Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 19, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Registrant Name | 'ELECTRO SENSORS INC | ' | ' |
Entity Central Index Key | '0000351789 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 3,395,521 | ' |
Entity Public Float | ' | ' | $5,200,000 |
Trading Symbol | 'ELSE | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $1,505 | $1,102 |
Treasury bills | 5,227 | 5,248 |
Available-for-sale securities | 2,718 | 3,677 |
Trade receivables, less allowance for doubtful accounts of $8 and $10, respectively | 746 | 602 |
Inventories | 1,060 | 1,330 |
Income tax receivable | 1 | 0 |
Other current assets | 135 | 75 |
Total current assets | 11,392 | 12,034 |
Property and equipment, net | 1,217 | 1,304 |
Total assets | 12,609 | 13,338 |
Current Liabilities | ' | ' |
Accounts payable current | 59 | 94 |
Accrued expenses current | 265 | 227 |
Accrued income tax | 0 | 313 |
Total current liabilities | 324 | 634 |
Deferred income tax liability | 1,022 | 1,455 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Common stock par value $0.10 per share; authorized 10,000,000 shares; issued and outstanding: 3,394,707 and 3,391,912 shares, respectively | 339 | 339 |
Additional paid-in capital | 1,746 | 1,575 |
Retained earnings | 7,547 | 7,113 |
Accumulated other comprehensive income (unrealized gain on available-for-sale securities, net of income tax) | 1,631 | 2,222 |
Total stockholders' equity | 11,263 | 11,249 |
Total liabilities and stockholders' equity | $12,609 | $13,338 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Trade receivables, allowance for doubtful accounts | $8 | $10 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,394,707 | 3,391,912 |
Common stock, shares outstanding | 3,394,707 | 3,391,912 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Operations And Comprehensive Income [Abstract] | ' | ' |
Net sales | $6,541 | $6,498 |
Cost of goods sold | 2,798 | 2,858 |
Gross profit | 3,743 | 3,640 |
Operating expenses: | ' | ' |
Selling and marketing | 1,442 | 1,344 |
General and administrative | 1,352 | 1,022 |
Research and development | 560 | 443 |
Total operating expenses | 3,354 | 2,809 |
Operating income | 389 | 831 |
Non-operating income: | ' | ' |
Gain on sale of available-for-sale securities | 530 | 794 |
Interest income | 5 | 4 |
Other income | 14 | 13 |
Total non-operating income | 549 | 811 |
Income before income taxes | 938 | 1,642 |
Income taxes | 232 | 556 |
Net income | 706 | 1,086 |
Other comprehensive income: | ' | ' |
Change in unrealized value of available-for-sale securities, net of income tax | -262 | 805 |
Reclassification of gains included in net income, net of income tax | -329 | -492 |
Net increase (decrease) in accumulated other comprehensive income | -591 | 313 |
Total comprehensive income | $115 | $1,399 |
Basic | ' | ' |
Net income per share | $0.20 | $0.32 |
Weighted average shares | 3,394,208 | 3,391,332 |
Diluted | ' | ' |
Net income per share | $0.20 | $0.31 |
Weighted average shares | 3,496,873 | 3,412,288 |
Dividends paid per common share | $0.08 | $0.16 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from (used in) operating activities | ' | ' |
Net income | $706 | $1,086 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation | 110 | 71 |
Realized gain on sale of available-for-sale securities | -530 | -794 |
Deferred income taxes | -71 | 38 |
Interest accrued on investments | -5 | 1 |
Stock compensation expense | 162 | 6 |
Change in allowance for doubtful accounts | -2 | 1 |
Changes in: | ' | ' |
Trade receivables | -142 | 57 |
Inventories | 270 | -102 |
Current assets, other | -60 | 41 |
Accounts payable | -35 | -16 |
Accrued expenses | 38 | 13 |
Accrued income taxes | -314 | 330 |
Net cash from operating activities | 127 | 732 |
Cash flows from (used in) investing activities | ' | ' |
Proceeds from sale of available-for-sale securities | 536 | 874 |
Purchase of treasury bills | -6,425 | -5,249 |
Proceeds from the maturity of treasury bills | 6,451 | 0 |
Purchase of property and equipment | -23 | -196 |
Net cash from (used in) investing activities | 539 | -4,571 |
Cash flows from (used in) financing activities | ' | ' |
Proceeds from issuance of common stock | 9 | 8 |
Dividends paid | -272 | -543 |
Net cash used in financing activities | -263 | -535 |
Net increase (decrease) in cash and cash equivalents | 403 | -4,374 |
Cash and cash equivalents, beginning | 1,102 | 5,476 |
Cash and cash equivalents, ending | 1,505 | 1,102 |
Supplemental cash flow information | ' | ' |
Cash paid during the year for income taxes | $617 | $207 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2011 | $339 | $1,561 | $6,570 | $1,909 | $10,379 |
Beginning Balance, Shares at Dec. 31, 2011 | 3,389,577 | ' | ' | ' | ' |
Unrealized gains (loss) on available-for-sale securities, net of tax | ' | ' | ' | 313 | 313 |
Stock issued through the employee stock purchase plan | 0 | 8 | ' | ' | 8 |
Stock issued through the employee stock purchase plan, shares | 2,335 | ' | ' | ' | ' |
Stock option compensation expense | ' | 6 | ' | ' | 6 |
Dividend on common stock | ' | ' | -543 | ' | -543 |
Net income | ' | ' | 1,086 | ' | 1,086 |
Ending Balance at Dec. 31, 2012 | 339 | 1,575 | 7,113 | 2,222 | 11,249 |
Ending Balance, Shares at Dec. 31, 2012 | 3,391,912 | ' | ' | ' | ' |
Unrealized gains (loss) on available-for-sale securities, net of tax | ' | ' | ' | -591 | -591 |
Stock issued through the employee stock purchase plan | 0 | 9 | ' | ' | 9 |
Stock issued through the employee stock purchase plan, shares | 2,795 | ' | ' | ' | ' |
Stock option compensation expense | ' | 162 | ' | ' | 162 |
Dividend on common stock | ' | ' | -272 | ' | -272 |
Net income | ' | ' | 706 | ' | 706 |
Ending Balance at Dec. 31, 2013 | $339 | $1,746 | $7,547 | $1,631 | $11,263 |
Ending Balance, Shares at Dec. 31, 2013 | 3,394,707 | ' | ' | ' | ' |
Nature_Of_Business_And_Signifi
Nature Of Business And Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Nature Of Business And Significant Accounting Policies [Abstract] | ' | |||||||||||
Basis Of Presentation | ' | |||||||||||
Note 1. Nature of Business and Significant Accounting Policies | ||||||||||||
Nature of business: | ||||||||||||
The accompanying consolidated financial statements include the accounts of Electro-Sensors, Inc. and its wholly-owned subsidiaries, ESI Investment Company and Senstar Corporation. Senstar has no operations. Intercompany accounts, transactions and earnings have been eliminated in consolidation. The consolidated entity is referred to as “the Company” or “ESI”. | ||||||||||||
Electro-Sensors, Inc. manufactures and markets a complete line of speed monitoring and motor control systems for industrial machinery. The Company uses leading-edge technology to continuously improve its products and make them easier to use, with the ultimate goal of manufacturing the industry-preferred product for every market served. The Company’s products are sold through an internal sales staff, manufacturer’s representatives, and distributors in a wide variety of manufacturers, OEMs and processors to monitor process machinery operations. The Company markets its products to a number of different industries located throughout the United States, Canada, Latin America, Europe, and Asia. | ||||||||||||
In addition, through its subsidiary ESI Investment Company, the Company has in the past made strategic investments in other businesses and companies, primarily when the Company believes that such investments will facilitate development of technology complementary to the Company’s products. Although ESI, through its subsidiary ESI Investment Company, invests in other businesses or companies, ESI does not intend to become an investment company and intends to remain primarily an operating company. The Company’s primary investment is 231,336 shares of Rudolph Technologies, Inc. (“Rudolph”) which is accounted for using the available-for-sale method. See Note 2 for additional information regarding its investments. The Company’s investments in securities are subject to normal market risks. | ||||||||||||
Significant accounting policies of the Company are summarized below: | ||||||||||||
Use of estimates | ||||||||||||
The preparation of the consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, including the underlying assumptions, consist of the economic lives of property and equipment, realizability of accounts receivable, valuation of deferred tax assets/liabilities, inventory, investments, and stock compensation expense. It is at least reasonably possible that these estimates may change in the near term. | ||||||||||||
Cash and cash equivalents | ||||||||||||
The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are invested in commercial paper, money market accounts and may also be invested in three month Treasury Bills. Cash equivalents are carried at cost plus accrued interest which approximates fair value. | ||||||||||||
The Company maintains its cash and cash equivalents in primarily one bank deposit account, which, at times, may exceed federally insured limits. The Company has not experienced any losses on these accounts. The Company believes it is not exposed to any significant credit risk on cash. | ||||||||||||
Trade receivables and credit policies | ||||||||||||
Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within 30 days from the invoice date. Accounts receivables are stated at the amount billed to the customer. Customer account balances with invoices over 90 days are considered delinquent. The Company does not accrue interest on delinquent accounts receivable. | ||||||||||||
Payments of accounts receivable are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices. | ||||||||||||
The carrying amount of accounts receivable is reduced by an allowance for doubtful accounts that reflects management’s best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed 90 days from the invoice date and based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that may not be collected. Management uses this information to estimate the allowance. | ||||||||||||
Available-for-sale securities | ||||||||||||
The Company’s investments consist of equity securities, primarily common stocks and government debt securities. The estimated fair value of publicly traded equity securities is based on reported market prices, and therefore subject to the inherent risk of market fluctuations. | ||||||||||||
Management determines the appropriate classification of securities at the date individual investments are acquired, and evaluates the appropriateness of this classification at each balance sheet date. | ||||||||||||
Since the Company does not buy and sell investments with the objective of generating profits on short-term fluctuations in market price, the investments in marketable equity securities have been classified as available-for-sale. Available-for-sale securities are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as a separate component of stockholders’ equity and within accumulated other comprehensive income. Dividends on marketable equity securities are recognized in income on the ex-dividend date. | ||||||||||||
Realized gains and losses, including losses from declines in value of specific securities determined by management to be other-than-temporary, are included in the statement of comprehensive income. Realized gains and losses are determined on the basis of the specific securities sold. There were no other-than-temporary impairments in the years ended December 31, 2013 and 2012. | ||||||||||||
Fair Value Measurements | ||||||||||||
The Company’s policies incorporate the guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The Company’s policies also incorporate the guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the consolidated financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: | ||||||||||||
· | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||||||||||
· | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. | |||||||||||
· | Level 3 inputs are unobservable inputs for the asset or liability. | |||||||||||
The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company currently has no nonfinancial or financial items that are measured on a nonrecurring basis. | ||||||||||||
The carrying value of cash equivalents, treasury bills, commercial paper, money market funds, trade receivables, accounts payable, and other financial working capital items approximate fair value at December 31, 2013 and 2012 due to the short term maturity nature of these instruments. | ||||||||||||
Inventories | ||||||||||||
Inventories include material, labor and overhead and are valued at the lower of cost (first-in, first-out) or market. | ||||||||||||
Property and equipment | ||||||||||||
Property and equipment are stated at cost. Depreciation is provided over estimated useful lives by use of the straight-line method. Maintenance and repairs are expensed as incurred. Major improvements and betterments are capitalized. | ||||||||||||
Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including, but not limited to, discounted cash flow models, quoted market values and third-party independent appraisals. | ||||||||||||
Revenue recognition | ||||||||||||
The Company recognizes revenue from the sale of its production monitoring equipment when persuasive evidence of an arrangement exists, the product has been picked up by common carrier, the fee is fixed and determinable and collection of the resulting receivable is reasonably assured. The Company may offer discounts to its distributors or quantity discounts that are recorded at the time of sale. The Company recognizes revenue on products sold to customers and distributors upon shipment because the contracts do not include post-shipment obligations. In addition to exchanges and warranty returns, customers have refund rights. Our standard products are used in a wide variety of industries; returns have historically been minimal and immaterial to the financial statements and are recognized when the returned product is received by the Company. In some situations, the Company receives advance payments from its customers. Revenue associated with these advance payments is deferred until the product is shipped or services performed. | ||||||||||||
Advertising costs | ||||||||||||
The Company expenses advertising costs as incurred. Total advertising expense was $59 and $89 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
Research and development | ||||||||||||
Expenditures for research and development are expensed as incurred. We incurred expenses of $560 and $443 during the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
Depreciation | ||||||||||||
The cost of property and equipment is depreciated on the straight-line method over the estimated economic useful lives. | ||||||||||||
Estimated useful lives are as follows | ||||||||||||
Years | ||||||||||||
Equipment | 10-Mar | |||||||||||
Furniture and Fixtures | 10-Mar | |||||||||||
Building | Jul-40 | |||||||||||
Depreciation expense for the years ended December 31, 2013 and 2012 was $110 and $71, respectively. | ||||||||||||
Income taxes | ||||||||||||
Deferred income taxes are provided on an asset and liability approach to financial accounting and reporting for income taxes. The difference between the financial statement and tax bases of assets and liabilities is determined annually. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the periods in which they are expected to affect taxable income. Income tax expense is the current tax payable or refundable for the period plus or minus the net change in the deferred tax assets and liabilities, excluding the portion of the deferred liability allocated to other comprehensive income. Deferred taxes are reduced by a valuation allowance to the extent that realization of the related deferred tax asset is not assured. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | ||||||||||||
The Company records interest and penalties related to unrecognized tax benefits in income tax expense. | ||||||||||||
Net income per common share | ||||||||||||
Basic EPS excludes dilution and is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities and other contracts to issue common stock were exercised or converted into common stock. | ||||||||||||
The following information presents the Company’s computations of basic and diluted EPS for the periods presented in the statements of comprehensive income. | ||||||||||||
Income | Shares | Per share amount | ||||||||||
2013:00:00 | ||||||||||||
Basic EPS | $ | 706 | 3,394,208 | $ | 0.20 | |||||||
Effect of dilutive stock options | 102,665 | |||||||||||
Diluted EPS | $ | 706 | 3,496,873 | $ | 0.20 | |||||||
2012:00:00 | ||||||||||||
Basic EPS | $ | 1,086 | 3,391,332 | $ | 0.32 | |||||||
Effect of dilutive stock options | 20,956 | |||||||||||
Diluted EPS | $ | 1,086 | 3,412,288 | $ | 0.31 | |||||||
Stock Compensation | ||||||||||||
The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) model. The Company uses historical data, among other factors, to estimate the expected price volatility, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. At December 31, 2013, the Company had two stock-based employee compensation plans. | ||||||||||||
Investments
Investments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments [Abstract] | ' | ||||||||||||
Investments | ' | ||||||||||||
Note 2. Investments | |||||||||||||
The cost and estimated fair value of the investments are as follows: | |||||||||||||
Gross | Gross | Fair | |||||||||||
unrealized | unrealized | value | |||||||||||
Cost | gain | loss | |||||||||||
31-Dec-13 | |||||||||||||
Money Market Funds | $ | 540 | $ | 0 | $ | 0 | $ | 540 | |||||
Commercial Paper | 601 | 0 | 0 | 601 | |||||||||
Treasury Bills | 5,226 | 1 | 0 | 5,227 | |||||||||
Equity Securities | 86 | 2,686 | -54 | 2,718 | |||||||||
6,453 | 2,687 | -54 | 9,086 | ||||||||||
Less Cash Equivalents | 1,141 | 0 | 0 | 1,141 | |||||||||
Total Investments, December 31, 2013 | $ | 5,312 | $ | 2,687 | $ | -54 | $ | 7,945 | |||||
31-Dec-12 | |||||||||||||
Money Market Funds | $ | 804 | $ | 0 | $ | 0 | $ | 804 | |||||
Commercial Paper | 200 | 0 | 0 | 200 | |||||||||
Treasury Bills | 5,249 | 0 | -1 | 5,248 | |||||||||
Equity Securities | 92 | 3,639 | -54 | 3,677 | |||||||||
6,345 | 3,639 | -55 | 9,929 | ||||||||||
Less Cash Equivalents | 1,004 | 0 | 0 | 1,004 | |||||||||
Total Investments, December 31, 2012 | $ | 5,341 | $ | 3,639 | $ | -55 | $ | 8,925 | |||||
Realized gains and losses on investments are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Gross Realized Gains | $ | 530 | $ | 794 | |||||||||
Gross Realized Losses | 0 | 0 | |||||||||||
Net Realized Gain | $ | 530 | $ | 794 | |||||||||
At December 31, 2013 and 2012, the Company’s significant investment in equity securities is 231,336 and 273,267, respectively, shares of Rudolph, accounted for under the available-for-sale method. As of December 31, 2013 and 2012, the aggregate value of the Company’s Rudolph shares as reported on the Nasdaq Stock Exchange was approximately $2,716 and $3,673, respectively, with an approximate cost of $30 and $36, respectively. During the years ended December 31, 2013 and 2012, the Company sold 41,931 and 70,000 shares, respectively, of Rudolph stock and reported a gain of $529 and $794, respectively, in other income. | |||||||||||||
Changes in Accumulated Other Comprehensive Income | |||||||||||||
Changes in Accumulated Other Comprehensive Income are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Unrealized Gains (Losses) | |||||||||||||
Unrealized Holding Gains (Losses) arising during the Period | $ | -422 | $ | 1,299 | |||||||||
Less: reclassification of gains included in net income | 530 | 794 | |||||||||||
-952 | 505 | ||||||||||||
Deferred Taxes on Unrealized Gains (Losses): | |||||||||||||
Increase in Deferred Taxes on Unrealized Gains (Losses) arising during the Period | -160 | 494 | |||||||||||
Less: Reclassification of taxes on gains included in net income | 201 | 302 | |||||||||||
-361 | 192 | ||||||||||||
Net Change in Accumulated Other Comprehensive Income | $ | -591 | $ | 313 | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Note 3. Fair Value Measurements | ||||||||||||||||
The following table provides information on those assets measured at fair value on a recurring basis. | ||||||||||||||||
Carrying amount | ||||||||||||||||
in consolidated | ||||||||||||||||
balance sheet | Fair Value | Fair Value Measurement Using | ||||||||||||||
31-Dec-13 | 31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Money Market Funds | $ | 540 | $ | 540 | $ | 540 | $ | 0 | $ | 0 | ||||||
Commercial Paper | 601 | 601 | 601 | 0 | 0 | |||||||||||
Treasury Bills | 5,227 | 5,227 | 5,227 | 0 | 0 | |||||||||||
Available-for-sale: | ||||||||||||||||
Equities: | ||||||||||||||||
Small Cap Technology Sector | 2,718 | 2,718 | 2,718 | 0 | 0 | |||||||||||
Carrying amount | ||||||||||||||||
in consolidated | ||||||||||||||||
Balance Sheet | Fair Value | Fair Value Measurement Using | ||||||||||||||
31-Dec-12 | 31-Dec-12 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Money Market Funds | $ | 804 | $ | 804 | $ | 804 | $ | 0 | $ | 0 | ||||||
Commercial Paper | 200 | 200 | 200 | 0 | 0 | |||||||||||
Treasury Bills | 5,248 | 5,248 | 5,248 | 0 | 0 | |||||||||||
Available-for-sale: | ||||||||||||||||
Equities: | ||||||||||||||||
Small Cap Technology Sector | 3,677 | 3,677 | 3,677 | 0 | 0 | |||||||||||
The fair value of the money market funds, commercial paper, and treasury bills are based on quoted market prices in an active market. Available-for-sale securities include equity securities that are traded in an active market. Closing stock prices are readily available from active markets and are used as being representative of fair value. The Company classifies these securities as level 1. | ||||||||||||||||
Inventories
Inventories | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
Note 4. Inventories | |||||||
Inventories used in the determination of cost of goods sold are as follows: | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
Raw Materials | $ | 658 | $ | 835 | |||
Work In Process | 226 | 283 | |||||
Finished Goods | 176 | 212 | |||||
Total Inventories | $ | 1,060 | $ | 1,330 | |||
Property_And_Equipment
Property And Equipment | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Property And Equipment | ' | ||||||
Note 5. Property and Equipment | |||||||
The following is a summary of property and equipment: | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
Equipment | $ | 272 | $ | 259 | |||
Furniture and Fixtures | 388 | 382 | |||||
Building | 1,365 | 1,365 | |||||
Land | 415 | 415 | |||||
2,440 | 2,421 | ||||||
Less Accumulated Depreciation | 1,223 | 1,117 | |||||
Total Property and Equipment | $ | 1,217 | $ | 1,304 | |||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accrued Expenses [Abstract] | ' | ||||||
Accrued Expenses | ' | ||||||
Note 6. Accrued Expenses | |||||||
Accrued expenses include the following: | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
Wages and Commissions | $ | 195 | $ | 147 | |||
Other | 70 | 80 | |||||
Total Accrued Expenses | $ | 265 | $ | 227 | |||
Commitments
Commitments | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments [Abstract] | ' | |||
Commitments | ' | |||
Note 7. Commitments | ||||
Lease commitments | ||||
The Company is leasing office equipment under an operating lease expiring in 2017. | ||||
Minimum lease payments required under non-cancelable operating leases are as follows: | ||||
Year | Amount | |||
2014 | $ | 8 | ||
2015 | 8 | |||
2016 | 8 | |||
2017 | 3 | |||
Total Minimum Lease Payments | $ | 27 | ||
Rental expense charged to operations was $25 and $27 for the years ended December 31, 2013 and 2012, respectively. | ||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Note 8. Common Stock Options and Stock Purchase Plan | |||||||||||||
Stock options | |||||||||||||
The 1997 Stock Option Plan (the “1997 Plan”) and 2013 Equity Incentive Plan (the “2013 Plan”) authorize the issuance of both nonqualified and incentive stock options. Payment for the shares may be made in cash, shares of the Company’s Common Stock or a combination thereof. Under the terms of the plans, incentive stock options and non-qualified stock options are granted at a minimum of 100% of fair market value on the date of grant and may be exercised at various times depending upon the terms of the option. All existing options expire 10 years from the date of grant or one year from the date of death. | |||||||||||||
Stock-based compensation | |||||||||||||
Pursuant to the 2013 Plan, the Company is authorized to grant options to purchase up to 300,000 shares of its Common Stock. As of December 31, 2013, options to purchase an aggregate of 225,000 shares were outstanding and 85,000 shares were exercisable under the 2013 Plan, and 75,000 shares were available for issuance pursuant to awards that may be granted under the plan in the future. | |||||||||||||
Pursuant to the 1997 Plan, the Company is authorized to grant options to purchase up to 450,000 shares of its Common Stock. As of December 31, 2013, options to purchase an aggregate of 21,980 shares were outstanding and exercisable under the 1997 Plan, and 250 shares were available for issuance pursuant to awards that may be granted under the 1997 Plan in the future. The board terminated the plan in 2014. The existing grants may be exercised according to the terms of the grant agreements but no additional options will be granted under the 1997 Plan. | |||||||||||||
During the third quarter of 2013, the Company granted to its Chief Executive Officer options to purchase 50,000 shares of common stock. The options were granted at a strike price equal to the fair market value, vested immediately, and expire ten years from the date of the grant. | |||||||||||||
The following table summarizes the activity for outstanding incentive stock options to employees of the company: | |||||||||||||
Options Outstanding | |||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic Value | ||||||||||
Exercise | Remaining | -1 | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(in years) | |||||||||||||
Balance at January 1, 2012 | 11,980 | $ | 4.16 | 2.6 | |||||||||
Granted | 0 | ||||||||||||
Exercised | 0 | ||||||||||||
Canceled/forfeited/expired | 0 | ||||||||||||
Balance at December 31, 2012 | 11,980 | 4.16 | 1.6 | ||||||||||
Granted | 50,000 | 4.21 | 10.0 | ||||||||||
Exercised | 0 | ||||||||||||
Canceled/forfeited/expired | 0 | ||||||||||||
Balance at December 31, 2013 | 61,980 | $ | 4.20 | 9.7 | |||||||||
Vested and exercisable as of December 31, 2013 | 61,980 | $ | 0 | ||||||||||
-1 | The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2013. | ||||||||||||
During the third quarter of 2013, the Company granted to three of its outside directors options to each purchase 50,000 shares of common stock and granted options to a fourth director to purchase 25,000 shares of common stock. The options granted to outside directors had a strike price above fair market value and vested 20% on the grant date, with an additional 20% vesting on the first four anniversaries of the grant date thereafter. All of the stock option grants expire ten years from the date of the grant. | |||||||||||||
On July 18, 2012, the Company granted each of its four outside directors options to purchase 2,500 shares of common stock. The options were granted at fair market value, vested immediately, and expire ten years from the date of the grant. | |||||||||||||
During the year ended December 31, 2012, one former outside director forfeited options to purchase 5,000 shares of common stock. | |||||||||||||
The following table summarizes the activity for outstanding director stock options: | |||||||||||||
Options Outstanding | |||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic Value | ||||||||||
Exercise | Remaining | -1 | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(in years) | |||||||||||||
Balance at January 1, 2012 | 5,000 | $ | 5.36 | 5.3 | |||||||||
Granted | 10,000 | 4.15 | 10.0 | ||||||||||
Exercised | 0 | ||||||||||||
Canceled/forfeited/expired | 5,000 | 5.36 | |||||||||||
Balance at December 31, 2012 | 10,000 | 4.15 | 9.5 | ||||||||||
Granted | 175,000 | 4.67 | 10.0 | ||||||||||
Exercised | 0 | ||||||||||||
Canceled/forfeited/expired | 0 | ||||||||||||
Balance at December 31, 2013 | 185,000 | $ | 4.64 | 9.5 | |||||||||
Vested and exercisable as of December 31, 2013 | 35,000 | $ | 0 | ||||||||||
-1 | The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2013. | ||||||||||||
The Company recognized compensation expense of approximately $162 and $6 during the years ended December 31, 2013 and 2012, respectively, in connection with the issuance of the options. | |||||||||||||
The assumptions made in estimating the fair value of the options on the grant date based upon the BSM option-pricing model are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||
Expected volatility | 44.27-45.00% | 22.98% | |||||||||||
Risk free interest rate | 1.33-1.92% | 2.21% | |||||||||||
Expected life | 5.5-6 Years | 5 Years | |||||||||||
The Company calculates expected volatility for stock options and other awards using historical volatility as the Company believes the expected volatility will approximate historical volatility. | |||||||||||||
There were no options exercised during the years ended December 31, 2013 and 2012. | |||||||||||||
As of December 31, 2013, there was approximately $204 of unrecognized compensation expense under the 2013 Plan. The Company expects to recognize this expense over the next four years. To the extent the forfeiture rate is different than we have anticipated, stock-based compensation related to these awards will be different from our expectations. | |||||||||||||
Stock purchase plan | |||||||||||||
The 1996 Employee Stock Purchase Plan (the “ESPP”) allows employees to set aside up to 10% of their earnings for the purchase of shares of the Company’s Common Stock. The purchase price is the lower of 85% of the market value at the date of the grant or the exercise date, which is six months from the date of the grant. Under the ESPP, the Company is authorized to sell and issue up to 150,000 shares of its Common Stock to its full-time employees. During 2013 and 2012, 2,795 shares and 2,335 shares, respectively, were issued under the ESPP. At December 31, 2013, 69,161 shares were available for future issuance pursuant to the ESPP. The plan was terminated effective January 1, 2014. | |||||||||||||
Benefit_Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Benefit Plans [Abstract] | ' |
Benefit Plans | ' |
Note 9. Benefit Plans | |
Employee stock ownership plan | |
The Company sponsors an employee stock ownership plan (“ESOP”) that covers substantially all employees who work 1,000 or more hours during the year. The ESOP has, at various times, secured financing from the Company to purchase the Company’s shares on the open market. When the Plan purchases shares with the proceeds of the Company loans, the shares are pledged as collateral for these loans. The shares are maintained in a suspense account until released and allocated to participant accounts. The Plan owns 168,382 shares of the Company’s stock at December 31, 2013. All shares held by the Plan have been released and allocated. The dividends paid by the Company on shares held by the Plan are allocated to the participant accounts. The Plan had no debt to the Company at December 31, 2013. | |
The Company recognized compensation expense for contributions of $18 to the ESOP plan for both 2013 and 2012. | |
In the event a terminated ESOP participant desires to sell his or her shares of the Company’s stock and the shares are not readily tradable, the Company may be required to purchase the shares from the participant at their fair market value. In addition, the Company may distribute the ESOP’s shares to the terminated participant at the Company’s election. At December 31, 2013, 168,382 shares of the Company’s stock, with an aggregate fair market value of approximately $675, are held by ESOP participants who, if terminated, would have rights under the repurchase provisions. The Company believes that the market for its shares meets the ESOP requirements and that there would not be a current obligation to repurchase shares. | |
Profit sharing plan and savings plan | |
The Company has a salary reduction and profit sharing plan which conforms to IRS provisions for 401(k) plans. The Company may make profit sharing contributions with the approval of the Board of Directors. The Board of Directors approved Company contributions of $0 and $18 for the years ended December 31, 2013 and 2012, respectively. | |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
Note 10. Income Taxes | |||||||||
The components of the income tax provision for the years ended December 31, 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | 302 | $ | 513 | |||||
State | 1 | 5 | |||||||
Deferred: | |||||||||
Federal | -47 | 31 | |||||||
State | -24 | 7 | |||||||
Total Federal and State Income Taxes | $ | 232 | $ | 556 | |||||
The provision for income taxes for the years ended December 31, 2013 and 2012 differs from the amount obtained by applying the U.S. federal income tax rate to pretax income due to the following: | |||||||||
2013 | 2012 | ||||||||
Computed “Expected” Federal Tax Expense | $ | 319 | $ | 560 | |||||
Increase (Decrease) in Taxes Resulting From: | |||||||||
State Income Taxes, net of Federal Benefit | 9 | 26 | |||||||
Credits | -70 | -16 | |||||||
Domestic Production Activities Deduction | -18 | -20 | |||||||
Permanent Differences | 3 | 6 | |||||||
Rate Change for Deferred Taxes | -11 | 0 | |||||||
Total Federal and State Income Taxes | $ | 232 | $ | 556 | |||||
The components of the net deferred tax liability consist of: | |||||||||
2013 | 2012 | ||||||||
Deferred Tax Assets: | |||||||||
Vacation Accrual | $ | 27 | $ | 26 | |||||
Allowance for Doubtful Accounts | 3 | 4 | |||||||
Stock Compensation | 57 | 0 | |||||||
State Carryforward R&D Credit | 12 | 0 | |||||||
Total Deferred Tax Assets | $ | 99 | $ | 30 | |||||
Deferred Tax Liabilities: | |||||||||
Prepaid Expenses | $ | 30 | $ | 23 | |||||
Depreciation | 91 | 100 | |||||||
Net Unrealized Gain on Investments | 1,000 | 1,362 | |||||||
Total Deferred Tax Liabilities | $ | 1,121 | $ | 1,485 | |||||
Net Deferred Tax Liability | $ | -1,022 | $ | -1,455 | |||||
The Company is subject to the following material taxing jurisdictions: U.S. and Minnesota. The tax years that remain open to examination by the Internal Revenue Service are 2010 through 2013. The tax years that remain open to examination by the Minnesota Department of Revenue are 2010 through 2013. We have no accrued interest or penalties related to uncertain tax positions as of January 1, 2013 or December 31, 2013 and uncertain tax positions are not significant.. | |||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Segment Information [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Note 11. Segment Information | ||||||||
As of December 31, 2013, the Company has two reportable operating segments: Production Monitoring and Investments. The Production Monitoring Division manufactures and markets a complete line of production monitoring equipment, in particular speed monitoring and motor control systems for industrial machinery. ESI Investment Company holds investments in marketable and non-marketable securities. | ||||||||
The accounting policies of the segments are the same as those described in Note 1. In evaluating segment performance, management focuses on sales and income before taxes. The Company has no inter-segment sales. | ||||||||
The following is financial information relating to the continuing operating segments: | ||||||||
2013 | 2012 | |||||||
Net revenues | ||||||||
Production Monitoring | $ | 6,541 | $ | 6,498 | ||||
Total | 6,541 | 6,498 | ||||||
Sales in foreign countries | ||||||||
Production Monitoring | 932 | 809 | ||||||
Total | 932 | 809 | ||||||
Interest income | ||||||||
Production Monitoring | 1 | 1 | ||||||
ESI Investment Company | 4 | 3 | ||||||
Total | 5 | 4 | ||||||
Depreciation expense | ||||||||
Production Monitoring | 110 | 71 | ||||||
Total | 110 | 71 | ||||||
Capital purchases | ||||||||
Production Monitoring | 23 | 196 | ||||||
Total | 23 | 196 | ||||||
Total assets | ||||||||
Production Monitoring | 3,022 | 3,016 | ||||||
ESI Investment Company | 9,587 | 10,322 | ||||||
Total | 12,609 | 13,338 | ||||||
Income before income taxes | ||||||||
Production Monitoring | 404 | 845 | ||||||
ESI Investment Company | 534 | 797 | ||||||
Total | 938 | 1,642 | ||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 12. Subsequent Events | |
During the first quarter of 2014, the Company sold 39,179 shares of Rudolph Technology stock for proceeds of $439 resulting in a gain on the sale of $434. | |
On February 18, 2014, the Company purchased the Insta-Link wireless hazard technology monitoring system and product family, together with related technology and intellectual property rights, from an independent third party. The Company agreed to pay $1,200 for the product line, of which $400 was paid at closing, and additional payments of $400 will be paid on each of the first and second anniversary of the closing. The seller may earn up to an additional $550 of purchase price, depending upon the achievement of revenue measures during the four calendar years following the closing. | |
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Nature Of Business And Significant Accounting Policies [Abstract] | ' | |||||||||||
Revenue Recognition | ' | |||||||||||
Revenue recognition | ||||||||||||
The Company recognizes revenue from the sale of its production monitoring equipment when persuasive evidence of an arrangement exists, the product has been picked up by common carrier, the fee is fixed and determinable and collection of the resulting receivable is reasonably assured. The Company may offer discounts to its distributors or quantity discounts that are recorded at the time of sale. The Company recognizes revenue on products sold to customers and distributors upon shipment because the contracts do not include post-shipment obligations. In addition to exchanges and warranty returns, customers have refund rights. Our standard products are used in a wide variety of industries; returns have historically been minimal and immaterial to the financial statements and are recognized when the returned product is received by the Company. In some situations, the Company receives advance payments from its customers. Revenue associated with these advance payments is deferred until the product is shipped or services performed. | ||||||||||||
Available For Sale Securities | ' | |||||||||||
Available-for-sale securities | ||||||||||||
The Company’s investments consist of equity securities, primarily common stocks and government debt securities. The estimated fair value of publicly traded equity securities is based on reported market prices, and therefore subject to the inherent risk of market fluctuations. | ||||||||||||
Management determines the appropriate classification of securities at the date individual investments are acquired, and evaluates the appropriateness of this classification at each balance sheet date. | ||||||||||||
Since the Company does not buy and sell investments with the objective of generating profits on short-term fluctuations in market price, the investments in marketable equity securities have been classified as available-for-sale. Available-for-sale securities are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as a separate component of stockholders’ equity and within accumulated other comprehensive income. Dividends on marketable equity securities are recognized in income on the ex-dividend date. | ||||||||||||
Realized gains and losses, including losses from declines in value of specific securities determined by management to be other-than-temporary, are included in the statement of comprehensive income. Realized gains and losses are determined on the basis of the specific securities sold. There were no other-than-temporary impairments in the years ended December 31, 2013 and 2012. | ||||||||||||
Fair Value Measurements | ' | |||||||||||
Fair Value Measurements | ||||||||||||
The Company’s policies incorporate the guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The Company’s policies also incorporate the guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the consolidated financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: | ||||||||||||
· | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||||||||||
· | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. | |||||||||||
· | Level 3 inputs are unobservable inputs for the asset or liability. | |||||||||||
The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company currently has no nonfinancial or financial items that are measured on a nonrecurring basis. | ||||||||||||
The carrying value of cash equivalents, treasury bills, commercial paper, money market funds, trade receivables, accounts payable, and other financial working capital items approximate fair value at December 31, 2013 and 2012 due to the short term maturity nature of these instruments. | ||||||||||||
Income Taxes | ' | |||||||||||
Income taxes | ||||||||||||
Deferred income taxes are provided on an asset and liability approach to financial accounting and reporting for income taxes. The difference between the financial statement and tax bases of assets and liabilities is determined annually. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the periods in which they are expected to affect taxable income. Income tax expense is the current tax payable or refundable for the period plus or minus the net change in the deferred tax assets and liabilities, excluding the portion of the deferred liability allocated to other comprehensive income. Deferred taxes are reduced by a valuation allowance to the extent that realization of the related deferred tax asset is not assured. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | ||||||||||||
The Company records interest and penalties related to unrecognized tax benefits in income tax expense. | ||||||||||||
Use Of Estimates | ' | |||||||||||
Use of estimates | ||||||||||||
The preparation of the consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, including the underlying assumptions, consist of the economic lives of property and equipment, realizability of accounts receivable, valuation of deferred tax assets/liabilities, inventory, investments, and stock compensation expense. It is at least reasonably possible that these estimates may change in the near term. | ||||||||||||
Cash And Cash Equivalents | ' | |||||||||||
Cash and cash equivalents | ||||||||||||
The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are invested in commercial paper, money market accounts and may also be invested in three month Treasury Bills. Cash equivalents are carried at cost plus accrued interest which approximates fair value. | ||||||||||||
The Company maintains its cash and cash equivalents in primarily one bank deposit account, which, at times, may exceed federally insured limits. The Company has not experienced any losses on these accounts. The Company believes it is not exposed to any significant credit risk on cash. | ||||||||||||
Trade Receivables And Credit Policies | ' | |||||||||||
Trade receivables and credit policies | ||||||||||||
Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within 30 days from the invoice date. Accounts receivables are stated at the amount billed to the customer. Customer account balances with invoices over 90 days are considered delinquent. The Company does not accrue interest on delinquent accounts receivable. | ||||||||||||
Payments of accounts receivable are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices. | ||||||||||||
The carrying amount of accounts receivable is reduced by an allowance for doubtful accounts that reflects management’s best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed 90 days from the invoice date and based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that may not be collected. Management uses this information to estimate the allowance. | ||||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
Inventories include material, labor and overhead and are valued at the lower of cost (first-in, first-out) or market. | ||||||||||||
Property And Equipment | ' | |||||||||||
Property and equipment | ||||||||||||
Property and equipment are stated at cost. Depreciation is provided over estimated useful lives by use of the straight-line method. Maintenance and repairs are expensed as incurred. Major improvements and betterments are capitalized. | ||||||||||||
Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including, but not limited to, discounted cash flow models, quoted market values and third-party independent appraisals. | ||||||||||||
Advertising Costs | ' | |||||||||||
Advertising costs | ||||||||||||
The Company expenses advertising costs as incurred. Total advertising expense was $59 and $89 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
Research And Development | ' | |||||||||||
Research and development | ||||||||||||
Expenditures for research and development are expensed as incurred. We incurred expenses of $560 and $443 during the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
Depreciation | ' | |||||||||||
Depreciation | ||||||||||||
The cost of property and equipment is depreciated on the straight-line method over the estimated economic useful lives. | ||||||||||||
Estimated useful lives are as follows | ||||||||||||
Years | ||||||||||||
Equipment | 10-Mar | |||||||||||
Furniture and Fixtures | 10-Mar | |||||||||||
Building | Jul-40 | |||||||||||
Depreciation expense for the years ended December 31, 2013 and 2012 was $110 and $71, respectively. | ||||||||||||
Net Income Per Common Share | ' | |||||||||||
Net income per common share | ||||||||||||
Basic EPS excludes dilution and is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities and other contracts to issue common stock were exercised or converted into common stock. | ||||||||||||
The following information presents the Company’s computations of basic and diluted EPS for the periods presented in the statements of comprehensive income. | ||||||||||||
Income | Shares | Per share amount | ||||||||||
2013:00:00 | ||||||||||||
Basic EPS | $ | 706 | 3,394,208 | $ | 0.20 | |||||||
Effect of dilutive stock options | 102,665 | |||||||||||
Diluted EPS | $ | 706 | 3,496,873 | $ | 0.20 | |||||||
2012:00:00 | ||||||||||||
Basic EPS | $ | 1,086 | 3,391,332 | $ | 0.32 | |||||||
Effect of dilutive stock options | 20,956 | |||||||||||
Diluted EPS | $ | 1,086 | 3,412,288 | $ | 0.31 | |||||||
Stock Based Compensation | ' | |||||||||||
Stock Compensation | ||||||||||||
The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) model. The Company uses historical data, among other factors, to estimate the expected price volatility, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. At December 31, 2013, the Company had two stock-based employee compensation plans. | ||||||||||||
Basis_Of_Presentation_Tables
Basis Of Presentation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Nature Of Business And Significant Accounting Policies [Abstract] | ' | |||||||||||
Schedule Of Estimated Useful Lives | ' | |||||||||||
Years | ||||||||||||
Equipment | 10-Mar | |||||||||||
Furniture and Fixtures | 10-Mar | |||||||||||
Building | Jul-40 | |||||||||||
Schedule Of Net Income Per Common Share | ' | |||||||||||
Income | Shares | Per share amount | ||||||||||
2013:00:00 | ||||||||||||
Basic EPS | $ | 706 | 3,394,208 | $ | 0.20 | |||||||
Effect of dilutive stock options | 102,665 | |||||||||||
Diluted EPS | $ | 706 | 3,496,873 | $ | 0.20 | |||||||
2012:00:00 | ||||||||||||
Basic EPS | $ | 1,086 | 3,391,332 | $ | 0.32 | |||||||
Effect of dilutive stock options | 20,956 | |||||||||||
Diluted EPS | $ | 1,086 | 3,412,288 | $ | 0.31 | |||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments [Abstract] | ' | ||||||||||||
Cost And Estimated Fair Value Of Investments | ' | ||||||||||||
Gross | Gross | Fair | |||||||||||
unrealized | unrealized | value | |||||||||||
Cost | gain | loss | |||||||||||
31-Dec-13 | |||||||||||||
Money Market Funds | $ | 540 | $ | 0 | $ | 0 | $ | 540 | |||||
Commercial Paper | 601 | 0 | 0 | 601 | |||||||||
Treasury Bills | 5,226 | 1 | 0 | 5,227 | |||||||||
Equity Securities | 86 | 2,686 | -54 | 2,718 | |||||||||
6,453 | 2,687 | -54 | 9,086 | ||||||||||
Less Cash Equivalents | 1,141 | 0 | 0 | 1,141 | |||||||||
Total Investments, December 31, 2013 | $ | 5,312 | $ | 2,687 | $ | -54 | $ | 7,945 | |||||
31-Dec-12 | |||||||||||||
Money Market Funds | $ | 804 | $ | 0 | $ | 0 | $ | 804 | |||||
Commercial Paper | 200 | 0 | 0 | 200 | |||||||||
Treasury Bills | 5,249 | 0 | -1 | 5,248 | |||||||||
Equity Securities | 92 | 3,639 | -54 | 3,677 | |||||||||
6,345 | 3,639 | -55 | 9,929 | ||||||||||
Less Cash Equivalents | 1,004 | 0 | 0 | 1,004 | |||||||||
Total Investments, December 31, 2012 | $ | 5,341 | $ | 3,639 | $ | -55 | $ | 8,925 | |||||
Schedule Of Realized Gains And Losses On Investments | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Gross Realized Gains | $ | 530 | $ | 794 | |||||||||
Gross Realized Losses | 0 | 0 | |||||||||||
Net Realized Gain | $ | 530 | $ | 794 | |||||||||
Schedule Of Changes In Accumulated Other Comprehensive Income | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Unrealized Gains (Losses) | |||||||||||||
Unrealized Holding Gains (Losses) arising during the Period | $ | -422 | $ | 1,299 | |||||||||
Less: reclassification of gains included in net income | 530 | 794 | |||||||||||
-952 | 505 | ||||||||||||
Deferred Taxes on Unrealized Gains (Losses): | |||||||||||||
Increase in Deferred Taxes on Unrealized Gains (Losses) arising during the Period | -160 | 494 | |||||||||||
Less: Reclassification of taxes on gains included in net income | 201 | 302 | |||||||||||
-361 | 192 | ||||||||||||
Net Change in Accumulated Other Comprehensive Income | $ | -591 | $ | 313 | |||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accrued Expenses [Abstract] | ' | ||||||
Schedule Of Accrued Expenses | ' | ||||||
December 31, | |||||||
2013 | 2012 | ||||||
Wages and Commissions | $ | 195 | $ | 147 | |||
Other | 70 | 80 | |||||
Total Accrued Expenses | $ | 265 | $ | 227 | |||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventories [Abstract] | ' | ||||||
Schedule Of Inventories | ' | ||||||
December 31, | |||||||
2013 | 2012 | ||||||
Raw Materials | $ | 658 | $ | 835 | |||
Work In Process | 226 | 283 | |||||
Finished Goods | 176 | 212 | |||||
Total Inventories | $ | 1,060 | $ | 1,330 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||
Fair Value Measurements On A Recurring Basis | ' | |||||||||||||||
Carrying amount | ||||||||||||||||
in consolidated | ||||||||||||||||
balance sheet | Fair Value | Fair Value Measurement Using | ||||||||||||||
31-Dec-13 | 31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Money Market Funds | $ | 540 | $ | 540 | $ | 540 | $ | 0 | $ | 0 | ||||||
Commercial Paper | 601 | 601 | 601 | 0 | 0 | |||||||||||
Treasury Bills | 5,227 | 5,227 | 5,227 | 0 | 0 | |||||||||||
Available-for-sale: | ||||||||||||||||
Equities: | ||||||||||||||||
Small Cap Technology Sector | 2,718 | 2,718 | 2,718 | 0 | 0 | |||||||||||
Carrying amount | ||||||||||||||||
in consolidated | ||||||||||||||||
Balance Sheet | Fair Value | Fair Value Measurement Using | ||||||||||||||
31-Dec-12 | 31-Dec-12 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Money Market Funds | $ | 804 | $ | 804 | $ | 804 | $ | 0 | $ | 0 | ||||||
Commercial Paper | 200 | 200 | 200 | 0 | 0 | |||||||||||
Treasury Bills | 5,248 | 5,248 | 5,248 | 0 | 0 | |||||||||||
Available-for-sale: | ||||||||||||||||
Equities: | ||||||||||||||||
Small Cap Technology Sector | 3,677 | 3,677 | 3,677 | 0 | 0 | |||||||||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Schedule Of Property And Equipment | ' | ||||||
December 31, | |||||||
2013 | 2012 | ||||||
Equipment | $ | 272 | $ | 259 | |||
Furniture and Fixtures | 388 | 382 | |||||
Building | 1,365 | 1,365 | |||||
Land | 415 | 415 | |||||
2,440 | 2,421 | ||||||
Less Accumulated Depreciation | 1,223 | 1,117 | |||||
Total Property and Equipment | $ | 1,217 | $ | 1,304 | |||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments [Abstract] | ' | |||
Schedule Of Minimum Lease Payments | ' | |||
Year | Amount | |||
2014 | $ | 8 | ||
2015 | 8 | |||
2016 | 8 | |||
2017 | 3 | |||
Total Minimum Lease Payments | $ | 27 | ||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Stock-Based Compensation (Valuation Assumption) [Abstract] | ' | |||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||
Year Ended December 31, | ||||
2013 | 2012 | |||
Dividend yield | 0.00% | 0.00% | ||
Expected volatility | 44.27-45.00% | 22.98% | ||
Risk free interest rate | 1.33-1.92% | 2.21% | ||
Expected life | 5.5-6 Years | 5 Years | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Schedule Of Components Of The Income Tax Provision | ' | ||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | 302 | $ | 513 | |||||
State | 1 | 5 | |||||||
Deferred: | |||||||||
Federal | -47 | 31 | |||||||
State | -24 | 7 | |||||||
Total Federal and State Income Taxes | $ | 232 | $ | 556 | |||||
Schedule Of Effective Income Tax Rate Reconciliation | ' | ||||||||
2013 | 2012 | ||||||||
Computed “Expected” Federal Tax Expense | $ | 319 | $ | 560 | |||||
Increase (Decrease) in Taxes Resulting From: | |||||||||
State Income Taxes, net of Federal Benefit | 9 | 26 | |||||||
Credits | -70 | -16 | |||||||
Domestic Production Activities Deduction | -18 | -20 | |||||||
Permanent Differences | 3 | 6 | |||||||
Rate Change for Deferred Taxes | -11 | 0 | |||||||
Total Federal and State Income Taxes | $ | 232 | $ | 556 | |||||
Schedule Of Components Of The Net Deferred Tax Liability | ' | ||||||||
2013 | 2012 | ||||||||
Deferred Tax Assets: | |||||||||
Vacation Accrual | $ | 27 | $ | 26 | |||||
Allowance for Doubtful Accounts | 3 | 4 | |||||||
Stock Compensation | 57 | 0 | |||||||
State Carryforward R&D Credit | 12 | 0 | |||||||
Total Deferred Tax Assets | $ | 99 | $ | 30 | |||||
Deferred Tax Liabilities: | |||||||||
Prepaid Expenses | $ | 30 | $ | 23 | |||||
Depreciation | 91 | 100 | |||||||
Net Unrealized Gain on Investments | 1,000 | 1,362 | |||||||
Total Deferred Tax Liabilities | $ | 1,121 | $ | 1,485 | |||||
Net Deferred Tax Liability | $ | -1,022 | $ | -1,455 | |||||
Common_Stock_Options_And_Stock
Common Stock Options And Stock Purchase Plan (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Employee Stock Option [Member] | ' | ||||||||||||
Schedule Of Stock Options Activity | ' | ||||||||||||
Options Outstanding | |||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic Value | ||||||||||
Exercise | Remaining | -1 | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(in years) | |||||||||||||
Balance at January 1, 2012 | 11,980 | $ | 4.16 | 2.6 | |||||||||
Granted | 0 | ||||||||||||
Exercised | 0 | ||||||||||||
Canceled/forfeited/expired | 0 | ||||||||||||
Balance at December 31, 2012 | 11,980 | 4.16 | 1.6 | ||||||||||
Granted | 50,000 | 4.21 | 10.0 | ||||||||||
Exercised | 0 | ||||||||||||
Canceled/forfeited/expired | 0 | ||||||||||||
Balance at December 31, 2013 | 61,980 | $ | 4.20 | 9.7 | |||||||||
Vested and exercisable as of December 31, 2013 | 61,980 | $ | 0 | ||||||||||
-1 | The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2013. | ||||||||||||
Director Stock Option [Member] | ' | ||||||||||||
Schedule Of Stock Options Activity | ' | ||||||||||||
Options Outstanding | |||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic Value | ||||||||||
Exercise | Remaining | -1 | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(in years) | |||||||||||||
Balance at January 1, 2012 | 5,000 | $ | 5.36 | 5.3 | |||||||||
Granted | 10,000 | 4.15 | 10.0 | ||||||||||
Exercised | 0 | ||||||||||||
Canceled/forfeited/expired | 5,000 | 5.36 | |||||||||||
Balance at December 31, 2012 | 10,000 | 4.15 | 9.5 | ||||||||||
Granted | 175,000 | 4.67 | 10.0 | ||||||||||
Exercised | 0 | ||||||||||||
Canceled/forfeited/expired | 0 | ||||||||||||
Balance at December 31, 2013 | 185,000 | $ | 4.64 | 9.5 | |||||||||
Vested and exercisable as of December 31, 2013 | 35,000 | $ | 0 | ||||||||||
-1 | The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2013. | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Segment Information [Abstract] | ' | |||||||
Financial Information Relating To Continuing Operating Segments | ' | |||||||
2013 | 2012 | |||||||
Net revenues | ||||||||
Production Monitoring | $ | 6,541 | $ | 6,498 | ||||
Total | 6,541 | 6,498 | ||||||
Sales in foreign countries | ||||||||
Production Monitoring | 932 | 809 | ||||||
Total | 932 | 809 | ||||||
Interest income | ||||||||
Production Monitoring | 1 | 1 | ||||||
ESI Investment Company | 4 | 3 | ||||||
Total | 5 | 4 | ||||||
Depreciation expense | ||||||||
Production Monitoring | 110 | 71 | ||||||
Total | 110 | 71 | ||||||
Capital purchases | ||||||||
Production Monitoring | 23 | 196 | ||||||
Total | 23 | 196 | ||||||
Total assets | ||||||||
Production Monitoring | 3,022 | 3,016 | ||||||
ESI Investment Company | 9,587 | 10,322 | ||||||
Total | 12,609 | 13,338 | ||||||
Income before income taxes | ||||||||
Production Monitoring | 404 | 845 | ||||||
ESI Investment Company | 534 | 797 | ||||||
Total | 938 | 1,642 | ||||||
Nature_Of_Business_And_Signifi1
Nature Of Business And Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
ShareBasedCompensationPlan | ||
Investment In Organization [Line Items] | ' | ' |
Advertising expense | $59 | $89 |
Research and development expense | 560 | 443 |
Depreciation | 110 | 71 |
Number of stock-based employee compensation plans | 2 | ' |
Other-than-Temporary Impairments Recognized in the Income Statement | $0 | $0 |
Rudolph Technologies, Inc [Member] | ' | ' |
Investment In Organization [Line Items] | ' | ' |
Investments owned, shares | 231,336 | 273,267 |
Nature_Of_Business_And_Signifi2
Nature Of Business And Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Equipment [Member] | ' |
Estimated useful lives | '3 years |
Minimum [Member] | Furniture And Fixtures [Member] | ' |
Estimated useful lives | '3 years |
Minimum [Member] | Building [Member] | ' |
Estimated useful lives | '7 years |
Maximum [Member] | Equipment [Member] | ' |
Estimated useful lives | '10 years |
Maximum [Member] | Furniture And Fixtures [Member] | ' |
Estimated useful lives | '10 years |
Maximum [Member] | Building [Member] | ' |
Estimated useful lives | '40 years |
Nature_Of_Business_And_Signifi3
Nature Of Business And Significant Accounting Policies (Schedule Of Net Income Per Common Share) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Nature Of Business And Significant Accounting Policies [Abstract] | ' | ' |
Net income | $706 | $1,086 |
Basic EPS, Per share amount | $0.20 | $0.32 |
Diluted EPS, Per share amount | $0.20 | $0.31 |
Basic EPS, Shares | 3,394,208 | 3,391,332 |
Effect of dilutive stock options | 102,665 | 20,956 |
Diluted EPS, Shares | 3,496,873 | 3,412,288 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment In Organization [Line Items] | ' | ' |
Gain on sale of available-for-sale securities | $530 | $794 |
Rudolph Technologies, Inc [Member] | ' | ' |
Investment In Organization [Line Items] | ' | ' |
Investments owned, shares | 231,336 | 273,267 |
Aggregate value of shares | 2,716 | 3,673 |
Approximate cost | 30 | 36 |
Available-for-sale shares sold | 41,931 | 70,000 |
Gain on sale of available-for-sale securities | $529 | $794 |
Investments_Cost_And_Estimated
Investments (Cost And Estimated Fair Value Of Investments) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Cost | $5,312,000 | $5,341,000 | ' |
Gross unrealized gain | 2,687,000 | 3,639,000 | ' |
Gross unrealized loss | 54,000 | 55,000 | ' |
Fair value, investments | 7,945,000 | 8,925,000 | ' |
Less cash equivalents, Carrying amount | 1,505,000 | 1,102,000 | 5,476,000 |
Money Market [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Cost | 540,000 | 804,000 | ' |
Gross unrealized gain | 0 | 0 | ' |
Gross unrealized loss | 0 | 0 | ' |
Fair value, investments | 540,000 | 804,000 | ' |
Commercial Paper [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Cost | 601,000 | 200,000 | ' |
Gross unrealized gain | 0 | 0 | ' |
Gross unrealized loss | 0 | 0 | ' |
Fair value, investments | 601,000 | 200,000 | ' |
Treasury Bills [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Cost | 5,226,000 | 5,249,000 | ' |
Gross unrealized gain | 1,000 | 0 | ' |
Gross unrealized loss | 0 | 1,000 | ' |
Fair value, investments | 5,227,000 | 5,248,000 | ' |
Equity Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Cost | 86,000 | 92,000 | ' |
Gross unrealized gain | 2,686,000 | 3,639,000 | ' |
Gross unrealized loss | 54,000 | 54,000 | ' |
Fair value, investments | 2,718,000 | 3,677,000 | ' |
Debt and Equity Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Cost | 6,453,000 | 6,345,000 | ' |
Gross unrealized gain | 2,687,000 | 3,639,000 | ' |
Gross unrealized loss | 54,000 | 55,000 | ' |
Fair value, investments | 9,086,000 | 9,929,000 | ' |
Less Cash Equivalents [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Gross unrealized gain | 0 | 0 | ' |
Gross unrealized loss | 0 | 0 | ' |
Less cash equivalents, Carrying amount | 1,141,000 | 1,004,000 | ' |
Less cash equivalents, Fair value | $1,141,000 | $1,004,000 | ' |
Investments_Schedule_Of_Realiz
Investments (Schedule Of Realized Gains And Losses On Investments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investments [Abstract] | ' | ' |
Gross Realized Gains | $530 | $794 |
Gross Realized Losses | 0 | 0 |
Net Realized Gain | $530 | $794 |
Investments_Schedule_Of_Change
Investments (Schedule Of Changes In Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investments [Abstract] | ' | ' |
Unrealized Holding Gains (Losses) arising during the Period | ($422) | $1,299 |
Less: reclassification of gains included in net income | -530 | -794 |
Total unrealized gains (losses) | -952 | 505 |
Increase in Deferred Taxes on Unrealized Gains (Losses) arising during the Period | -160 | 494 |
Less: Reclassification of taxes on gains included in net income | -201 | -302 |
Total unrealized gains tax | -361 | 192 |
Net increase (decrease) in accumulated other comprehensive income | ($591) | $313 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ' | ' |
Wages and Commissions | $195 | $147 |
Other | 70 | 80 |
Total Accrued Expenses | $265 | $227 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw Materials | $658 | $835 |
Work in Process | 226 | 283 |
Finished Goods | 176 | 212 |
Total Inventories | $1,060 | $1,330 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and cash equivalents, Carrying amount | $1,505,000 | $1,102,000 | $5,476,000 |
Treasury bills, fair value | 5,227,000 | 5,248,000 | ' |
Available for sale Securities | 7,945,000 | 8,925,000 | ' |
Small Cap Technology Sector [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Available-for-sale Securities, Carrying amount | 2,718,000 | 3,677,000 | ' |
Available for sale Securities | 2,718,000 | 3,677,000 | ' |
Small Cap Technology Sector [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Available for sale Securities | 2,718,000 | 3,677,000 | ' |
Small Cap Technology Sector [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Available for sale Securities | 0 | 0 | ' |
Small Cap Technology Sector [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Available for sale Securities | 0 | 0 | ' |
Money Market [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and cash equivalents, Carrying amount | 540,000 | 804,000 | ' |
Cash and cash equivalents, Fair Value | 540,000 | 804,000 | ' |
Money Market [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and cash equivalents, Fair Value | 540,000 | 804,000 | ' |
Money Market [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and cash equivalents, Fair Value | 0 | 0 | ' |
Money Market [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and cash equivalents, Fair Value | 0 | 0 | ' |
Commercial Paper [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and cash equivalents, Carrying amount | 601,000 | 200,000 | ' |
Cash and cash equivalents, Fair Value | 601,000 | 200,000 | ' |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and cash equivalents, Fair Value | 601,000 | 200,000 | ' |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and cash equivalents, Fair Value | 0 | 0 | ' |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and cash equivalents, Fair Value | 0 | 0 | ' |
Treasury Bills [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Treasury bills, carrying value | 5,227,000 | 5,248,000 | ' |
Treasury bills, fair value | 5,227,000 | 5,248,000 | ' |
Treasury Bills [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Treasury bills, fair value | 5,227,000 | 5,248,000 | ' |
Treasury Bills [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Treasury bills, fair value | 0 | 0 | ' |
Treasury Bills [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Treasury bills, fair value | $0 | $0 | ' |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, Gross | $2,440 | $2,421 |
Less Accumulated Depreciation | 1,223 | 1,117 |
Total Property and Equipment | 1,217 | 1,304 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, Gross | 272 | 259 |
Furniture And Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, Gross | 388 | 382 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, Gross | 1,365 | 1,365 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, Gross | $415 | $415 |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments [Abstract] | ' | ' |
Annual minimum lease payment Year 1 | $8 | ' |
Annual minimum lease payment Year 2 | 8 | ' |
Annual minimum lease payment Year 3 | 8 | ' |
Annual minimum lease payment Year 4 | 3 | ' |
Total Minimum Lease Payments | 27 | ' |
Rental expense | $25 | $27 |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Benefit Plans [Abstract] | ' | ' |
Minimum hours employees required to work per year to qualify for ESOP | '0 months 1000 hours | ' |
Common shares owned by ESOP | 168,382 | ' |
Employee Stock Ownership Plan Debt to Company | $0 | ' |
Common shares owned by ESOP, fair market value | 675 | ' |
ESOP compensation expense | 18 | 18 |
Board of Directors' discretionary contribution to 401(k) plan | $0 | $18 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Stock options fair market value | 100.00% | ' |
Options expiration from date of grant | '10 years | ' |
Options expiration from date of death | '1 year | ' |
Unrecognized Share Based Compensation | $204 | ' |
Number of Years To Recognize Remaining Expense | '4 years | ' |
Recognized compensation expense | $162 | $6 |
Chief Executive Officer [Member] | ' | ' |
Granted, Number of Shares | 50,000 | ' |
Director [Member] | ' | ' |
Number of individuals receiving grants | 3 | 4 |
Stock Option Vesting Period | '4 years | ' |
Vesting Percentage | '20% | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Granted To Each Director | 50,000 | 2,500 |
Forfeited shares | ' | 5,000 |
Number of outside directors that forfeited options to purchase common shares | ' | 1 |
Other Outside Director [Member] | ' | ' |
Granted, Number of Shares | 25,000 | ' |
Stock Option Vesting Period | '4 years | ' |
Vesting Percentage | '20% | ' |
2013 Equity Incentive Plan [Member] | ' | ' |
Number of shares vested | 85,000 | ' |
Maximum amount of options authorized | 300,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 75,000 | ' |
Number of shares available for purchase | 225,000 | ' |
1997 Stock Option Plan [Member] | ' | ' |
Number of shares vested | 21,980 | ' |
Maximum amount of options authorized | 450,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 250 | ' |
Number of shares available for purchase | 21,980 | ' |
1996 Stock Purchase Plan [Member] | ' | ' |
Stock options fair market value | 85.00% | ' |
Maximum amount of options authorized | 150,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 69,161 | ' |
Maximum percentage of earning employees canuse to purchase company common stock | 10.00% | ' |
Shares issued under the ESPP | 2,795 | 2,335 |
Stock_Based_Compensation_Valua
Stock Based Compensation (Valuation Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Dividend Rate | 0.00% | 0.00% |
Volatility Rate | ' | 22.98% |
Risk Free Interest Rate | ' | 2.21% |
Expected Life | ' | '5 years |
Minimum [Member] | ' | ' |
Volatility Rate | 44.27% | ' |
Risk Free Interest Rate | 1.33% | ' |
Expected Life | '5 years 6 months | ' |
Maximum [Member] | ' | ' |
Volatility Rate | 45.00% | ' |
Risk Free Interest Rate | 1.92% | ' |
Expected Life | '6 years | ' |
Common_Stock_Options_And_Stock1
Common Stock Options And Stock Purchase Plan (Schedule Of Stock Options Activity) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Employee Stock Option [Member] | ' | ' | ' | |
Beginning balance, Number of Shares | 11,980 | 11,980 | ' | |
Granted, Number of Shares | 50,000 | 0 | ' | |
Exercised, Number of Shares | 0 | 0 | ' | |
Canceled/forfeited/expired, Number of Shares | 0 | 0 | ' | |
Ending balance, Number of Shares | 61,980 | 11,980 | 11,980 | |
Beginning balance, Weighted-Average Exercise Price | $4.16 | $4.16 | ' | |
Granted, Weighted-Average Exercise Price | $4.21 | ' | ' | |
Ending balance, Weighted-Average Exercise Price | $4.20 | $4.16 | $4.16 | |
Balance, Weighted-Average Remaining Contractual Term | '9 years 8 months 18 days | '1 year 7 months 6 days | '2 years 7 months 6 days | |
Sharebased Compensation Arrangement by Sharebased Payment Award Option Granted Weighted Average Remaining Contractual Term | '10 years | ' | ' | |
Vested and exercisable, Aggregate Intrinsic Value | $0 | [1] | ' | ' |
Number of shares vested | 61,980 | ' | ' | |
Director Stock Option [Member] | ' | ' | ' | |
Beginning balance, Number of Shares | 10,000 | 5,000 | ' | |
Granted, Number of Shares | 175,000 | 10,000 | ' | |
Exercised, Number of Shares | 0 | 0 | ' | |
Canceled/forfeited/expired, Number of Shares | 0 | 5,000 | ' | |
Ending balance, Number of Shares | 185,000 | 10,000 | 5,000 | |
Beginning balance, Weighted-Average Exercise Price | $4.15 | $5.36 | ' | |
Granted, Weighted-Average Exercise Price | $4.67 | $4.15 | ' | |
Canceled/forfeited/expired, Weighted-Average Exercise Price | ' | $5.36 | ' | |
Ending balance, Weighted-Average Exercise Price | $4.64 | $4.15 | $5.36 | |
Balance, Weighted-Average Remaining Contractual Term | '9 years 6 months | '9 years 6 months | '5 years 3 months 19 days | |
Sharebased Compensation Arrangement by Sharebased Payment Award Option Granted Weighted Average Remaining Contractual Term | '10 years | '10 years | ' | |
Vested and exercisable, Aggregate Intrinsic Value | $0 | [1] | ' | ' |
Number of shares vested | 35,000 | ' | ' | |
[1] | The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Companybs estimated current fair market value at December 31, 2013. |
Income_Taxes_Schedule_Of_Compo
Income Taxes (Schedule Of Components Of The Income Tax Provision) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | ' | ' |
Current, Federal | $302 | $513 |
Current, State | 1 | 5 |
Deferred, Federal | -47 | 31 |
Deferred, State | -24 | 7 |
Income taxes | $232 | $556 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | ' | ' |
Computed "Expected" Federal Tax Expense | $319 | $560 |
State Income Taxes, net of Federal Benefit | 9 | 26 |
Credits | -70 | -16 |
Domestic Production Activities Deduction | -18 | -20 |
Permanent Differences | 3 | 6 |
Income Tax Reconciliation Deduction Change in Deferred Tax Rate | -11 | 0 |
Income taxes | 232 | 556 |
Accrued Interest or Penalties Related to Uncertain Tax Positions | $0 | $0 |
Income_Taxes_Schedule_Of_Compo1
Income Taxes (Schedule Of Components Of The Net Deferred Tax Liability) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Vacation Disallowance | $27 | $26 |
Allowance for Doubtful Accounts | 3 | 4 |
State Carryforward R&D Credit | 12 | 0 |
Stock Compensation | 57 | 0 |
Total Deferred Tax Assets | 99 | 30 |
Prepaid Expenses | 30 | 23 |
Depreciation | 91 | 100 |
Net Unrealized Gain on Investments | 1,000 | 1,362 |
Total Deferred Tax Liabilities | 1,121 | 1,485 |
Net Deferred Tax Liability | ($1,022) | ($1,455) |
Segment_Information_Continuing
Segment Information (Continuing Operating Segments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
segment | ||
Net revenues | $6,541 | $6,498 |
Interest income | 5 | 4 |
Depreciation | 110 | 71 |
Purchase of property and equipment | 23 | 196 |
Total assets | 12,609 | 13,338 |
Income before Income Taxes | 938 | 1,642 |
Number of reportable segments | 2 | ' |
Foreign Country Revenue [Member] | ' | ' |
Net revenues | 932 | 809 |
Production Monitoring [Member] | ' | ' |
Net revenues | 6,541 | 6,498 |
Interest income | 1 | 1 |
Depreciation | 110 | 71 |
Purchase of property and equipment | 23 | 196 |
Total assets | 3,022 | 3,016 |
Income before Income Taxes | 404 | 845 |
Production Monitoring [Member] | Foreign Country Revenue [Member] | ' | ' |
Net revenues | 932 | 809 |
ESI Investment Company [Member] | ' | ' |
Interest income | 4 | 3 |
Total assets | 9,587 | 10,322 |
Income before Income Taxes | $534 | $797 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 18, 2014 | Feb. 18, 2014 | Feb. 18, 2014 | Feb. 18, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2014 |
Subsequent Event [Member] | Paid At Closing [Member] | Paid On First Anniversary [Member] | Paid On Second Anniversary [Member] | Rudolph Technologies, Inc [Member] | Rudolph Technologies, Inc [Member] | Rudolph Technologies, Inc [Member] | |||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale shares sold | ' | ' | ' | ' | ' | ' | 41,931 | 70,000 | 39,179 |
Proceeds from Sale and Maturity of Available-for-sale Securities | $536 | $874 | ' | ' | ' | ' | ' | ' | $439 |
Gain on sale of available-for-sale securities | 530 | 794 | ' | ' | ' | ' | 529 | 794 | 434 |
Payments for acquisition | ' | ' | 1,200 | 400 | 400 | 400 | ' | ' | ' |
Potential contingent consideration | ' | ' | $550 | ' | ' | ' | ' | ' | ' |