Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | MANITEX INTERNATIONAL, INC. | |
Entity Central Index Key | 0001302028 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,906,730 | |
Entity File Number | 001-32401 | |
Entity Tax Identification Number | 42-1628978 | |
Entity Address, Address Line One | 9725 Industrial Drive | |
Entity Address, City or Town | Bridgeview | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60455 | |
City Area Code | 708 | |
Local Phone Number | 430-7500 | |
Entity Incorporation, State or Country Code | MI | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Common Stock [Member] | ||
Document And Entity Information [Line Items] | ||
Trading Symbol | MNTX | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ | |
Preferred Share Purchase Rights [Member] | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | Preferred Share Purchase Rights | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 17,170 | $ 17,161 |
Cash – restricted | 236 | 240 |
Trade receivables (net) | 36,658 | 30,418 |
Other receivables | 89 | 179 |
Inventory (net) | 60,498 | 56,055 |
Prepaid expense and other current assets | 3,198 | 2,218 |
Total current assets | 117,849 | 106,271 |
Total fixed assets, net of accumulated depreciation of $18,219 and $17,444 at June 30, 2021 and December 31, 2020, respectively | 17,739 | 18,723 |
Operating lease assets | 3,648 | 4,068 |
Intangible assets (net) | 14,160 | 15,671 |
Goodwill | 26,889 | 27,472 |
Other long-term assets | 1,143 | 1,143 |
Deferred tax assets | 247 | 247 |
Total assets | 181,675 | 173,595 |
Current liabilities | ||
Accounts payable | 43,473 | 32,429 |
Accrued expenses | 9,593 | 7,909 |
Related party payables, net | 36 | 52 |
Notes payable | 12,727 | 16,510 |
Current portion of finance lease obligations | 362 | 344 |
Current portion of operating lease obligations | 1,006 | 1,167 |
Customer deposits | 3,032 | 2,363 |
Deferred income liability | 3,747 | |
Total current liabilities | 70,229 | 64,521 |
Long-term liabilities | ||
Revolving term credit facilities, net | 12,682 | 12,606 |
Notes payable | 13,037 | 13,625 |
Finance lease obligations (net of current portion) | 4,032 | 4,221 |
Non-current operating lease obligations | 2,642 | 2,901 |
Deferred gain on sale of property | 547 | 587 |
Deferred tax liability | 1,285 | 1,333 |
Other long-term liabilities | 4,192 | 4,892 |
Total long-term liabilities | 38,417 | 40,165 |
Total liabilities | 108,646 | 104,686 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at June 30, 2021 and December 31, 2020 | ||
Common Stock—no par value 25,000,000 shares authorized, 19,906,730 and 19,821,090 shares issued and outstanding at June 30, 2021, and December 31, 2020, respectively | 132,035 | 131,455 |
Paid in capital | 2,948 | 3,025 |
Retained deficit | (59,270) | (63,863) |
Accumulated other comprehensive loss | (2,684) | (1,708) |
Total equity | 73,029 | 68,909 |
Total liabilities and equity | $ 181,675 | $ 173,595 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 18,219 | $ 17,444 |
Preferred Stock, shares authorized | 150,000 | 150,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0 | $ 0 |
Common Stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 19,906,730 | 19,821,090 |
Common Stock, shares outstanding | 19,906,730 | 19,821,090 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net revenues | $ 60,045 | $ 37,115 | $ 107,213 | $ 85,848 |
Cost of sales | 48,605 | 31,584 | 86,968 | 70,070 |
Gross profit | 11,440 | 5,531 | 20,245 | 15,778 |
Operating expenses | ||||
Research and development costs | 800 | 771 | 1,585 | 1,458 |
Selling, general and administrative expenses | 8,069 | 6,725 | 15,813 | 14,764 |
Impairment of intangibles | 6,722 | |||
Total operating expenses | 8,869 | 7,496 | 17,398 | 22,944 |
Operating income (loss) | 2,571 | (1,965) | 2,847 | (7,166) |
Other income (expense) | ||||
Interest expense | (558) | (924) | (1,083) | (2,008) |
Interest income | 2 | 14 | 6 | 74 |
Gain on Paycheck Protection Program loan forgiveness | 3,747 | 3,747 | ||
Foreign currency transaction loss | (85) | (24) | (300) | (442) |
Other income (expense) | 5 | (159) | (15) | (156) |
Total other income (expense) | 3,111 | (1,093) | 2,355 | (2,532) |
Income (loss) before income taxes from continuing operations | 5,682 | (3,058) | 5,202 | (9,698) |
Income tax expense (benefit) from continuing operations | 317 | (657) | 609 | (253) |
Net income (loss) from continuing operations | 5,365 | (2,401) | 4,593 | (9,445) |
Discontinued operations | ||||
Loss from operations of discontinued operations | (323) | (711) | ||
Income tax (benefit) | (47) | (3) | ||
Loss from discontinued operations | (276) | (708) | ||
Net income (loss) | $ 5,365 | $ (2,677) | $ 4,593 | $ (10,153) |
Basic | ||||
Income (loss) from continuing operations | $ 0.27 | $ (0.12) | $ 0.23 | $ (0.48) |
Loss from discontinued operations | (0.01) | (0.04) | ||
Net income (loss) | 0.27 | (0.14) | 0.23 | (0.51) |
Diluted | ||||
Income (loss) from continuing operations | 0.27 | (0.12) | 0.23 | (0.48) |
Loss from discontinued operations | (0.01) | (0.04) | ||
Net income (loss) | $ 0.27 | $ (0.14) | $ 0.23 | $ (0.51) |
Weighted average common shares outstanding | ||||
Basic | 19,902,617 | 19,762,726 | 19,873,840 | 19,748,249 |
Diluted | 19,988,827 | 19,762,726 | 19,947,565 | 19,748,249 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss) | $ 5,365 | $ (2,677) | $ 4,593 | $ (10,153) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 196 | 319 | ||
Total other comprehensive income (loss) | 222 | 319 | (976) | (189) |
Total comprehensive income (loss) | 5,587 | (2,358) | 3,617 | (10,342) |
Accumulated Other Comprehensive Loss [Member] | ||||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | $ 222 | $ 319 | $ (976) | $ (189) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings (deficit) [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at beginning of the year at Dec. 31, 2019 | $ 79,550 | $ 130,710 | $ 2,793 | $ (50,253) | $ (3,700) |
Balance at beginning of the year, shares at Dec. 31, 2019 | 19,713,185 | ||||
Net Income (loss) | (7,476) | (7,476) | |||
Gain (Loss) on foreign currency translation | (508) | (508) | |||
Employee incentive plan grant | $ 352 | (352) | |||
Employee incentive plan grant, shares | 49,884 | ||||
Repurchase to satisfy withholding and cancelled | (13) | $ (13) | |||
Repurchase to satisfy withholding and cancelled, shares | (2,949) | ||||
Share-based compensation | 222 | 222 | |||
Balance end of year at Mar. 31, 2020 | 71,775 | $ 131,049 | 2,663 | (57,729) | (4,208) |
Balance end of year, shares at Mar. 31, 2020 | 19,760,120 | ||||
Balance at beginning of the year at Dec. 31, 2019 | 79,550 | $ 130,710 | 2,793 | (50,253) | (3,700) |
Balance at beginning of the year, shares at Dec. 31, 2019 | 19,713,185 | ||||
Net Income (loss) | (10,153) | ||||
Gain (Loss) on foreign currency translation | (189) | ||||
Balance end of year at Jun. 30, 2020 | 69,620 | $ 131,135 | 2,780 | (60,406) | (3,889) |
Balance end of year, shares at Jun. 30, 2020 | 19,767,480 | ||||
Balance at beginning of the year at Mar. 31, 2020 | 71,775 | $ 131,049 | 2,663 | (57,729) | (4,208) |
Balance at beginning of the year, shares at Mar. 31, 2020 | 19,760,120 | ||||
Net Income (loss) | (2,677) | (2,677) | |||
Gain (Loss) on foreign currency translation | 319 | 319 | |||
Employee incentive plan grant | $ 86 | (86) | |||
Employee incentive plan grant, shares | 7,360 | ||||
Share-based compensation | 203 | 203 | |||
Balance end of year at Jun. 30, 2020 | 69,620 | $ 131,135 | 2,780 | (60,406) | (3,889) |
Balance end of year, shares at Jun. 30, 2020 | 19,767,480 | ||||
Balance at beginning of the year at Dec. 31, 2020 | 68,909 | $ 131,455 | 3,025 | (63,863) | (1,708) |
Balance at beginning of the year, shares at Dec. 31, 2020 | 19,821,090 | ||||
Net Income (loss) | (772) | (772) | |||
Gain (Loss) on foreign currency translation | (1,198) | (1,198) | |||
Employee incentive plan grant | $ 584 | (584) | |||
Employee incentive plan grant, shares | 85,883 | ||||
Repurchase to satisfy withholding and cancelled | (48) | $ (48) | |||
Repurchase to satisfy withholding and cancelled, shares | (6,183) | ||||
Share-based compensation | 299 | 299 | |||
Balance end of year at Mar. 31, 2021 | 67,190 | $ 131,991 | 2,740 | (64,635) | (2,906) |
Balance end of year, shares at Mar. 31, 2021 | 19,900,790 | ||||
Balance at beginning of the year at Dec. 31, 2020 | 68,909 | $ 131,455 | 3,025 | (63,863) | (1,708) |
Balance at beginning of the year, shares at Dec. 31, 2020 | 19,821,090 | ||||
Net Income (loss) | $ 4,593 | ||||
Gain (Loss) on foreign currency translation | (976) | ||||
Repurchase to satisfy withholding and cancelled, shares | (6,183) | ||||
Balance end of year at Jun. 30, 2021 | $ 73,029 | $ 132,035 | 2,948 | (59,270) | (2,684) |
Balance end of year, shares at Jun. 30, 2021 | 19,906,730 | ||||
Balance at beginning of the year at Mar. 31, 2021 | 67,190 | $ 131,991 | 2,740 | (64,635) | (2,906) |
Balance at beginning of the year, shares at Mar. 31, 2021 | 19,900,790 | ||||
Net Income (loss) | 5,365 | 5,365 | |||
Gain (Loss) on foreign currency translation | 196 | (26) | 222 | ||
Employee incentive plan grant | $ 44 | (44) | |||
Employee incentive plan grant, shares | 5,940 | ||||
Share-based compensation | 278 | 278 | |||
Balance end of year at Jun. 30, 2021 | $ 73,029 | $ 132,035 | $ 2,948 | $ (59,270) | $ (2,684) |
Balance end of year, shares at Jun. 30, 2021 | 19,906,730 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 4,593 | $ (10,153) |
Adjustments to reconcile net income (loss) to cash used for operating activities: | ||
Depreciation and amortization | 2,253 | 2,136 |
Gain on Paycheck Protection Program loan forgiveness | (3,747) | |
Changes in allowances for doubtful accounts | 128 | 7 |
Changes in inventory reserves | (1,018) | (543) |
Deferred income taxes | (13) | (69) |
Amortization of deferred debt issuance costs | 77 | 125 |
Amortization of debt discount | 76 | 291 |
Gain on forward currency contract | (333) | |
Write down of intangibles | 137 | |
Write down of goodwill | 6,585 | |
Share-based compensation | 577 | 424 |
Adjustment to deferred gain on sales and lease back | (40) | |
Reserves for uncertain tax provisions | (131) | |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (6,368) | 6,385 |
Decrease (increase) in other receivable | 90 | (642) |
Increase in inventory | (4,302) | (597) |
Increase in prepaid expenses | (986) | (234) |
Increase in other assets | (36) | |
Increase (decrease) in accounts payables and related party payables | 11,970 | (28) |
(Decrease) increase in deferred income | 3,747 | |
Increase in accrued expenses | 2,140 | 453 |
Increase in other current liabilities | 737 | 46 |
(Decrease) in other long-term liabilities | (592) | (150) |
Net cash provided by operating activities | 5,206 | 7,789 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (561) | (541) |
Net cash used in investing activities | (561) | (541) |
Cash flows from financing activities: | ||
Borrowings on revolving term credit facility | 8,500 | |
Payments on convertible debt | (7,000) | |
Net borrowings on working capital facilities | (3,664) | (514) |
New borrowings—other | 748 | |
Note payments | (662) | (190) |
Shares repurchased for income tax withholding on share-based compensation | (48) | (13) |
Payments on capital lease obligations | (171) | (230) |
Net cash (used in) provided by financing activities | (3,797) | 553 |
Net increase in cash and cash equivalents | 848 | 7,801 |
Effect of exchange rate changes on cash | (843) | (25) |
Cash and cash equivalents at the beginning of the year | 17,401 | 23,577 |
Cash and cash equivalents at end of period | $ 17,406 | $ 31,353 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation The unaudited Condensed Consolidated Balance Sheets at June 30, 2021 and December 31, 2020 and the related Condensed Consolidated Statements of Operations, Condensed Consolidated Statement of Comprehensive Income (Loss), Condensed Consolidated Statements of Shareholders’ Equity, and Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial condition, results of operations and cash flows of the Company for the interim periods. Interim results may not be indicative of results to be realized for the entire year. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The Condensed Consolidated Balance Sheet as of December 31, 2020 was derived from our audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”). The Company is a leading provider of engineered lifting solutions. The Company reports in a single Manitex, Inc. (“Manitex”) markets a comprehensive line of boom trucks, truck cranes and sign cranes. Manitex’s boom trucks and crane products are primarily used for industrial projects, energy exploration and infrastructure development, including roads, bridges and commercial construction. Badger Equipment Company (“Badger”) is a manufacturer of specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the construction, municipality and railroad industries. PM Oil and Steel S.p.A. (“PM” or “PM Group”), formerly known as PM Group S.p.A., is a leading Italian manufacturer of truck- mounted hydraulic knuckle boom cranes with a 50-year history of technology and innovation, and a product range spanning more than 50 models. PM is also a manufacturer of truck-mounted aerial platforms with a diverse product line and an international client base. Through its consolidated subsidiaries, PM Group has locations in Modena, Italy; Valencia, Spain; Arad, Romania; Chassieu, France; Buenos Aires, Argentina; Santiago, Chile; Singapore and Querétaro, Mexico. Manitex Valla S.r.L. (“Valla”) produces a full range of precision pick and carry industrial cranes using electric, diesel, and hybrid power options. Its cranes offer wheeled or tracked, and fixed or swing boom configurations, with special applications designed specifically to meet the needs of its customers. These products are sold internationally through dealers and into the rental distribution channel. Crane and Machinery, Inc. (“C&M”) is a distributor of the Company’s products as well as other cranes. Crane and Machinery Leasing, Inc. (“C&M Leasing”) rents equipment manufactured by the Company as well as a limited amount of equipment manufactured by third parties. Although C&M is a distributor of Terex Corporation’s (“Terex”) cranes, C&M’s primary business is the distribution of products manufactured by the Company. COVID-19 Pandemic The Company is continuing to closely monitor the impact of the COVID-19 pandemic and is continually assessing its potential effects on our business and our financial performance as well as the businesses of our customers and vendors, including the impact that we may experience if and when the pandemic subsides. The Company cannot predict the duration or severity of the COVID-19 pandemic, and we cannot reasonably estimate the financial impact that the COVID-19 outbreak will have on our results and significant estimates going forward. Supplemental Cash Flow Information Transactions for the periods ended June 30, 2021 and 2020 are as follows: Six months ended June 30, 2021 2020 Interest received in cash $ 6 $ 74 Interest paid in cash 975 1,933 Income tax payments in cash 856 274 Discontinued Operations On August 21, 2020, the Company entered into an Asset Purchase Agreement to sell Manitex Sabre, Inc. to an affiliate of Super Steel, LLC for cash proceeds of $1.5 million, subject to certain adjustments based on closing date accounts receivable and inventory. Accordingly, Manitex Sabre, Inc. is reported as a discontinued operation for 2020. In addition to the cash proceeds from sale of $1.5 million in cash received, the Company may receive a maximum royalty and earnout payments of approximately $2.9 million for years 2021 thru 2023 if certain revenue criteria are met. The Company will account for the contingent consideration as a gain in accordance with ASC 450. Under this approach, we will recognize the contingent consideration in earnings after the contingency is resolved. See Note 17 for additional discussion related to the sale of Sabre’s business and assets. |
Significant Accounting Policies
Significant Accounting Policies and New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and New Accounting Pronouncements | 2. Significant Accounting Policies and New Accounting Pronouncements The summary of the Company’s significant accounting policies is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. The cash in the Company's U.S. banks (primarily CIBC) is not fully insured by the FDIC due to the statutory limit of $250. Restricted Cash Certain of the Company’s lending arrangements require the Company to post collateral or maintain minimum cash balances in escrow. These cash amounts are reported as current assets on the balance sheets based on when the cash will be contractually released. Total restricted cash was $236 and $240 at June 30, 2021 and December 31, 2020, respectively. Revenue Recognition Revenue is recognized when obligations under the terms of the contract with our customer are satisfied; generally, this occurs with the transfer of control of our equipment, parts or installation services (typically completed within one day), which occurs at a point in time. Equipment can be redirected during the manufacturing phase such that over time revenue recognition is not appropriate. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Our contracts are non-cancellable and returns are only allowed in limited instances. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold and do not constitute a separate performance obligation. For instances where equipment and installation services are sold together, the Company accounts for the equipment and installation services separately. The consideration (including any discounts) is allocated between the equipment and installation services based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the equipment. In some instances, the Company fulfills its obligations and bills the customer for the work performed but does not ship the goods until a later date. These arrangements are considered bill-and-hold transactions. In order to recognize revenue on the bill-and-hold transactions, the Company ensures the customer has requested the arrangement, the product is identified separately as belonging to the customer, the product is ready for shipment to the customer in its current form, and the Company does not have the ability to direct the product to a different customer. A portion of the transaction price is not allocated to the custodial services due to the immaterial value assigned to that performance obligation. Payment terms offered to customers are defined in contracts and purchase orders and do not include a significant financing component. At times, the Company may offer discounts which are considered variable consideration however, the Company applies the constraint guidance when determining the transaction price to be allocated to the performance obligations. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at the amounts the Company’s customers are invoiced and do not bear interest. The Company has adopted a policy consistent with U.S. GAAP for the periodic review of its accounts receivable to determine whether the establishment of an allowance for doubtful accounts is warranted based on the Company’s assessment of the collectability of the accounts. The Company established an allowance for bad debt of $2.6 million at June 30, 2021 and December 31, 2020. The Company also has in some instances a security interest in its accounts receivable until payment is received. Property, Equipment and Depreciation Property and equipment are stated at cost or the fair market value at the date of acquisition for property and equipment acquired in connection with the acquisition of a company. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation of property, and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the three and six months ended June 30, 2021 were $545 and $1,096, respectively. Depreciation expense for the three and six months ended June 30, 2020 were $515 and $1,013. Other Intangible Assets The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name, customer backlog, and customer relationships. Under the guidance, Other Intangible Assets with definite lives are amortized over their estimated useful lives. Intangible assets with indefinite lives are tested annually for impairment. The Company recognized $0.1 million in impairment related to tradenames during the six months ended June 30, 2020. No impairment expense was recognized for the three months ended June 30, 2020. No impairment expense was recognized for the three and six months ended June 30, 2021. Goodwill The Company’s methodology for allocating the purchase price of acquisitions is based on established valuation techniques that reflect the consideration of a number of factors, including valuations performed by third-party appraisers when appropriate. Goodwill is measured as the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. The Company annually tests goodwill for impairment on the first day of its fiscal fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company also performs an interim review for indicators of impairment each quarter to assess whether an interim impairment review is required for any reporting unit. As part of its interim reviews, management analyzes potential changes in the value of individual reporting units based on each reporting unit’s operating results for the period compared to expected results as of the prior year’s annual impairment test. In addition, management considers how other key assumptions, including discount rates and expected long-term growth rates, used in the last annual impairment test, could be impacted by changes in market conditions and economic events. The Company recognized $6.6 million in impairment related to goodwill during the six months ended June 30, 2020. No impairment expense was recognized for the three months ended June 30, 2020. No impairment expense was recognized for the three and six months ended June 30, 2021. Inventory, net Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or net realizable value. All equipment classified as inventory is available for sale. The Company records excess and obsolete inventory reserves. The estimated reserve is based upon specific identification and/or historical experience of excess or obsolete inventories. Selling, general and administrative expenses are expensed as incurred and are not capitalized as a component of inventory. Accrued Warranties Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. As of June 30, 2021 and December 31, 2020, accrued warranties were $1,578 and $1,292, respectively. Accounting for Paycheck Protection Program Loan During April 2020, the Company entered a loan transaction pursuant to which the Company received proceeds of $3.7 million under the Paycheck Protection Program. The Paycheck Protection Program, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying companies and is administered by the U.S. Small Business Administration (“SBA”). The Paycheck Protection Program loan was evidenced by a promissory note between the Company and CIBC bank. The promissory note had a two-year term, accrued interest at the rate of 1.0% per annum, and was prepayable at any time without payment of any premium. No payments of principle or interest were due during the six-month period beginning on the date of the promissory note. Beginning on the seventh month following the date of the promissory note, we were required to make 18 monthly payments of principal and interest. Under the terms of the CARES Act, The Paycheck Protection Program recipients can apply for and be granted forgiveness for all or portion of loan granted under the Paycheck Protection Program, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. However, at least 75 percent of the Paycheck Protection Program loan proceeds must be used for eligible payroll costs. The terms of any forgiveness may also be subject to further requirements in any regulation and guidelines the SBA may adopt. The Company applied for forgiveness on the Paycheck Protection Program loan during November 2020 . The Company recorded the forgiveness as Gain on Paycheck Protection Program loan forgiveness in Other Income (Expense) on the Condensed Consolidated Statement of Operations. The gain on loan forgiveness is not subject to U.S. taxation. This deductible permanent difference is offset by a change in the U.S. valuation allowance and therefore has no impact on the effective tax rate. Foreign Currency Translation and Transactions The financial statements of the Company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. The Company converts receivables and payables denominated in other than the Company’s functional currency at the exchange rate as of the balance sheet date. The resulting transaction exchange gains or losses, except for certain transaction gains or loss related to intercompany receivable and payables, are included in other income and expense. Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income and are recorded as a translation adjustment (with consideration to the tax effect) to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. Derivatives—Forward Currency Exchange Contracts When the Company enters into forward currency exchange contracts it does so such that the exchange gains and losses on the assets and liabilities that are being hedged, which are denominated in a currency other than the reporting units’ functional currency, would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge. The Company records the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Condensed Consolidated Statements of Operations in the other income expense section on the line titled foreign currency transaction loss. Research and Development Expenses The Company expenses research and development costs, as incurred. For the three and six months ended June 30, 2021, research and development expenses were $800 and $1585, respectively. For the three and six months ended June 30, 2020, research and development expenses were $771 and $1,458. Advertising Advertising costs are expensed as incurred and were $146 and $274 for the three and six months ended June 30, 2021, respectively. Advertising costs were $69 and $234 for the three and six months ended June 30, 2020, respectively. Retirement Benefit Costs and Termination Benefits Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. Employees in Italy are entitled to Trattamento di Fine Rapporto (“TFR”), commonly referred to as an employee leaving indemnity, which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). The expense is recognized in the personnel costs (SG&A or COGS) in the Condensed Consolidated Statements of Operations and the accrual is recorded in other long-term liabilities in the Condensed Consolidated Balance Sheets. Litigation Claims In determining whether liabilities should be recorded for pending litigation claims, the Company must assess the allegations and the likelihood that it will successfully defend itself. When the Company believes it is probable that it will not prevail in a particular matter, it will then record an estimate of the amount of liability based, in part, on advice of legal counsel. Income Taxes The Company accounts for income taxes under the provisions of ASC 740 “Income Taxes,” which requires recognition of income taxes based on amounts payable with respect to the current year and the effects of deferred taxes for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not a tax benefit will not be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of any net operating loss carryforwards. See Note 12, Income Taxes, for further details. The Jobs Act also establishes Global Intangible Low-Taxed Income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to recognize GILTI as a period cost as incurred, therefore there are no deferred taxes recognized for basis differences that are expected to impact the amount of the GILTI inclusion upon reversal. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company records interest and penalties related to income tax matters in the provision for income taxes. Comprehensive Income Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to shareholders’ equity. Currently, the comprehensive income adjustment required for the Company is a foreign currency translation adjustment, the result of consolidating its foreign subsidiary. Shipping and Handling The Company records the amount of shipping and handling costs billed to customers as revenue. The cost incurred for shipping and handling is included in the cost of sales. Debt Issuance Costs Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Deferred financing costs associated with long-term debt are presented in the balance sheet as direct deduction from the carrying amount of that debt liability, consistent with debt discount. Deferred financing costs associated with revolving lines of credit are included with Revolving term credit facilities on the Company’s Condensed Consolidated Balance Sheets. Sale and Leaseback In accordance with ASC 842-10 Sales-Leaseback Transactions, the Company has recorded a deferred gain in relationship to the sale and leaseback of one of the Company’s operating facilities. As such, the gains have been deferred and are being amortized on a straight- line basis over the life of the leases. Computation of EPS Basic Earnings per Share (“EPS”) was computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The number of shares related to options, warrants, restricted stock, convertible debt and similar instruments included in diluted EPS (“EPS”) is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes the theoretical repurchase of shares using proceeds of the respective stock option or warrant exercised, and for restricted stock, the amount of compensation cost attributed to future services which has not yet been recognized, and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options, warrants, restricted stock, convertible debt, and similar instruments is dependent on this average stock price and will increase as the average stock price increases. Stock Based Compensation In accordance with ASC 718 Compensation-Stock Compensation, share-based payments to employees, including grants of restricted stock units, are measured at fair value as of the date of grant and are expensed in the Condensed Consolidated Statements of Operation over the service period (generally the vesting period). Adoption of Highly Inflationary Accounting in Argentina GAAP guidance requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100 percent. In the second quarter of 2018, published inflation indices indicated that the three-year cumulative inflation in Argentina exceeded 100 percent, and as of July 1, 2018, we elected to adopt highly inflationary accounting for our subsidiary in Argentina (“PM Argentina”). Under highly inflationary accounting, PM Argentina’s functional currency became the Euro (its parent company’s reporting currency), and its income statement and balance sheet have been measured in Euros using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in other (income) and expense, net and was not material. As of June 30, 2021, PM Argentina had a small net peso monetary position. Net sales of PM Argentina were less than 5 percent of our consolidated net sales for the years ended June 30, 2021 and December 31, 2020, respectively. Recently Issued Pronouncements - Not Yet Adopted In March 2020, the FASB issued guidance under ASC 848, Reference Rate Reform. This guidance provides optional expedients and exceptions to account for debt, leases, contracts, hedging relationships and other transactions that reference LIBOR or another reference rate if certain criteria are met. The guidance is effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating the potential effects of the adoption of this guidance on our Consolidated Financial Statements. In January 2021, the FASB issued ASU 2021-01, which refines the scope of ASC 848 and clarifies some of its guidance as part of the FASB’s monitoring of global reference rate reform activities. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest (PAI) in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). We are currently evaluating the potential effects of the adoption of this guidance on our Consolidated Financial Statements. There have been no other accounting pronouncements issued, but not yet adopted by us, which are expected to have a material impact on our Condensed Consolidated Financial Statements. Recently Adopted Accounting Guidance In December 2019, the FASB issued ASU 2019-12, “Income Taxes Topic 740-Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application of Topic 740. The effective date for ASU 2019-12 was the first quarter of fiscal year 2021 and the Company adopted this guidance as of January 1, 2021. The adoption of this guidance did not have a significant impact on our operating results. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition The following table disaggregates our revenue for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equipment sales $ 51,600 $ 30,890 $ 90,432 $ 71,765 Part sales 7,265 5,668 14,468 12,836 Installation services 1,180 557 2,313 1,247 Total Revenue $ 60,045 $ 37,115 $ 107,213 $ 85,848 The Company attributes revenue to different geographic areas based on where items are shipped to or services are performed. The following table provides detail of revenues by geographic area for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States 24,384 $ 16,518 $ 41,822 $ 40,991 Italy 9,839 4,448 16,552 9,781 Canada 5,450 1,333 8,325 3,813 Chile 3,118 1,262 6,338 3,347 France 2,688 2,310 6,454 5,093 Other 14,566 11,245 27,722 22,824 $ 60,045 $ 37,115 $ 107,213 $ 85,848 Total Company Revenues by Sources The sources of the Company’s revenues are summarized below for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Boom trucks, knuckle boom & truck cranes $ 44,653 $ 27,156 $ 77,879 $ 61,943 Part sales 7,265 5,668 14,468 12,836 Rough terrain cranes 1,759 2,028 3,797 5,162 Other equipment 5,188 1,706 8,756 4,660 Installation services 1,180 557 2,313 1,247 Total Revenue $ 60,045 $ 37,115 $ 107,213 $ 85,848 Customer Deposits At times, the Company may require an upfront deposit related to its contracts. In instances where an upfront deposit has been received by the Company and the revenue recognition criteria have not yet been met, the Company records a contract liability in the form of a customer deposit, which is classified as a short-term liability on the balance sheet. That customer deposit is deferred until the revenue recognition criteria have been met, at which time, the customer deposit is recognized into revenue. The following table summarizes changes in customer deposits for the six months ended June 30 as follows: June 30, 2021 June 30, 2020 Customer deposits $ 2,363 $ 1,493 Additional customer deposits received where revenue has not yet been recognized 3,375 2,456 Revenue recognized from customer deposits (2,613 ) (2,540 ) Effect of change in exchange rates (93 ) (35 ) $ 3,032 $ 1,374 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 by level within the fair value hierarchy. As required by ASC 820-10, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following is summary of items that the Company measures at fair value on a recurring basis: Fair Value at June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Forward currency exchange contracts $ — $ 66 $ — $ 66 Total current assets at fair value $ — $ 66 $ — $ 66 Liabilities: Valla contingent consideration $ — $ — $ 217 $ 217 Total recurring liabilities at fair value $ — $ — $ 217 $ 217 Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: Valla contingent consideration $ — $ — $ 224 $ 224 Forward currency exchange contracts — 267 — 267 Total liabilities at fair value $ — $ 267 $ 224 $ 491 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Valla Contingent Consideration Liabilities: Balance at January 1, 2021 $ 224 Effect of change in exchange rates (7 ) Balance at June 30, 2021 $ 217 Fair Value Measurements ASC 820-10 classifies the inputs used to measure fair value into the following hierarchy: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Fair value of the forward currency contracts is determined on the last day of each reporting period using observable inputs, which are supplied to the Company by the foreign currency trading operation of its bank and are Level 2 items. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 5. Derivative Financial Instruments The Company’s risk management objective is to use the most efficient and effective methods available to us to minimize, eliminate, reduce or transfer the risks which are associated with fluctuation of exchange rates between the Euro, Chilean peso and the U.S. dollar. Forward Currency Contracts The Company enters into forward currency exchange contracts such that the exchange gains and losses on the assets and liabilities denominated in other than the reporting units’ functional currency would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge under ASC 815-10. The Company records the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Condensed Consolidated Statements of Operations in the other income (expense) section on the line titled foreign currency transaction loss. Items denominated in other than a reporting unit functional currency include certain intercompany receivables due from the Company’s Italian subsidiaries and accounts receivable and accounts payable of our Italian subsidiaries and their subsidiaries. PM Group has an intercompany receivable denominated in Euros from its Chilean subsidiary. At June 30, 2021, the Company had entered into a forward currency exchange contract that matures on Aug 5, 2021. Under the contract the Company is obligated to sell 2,290,000 Chilean pesos for 2,683 euros. The purpose of the forward contract is to mitigate the income effect related to this intercompany receivable that results with a change in exchange rate between the Euro and the Chilean peso. The following table provides the location and fair value amounts of derivative instruments that are reported in the Condensed Consolidated Balance Sheet as of June 30, 2021: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location June 30, 2021 December 31, 2020 Asset Derivatives Foreign currency exchange contract Prepaid expense and other current assets $ 66 $ — Liabilities Derivatives Foreign currency exchange contract Accrued expenses $ — $ 267 The following tables provide the effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020: Gain (loss) Gain (loss) Location of gain or (loss) recognized in the Statement of Operations Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Derivatives Not Designated as Hedge Instruments Forward currency contracts Foreign currency transaction gains $ 197 $ (152 ) $ 333 $ 236 $ 197 $ (152 ) $ 333 $ 236 During the three and six months ended June 30, 2021 and 2020, there were no forward currency contracts designated as cash flow hedges. As such, all gains and loss related to forward currency contracts during the three and six months ended June 30, 2021 and 2020 were recorded in current earnings and did not impact other comprehensive income. |
Inventory, Net
Inventory, Net | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory, Net | 6. Inventory, net The components of inventory are as follows: June 30, 2021 December 31, 2020 Raw materials and purchased parts, net $ 39,022 $ 33,172 Work in process, net 3,622 3,845 Finished goods, net 17,854 19,038 Inventory, net $ 60,498 $ 56,055 The Company has established reserves for obsolete and excess inventory of $7,367 and $8,451 as of June 30, 2021 and December 31, 2020, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Intangible assets and accumulated amortization by category as of Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 5 $ 18,385 $ (14,845 ) $ 3,540 Customer relationships 5 19,190 (13,204 ) 5,986 Trade names and trademarks 11 4,829 (2,775 ) 2,054 Indefinite lived trade names 2,580 2,580 Total intangible assets, net $ 14,160 Intangible assets and accumulated amortization by category as of December 31, 2020 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 6 $ 18,643 $ (14,587 ) $ 4,056 Customer relationships 5 19,552 (12,753 ) 6,799 Trade names and trademarks 11 4,829 (2,677 ) 2,152 Indefinite lived trade names 2,664 2,664 Total intangible assets, net $ 15,671 Amortization expense for intangible assets was $578 and $540, and $1,157 and $1,080 for the three and six months ended June 30, 2021 and 2020, respectively. Estimated amortization expense for the next five years for the period ending June 30 and subsequent is as follows: Amount 2022 $ 2,233 2023 2,233 2024 2,206 2025 2,163 2026 1,507 And subsequent 1,238 Total intangibles currently to be amortized 11,580 Intangibles with indefinite lives not amortized 2,580 Total intangible assets $ 14,160 Changes in goodwill for the six months ended June 30, 2021 are as follows: Total Balance January 1, 2021 $ 27,472 Effect of change in exchange rates (583 ) Balance June 30, 2021 $ 26,889 The Company performed an impairment assessment as of December 31, 2020. No additional triggers for an interim impairment test have been identified. While there was no additional impairment of goodwill recognized as a result of the 2020 annual impairment test, a reasonably possible unexpected deterioration in financial performance or adverse change in earnings may result in an impairment. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Accrued Expenses | 8. Accrued Expenses June 30, 2021 December 31, 2020 Accrued payroll 2,040 1,306 Accrued vacation 1,815 1,398 Accrued warranty 1,578 1,292 Accrued income tax and other taxes 1,389 1,127 Accrued employee benefits 595 910 Accrued interest 352 244 Accrued expenses—other 1,824 1,632 Total accrued expenses $ 9,593 $ 7,909 |
Accrued Warranty
Accrued Warranty | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees [Abstract] | |
Accrued Warranty | 9. Accrued Warranty A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. The following table summarizes the changes in product warranty liability: For the six months ended June 30, 2021 2020 Balance January 1, $ 1,292 $ 1,604 Provision for warranties issued during the year 1,867 978 Warranty services provided (1,566 ) (1,145 ) Changes in estimate - (6 ) Foreign currency translation (15 ) (8 ) Balance June 30, $ 1,578 $ 1,423 |
Credit Facilities and Debt
Credit Facilities and Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Credit Facilities and Debt | 10. U.S. Credit Facilities At June 30, 2021, the Company and its U.S. subsidiaries have a Loan and Security Agreement, as amended (the “Loan Agreement”) with CIBC Bank USA (“CIBC”), formerly known as “The Private Bank and Trust Company”. The Loan Agreement provides a revolving credit facility with a maturity date of July 20, 2023. The aggregate amount of the facility is $30 million. The maximum borrowing available to the Company under the Loan Agreement is limited to: (1) 85% of eligible receivables; plus (2) 50% of eligible inventory valued at the lower of cost or net realizable value subject to a $20 million limit; plus (3) 80% of eligible used equipment, as defined, valued at the lower of cost or market subject to a $2 million limit; plus (4) 50% of eligible Mexico receivables (as defined) valued at the lower of cost or net realizable value subject to a $0.4 million limit. At June 30, 2021 and December 31, 2020, the maximum the Company could borrow based on available collateral was $25.4 million and $21.9 million, respectively. At June 30, 2021, the Company had $12.8 million in borrowings (less $0.1 million in debt issuance cost for a net debt of $12.7 million) with $12.6 million available to borrow under its revolving credit facility. At December 31, 2020, the Company had $12.8 million in borrowings (less $0.2 million in debt issuance cost for a net debt of $12.6 million) with $9.1 million available to borrow under its revolving credit facility. The indebtedness under the Loan Agreement is collateralized by substantially all of the Company’s assets, except for certain assets of the Company’s subsidiaries. The Loan Agreement provides that the Company can opt to pay interest on the revolving credit at either a base rate plus a spread, or a LIBOR rate plus a spread. The base rate and the LIBOR rate are subject to a floor of 0.50%. The LIBOR spread ranges from 1.75% to 2.25% depending on the Adjusted Excess Availability. Funds borrowed under the LIBOR option can be borrowed for periods of one, two, or three months and are limited to four LIBOR contracts outstanding at any time. In addition, a fee of 0.375% is applied for the unused portion of the revolving facility and is payable monthly. In March of 2021, the Company amended the Loan Agreement to include a Hedging Agreement for interest rate protection with respect to LIBOR Loans. The Company was in compliance with its covenants as of June 30, 2021. The Loan Agreement has a Letter of Credit facility of $3 million, which is fully reserved against availability. As of June 30, 2021, the outstanding Letters of Credit were $0.2 million which is offset against availability under the revolving facility. Notes Payable—Bank At June 30, 2021, the Company has a $411 term note payable to a bank. The note dated January 6, 2021 had an original principal amount of $748 and an annual interest rate of 3.49%. Proceeds from the note were used to pay annual premiums for certain insurance policies carried by the Company. The holder of the note has a security interest in the insurance policies it financed and has the right upon default to cancel these policies and receive any unearned premiums. There are six remaining monthly payments of $69 on this note. At June 30, 2021, the Company has a $80 term note payable to a bank. The note dated November 13, 2020 had an original principal amount of $289 and an annual interest rate of 5.81%. Proceeds from the note were used to pay annual premiums for certain insurance policies carried by the Company. The holder of the note has a security interest in the insurance policies it financed and has the right upon default to cancel these policies and receive any unearned premiums. There are three remaining monthly payments of $27 on this note. Note Payable—Winona Facility Purchase At June 30, 2021 and December 31, 2020, Badger has a balance on a note payable to Avis Industrial Corporation of $126 and PM Group Short-Term Working Capital Borrowings At June 30, 2021 and December 31, 2020, respectively, PM Group had established demand credit and overdraft facilities with five banks in Italy, one bank in Spain and eleven banks in South America. Under the facilities, as of June 30, 2021 and December 31, 2020 respectively, PM Group can borrow up to €19,201 ($22,749) and €20,550 ($25,133) for advances against invoices, letter of credit and bank overdrafts with €5,700 ($6,749) and €2,000 ($2,440) available to borrow under these facilities. These facilities are divided into two types: working capital facilities and cash facilities. At June 30, 2021 and December 31, 2020, interest on the Italian working capital facilities is charged at the 3-month Euribor plus 175 or 200 basis points and 3-month Euribor plus 350 basis points, respectively. Interest on the South American facilities is charged at a flat rate of points for advances on invoices ranging from 8% - 55%. During June 2021, the loan agreement was renewed removing the existing expiration date. At June 30, 2021, the Italian banks had advanced PM Group €7,454 ($8,832). There were no advances to PM Group from the Spanish bank, and the South American banks had advanced PM Group €288 ($341). At December 31, 2020, the Italian banks had advanced PM Group €10,551 ($12,904). There were no advances to PM Group from the Spanish bank, and the South American banks had advanced PM Group €98 ($120). PM Group Term Loans At June 30, 2021 and December 31, 2020, PM Group has a €5,752 ($6,815) An adjustment in the purchase accounting to value the non-interest- bearing debt at its fair market value was made. At March 6, 2018 it was determined that the fair value of the debt was €480 or $550 less than the book value. This reduction is not reflected in the above descriptions of PM debt. This discount is being amortized over the life of the debt and being charged to interest expense. As of June 30, 2021 and December 31, 2020, the remaining balance was €57 ($68) and €114 ($140), respectively, and has been offset to the debt. At June 30, 2021 and December 31, 2020, PM Group has unsecured borrowings with an Italian bank (MPS) and an Irish fund (Davy Global Fund Management) totaling €7,225 ($8,560) and €7,225 ($8,836), respectively. The borrowings have a fixed rate of interest of 3.5%. Annual payments of €1,445 are payable ending in 2025. PM Group is subject to certain financial covenants including maintaining (1) Net debt to EBITDA, (2) Net debt to equity, and (3) EBITDA to net financial charges ratios. The covenants are measured on a semi-annual basis as of June 30 and December 31 of each year. The Company was in compliance with the loan covenants at June 30, 2021. At June 30, 2021 and December 31, 2020, Autogru PM had a term note with an outstanding principal balance of €65 ($77) and €116 ($142), respectively. The note is payable in monthly installments and matures in December 2021 Autogru PM had another term note with an outstanding principal balance of €129 ($153) and €164 ($201) at June 30, 2021 and December 31, 2020, respectively. The note is divided in three parts: the first part is payable in 60 monthly installments of €1 ($1) plus interest at the 6-month Euribor plus 275 basis points, for an effective rate of 2.75% at June 30, 2021 and December 31, 2020, maturing in February 2023 April 2023 monthly installments of € 1 ($ 1 ) plus interest at the 6-month Euribor plus 275 basis points, for an effective rate of 2.75 % at June 3 0 , 2021 and December 31, 2020 , maturing in September 2023. Valla Short-Term Working Capital Borrowings At June 30, 2021 and December 31, 2020, Valla had established demand credit and overdraft facilities with two Italian banks. Under the facilities, Valla can borrow up to approximately €500 ($592) for advances against orders, invoices and bank overdrafts. Interest on the Italian working capital facilities is charged at a flat percentage rate for advances on invoices and orders ranging from 1.67% - 5.75% at June 30, 2021 and December 31, 2020. At June 30, 2021 and December 31, 2020, the Italian banks had advanced Valla €343 Valla Term Loans Valla had a term loan with Carisbo that was payable in quarterly principal installments beginning on October 30, 2017 of €8 ($10), plus interest at the 3-month Euribor plus 470 basis points, for an effective rate of 4.36% at December 31, 2020. The note matured on January 31, 2021. At June 30, 2021 and December 31, 2020, the outstanding principal balance of the note was €0 ($0) and €8 ($10), respectively. Valla has a term loan with BPER that is payable in monthly principal installments beginning on July 10, 2022 of €0.5 ($1), plus interest at an effective rate of 1.46% at June 30, 2021 and December 31, 2020. The note matures in December 2025 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 11. Leases The Company leases certain warehouses, office space, machinery, vehicles, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company is not aware of any variable lease payments, residual value guarantees, covenants or restrictions imposed by the leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at our sole discretion. The depreciable life of assets is limited by the expected lease term for finance leases. If there was a rate explicit in the lease, this was the discount rate used. For those leases with no explicit or implicit interest rate, an incremental borrowing rate was used. The weighted average remaining useful life for operating and finance leases was 5 and 7 years, respectively. The weighted average discount rate for operating and finance leases was 5.2% and 12.5% respectively. Leases Classification June 30, 2021 December 31, 2020 Assets Operating lease assets Operating lease assets $ 3,648 $ 4,068 Financing lease assets Fixed assets, net 2,485 2,847 Total leased assets $ 6,133 $ 6,915 Liabilities Current Operating Current liabilities $ 1,006 $ 1,167 Financing Current liabilities 362 344 Non-current Operating Non-current liabilities 2,642 2,901 Financing Non-current liabilities 4,032 4,221 Total lease liabilities $ 8,042 $ 8,633 Three months ended June 30, Six months ended June 30, Lease Cost Classification 2021 2020 2021 2020 Operating lease costs Operating lease assets $ 398 $ 269 $ 702 $ 531 Finance lease cost Depreciation/amortization of leased assets Depreciation 91 113 182 227 Interest on lease liabilities Interest expense 139 148 280 299 Lease cost $ 628 $ 530 $ 1,164 $ 1,057 Three months ended June 30, Six months ended June 30, Other Information 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 426 $ 259 $ 758 $ 512 Operating cash flows from finance leases $ 139 $ 114 $ 280 $ 227 Financing cash flows from finance leases $ 95 $ 148 $ 171 $ 299 Future principal minimum lease payments period ending June 30 are: Operating Leases Capital Leases 2022 $ 1,166 $ 891 2023 935 918 2024 610 945 2025 424 974 2026 396 1,003 And subsequent 550 1,919 Total undiscounted lease payments 4,081 6,650 Less interest (433 ) (2,256 ) Total liabilities $ 3,648 $ 4,394 Less current maturities (1,006 ) (362 ) Non-current lease liabilities $ 2,642 $ 4,032 Bridgeview Facility Beginning on January 1, 2021, the Company leases its 40,000 sq. ft. Bridgeview facility from an unaffiliated third party. Until December 31, 2020 the property was owned by an entity controlled by Mr. David J. Langevin, the Company’s Executive Chairman. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security (CARES) Act” was enacted. The CARES Act, among other things, includes provisions relating to net operating loss carrybacks, alternative minimum tax credit refunds, a modification to the net interest deduction limitations and a technical correction to tax depreciation methods for qualified improvement property. The Cares Act did not have a material impact on the Company’s consolidated financial statements. For the three months ended June 30, 2021, the Company recorded an income tax provision of $317, which includes a discrete income tax benefit of $440. The calculation of the overall income tax provision for the three months ended June 30, 2021 primarily consists of foreign income taxes and a discrete income tax benefit related to the expiration of the statute of limitations for various state and foreign jurisdictions. For the three months ended June 30, 2020, the Company recorded an income tax benefit of $657, which includes a discrete income tax benefit of $28, primarily consisting of foreign income taxes. The effective tax rate for the three months ended June 30, 2021 was an income tax provision of 5.58% on pretax income of $5,682 compared to an income tax benefit of 21.48% on a pretax loss of $3,058 in the comparable prior period. The effective tax rate for the three months ended June 30, 2021 differs from the U.S. statutory rate of 21% primarily due to a valuation allowance in the U.S. and partial valuation allowance in Italy, nondeductible foreign permanent differences, income taxed in foreign jurisdictions at varying tax rates, and a decrease in unrecognized tax benefits related to the expiration of the statute of limitations for various state and foreign jurisdictions. For the six months ended June 30, 2021, the Company recorded an income tax provision of $609, which includes a discrete income tax benefit of $486. The calculation of the overall income tax provision for the six months ended June 30, 2021 primarily consists of foreign income taxes and a discrete income tax benefit related to the expiration of the statute of limitations for various state and foreign jurisdictions. For the six months ended June 30, 2020, the Company recorded an income tax benefit of $253, which includes a discrete income tax benefit of $344, primarily consists of foreign income taxes and a discrete income tax benefit related to the expiration of the statute of limitations for various state and foreign jurisdictions, and the settlement of the Romanian tax audit for 2017 and 2018. The effective tax rate for the six months ended June 30, 2021 was an income tax provision of 11.71% on pretax income of $5,202 compared to an income tax benefit of 2.61% on a pretax loss of $9,698 in the comparable prior period. The effective tax rate for the six months ended June 30, 2021 differs from the U.S. statutory rate of 21% primarily due to a valuation allowance in the U.S. and partial valuation allowance in Italy, nondeductible foreign permanent differences, income taxed in foreign jurisdictions at varying tax rates, and a decrease in unrecognized tax benefits related to the expiration of the statute of limitations for various state and foreign jurisdictions. The Company’s total unrecognized tax benefits as of June 30, 2021 and 2020 were approximately $3.1 million and $4.0 million, respectively. Included in the unrecognized tax benefits is a liability for the disputed Romania income tax audit assessment for tax years 2012-2016. The Company settled the 2016 audit with the Italian taxing authorities. The impact of the settlement did not have a material impact on the financial statements. Depending on the final resolution of the audit, the uncertain tax position liability could be higher or lower than the amount recorded at June 30, 2021. |
Net Earnings (Loss) per Common
Net Earnings (Loss) per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) per Common Share | 13. Net Earnings (Loss) per Common Share Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Details of the calculations are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) from continuing operations $ 5,365 $ (2,401 ) $ 4,593 $ (9,445 ) Loss from operations of discontinued operations, net of income taxes — (276 ) — (708 ) Net income (loss) $ 5,365 $ (2,677 ) $ 4,593 $ (10,153 ) Income (loss) per share Basic Income (loss) from continuing operations $ 0.27 $ (0.12 ) $ 0.23 $ (0.48 ) Loss from discontinued operations $ — $ (0.01 ) $ — $ (0.04 ) Net income (loss) $ 0.27 $ (0.14 ) $ 0.23 $ (0.51 ) Diluted Income (loss) from continuing operations $ 0.27 $ (0.12 ) $ 0.23 $ (0.48 ) Loss from discontinued operations $ — $ (0.01 ) $ — $ (0.04 ) Net income (loss) $ 0.27 $ (0.14 ) $ 0.23 $ (0.51 ) Weighted average common shares outstanding Basic 19,902,617 19,762,726 19,873,840 19,748,249 Diluted Basic 19,902,617 19,762,726 19,873,840 19,748,249 Dilutive effect of restricted stock units and stock options 86,210 — 73,725 — Basic and Dilutive 19,988,827 19,762,726 19,947,565 19,748,249 Potential shares of common stock relating to stock options and restricted stock units excluded from the earnings per share calculation because their effect would be anti-dilutive were 307,442 and 1,905,559 for the three months ended June 30, 2021 and June 30, 2020, respectively, and 319,927 and 1,905,559 for the six months ended June 30, 2021 and June 30, 2020, respectively. As of June 30, 2021 2020 Unvested restricted stock units 296,215 258,671 Options to purchase common stock 97,437 97,437 Convertible subordinated notes — 1,549,451 393,652 1,905,559 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity | 14. Equity Stock Issued to Employees and Directors The Company issued shares of common stock to employees and Directors as restricted stock units issued under the Company’s 2004 Incentive Plan vested. Upon issuance entries were recorded to increase common stock and decrease paid in capital for the amounts shown below. The following is a summary of stock issuances that occurred during the period: Date of Issue Employees or Director Shares Issued Value of Shares Issued January 1, 2021 Employee 3,300 $ 5.16 March 6, 2021 Directors 7,920 7.43 March 6, 2021 Employees 24,923 7.43 March 8, 2021 Directors 12,000 7.73 March 8, 2021 Employee 2,000 7.73 March 13, 2021 Directors 18,060 8.29 March 13, 2021 Employees 17,680 8.29 June 3, 2021 Directors 5,940 7.29 91,823 $ 7.77 Stock Repurchase The Company purchases shares of Common Stock from certain employees at the closing share price on the date of purchase. The stock is purchased from the employees to satisfy employees’ withholding tax obligations related to stock issuances described above. The below table summarizes shares repurchased from employees during the current year through June 30, 2021: Date of Purchase Shares Purchased Closing Price on Date of Purchase March 6, 2021 2,779 $ 7.43 March 8, 2021 692 $ 7.73 March 13, 2021 2,712 $ 8.29 6,183 Restricted Stock Awards The following table contains information regarding restricted stock units: June 30, 2021 Outstanding on January 1, 2021 242,586 Units granted during the period 147,800 Vested and issued (85,640 ) Vested-issued and repurchased for income tax withholding (6,183 ) Forfeited (2,348 ) Outstanding on June 30, 2021 296,215 The value of the restricted stock is being charged to compensation expense over the vesting period. Compensation expense includes expense related to restricted stock units of $269 and $182, and $558 and $382 for the three and six months ended June 30, 2021 and 2020 , respectively. Additional compensation expense related to restricted stock units will be $465, $692 and $321 for the remainder of 2021, 2022 and 2023, respectively. Stock Options On September 1, 2019, 50,000 stock options were granted at $5.62 per share and vest ratably on each of the first three anniversary dates. Compensation expense related to stock options were $9 and $19 for the three and six months ended June 30, 2021 compared to $21 and $42 for the comparable period. Additional compensation expense will be $12 and $10 for the remainder of 2021 and 2022, respectively. |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | 15. Legal Proceedings and Other Contingencies The Company is involved in various legal proceedings, including product liability, employment related issues, and workers’ compensation matters which have arisen in the normal course of operations. The Company has product liability insurance with self- insurance retention limits that range from $50 to $500. The Company has been named as a defendant in several multi-defendant asbestos related product liability lawsuits. In certain instances, the Company is indemnified by a former owner of the product line in question. In the remaining cases the plaintiff has, to date, not been able to establish any exposure by the plaintiff to the Company’s products. The Company is uninsured with respect to these claims but believes that it will not incur any material liability with respect to these claims. For claims originated in 2020, the Company changed its insurance coverage for worker’s compensation and no longer has a deductible obligation. The Company is fully insured for any amount on any individual claim that exceeds the deductible and for any additional amounts of all claims once the aggregate is reached. The Company currently has several workers’ compensation claims related to injuries that occurred after December 31, 2011 and therefore are subject to a deductible. The Company does not believe that the contingencies associated with these workers’ compensation claims in aggregate will have a material adverse effect on the Company. On May 5, 2011, the Company entered into two separate settlement agreements with two plaintiffs. As of June 30, 2021, the Company has a remaining obligation under the agreements to pay the plaintiffs an aggregate of $950 without interest in 10 annual installments of $95 on or before May 22 of each year. The Company has recorded a liability for the net present value of the liability. The difference between the net present value and the total payment will be charged to interest expense over the payment period. When it is probable that a loss has been incurred and possible to make a reasonable estimate of the Company’s liability with respect to such matters, a provision is recorded for the amount of such estimate to estimate the amount within the range that is most likely to occur. Certain cases are at a preliminary stage, and it is not possible to estimate the amount or timing of any cost to the Company. However, the Company does not believe that these contingencies, in the aggregate, will have a material adverse effect on the Company. It is reasonably possible that the estimated reserve for product liability claims may change within the next 12 months. A change in estimate could occur if a case is settled for more or less than anticipated, or if additional information becomes known to the Company. SEC Settlement The Company is continuing to work to resolve its two remaining material weaknesses in compliance with the previously-disclosed settlement between the Company and the SEC that was entered into in connection with the Company’s restatement of certain prior financial statements. |
Transactions between the Compan
Transactions between the Company and Related Parties | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Transactions between the Company and Related Parties | 16. Transactions between the Company and Related Parties In the course of conducting its business, the Company has entered into certain related party transactions. C&M conducts business with RAM P&E LLC for the purposes of obtaining parts business as well as buying, selling, and renting equipment. In 2021, less than $0.1 million was invoiced by Crane and Machinery, Inc. through government parts contracts awarded to RAM P&E LLC. C&M is a distributor of Terex rough terrain and truck cranes. As such, C&M purchases cranes and parts from Terex. PM is a manufacturer of cranes. PM sold cranes, parts, and accessories to Tadano during 2 020 and 202 1 . As of June 30, 2021 and December 31, 2020, the Company had accounts receivable and payable with related parties as shown below: June 30, 2021 December 31, 2020 Accounts Receivable Tadano $ — $ 62 Terex 25 — RAM P&E (2) 22 13 $ 47 $ 75 Accounts Payable Terex 55 47 Tadano 28 80 $ 83 $ 127 Net Related Party Accounts Payable $ 36 $ 52 The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Rent paid: Bridgeview Facility (1) — $ 69 — $ 138 Sales to: Terex $ 29 $ 13 $ 42 $ 27 Tadano 12 62 140 612 RAM P&E (2) 33 — 87 — Total Sales $ 74 $ 75 $ 269 $ 639 Purchases from: Terex $ 117 $ 133 $ 233 $ 280 Tadano 35 — 96 — Total Purchases $ 152 $ 133 $ 329 $ 280 (1) The Company leased its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Executive Chairman and former CEO, through December 31, 2020. Pursuant to the terms of the lease, the Company makes monthly lease payments of $23. The Company is also responsible for all the associated operating expenses, including insurance, property taxes, and repairs. The entity controlled by Mr. David Langevin sold the building on December 31, 2020 to an unaffiliated third party. The new terms of the building lease are substantially the same in all material respects (2) RAM P&E is owned by Mr. David Langevin’s daughter. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note 17. Discontinued Operations Assets and Liabilities Classified as Held for Sale On August 21, 2020, the Company entered into an Asset Purchase Agreement to sell Manitex Sabre, Inc. to an affiliate of Super Steel, LLC for cash proceeds of $1.5 million, subject to certain adjustments based on closing date accounts receivable and inventory. Accordingly, Manitex Sabre, Inc. is reported as a discontinued operation for 2020. In addition to the proceeds from sale of $1.5 million in cash received, the Company may receive a maximum royalty and earnout payments of approximately $2.9 million for years 2021 thru 2023 if certain revenue criteria are met. The Company will account for the contingent consideration as a gain in accordance with ASC 450. Under this approach, we will recognize the contingent consideration in earnings after the contingency is resolved. For the six months ended June 30, 2020, cash flows provided by operating activities was $331, this consisted of depreciation expense of $45, no purchases of fixed assets and no amortization expense. For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2020 Net revenues $ 1,386 $ 2,885 Cost of sales 1,411 2,966 Selling, general and administrative expenses 280 593 Interest expense 24 48 Other income 6 11 Net loss of discontinued operations before income tax (323 ) (711 ) Income tax benefit related to discontinued operations (47 ) (3 ) Net loss on discontinued operations $ (276 ) $ (708 ) |
Significant Accounting Polici_2
Significant Accounting Policies and New Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting Policy | The summary of the Company’s significant accounting policies is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. The cash in the Company's U.S. banks (primarily CIBC) is not fully insured by the FDIC due to the statutory limit of $250. |
Restricted Cash | Restricted Cash Certain of the Company’s lending arrangements require the Company to post collateral or maintain minimum cash balances in escrow. These cash amounts are reported as current assets on the balance sheets based on when the cash will be contractually released. Total restricted cash was $236 and $240 at June 30, 2021 and December 31, 2020, respectively. |
Revenue Recognition | Revenue Recognition Revenue is recognized when obligations under the terms of the contract with our customer are satisfied; generally, this occurs with the transfer of control of our equipment, parts or installation services (typically completed within one day), which occurs at a point in time. Equipment can be redirected during the manufacturing phase such that over time revenue recognition is not appropriate. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Our contracts are non-cancellable and returns are only allowed in limited instances. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold and do not constitute a separate performance obligation. For instances where equipment and installation services are sold together, the Company accounts for the equipment and installation services separately. The consideration (including any discounts) is allocated between the equipment and installation services based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the equipment. In some instances, the Company fulfills its obligations and bills the customer for the work performed but does not ship the goods until a later date. These arrangements are considered bill-and-hold transactions. In order to recognize revenue on the bill-and-hold transactions, the Company ensures the customer has requested the arrangement, the product is identified separately as belonging to the customer, the product is ready for shipment to the customer in its current form, and the Company does not have the ability to direct the product to a different customer. A portion of the transaction price is not allocated to the custodial services due to the immaterial value assigned to that performance obligation. Payment terms offered to customers are defined in contracts and purchase orders and do not include a significant financing component. At times, the Company may offer discounts which are considered variable consideration however, the Company applies the constraint guidance when determining the transaction price to be allocated to the performance obligations. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at the amounts the Company’s customers are invoiced and do not bear interest. The Company has adopted a policy consistent with U.S. GAAP for the periodic review of its accounts receivable to determine whether the establishment of an allowance for doubtful accounts is warranted based on the Company’s assessment of the collectability of the accounts. The Company established an allowance for bad debt of $2.6 million at June 30, 2021 and December 31, 2020. The Company also has in some instances a security interest in its accounts receivable until payment is received. |
Property, Equipment and Depreciation | Property, Equipment and Depreciation Property and equipment are stated at cost or the fair market value at the date of acquisition for property and equipment acquired in connection with the acquisition of a company. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation of property, and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the three and six months ended June 30, 2021 were $545 and $1,096, respectively. Depreciation expense for the three and six months ended June 30, 2020 were $515 and $1,013. |
Other Intangible Assets | Other Intangible Assets The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name, customer backlog, and customer relationships. Under the guidance, Other Intangible Assets with definite lives are amortized over their estimated useful lives. Intangible assets with indefinite lives are tested annually for impairment. The Company recognized $0.1 million in impairment related to tradenames during the six months ended June 30, 2020. No impairment expense was recognized for the three months ended June 30, 2020. No impairment expense was recognized for the three and six months ended June 30, 2021. |
Goodwill | Goodwill The Company’s methodology for allocating the purchase price of acquisitions is based on established valuation techniques that reflect the consideration of a number of factors, including valuations performed by third-party appraisers when appropriate. Goodwill is measured as the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. The Company annually tests goodwill for impairment on the first day of its fiscal fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company also performs an interim review for indicators of impairment each quarter to assess whether an interim impairment review is required for any reporting unit. As part of its interim reviews, management analyzes potential changes in the value of individual reporting units based on each reporting unit’s operating results for the period compared to expected results as of the prior year’s annual impairment test. In addition, management considers how other key assumptions, including discount rates and expected long-term growth rates, used in the last annual impairment test, could be impacted by changes in market conditions and economic events. The Company recognized $6.6 million in impairment related to goodwill during the six months ended June 30, 2020. No impairment expense was recognized for the three months ended June 30, 2020. No impairment expense was recognized for the three and six months ended June 30, 2021. |
Inventory, net | Inventory, net Inventory consists of stock materials and equipment stated at the lower of cost (first in, first out) or net realizable value. All equipment classified as inventory is available for sale. The Company records excess and obsolete inventory reserves. The estimated reserve is based upon specific identification and/or historical experience of excess or obsolete inventories. Selling, general and administrative expenses are expensed as incurred and are not capitalized as a component of inventory. |
Accrued Warranties | Accrued Warranties Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. A liability for estimated warranty claims is accrued at the time of sale. The liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. As of June 30, 2021 and December 31, 2020, accrued warranties were $1,578 and $1,292, respectively. |
Accounting for Paycheck Protection Program Loan | Accounting for Paycheck Protection Program Loan During April 2020, the Company entered a loan transaction pursuant to which the Company received proceeds of $3.7 million under the Paycheck Protection Program. The Paycheck Protection Program, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying companies and is administered by the U.S. Small Business Administration (“SBA”). The Paycheck Protection Program loan was evidenced by a promissory note between the Company and CIBC bank. The promissory note had a two-year term, accrued interest at the rate of 1.0% per annum, and was prepayable at any time without payment of any premium. No payments of principle or interest were due during the six-month period beginning on the date of the promissory note. Beginning on the seventh month following the date of the promissory note, we were required to make 18 monthly payments of principal and interest. Under the terms of the CARES Act, The Paycheck Protection Program recipients can apply for and be granted forgiveness for all or portion of loan granted under the Paycheck Protection Program, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. However, at least 75 percent of the Paycheck Protection Program loan proceeds must be used for eligible payroll costs. The terms of any forgiveness may also be subject to further requirements in any regulation and guidelines the SBA may adopt. The Company applied for forgiveness on the Paycheck Protection Program loan during November 2020 . The Company recorded the forgiveness as Gain on Paycheck Protection Program loan forgiveness in Other Income (Expense) on the Condensed Consolidated Statement of Operations. The gain on loan forgiveness is not subject to U.S. taxation. This deductible permanent difference is offset by a change in the U.S. valuation allowance and therefore has no impact on the effective tax rate. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The financial statements of the Company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. The Company converts receivables and payables denominated in other than the Company’s functional currency at the exchange rate as of the balance sheet date. The resulting transaction exchange gains or losses, except for certain transaction gains or loss related to intercompany receivable and payables, are included in other income and expense. Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income and are recorded as a translation adjustment (with consideration to the tax effect) to accumulated other comprehensive income (OCI) as a component of shareholders’ equity. |
Derivatives-Forward Currency Exchange Contracts | Derivatives—Forward Currency Exchange Contracts When the Company enters into forward currency exchange contracts it does so such that the exchange gains and losses on the assets and liabilities that are being hedged, which are denominated in a currency other than the reporting units’ functional currency, would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge. The Company records the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Condensed Consolidated Statements of Operations in the other income expense section on the line titled foreign currency transaction loss. |
Research and Development Expenses | Research and Development Expenses The Company expenses research and development costs, as incurred. For the three and six months ended June 30, 2021, research and development expenses were $800 and $1585, respectively. For the three and six months ended June 30, 2020, research and development expenses were $771 and $1,458. |
Advertising | Advertising Advertising costs are expensed as incurred and were $146 and $274 for the three and six months ended June 30, 2021, respectively. Advertising costs were $69 and $234 for the three and six months ended June 30, 2020, respectively. |
Retirement Benefit Costs and Termination Benefits | Retirement Benefit Costs and Termination Benefits Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. Employees in Italy are entitled to Trattamento di Fine Rapporto (“TFR”), commonly referred to as an employee leaving indemnity, which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). The expense is recognized in the personnel costs (SG&A or COGS) in the Condensed Consolidated Statements of Operations and the accrual is recorded in other long-term liabilities in the Condensed Consolidated Balance Sheets. |
Litigation Claims | Litigation Claims In determining whether liabilities should be recorded for pending litigation claims, the Company must assess the allegations and the likelihood that it will successfully defend itself. When the Company believes it is probable that it will not prevail in a particular matter, it will then record an estimate of the amount of liability based, in part, on advice of legal counsel. |
Income Taxes | Income Taxes The Company accounts for income taxes under the provisions of ASC 740 “Income Taxes,” which requires recognition of income taxes based on amounts payable with respect to the current year and the effects of deferred taxes for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not a tax benefit will not be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of any net operating loss carryforwards. See Note 12, Income Taxes, for further details. The Jobs Act also establishes Global Intangible Low-Taxed Income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to recognize GILTI as a period cost as incurred, therefore there are no deferred taxes recognized for basis differences that are expected to impact the amount of the GILTI inclusion upon reversal. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company records interest and penalties related to income tax matters in the provision for income taxes. |
Comprehensive Income | Comprehensive Income Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to shareholders’ equity. Currently, the comprehensive income adjustment required for the Company is a foreign currency translation adjustment, the result of consolidating its foreign subsidiary. |
Shipping and Handling | Shipping and Handling The Company records the amount of shipping and handling costs billed to customers as revenue. The cost incurred for shipping and handling is included in the cost of sales. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Deferred financing costs associated with long-term debt are presented in the balance sheet as direct deduction from the carrying amount of that debt liability, consistent with debt discount. Deferred financing costs associated with revolving lines of credit are included with Revolving term credit facilities on the Company’s Condensed Consolidated Balance Sheets. |
Sale and Leaseback | Sale and Leaseback In accordance with ASC 842-10 Sales-Leaseback Transactions, the Company has recorded a deferred gain in relationship to the sale and leaseback of one of the Company’s operating facilities. As such, the gains have been deferred and are being amortized on a straight- line basis over the life of the leases. |
Computation of EPS | Computation of EPS Basic Earnings per Share (“EPS”) was computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The number of shares related to options, warrants, restricted stock, convertible debt and similar instruments included in diluted EPS (“EPS”) is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes the theoretical repurchase of shares using proceeds of the respective stock option or warrant exercised, and for restricted stock, the amount of compensation cost attributed to future services which has not yet been recognized, and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options, warrants, restricted stock, convertible debt, and similar instruments is dependent on this average stock price and will increase as the average stock price increases. |
Stock Based Compensation | Stock Based Compensation In accordance with ASC 718 Compensation-Stock Compensation, share-based payments to employees, including grants of restricted stock units, are measured at fair value as of the date of grant and are expensed in the Condensed Consolidated Statements of Operation over the service period (generally the vesting period). |
Adoption of Highly Inflationary Accounting in Argentina | Adoption of Highly Inflationary Accounting in Argentina GAAP guidance requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100 percent. In the second quarter of 2018, published inflation indices indicated that the three-year cumulative inflation in Argentina exceeded 100 percent, and as of July 1, 2018, we elected to adopt highly inflationary accounting for our subsidiary in Argentina (“PM Argentina”). Under highly inflationary accounting, PM Argentina’s functional currency became the Euro (its parent company’s reporting currency), and its income statement and balance sheet have been measured in Euros using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in other (income) and expense, net and was not material. As of June 30, 2021, PM Argentina had a small net peso monetary position. Net sales of PM Argentina were less than 5 percent of our consolidated net sales for the years ended June 30, 2021 and December 31, 2020, respectively. |
Recently Issued Pronouncements- Not Yet Adopted | Recently Issued Pronouncements - Not Yet Adopted In March 2020, the FASB issued guidance under ASC 848, Reference Rate Reform. This guidance provides optional expedients and exceptions to account for debt, leases, contracts, hedging relationships and other transactions that reference LIBOR or another reference rate if certain criteria are met. The guidance is effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating the potential effects of the adoption of this guidance on our Consolidated Financial Statements. In January 2021, the FASB issued ASU 2021-01, which refines the scope of ASC 848 and clarifies some of its guidance as part of the FASB’s monitoring of global reference rate reform activities. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest (PAI) in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). We are currently evaluating the potential effects of the adoption of this guidance on our Consolidated Financial Statements. There have been no other accounting pronouncements issued, but not yet adopted by us, which are expected to have a material impact on our Condensed Consolidated Financial Statements. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance In December 2019, the FASB issued ASU 2019-12, “Income Taxes Topic 740-Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application of Topic 740. The effective date for ASU 2019-12 was the first quarter of fiscal year 2021 and the Company adopted this guidance as of January 1, 2021. The adoption of this guidance did not have a significant impact on our operating results. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Transactions | Transactions for the periods ended June 30, 2021 and 2020 are as follows: Six months ended June 30, 2021 2020 Interest received in cash $ 6 $ 74 Interest paid in cash 975 1,933 Income tax payments in cash 856 274 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disaggregation Of Revenue [Abstract] | |
Summary of Disaggregates of Revenue, Geographic Area and Source | The following table disaggregates our revenue for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equipment sales $ 51,600 $ 30,890 $ 90,432 $ 71,765 Part sales 7,265 5,668 14,468 12,836 Installation services 1,180 557 2,313 1,247 Total Revenue $ 60,045 $ 37,115 $ 107,213 $ 85,848 The Company attributes revenue to different geographic areas based on where items are shipped to or services are performed. The following table provides detail of revenues by geographic area for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States 24,384 $ 16,518 $ 41,822 $ 40,991 Italy 9,839 4,448 16,552 9,781 Canada 5,450 1,333 8,325 3,813 Chile 3,118 1,262 6,338 3,347 France 2,688 2,310 6,454 5,093 Other 14,566 11,245 27,722 22,824 $ 60,045 $ 37,115 $ 107,213 $ 85,848 The sources of the Company’s revenues are summarized below for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Boom trucks, knuckle boom & truck cranes $ 44,653 $ 27,156 $ 77,879 $ 61,943 Part sales 7,265 5,668 14,468 12,836 Rough terrain cranes 1,759 2,028 3,797 5,162 Other equipment 5,188 1,706 8,756 4,660 Installation services 1,180 557 2,313 1,247 Total Revenue $ 60,045 $ 37,115 $ 107,213 $ 85,848 |
Summary of Changes in Customer Deposits | The following table summarizes changes in customer deposits for the six months ended June 30 as follows: June 30, 2021 June 30, 2020 Customer deposits $ 2,363 $ 1,493 Additional customer deposits received where revenue has not yet been recognized 3,375 2,456 Revenue recognized from customer deposits (2,613 ) (2,540 ) Effect of change in exchange rates (93 ) (35 ) $ 3,032 $ 1,374 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measures at Fair Value on Recurring Basis | The following is summary of items that the Company measures at fair value on a recurring basis: Fair Value at June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Forward currency exchange contracts $ — $ 66 $ — $ 66 Total current assets at fair value $ — $ 66 $ — $ 66 Liabilities: Valla contingent consideration $ — $ — $ 217 $ 217 Total recurring liabilities at fair value $ — $ — $ 217 $ 217 Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: Valla contingent consideration $ — $ — $ 224 $ 224 Forward currency exchange contracts — 267 — 267 Total liabilities at fair value $ — $ 267 $ 224 $ 491 |
Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Valla Contingent Consideration Liabilities: Balance at January 1, 2021 $ 224 Effect of change in exchange rates (7 ) Balance at June 30, 2021 $ 217 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets | The following table provides the location and fair value amounts of derivative instruments that are reported in the Condensed Consolidated Balance Sheet as of June 30, 2021: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location June 30, 2021 December 31, 2020 Asset Derivatives Foreign currency exchange contract Prepaid expense and other current assets $ 66 $ — Liabilities Derivatives Foreign currency exchange contract Accrued expenses $ — $ 267 |
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations | The following tables provide the effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020: Gain (loss) Gain (loss) Location of gain or (loss) recognized in the Statement of Operations Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Derivatives Not Designated as Hedge Instruments Forward currency contracts Foreign currency transaction gains $ 197 $ (152 ) $ 333 $ 236 $ 197 $ (152 ) $ 333 $ 236 |
Inventory, Net (Tables)
Inventory, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory are as follows: June 30, 2021 December 31, 2020 Raw materials and purchased parts, net $ 39,022 $ 33,172 Work in process, net 3,622 3,845 Finished goods, net 17,854 19,038 Inventory, net $ 60,498 $ 56,055 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Accumulated Amortization by Category | Intangible assets and accumulated amortization by category as of Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 5 $ 18,385 $ (14,845 ) $ 3,540 Customer relationships 5 19,190 (13,204 ) 5,986 Trade names and trademarks 11 4,829 (2,775 ) 2,054 Indefinite lived trade names 2,580 2,580 Total intangible assets, net $ 14,160 Intangible assets and accumulated amortization by category as of December 31, 2020 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 6 $ 18,643 $ (14,587 ) $ 4,056 Customer relationships 5 19,552 (12,753 ) 6,799 Trade names and trademarks 11 4,829 (2,677 ) 2,152 Indefinite lived trade names 2,664 2,664 Total intangible assets, net $ 15,671 |
Schedule of Estimated Amortization Expense | Estimated amortization expense for the next five years for the period ending June 30 and subsequent is as follows: Amount 2022 $ 2,233 2023 2,233 2024 2,206 2025 2,163 2026 1,507 And subsequent 1,238 Total intangibles currently to be amortized 11,580 Intangibles with indefinite lives not amortized 2,580 Total intangible assets $ 14,160 |
Changes in Goodwill | Changes in goodwill for the six months ended June 30, 2021 are as follows: Total Balance January 1, 2021 $ 27,472 Effect of change in exchange rates (583 ) Balance June 30, 2021 $ 26,889 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accrued Liabilities Current And Noncurrent [Abstract] | |
Schedule of Accrued Expenses | June 30, 2021 December 31, 2020 Accrued payroll 2,040 1,306 Accrued vacation 1,815 1,398 Accrued warranty 1,578 1,292 Accrued income tax and other taxes 1,389 1,127 Accrued employee benefits 595 910 Accrued interest 352 244 Accrued expenses—other 1,824 1,632 Total accrued expenses $ 9,593 $ 7,909 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | The following table summarizes the changes in product warranty liability: For the six months ended June 30, 2021 2020 Balance January 1, $ 1,292 $ 1,604 Provision for warranties issued during the year 1,867 978 Warranty services provided (1,566 ) (1,145 ) Changes in estimate - (6 ) Foreign currency translation (15 ) (8 ) Balance June 30, $ 1,578 $ 1,423 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Leases on Consolidated Balance Sheet | Leases Classification June 30, 2021 December 31, 2020 Assets Operating lease assets Operating lease assets $ 3,648 $ 4,068 Financing lease assets Fixed assets, net 2,485 2,847 Total leased assets $ 6,133 $ 6,915 Liabilities Current Operating Current liabilities $ 1,006 $ 1,167 Financing Current liabilities 362 344 Non-current Operating Non-current liabilities 2,642 2,901 Financing Non-current liabilities 4,032 4,221 Total lease liabilities $ 8,042 $ 8,633 |
Schedule of Lease Cost | Three months ended June 30, Six months ended June 30, Lease Cost Classification 2021 2020 2021 2020 Operating lease costs Operating lease assets $ 398 $ 269 $ 702 $ 531 Finance lease cost Depreciation/amortization of leased assets Depreciation 91 113 182 227 Interest on lease liabilities Interest expense 139 148 280 299 Lease cost $ 628 $ 530 $ 1,164 $ 1,057 |
Summary of Other Information Related to Leases | Three months ended June 30, Six months ended June 30, Other Information 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 426 $ 259 $ 758 $ 512 Operating cash flows from finance leases $ 139 $ 114 $ 280 $ 227 Financing cash flows from finance leases $ 95 $ 148 $ 171 $ 299 |
Schedule of Future Principal Minimum Lease Payments | Operating Leases Capital Leases 2022 $ 1,166 $ 891 2023 935 918 2024 610 945 2025 424 974 2026 396 1,003 And subsequent 550 1,919 Total undiscounted lease payments 4,081 6,650 Less interest (433 ) (2,256 ) Total liabilities $ 3,648 $ 4,394 Less current maturities (1,006 ) (362 ) Non-current lease liabilities $ 2,642 $ 4,032 |
Net Earnings (Loss) per Comm_2
Net Earnings (Loss) per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Earnings Per Share | Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Details of the calculations are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) from continuing operations $ 5,365 $ (2,401 ) $ 4,593 $ (9,445 ) Loss from operations of discontinued operations, net of income taxes — (276 ) — (708 ) Net income (loss) $ 5,365 $ (2,677 ) $ 4,593 $ (10,153 ) Income (loss) per share Basic Income (loss) from continuing operations $ 0.27 $ (0.12 ) $ 0.23 $ (0.48 ) Loss from discontinued operations $ — $ (0.01 ) $ — $ (0.04 ) Net income (loss) $ 0.27 $ (0.14 ) $ 0.23 $ (0.51 ) Diluted Income (loss) from continuing operations $ 0.27 $ (0.12 ) $ 0.23 $ (0.48 ) Loss from discontinued operations $ — $ (0.01 ) $ — $ (0.04 ) Net income (loss) $ 0.27 $ (0.14 ) $ 0.23 $ (0.51 ) Weighted average common shares outstanding Basic 19,902,617 19,762,726 19,873,840 19,748,249 Diluted Basic 19,902,617 19,762,726 19,873,840 19,748,249 Dilutive effect of restricted stock units and stock options 86,210 — 73,725 — Basic and Dilutive 19,988,827 19,762,726 19,947,565 19,748,249 |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share | Potential shares of common stock relating to stock options and restricted stock units excluded from the earnings per share calculation because their effect would be anti-dilutive were 307,442 and 1,905,559 for the three months ended June 30, 2021 and June 30, 2020, respectively, and 319,927 and 1,905,559 for the six months ended June 30, 2021 and June 30, 2020, respectively. As of June 30, 2021 2020 Unvested restricted stock units 296,215 258,671 Options to purchase common stock 97,437 97,437 Convertible subordinated notes — 1,549,451 393,652 1,905,559 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Summary of Stock Issuances | The following is a summary of stock issuances that occurred during the period: Date of Issue Employees or Director Shares Issued Value of Shares Issued January 1, 2021 Employee 3,300 $ 5.16 March 6, 2021 Directors 7,920 7.43 March 6, 2021 Employees 24,923 7.43 March 8, 2021 Directors 12,000 7.73 March 8, 2021 Employee 2,000 7.73 March 13, 2021 Directors 18,060 8.29 March 13, 2021 Employees 17,680 8.29 June 3, 2021 Directors 5,940 7.29 91,823 $ 7.77 |
Summary of Common Stock Repurchases | The below table summarizes shares repurchased from employees during the current year through June 30, 2021: Date of Purchase Shares Purchased Closing Price on Date of Purchase March 6, 2021 2,779 $ 7.43 March 8, 2021 692 $ 7.73 March 13, 2021 2,712 $ 8.29 6,183 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units: June 30, 2021 Outstanding on January 1, 2021 242,586 Units granted during the period 147,800 Vested and issued (85,640 ) Vested-issued and repurchased for income tax withholding (6,183 ) Forfeited (2,348 ) Outstanding on June 30, 2021 296,215 |
Transactions between the Comp_2
Transactions between the Company and Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Accounts Receivable and Accounts Payable with Related Parties | As of June 30, 2021 and December 31, 2020, the Company had accounts receivable and payable with related parties as shown below: June 30, 2021 December 31, 2020 Accounts Receivable Tadano $ — $ 62 Terex 25 — RAM P&E (2) 22 13 $ 47 $ 75 Accounts Payable Terex 55 47 Tadano 28 80 $ 83 $ 127 Net Related Party Accounts Payable $ 36 $ 52 |
Related Party Transactions | The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Rent paid: Bridgeview Facility (1) — $ 69 — $ 138 Sales to: Terex $ 29 $ 13 $ 42 $ 27 Tadano 12 62 140 612 RAM P&E (2) 33 — 87 — Total Sales $ 74 $ 75 $ 269 $ 639 Purchases from: Terex $ 117 $ 133 $ 233 $ 280 Tadano 35 — 96 — Total Purchases $ 152 $ 133 $ 329 $ 280 (1) The Company leased its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Executive Chairman and former CEO, through December 31, 2020. Pursuant to the terms of the lease, the Company makes monthly lease payments of $23. The Company is also responsible for all the associated operating expenses, including insurance, property taxes, and repairs. The entity controlled by Mr. David Langevin sold the building on December 31, 2020 to an unaffiliated third party. The new terms of the building lease are substantially the same in all material respects (2) RAM P&E is owned by Mr. David Langevin’s daughter. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Major Classes of Assets and Liabilities of Discontinued Operations on Consolidated Balance Sheets and Loss from Discontinued Operations | For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2020 Net revenues $ 1,386 $ 2,885 Cost of sales 1,411 2,966 Selling, general and administrative expenses 280 593 Interest expense 24 48 Other income 6 11 Net loss of discontinued operations before income tax (323 ) (711 ) Income tax benefit related to discontinued operations (47 ) (3 ) Net loss on discontinued operations $ (276 ) $ (708 ) |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation - Additional Information (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)Segment | Aug. 21, 2020USD ($) | |
Partnership Organization And Basis Of Presentation [Line Items] | ||
Number of reportable segments | Segment | 1 | |
Number of operating segment | Segment | 4 | |
Number of reporting units | Segment | 5 | |
Gain contingency, description | In addition to the proceeds from sale of $1.5 million in cash received, the Company may receive a maximum royalty and earnout payments of approximately $2.9 million for years 2021 thru 2023 if certain revenue criteria are met. | |
Discontinued operation, consideration | $ 1.5 | |
Maximum [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Royalty and Earn-out payments receivable | $ 2.9 | |
Sabre Acquisition L L C | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Assets and certain liabilities purchase | $ 1.5 | |
Gain contingency, description | In addition to the cash proceeds from sale of $1.5 million in cash received, the Company may receive a maximum royalty and earnout payments of approximately $2.9 million for years 2021 thru 2023 if certain revenue criteria are met. | |
Discontinued operation, consideration | $ 1.5 | |
Sabre Acquisition L L C | Maximum [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Royalty and Earn-out payments receivable | $ 2.9 | |
Manitex International, Inc. [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Number of operating segment | Segment | 1 |
Nature of Operations and Basi_4
Nature of Operations and Basis of Presentation - Schedule of Supplemental Cash Flow Transactions (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest received in cash | $ 6 | $ 74 |
Interest paid in cash | 975 | 1,933 |
Income tax payments in cash | $ 856 | $ 274 |
Significant Accounting Polici_3
Significant Accounting Policies and New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Line Items] | |||||||
Statutory limit of highly liquid investments | $ 250 | $ 250 | |||||
Cash - restricted | 236 | 236 | $ 240 | ||||
Allowance for bad debt | 2,600 | 2,600 | 2,600 | ||||
Depreciation Expense | 545 | $ 515 | 1,096 | $ 1,013 | |||
Write down of goodwill | 6,585 | ||||||
Accrued warranties | 1,578 | 1,423 | 1,578 | 1,423 | $ 1,292 | $ 1,604 | |
Research and development costs | 800 | 771 | 1,585 | 1,458 | |||
Advertising costs | 146 | 69 | $ 274 | 234 | |||
Maximum [Member] | Argentina [Member] | PM Argentina [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Net sales in percentage as compared to consolidated net sales | 5.00% | 5.00% | |||||
Paycheck Protection Program [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Debt instrument, payment terms | two-year term | ||||||
Debt instrument, interest rate during period | 1.00% | ||||||
Debt instrument, periodic payment, principal | $ 0 | ||||||
Debt instrument frequency of periodic payment | 18 | ||||||
Proceeds from bank debt | $ 3,700 | ||||||
Paycheck Protection Program [Member] | Loans Payable [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Proceeds from Issuance of Debt | $ 3,700 | ||||||
Goodwill [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Write down of goodwill | 0 | 0 | 0 | 6,600 | |||
Trade Names [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Impairment charges | $ 0 | $ 0 | $ 0 | $ 100 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregates of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 60,045 | $ 37,115 | $ 107,213 | $ 85,848 |
Equipment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 51,600 | 30,890 | 90,432 | 71,765 |
Part Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 7,265 | 5,668 | 14,468 | 12,836 |
Installation Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 1,180 | $ 557 | $ 2,313 | $ 1,247 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 60,045 | $ 37,115 | $ 107,213 | $ 85,848 |
United States [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 24,384 | 16,518 | 41,822 | 40,991 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 5,450 | 1,333 | 8,325 | 3,813 |
Italy [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 9,839 | 4,448 | 16,552 | 9,781 |
Chile [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 3,118 | 1,262 | 6,338 | 3,347 |
France [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | 2,688 | 2,310 | 6,454 | 5,093 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net revenues | $ 14,566 | $ 11,245 | $ 27,722 | $ 22,824 |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Revenues by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | $ 60,045 | $ 37,115 | $ 107,213 | $ 85,848 |
Boom Trucks, Knuckle Boom & Truck Cranes [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 44,653 | 27,156 | 77,879 | 61,943 |
Part Sales [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 7,265 | 5,668 | 14,468 | 12,836 |
Other Equipment [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 5,188 | 1,706 | 8,756 | 4,660 |
Rough Terrain Cranes [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 1,759 | 2,028 | 3,797 | 5,162 |
Installation Services [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | $ 1,180 | $ 557 | $ 2,313 | $ 1,247 |
Revenue Recognition - Summary_4
Revenue Recognition - Summary of Changes in Customer Deposits (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | ||
Customer deposits, Beginning balance | $ 2,363 | $ 1,493 |
Additional customer deposits received where revenue has not yet been recognized | 3,375 | 2,456 |
Revenue recognized from customer deposits | (2,613) | (2,540) |
Effect of change in exchange rates | (93) | (35) |
Customer deposits, Ending balance | $ 3,032 | $ 1,374 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Items Measures at Fair Value on Recurring Basis (Detail) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 217 | $ 491 |
Valla Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 217 | 224 |
Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 66 | |
Total liabilities at fair value | 267 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 267 | |
Level 2 [Member] | Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 66 | |
Total liabilities at fair value | 267 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 217 | 224 |
Level 3 [Member] | Valla Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 217 | $ 224 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Detail) - Level 3 [Member] - Valla Contingent Consideration [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Liabilities: | |
Beginning Balance | $ 224 |
Effect of change in exchange rates | (7) |
Ending Balance | $ 217 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) | 6 Months Ended | ||
Jun. 30, 2021EUR (€)ForwardContract | Jun. 30, 2021CLP ($)ForwardContract | Jun. 30, 2020ForwardContract | |
Forward Currency Contracts [Member] | Derivatives Designated as Hedge Instrument [Member] | Designated as Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Number of forward currency exchange contracts | ForwardContract | 0 | 0 | 0 |
First and Second Forward Currency Contracts [Member] | |||
Derivative [Line Items] | |||
Contract maturity date | Aug. 5, 2021 | ||
First Forward Currency Contracts [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | € | € 2,683,000 | ||
First Forward Currency Contracts [Member] | Chile Pesos [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | $ | $ 2,290,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets (Detail) - Derivatives Not Designated as Hedge Instrument [Member] - Foreign Exchange Forward - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | $ 66 | |
Accrued Expense [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liabilities Derivatives | $ 267 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Detail) - Forward Currency Contracts [Member] - Derivatives Not Designated as Hedge Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivatives Fair Value [Line Items] | ||||
Gain (loss) recognized in statement of operations | $ 197 | $ (152) | $ 333 | $ 236 |
Forward Currency Contracts [Member] | Foreign Currency Transaction Gains (Losses) [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Gain (loss) recognized in statement of operations | $ 197 | $ (152) | $ 333 | $ 236 |
Inventory, Net - Components of
Inventory, Net - Components of Inventory (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts, net | $ 39,022 | $ 33,172 |
Work in process, net | 3,622 | 3,845 |
Finished goods, net | 17,854 | 19,038 |
Inventory, net | $ 60,498 | $ 56,055 |
Inventory, Net - Additional Inf
Inventory, Net - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete and excess inventory | $ 7,367 | $ 8,451 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Accumulated Amortization by Category (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total intangible assets, net | $ 14,160 | $ 15,671 |
Indefinite lived trade names | 2,580 | 2,664 |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18,385 | 18,643 |
Accumulated Amortization | (14,845) | (14,587) |
Total intangible assets, net | $ 3,540 | $ 4,056 |
Weighted Average Amortization Period (in years) | 5 years | 6 years |
Customer Relationships [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 19,190 | $ 19,552 |
Accumulated Amortization | (13,204) | (12,753) |
Total intangible assets, net | $ 5,986 | $ 6,799 |
Weighted Average Amortization Period (in years) | 5 years | 5 years |
Trade Names and Trademarks [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (2,775) | $ (2,677) |
Total intangible assets, net | $ 2,054 | $ 2,152 |
Weighted Average Amortization Period (in years) | 11 years | 11 years |
Gross Carrying Amount | $ 4,829 | $ 4,829 |
Trade Names [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,580 | $ 2,664 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 578 | $ 540 | $ 1,157 | $ 1,080 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2022 | $ 2,233 | |
2023 | 2,233 | |
2024 | 2,206 | |
2025 | 2,163 | |
2026 | 1,507 | |
And subsequent | 1,238 | |
Total intangibles currently to be amortized | 11,580 | |
Intangibles with indefinite lives not amortized | 2,580 | |
Total intangible assets, net | $ 14,160 | $ 15,671 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Changes in Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning Balance | $ 27,472 |
Effect of change in exchange rates | (583) |
Ending Balance | $ 26,889 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
Accrued payroll | $ 2,040 | $ 1,306 |
Accrued vacation | 1,815 | 1,398 |
Accrued warranty | 1,578 | 1,292 |
Accrued income tax and other taxes | 1,389 | 1,127 |
Accrued employee benefits | 595 | 910 |
Accrued interest | 352 | 244 |
Accrued expenses—other | 1,824 | 1,632 |
Total accrued expenses | $ 9,593 | $ 7,909 |
Accrued Warranty - Summary of C
Accrued Warranty - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 1,292 | $ 1,604 |
Provision for warranties issued during the year | 1,867 | 978 |
Warranty services provided | (1,566) | (1,145) |
Changes in estimate | (6) | |
Foreign currency translation | (15) | (8) |
Ending Balance | $ 1,578 | $ 1,423 |
Credit Facilities and Debt - Ad
Credit Facilities and Debt - Additional Information - U.S. Credit Facilities (Detail) - CIBC Bank USA [Member] - U.S. Credit Facilities [Member] | 6 Months Ended | |
Jun. 30, 2021USD ($)ForwardContract | Dec. 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||
Credit facility termination date | Jul. 20, 2023 | |
Maximum percentage of assets eligible for collateral | 85.00% | |
Maximum percentage of assets eligible for collateral, eligible inventory | 50.00% | |
Maximum value of assets eligible for collateral, eligible inventory | $ 20,000,000 | |
Maximum percentage of assets eligible for collateral, eligible used equipment | 80.00% | |
Maximum value of assets eligible for collateral, eligible used equipment | $ 2,000,000 | |
Maximum percentage of assets eligible for collateral, eligible mexico receivables | 50.00% | |
Maximum value of assets eligible for collateral, eligible mexico receivables | $ 400,000 | |
Maximum borrowing capacity based on available collateral | 25,400,000 | $ 21,900,000 |
Line of credit facility, amount borrowed | 12,800,000 | 12,800,000 |
Debt issuance cost | 100,000 | 200,000 |
Net Debt | $ 12,700,000 | 12,600,000 |
Line of credit facility interest rate description | The base rate and the LIBOR rate are subject to a floor of 0.50%. The LIBOR spread ranges from 1.75% to 2.25% depending on the Adjusted Excess Availability. | |
Maximum number of LIBOR contracts allowed | ForwardContract | 4 | |
Unused line fee | 0.375% | |
Letter of credit reserved | $ 3,000,000 | |
Letters of Credit Outstanding, Amount | $ 200,000 | |
Maximum [Member] | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 0.50% | |
Maximum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 2.25% | |
Minimum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread for base rate | 1.75% | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 30,000,000 | |
Line of credit facility, amount borrowed | $ 12,600,000 | $ 9,100,000 |
Credit Facilities and Debt - _2
Credit Facilities and Debt - Additional Information - Note Payable-Bank (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)Payment | |
January 6, 2021 Notes Payable to Banks [Member] | |
Line of Credit Facility [Line Items] | |
Notes Payable | $ 411 |
Debt Instrument, periodic payment | $ 69 |
Number Of Remaining Monthly Payments | Payment | 6 |
Debt instrument, face amount | $ 748 |
Debt Instrument Interest Rate | 3.49% |
November 13, 2020 Notes Payable to Banks [Member] | |
Line of Credit Facility [Line Items] | |
Notes Payable | $ 80 |
Debt Instrument, periodic payment | $ 27 |
Number Of Remaining Monthly Payments | Payment | 3 |
Debt instrument, face amount | $ 289 |
Debt Instrument Interest Rate | 5.81% |
Credit Facilities and Debt - _3
Credit Facilities and Debt - Additional Information - Note Payable-Winona Facility Purchase (Detail) - Notes Payable to Avis [Member] - Winona Facility [Member] $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)Payment | Dec. 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||
Notes Payable | $ 126 | $ 180 |
Number of monthly payments | Payment | 60 | |
Debt instrument frequency of periodic payment | monthly | |
Debt Instrument, periodic payment | $ 10 | |
Payment commencing date | Aug. 1, 2017 | |
Note payable, issuance date | Jul. 26, 2017 | |
Debt instrument, face amount | $ 500 | |
Debt Instrument Interest Rate | 8.00% | |
Notes payable maturity date | Jul. 1, 2022 |
Credit Facilities and Debt - _4
Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) - Short-term Working Capital Borrowings [Member] - PM Group [Member] | 6 Months Ended | |||
Jun. 30, 2021USD ($)Bank | Jun. 30, 2021EUR (€)Bank | Dec. 31, 2020USD ($)Bank | Dec. 31, 2020EUR (€)Bank | |
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 22,749,000 | € 19,201,000 | $ 25,133,000 | € 20,550,000 |
Bank Overdrafts, Maximum Borrowing Capacity | $ 6,749,000 | € 5,700,000 | $ 2,440,000 | € 2,000,000 |
Italy [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Number of banks which PM Group established demand credit and overdraft facilities | 5 | 5 | 5 | 5 |
Short-term debt | $ 8,832,000 | € 7,454,000 | $ 12,904,000 | € 10,551,000 |
Spain [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Number of banks which PM Group established demand credit and overdraft facilities | 1 | 1 | 1 | 1 |
Short-term debt | $ 0 | € 0 | $ 0 | € 0 |
South America | ||||
Line of Credit Facility [Line Items] | ||||
Number of banks which PM Group established demand credit and overdraft facilities | 11 | 11 | 11 | 11 |
Short-term debt | $ 341,000 | € 288,000 | $ 120,000 | € 98,000 |
South America | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Working capital borrowing interest rate | 8.00% | 8.00% | ||
South America | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Working capital borrowing interest rate | 55.00% | 55.00% | ||
3-month Euribor [Member] | Advances on orders, invoices, and letter of credit [Member] | Italy [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, basis spread on variable rate | 1.75% | |||
3-month Euribor [Member] | Advances on orders, invoices, and letter of credit [Member] | Italy [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, basis spread on variable rate | 2.00% | |||
3-month Euribor [Member] | Cash Facilities [Member] | Italy [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, basis spread on variable rate | 3.50% |
Credit Facilities and Debt - _5
Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) € in Thousands, $ in Thousands | Mar. 06, 2018USD ($) | Jun. 30, 2021USD ($)Payment | Jun. 30, 2021EUR (€)Payment | Jun. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Mar. 06, 2018EUR (€) |
PM Group [Member] | Unsecured Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Bank loans | $ 8,560 | € 7,225 | $ 8,836 | € 7,225 | |||
Debt Instrument Interest Rate | 3.50% | 3.50% | 3.50% | 3.50% | |||
Debt instrument, interest rate, effective percentage | 3.50% | 3.50% | 3.50% | 3.50% | |||
Annual payments | € 1,445 | ||||||
PM Group [Member] | Term Debt and Unsecured Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Financial covenants measurement, frequency | semi-annual | semi-annual | |||||
PM Group [Member] | Bank Term Loan Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Bank loans | $ 6,815 | 5,752 | $ 7,035 | € 5,752 | |||
2021 | 513 | ||||||
2022 | 531 | ||||||
2023 | 549 | ||||||
2024 | 569 | ||||||
2025 | 588 | ||||||
PM Group [Member] | Bank Term Loan Facility [Member] | Non Interest Bearing Debt Adjustment [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, fair value | $ 550 | $ 68 | € 57 | $ 140 | € 114 | € 480 | |
PM Group [Member] | Bank Term Loan Facility [Member] | Notes Payable to Bank [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument Interest Rate | 3.50% | 3.50% | 3.50% | 3.50% | |||
PM Group [Member] | Bank Term Loan Facility [Member] | Balloon Payment [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument periodic payment terms balloon payment to be paid | € 3,002 | ||||||
Debt instrument ending date for principal payments | 2026 | ||||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Second note [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, interest rate, effective percentage | 2.50% | 2.50% | |||||
Debenture, maturity date | Dec. 31, 2021 | Dec. 31, 2021 | |||||
Notes Payable | $ 77 | € 65 | $ 142 | € 116 | |||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Second note [Member] | 1-month Euribor [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, basis spread on variable rate | 2.50% | 2.50% | |||||
Interest rate spread for base rate | 2.50% | 2.50% | |||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Third note of first part [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, interest rate, effective percentage | 2.75% | 2.75% | 2.75% | 2.75% | |||
Debenture, maturity date | Feb. 28, 2023 | Feb. 28, 2023 | |||||
Notes Payable | $ 153 | € 129 | $ 201 | € 164 | |||
Number of monthly payments | Payment | 60 | 60 | |||||
Debt instrument frequency of periodic payment | monthly | monthly | |||||
Debt Instrument, periodic payment | $ 1 | € 1 | |||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Third note of first part [Member] | Six Month Euribor | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, basis spread on variable rate | 2.75% | 2.75% | |||||
Interest rate spread for base rate | 2.75% | 2.75% | |||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Notes Payable Third Note Of Second Part | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, interest rate, effective percentage | 2.75% | 2.75% | 2.75% | 2.75% | |||
Debenture, maturity date | Apr. 30, 2023 | Apr. 30, 2023 | |||||
Number of monthly payments | Payment | 60 | 60 | |||||
Debt instrument frequency of periodic payment | monthly | monthly | |||||
Debt Instrument, periodic payment | $ 5 | € 4 | |||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Notes Payable Third Note Of Second Part | Six Month Euribor | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, basis spread on variable rate | 2.75% | 2.75% | |||||
Interest rate spread for base rate | 2.75% | 2.75% | |||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Notes Payable Third Note Of Third Part | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, interest rate, effective percentage | 2.75% | 2.75% | 2.75% | 2.75% | |||
Number of monthly payments | Payment | 60 | 60 | |||||
Debt instrument frequency of periodic payment | monthly | monthly | |||||
Debt Instrument, periodic payment | $ | $ 1 | ||||||
Autogru PM RO [Member] | Notes Payable to Bank [Member] | Notes Payable Third Note Of Third Part | Six Month Euribor | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, basis spread on variable rate | 2.75% | 2.75% | |||||
Interest rate spread for base rate | 2.75% | 2.75% |
Credit Facilities and Debt - _6
Credit Facilities and Debt - Additional Information - Valla Short-Term Working Capital Borrowings (Detail) - Short-term Working Capital Borrowings [Member] - Valla [Member] € in Thousands, $ in Thousands | Jun. 30, 2021USD ($)Bank | Jun. 30, 2021EUR (€)Bank | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) |
Credit Facilities [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 592 | € 500 | ||
Line of credit facility, amount borrowed | $ 407 | € 343 | $ 579 | € 474 |
Italy [Member] | ||||
Credit Facilities [Line Items] | ||||
Number of Italian banks | 2 | 2 | ||
Minimum [Member] | Italy [Member] | ||||
Credit Facilities [Line Items] | ||||
Working capital borrowing interest rate | 1.67% | 1.67% | ||
Maximum [Member] | Italy [Member] | ||||
Credit Facilities [Line Items] | ||||
Working capital borrowing interest rate | 5.75% | 5.75% |
Credit Facilities and Debt - _7
Credit Facilities and Debt - Additional Information - Valla Term Loans (Detail) - Valla [Member] - Bank Term Loan Facility [Member] $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Jun. 30, 2021EUR (€) | Dec. 31, 2020EUR (€) | |
Carisbo [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument frequency of periodic payment | quarterly | quarterly | ||||
Payment commencing date | Oct. 30, 2017 | Oct. 30, 2017 | ||||
Debt instrument, periodic payment | $ 10 | € 8,000 | $ 10 | € 8,000 | ||
Debt instrument, interest rate, effective percentage | 4.36% | 4.36% | 4.36% | 4.36% | ||
Debenture, maturity date | Jan. 31, 2021 | Jan. 31, 2021 | ||||
Bank loans | $ 0 | $ 10 | € 0 | € 8,000 | ||
BPER [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument frequency of periodic payment | monthly | monthly | ||||
Payment commencing date | Jul. 10, 2022 | Jul. 10, 2022 | ||||
Debt instrument, periodic payment | € 500 | |||||
Debt instrument, interest rate, effective percentage | 1.46% | 1.46% | ||||
Debenture, maturity date | Dec. 31, 2025 | Dec. 31, 2025 | ||||
Bank loans | $ 30 | $ 31 | € 25,000 | € 25,000 | ||
3-month Euribor [Member] | Carisbo [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate spread for base rate | 4.70% | 4.70% | 4.70% | 4.70% | ||
3-month Euribor [Member] | BPER [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate spread for base rate | 1.46% | 1.46% |
Leases - Additional Information
Leases - Additional Information (Detail) - ft² | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Lease Description [Line Items] | ||
Lease renewal term | Most leases include one or more options to renew, with renewal terms that can extend the lease term. | |
Weighted average remaining useful life for operating leases | 5 years | |
Weighted average remaining useful life for finance leases | 7 years | |
Weighted average discount rate for operating leases | 5.20% | |
Weighted average discount rate for finance leases | 12.50% | |
Bridgeview Facility [Member] | ||
Lease Description [Line Items] | ||
Lease of Bridgeview Facility | 40,000 |
Leases - Schedule of Leases on
Leases - Schedule of Leases on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Operating lease assets | $ 3,648 | $ 4,068 |
Financing lease assets | $ 2,485 | $ 2,847 |
Finance lease, Statement of financial position [Extensible List] | us-gaap:PropertyPlantAndEquipmentMember | us-gaap:PropertyPlantAndEquipmentMember |
Total leased assets | $ 6,133 | $ 6,915 |
Current | ||
Operating | 1,006 | 1,167 |
Financing | 362 | 344 |
Non-current | ||
Operating | 2,642 | 2,901 |
Financing | 4,032 | 4,221 |
Total lease liabilities | $ 8,042 | $ 8,633 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lease Cost | ||||
Operating lease costs | $ 398 | $ 269 | $ 702 | $ 531 |
Finance lease cost | ||||
Depreciation/amortization of leased assets | 91 | 113 | 182 | 227 |
Interest on lease liabilities | 139 | 148 | 280 | 299 |
Lease cost | $ 628 | $ 530 | $ 1,164 | $ 1,057 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 426 | $ 259 | $ 758 | $ 512 |
Operating cash flows from finance leases | 139 | 114 | 280 | 227 |
Financing cash flows from finance leases | $ 95 | $ 148 | $ 171 | $ 299 |
Leases - Schedule of Future Pri
Leases - Schedule of Future Principal Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 1,166 | |
2023 | 935 | |
2024 | 610 | |
2025 | 424 | |
2026 | 396 | |
And subsequent | 550 | |
Total undiscounted lease payments | 4,081 | |
Less interest | (433) | |
Total liabilities | 3,648 | |
Less current maturities | (1,006) | $ (1,167) |
Non-current lease liabilities | 2,642 | 2,901 |
Capital Leases | ||
2022 | 891 | |
2023 | 918 | |
2024 | 945 | |
2025 | 974 | |
2026 | 1,003 | |
And subsequent | 1,919 | |
Total undiscounted lease payments | 6,650 | |
Less interest | (2,256) | |
Total liabilities | 4,394 | |
Less current maturities | (362) | (344) |
Non-current lease liabilities | $ 4,032 | $ 4,221 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Taxes Disclosure [Line Items] | ||||
Income tax benefit | $ 317 | $ (657) | $ 609 | $ (253) |
Discrete income tax provision (benefit). | $ 440 | $ 28 | $ 486 | $ 344 |
Annual effective tax rate | 5.58% | 21.48% | 11.71% | 2.61% |
Pretax income (loss) | $ 5,682 | $ (3,058) | $ 5,202 | $ (9,698) |
Annual statutory tax rates | 21.00% | 21.00% | ||
Total unrecognized tax benefits | $ 3,100 | $ 4,000 | $ 3,100 | $ 4,000 |
Audit adjustments tax period | 2016 | |||
Romania Income Tax [Member] | Earliest Tax Year [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Audit adjustments tax period | 2012 | |||
Romania Income Tax [Member] | Latest Tax Year [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Audit adjustments tax period | 2016 |
Net Earnings (Loss) per Common
Net Earnings (Loss) per Common Share - Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||
Net income (loss) from continuing operations | $ 5,365 | $ (2,401) | $ 4,593 | $ (9,445) | ||
Loss from operations of discontinued operations, net of income taxes | (276) | (708) | ||||
Net income (loss) | $ 5,365 | $ (772) | $ (2,677) | $ (7,476) | $ 4,593 | $ (10,153) |
Loss per share Basic | ||||||
Income (loss) from continuing operations | $ 0.27 | $ (0.12) | $ 0.23 | $ (0.48) | ||
Loss from discontinued operations | (0.01) | (0.04) | ||||
Net income (loss) | 0.27 | (0.14) | 0.23 | (0.51) | ||
Loss per share Diluted | ||||||
Income (loss) from continuing operations | 0.27 | (0.12) | 0.23 | (0.48) | ||
Loss from discontinued operations | (0.01) | (0.04) | ||||
Net income (loss) | $ 0.27 | $ (0.14) | $ 0.23 | $ (0.51) | ||
Weighted average common shares outstanding | ||||||
Basic | 19,902,617 | 19,762,726 | 19,873,840 | 19,748,249 | ||
Diluted | ||||||
Basic | 19,902,617 | 19,762,726 | 19,873,840 | 19,748,249 | ||
Dilutive effect of restricted stock units and stock options | 86,210 | 73,725 | ||||
Basic and Dilutive | 19,988,827 | 19,762,726 | 19,947,565 | 19,748,249 |
Net Earnings (Loss) per Commo_2
Net Earnings (Loss) per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 393,652 | 1,905,559 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 296,215 | 258,671 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 97,437 | 97,437 |
Convertible Subordinated Notes [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 1,549,451 |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) | 6 Months Ended |
Jun. 30, 2021USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 91,823 |
Value of Shares Issued | $ | $ 7,770 |
Employee [Member] | January 1, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 3,300 |
Value of Shares Issued | $ | $ 5,160 |
Employee [Member] | March 6, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 24,923 |
Value of Shares Issued | $ | $ 7,430 |
Employee [Member] | March 8, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 2,000 |
Value of Shares Issued | $ | $ 7,730 |
Employee [Member] | March 13, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 17,680 |
Value of Shares Issued | $ | $ 8,290 |
Directors [Member] | March 6, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 7,920 |
Value of Shares Issued | $ | $ 7,430 |
Directors [Member] | March 8, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 12,000 |
Value of Shares Issued | $ | $ 7,730 |
Directors [Member] | March 13, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 18,060 |
Value of Shares Issued | $ | $ 8,290 |
Directors [Member] | June 3, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 5,940 |
Value of Shares Issued | $ | $ 7,290 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Repurchases (Detail) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 6,183 |
March 6, 2021 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 2,779 |
Closing Price on Date of Purchase | $ / shares | $ 7.43 |
March 8, 2021 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 692 |
Closing Price on Date of Purchase | $ / shares | $ 7.73 |
March 13, 2021 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 2,712 |
Closing Price on Date of Purchase | $ / shares | $ 8.29 |
Equity - Restricted Stock Units
Equity - Restricted Stock Units Outstanding (Detail) | 6 Months Ended |
Jun. 30, 2021shares | |
Equity [Abstract] | |
Outstanding on January 1, 2021 | 242,586 |
Units granted during the period | 147,800 |
Vested and issued | (85,640) |
Vested-issued and repurchased for income tax withholding | (6,183) |
Forfeited | (2,348) |
Outstanding on June 30, 2021 | 296,215 |
Equity - Additional Information
Equity - Additional Information - Restricted Stock Awards (Detail) - Restricted Stock Units [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related to restricted stock units | $ 269 | $ 182 | $ 558 | $ 382 |
Compensation expense related to restricted stock units for remainder of 2021 | 465 | 465 | ||
Compensation expense related to restricted stock units for year 2022 | 692 | 692 | ||
Compensation expense related to restricted stock units for year 2023 | $ 321 | $ 321 |
Equity - Additional Informati_2
Equity - Additional Information - Stock Options (Detail) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | Sep. 01, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Class Of Warrant Or Right [Line Items] | |||||
Stock options granted | 50,000 | ||||
Stock options granted, exercise price per share | $ 5.62 | ||||
Stock options vesting period | 3 years | ||||
Compensation expense related to stock options | $ 9 | $ 21 | $ 19 | $ 42 | |
Compensation expense related to stock options for remainder of 2021 | 12 | 12 | |||
Compensation expense related to stock options for year 2022 | $ 10 | $ 10 |
Legal Proceedings and Other C_2
Legal Proceedings and Other Contingencies - Additional Information (Detail) | May 05, 2011AgreementPlaintiff | Jun. 30, 2021USD ($)Installment |
Loss Contingencies [Line Items] | ||
Number of settlement agreements | Agreement | 2 | |
Number of plaintiff | Plaintiff | 2 | |
Remaining obligation to pay product liability settlement to plaintiffs | $ 950,000 | |
Number of installments for the payment of product liability settlement | Installment | 10 | |
Annual installment amount | $ 95,000 | |
Settlement agreements date | May 5, 2011 | |
Settlement payment terms | the Company has a remaining obligation under the agreements to pay the plaintiffs an aggregate of $950 without interest in 10 annual installments of $95 on or before May 22 of each year. | |
Estimated Reserve for Product Liability Claims, change in period | 12 months | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retention amount | $ 50,000 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retention amount | $ 500,000 |
Transactions between the Comp_3
Transactions between the Company and Related Parties - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
RAM P&E [Member] | |
Related Party Transaction [Line Items] | |
Invoiced amount for business | $ 0.1 |
Transactions between the Comp_4
Transactions between the Company and Related Parties - Schedule of Accounts Receivable and Accounts Payable with Related Parties (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Accounts Receivable: | $ 47 | $ 75 | |
Accounts Payable | 83 | 127 | |
Net Related Party Accounts Payable | 36 | 52 | |
Tadano [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Receivable: | 62 | ||
Accounts Payable | 28 | 80 | |
Terex Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Receivable: | 25 | ||
Accounts Payable | 55 | 47 | |
RAM P&E [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Receivable: | [1] | $ 22 | $ 13 |
[1] | RAM P&E is owned by Mr. David Langevin’s daughter. |
Transactions between the Comp_5
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Related Party Transaction [Line Items] | |||||
Total Sales | $ 74 | $ 75 | $ 269 | $ 639 | |
Purchases from: | 152 | 133 | 329 | 280 | |
Bridgeview Facility [Member] | |||||
Related Party Transaction [Line Items] | |||||
Rent paid: | [1] | 69 | 138 | ||
Terex Corporation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | 29 | 13 | 42 | 27 | |
Purchases from: | 117 | 133 | 233 | 280 | |
Tadano [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | 12 | $ 62 | 140 | $ 612 | |
Purchases from: | 35 | 96 | |||
RAM P&E [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | [2] | $ 33 | $ 87 | ||
[1] | The Company leased its 40,000 sq. ft. Bridgeview facility from an entity controlled by Mr. David Langevin, the Company’s Executive Chairman and former CEO, through December 31, 2020. Pursuant to the terms of the lease, the Company makes monthly lease payments of $23. The Company is also responsible for all the associated operating expenses, including insurance, property taxes, and repairs. The entity controlled by Mr. David Langevin sold the building on December 31, 2020 to an unaffiliated third party. The new terms of the building lease are substantially the same in all material respects | ||||
[2] | RAM P&E is owned by Mr. David Langevin’s daughter. |
Transactions between the Comp_6
Transactions between the Company and Related Parties - Related Party Transactions (Parenthetical) (Detail) - Bridgeview Facility [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)ft² | |
Related Party Transaction [Line Items] | |
Lease of Bridgeview Facility | ft² | 40,000 |
Monthly lease payments | $ | $ 23 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Aug. 21, 2020 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Discontinued operation, consideration | $ 1,500,000 | ||
Gain contingency, description | In addition to the proceeds from sale of $1.5 million in cash received, the Company may receive a maximum royalty and earnout payments of approximately $2.9 million for years 2021 thru 2023 if certain revenue criteria are met. | ||
Cash flows used in operating activities | $ 331,000 | ||
Depreciation expense | 45,000 | ||
Purchases of fixed assets | 0 | ||
Amortization expense | $ 0 | ||
Maximum [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Royalty and Earn-out payments receivable | $ 2,900,000 | ||
Sabre Acquisition L L C | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Discontinued operation, consideration | $ 1,500 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Loss from Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | ||
Net revenues | $ 1,386 | $ 2,885 |
Cost of sales | 1,411 | 2,966 |
Selling, general and administrative expenses | 280 | 593 |
Interest expense | 24 | 48 |
Other income | 6 | 11 |
Net loss of discontinued operations before income tax | (323) | (711) |
Income tax benefit related to discontinued operations | (47) | (3) |
Net loss on discontinued operations | $ (276) | $ (708) |