Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | INTRICON CORP | |
Entity Central Index Key | 0000088790 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 8,737,015 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash, cash equivalents and restricted cash | $ 13,190 | $ 8,047 |
Short-term investments | 16,008 | 38,093 |
Accounts receivable, less allowance for doubtful accounts of $368 at March 31,2019 and $807 at December 31, 2018 | 10,493 | 11,479 |
Inventories | 19,134 | 18,981 |
Contract assets | 6,320 | 5,624 |
Other current assets | 1,541 | 2,320 |
Total current assets | 66,686 | 84,544 |
Machinery and equipment | 38,202 | 37,161 |
Less: Accumulated depreciation | 25,941 | 25,429 |
Net machinery and equipment | 12,261 | 11,732 |
Goodwill | 10,808 | 10,808 |
Intangible assets, net | 2,546 | 2,585 |
Operating lease right of use asset | 5,518 | |
Investment in partnerships | 1,324 | 2,091 |
Long-term investments | 15,228 | |
Other assets, net | 6,525 | 3,488 |
Total assets | 120,896 | 115,248 |
Current liabilities: | ||
Current financing leases | 104 | |
Current operating leases | 1,700 | |
Accounts payable | 12,237 | 13,191 |
Accrued salaries, wages and commissions | 2,572 | 4,409 |
Other accrued liabilities | 4,692 | 4,047 |
Total current liabilities | 21,305 | 21,647 |
Noncurrent financing leases | 95 | |
Noncurrent operating leases | 4,030 | |
Other postretirement benefit obligations | 366 | 377 |
Accrued pension liabilities | 733 | 706 |
Other long-term liabilities | 1,306 | 544 |
Total liabilities | 27,835 | 23,274 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, $1.00 par value per share; 20,000 shares authorized; 8,714 and 8,664 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 8,714 | 8,664 |
Additional paid-in capital | 85,131 | 84,999 |
Retained earnings (accumulated deficit) | 266 | (509) |
Accumulated other comprehensive loss | (797) | (927) |
Total shareholders' equity | 93,314 | 92,227 |
Non-controlling interest | (253) | (253) |
Total equity | 93,061 | 91,974 |
Total liabilities and equity | $ 120,896 | $ 115,248 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Consolidated Condensed Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 368 | $ 807 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 8,714,000 | 8,664,000 |
Common stock, shares outstanding | 8,714,000 | 8,664,000 |
Consolidated Condensed Statemen
Consolidated Condensed Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated Condensed Statements Of Operations [Abstract] | ||
Revenue, net | $ 30,109 | $ 25,363 |
Cost of goods sold | 21,358 | 16,951 |
Gross profit | 8,751 | 8,412 |
Operating expenses: | ||
Sales and marketing | 3,536 | 2,840 |
General and administrative | 3,425 | 3,061 |
Research and development | 965 | 1,159 |
Total operating expenses | 7,926 | 7,060 |
Operating income | 825 | 1,352 |
Interest income (expense), net | 215 | (188) |
Other expense, net | (134) | (208) |
Income before income taxes | 906 | 956 |
Income tax expense | 131 | 187 |
Net income | $ 775 | $ 769 |
Income per share of common stock: | ||
Net income per share, Basis: | $ 0.09 | $ 0.11 |
Net income per share, Diluted: | $ 0.08 | $ 0.10 |
Average shares outstanding: | ||
Basic | 8,705 | 6,929 |
Diluted | 9,382 | 7,843 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated Condensed Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net income | $ 775 | $ 769 |
Interest rate swap, net of taxes of $0 | 4 | |
Investment in partnerships, net of taxes of $0 | 118 | |
Pension and postretirement obligations, net of taxes of $0 | 5 | 5 |
Foreign currency translation adjustment, net of taxes of $0 | 7 | 77 |
Comprehensive income | $ 905 | $ 855 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated Condensed Statements Of Comprehensive Income (Loss) [Abstract] | ||
Interest rate swap, tax | $ 0 | |
Investment in partnerships, tax | $ 0 | |
Pension and postretirement obligations, tax | 0 | 0 |
Foreign currency translation adjustment, tax | $ 0 | $ 0 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 775 | $ 769 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 810 | 654 |
Equity in loss of partnerships | 65 | 116 |
Stock-based compensation | 329 | 333 |
Change in allowance for doubtful accounts | (439) | 151 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,301 | (2,407) |
Inventories | (171) | (1,183) |
Contract assets | (696) | (1,787) |
Other assets | 971 | 139 |
Accounts payable | (1,108) | 2,262 |
Accrued expenses | (1,431) | (316) |
Other liabilities | 29 | 14 |
Net cash provided by (used in) operating activities | 435 | (1,255) |
Cash flows from investing activities: | ||
Purchases of machinery and equipment | (954) | (485) |
Payments for acquistion of intangible assets | (586) | |
Purchase of investment securities | (34,516) | |
Proceeds from sale of investment securities | 38,015 | |
Proceeds from maturities of investment securities | 3,464 | |
Investment in partnerships | (568) | (164) |
Net cash provided by (used in) investing activities | 4,855 | (649) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 6,106 | |
Repayments of long-term debt | (4,550) | |
Payment of financing leases | (32) | |
Exercise of stock options and employee stock purchase plan shares | 88 | 267 |
Withholding of common stock upon vesting of restricted stock units | (235) | |
Net cash provided by (used in) financing activities | (179) | 1,823 |
Effect of exchange rate changes on cash | 32 | 120 |
Net increase in cash | 5,143 | 39 |
Cash, cash equivalents and restricted cash, beginning of period | 8,047 | 1,017 |
Cash, cash equivalents and restricted cash, end of period | 13,190 | 1,056 |
Noncash investing and financing: | ||
Acquisition of machinery and equipment in accounts payable | 160 | 305 |
Investment in partnerships through liability incurred | $ 308 | |
Fitting software other asset through liabilities incurred and exchange of investment in partnership | $ 3,093 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements Of Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interest [Member] | Total |
Balance at Dec. 31, 2017 | $ 6,900 | $ 21,581 | $ (6,056) | $ (733) | $ (253) | $ 21,439 |
Balance, shares at Dec. 31, 2017 | 6,900 | |||||
Exercise of stock options, net | $ 41 | 167 | 208 | |||
Exercise of stock options, net, shares | 41 | |||||
Shares issued under the employee stock purchase plan | $ 3 | 57 | 60 | |||
Shares issued under the employee stock purchase plan, shares | 3 | |||||
Stock-based compensation | 333 | 333 | ||||
Net income | 769 | 769 | ||||
Comprehensive income | 86 | 86 | ||||
Balance at Mar. 31, 2018 | $ 6,944 | 22,138 | (5,287) | (647) | (253) | 22,895 |
Balance, shares at Mar. 31, 2018 | 6,944 | |||||
Balance at Dec. 31, 2018 | $ 8,664 | 84,999 | (509) | (927) | (253) | 91,974 |
Balance, shares at Dec. 31, 2018 | 8,664 | |||||
Exercise of stock options, net | $ 27 | (9) | $ 18 | |||
Exercise of stock options, net, shares | 27 | 60 | ||||
Withholding of common stock upon vesting of restricted stock units, net | $ 20 | |||||
Withholding of common stock upon vesting of restricted stock units, net | (255) | $ (235) | ||||
Withholding of common stock upon vesting of restricted stock units, net, shares | 20 | |||||
Shares issued under the employee stock purchase plan | $ 3 | 67 | 70 | |||
Shares issued under the employee stock purchase plan, shares | 3 | |||||
Stock-based compensation | 329 | 329 | ||||
Net income | 775 | 775 | ||||
Comprehensive income | 130 | 130 | ||||
Balance at Mar. 31, 2019 | $ 8,714 | $ 85,131 | $ 266 | $ (797) | $ (253) | $ 93,061 |
Balance, shares at Mar. 31, 2019 | 8,714 |
General
General | 3 Months Ended |
Mar. 31, 2019 | |
General [Abstract] | |
General | 1. General In the opinion of management, the accompanying consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly IntriCon Corporation's (“IntriCon” or the “Company”) consolidated financial position as of March 31, 2019 and December 31, 2018, and the consolidated results of its operations, equity and cash flows for the three months ended March 31, 2019 and 2018. Results of operations for the interim periods are not necessarily indicative of the results of operations expected for the full year or any other interim period. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2018 Annual Report on Form 10-K filed with the SEC. The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. The Company evaluates its voting and variable interests in entities on a qualitative and quantitative basis. The Company consolidates entities in which it concludes it has the power to direct the activities that most significantly impact an entity’s economic success and has the obligation to absorb losses or the right to receive benefits that could be significant to the entity. The Company has evaluated subsequent events occurring after the date of the consolidated financial statements for events requiring recording or disclosure in the consolidated financial statements. |
Changes In Accounting Policies
Changes In Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Changes In Accounting Policies [Abstract] | |
Changes In Accounting Policies | 2. Changes in Accounting Policies The Company’s significant accounting policies are detailed in “Note 1: Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. In February 2016, the FASB issued ASU 2016-02 “Leases” (Topic 842). Topic 842 supersedes the lease accounting guidance previously set forth in the Accounting Standards Codification (ASC) Topic 840 “Leases,” and requires lessees to recognize a lease liability and a right-of-use asset (ROU) for all leases that extend beyond one year . The Company adopted Topic 842 with a date of initial application of January 1, 2019, which resulted in a ROU asset and lease liability of approximately $6.0 M. The Company did not apply Topic 842 retrospectively using the transition option in ASU 2018-11, “ Targeted Improvements” to ASC 842, to not restate comparative periods in transition and instead to use the effective date of ASC 842, “Leases”, as the date of initial application of transition. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard which allowed us to carry forward the historical lease classification. Changes to the Company’s accounting policies as a result of adopting Topic 842 are discussed below : Short-term lease recognition exemption. The Company adopted the short-term lease recognition exemption as an accounting policy. Accordingly, the Company will not recognize a lease liability and ROU asset for short-term leases in transition and, post-effective date, will continue to recognize short-term leases as expense on a straight-line basis over the lease term. Renewal and purchase options for a lease will be reassessed upon the occurrence of certain discrete reassessment events: (1) the lease term is extended more than 12 months beyond the end of the previously determined lease term or (2) the lessee now concludes that the lessee’s exercise of a purchase option is reasonably certain. When a lease no longer qualifies for the short-term lease exemption, the Company will apply ASC 842 guidance on initial recognition and measurement; the commencement date of the lease for this purpose is the date of the change in circumstances. Accounting for certain leases at a portfolio level . The Company account s for leases at a portfolio level when the criteria described below are met and it reasonably expects that the application of the lease model to the portfolio will not differ materially from the application to the individual leases in that portfolio. If the applicable criteria are met, the start of the lease term is expected to be the first of the month. The criteria are: 1. Leases are similar in nature (e.g. similar underlying asset such as vehicles) ; 2. Leases have identical or nearly identical contract provisions, including same lessor ; and 3. Leases with effective dates that fall within a narrow window of time (month or quarter) and have the same lease term For purposes of arriving at the transition adjustment on the effective date, a total of seven vehicle leases were combined into three portfolios. Combining lease and non-lease components into a single component. The Company elected to adopt this practical expedient for all asset classes. As a result of this election, the consideration included in the lease payments for these asset classes will be greater, resulting in a larger lease liability and ROU asset. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 3. Segment Reporting The Company currently operates in two reportable segments: body-worn devices and hearing health direct-to-end-consumer (DTEC). The nature of distribution and services has been deemed separately identifiable. Therefore, segment reporting has been applied. The following table summarizes data by industry segment: At and for the Three Months Ended March 31, 2019 Body Worn Devices Hearing Health DTEC Total Revenue, net $ 28,479 $ 1,630 $ 30,109 Income (loss) before income taxes 2,388 (1,482) 906 Identifiable assets (excluding goodwill) 105,182 4,906 110,088 Goodwill 9,551 1,257 10,808 Depreciation and amortization 749 61 810 Capital expenditures 934 20 954 At and for the Three Months Ended March 31, 2018 Body Worn Devices Hearing Health DTEC Total Revenue, net $ 23,572 $ 1,791 $ 25,363 Income (loss) 1,222 (453) 769 Identifiable assets (excluding goodwill) 42,121 6,640 48,761 Goodwill 9,551 1,257 10,808 Depreciation and amortization 604 50 654 Capital expenditures 475 10 485 |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Geographic Information | 4. Geographic Information The geographical distribution of long-lived assets to geographical areas consisted of the following at: March 31, December 31, 2019 2018 United States $ 10,639 $ 10,065 Singapore 1,200 1,240 Other 422 427 Consolidated $ 12,261 $ 11,732 Long-lived assets consist of property and equipment. Excluded from long-lived assets are investments in partnerships, patents, goodwill, operating lease ROU assets and certain other assets. The Company capitalizes long-lived assets pertaining to the production of specialized parts. These assets are periodically reviewed to ensure the net realizable value from the estimated future production based on forecasted cash flows exceeds the carrying value of the assets. The geographical distribution of net revenue to geographical areas for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended Net Revenue to Geographical Areas March 31, 2019 March 31, 2018 United States $ 24,215 $ 20,459 Europe 2,203 2,278 Asia 3,509 2,468 All other countries 182 158 Consolidated $ 30,109 $ 25,363 Geographic net revenue is allocated based on the location of the customer. For the three months ended March 31, 2019 , one customer accounte d for 57% of the Company’s consolidated net revenue. For the three months ended March 31, 2018, one customer accounted for 54% of the Company’s consolidated net revenue. Two customers combined accounted for 49 % a nd 52% of the Company’s consolidated accounts receivable at March 31, 2019 and December 31, 2018, respectively. One customer accounted for 67% and 78% of the Company’s consolidated contract assets at March 31, 2019 and December 31, 2018, respectively. |
Investment In Partnerships
Investment In Partnerships | 3 Months Ended |
Mar. 31, 2019 | |
Investment In Partnerships [Abstract] | |
Investment In Partnerships | 5. Investment in Partnerships Investment in partnerships consisted of the following: March 31, December 31, 2019 2018 Investment in Signison $ 1,138 $ 865 Investment in and cash advance for Soundperience - 1,022 Other 186 204 Total $ 1,324 $ 2,091 The Company has a 50% ownership interest in Signison as of March 31, 2019. Signison is accounted for in the Company’s financial statements using the equity method. As of December 31, 2018, the Company held a 49% ownership interest in Soundperience, which was accounted for using the equity method. In January 2019, the Company purchased the source code for the Sentibo Smart Brain self-fitting software from Soundperience in exchange for 1,750 Euros, our 49% ownership and the related license agreement. See Note 8. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments Securities [Abstract] | |
Investment Securities | 6. Investment Securities The Company currently invests in commercial paper, corporate notes and bonds with original maturities of not more than two years. The Company classifies these investments as held to maturity based on our intent and ability to hold these investments until maturity. As a result, these investments are recorded at amortized cost, which approximates fair value as of March 31, 2019. As of December 31, 2018, the Company invested in certain liquid investment securities which were classified as available for sale investments and measured at fair value based on Level 1 inputs. The maturity dates of our investments as of March 31, 2019 are as follows: Less than one year 1-5 years Total Commercial Paper Original Maturities of 91 Days or More $ 6,602 $ - $ 6,602 Corporate Notes and Bonds 9,406 15,228 24,634 Total Investments $ 16,008 $ 15,228 $ 31,236 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventories [Abstract] | |
Inventories | 7. Inventories Inventories consisted of the following at: Raw materials Work-in process Finished products and components Total March 31, 2019 Domestic $ 10,926 $ 2,403 $ 1,284 $ 14,613 Foreign 2,726 867 928 4,521 Total $ 13,652 $ 3,270 $ 2,212 $ 19,134 December 31, 2018 Domestic $ 10,657 $ 2,484 $ 1,583 $ 14,724 Foreign 2,671 653 933 4,257 Total $ 13,328 $ 3,137 $ 2,516 $ 18,981 |
Other Assets, Net
Other Assets, Net | 3 Months Ended |
Mar. 31, 2019 | |
Other Assets, Net [Abstract] | |
Other Assets, Net | 8. Other Assets, Net Other assets, net consisted of the following at: March 31, December 31, 2019 2018 Fitting Software $ 3,679 $ - NXP Tech 2,161 2,259 Other 685 1,229 Total $ 6,525 $ 3,488 In January 2019, the Company purchased the source code for self-fitting software from Soundperience for 1,750 Euros and also transferred our 49% ownership interest in Soundperience to the majority owner, positioning the Company to capitalize on the upcoming over-the-counter (OTC) hearing aid regulation s . The Company has capitalized the self-fitting software within other assets, net based on the cost of the consideration transferred and will begin amortizing the asset when it is placed into service. Included in the capitalized cost of the self-fitting software is $586 of cash paid at closing as well as noncash amounts of $869 that are due in future quarterly installments over the next four years, $533 due in January 2023 and $1,691 for the value of the partnership and license agreement transferred. The future payments are due in Euros and the related liabilities will be revalued based on exchange rates as of each reporting period. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 9. Leases The Company leases pertain primarily to engineering, manufacturing, sales and administrative facilities, with an initial term of one year or more. The Company has three leased facilit ies in Minnesota, two that expire in 2022 and one that expires in 2023, one leased facility in Illinois that expires in 2021 and , one leased facility in Singapore that expires in 2020, one leased facility in Indonesia that expires in 2021, one leased facility in the United Kingdom that expires in 2021, and one leased facility in Germany that expires in 2022. Certain foreign leases allow for variable lease payments that depend on an index or a market rate adjustment for the respective country and are adjusted on an annual basis. The adjustment is recognized as incurred in profit and loss. The facility leases include options to extend for terms ranging from one to five years. Lease options that the Company is reasonably certain to execute, will be included in the determination of the ROU asset and lease liability . The Company also leases various computer equipment that include bargain purchase options at termination. These leases have been classified as finance leases. For the three months ended March 31, 2019, the Company has a weighted-average lease term of 1.9 years for its finance leases, and 3.2 years for its operating leases. For the three months ended March 31, 2019, the Company has a weighted-average discount rate of 5.56% for its finance leases, and 5.50% for its operating leases. Operating cash flows for the three months ended March 31, 2019 from financing leases and operating leases were $ 27 and $ 510 , respectively. Financing lease assets are classified as machinery and equipment within the balance sheet. The following tables summarizes lease costs by type: March 31, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 25 Interest on lease liabilities 3 Operating lease cost 502 Variable lease cost* 144 Total lease cost $ 674 * Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for our domestic and foreign building leases. Maturities of lease liabilities are as follows: Operating Leases Financing Leases Total 2019 $ 1,490 $ 80 $ 1,570 2020 1,825 98 1,923 2021 1,490 24 1,514 2022 924 - 924 2023 353 - 353 2024 and thereafter 281 8 289 Total lease payments 6,363 210 6,573 Less: Interest (633) (11) (644) Present value of lease liabilities $ 5,730 $ 199 $ 5,929 As previously disclosed in Note 20 of the Notes to the Consolidated Financial Statements in our 2018 Annual Report on Form 10-K, prior to the adoption of ASU 2016-02, Leases (Topic 842) , the future minimum payments required under lease agreements as of December 31, 2018 were 2019 - $2,417 ; 2020 - $2,255 ; 2021 - $1,689 ; 2022 - $950 ; 2023 - $188 . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Income taxes | 10. Income Taxes Income tax expense for the three months ended M arch 31, 2019 was $ 1 31 compared to $187 for the same period in 2018. The expense for the three months ended March 31, 2019 and 2018, was due to both domestic and foreign operations. The Company has net operating loss carryforwards for U.S. federal income tax purposes, however, due to the new tax legislation, there are limitations on the use of certain of the carryforwards and therefore the Company has recorded a full valuation allowance against the deferred tax asset. The following was the income before income taxes for each jurisdiction in which the Company has operations for the three months ended March 31, 2019 and 2018. Three Months Ended March 31, 2019 March 31, 2018 United States $ 884 $ 852 Singapore 117 248 Indonesia 21 21 United Kingdom (192) (236) Germany 76 71 Income before income taxes $ 906 $ 956 |
Shareholders' Equity And Stock-
Shareholders' Equity And Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Shareholders' Equity And Stock-Based Compensation [Abstract] | |
Shareholders' Equity And Stock-Based Compensation | 11. Shareholders’ Equity and Stock-based Compensation The Company has a 2006 Equity Incentive Plan and a 2015 Equity Incentive Plan. The 2015 Equity Incentive Plan replaced the 2006 Equity Incentive Plan and new grants may not be made under the 2006 Plan. Under the 2015 Equity Incentive Plan, the Company may grant stock options, stock awards, stock appreciation rights, restricted stock units (“RSUs”) and other equity-based awards. Under all awards, the terms are fixed on the grant date. The Company granted 23 RSUs in the first quarter of 2019. The closing price of the Company’s common stock on the date of grant was $26.61 . The RSUs vest in equal, annual installments over a three year period beginning on the first anniversary of the date of grant at which time common stock is issued with respect to vested units. The Company has also granted stock options under the plans. Options granted under the plans generally vest in equal, annual installments over a three year period beginning on the first anniversary of the date of grant and have a maximum term of 10 years. Stock award activity as of and during the three months ended March 31, 2019 was as follows: Outstanding Awards Stock Option Weighted-Average Aggregate Stock Options RSUs Total Exercise Price (a) Intrinsic Value Outstanding at December 31, 2018 830 98 928 $ 5.59 Forfeited, cancelled or expired (1) - (1) 4.00 Granted - 23 23 - Exercised or vested (31) (29) (60) 2.10 Outstanding at March 31, 2019 798 92 890 $ 5.68 $ 17,266 Exercisable at March 31, 2019 638 - 638 $ 6.10 $ 12,107 Available for future grant at December 31, 2018 249 Available for future grant at March 31, 2019 231 (a) The weighted average exercise price calculation does not include outstanding RSUs The number of shares available for future grants at March 31, 2019 does not include a total of up to 400 shares subject to options outstanding under the 2006 Equity Incentive Plan, which will become available for grant under the 2015 Equity Incentive Plan as outstanding options under the 2006 Equity Incentive Plan expire, terminate, are cancelled or forfeited or are withheld in a net exercise of such options. The Company recorded $329 and $333 of non-cash stock compensation expense for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, there was $2,176 of total unrecognized compensation costs related to non-vested stock option and RSU awards that are expected to be recognized over a weighted-average period of 1.91 years. The total intrinsic value of options exercised during the three months ended March 31, 2019 was $1,480 . The Company also has an Employee Stock Purchase Plan (the “Purchase Plan”). The Purchase Plan, as amended, through March 31, 2019, provides that a maximum of 300 shares may be sold under the Purchase Plan. There were 3 and 1 shares purchased under the plan for the three months ended March 31, 2019 and 2018, respectively. |
Income Per Share
Income Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Income Per Share [Abstract] | |
Income Per Share | 12. Income Per Share The following table presents a reconciliation between basic and diluted earnings per share: Three Months Ended March 31, 2019 March 31, 2018 Numerator: Net income $ 775 $ 769 Denominator: Basic – weighted shares outstanding 8,705 6,929 Weighted shares assumed upon exercise of stock options 677 914 Diluted – weighted shares outstanding 9,382 7,843 Basic net income per share: $ 0.09 $ 0.11 Diluted net income per share: $ 0.08 $ 0.10 The dilutive impact summarized above relates to the periods when the average market price of Company stock exceeded the exercise price of the potentially dilutive options. Earnings per common share was based on the weighted average number of common shares outstanding during the periods when computing the basic earnings per share. When dilutive, stock options are included as equivalents using the treasury stock method when computing the diluted earnings per share. Shares represented by RSUs are also included in the dilution calculation. Individual components of basic and diluted income per share may not sum to the total income per share due to rounding. No options or RSU s were excluded from the dilutive calculation for the three months ended March 3 1 , 201 9 and March 3 1 , 201 8. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2019 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | 13. Legal Proceedings The Company is a defendant along with a number of other parties in lawsuits alleging that plaintiffs have or may have contracted asbestos-related diseases as a result of exposure to asbestos products or equipment containing asbestos sold by one or more named defendants. These lawsuits relate to the discontinued heat technologies segment which was sold in March 2005. Due to the non-informative nature of the complaints, the Company does not know whether any of the complaints state valid claims against the Company. Certain insurance carriers have informed the Company that the primary policies for the period August 1, 1970-1978 have been exhausted and that the carriers will no longer provide defense and insurance coverage under those policies. However, the Company has other primary and excess insurance policies that the Company believes afford coverage for later years. Some of these other primary insurers have accepted defense and insurance coverage for these suits, and some of them have either ignored the Company’s tender of defense of these cases, or have denied coverage, or have accepted the tenders but asserted a reservation of rights and/or advised the Company that they need to investigate further. Because settlement payments are applied to all years a litigant was deemed to have been exposed to asbestos, the Company believes that it will have funds available for defense and insurance coverage under the non-exhausted primary and excess insurance policies. However, unlike the older policies, the more recent policies have deductible amounts for defense and settlements costs that the Company will be required to pay; accordingly, the Company expects that its litigation costs will increase in the future. Further, many of the policies covering later years (approximately 1984 and thereafter) have exclusions for any asbestos products or operations, and thus do not provide insurance coverage for asbestos-related lawsuits. The Company does not believe that the asserted exhaustion of some of the primary insurance coverage for the 1970-1978 period will have a material adverse effect on its financial condition, liquidity, or results of operations. Management believes that the number of insurance carriers involved in the defense of the suits, and the significant number of policy years and policy limits under which these insurance carriers are insuring the Company, make the ultimate disposition of these lawsuits not material to the Company's consolidated financial position or results of operations. The Company is also involved in other lawsuits arising in the normal course of business. While it is not possible to predict with certainty the outcome of these matters, management is of the opinion that the disposition of these lawsuits and claims will not materially affect our consolidated financial position, liquidity or results of operations. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 14. Related-Party Transactions The Company uses the law firm of Blank Rome LLP for legal services. A partner of that firm is the son-in-law of the Chairman of the Company’s Board of Directors. For the three months ended March 31, 2019 , the Company paid that firm approximately $ 71 for legal services and costs. For the three months ended March 31, 2018, the Company paid that firm approximately $103 for legal services and costs. The Chairman of our Board of Directors is considered independent under applicable Nasdaq and Securities and Exchange Commission rules because (i) no payments were made to the Chairman or the partner directly in exchange for the services provided by the law firm and (ii) the amounts paid to the law firm did not exceed the thresholds contained in the Nasdaq standards. Furthermore, the aforementioned partner does not provide any legal services to the Company and is not involved in billing matters. On May 1, 2019, the Chairman retired from the Company’s Board of Directors. In January 2019, the Company purchased the source code for the Sentibo Smart Brain self-fitting software from Soundperience , an entity in which we owned 49% , for 1,750 Euros and the transfer back of our full ownership interest in Soundperience. See Note 8. |
Revenue By Market
Revenue By Market | 3 Months Ended |
Mar. 31, 2019 | |
Revenue By Market [Abstract] | |
Revenue By Market | 15. Revenue by Market The following tables set forth, for the periods indicated, net revenue by market: Timing of revenue recognition for the three months ended March 31, 2019: Products and services transferred at point in time Products and services transferred over time Total Medical Biotelemetry: Diabetes $ - $ 17,164 $ 17,164 Other Medical - 3,629 3,629 Hearing Health: Value Based DTEC 1,630 - 1,630 Value Based ITEC 2,577 - 2,577 Legacy OEM 3,342 - 3,342 Professional Audio Communications: 1,767 - 1,767 Total Net Revenue $ 9,316 $ 20,793 $ 30,109 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events On April 17, 2019 , the Company entered into a Thirteenth Amendment to the Loan and Security Agreement with CIBC Bank USA to reduce our borrowing capacity to $7,000 ; lessen restrictions surrounding acquisitions, business investments, distributions and disposition of assets; eliminate the mandatory prepayment requirement with respect to proceeds from asset sales and capital and debt financings; and eliminate the annual capital expenditure covenant. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary Of Data By Industry Segment | At and for the Three Months Ended March 31, 2019 Body Worn Devices Hearing Health DTEC Total Revenue, net $ 28,479 $ 1,630 $ 30,109 Income (loss) before income taxes 2,388 (1,482) 906 Identifiable assets (excluding goodwill) 105,182 4,906 110,088 Goodwill 9,551 1,257 10,808 Depreciation and amortization 749 61 810 Capital expenditures 934 20 954 At and for the Three Months Ended March 31, 2018 Body Worn Devices Hearing Health DTEC Total Revenue, net $ 23,572 $ 1,791 $ 25,363 Income (loss) 1,222 (453) 769 Identifiable assets (excluding goodwill) 42,121 6,640 48,761 Goodwill 9,551 1,257 10,808 Depreciation and amortization 604 50 654 Capital expenditures 475 10 485 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Geographical Distribution Of Long-Lived Assets, Net | March 31, December 31, 2019 2018 United States $ 10,639 $ 10,065 Singapore 1,200 1,240 Other 422 427 Consolidated $ 12,261 $ 11,732 |
Geographical Distribution Of Net Sales | Three Months Ended Net Revenue to Geographical Areas March 31, 2019 March 31, 2018 United States $ 24,215 $ 20,459 Europe 2,203 2,278 Asia 3,509 2,468 All other countries 182 158 Consolidated $ 30,109 $ 25,363 |
Investment In Partnerships (Tab
Investment In Partnerships (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investment In Partnerships [Abstract] | |
Investments in Partnerships | March 31, December 31, 2019 2018 Investment in Signison $ 1,138 $ 865 Investment in and cash advance for Soundperience - 1,022 Other 186 204 Total $ 1,324 $ 2,091 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments Securities [Abstract] | |
Summary Of Maturity Dates Of Investments | The maturity dates of our investments as of March 31, 2019 are as follows: Less than one year 1-5 years Total Commercial Paper Original Maturities of 91 Days or More $ 6,602 $ - $ 6,602 Corporate Notes and Bonds 9,406 15,228 24,634 Total Investments $ 16,008 $ 15,228 $ 31,236 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventories [Abstract] | |
Schedule Of Inventories | Raw materials Work-in process Finished products and components Total March 31, 2019 Domestic $ 10,926 $ 2,403 $ 1,284 $ 14,613 Foreign 2,726 867 928 4,521 Total $ 13,652 $ 3,270 $ 2,212 $ 19,134 December 31, 2018 Domestic $ 10,657 $ 2,484 $ 1,583 $ 14,724 Foreign 2,671 653 933 4,257 Total $ 13,328 $ 3,137 $ 2,516 $ 18,981 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Assets, Net [Abstract] | |
Schedule Of Other Assets, Net | March 31, December 31, 2019 2018 Fitting Software $ 3,679 $ - NXP Tech 2,161 2,259 Other 685 1,229 Total $ 6,525 $ 3,488 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Summary Of Lease Costs By Type | March 31, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 25 Interest on lease liabilities 3 Operating lease cost 502 Variable lease cost* 144 Total lease cost $ 674 * Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for our domestic and foreign building leases. |
Maturities Of Lease Liabilities | Operating Leases Financing Leases Total 2019 $ 1,490 $ 80 $ 1,570 2020 1,825 98 1,923 2021 1,490 24 1,514 2022 924 - 924 2023 353 - 353 2024 and thereafter 281 8 289 Total lease payments 6,363 210 6,573 Less: Interest (633) (11) (644) Present value of lease liabilities $ 5,730 $ 199 $ 5,929 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Domestic And Foreign Income Taxes (Benefits) | Three Months Ended March 31, 2019 March 31, 2018 United States $ 884 $ 852 Singapore 117 248 Indonesia 21 21 United Kingdom (192) (236) Germany 76 71 Income before income taxes $ 906 $ 956 |
Shareholders' Equity And Stoc_2
Shareholders' Equity And Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Shareholders' Equity And Stock-Based Compensation [Abstract] | |
Summary Of Stock Option Activity | Outstanding Awards Stock Option Weighted-Average Aggregate Stock Options RSUs Total Exercise Price (a) Intrinsic Value Outstanding at December 31, 2018 830 98 928 $ 5.59 Forfeited, cancelled or expired (1) - (1) 4.00 Granted - 23 23 - Exercised or vested (31) (29) (60) 2.10 Outstanding at March 31, 2019 798 92 890 $ 5.68 $ 17,266 Exercisable at March 31, 2019 638 - 638 $ 6.10 $ 12,107 Available for future grant at December 31, 2018 249 Available for future grant at March 31, 2019 231 (a) The weighted average exercise price calculation does not include outstanding RSUs |
Income Per Share (Tables)
Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Per Share [Abstract] | |
Reconciliation Between Basic And Diluted Earnings Per Share | Three Months Ended March 31, 2019 March 31, 2018 Numerator: Net income $ 775 $ 769 Denominator: Basic – weighted shares outstanding 8,705 6,929 Weighted shares assumed upon exercise of stock options 677 914 Diluted – weighted shares outstanding 9,382 7,843 Basic net income per share: $ 0.09 $ 0.11 Diluted net income per share: $ 0.08 $ 0.10 |
Revenue By Market (Tables)
Revenue By Market (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue By Market [Abstract] | |
Schedule Of Net Revenue By Market | Timing of revenue recognition for the three months ended March 31, 2019: Products and services transferred at point in time Products and services transferred over time Total Medical Biotelemetry: Diabetes $ - $ 17,164 $ 17,164 Other Medical - 3,629 3,629 Hearing Health: Value Based DTEC 1,630 - 1,630 Value Based ITEC 2,577 - 2,577 Legacy OEM 3,342 - 3,342 Professional Audio Communications: 1,767 - 1,767 Total Net Revenue $ 9,316 $ 20,793 $ 30,109 |
Changes In Accounting Policies
Changes In Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
ROU asset | $ 5,518 | |
Lease liability | $ 5,730 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
ROU asset | $ 6,000 | |
Lease liability | $ 6,000 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting (Summary Of D
Segment Reporting (Summary Of Data By Industry Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenue, net | $ 30,109 | $ 25,363 | |
Income (loss) before income taxes | 906 | 956 | |
Income (loss) | 769 | ||
Identifiable assets (excluding goodwill) | 110,088 | 48,761 | |
Goodwill | 10,808 | 10,808 | $ 10,808 |
Depreciation and amortization | 810 | 654 | |
Capital expenditures | 954 | 485 | |
Body Worn Devices [Member] | |||
Revenue, net | 28,479 | 23,572 | |
Income (loss) before income taxes | 2,388 | ||
Income (loss) | 1,222 | ||
Identifiable assets (excluding goodwill) | 105,182 | 42,121 | |
Goodwill | 9,551 | 9,551 | |
Depreciation and amortization | 749 | 604 | |
Capital expenditures | 934 | 475 | |
Hearing Health DTEC [Member] | |||
Revenue, net | 1,630 | 1,791 | |
Income (loss) before income taxes | (1,482) | ||
Income (loss) | (453) | ||
Identifiable assets (excluding goodwill) | 4,906 | 6,640 | |
Goodwill | 1,257 | 1,257 | |
Depreciation and amortization | 61 | 50 | |
Capital expenditures | $ 20 | $ 10 |
Geographic Information (Narrati
Geographic Information (Narrative) (Details) - customer | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Net Revenue [Member] | |||
Revenue, Major Customer [Line Items] | |||
Number of customers | 1 | 1 | |
Percentage of risk | 57.00% | 54.00% | |
Accounts Receivable [Member] | |||
Revenue, Major Customer [Line Items] | |||
Number of customers | 2 | 2 | |
Percentage of risk | 49.00% | 52.00% | |
Contract Assets [Member] | |||
Revenue, Major Customer [Line Items] | |||
Number of customers | 1 | 1 | |
Percentage of risk | 67.00% | 78.00% |
Geographic Information (Geograp
Geographic Information (Geographical Distribution Of Long-Lived Assets, Net) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Consolidated | $ 12,261 | $ 11,732 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Consolidated | 10,639 | 10,065 |
Singapore [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Consolidated | 1,200 | 1,240 |
Other Geographical [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Consolidated | $ 422 | $ 427 |
Geographic Information (Geogr_2
Geographic Information (Geographical Distribution Of Net Sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue, net | $ 30,109 | $ 25,363 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue, net | 24,215 | 20,459 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue, net | 2,203 | 2,278 |
Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue, net | 3,509 | 2,468 |
All Other Countries [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue, net | $ 182 | $ 158 |
Investment In Partnerships (Nar
Investment In Partnerships (Narrative) (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Soundperience [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage ownership after transaction | 49.00% | ||
Percentage Relinquished After Transaction | 49.00% | ||
Payments for Software | € 1,750 | ||
Signison [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method, ownership interest | 50.00% |
Investment In Partnerships (Inv
Investment In Partnerships (Investments in Partnerships) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Total | $ 1,324 | $ 2,091 |
Signison [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total | 1,138 | 865 |
Soundperience [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total | 1,022 | |
Other Investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total | $ 186 | $ 204 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Maximum [Member] | |
Cash and Cash Equivalents [Line Items] | |
Maturities benchmark for determining investment in commercial paper, corporate notes and bonds | 2 years |
Investment Securities (Summary
Investment Securities (Summary Of Maturity Dates Of Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less than one year | $ 16,008 | $ 38,093 |
1-5 years | 15,228 | |
Total | 31,236 | |
Commercial Paper Original Maturities of 91 Days or More [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less than one year | 6,602 | |
Total | 6,602 | |
Corporate Notes And Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Less than one year | 9,406 | |
1-5 years | 15,228 | |
Total | $ 24,634 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Raw materials | $ 13,652 | $ 13,328 |
Work-in process | 3,270 | 3,137 |
Finished products and components | 2,212 | 2,516 |
Total | 19,134 | 18,981 |
Domestic [Member] | ||
Inventory [Line Items] | ||
Raw materials | 10,926 | 10,657 |
Work-in process | 2,403 | 2,484 |
Finished products and components | 1,284 | 1,583 |
Total | 14,613 | 14,724 |
Foreign [Member] | ||
Inventory [Line Items] | ||
Raw materials | 2,726 | 2,671 |
Work-in process | 867 | 653 |
Finished products and components | 928 | 933 |
Total | $ 4,521 | $ 4,257 |
Other Assets, Net (Narrative) (
Other Assets, Net (Narrative) (Details) - 1 months ended Jan. 31, 2019 € in Thousands, $ in Thousands | EUR (€) | USD ($) |
Cash Paid At Closing [Member] | ||
Other Assets, Net [Line Items] | ||
Software, capitalized cost | $ 586 | |
Software, Future Quarterly Installments Next Four Years [Member] | ||
Other Assets, Net [Line Items] | ||
Software, capitalized cost | 869 | |
Due In January 2023 [Member] | ||
Other Assets, Net [Line Items] | ||
Software, capitalized cost | 533 | |
Software, Value Of Partnership And License Agreement Transferred [Member] | ||
Other Assets, Net [Line Items] | ||
Software, capitalized cost | $ 1,691 | |
Soundperience [Member] | ||
Other Assets, Net [Line Items] | ||
Payments for Software | € | € 1,750 | |
Percent Of Ownership Interest Transferred | 49.00% |
Other Assets, Net (Schedule Of
Other Assets, Net (Schedule Of Other Assets, Net) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Other Assets [Line Items] | ||
Other assets, net | $ 6,525 | $ 3,488 |
Fitting Software [Member] | ||
Other Assets [Line Items] | ||
Other assets, net | 3,679 | |
NXP Tech [Member] | ||
Other Assets [Line Items] | ||
Other assets, net | 2,161 | 2,259 |
Other Assets [Member] | ||
Other Assets [Line Items] | ||
Other assets, net | $ 685 | $ 1,229 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | |
Finance Lease, Weighted Average Discount Rate, Percent | 5.56% | |
Finance Lease, Weighted Average Remaining Lease Term | 1 year 10 months 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.50% | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 2 months 12 days | |
Finance Lease, Interest Payment on Liability | $ | $ 27 | |
Operating Lease, Payments | $ | $ 510 | |
Future minimum payments, 2019 | $ | $ 2,417 | |
Future minimum payments, 2020 | $ | 2,255 | |
Future minimum payments, 2021 | $ | 1,689 | |
Future minimum payments, 2022 | $ | 950 | |
Future minimum payments, 2023 | $ | $ 188 | |
Minnesota [Member] | ||
Number of leased facilities | 3 | |
Illinois [Member] | ||
Number of leased facilities | 1 | |
Singapore [Member] | ||
Number of leased facilities | 1 | |
Indonesia [Member] | ||
Number of leased facilities | 1 | |
United Kingdom [Member] | ||
Number of leased facilities | 1 | |
Germany [Member] | ||
Number of leased facilities | 1 | |
Lease Expiration In 2022 [Member] | Minnesota [Member] | ||
Number of leased facilities | 2 | |
Lease Expiration In 2023 [Member] | Minnesota [Member] | ||
Number of leased facilities | 1 | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract | 5 years |
Leases (Summary Of Lease Costs
Leases (Summary Of Lease Costs By Type) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | ||
Leases [Abstract] | ||
Amortization of right-of-use assets | $ 25 | |
Interest on lease liabilities | 3 | |
Operating lease cost | 502 | |
Variable lease cost | 144 | [1] |
Total lease cost | $ 674 | |
[1] | Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for our domestic and foreign building leases. |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating Leases, 2019 | $ 1,490 |
Operating Leases, 2020 | 1,825 |
Operating Leases, 2021 | 1,490 |
Operating Leases, 2022 | 924 |
Operating Leases, 2023 | 353 |
Operating Leases, 2024 and thereafter | 281 |
Operating Leases, Total lease payments | 6,363 |
Operating Leases, Less: Interest | (633) |
Operating Leases, Present value of lease liabilities | 5,730 |
Finance Leases, 2019 | 80 |
Finance Leases, 2020 | 98 |
Finance Leases, 2021 | 24 |
Finance Leases, 2024 and thereafter | 8 |
Finance Leases, Total lease payments | 210 |
Finance Leasea, Less: Interest | (11) |
Finance Leases, Present value of lease liabilities | 199 |
Leases, Liability Payments Remainder Of Fiscal Year | 1,570 |
Lease, Liability, Payments, Due Year Two | 1,923 |
Lease, Liability, Payments, Due Year Three | 1,514 |
Lease, Liability, Payments, Due Year Four | 924 |
Lease, Liability, Payments, Due Year Five | 353 |
Lease, Liability, Payments, Due after Year Five | 289 |
Lease, Liability, Payments, Due | 6,573 |
Lease, Liability, Undiscounted Excess Amount | (644) |
Lease, Liability | $ 5,929 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Abstract] | ||
Income tax expense | $ 131 | $ 187 |
Income Taxes (Domestic And Fore
Income Taxes (Domestic And Foreign Income Taxes (Benefits)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||
Income before income taxes | $ 906 | $ 956 |
United States IRS [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income before income taxes, United States | 884 | 852 |
Singapore Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income before income taxes, Foreign | 117 | 248 |
Indonesia [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income before income taxes, Foreign | 21 | 21 |
United Kingdom HMRC [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income before income taxes, Foreign | (192) | (236) |
Federal Ministry Of Finance Germany [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income before income taxes, Foreign | $ 76 | $ 71 |
Shareholders' Equity And Stoc_3
Shareholders' Equity And Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate number of shares of common stock for which awards can be granted | 231 | 249 | |
Shares purchased for award | 3 | 1 | |
Stock option expense | $ 329 | $ 333 | |
Unrecognized compensation costs related to non-vested awards | $ 2,176 | ||
Unrecognized compensation costs related to non-vested awards, recognition period | 1 year 10 months 28 days | ||
Total intrinsic value of options exercised | $ 1,480 | ||
Maximum number of shares approved under purchase plan | 300 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Share Price | $ 26.61 | ||
2006 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate number of shares of common stock for which awards can be granted | 400 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of options | 10 years |
Shareholders' Equity And Stoc_4
Shareholders' Equity And Stock-Based Compensation (Summary Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 928 | |
Number of Shares, Options forfeited, cancelled or expired | (1) | |
Number of Shares, Awards granted | 23 | |
Number of Shares, Awards exercised or vested | (60) | |
Number of Shares, Outstanding | 890 | |
Number of Shares, Exercisable | 638 | |
Number of Shares, Available for future grant at beginning of period | 249 | |
Number of Shares, Available for future grant at end of period | 231 | |
Weighted-average Exercise Price, Outstanding | $ / shares | $ 5.59 | [1] |
Weighted-average Exercise Price, Awards forfeited, cancelled or expired | $ / shares | 4 | [1] |
Weighted-average Exercise Price, Awards exercised or vested | $ / shares | 2.10 | [1] |
Weighted-average Exercise Price, Outstanding | $ / shares | 5.68 | [1] |
Weighted-average Exercise Price, Exercisable | $ / shares | $ 6.10 | [1] |
Aggregate Intrinsic Value, Outstanding | $ | $ 17,266 | |
Aggregate Intrinsic Value, Exercisable | $ | $ 12,107 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 830 | |
Number of Shares, Options forfeited, cancelled or expired | (1) | |
Number of Shares, Awards exercised or vested | (31) | |
Number of Shares, Outstanding | 798 | |
Number of Shares, Exercisable | 638 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding | 98 | |
Number of Shares, Awards granted | 23 | |
Number of Shares, Awards exercised or vested | (29) | |
Number of Shares, Outstanding | 92 | |
[1] | The weighted average exercise price calculation does not include outstanding RSUs |
Income Per Share (Narrative) (D
Income Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of diluted income per share | 0 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of diluted income per share | 0 | 0 |
Income Per Share (Reconciliatio
Income Per Share (Reconciliation Between Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Per Share [Abstract] | ||
Net income | $ 775 | $ 769 |
Basic - weighted shares outstanding | 8,705 | 6,929 |
Weighted shares assumed upon exercise of stock options | 677 | 914 |
Diluted - weighted shares outstanding | 9,382 | 7,843 |
Basic net income per share: | $ 0.09 | $ 0.11 |
Diluted net income per share: | $ 0.08 | $ 0.10 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2019EUR (€) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Legal services and costs | $ | $ 71 | $ 103 | |
Soundperience [Member] | |||
Payments for Software | € | € 1,750 | ||
Percent Of Ownership Interest Transferred | 49.00% |
Revenue By Market (Schedule Of
Revenue By Market (Schedule Of Net Revenue By Market) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | $ 30,109 | $ 25,363 |
Products and Services Transferred at Point in Time [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 9,316 | 9,430 |
Products and Services Transferred over Time [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 20,793 | 15,933 |
Medical Biotelemetry, Diabetes [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 17,164 | 13,562 |
Medical Biotelemetry, Diabetes [Member] | Products and Services Transferred over Time [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 17,164 | 13,562 |
Medical Biotelemetry, Other Medical [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 3,629 | 2,371 |
Medical Biotelemetry, Other Medical [Member] | Products and Services Transferred over Time [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 3,629 | 2,371 |
Hearing Health Value Based DTEC [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 1,630 | 1,791 |
Hearing Health Value Based DTEC [Member] | Products and Services Transferred at Point in Time [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 1,630 | 1,791 |
Hearing Health Value Based ITEC [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 2,577 | 2,629 |
Hearing Health Value Based ITEC [Member] | Products and Services Transferred at Point in Time [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 2,577 | 2,629 |
Legacy OEM [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 3,342 | 3,181 |
Legacy OEM [Member] | Products and Services Transferred at Point in Time [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 3,342 | 3,181 |
Professional Audio Communications [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | 1,767 | 1,829 |
Professional Audio Communications [Member] | Products and Services Transferred at Point in Time [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Net Revenue | $ 1,767 | $ 1,829 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Apr. 17, 2019USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Line Of Credit Facility, Decrease In Maximum Borrowing Capacity | $ 7,000 |