | 1,817 | 1,817 | |
Process Technologies [Member] | |||
Goodwill | 16,480 | 16,576 | |
Acculogic [Member] | |||
Goodwill | $ 3,363 | ||
Acculogic [Member] | Electronic Test [Member] | |||
Goodwill | 3,566 | 3,055 | |
Sigma [Member] | Environmental Technologies [Member] | |||
Goodwill | 1,656 | 1,656 | |
Thermonics [Member] | Environmental Technologies [Member] | |||
Goodwill | 50 | 50 | |
Z-Sciences [Member] | Environmental Technologies [Member] | |||
Goodwill | 111 | 111 | |
Ambrell [Member] | Process Technologies [Member] | |||
Goodwill | 12,032 | 12,032 | |
Videology [Member] | Process Technologies [Member] | |||
Goodwill | $ 4,448 | $ 4,544 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Indefinite-lived Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Balance | $ 8,428 |
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3) | 20 |
Impact of foreign currency translation adjustments | 2 |
Balance | $ 8,450 |
Note 6 - Goodwill and Intangi_6
Note 6 - Goodwill and Intangible Assets - Changes in the Amount of the Carrying Value of Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Balance | $ 13,206 |
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3) | 29 |
Impact of foreign currency translation adjustments | 2 |
Amortization | (782) |
Balance | $ 12,455 |
Note 6 - Goodwill and Intangi_7
Note 6 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Net Carrying Amount | $ 20,905 | $ 21,634 |
Finite-lived, Gross Carrying Amount | 21,044 | 21,015 |
Finite-lived, Accumulated Amortization | 8,589 | 7,809 |
Net Carrying Amount, finite-lived | 12,455 | 13,206 |
Indefinite-lived, Gross Carrying Amount | 8,450 | 8,428 |
Net Carrying Amount, indefinite-lived | 8,450 | 8,428 |
Intangible Assets, Gross Carrying Amount | 29,494 | 29,443 |
Net Carrying Amount | 20,905 | 21,634 |
Trademarks [Member] | ||
Indefinite-lived, Gross Carrying Amount | 8,450 | 8,428 |
Net Carrying Amount, indefinite-lived | 8,450 | 8,428 |
Customer Relationships [Member] | ||
Finite-lived, Gross Carrying Amount | 16,566 | 16,544 |
Finite-lived, Accumulated Amortization | 6,634 | 6,160 |
Net Carrying Amount, finite-lived | 9,932 | 10,384 |
Patented Technology [Member] | ||
Finite-lived, Gross Carrying Amount | 2,971 | 2,950 |
Finite-lived, Accumulated Amortization | 682 | 569 |
Net Carrying Amount, finite-lived | 2,289 | 2,381 |
Patents [Member] | ||
Finite-lived, Gross Carrying Amount | 590 | 590 |
Finite-lived, Accumulated Amortization | 587 | 585 |
Net Carrying Amount, finite-lived | 3 | 5 |
Customer Backlog [Member] | ||
Finite-lived, Gross Carrying Amount | 507 | 521 |
Finite-lived, Accumulated Amortization | 276 | 85 |
Net Carrying Amount, finite-lived | 231 | 436 |
Computer Software, Intangible Asset [Member] | ||
Finite-lived, Gross Carrying Amount | 270 | 270 |
Finite-lived, Accumulated Amortization | 270 | 270 |
Net Carrying Amount, finite-lived | 0 | 0 |
Trade Names [Member] | ||
Finite-lived, Gross Carrying Amount | 140 | 140 |
Finite-lived, Accumulated Amortization | 140 | 140 |
Net Carrying Amount, finite-lived | 0 | 0 |
Environmental Technologies [Member] | ||
Net Carrying Amount | 878 | 893 |
Net Carrying Amount | 878 | 893 |
Process Technologies [Member] | ||
Net Carrying Amount | 15,054 | 15,667 |
Net Carrying Amount | 15,054 | 15,667 |
Acculogic [Member] | Electronic Test [Member] | ||
Net Carrying Amount | 4,973 | 5,074 |
Net Carrying Amount | 4,973 | 5,074 |
Sigma [Member] | Environmental Technologies [Member] | ||
Net Carrying Amount | 510 | 510 |
Net Carrying Amount | 510 | 510 |
Thermonics [Member] | Environmental Technologies [Member] | ||
Net Carrying Amount | 3 | 5 |
Net Carrying Amount | 3 | 5 |
Z-Sciences [Member] | Environmental Technologies [Member] | ||
Net Carrying Amount | 365 | 378 |
Net Carrying Amount | 365 | 378 |
Ambrell [Member] | Process Technologies [Member] | ||
Net Carrying Amount | 10,375 | 10,680 |
Net Carrying Amount | 10,375 | 10,680 |
Videology [Member] | Process Technologies [Member] | ||
Net Carrying Amount | 4,679 | 4,987 |
Net Carrying Amount | $ 4,679 | $ 4,987 |
Note 6 - Goodwill and Intangi_8
Note 6 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2022 (remainder) | $ 1,937 |
2023 | 2,137 |
2024 | 2,013 |
2025 | 1,799 |
2026 | $ 1,188 |
Note 7 - Revenue From Contrac_3
Note 7 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | $ 0 | $ 0 |
Note 7 - Revenue From Contrac_4
Note 7 - Revenue From Contracts With Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 24,081 | $ 19,556 |
Semiconductor Market [Member] | ||
Revenue | 13,390 | 13,320 |
Industrial Market [Member] | ||
Revenue | 2,799 | 1,427 |
Automotive [Member] | ||
Revenue | 2,756 | 1,327 |
Defense/ Aerospace [Member] | ||
Revenue | 1,493 | 1,252 |
Life Sciences [Member] | ||
Revenue | 699 | 643 |
Security [Member] | ||
Revenue | 574 | 0 |
Other Multi Markets [Member] | ||
Revenue | 2,370 | 1,587 |
Thermal Testing Products [Member] | ||
Revenue | 5,057 | 4,305 |
Thermal Process [Member] | ||
Revenue | 7,465 | 5,566 |
Semiconductor Production Test Products [Member] | ||
Revenue | 6,348 | 8,320 |
Video Imaging [Member] | ||
Revenue | 1,851 | 0 |
Flying Probe and In-circuit Testers [Member] | ||
Revenue | 1,688 | 0 |
Service and Other Products [Member] | ||
Revenue | 1,672 | 1,365 |
End User [Member] | ||
Revenue | 19,579 | 17,660 |
OEM and Integrators [Member] | ||
Revenue | $ 4,502 | $ 1,896 |
Note 8 - Major Customers (Detai
Note 8 - Major Customers (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Texas Instruments Incorporated [Member] | |
Concentration Risk, Percentage | 16.00% |
Note 9 - Inventories - Inventor
Note 9 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 11,179 | $ 10,403 |
Work in process | 1,562 | 1,250 |
Inventory consigned to others | 44 | 44 |
Finished goods | 2,128 | 1,166 |
Total inventories | $ 14,913 | $ 12,863 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Apr. 01, 2022 | Dec. 31, 2021 | |
Operating Lease, Right-of-Use Asset, Amortization Expense | $ 309 | $ 280 | ||
Operating Lease, Right-of-Use Asset | 5,657 | $ 5,919 | ||
Operating Lease, Liability, Total | $ 6,320 | |||
Lease Agreement, Ambrell’s Netherlands Facility [Member] | Subsequent Event [Member] | ||||
Lessee, Operating Lease, Renewal Term (Month) | 24 months | |||
Operating Lease, Right-of-Use Asset | $ 51 | |||
Operating Lease, Liability, Total | $ 51 |
Note 10 - Leases - Lease Costs
Note 10 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating lease cost | $ 326 | $ 324 |
Short-term lease cost | $ 30 | $ 8 |
Weighted average remaining lease term (in years) (Year) | 5 years 6 months | |
Weighted average discount rate | 4.20% | |
Minimum [Member] | ||
Range of remaining lease terms (in years) (Year) | 1 year | |
Maximum [Member] | ||
Range of remaining lease terms (in years) (Year) | 9 years 1 month 6 days |
Note 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2022 | $ 1,227 |
2023 | 1,636 |
2024 | 1,573 |
2025 | 735 |
2026 | 467 |
Thereafter | 1,378 |
Total lease payments | 7,016 |
Less imputed interest | (696) |
Total | $ 6,320 |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) - October 2021 Agreement [Member] - M&T Bank [Member] - USD ($) $ in Thousands | Dec. 29, 2021 | Oct. 28, 2021 | Oct. 15, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Apr. 01, 2022 |
Debt Instrument, Term (Year) | 5 years | |||||
Long-Term Line of Credit, Total | $ 0 | |||||
Debt Instrument, Remaining Borrowing Capacity | 4,500 | |||||
Interest Expense, Debt, Total | $ 137 | $ 0 | ||||
Debt Instrument, Interest Rate in Event of Default | 2.00% | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |||||
Term Note [Member] | ||||||
Debt Instrument, Face Amount | $ 25,000 | |||||
Debt Instrument, Draw Period (Year) | 2 years | |||||
Proceeds from Issuance of Long-term Debt, Total | $ 8,500 | $ 12,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | 2.20% | ||||
Term Note [Member] | Subsequent Event [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.40% |
Note 11 - Debt - Outstanding Le
Note 11 - Debt - Outstanding Letters of Credit (Details) - Letter of Credit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Letters of Credit Amount Outstanding | $ 100 | $ 100 |
Mt Laurel [Member] | ||
Line of Credit, Issue Date | Mar. 29, 2010 | |
Line of Credit, Expiration Date | Apr. 30, 2023 | |
Lease Expiration Date | Apr. 30, 2031 | |
Letters of Credit Amount Outstanding | $ 50 | 50 |
Mansfield [Member] | ||
Line of Credit, Issue Date | Oct. 27, 2010 | |
Line of Credit, Expiration Date | Dec. 31, 2024 | |
Lease Expiration Date | Dec. 31, 2024 | |
Letters of Credit Amount Outstanding | $ 50 | $ 50 |
Note 11 - Debt - Future Maturit
Note 11 - Debt - Future Maturities of Long-term Debt (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2022 (remainder) | $ 3,217 |
2023 | 4,100 |
2024 | 4,100 |
2025 | 4,100 |
2026 | 3,700 |
Long-Term Debt, Total | $ 19,217 |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 09, 2022 | Aug. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,232 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 24 days | |||
Share-based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 188 | $ 244 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.19 | $ 5.09 | ||
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 79,489 | |||
Restricted Stock [Member] | Vesting Based On Performance Metrics [Member] | Restricted Stock Vesting in Three Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0.00% | |||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150.00% | |||
Restricted Stock [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Restricted Stock [Member] | Independent Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Restricted Stock [Member] | Independent Directors [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Restricted Stock [Member] | Independent Directors [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Restricted Stock [Member] | Independent Directors [Member] | Share-based Compensation Award, Tranche Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Restricted Stock [Member] | Independent Directors [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Restricted Stock [Member] | Chief Executive Officer and Chief Financial Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Lower Range | 0.00% | |||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights Percentage Upper Range | 150.00% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,493 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Value | $ 200 |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation Plan - Allocation of Share-based Compensation Expense (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement, Expense | $ 372 | $ 269 |
Cost of Sales [Member] | ||
Share-Based Payment Arrangement, Expense | 11 | 0 |
Selling and Marketing Expense [Member] | ||
Share-Based Payment Arrangement, Expense | 7 | 3 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expense | 19 | 10 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expense | $ 335 | $ 256 |
Note 12 - Stock-based Compens_5
Note 12 - Stock-based Compensation Plan - Stock Options Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Risk-free interest rate | 1.81% | 1.00% |
Dividend yield | 0.00% | 0.00% |
Expected common stock market price volatility factor | 54.00% | 49.00% |
Weighted average expected life of stock options (years) (Year) | 6 years 3 months | 6 years 3 months |
Note 12 - Stock-based Compens_6
Note 12 - Stock-based Compensation Plan - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Options outstanding, number of shares (in shares) | shares | 408,869 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.07 |
Granted, number of shares (in shares) | shares | 38,540 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 9.76 |
Exercised, number of shares (in shares) | shares | 0 |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Canceled, number of shares (in shares) | shares | 0 |
Canceled, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Options outstanding, number of shares (in shares) | shares | 447,409 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.13 |
Note 12 - Stock-based Compens_7
Note 12 - Stock-based Compensation Plan - Stock Option Activity (Details) (Parentheticals) | Mar. 31, 2022shares |
Options exercisable (in shares) | 59,195 |
Options exercisable (in shares) | 101,670 |
Note 12 - Stock-based Compens_8
Note 12 - Stock-based Compensation Plan - Unvested Stock Activity (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Unvested shares outstanding (in shares) | shares | 262,533 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 7.16 |
Granted, number of shares (in shares) | shares | 79,489 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 10.03 |
Vested, number of shares (in shares) | shares | (18,467) |
Vested, weighted average exercise price (in dollars per share) | $ / shares | $ 9.21 |
Forfeited, number of shares (in shares) | shares | 0 |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Unvested shares outstanding (in shares) | shares | 323,555 |
Unvested shares outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 7.69 |
Note 13 - Employee Stock Purc_2
Note 13 - Employee Stock Purchase Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Jun. 23, 2021 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 56 | ||
Share Price (in dollars per share) | $ 10.73 | $ 10.73 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 250,000 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 5,245 | 9,236 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 56 | $ 91 | |
Shares Issued, Price Per Share (in dollars per share) | $ 9.12 | $ 9.12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 15.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount Amount | $ 8 | ||
Share-Based Payment Arrangement, Expense | $ 16 |
Note 14 - Employee Benefit Pl_2
Note 14 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
401(k) Plan [Member] | ||
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 (Year) | 4 years | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 216 | $ 171 |
The Ambrell Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 101 | $ 43 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 5 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Number of Reportable Segments | 3 | 2 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net revenues | $ 24,081 | $ 19,556 |
Earnings before income tax expense | 655 | 2,578 |
Acquired intangible amortization | (782) | (304) |
Other income (expense) | (147) | (2) |
Operating Segments [Member] | ||
Net revenues | 24,081 | 19,556 |
Earnings before income tax expense | 3,419 | 4,366 |
Operating Segments [Member] | Electronic Test [Member] | ||
Net revenues | 8,778 | 8,501 |
Earnings before income tax expense | 1,887 | 2,987 |
Operating Segments [Member] | Environmental Technologies [Member] | ||
Net revenues | 6,993 | 6,198 |
Earnings before income tax expense | 802 | 923 |
Operating Segments [Member] | Process Technologies [Member] | ||
Net revenues | 8,310 | 4,857 |
Earnings before income tax expense | 730 | 456 |
Corporate, Non-Segment [Member] | ||
Earnings before income tax expense | $ (1,835) | $ (1,482) |
Note 15 - Segment Information_3
Note 15 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Identifiable Assets | $ 102,934 | $ 103,905 |
Corporate, Non-Segment [Member] | ||
Identifiable Assets | 7,142 | 10,123 |
Electronic Test [Member] | ||
Identifiable Assets | 28,319 | 26,251 |
Environmental Technologies [Member] | ||
Identifiable Assets | 15,736 | 15,411 |
Process Technologies [Member] | ||
Identifiable Assets | $ 51,737 | $ 52,120 |
Note 15 - Segment Information_4
Note 15 - Segment Information - Net Revenue From Unaffiliated Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 24,081 | $ 19,556 |
UNITED STATES | ||
Revenue | 9,234 | 5,747 |
Non-US [Member] | ||
Revenue | $ 14,847 | $ 13,809 |
Note 15 - Segment Information_5
Note 15 - Segment Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property and Equipment | $ 2,804 | $ 2,688 |
UNITED STATES | ||
Property and Equipment | 2,433 | 2,346 |
Non-US [Member] | ||
Property and Equipment | $ 371 | $ 342 |