Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MILLER INDUSTRIES INC /TN/ | |
Entity Central Index Key | 924,822 | |
Trading Symbol | mlr | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock Shares Outstanding | 11,377,982 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and temporary investments | $ 32,030 | $ 31,115 |
Accounts receivable, net of allowance for doubtful accounts of $958 and $1,004 at June 30, 2017 and December 31, 2016, respectively | 134,177 | 125,383 |
Inventories | 68,231 | 64,136 |
Prepaid expenses | 4,203 | 5,006 |
Total current assets | 238,641 | 225,640 |
PROPERTY, PLANT, AND EQUIPMENT, net | 70,642 | 59,613 |
GOODWILL | 11,619 | 11,619 |
OTHER ASSETS | 521 | 566 |
TOTAL ASSETS | 321,423 | 297,438 |
CURRENT LIABILITIES: | ||
Accounts payable | 82,619 | 85,116 |
Accrued liabilities | 24,993 | 20,727 |
Total current liabilities | 107,612 | 105,843 |
LONG-TERM OBLIGATIONS (Note 6) | 20,000 | 5,000 |
DEFERRED INCOME TAX LIABILITIES | 2,047 | 1,993 |
COMMITMENTS AND CONTINGENCIES (Notes 6 and 8) | ||
SHAREHOLDERS' EQUITY: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized, none issued or outstanding | ||
Common stock, $0.01 par value; 100,000,000 shares authorized, 11,377,982 and 11,346,060 outstanding at June 30, 2017 and December 31, 2016, respectively | 114 | 113 |
Additional paid-in capital | 150,696 | 150,404 |
Accumulated surplus | 45,924 | 40,752 |
Accumulated other comprehensive income (loss) | (4,970) | (6,667) |
Total shareholders' equity | 191,764 | 184,602 |
Total Liabilities And Shareholders' Equity | $ 321,423 | $ 297,438 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts (in dollars) | $ 958 | $ 1,004 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 11,377,982 | 11,346,060 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
NET SALES | $ 153,089 | $ 156,113 | $ 302,022 | $ 304,928 |
COSTS OF OPERATIONS | 135,486 | 137,076 | 269,024 | 272,921 |
GROSS PROFIT | 17,603 | 19,037 | 32,998 | 32,007 |
OPERATING EXPENSES: | ||||
Selling, general and administrative expenses | 9,066 | 8,318 | 18,110 | 16,328 |
Interest expense, net | 315 | 259 | 693 | 457 |
Other (income) expense, net | (470) | 128 | (484) | (213) |
Total operating expenses | 8,911 | 8,705 | 18,319 | 16,572 |
INCOME BEFORE INCOME TAXES | 8,692 | 10,332 | 14,679 | 15,435 |
INCOME TAX PROVISION | 3,267 | 3,745 | 5,415 | 5,488 |
NET INCOME | $ 5,425 | $ 6,587 | $ 9,264 | $ 9,947 |
BASIC INCOME PER COMMON SHARE | $ 0.48 | $ 0.58 | $ 0.82 | $ 0.88 |
DILUTED INCOME PER COMMON SHARE | 0.48 | 0.58 | 0.81 | 0.88 |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ 0.18 | $ 0.17 | $ 0.36 | $ 0.34 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||
Basic | 11,365 | 11,346 | 11,357 | 11,346 |
Diluted | 11,383 | 11,374 | 11,381 | 11,373 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement Of Other Comprehensive Income [Abstract] | ||||
NET INCOME | $ 5,425 | $ 6,587 | $ 9,264 | $ 9,947 |
OTHER COMPREHENSIVE INCOME (LOSS): | ||||
Foreign currency translation adjustment | (1,809) | 829 | (1,698) | 888 |
Total other comprehensive income (loss) | (1,809) | 829 | (1,698) | 888 |
COMPREHENSIVE INCOME | $ 3,616 | $ 7,416 | $ 7,566 | $ 10,835 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net income | $ 9,264 | $ 9,947 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 2,686 | 2,198 |
Provision for doubtful accounts | (50) | 86 |
Issuance of non-employee director shares | 150 | 96 |
Deferred income tax provision | 63 | 42 |
(Gain) Loss on disposal of property, plant and equipment | (643) | 3 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (8,455) | (29,407) |
Inventories | (3,448) | (2,796) |
Prepaid expenses | 820 | (2,097) |
Other assets | 45 | (38) |
Accounts payable | (2,971) | 5,864 |
Accrued liabilities | 3,931 | 3,552 |
Net cash flows from (used in) operating activities | 1,392 | (12,550) |
INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (14,304) | (13,200) |
Proceeds from sale of plant, property & equipment | 1,305 | 5 |
Net cash flows from (used in) investing activities | (12,999) | (13,195) |
FINANCING ACTIVITIES: | ||
Net borrowings under credit facility | 15,000 | 20,000 |
Payments of cash dividends | (4,091) | (3,858) |
Proceeds from stock option exercises | 142 | |
Net cash flows from (used in) financing activities | 11,051 | 16,142 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS | 1,471 | 706 |
NET CHANGE IN CASH AND TEMPORARY INVESTMENTS | 915 | (8,897) |
CASH AND TEMPORARY INVESTMENTS, beginning of period | 31,115 | 38,449 |
CASH AND TEMPORARY INVESTMENTS, end of period | 32,030 | 29,552 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash payments for interest | 1,044 | 820 |
Cash payments for income taxes, net of refunds | $ 761 | $ 3,443 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION The condensed consolidated financial statements of Miller Industries, Inc. and subsidiaries (the “Company”) included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Nevertheless, the Company believes that the disclosures are adequate to make the financial information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, to present fairly the Company’s financial position, results of operations and cash flows at the dates and for the periods presented. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. Interim results of operations are not necessarily indicative of results to be expected for the fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The condensed consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from December 31st by 31 days (or less) to facilitate timely reporting. Certain prior year amounts have been reclassified to conform to current year presentation, with no impact on previously reported shareholders’ equity. The Company evaluated subsequent events through the date the financial statements were issued. |
BASIC AND DILUTED INCOME PER SH
BASIC AND DILUTED INCOME PER SHARE | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED INCOME PER SHARE | 2. BASIC AND DILUTED INCOME PER SHARE Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted income per share is calculated by dividing net income by the weighted average number of common and potential dilutive common shares outstanding. Diluted income per share takes into consideration the assumed exercise of outstanding stock options resulting in approximately 18,000 and 28,000 potential dilutive common shares for the three months ended June 30, 2017 and 2016, respectively, and 24,000 and 28,000 for the six months ended June 30, 2017 and 2016, respectively. For the three and six months ended June 30, 2017 and 2016, none of the outstanding stock options would have been anti-dilutive. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 3. INVENTORIES Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or market (net realizable value), determined on a first-in, first-out basis. Appropriate consideration is given to obsolescence, valuation and other factors in determining net realizable value. Revisions of these factors could result in the need for adjustments. Inventories, net of reserves, at June 30, 2017 and December 31, 2016 consisted of the following: June 30, 2017 December 31, Chassis $ 6,744 $ 8,524 Raw materials 29,423 26,322 Work in process 13,119 11,620 Finished goods 18,945 17,670 $ 68,231 $ 64,136 |
LONG-LIVED ASSETS
LONG-LIVED ASSETS | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
LONG-LIVED ASSETS | 4. LONG-LIVED ASSETS The Company periodically reviews the carrying amount of its long-lived assets to determine if those assets may be recoverable based upon the future operating cash flows expected to be generated by those assets. Management believes that its long-lived assets are appropriately valued. |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | 5. GOODWILL Goodwill consists of the excess of cost of acquired entities over the sum of the amounts assigned to identifiable assets acquired less liabilities assumed. Goodwill is not amortized. However, the Company evaluates the carrying value of goodwill for impairment at least annually or if an event or circumstance occurs that would indicate that the carrying amount had been impaired. The Company reviews goodwill for impairment utilizing a qualitative assessment or a two-step process. If we choose to perform a qualitative analysis of goodwill and determine that the fair value more likely than not exceeds the carrying value, no further testing is needed. If we choose the two-step approach or if qualitative analysis determines the carrying value more likely than not exceeds fair value, the first step identifies potential impairment by comparing the fair value of the reporting unit with its carrying value. If the fair value exceeds the carrying value the second step is not necessary. If the carrying value is more than the fair value, the second step of testing is performed to compare the fair value of the goodwill with its carrying value. An impairment loss would be recognized to the extent that the carrying value of the goodwill exceeds its fair value. |
LONG-TERM OBLIGATIONS
LONG-TERM OBLIGATIONS | 6 Months Ended |
Jun. 30, 2017 | |
Long-Term Debt, Unclassified [Abstract] | |
LONG-TERM OBLIGATIONS | 6. LONG-TERM OBLIGATIONS Credit Facility and Other Long-Term Obligations Credit Facility On April 6, 2010 we entered into a Loan Agreement with First Tennessee Bank National Association for a $20,000 unsecured revolving credit facility. On December 21, 2011, our unsecured revolving credit facility was increased to $25,000. On June 11, 2015, the credit facility was further renewed to extend the maturity date to March 31, 2018 and our unsecured revolving credit facility was increased to $30,000. On June 22, 2016, the credit facility was further increased to $50,000 to give the Company greater flexibility to finance current capital expenditure projects. On April 5, 2017, the credit facility was further renewed to extend the maturity date to May 31, 2019. The current credit facility contains customary representations and warranties, events of default, and financial, affirmative and negative covenants for loan agreements of this kind. Covenants under the current credit facility restrict the payment of cash dividends if the Company would be in violation of the minimum tangible net worth test or the leverage ratio test in the current loan agreement as a result of the dividend, among various restrictions. We have been in compliance with these covenants throughout 2016 and during the first half of 2017 and anticipate that we will continue to be in compliance during the remainder of 2017. In the absence of a default, all borrowings under the current credit facility bear interest at the LIBOR Rate plus 1.50% per annum. The Company will pay a non-usage fee under the current loan agreement at a rate per annum equal to between 0.15% and 0.35% of the unused amount of the current credit facility, which fee is paid quarterly. At June 30, 2017 and December 31, 2016, the Company had $20,000 and $5,000 in outstanding borrowings under the credit facility, respectively. At July 31, 2017, the Company had $20,000 in outstanding borrowings under the credit facility. Interest Rate Risk Changes in interest rates affect the interest paid on indebtedness under the credit facility because outstanding amounts of indebtedness under the credit facility are subject to variable interest rates. Under the credit facility, the non-default rate of interest was equal to the LIBOR Market Index Rate plus 1.50% per annum (for a rate of interest of 2.73% at June 30, 2017). At the borrowing level under the credit facility at June 30, 2017, a one percent change in the interest rate on our variable-rate debt would not have a material impact on our financial position, results of operations or cash flows for the three-month period ended June 30, 2017. Other Long-Term Obligations At June 30, 2017, the Company had approximately $1,543 in non-cancelable operating lease obligations. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
STOCK-BASED COMPENSATION | 7. STOCK-BASED COMPENSATION During the three months ended June 30, 2017 and 2016, the Company did not issue any stock options. The Company issued 26,000 shares of common stock during the three months ended June 30, 2017 from the exercise of stock options, while none were issued during the three months ended June 30, 2016. At the Annual Meeting of Stockholders of the Company held on May 26, 2017, the Company’s shareholders voted to approve the Miller Industries, Inc. 2016 Stock Incentive Plan, pursuant to which 800,000 shares of common stock will be available for issuance pursuant to awards granted under the plan. For additional disclosures related to the Company’s stock-based compensation refer to Notes 2 and 4 of the Notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES Commitments The Company has entered into arrangements with third-party lenders where it has agreed, in the event of default by a customer, to repurchase from the third-party lender Company products repossessed from the customer. These arrangements are typically subject to a maximum repurchase amount. The maximum amount of collateral that the Company could be required to purchase was approximately $53,101 at June 30, 2017, and $45,196 at December 31, 2016. However, the Company’s risk under these arrangements is mitigated by the value of the products that would be repurchased as part of the transaction. The Company considered the fair value at inception of its liability under these arrangements and concluded that the liability associated with these potential repurchase obligations is not material and not probable at June 30, 2017. At June 30, 2017, the Company had commitments of approximately $12,643 for construction and acquisition of property, plant and equipment. The Company is finalizing the consolidation and expansion of its Pennsylvania manufacturing operations to increase capacity and improve operating efficiencies. The plan includes consolidating primary manufacturing operations at one location. The current estimated costs of this project are approximately $24,700, including machinery and equipment, buildings and improvements and land. Approximately $23,500 of these costs were incurred as of June 30, 2017 and are included in property, plant and equipment, net on the consolidated balance sheets. The remainder of these costs are expected to be incurred during the third quarter of 2017. The timing and costs of the project are subject to change. We do not anticipate any employee severance costs or any material relocation expense associated with the consolidation since the two existing facilities are very close to each other. In June 2017, the Company sold the remaining plant location and realized a net gain of $601. A portion of the sold facility was leased from the buyer through November 2017 while production of certain equipment and storage of raw materials is relocated to the other Pennsylvania and Tennessee locations. The Company also began several capital projects during 2016 involving machinery and equipment and building improvements at its Ooltewah, Tennessee and Greeneville, Tennessee facilities that it currently estimates will cost in total approximately $21,100. Approximately $17,000 of these costs were incurred as of June 30, 2017 and are included in property, plant and equipment, net on the consolidated balance sheets. The remainder of these costs are expected to be incurred during the remainder of 2017. In addition, the Company began construction on an administrative building at its Ooltewah, Tennessee facility in June 2017. The current estimated costs of this project are approximately $4,200. Approximately $100 of these costs were incurred as of June 30, 2017, and the remaining costs are expected to be incurred by March 2018. The timing and cost of these projects are subject to change. Contingencies The Company is, from time to time, a party to litigation arising in the normal course of its business. Litigation is subject to various inherent uncertainties, and it is possible that some of these matters could be resolved unfavorably to the Company, which could result in substantial damages against the Company. The Company has established accruals for matters that are probable and reasonably estimable and maintains product liability and other insurance that management believes to be adequate. Management believes that any liability that may ultimately result from the resolution of these matters in excess of available insurance coverage and accruals will not have a material adverse effect on the consolidated financial position or results of operations of the Company. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 9. INCOME TAXES In November 2015, the Financial Accounting Standards Board (“FASB”) amended the Income Taxes topic of the Accounting Standards Codification to simplify the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments will be effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The Company has elected to early adopt this standard on a retrospective basis. The effect of this adoption was to present the Company’s deferred income tax accounts as a long-term deferred income tax liability on the consolidated balance sheets as of December 31, 2016 and a long-term deferred income tax asset on the consolidated balance sheets as of December 31, 2015. As of June 30, 2017, the Company had no federal or state net operating loss carryforwards. As of June 30, 2017 the Company had approximately $1,157 of unrecognized tax benefits recorded as liabilities, and we are uncertain about if or when such amounts may be settled. Related to the unrecognized tax benefits, the Company has also recorded a liability for potential penalties of $259 and interest of $20. The Company is subject to United States federal income taxes, as well as income taxes in various states and foreign jurisdictions. The Company’s tax years 2015 and later tax years remain open to examination for U.S. federal income taxes. With few exceptions, the Company is no longer subject to state or non-U.S. income tax examinations prior to 2013. |
SHAREHOLDERS EQUITY
SHAREHOLDERS EQUITY | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS EQUITY | 10. SHAREHOLDERS EQUITY Dividends The Company has paid consecutive quarterly cash dividends since May 2011. Dividend payments made for 2017, 2016, 2015 and 2014 were as follows: Payment Record Date Payment Date Dividend Amount Q1 2014 March 17, 2014 March 24, 2014 $ 0.15 $ 1,692 Q2 2014 June 16, 2014 June 23, 2014 0.15 1,695 Q3 2014 September 15, 2014 September 22, 2014 0.15 1,696 Q4 2014 December 8, 2014 December 15, 2014 0.15 1,695 Total for 2014 $ 0.60 $ 6,778 Q1 2015 March 20, 2015 March 23, 2015 $ 0.16 $ 1,809 Q2 2015 June 15, 2015 June 19, 2015 0.16 1,814 Q3 2015 September 14, 2015 September 21, 2015 0.16 1,815 Q4 2015 December 7, 2015 December 11, 2015 0.16 1,815 Total for 2015 $ 0.64 $ 7,253 Q1 2016 March 21, 2016 March 28, 2016 $ 0.17 $ 1,929 Q2 2016 June 13, 2016 June 20, 2016 0.17 1,929 Q3 2016 September 12, 2016 September 19, 2016 0.17 1,928 Q4 2016 December 5, 2016 December 12, 2016 0.17 1,929 Total for 2016 $ 0.68 $ 7,715 Q1 2017 March 27, 2017 April 3, 2017 $ 0.18 $ 2,043 Q2 2017 June 13, 2017 June 20, 2017 0.18 2,048 Total for 2017 $ 0.36 $ 4,091 On August 7, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.18 per share. The dividend is payable September 18, 2017 to shareholders of record as of September 11, 2017. |
GEOGRAPHIC INFORMATION
GEOGRAPHIC INFORMATION | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
GEOGRAPHIC INFORMATION | 11. GEOGRAPHIC INFORMATION Net sales and long-lived assets (property, plant and equipment and goodwill and intangible assets) by region were as follows (revenue is attributed to regions based on the locations of customers): For the Three Months Ended For the Six Months Ended 2017 2016 2017 2016 Net Sales: North America $ 137,354 $ 139,693 $ 268,031 $ 273,312 Foreign 15,735 16,420 33,991 31,616 $ 153,089 $ 156,113 $ 302,022 $ 304,928 June 30, 2017 December 31, Long Lived Assets: North America $ 79,425 $ 68,556 Foreign 2,836 2,676 $ 82,261 $ 71,232 |
CUSTOMER INFORMATION
CUSTOMER INFORMATION | 6 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
CUSTOMER INFORMATION | 12. CUSTOMER INFORMATION No single customer accounted for 10% or more of consolidated net sales for the three months and six months ended June 30, 2017 and 2016. |
OTHER (INCOME) EXPENSE
OTHER (INCOME) EXPENSE | 6 Months Ended |
Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | |
OTHER (INCOME) EXPENSE | 13. OTHER (INCOME) EXPENSE Other (income) expense, net for the three months ended June 30, 2017 was a net gain of $470. This consisted of a gain on the sale of the Pennsylvania property of $601 offset by a foreign currency translation net loss of $131. For the three months ended June 30, 2016, other (income) expense, net consisted of a foreign currency translation net loss of $128. Other (income) expense, net for the six months ended June 30, 2017 was a net gain of $484. This consisted of a gain on the sale of the Pennsylvania property of $601 offset by a foreign currency translation net loss of $117. For the six months ended June 30, 2016, other (income) expense, net consisted of a foreign currency translation net gain of $213. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | 14. DERIVATIVE FINANCIAL INSTRUMENTS The Company periodically enters into foreign currency exchange contracts designed to mitigate the impact of foreign currency risk. At June 30, 2017 and December 31, 2016, the Company had no outstanding foreign currency exchange contracts. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 15. RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Standards In May 2014, the FASB issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. In addition, during 2016 the FASB issued additional guidance to clarify certain implementation guidance previously issued and to rescind certain SEC guidance effective upon an entity’s adoption of the new standard. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company plans to use the modified retrospective approach to implement the standard and continues to evaluate the effect that implementation will have on its consolidated financial position, results of operations and cash flows. The FASB's new leases standard Accounting Standard Update (“ASU”) 2016-02 Leases (Topic 842) was issued on February 25, 2016 and is intended to improve financial reporting about leasing transactions. The standard affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The standard will require organizations that lease assets referred to as “Lessees” to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new standard will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning December 15, 2018, with early adoption permitted. See Note 6 for the Company’s current lease commitments. The Company plans to use the modified retrospective approach to implement the standard and is currently evaluating the effect that implementation will have on its consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment award transactions including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one-time election to switch from measuring all liability-classified awards at fair value to measuring them at intrinsic value. The amendments will be effective for the Company for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. In May 2017, the FASB amended the requirements in the Compensation—Stock Compensation Topic of the Accounting Standards Codification (“ASC”) related to changes to the terms or conditions of a share-based payment award. The amendments provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments will be effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. Recently Adopted Standards In November 2015, the FASB amended the Income Taxes topic of the ASC to simplify the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments will be effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The Company has elected to early adopt this standard on a retrospective basis. The effect of this adoption was to present the Company’s deferred income tax accounts as a long-term deferred income tax liability on the consolidated balance sheets as of December 31, 2016 and a long-term deferred income tax asset on the consolidated balance sheets as of December 31, 2015. In July 2015, the FASB issued amendments to the Inventory topic of the ASC to require inventory to be measured at the lower of cost and net realizable value. Other than the change in the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value for inventory, there are no other substantive changes to the guidance on measurement of inventory. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. The Company adopted these amendments in the first quarter of 2017 and it did not have a material effect on its consolidated financial statements. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The condensed consolidated financial statements of Miller Industries, Inc. and subsidiaries (the “Company”) included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Nevertheless, the Company believes that the disclosures are adequate to make the financial information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, to present fairly the Company’s financial position, results of operations and cash flows at the dates and for the periods presented. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. Interim results of operations are not necessarily indicative of results to be expected for the fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The condensed consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from December 31st by 31 days (or less) to facilitate timely reporting. Certain prior year amounts have been reclassified to conform to current year presentation, with no impact on previously reported shareholders’ equity. The Company evaluated subsequent events through the date the financial statements were issued. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Standards In May 2014, the FASB issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. In addition, during 2016 the FASB issued additional guidance to clarify certain implementation guidance previously issued and to rescind certain SEC guidance effective upon an entity’s adoption of the new standard. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company plans to use the modified retrospective approach to implement the standard and continues to evaluate the effect that implementation will have on its consolidated financial position, results of operations and cash flows. The FASB's new leases standard Accounting Standard Update (“ASU”) 2016-02 Leases (Topic 842) was issued on February 25, 2016 and is intended to improve financial reporting about leasing transactions. The standard affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The standard will require organizations that lease assets referred to as “Lessees” to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new standard will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning December 15, 2018, with early adoption permitted. See Note 6 for the Company’s current lease commitments. The Company plans to use the modified retrospective approach to implement the standard and is currently evaluating the effect that implementation will have on its consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment award transactions including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one-time election to switch from measuring all liability-classified awards at fair value to measuring them at intrinsic value. The amendments will be effective for the Company for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. In May 2017, the FASB amended the requirements in the Compensation—Stock Compensation Topic of the Accounting Standards Codification related to changes to the terms or conditions of a share-based payment award. The amendments provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments will be effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. Recently Adopted Standards In November 2015, the FASB amended the Income Taxes topic of the Accounting Standards Codification (“ASC”) to simplify the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments will be effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The Company has elected to early adopt this standard on a retrospective basis. The effect of this adoption was to present the Company’s deferred income tax accounts as a long-term deferred income tax liability on the consolidated balance sheets as of December 31, 2016 and a long-term deferred income tax asset on the consolidated balance sheets as of December 31, 2015. In July 2015, the FASB issued amendments to the Inventory topic of the ASC to require inventory to be measured at the lower of cost and net realizable value. Other than the change in the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value for inventory, there are no other substantive changes to the guidance on measurement of inventory. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. The Company adopted these amendments in the first quarter of 2017 and it did not have a material effect on its consolidated financial statements. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories, net of reserves | June 30, 2017 December 31, Chassis $ 6,744 $ 8,524 Raw materials 29,423 26,322 Work in process 13,119 11,620 Finished goods 18,945 17,670 $ 68,231 $ 64,136 |
SHAREHOLDERS EQUITY (Tables)
SHAREHOLDERS EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of dividends payments | Payment Record Date Payment Date Dividend Amount Q1 2014 March 17, 2014 March 24, 2014 $ 0.15 $ 1,692 Q2 2014 June 16, 2014 June 23, 2014 0.15 1,695 Q3 2014 September 15, 2014 September 22, 2014 0.15 1,696 Q4 2014 December 8, 2014 December 15, 2014 0.15 1,695 Total for 2014 $ 0.60 $ 6,778 Q1 2015 March 20, 2015 March 23, 2015 $ 0.16 $ 1,809 Q2 2015 June 15, 2015 June 19, 2015 0.16 1,814 Q3 2015 September 14, 2015 September 21, 2015 0.16 1,815 Q4 2015 December 7, 2015 December 11, 2015 0.16 1,815 Total for 2015 $ 0.64 $ 7,253 Q1 2016 March 21, 2016 March 28, 2016 $ 0.17 $ 1,929 Q2 2016 June 13, 2016 June 20, 2016 0.17 1,929 Q3 2016 September 12, 2016 September 19, 2016 0.17 1,928 Q4 2016 December 5, 2016 December 12, 2016 0.17 1,929 Total for 2016 $ 0.68 $ 7,715 Q1 2017 March 27, 2017 April 3, 2017 $ 0.18 $ 2,043 Q2 2017 June 13, 2017 June 20, 2017 0.18 2,048 Total for 2017 $ 0.36 $ 4,091 |
GEOGRAPHIC INFORMATION (Tables)
GEOGRAPHIC INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of net sales and long-lived assets by region | For the Three Months Ended For the Six Months Ended 2017 2016 2017 2016 Net Sales: North America $ 137,354 $ 139,693 $ 268,031 $ 273,312 Foreign 15,735 16,420 33,991 31,616 $ 153,089 $ 156,113 $ 302,022 $ 304,928 June 30, 2017 December 31, Long Lived Assets: North America $ 79,425 $ 68,556 Foreign 2,836 2,676 $ 82,261 $ 71,232 |
BASIC AND DILUTED INCOME PER 26
BASIC AND DILUTED INCOME PER SHARE (Detail Textuals) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Outstanding stock options included in the calculation of diluted EPS | 18,000 | 28,000 | 24,000 | 28,000 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 0 | 0 | 0 | 0 |
INVENTORIES - Summary of invent
INVENTORIES - Summary of inventories, net of reserves (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Chassis | $ 6,744 | $ 8,524 |
Raw materials | 29,423 | 26,322 |
Work in process | 13,119 | 11,620 |
Finished goods | 18,945 | 17,670 |
Inventories | $ 68,231 | $ 64,136 |
LONG-TERM OBLIGATIONS (Detail T
LONG-TERM OBLIGATIONS (Detail Textuals) - First Tennessee Bank National Association ("First Tennessee") - Unsecured revolving credit facility (the "Credit Facility") - USD ($) $ in Thousands | 6 Months Ended | ||||||
Jun. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2016 | Jun. 22, 2016 | Jun. 11, 2015 | Dec. 21, 2011 | Apr. 06, 2010 | |
Line of Credit Facility [Line Items] | |||||||
Revolving credit facility | $ 50,000 | $ 30,000 | $ 25,000 | $ 20,000 | |||
Description of reference rate basis | LIBOR Market Index Rate plus 1.50% | ||||||
Variable interest rate in addition to reference rate | 1.50% | ||||||
Interest rate | 2.73% | ||||||
Outstanding borrowings under credit facility | $ 20,000 | $ 5,000 | |||||
Non-cancelable operating lease obligations | $ 1,543 | ||||||
Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Non-usage fee for current loan agreement in annual amount percentage | 0.15% | ||||||
Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Non-usage fee for current loan agreement in annual amount percentage | 0.35% | ||||||
Subsequent Event | |||||||
Line of Credit Facility [Line Items] | |||||||
Outstanding borrowings under credit facility | $ 20,000 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Detail Textuals) - shares | 3 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ||
Issuance of common stock shares | 26,000 | |
Common stock available for issuance pursuant to awards granted under 2016 Stock Incentive Plan | 800,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Detail Textuals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Long-term Purchase Commitment [Line Items] | ||
Maximum repurchase collateral amount | $ 53,101 | $ 45,196 |
Capital cost incurred | 100 | |
Capital Addition Purchase Commitments | ||
Long-term Purchase Commitment [Line Items] | ||
Commitment for construction and acquisition of property, plant and equipment | 12,643 | |
Pennsylvania | ||
Long-term Purchase Commitment [Line Items] | ||
Estimated cost of operations | 24,700 | |
Capital cost incurred | 23,500 | |
Realized net gain on sale of plant location | 601 | |
Tennessee | ||
Long-term Purchase Commitment [Line Items] | ||
Estimated cost of operations | 21,100 | |
Capital cost incurred | 17,000 | |
Current estimated costs of administrative building | $ 4,200 |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 1,157 |
Liability for potential penalties | 259 |
Interest related to unrecognized tax benefits | $ 20 |
SHAREHOLDERS EQUITY - Summary o
SHAREHOLDERS EQUITY - Summary of Dividend payments (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ||||||||||||||||||
Record Date | Jun. 13, 2017 | Mar. 27, 2017 | Dec. 5, 2016 | Sep. 12, 2016 | Jun. 13, 2016 | Mar. 21, 2016 | Dec. 7, 2015 | Sep. 14, 2015 | Jun. 15, 2015 | Mar. 20, 2015 | Dec. 8, 2014 | Sep. 15, 2014 | Jun. 16, 2014 | Mar. 17, 2014 | ||||
Payment Date | Jun. 20, 2017 | Apr. 3, 2017 | Dec. 12, 2016 | Sep. 19, 2016 | Jun. 20, 2016 | Mar. 28, 2016 | Dec. 11, 2015 | Sep. 21, 2015 | Jun. 19, 2015 | Mar. 23, 2015 | Dec. 15, 2014 | Sep. 22, 2014 | Jun. 23, 2014 | Mar. 24, 2014 | ||||
Dividend (per share) | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.36 | $ 0.68 | $ 0.64 | $ 0.60 |
Dividend paid, amount | $ 2,048 | $ 2,043 | $ 1,929 | $ 1,928 | $ 1,929 | $ 1,929 | $ 1,815 | $ 1,815 | $ 1,814 | $ 1,809 | $ 1,695 | $ 1,696 | $ 1,695 | $ 1,692 | $ 4,091 | $ 7,715 | $ 7,253 | $ 6,778 |
SHAREHOLDERS EQUITY (Detail Tex
SHAREHOLDERS EQUITY (Detail Textuals) - $ / shares | Aug. 07, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Dividend (per share) | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.36 | $ 0.68 | $ 0.64 | $ 0.60 | |
Payment Date | Jun. 20, 2017 | Apr. 3, 2017 | Dec. 12, 2016 | Sep. 19, 2016 | Jun. 20, 2016 | Mar. 28, 2016 | Dec. 11, 2015 | Sep. 21, 2015 | Jun. 19, 2015 | Mar. 23, 2015 | Dec. 15, 2014 | Sep. 22, 2014 | Jun. 23, 2014 | Mar. 24, 2014 | |||||
Record Date | Jun. 13, 2017 | Mar. 27, 2017 | Dec. 5, 2016 | Sep. 12, 2016 | Jun. 13, 2016 | Mar. 21, 2016 | Dec. 7, 2015 | Sep. 14, 2015 | Jun. 15, 2015 | Mar. 20, 2015 | Dec. 8, 2014 | Sep. 15, 2014 | Jun. 16, 2014 | Mar. 17, 2014 | |||||
Subsequent Event | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Declared Date | Aug. 7, 2017 | ||||||||||||||||||
Dividend (per share) | $ 0.18 | ||||||||||||||||||
Payment Date | Sep. 18, 2017 | ||||||||||||||||||
Record Date | Sep. 11, 2017 |
GEOGRAPHIC INFORMATION - Net Sa
GEOGRAPHIC INFORMATION - Net Sales and Long Lived Assets by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net Sales | $ 153,089 | $ 156,113 | $ 302,022 | $ 304,928 | |
Long Lived Assets | 82,261 | 82,261 | $ 71,232 | ||
North America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net Sales | 137,354 | 139,693 | 268,031 | 273,312 | |
Long Lived Assets | 79,425 | 79,425 | 68,556 | ||
Foreign | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net Sales | 15,735 | $ 16,420 | 33,991 | $ 31,616 | |
Long Lived Assets | $ 2,836 | $ 2,836 | $ 2,676 |
CUSTOMER INFORMATION (Detail Te
CUSTOMER INFORMATION (Detail Textuals) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Customer Concentration Risk | Net sales | ||||
Concentration Risk [Line Items] | ||||
Major customer, benchmark description | No single customer accounted for 10% or more of consolidated net sales | No single customer accounted for 10% or more of consolidated net sales | No single customer accounted for 10% or more of consolidated net sales | No single customer accounted for 10% or more of consolidated net sales |
OTHER (INCOME) EXPENSE (Detail
OTHER (INCOME) EXPENSE (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Income Expenses [Line Items] | ||||
Other (income) expense, net | $ 470 | $ (128) | $ 484 | $ 213 |
Pennsylvania property | ||||
Other Income Expenses [Line Items] | ||||
Gain on the sale of Pennsylvania property | 601 | 601 | ||
Foreign currency transaction gain (loss) included in other (income) expense | $ (131) | $ (128) | $ (117) | $ 213 |