Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 03, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | BALLANTYNE STRONG, INC. | ||
Entity Central Index Key | 946,454 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Common Stock, Shares Outstanding | 14,207,646 | ||
Entity Public Float | $ 54,561,382 | ||
Trading Symbol | BTN | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 22,070 | $ 22,491 |
Accounts receivable (less allowance for doubtful accounts of $1,927 in 2015 and $679 in 2014) | 11,359 | 20,266 |
Inventories, net | 9,693 | 14,108 |
Recoverable income taxes | 85 | 1,255 |
Other current assets | 2,739 | 2,956 |
Total current assets | 45,946 | 61,076 |
Property, plant and equipment, net | 11,768 | $ 13,914 |
Marketable securities | 2,101 | |
Equity method investments | 4,001 | |
Intangible assets, net | 235 | $ 1,168 |
Goodwill | 863 | 1,029 |
Notes receivable | $ 1,669 | 2,985 |
Deferred income taxes | 7,736 | |
Other assets | $ 281 | 1,447 |
Total assets | 66,864 | 89,355 |
Current liabilities: | ||
Accounts payable | 7,369 | 9,039 |
Accrued expenses | 4,100 | 4,366 |
Customer deposits/deferred revenue | 5,007 | 5,473 |
Income tax payable | 1,291 | 1,009 |
Total current liabilities | 17,767 | 19,887 |
Deferred revenue | 1,288 | $ 2,230 |
Deferred income taxes | 1,716 | |
Other accrued expenses, net of current portion | 1,581 | $ 1,776 |
Total liabilities | $ 22,352 | $ 23,893 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, par value $.01 per share; authorized 1,000 shares, none outstanding | ||
Common stock, par value $.01 per share; authorized 25,000 shares; issued 16,925 and 16,809 shares at December 31, 2015 and December 31, 2014, respectively; 14,191 and 14,078 shares outstanding at December 31, 2015 and 2014, respectively | $ 169 | $ 168 |
Additional paid-in capital | 39,157 | 38,657 |
Accumulated other comprehensive income (loss): | ||
Foreign currency translation | (6,229) | (2,325) |
Postretirement benefit obligation | 74 | 139 |
Retained earnings | 29,595 | 47,062 |
Stockholders' Equity Before Treasury Stock | 62,766 | 83,701 |
Less 2,734 and 2,731 of common shares in treasury, at December 31, 2015 and 2014, respectively, at cost | (18,254) | (18,239) |
Total stockholders' equity | 44,512 | 65,462 |
Total liabilities and stockholders' equity | $ 66,864 | $ 89,355 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 1,927 | $ 679 |
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | ||
Common stock par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 16,925,000 | 16,809,000 |
Common stock, shares outstanding | 14,191,000 | 14,078,000 |
Common shares in treasury, shares | 2,734,000 | 2,731,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net product sales | $ 69,250 | $ 70,360 | $ 88,067 |
Net service revenues | 23,579 | 24,726 | 15,543 |
Total net revenues | 92,829 | 95,086 | 103,610 |
Cost of products sold | 60,358 | 60,106 | 75,171 |
Cost of services | 14,884 | 16,820 | 11,594 |
Total cost of revenues | 75,242 | 76,926 | 86,765 |
Gross profit | 17,587 | 18,160 | 16,845 |
Selling and administrative expenses: | |||
Selling | 5,522 | 7,235 | 3,965 |
Administrative | 16,594 | 12,740 | 12,773 |
Total selling and administrative expenses | 22,116 | 19,975 | 16,738 |
Gain (loss) on sale or disposal of assets | (425) | 10 | (8) |
Income (loss) from operations | (4,954) | (1,805) | 99 |
Equity in income (loss) equity method investments | 96 | 78 | (25) |
Other income: | |||
Interest income | 368 | 705 | 352 |
Interest expense | (42) | $ (48) | $ (2) |
Fair value adjustment for notes receivable | (1,595) | ||
Foreign currency transaction gain (loss) | 1,612 | $ 611 | $ 850 |
Other income (expense), net | 49 | (10) | (323) |
Total other income | 392 | 1,258 | 877 |
Earnings (loss) before income taxes | (4,466) | (469) | 951 |
Income tax benefit (expense) | (13,001) | 465 | (788) |
Net earnings (loss) | $ (17,467) | $ (4) | $ 163 |
Basic earnings (loss) per share | $ (1.24) | $ 0 | $ 0.01 |
Diluted earnings (loss) per share | $ (1.24) | $ 0 | $ 0.01 |
Weighted average shares outstanding: | |||
Basic | 14,135,000 | 14,061,000 | 13,999,000 |
Diluted | 14,135,000 | 14,061,000 | 14,031,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ (17,467) | $ (4) | $ 163 |
Adjustment to postretirement benefit obligation: | |||
Prior service credit | (24) | (24) | 302 |
Net actuarial loss | (41) | (27) | (158) |
Total adjustment to postretirement benefit obligation | (65) | (51) | 144 |
Currency translation adjustment: | |||
Unrealized net change arising during period | (3,904) | (1,366) | (1,228) |
Other comprehensive loss | (3,969) | (1,417) | (1,084) |
Comprehensive loss | $ (21,436) | $ (1,421) | $ (921) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2012 | $ 167 | $ 37,770 | $ 46,903 | $ (18,239) | $ 315 | $ 66,916 |
Net other comprehensive loss | $ (1,084) | $ (1,084) | ||||
Issuance of 1 shares of common stock under the employees stock purchase plan | ||||||
Share-based compensation expense | $ 461 | $ 461 | ||||
Issuance of shares of common stock under the restricted stock plans | ||||||
Net income loss | $ 163 | $ 163 | ||||
Balance at Dec. 31, 2013 | $ 167 | $ 38,231 | $ 47,066 | $ (18,239) | $ (769) | 66,456 |
Net other comprehensive loss | $ (1,417) | (1,417) | ||||
Share-based compensation expense | $ 427 | $ 427 | ||||
Issuance of shares of common stock under the restricted stock plans | $ 1 | $ (1) | ||||
Net income loss | $ (4) | $ (4) | ||||
Balance at Dec. 31, 2014 | $ 168 | $ 38,657 | $ 47,062 | $ (18,239) | $ (2,186) | 65,462 |
Net other comprehensive loss | $ (3,969) | (3,969) | ||||
Share-based compensation expense | $ 501 | $ 501 | ||||
Issuance of shares of common stock under the restricted stock plans | $ 1 | $ (1) | ||||
Treasury share purchase of 3 shares | $ (15) | $ (15) | ||||
Net income loss | $ (17,467) | (17,467) | ||||
Balance at Dec. 31, 2015 | $ 169 | $ 39,157 | $ 29,595 | $ (18,254) | $ (6,155) | $ 44,512 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common Stock [Member] | |||
Issuance of common stock under the restricted stock plans, shares issued | 116,000 | 68,000 | 14,000 |
Issuance of common stock under the employees stock purchase plan, shares issued | 1,000 | ||
Treasury Stock [Member] | |||
Treasury share purchase, shares | 3,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ (17,467) | $ (4) | $ 163 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Provision for doubtful accounts | 1,379 | 92 | 273 |
Provision for obsolete inventory | 1,970 | $ (200) | (111) |
Provision for warranty | 800 | 430 | |
Depreciation and amortization | 2,332 | $ 1,924 | $ 1,511 |
Impairment of intangibles | 638 | ||
Fair value adjustment to notes receivable | 1,595 | ||
Equity in (income) loss of equity method investments | (96) | $ (78) | $ 25 |
Unrealized gain on marketable securities | $ (118) | ||
Gain loss on forward contracts | $ 145 | $ 380 | |
Loss on disposal or transfer of assets | $ 425 | (10) | 8 |
Deferred income taxes | 9,193 | (4,533) | 1,339 |
Share-based compensation expense | 501 | 427 | 461 |
Changes in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable, unbilled and notes receivable | 8,044 | 757 | 8,932 |
Inventories | 1,893 | 1,149 | 689 |
Other current assets | (166) | 8 | 1,826 |
Accounts payable | (1,588) | (3,732) | (4,813) |
Accrued expenses | (1,477) | (1,904) | (235) |
Customer deposits/deferred revenue | (1,359) | 1,229 | (3,327) |
Current income taxes | 1,620 | 1,145 | 685 |
Other assets | (137) | (87) | 268 |
Net cash provided by (used in) operating activities | $ 7,982 | $ (3,672) | 8,504 |
Cash flows from investing activities: | |||
Purchase of businesses, net of cash acquired | $ (18,810) | ||
Purchase of equity securities | $ (5,983) | ||
Capital expenditures | (442) | $ (1,982) | $ (529) |
Proceeds from sales of assets | 220 | 57 | 5 |
Net cash used in investing activities | (6,205) | $ (1,925) | $ (19,334) |
Cash flows from financing activities: | |||
Purchase of treasury stock | $ (15) | ||
Proceeds from employee stock purchase plan | $ 4 | ||
Payments on capital lease obligations | $ (200) | $ (14) | |
Excess tax benefits from share-based arrangements | 12 | (7) | $ 16 |
Net cash provided by (used in) financing activities | (203) | (21) | 20 |
Effect of exchange rate changes on cash and cash equivalents | (1,995) | (682) | (567) |
Net decrease in cash and cash equivalents | (421) | (6,300) | (11,377) |
Cash and cash equivalents at beginning of year | 22,491 | 28,791 | 40,168 |
Cash and cash equivalents at end of year | 22,070 | 22,491 | 28,791 |
Supplemental disclosure of cash paid for: | |||
Interest | 45 | 34 | 27 |
Income Taxes | 2,272 | 1,724 | $ 961 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Capital lease obligations for property and equipment | $ 752 | $ 310 |
Basics of Presentation
Basics of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Business Description Ballantyne Strong, Inc. (Ballantyne or the Company), a Delaware corporation, and its wholly owned subsidiaries Strong Westrex, Inc., Strong Technical Services, Inc., Strong/MDI Screen Systems, Inc., Strong Westrex (Beijing) Technology Inc., Convergent Corporation and Convergent Media Systems Corporation (Convergent or CMS) designs, integrates, and installs technology solutions for a broad range of applications; develops and delivers out-of-home messaging, advertising and communications; manufactures projection screens; and provides managed services including monitoring of networked equipment to our customers. The Companys products are distributed to the retail, financial, government and cinema markets throughout the world. Principles of Consolidation The consolidated financial statements include the accounts of the Company and all majority owned and controlled domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Management Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results and changes in facts and circumstances may alter such estimates and affect results of operations and financial position in future periods. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Revenue Recognition The Company recognizes revenue when all of the following circumstances are satisfied: ● Persuasive evidence of an arrangement exists; ● Delivery has occurred or services have been rendered; ● The sellers price to the buyer is fixed or determinable; ● Collectability is reasonably assured. The Company recognizes revenue when these criteria have been met and when title and risk of loss transfers to the customer. If an arrangement involves multiple deliverables, the items are considered separate units of accounting if the items have value on a stand-alone basis and there is objective and reliable evidence of their fair values. Revenues from the arrangement are allocated to the separate units of accounting based on their objectively determined fair value. For services, revenue is recognized when the services have been rendered. Revenues from service and support contracts are deferred and recognized as earned ratably over the service coverage periods. Unbilled revenue represents revenue recognized in accordance with the Companys revenue recognition policy for which the invoice had not been processed and sent to the customer. Revenue is generally recognized upon shipment of the product; however, there are certain instances where revenue is deferred and recognized upon delivery or customer acceptance of the product as the Company legally retains the risk of loss on these transactions until such time. Estimates used in the recognition of revenues and cost of revenues include, but are not limited to, estimates for product warranties, price allowances and product returns. Costs related to revenues are recognized in the same period in which the specific revenues are recorded. Shipping and handling fees billed to customers are reported in revenue. Shipping and handling costs incurred by the Company are included in cost of sales. Estimates used in the recognition of revenues and cost of revenues include, but are not limited to, estimates for product warranties, price allowances and product returns. Cash and Cash Equivalents All short-term, highly liquid financial instruments are classified as cash equivalents in the consolidated balance sheets and statements of cash flows. Generally, these instruments have maturities of three months or less from date of purchase. Marketable Securities The Companys marketable securities are comprised of investments in the common stock of a publicly traded company. Changes in fair value, based on the market price of the investees stock are recognized currently in other income in the consolidated statement of operations. The Company has elected the fair value option to account for the investment to more appropriately recognize the value of this investment in our consolidated financial statements. Marketable securities at fair value were as follows: December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Marketable securities $ 1,983 $ 118 $ $ 2,101 Equity Method Investments In December 2015, the Company acquired 7.8% ownership in RELM Wireless Corp, (RELM) for $4.0 million. RELM is a publicly traded company that designs, manufactures and markets two-way land mobile radios, repeaters, base stations, and related components and subsystems. The Companys Chief Executive Officer is member of the board of directors of RELM, and controls entities that, when combined with the Companys ownership in RELM, own greater than 20% of RELM, providing the Company with significant influence over RELM, but not controlling interest. As a result of this significant influence, the Company accounts for its investment in RELM under the equity method. The Companys carrying value for RELM was $4.0 million as of December 31, 2015 and the Companys equity in earnings of RELM were not significant in 2015. Based on quoted market prices, the market value of the Companys ownership in RELM was $4.2 million at December 31, 2015. The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. The Company did not record any impairments related to its investments in 2015, 2014, or 2013. Accounts, Financing and Notes Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company determines the allowance for doubtful accounts based on several factors, including overall customer credit quality, historical write-off experience and a specific analysis that projects the ultimate collectability of the account. As such, these factors may change over time causing the reserve level and bad debt expense to adjust accordingly. Beginning in October 1, 2013, with our acquisition of CMS in our digital media segment, sales-type lease revenue arrangements are included in services revenue in the Consolidated Statements of Operations. The arrangements are primarily related to sales of digital displays and have original lease terms ranging from 3 to 5 years. For sales-type/finance leases, the Company records an asset at lease inception. This asset is recorded at the aggregate future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed periodically, represent the estimated amount that the Company expects to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. The Company performs ongoing credit evaluations and provides an allowance for potential credit losses against the portion of financing receivables which is estimated to be uncollectible based on historical experience, current economic conditions, and managements evaluation of outstanding financing receivables. These factors may change over time causing the reserve level to adjust accordingly. There is currently no allowance for credit losses as management believes the entire balance will be collectible. The effective rate on these is 3.25%. Notes receivable are recorded at estimated fair value at December 31, 2015 and accrue interest at 15%. The Company estimates allowances for doubtful accounts based on the Companys best estimates of the amount of probable credit losses pertaining to the notes receivables, based on ongoing monitoring of the counterpartys financial position and results of operations. Past due accounts are written off for accounts, financing and notes receivable when our efforts have been unsuccessful in collecting amounts due. Inventories Inventories are stated at the lower of cost (first-in, first-out) or market and include appropriate elements of material, labor and manufacturing overhead. Inventory balances are net of reserves of slow moving or obsolete inventory based on managements review of inventories on hand compared to estimated future usage and sales, technological changes and product pricing. Digital projection equipment is provided to potential customers for consignment and demonstration purposes under customer use agreements. Revenues are subsequently recorded in accordance with the Companys normal revenue recognition policies. Consignment inventory is reviewed for impairment by comparing the inventory to the estimated future usage and sales. Digital equipment on consignment amounted to approximately $0.1 million and $0.3 million at December 31, 2015 and 2014, respectively. Business Combinations The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is often required in estimating the fair value of assets acquired, particularly intangible assets. As a result, in the case of significant acquisitions the Company normally obtains the assistance of third-party valuation specialists in estimating fair values of tangible and intangible assets. The fair value estimates are based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. Intangible Assets The Companys amortizable intangibles consist of trademarks, customer relationships, software and product formulation. The Company evaluates its intangible assets for impairment when there is evidence that events or circumstances indicate that the carrying amount of these assets may not be recoverable. Intangible assets with definite lives are amortized over their respective estimated useful lives to their estimated residual values. Significant judgments and assumptions are required in the impairment evaluations. See footnote 7 for further information regarding impairment on intangible assets taken in 2015. Goodwill Goodwill is not amortized and is tested for impairment at least annually, or whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. Significant judgment is involved in determining if an indicator of impairment has occurred. The Company may consider indicators such as deterioration in general economic conditions, adverse changes in the markets in which the reporting unit operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. The Company may first review for goodwill impairment by assessing qualitative factors to determine whether any impairment may exist. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative two-step test is required; otherwise, no further testing is required. However, the Company also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. Under the first step of the quantitative test, the fair value of each reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit exceeds its carrying value, step two is not performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and step two of the quantitative impairment test (measurement) is performed. Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting units goodwill over the fair value of that goodwill. The fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the fair value of the reporting unit goodwill. Goodwill at December 31, 2015 was recorded in connection with the acquisition of Peintures Elite, Inc. in 2013. A qualitative assessment was performed for the year ended December 31, 2015 and it was determined no events had occurred since the acquisition that would indicate an impairment was more likely than not. Property, Plant and Equipment Significant expenditures for the replacement or expansion of property, plant and equipment are capitalized. Depreciation of property, plant and equipment is provided over the estimated useful lives of the respective assets using the straight-line method. For financial reporting purposes, assets are depreciated over the estimated useful lives of 20 years for buildings and improvements, life of the related lease for leasehold improvements, 3 to 10 years for machinery and equipment, 7 years for furniture and fixtures and 3 years for computers and accessories. The Company generally uses accelerated methods of depreciation for income tax purposes. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of property, plant and equipment is based on managements estimates of future undiscounted cash flows and these estimates may vary due to a number of factors, some of which may be outside of managements control. To the extent that the Company is unable to achieve managements forecasts of future income, it may become necessary to record impairment losses for any excess of the net book value of property, plant and equipment over their fair value. The Company did not record any impairments related to property, plant and equipment in 2015, 2014, or 2013. The Company incurs maintenance costs on all of its major equipment. Repair and maintenance costs are expensed as incurred. Income Taxes Income taxes are accounted for under the asset and liability method. The Company uses an estimate of its annual effective rate at each interim period based on the facts and circumstances at the time while the actual effective rate is calculated at year-end. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing whether the deferred tax assets are realizable management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Companys uncertain tax positions are evaluated in a two-step process, whereby 1) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and 2) for those tax positions that meet the more likely than not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than fifty percent likely to be realized upon ultimate settlement with the related tax authority. The Company accrues interest and penalties related to uncertain tax positions in the statements of income as income tax expense. Other Taxes Sales taxes assessed by governmental authorities including sales, use, and excise taxes are on a net basis and therefore the presentation of these taxes is excluded from revenues and is shown as a liability on the balance sheet until remitted to the appropriate taxing authorities. Research and Development Research and development related costs are charged to operations in the period incurred. Such costs amounted to approximately $0.1 million, $0.2 million and $0.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Advertising Costs Advertising and promotional costs are expensed as incurred and amounted to approximately $0.6 million, $0.5 million and $0.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. Fair Value of Financial and Derivative Instruments The Company follows the Financial Accounting Standards Board (FASB) issued authoritative guidance, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. As defined in the FASB guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The FASB guidance establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: ● Level 1 inputs to the valuation techniques are quoted prices in active markets for identical assets or liabilities ● Level 2 inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly ● Level 3 inputs to the valuation techniques are unobservable for the assets or liabilities The following tables present the Companys financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 31, 2015 and 2014. Fair Values Measured on a Recurring Basis at December 31, 2015: Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents $ 22,070 $ $ $ 22,070 Marketable securities $ 2,101 $ $ $ 2,101 Notes receivable $ $ $ 1,669 $ 1,669 Fair Values Measured on a Recurring Basis at December 31, 2014: Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents $ 22,491 $ $ $ 22,491 Notes receivable $ $ $ 2,985 $ 2,985 Quantitative information about the Companys level 3 fair value measurements at December 31, 2015 is set forth below: $ in thousands Fair Value Valuation Technique Unobservable input Range Note receivable $ 1,669 Discounted cash flow Probability of default 55 % Discount rate 18 % The notes receivable are recorded at estimated fair value at December 31, 2015 and accrue interest at a rate of 15% per annum. During 2015, new information became available regarding the ability of the debtor to repay the interest on the notes receivable, which caused the Company to change the probability of default used in the discounted cash flow valuation from 0% to 55%. This resulted in a reduction to the fair value of notes receivable of $1.6 million during the year ended December 31, 2015. The significant unobservable inputs used in the fair value measurement of the Companys note receivable are discount rate and probability of default. Significant increases (decreases) in any of these inputs in isolation would result in a significantly lower (higher) fair value measurement. The following table reconciles the beginning and ending balance of the Companys notes receivable fair value: 2015 2014 (in thousands) Notes receivable balance, beginning of period $ 2,985 $ 2,497 Interest income accrued 279 488 Fair value adjustment (1,595 ) Notes receivable balance, end of period $ 1,669 $ 2,985 The carrying values of all other financial assets and liabilities including accounts receivable, accounts payable and accrued expenses reported in the consolidated balance sheets equal or approximate their fair values due to the short-term nature of these instruments. All non-financial assets that are not recognized or disclosed at fair value in the financial statements on a recurring basis, which includes non-financial long-lived assets, are measured at fair value in certain circumstances (for example, when there is evidence of impairment). During 2015, the Company did not have any significant non-recurring measurements of non-financial assets or liabilities. Based on quoted market prices, the market value of the Companys equity method investment was $4.2 million at December 31, 2015. Earnings (Loss) Per Common Share Basic earnings per share have been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted earnings per share has been computed on the basis of the weighted average number of shares of common stock outstanding after giving effect to potential common shares from dilutive stock options and certain non-vested shares of restricted stock. The following table provides reconciliation between basic and diluted earnings per share: 2015 2014 2013 (in thousands, except per share amounts) Basic earnings (loss) per share: Earnings (loss) applicable to common stock $ (17,467 ) $ (4 ) $ 163 Weighted average common shares outstanding 14,135 14,061 13,999 Basic earnings (loss) per share $ (1.24 ) $ 0.00 $ 0.01 Diluted earnings per share: Earnings (loss) applicable to common stock $ (17,467 ) $ (4 ) $ 163 Weighted average common shares outstanding 14,135 14,061 13,999 Assuming conversion of options and restricted stock awards outstanding 32 Weighted average common shares outstanding, as adjusted 14,135 14,061 14,031 Diluted earnings (loss) per share $ (1.24 ) $ 0.00 $ 0.01 Grants and options to purchase 419,025, 181,500 and 291,000 shares of common stock were outstanding as of December 31, 2015, 2014 and 2013, respectively, but were not included in the computation of diluted earnings per share as the options exercise price was greater than the average market price of the common shares for the respective periods. An additional 126,148 and 141,936 options and restricted stock units were excluded for the year ended December 31, 2015 and 2014, respectively, as their inclusion would be anti-dilutive, thereby decreasing the net loss per share. Stock Compensation Plans The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated values on the date of grant. The Company uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise of stock options or vesting of restricted stock from new stock issuances. The Company estimates the fair value of restricted stock awards based upon the market price of the underlying common stock on the date of grant. The fair value of stock options granted is calculated using the Black-Scholes option pricing model. No share-based compensation cost was capitalized as a part of inventory as of December 31, 2015 and 2014. Post-Retirement Benefits The Company recognizes the overfunded or underfunded position of a defined benefit postretirement plan as an asset or liability in the balance sheet, measures the plans assets and its obligations that determine its funded status as of December 31, 2015 and recognizes the changes in the funded status through comprehensive income (loss) in the year in which the changes occur. Foreign Currency Translation For foreign subsidiaries, the environment in which the business conducts operations is considered the functional currency, generally the local currency. The assets and liabilities of foreign subsidiaries are translated into the United States dollar at the foreign exchange rates in effect at the end of the period. Revenue and expenses of foreign subsidiaries are translated using an average of the foreign exchange rates in effect during the period. Translation adjustments are not included in determining net earnings but are presented in comprehensive income (loss) within the consolidated statements of comprehensive income. Transaction gains and losses that arise from foreign exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the consolidated statement of operations as incurred. Undistributed earnings of the Companys foreign subsidiaries totaling $22.0 million are considered to not be permanently reinvested and the applicable portion of accumulated other comprehensive income (loss) has been tax effected. The components of accumulated other comprehensive income (loss) related to the earnings of foreign subsidiaries that are considered to be indefinitely reinvested have not been tax effected. Warranty Reserves Historically, the Company has generally granted a warranty to its customers for a one-year period following the sale of manufactured film projection equipment and on selected repaired equipment for a one-year period. In most instances, the digital products are covered by the manufacturing firms OEM warranty; however, there are certain customers where the Company may grant warranties in excess of the manufacturers warranty for digital products. The Company accrues for these costs at the time of sale. The following table summarizes warranty activity for the three years ended December 31, 2015. 2015 2014 2013 (in thousands) Warranty accrual at beginning of period $ 423 $ 662 $ 770 Charged to expense 535 332 349 Amounts written off, net of recoveries (611 ) (559 ) (473 ) Foreign currency translation adjustment (37 ) (12 ) 16 Warranty accrual at end of period $ 310 $ 423 $ 662 Contingencies The Company accrues for contingencies when its assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. The Companys estimates are based on currently available facts and its estimates of the ultimate outcome or resolution. Actual results may differ from the Companys estimates resulting in an impact, positive or negative, on earnings. Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The guidance is effective for the Company beginning January 1, 2018. An entity may adopt this ASU either retrospectively or through a cumulative effect adjustment as of the start of the first period for which it applies the ASU. Early adoption is not permitted. The Company is currently evaluating the potential impact of adopting this guidance and has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 requires an entity utilizing the FIFO inventory method to change their measurement principle for inventory changes from the lower of cost or market to lower of cost and net realizable value. The guidance is effective for the Company beginning January 1, 2017. An entity must adopt this ASU prospectively and early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance and has not determined the effect of the standard on its ongoing financial reporting. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17). The standard amends the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will now be required to classify all deferred tax assets and liabilities as noncurrent. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. ASU 2015-17 may be either applied prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. The Company adopted ASU 2015-17 retrospectively effective December 31, 2015 and reclassified $3.5 million of current deferred tax assets to noncurrent deferred tax assets and netted $0.7 million of long term deferred tax liabilities with noncurrent deferred tax assets on the December 31, 2014 consolidated balance sheet. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). ASU 2016-01 requires equity investments that do not result in consolidation and are not accounted under the equity method to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements; clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entitys other deferred tax assets and modifies certain fair value disclosure requirements. ASU 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is not permitted. The adoption of ASU 2016-01 is not expected to have a material effect on the Companys consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions On September 13, 2013, the Company acquired Peintures Elite, Inc. (Elite) for $1.7 million in cash. Elite is a manufacturer of paint and lacquer products and has been the primary provider of paint for our screen manufacturing business. Approximately $1.2 million of the purchase price was allocated to goodwill and $0.6 million was allocated to amortizable other intangibles. This business is included within the cinema segment. The amounts allocated to goodwill were primarily attributable to anticipated synergies and other intangibles that do not qualify for separate recognition. On October 1, 2013, the Company acquired CMS. CMS was acquired from Sony Electronics, Inc. for approximately $17.4 million in cash, which was the purchase price of $16.0 million adjusted for cash on hand in Canada of $0.4 million and working capital variance based upon CMSs targeted working capital. CMS provides digital technologies for out-of-home messaging, advertising and communication (the DOOH market) and EVS, which provides enterprises with the infrastructure necessary for communication, collaboration, training and education of employees. CMS is included within the digital media segment and operates from its offices in the United States and Canada and has customers in North America. The following table summarizes the fair value of the assets acquired and liabilities assumed at the acquisition date. Amount of Identified Assets Acquired and Liabilities Assumed (in thousands) Current Assets $ 10,987 Property and equipment 4,989 Other Assets 3,686 Software 233 Goodwill Total acquired assets 19,895 Current liabilities 2,336 Long-term liabilities 137 Total liabilities assumed 2,473 Net assets acquired $ 17,422 The company recorded no goodwill as part of this transaction. The identifiable intangible assets are non-deductible for tax purposes. The consolidated financial statements as of December 31, 2015, 2014, and 2013 and for the year then ended included amounts acquired from, as well as the results of operations of, CMS from October 1, 2013, forward. Results of operations for the year ended December 31, 2013, include revenue of $7.1 million and an operating loss of $1.0 million attributable to CMS since its acquisition. Results of operations related to the acquisition of Elite were negligible for the year ended December 31, 2013. Acquisition-related costs included in selling, general and administrative expenses for the year ended December 31, 2013 approximated $0.6 million. The following unaudited pro forma information for the Company has been prepared as if the acquisitions of Elite and CMS had occurred on January 1, 2012. The information is based on the historical results of the separate companies and may not necessarily be indicative of the results that could have been achieved or of results that may occur in the future. The pro forma adjustments include the impact of depreciation and amortization of property and equipment and intangible assets acquired, interest expense on the acquisition debt and income tax benefits for tax effects of the foregoing adjustments to depreciation, amortization and interest expense. 2013 Revenue $ 129,737 Net income (loss) $ 1,041 Net income (loss) per share basic $ 0.07 Net income (loss) per share diluted $ 0.07 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories consist of the following: December 31, 2015 December 31, 2014 (in thousands) Raw materials and components $ 1,351 $ 2,281 Work in process 190 632 Finished goods 8,152 11,195 $ 9,693 $ 14,108 The inventory balances are net of reserves of approximately $2.0 million and $2.3 million as of December 31, 2015 and 2014, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 5. Property, Plant and Equipment Property, plant and equipment include the following: December 31, 2015 December 31, 2014 (in thousands) Land $ 1,596 $ 1,605 Buildings and improvements 8,989 10,203 Machinery and equipment 3,757 4,227 Office furniture and fixtures 4,153 3,713 Total properties cost 18,495 19,748 Less accumulated depreciation (6,727 ) (5,834 ) Net property, plant and equipment $ 11,768 $ 13,914 Depreciation expense approximated $2.1 million, $1.7 million and $1.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | 6. Restructuring Activities 2015 Corporate-wide strategic initiative In connection with its strategic planning process, as well as the Companys ongoing plans to improve efficiency and effectiveness of its operations, the Company initiated plans in the second quarter of 2015 to reduce headcount and more efficiently utilize real estate assets. Included in administrative expenses for year ended December 31, 2015, are $0.6 million and $0.2 million of severance and lease termination costs the Company expects to incur as part of this restructuring plan. The Company expects that the strategic initiative will be completed in the third quarter of 2016. 2013 Convergent Related Restructuring In connection with the integration of the 2013 CMS acquisition, as well as the Companys ongoing plans to improve efficiency and effectiveness of its operations, the Company initiated plans in the fourth quarter of 2013 to reduce headcount and move the Companys warehouse from Omaha, Nebraska to Georgia. In 2013, the Company recorded $1.5 million in severance costs it expected to incur as part of the integration of CMS and for site closure of the Omaha warehouse. The restructuring initiative was completed during the first quarter of 2015. 2011 Corporate-wide strategic initiative In the fourth quarter of 2011, the Board of Directors and management of the Company approved a corporate-wide strategic initiative to refocus its worldwide digital equipment distribution business, services platform and cinema screen manufacturing business and exit the analog projector manufacturing business. The strategic initiative consisted of selling the Companys Omaha, Nebraska-based analog projector facility and manufacturing equipment and relocating its corporate headquarters to a new, smaller location in Omaha, which also houses its Network Operations Center. Aggregate severance charges for the strategic initiative that began in 2011 are approximately $1.4 million. The strategic initiative was completed in the fourth quarter of 2013. The following reconciles the activity in the restructuring related severance accruals for the years ended December 31, 2015, 2014, and 2013, which are included in accrued expenses: 2015 Strategic Initiative 2013 Convergent related restructuring 2011 Corporate-wide Strategic Initiative Total Restructuring (in thousands) Balance, restructuring liability at December 31, 2012 $ $ $ 88 $ 88 Severance expense included in administrative expenses 1,417 1,417 Site closure costs included in administrative expenses 58 58 Severance paid (579 ) (88 ) (667 ) Balance, restructuring liability at December 31, 2013 896 896 Severance paid (709 ) (709 ) Balance, restructuring liability at December 31, 2014 187 187 Lease termination expense 219 219 Lease termination paid (219 ) (219 ) Severance expense 559 559 Severance paid (486 ) (187 ) (673 ) Balance, restructuring liability at December 31, 2015 73 $ $ $ 73 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. Intangible Assets Intangible assets consisted of the following at December 31, 2015: Useful life Gross Accumulated amortization Net (Years) (in thousands) Intangible assets subject to amortization: Product formulation 10 440 (205 ) 235 Intangible assets consisted of the following at December 31, 2014: Useful life Gross Accumulated amortization Net (Years) (in thousands) Intangible assets subject to amortization: Customer relationships 4-9 $ 1,556 $ (1,538 ) $ 18 Software 3 905 (144 ) 761 Software in development 3 16 16 Product formulation 10 526 (153 ) 373 Total $ 3,003 $ (1,835 ) $ 1,168 Intangible assets, other than goodwill, with definitive lives are amortized over their useful lives. The Company recorded amortization expense relating to other identifiable intangible assets of $0.3 million, $0.3 million and $0.1 million during each of the years ended December 31, 2015, 2014 and 2013, respectively. During 2015, the Company determined that the future undiscounted cash flows from the software intangibles were significantly less than carrying amount of the software intangibles and recorded an impairment charge of $0.6 million for these intangibles to measure them at their fair value. During 2015, gross intangibles were reduced by $0.9 million due to this impairment. Any other change in the cost and accumulated amortization of the identifiable assets was due to certain intangibles recorded in a foreign currency and therefore affected by fluctuations in the exchange rate. The following table shows the Companys estimated future amortization expense related to intangible assets for the next five years. Amount (in thousands) 2016 $ 62 2017 51 2018 41 2019 30 2020 21 Thereafter 30 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 8. Goodwill All of the Companys goodwill is related to the Cinema segment. The following represents a summary of changes in the Companys carrying amount of goodwill (in thousands): Balance as of December 31, 2013 $ 1,123 Foreign currency translation (94 ) Balance as of December 31, 2014 $ 1,029 Foreign currency translation (166 ) Balance as of December 31, 2015 $ 863 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 9. Accrued Expenses The major components of current accrued expenses are as follows: December 31, 2015 December 31, 2014 (in thousands) Employee related $ 1,526 $ 1,797 Legal and professional fees 158 265 Lease expenses 281 86 Warranty obligation 310 423 Joint venture excess distributions 502 596 Interest and taxes 644 575 Post-retirement benefit obligation 27 17 Severance and benefits 245 303 Other 407 304 Total $ 4,100 $ 4,366 The major components of long-term accrued expenses are as follows: December 31, 2015 December 31, 2014 (in thousands) Post-retirement benefit obligation $ 318 $ 213 Employee related 353 Rent and leasehold improvements 1,263 1,184 Other 26 Total $ 1,581 $ 1,776 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 10. Debt The Company was party to a $20 million Revolving Credit Agreement and Note (collectively, the Credit Agreement) with Wells Fargo Bank, N.A. (Wells Fargo). The Credit Agreement expired June 30, 2015. Since inception of the agreement, no amounts had been borrowed on the Credit Agreement. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes Income (loss) before income taxes consists of: 2015 2014 2013 (in thousands) United States $ (16,630 ) $ (9,774 ) $ (5,916 ) Foreign 12,164 9,305 6,867 $ (4,466 ) $ (469 ) $ 951 Income tax expense (benefit) attributable to income from continuing operations consists of: 2015 2014 2013 (in thousands) Federal: Current $ 1,538 $ 592 $ 218 Deferred 7,348 (3,333 ) (1,141 ) Total 8,886 (2,741 ) (923 ) State: Current (1,301 ) 316 (62 ) Deferred 635 (589 ) (86 ) Total (666 ) (273 ) (148 ) Foreign: Current 3,597 3,196 1,661 Deferred 1,184 (647 ) 198 Total 4,781 2,549 1,859 $ 13,001 $ (465 ) $ 788 Income tax expense attributable to income (loss) from continuing operations differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income from continuing operations as follows: 2015 2014 2013 Amount % Amount % Amount % (in thousands) Expected federal income tax expense (benefit) $ (1,519 ) (34.0 ) $ (160 ) (34.0 ) $ 323 34.0 State income taxes, net of federal benefit (333 ) (7.4 ) (153 ) (32.5 ) (88 ) (9.3 ) Foreign tax rates varying from 34% (830 ) (18.6 ) (623 ) (132.7 ) (489 ) (51.4 ) Change in foreign reinvestment strategy 6,650 148.9 429 91.4 1,038 109.2 Valuation allowance 9,081 203.3 Other (48 ) (1.1 ) 42 8.7 4 0.4 Total $ (13,001 ) (291.1 ) $ (465 ) (99.1 ) $ 788 82.9 Deferred tax assets and liabilities were comprised of the following: December 31, 2015 2014 Deferred tax assets: (in thousands) Deferred revenue $ 1,567 $ 2,028 Non-deductible accruals 330 528 Inventory reserves 550 768 Stock compensation expense 215 289 Warranty reserves 107 130 Uncollectible receivable reserves 608 231 Accrued group health insurance claims 137 120 Restructuring reserves 89 111 Net operating losses 6,995 646 Fair value adjustment to notes receivable 637 Foreign tax credits 2,867 2,854 Depreciation and amortization 448 707 Accumulated other comprehensive income 1,745 276 Other (11 ) 8 Net deferred tax assets 16,284 8,696 Valuation allowance (9,081 ) Net deferred tax assets after valuation allowance 7,203 8,696 Deferred tax liabilities: Depreciation and amortization 494 444 Equity in income (loss) of equity method investments (47 ) (51 ) Intangibles 238 Cash repatriation 8,472 329 Net deferred tax liabilities 8,919 960 Net deferred tax assets (liabilities) $ (1,716 ) $ 7,736 In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The Company considers the scheduled reversal of taxable temporary differences, projected future taxable income and tax planning strategies in making this assessment. A cumulative loss in a particular tax jurisdiction in recent years is a significant piece of evidence with respect to the realizability that is difficult to overcome. Based on the available objective evidence including recent updates to the taxing jurisdictions generating income, the Company concluded that a valuation allowance of $9.1 million should be recorded against the Companys U.S. and China tax jurisdiction deferred tax assets as of December 31, 2015. No valuation allowance was recorded in 2014. The tax effect of the Companys net operating loss carryforwards for Federal and state tax purposes total approximately $6.7 million at December 31, 2015, expiring at various times in 2023 through 2025, and $0.3 million in China at December 31, 2015, expiring at various times beginning 2018 through 2019. The Company has foreign tax credit carryforwards of approximately $2.9 million at December 31, 2015 that expire in 2024. The Company has recorded income taxes of $8.5 million on accumulated but undistributed earnings for foreign subsidiaries aggregating approximately $20.8 million at December 31, 2015 resulting in a deferred tax liability of $8.5 million. These earnings are not considered permanently reinvested in the business and will be transferred to the United States as required by business needs. The Company currently has an exam initiated for Federal purposes for the 2011 fiscal year. The Company has examinations not yet initiated for Federal purposes for fiscal years 2012, 2013 and 2014. In most cases, the Company has examinations open for state or local jurisdictions based on the particular jurisdictions statute of limitations. Estimated amounts related to underpayment of income taxes, including interest and penalties, are classified as a component of tax expense in the consolidated statements of operations and were not material for the years ended December 31, 2015, 2014 and 2013. Amounts accrued for estimated underpayment of income taxes were zero as of December 31, 2015 and December 31, 2014. |
Financing Receivable
Financing Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Financing Receivable | 12. Financing Receivable The following table presents sales-type lease receivables. December 31, 2015 December 31, 2014 (in thousands) Investment in sales-type leases Current $ 1,185 $ 1,372 Noncurrent 198 1,383 At December 31, 2015 and 2014, there are no sales-type lease receivables that are past due. Scheduled maturities of minimum lease payments outstanding at December 31, 2015, are as follows: Years ending: Scheduled Payments (in thousands) December 31, 2016 $ 1,185 December 31, 2017 198 Total $ 1,383 |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Notes Receivable | 13. Notes Receivable During 2011, the Company entered into certain unsecured notes receivable arrangements with CDF2 Holdings, LLC pertaining to the sale and installation of digital projection equipment. The notes receivable accrue interest at a rate of 15% per annum, which is to be paid in accordance with an agreed-upon cash flow schedule, as defined. Interest not paid in any particular year is added to the principal and accrues interest at 15%. The Company has recorded the notes receivable at their fair value. See note 2 for additional information on the fair value of the notes. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | 14. Deferred Revenue The Company deferred revenue associated with extended warranties provided to a third party exhibitor in 2011. The Company expects to recognize $0.9 million of the revenue in 2016 and the remainder no earlier than 2022 when all conditions of revenue recognition have been met. The following summarizes the amounts included in deferred revenue related to extended warranties. December 31, 2015 December 31, 2014 (in thousands) Extended warranty deferrals expected to be recognized within one year $ 895 $ 715 Extended warranty deferrals expected to be recognized after one year 1,108 2,003 Total revenue deferred for extended warranty $ 2,003 $ 2,718 |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation | 15. Stock Compensation The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense included in selling and administrative expenses approximates the following: 2015 2014 2013 (in thousands) Share based compensation expense $ 501 $ 427 $ 461 Long-Term Incentive Plan The Companys 2010 Long-Term Incentive Plan (2010 Plan) provides the Compensation Committee of the Board of Directors with the discretion to grant stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, or performance units. Vesting terms vary with each grant and may be subject to vesting upon a change in control of the Company. The total number of shares reserved for issuance under the 2010 Plan is 1,600,000 shares. During 2015, the Company awarded 383,300 stock options and 87,500 restricted stock units under the 2010 Plan. During 2014, the Company awarded no stock options and 172,500 restricted stock units under the 2010 Plan. During 2013, the Company awarded 22,500 options and 9,000 restricted stock shares under the 2010 Plan. At December 31, 2015, 978,500 shares remained available for issuance under the 2010 Plan. Options As noted above, under the 2010 Plan, the Company granted options to purchase 383,300 shares, zero shares, and 22,500 shares of the Companys common stock during 2015, 2014, and 2013, respectively. Options to purchase shares of common stock were granted with exercise prices equal to the fair value of the common stock on the date of grant and vest over a one-year and five-year period. The weighted average grant date fair value of stock options granted in 2015 and 2013 was $1.44 and $1.85, respectively. The fair value of each stock option granted is estimated on the date of grant using a Black-Scholes valuation model with the following weighted average assumptions: 2015 2013 Expected dividend yield at date of grant 0.00 % 0.00 % Risk-free interest rate 1.87 % 0.90 % Expected stock price volatility 32.06 % 58.50 % Expected life of options (in years) 6.0 5.5 The risk-free interest rate assumptions were based on the U.S. Treasury yield curve in effect at the time of the grant. The expected volatility was based on historical daily price changes of the Companys stock for one year prior to the date of grant. The expected life of options is the average number of years the Company estimates that options will be outstanding. The Company considers groups of associates that have similar historical exercise behavior separately for valuation purposes. The following table summarizes the Companys activities with respect to its stock options: Number of Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding at December 31, 2014 181,500 $ 5.56 6.77 $ 13 Granted 383,300 4.33 Exercised Forfeited (114,000 ) 6.21 Outstanding at December 31, 2015 450,800 $ 4.48 9.21 $ 131 Exercisable at December 31, 2015 103,300 $ 4.38 7.76 $ 36 The aggregate intrinsic value in the table above represents the total that would have been received by the option holders if all in-the-money options had been exercised on the date indicated. As of December 31, 2015, 347,500 stock option awards were non-vested. Unrecognized compensation costs related to all stock options outstanding amounted to $0.5 million at December 31, 2015, which is expected to be recognized over a weighted-average period of 4.9 years. Restricted Stock Plans The Companys 2005 Restricted Stock Plan (the 2005 Plan) provided for the grant of restricted stock awards. A total of 250,000 shares were reserved for issuance under the 2005 Plan, which expired September 1, 2013. These shares were subject to restrictions on transferability and other restrictions, if any, as the Compensation Committee may decide. During 2013, the Company awarded 41,000 restricted shares under the 2005 Plan, which vest annually over a three year period. The Ballantyne Strong, Inc. Non-Employee Directors Restricted Stock Plan (the Non-Employee Plan) and the Ballantyne Strong, Inc. 2014 Non-Employee Directors Restricted Stock Plan (the 2014 Non-Employee Plan) provide for the award of restricted shares to outside directors. Shares issued under the Non-Employee Plan and the 2014 Non-Employee Plan vest the day preceding the Companys Annual Meeting of Stockholders in the year following issuance. A total of 250,000 shares are reserved for issuance under the Non-Employee Plan and the 2014 Non-Employee Plan. During 2015 and 2014, 53,208 and 41,760 shares, respectively, were granted under the 2014 Non-Employee Plan. During 2013, 37,500 shares were granted under the Non-Employee Plan, which expired on May 21, 2013. As noted above, the Company awarded a total of 140,708, 214,260 and 87,500 restricted stock units and restricted shares under the 2010 Plan, the 2005 Plan and the Non-Employee Plan during 2015, 2014 and 2013, respectively. The weighted average grant date fair value of restricted stock awarded in 2015, 2014 and 2013 was $4.38, $3.86 and $4.28, respectively. In connection with the restricted stock granted to certain employees and non-employee directors, the Company accrues compensation expense based on the estimated number of shares expected to be issued utilizing the most current information available to the Company at the date of the financial statements. The Company estimates the fair value of the restricted stock awards based upon the market price of the underlying common stock on the date of grant. As of December 31, 2015, the total unrecognized compensation cost related to non-vested restricted stock awarded was approximately $0.4 million which is expected to be recognized over a weighted average period of 1.8 years. The following table summarizes restricted stock activity: Number of Restricted Stock Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2014 264,793 $ 3.93 Granted 140,708 4.38 Shares vested (116,316 ) 4.18 Shares forfeited (158,827 ) 3.83 Nonvested at December 31, 2015 130,358 $ 4.30 |
Foreign Exchange Contracts
Foreign Exchange Contracts | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign Exchange Contracts | 16. Foreign Exchange Contracts The Companys primary exposure to foreign currency fluctuations pertains to its subsidiaries in Canada and China. In certain instances the Company may enter into foreign exchange forward contracts to manage a portion of this risk. The Company has not designated its foreign exchange forward contracts as hedges. The Companys foreign exchange forward contracts expired in 2014 and no new contracts were entered into in 2015. All cash flows related to our foreign currency exchange contracts are classified as operating cash flows. The Company recognized in other income, the following realized and unrealized gains from foreign currency forward exchange contracts: (in thousands) Classification 2015 2014 2013 Foreign exchange forward contracts Other Income (Loss) $ $ (145 ) $ (380 ) |
Compensation and Benefit Plans
Compensation and Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Benefit Plans | 17. Compensation and Benefit Plans Bonus Plans The Compensation Committee of the Board of Directors administers a Short-Term Incentive Plan (the Plan). The Plan is an annual incentive program that provides certain officers and key employees bonuses in the form of cash or restricted stock or a combination of both if the Company achieves certain financial goals. Each payout is further subject to the achievement of certain individual goals, as defined in the Plan. The Company has recorded expenses related to the Plan of approximately zero, zero, and $0.4 million in 2015, 2014 and 2013, respectively. The bonuses are generally paid through a distribution of cash and restricted stock. Retirement Plan The Company sponsors a defined contribution 401(k) plan (the Plan) for all eligible employees. Pursuant to the provisions of the Plan, employees may defer up to 100% of their compensation. The Company will match 50% of the amount deferred up to 6% of their compensation. The contributions made to the Plan by the Company were approximately $0.4 million, $0.3 million and $0.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. Postretirement Health Care The Company sponsors a postretirement health care plan (the Plan) for two former executives and their spouses. The Companys policy is to fund the cost of the Plan as expenses are incurred. The costs of the postretirement benefits were accrued over the employees service lives. The following table sets forth the Plans benefit obligations, fair value of plan assets, and funded status at December 31, 2015 and 2014: 2015 2014 (in thousands) Reconciliation of benefit obligation Benefit obligation at January 1 $ 230 $ 214 Interest cost 8 8 Benefits paid (92 ) (28 ) Contributions by plan participants 4 4 Actuarial (gain) loss 49 32 Benefit obligation at December 31 199 230 Fair value of plan assets at December 31 Funded status at end of year $ (199 ) $ (230 ) Amounts recognized in the balance sheet consist of: Noncurrent assets $ $ Current liabilities (18 ) (17 ) Noncurrent liabilities (180 ) (213 ) Accumulated other comprehensive income (74 ) (139 ) Net amount recognized $ (272 ) $ (369 ) Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2015 and 2014 consists of: 2015 2014 (in thousands) Prior service cost (credit) $ (254 ) $ (278 ) Net actuarial gain 180 139 Total accumulated other comprehensive income $ (74 ) $ (139 ) Net periodic benefit cost recognized in the years ended December 31, 2015, 2014 and 2013 was: 2015 2014 2013 (in thousands) Interest cost $ 8 $ 8 $ 18 Prior service credit (24 ) (24 ) Amortization of gain 7 6 7 Net periodic benefit cost recognized $ (9 ) $ (10 ) $ 25 Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income (loss) in the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 (in thousands) Net actuarial gain $ 48 $ 33 $ 165 Prior service cost for plan amendment (302 ) Prior service credit 24 24 Amortization of (gain) loss (7 ) (6 ) (7 ) Total recognized in accumulated other comprehensive income (loss) $ 65 $ 51 $ (144 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income (loss) $ 56 $ 41 $ (119 ) For the defined postretirement benefits plan, amortization of the net gain from accumulated other comprehensive income (loss) into net periodic benefit cost to be recognized in the next fiscal year is expected to be insignificant. Weighted average assumptions used to determine benefit obligations at December 31, 2015, 2014 and 2013 were as follows: December 31, 2015 2014 2013 Discount rate 3.95 % 3.65 % 4.45 % Rate of compensation increase N/A N/A N/A Health care cost trend rate 5.90 % 6.20 % 6.50 % Weighted average assumptions used to determine net periodic postretirement benefit cost for the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Discount rate 3.65 % 4.45 % 3.60 % Expected long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A Health care cost trend rate 6.20 % 6.50 % 8.10 % Assumed health care trend rates have a significant effect on the amounts reported for health care plans. A 1% change in assumed health care cost trend rates would have the following effects: 1% Increase 1% Decrease ( in thousands) Effect on total service and interest cost components of periodic postretirement health care benefit cost $ 1 $ (1 ) Effect on the health care component of the accumulated postretirement benefit obligation $ 28 $ (23 ) For measurement purposes, a 6.2% The benefits expected to be paid from the postretirement benefit plan are as follows: 2016 2017 2018 2019 2020 2021-2025 (in thousands) Benefits expected to be paid $ 18 $ 20 $ 10 $ 10 $ 11 $ 56 The expected benefits are based on the same assumptions used to measure the Companys benefit obligation at December 31, 2015 and include estimated future employee service, if any. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | 18. Leases The Company and its subsidiaries lease plant and office facilities, autos and equipment under operating leases expiring through 2023. These leases generally contain renewal options and the Company expects to renew or replace certain of these leases in the ordinary course of business. Rent expense under operating lease agreements amounted to approximately $0.8 million, $1.0 million and $0.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company also has capital leases for computer equipment. The capital lease obligations related to accrued expenses are included in accrued expenses on the balance sheet. The Companys future minimum lease payments are as follows: Year Ending December 31, Capital Leases Operating Leases (In thousands) 2016 $ 319 $ 622 2017 290 451 2018 248 398 2019 131 368 2020 350 Thereafter 636 Total minimum lease payments 988 $ 2,825 Less: Amount representing interest 49 Present value of minimum lease payments 939 Less: Current maturities 223 Capital lease obligations, net of current portion $ 716 |
Contingencies and Concentration
Contingencies and Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Concentrations | 19. Contingencies and Concentrations Concentrations The Companys top ten customers accounted for approximately 42% of 2015 consolidated net revenues. Trade accounts receivable from these customers represented approximately 33% of net consolidated receivables at December 31, 2015. Self-Insurance The Company is self-insured up to certain stop loss limits for group health insurance. Accruals for claims incurred but not paid as of December 31, 2015 and 2014 are included in accrued expenses in the accompanying consolidated balance sheets. The Companys policy is to accrue the employee health benefit accruals based on historical information along with certain assumptions about future events. Litigation The Company is involved, from time to time, in certain legal disputes in the ordinary course of business. No such disputes, individually or in the aggregate, are expected to have a material effect on its business or financial condition at December 31, 2015. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | 20. Business Segment Information As of December 31, 2015, the Companys operations were conducted principally through two business segments: Cinema and Digital Media. In 2015, the Company renamed our segments from Systems Integration to Cinema and from Managed Services to Digital Media. There was no impact on current or prior years to the individual components of these segments. Cinema operations include the sale of digital projection equipment, screens, and sound systems. Digital Media operations include the delivery of end to end digital signage solutions, video communication solutions, content creation and management and service of digital signage and digital cinema equipment. The Company allocates resources to business segments and evaluates the performance of these segments based upon reported segment operating profit. The Company records intercompany sales at cost and has eliminated all significant intercompany sales in consolidation. Summary by Business Segments Year ended December 31, 2015 2014 2013 (in thousands) Net Revenue: Cinema $ 62,199 $ 63,781 $ 85,451 Digital Media 31,837 32,494 19,105 Total segment net revenue 94,036 96,275 104,556 Eliminations (1,207 ) (1,189 ) (946 ) Total net revenue 92,829 95,086 103,610 Operating income (loss): Cinema 7,317 6,119 7,864 Digital Media (1,024 ) (24 ) 1,100 Total segment operating income 6,293 6,095 8,964 Unallocated general and administrative expenses (10,822 ) (7,910 ) (8,857 ) Gain (loss) on sale or disposal of assets: Cinema $ (370 ) $ (3 ) $ (13 ) Digital Media (55 ) 13 5 Total gain (loss) on sale or disposal of assets (425 ) 10 (8 ) Income (loss) from operations (4,954 ) (1,805 ) 99 Equity in income (loss) of equity method investments Cinema $ 96 $ 78 $ (25 ) Other income (expense) Cinema $ 227 $ 483 $ (25 ) Cinema fair value adjustment to notes receivable (1,595 ) Cinema foreign currency transaction gain (loss) 1,875 825 850 Digital Media foreign currency transaction gain (loss) (263 ) (214 ) Digital Media 30 164 52 Corporate asset 118 Total other income $ 392 $ 1,258 $ 877 Income (loss) before taxes $ (4,466 ) $ (469 ) $ 951 Year ended December 31, 2015 2014 2013 (in thousands) Expenditures on capital equipment: Cinema $ 143 $ 442 $ 370 Digital Media 299 1,540 165 Total expenditures on capital equipment $ 442 $ 1,982 $ 535 Depreciation, amortization and impairment: Cinema $ 1,545 $ 1,208 $ 1,308 Digital Media 1,425 716 203 Total depreciation, amortization and impairment $ 2,970 $ 1,924 $ 1,511 December 31, 2015 2014 (in thousands) Identifiable assets Cinema $ 45,443 $ 64,083 Digital Media 15,319 25,272 Corporate assets 6,102 Total $ 66,864 $ 89,355 Summary by Geographical Area 2015 2014 2013 (in thousands) Net revenue United States $ 60,615 $ 62,149 $ 67,348 China 18,180 14,010 16,580 Canada 5,074 5,661 3,709 South America 3,540 8,288 11,788 Mexico 2,870 2,718 1,254 Europe 1,569 1,189 1,216 Asia (excluding China) 474 910 843 Other 507 161 872 Total $ 92,829 $ 95,086 $ 103,610 December 31, 2015 2014 (in thousands) Identifiable assets United States $ 32,783 $ 59,988 Canada 25,698 19,305 China 7,051 7,002 Asia (excluding China) 1,332 3,060 Total $ 66,864 $ 89,355 Net revenues by business segment are to unaffiliated customers. Identifiable assets by geographical area are based on location of facilities. Net sales by geographical area are based on destination of sales. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 21. Quarterly Financial Data (Unaudited) The following is a summary of the unaudited quarterly results of operations for 2015 and 2014. 2015 2014 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net revenue $ 22,470 $ 19,723 $ 23,512 $ 27,124 $ 22,021 $ 22,027 $ 22,664 $ 28,374 Gross profit 4,261 3,676 3,968 5,682 4,216 4,247 4,057 5,640 Net earnings (loss) (10,164 ) (2,919 ) (3,201 ) (1,183 ) (594 ) 381 (109 ) 318 Basic and diluted earnings (loss) per share: Basic(1) (0.72 ) (0.21 ) (0.23 ) (0.08 ) (0.04 ) 0.03 (0.01 ) 0.02 Diluted(1) (0.72 ) (0.21 ) (0.23 ) (0.08 ) (0.04 ) 0.03 (0.01 ) 0.02 Stock price: High 5.05 5.13 4.88 4.87 5.15 4.89 4.69 4.50 Low 4.01 4.00 3.42 4.24 4.46 3.76 3.65 3.79 (1) Earnings per share is computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 22. Related Party Transactions Pursuant to the proxy contest settlement agreement entered into with Fundamental Global Investors, LLC and certain of its affiliates on April 21, 2015, the Company expanded its Board of Directors to nine directors and nominated five director candidates from Fundamental Globals slate of directors, who were elected at the 2015 Annual Meeting. Fundamental Global Investors, LLC and its affiliates hold approximately 22.07% of the Companys outstanding shares of common stock as of December 31, 2015. Mr. D. Kyle Cerminara, the Chief Executive Officer, Co-Founder and Partner of Fundamental Global Investors, LLC, serves as the Companys Chairman and Chief Executive Officer. The Company reimbursed Fundamental Global for its expenses incurred in connection with the proxy contest and settlement agreement in the amount of $178,415 in 2015. The independent members of the Board of Directors approved the reimbursement. The Companys purchase of the equity securities that comprise its marketable securities and equity method investments were made in companies in which Fundamental Global has an ownership interest. The independent members of the Board of Directors approved these purchases and the Company made no payments to Fundamental Global related to these purchases. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events There were no subsequent events following the balance sheet date for which accounting and disclosure in these financial statements is required. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | Schedule II Ballantyne Strong, Inc. and Subsidiaries Valuation and Qualifying Accounts (in thousands) Balance at beginning of year Charged to costs and expenses Acquisitions Amounts Written off(1) Foreign Exchange Translation Balance at end of year Allowance for doubtful accounts: Year ended December 31, 2015 $ 679 $ 1,379 $ $ (110 ) $ (21 ) $ 1,927 Year ended December 31, 2014 703 92 (112 ) (4 ) 679 Year ended December 31, 2013 487 273 314 (363 ) (8 ) 703 Inventory reserves: Year ended December 31, 2015 $ 2,190 $ 1,970 $ $ (2,245 ) $ 65 $ 1,980 Year ended December 31, 2014 1,792 470 (71 ) (1 ) 2,190 Year ended December 31, 2013 1,494 323 597 (622 ) 1,792 (1) The deductions from reserves are net of recoveries. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Management Estimates | Use of Management Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results and changes in facts and circumstances may alter such estimates and affect results of operations and financial position in future periods. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when all of the following circumstances are satisfied: ● Persuasive evidence of an arrangement exists; ● Delivery has occurred or services have been rendered; ● The sellers price to the buyer is fixed or determinable; ● Collectability is reasonably assured. The Company recognizes revenue when these criteria have been met and when title and risk of loss transfers to the customer. If an arrangement involves multiple deliverables, the items are considered separate units of accounting if the items have value on a stand-alone basis and there is objective and reliable evidence of their fair values. Revenues from the arrangement are allocated to the separate units of accounting based on their objectively determined fair value. For services, revenue is recognized when the services have been rendered. Revenues from service and support contracts are deferred and recognized as earned ratably over the service coverage periods. Unbilled revenue represents revenue recognized in accordance with the Companys revenue recognition policy for which the invoice had not been processed and sent to the customer. Revenue is generally recognized upon shipment of the product; however, there are certain instances where revenue is deferred and recognized upon delivery or customer acceptance of the product as the Company legally retains the risk of loss on these transactions until such time. Estimates used in the recognition of revenues and cost of revenues include, but are not limited to, estimates for product warranties, price allowances and product returns. Costs related to revenues are recognized in the same period in which the specific revenues are recorded. Shipping and handling fees billed to customers are reported in revenue. Shipping and handling costs incurred by the Company are included in cost of sales. Estimates used in the recognition of revenues and cost of revenues include, but are not limited to, estimates for product warranties, price allowances and product returns. |
Cash and Cash Equivalents | Cash and Cash Equivalents All short-term, highly liquid financial instruments are classified as cash equivalents in the consolidated balance sheets and statements of cash flows. Generally, these instruments have maturities of three months or less from date of purchase. |
Marketable Securities | Marketable Securities The Companys marketable securities are comprised of investments in the common stock of a publicly traded company. Changes in fair value, based on the market price of the investees stock are recognized currently in other income in the consolidated statement of operations. The Company has elected the fair value option to account for the investment to more appropriately recognize the value of this investment in our consolidated financial statements. Marketable securities at fair value were as follows: December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Marketable securities $ 1,983 $ 118 $ $ 2,101 |
Equity Method Investments | Equity Method Investments In December 2015, the Company acquired 7.8% ownership in RELM Wireless Corp, (RELM) for $4.0 million. RELM is a publicly traded company that designs, manufactures and markets two-way land mobile radios, repeaters, base stations, and related components and subsystems. The Companys Chief Executive Officer is member of the board of directors of RELM, and controls entities that, when combined with the Companys ownership in RELM, own greater than 20% of RELM, providing the Company with significant influence over RELM, but not controlling interest. As a result of this significant influence, the Company accounts for its investment in RELM under the equity method. The Companys carrying value for RELM was $4.0 million as of December 31, 2015 and the Companys equity in earnings of RELM were not significant in 2015. Based on quoted market prices, the market value of the Companys ownership in RELM was $4.2 million at December 31, 2015. The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. The Company did not record any impairments related to its investments in 2015, 2014, or 2013. |
Accounts, Financing and Notes Receivable | Accounts, Financing and Notes Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company determines the allowance for doubtful accounts based on several factors, including overall customer credit quality, historical write-off experience and a specific analysis that projects the ultimate collectability of the account. As such, these factors may change over time causing the reserve level and bad debt expense to adjust accordingly. Beginning in October 1, 2013, with our acquisition of CMS in our digital media segment, sales-type lease revenue arrangements are included in services revenue in the Consolidated Statements of Operations. The arrangements are primarily related to sales of digital displays and have original lease terms ranging from 3 to 5 years. For sales-type/finance leases, the Company records an asset at lease inception. This asset is recorded at the aggregate future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed periodically, represent the estimated amount that the Company expects to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. The Company performs ongoing credit evaluations and provides an allowance for potential credit losses against the portion of financing receivables which is estimated to be uncollectible based on historical experience, current economic conditions, and managements evaluation of outstanding financing receivables. These factors may change over time causing the reserve level to adjust accordingly. There is currently no allowance for credit losses as management believes the entire balance will be collectible. The effective rate on these is 3.25%. Notes receivable are recorded at estimated fair value at December 31, 2015 and accrue interest at 15%. The Company estimates allowances for doubtful accounts based on the Companys best estimates of the amount of probable credit losses pertaining to the notes receivables, based on ongoing monitoring of the counterpartys financial position and results of operations. Past due accounts are written off for accounts, financing and notes receivable when our efforts have been unsuccessful in collecting amounts due. |
Inventories | Inventories Inventories are stated at the lower of cost (first-in, first-out) or market and include appropriate elements of material, labor and manufacturing overhead. Inventory balances are net of reserves of slow moving or obsolete inventory based on managements review of inventories on hand compared to estimated future usage and sales, technological changes and product pricing. Digital projection equipment is provided to potential customers for consignment and demonstration purposes under customer use agreements. Revenues are subsequently recorded in accordance with the Companys normal revenue recognition policies. Consignment inventory is reviewed for impairment by comparing the inventory to the estimated future usage and sales. Digital equipment on consignment amounted to approximately $0.1 million and $0.3 million at December 31, 2015 and 2014, respectively. |
Business Combinations | Business Combinations The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is often required in estimating the fair value of assets acquired, particularly intangible assets. As a result, in the case of significant acquisitions the Company normally obtains the assistance of third-party valuation specialists in estimating fair values of tangible and intangible assets. The fair value estimates are based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. |
Intangible Assets | Intangible Assets The Companys amortizable intangibles consist of trademarks, customer relationships, software and product formulation. The Company evaluates its intangible assets for impairment when there is evidence that events or circumstances indicate that the carrying amount of these assets may not be recoverable. Intangible assets with definite lives are amortized over their respective estimated useful lives to their estimated residual values. Significant judgments and assumptions are required in the impairment evaluations. See footnote 7 for further information regarding impairment on intangible assets taken in 2015. |
Goodwill | Goodwill Goodwill is not amortized and is tested for impairment at least annually, or whenever events or changes in circumstances indicate the carrying amount of the asset may be impaired. Significant judgment is involved in determining if an indicator of impairment has occurred. The Company may consider indicators such as deterioration in general economic conditions, adverse changes in the markets in which the reporting unit operates, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. The Company may first review for goodwill impairment by assessing qualitative factors to determine whether any impairment may exist. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative two-step test is required; otherwise, no further testing is required. However, the Company also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. Under the first step of the quantitative test, the fair value of each reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit exceeds its carrying value, step two is not performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and step two of the quantitative impairment test (measurement) is performed. Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting units goodwill over the fair value of that goodwill. The fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the fair value of the reporting unit goodwill. Goodwill at December 31, 2015 was recorded in connection with the acquisition of Peintures Elite, Inc. in 2013. A qualitative assessment was performed for the year ended December 31, 2015 and it was determined no events had occurred since the acquisition that would indicate an impairment was more likely than not. |
Property, Plant and Equipment | Property, Plant and Equipment Significant expenditures for the replacement or expansion of property, plant and equipment are capitalized. Depreciation of property, plant and equipment is provided over the estimated useful lives of the respective assets using the straight-line method. For financial reporting purposes, assets are depreciated over the estimated useful lives of 20 years for buildings and improvements, life of the related lease for leasehold improvements, 3 to 10 years for machinery and equipment, 7 years for furniture and fixtures and 3 years for computers and accessories. The Company generally uses accelerated methods of depreciation for income tax purposes. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of property, plant and equipment is based on managements estimates of future undiscounted cash flows and these estimates may vary due to a number of factors, some of which may be outside of managements control. To the extent that the Company is unable to achieve managements forecasts of future income, it may become necessary to record impairment losses for any excess of the net book value of property, plant and equipment over their fair value. The Company did not record any impairments related to property, plant and equipment in 2015, 2014, or 2013. The Company incurs maintenance costs on all of its major equipment. Repair and maintenance costs are expensed as incurred. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. The Company uses an estimate of its annual effective rate at each interim period based on the facts and circumstances at the time while the actual effective rate is calculated at year-end. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing whether the deferred tax assets are realizable management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Companys uncertain tax positions are evaluated in a two-step process, whereby 1) the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and 2) for those tax positions that meet the more likely than not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than fifty percent likely to be realized upon ultimate settlement with the related tax authority. The Company accrues interest and penalties related to uncertain tax positions in the statements of income as income tax expense. |
Other Taxes | Other Taxes Sales taxes assessed by governmental authorities including sales, use, and excise taxes are on a net basis and therefore the presentation of these taxes is excluded from revenues and is shown as a liability on the balance sheet until remitted to the appropriate taxing authorities. |
Research and Development | Research and Development Research and development related costs are charged to operations in the period incurred. Such costs amounted to approximately $0.1 million, $0.2 million and $0.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Advertising Costs | Advertising Costs Advertising and promotional costs are expensed as incurred and amounted to approximately $0.6 million, $0.5 million and $0.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Fair Value of Financial and Derivative Instruments | Fair Value of Financial and Derivative Instruments The Company follows the Financial Accounting Standards Board (FASB) issued authoritative guidance, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. As defined in the FASB guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The FASB guidance establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: ● Level 1 inputs to the valuation techniques are quoted prices in active markets for identical assets or liabilities ● Level 2 inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly ● Level 3 inputs to the valuation techniques are unobservable for the assets or liabilities The following tables present the Companys financial assets and liabilities measured at fair value based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 31, 2015 and 2014. Fair Values Measured on a Recurring Basis at December 31, 2015: Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents $ 22,070 $ $ $ 22,070 Marketable securities $ 2,101 $ $ $ 2,101 Notes receivable $ $ $ 1,669 $ 1,669 Fair Values Measured on a Recurring Basis at December 31, 2014: Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents $ 22,491 $ $ $ 22,491 Notes receivable $ $ $ 2,985 $ 2,985 Quantitative information about the Companys level 3 fair value measurements at December 31, 2015 is set forth below: $ in thousands Fair Value Valuation Technique Unobservable input Range Note receivable $ 1,669 Discounted cash flow Probability of default 55 % Discount rate 18 % The notes receivable are recorded at estimated fair value at December 31, 2015 and accrue interest at a rate of 15% per annum. During 2015, new information became available regarding the ability of the debtor to repay the interest on the notes receivable, which caused the Company to change the probability of default used in the discounted cash flow valuation from 0% to 55%. This resulted in a reduction to the fair value of notes receivable of $1.6 million during the year ended December 31, 2015. The significant unobservable inputs used in the fair value measurement of the Companys note receivable are discount rate and probability of default. Significant increases (decreases) in any of these inputs in isolation would result in a significantly lower (higher) fair value measurement. The following table reconciles the beginning and ending balance of the Companys notes receivable fair value: 2015 2014 (in thousands) Notes receivable balance, beginning of period $ 2,985 $ 2,497 Interest income accrued 279 488 Fair value adjustment (1,595 ) Notes receivable balance, end of period $ 1,669 $ 2,985 The carrying values of all other financial assets and liabilities including accounts receivable, accounts payable and accrued expenses reported in the consolidated balance sheets equal or approximate their fair values due to the short-term nature of these instruments. All non-financial assets that are not recognized or disclosed at fair value in the financial statements on a recurring basis, which includes non-financial long-lived assets, are measured at fair value in certain circumstances (for example, when there is evidence of impairment). During 2015, the Company did not have any significant non-recurring measurements of non-financial assets or liabilities. Based on quoted market prices, the market value of the Companys equity method investment was $4.2 million at December 31, 2015. |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share Basic earnings per share have been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted earnings per share has been computed on the basis of the weighted average number of shares of common stock outstanding after giving effect to potential common shares from dilutive stock options and certain non-vested shares of restricted stock. The following table provides reconciliation between basic and diluted earnings per share: 2015 2014 2013 (in thousands, except per share amounts) Basic earnings (loss) per share: Earnings (loss) applicable to common stock $ (17,467 ) $ (4 ) $ 163 Weighted average common shares outstanding 14,135 14,061 13,999 Basic earnings (loss) per share $ (1.24 ) $ 0.00 $ 0.01 Diluted earnings per share: Earnings (loss) applicable to common stock $ (17,467 ) $ (4 ) $ 163 Weighted average common shares outstanding 14,135 14,061 13,999 Assuming conversion of options and restricted stock awards outstanding 32 Weighted average common shares outstanding, as adjusted 14,135 14,061 14,031 Diluted earnings (loss) per share $ (1.24 ) $ 0.00 $ 0.01 Grants and options to purchase 419,025, 181,500 and 291,000 shares of common stock were outstanding as of December 31, 2015, 2014 and 2013, respectively, but were not included in the computation of diluted earnings per share as the options exercise price was greater than the average market price of the common shares for the respective periods. An additional 126,148 and 141,936 options and restricted stock units were excluded for the year ended December 31, 2015 and 2014, respectively, as their inclusion would be anti-dilutive, thereby decreasing the net loss per share. |
Stock Compensation Plans | Stock Compensation Plans The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated values on the date of grant. The Company uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise of stock options or vesting of restricted stock from new stock issuances. The Company estimates the fair value of restricted stock awards based upon the market price of the underlying common stock on the date of grant. The fair value of stock options granted is calculated using the Black-Scholes option pricing model. No share-based compensation cost was capitalized as a part of inventory as of December 31, 2015 and 2014. |
Post-Retirement Benefits | Post-Retirement Benefits The Company recognizes the overfunded or underfunded position of a defined benefit postretirement plan as an asset or liability in the balance sheet, measures the plans assets and its obligations that determine its funded status as of December 31, 2015 and recognizes the changes in the funded status through comprehensive income (loss) in the year in which the changes occur. |
Foreign Currency Translation | Foreign Currency Translation For foreign subsidiaries, the environment in which the business conducts operations is considered the functional currency, generally the local currency. The assets and liabilities of foreign subsidiaries are translated into the United States dollar at the foreign exchange rates in effect at the end of the period. Revenue and expenses of foreign subsidiaries are translated using an average of the foreign exchange rates in effect during the period. Translation adjustments are not included in determining net earnings but are presented in comprehensive income (loss) within the consolidated statements of comprehensive income. Transaction gains and losses that arise from foreign exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the consolidated statement of operations as incurred. Undistributed earnings of the Companys foreign subsidiaries totaling $22.0 million are considered to not be permanently reinvested and the applicable portion of accumulated other comprehensive income (loss) has been tax effected. The components of accumulated other comprehensive income (loss) related to the earnings of foreign subsidiaries that are considered to be indefinitely reinvested have not been tax effected. |
Warranty Reserves | Warranty Reserves Historically, the Company has generally granted a warranty to its customers for a one-year period following the sale of manufactured film projection equipment and on selected repaired equipment for a one-year period. In most instances, the digital products are covered by the manufacturing firms OEM warranty; however, there are certain customers where the Company may grant warranties in excess of the manufacturers warranty for digital products. The Company accrues for these costs at the time of sale. The following table summarizes warranty activity for the three years ended December 31, 2015. 2015 2014 2013 (in thousands) Warranty accrual at beginning of period $ 423 $ 662 $ 770 Charged to expense 535 332 349 Amounts written off, net of recoveries (611 ) (559 ) (473 ) Foreign currency translation adjustment (37 ) (12 ) 16 Warranty accrual at end of period $ 310 $ 423 $ 662 |
Contingencies | Contingencies The Company accrues for contingencies when its assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. The Companys estimates are based on currently available facts and its estimates of the ultimate outcome or resolution. Actual results may differ from the Companys estimates resulting in an impact, positive or negative, on earnings. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The guidance is effective for the Company beginning January 1, 2018. An entity may adopt this ASU either retrospectively or through a cumulative effect adjustment as of the start of the first period for which it applies the ASU. Early adoption is not permitted. The Company is currently evaluating the potential impact of adopting this guidance and has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 requires an entity utilizing the FIFO inventory method to change their measurement principle for inventory changes from the lower of cost or market to lower of cost and net realizable value. The guidance is effective for the Company beginning January 1, 2017. An entity must adopt this ASU prospectively and early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance and has not determined the effect of the standard on its ongoing financial reporting. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17). The standard amends the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will now be required to classify all deferred tax assets and liabilities as noncurrent. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. ASU 2015-17 may be either applied prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. The Company adopted ASU 2015-17 retrospectively effective December 31, 2015 and reclassified $3.5 million of current deferred tax assets to noncurrent deferred tax assets and netted $0.7 million of long term deferred tax liabilities with noncurrent deferred tax assets on the December 31, 2014 consolidated balance sheet. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). ASU 2016-01 requires equity investments that do not result in consolidation and are not accounted under the equity method to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements; clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entitys other deferred tax assets and modifies certain fair value disclosure requirements. ASU 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is not permitted. The adoption of ASU 2016-01 is not expected to have a material effect on the Companys consolidated financial statements. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Marketable Securities | Marketable securities at fair value were as follows: December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Marketable securities $ 1,983 $ 118 $ $ 2,101 |
Schedule of Fair Value Measured Financial Assets and Liabilities | Fair Values Measured on a Recurring Basis at December 31, 2015: Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents $ 22,070 $ $ $ 22,070 Marketable securities $ 2,101 $ $ $ 2,101 Notes receivable $ $ $ 1,669 $ 1,669 Fair Values Measured on a Recurring Basis at December 31, 2014: Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents $ 22,491 $ $ $ 22,491 Notes receivable $ $ $ 2,985 $ 2,985 |
Summary of Quantitative Information About Company's Level 3 Fair Value Measurements | Quantitative information about the Companys level 3 fair value measurements at December 31, 2015 is set forth below: $ in thousands Fair Value Valuation Technique Unobservable input Range Note receivable $ 1,669 Discounted cash flow Probability of default 55 % Discount rate 18 % |
Summary of Notes Receivable Reconciliation | The following table reconciles the beginning and ending balance of the Companys notes receivable fair value: 2015 2014 (in thousands) Notes receivable balance, beginning of period $ 2,985 $ 2,497 Interest income accrued 279 488 Fair value adjustment (1,595 ) Notes receivable balance, end of period $ 1,669 $ 2,985 |
Schedule of Reconciliation Between Basic and Diluted Earnings Per Share | The following table provides reconciliation between basic and diluted earnings per share: 2015 2014 2013 (in thousands, except per share amounts) Basic earnings (loss) per share: Earnings (loss) applicable to common stock $ (17,467 ) $ (4 ) $ 163 Weighted average common shares outstanding 14,135 14,061 13,999 Basic earnings (loss) per share $ (1.24 ) $ 0.00 $ 0.01 Diluted earnings per share: Earnings (loss) applicable to common stock $ (17,467 ) $ (4 ) $ 163 Weighted average common shares outstanding 14,135 14,061 13,999 Assuming conversion of options and restricted stock awards outstanding 32 Weighted average common shares outstanding, as adjusted 14,135 14,061 14,031 Diluted earnings (loss) per share $ (1.24 ) $ 0.00 $ 0.01 |
Schedule of Product Warranty Liability | The following table summarizes warranty activity for the three years ended December 31, 2015. 2015 2014 2013 (in thousands) Warranty accrual at beginning of period $ 423 $ 662 $ 770 Charged to expense 535 332 349 Amounts written off, net of recoveries (611 ) (559 ) (473 ) Foreign currency translation adjustment (37 ) (12 ) 16 Warranty accrual at end of period $ 310 $ 423 $ 662 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the assets acquired and liabilities assumed at the acquisition date. Amount of Identified Assets Acquired and Liabilities Assumed (in thousands) Current Assets $ 10,987 Property and equipment 4,989 Other Assets 3,686 Software 233 Goodwill Total acquired assets 19,895 Current liabilities 2,336 Long-term liabilities 137 Total liabilities assumed 2,473 Net assets acquired $ 17,422 |
Schedule of Business Acquisition, Pro Forma Information | The pro forma adjustments include the impact of depreciation and amortization of property and equipment and intangible assets acquired, interest expense on the acquisition debt and income tax benefits for tax effects of the foregoing adjustments to depreciation, amortization and interest expense. 2013 Revenue $ 129,737 Net income (loss) $ 1,041 Net income (loss) per share basic $ 0.07 Net income (loss) per share diluted $ 0.07 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: December 31, 2015 December 31, 2014 (in thousands) Raw materials and components $ 1,351 $ 2,281 Work in process 190 632 Finished goods 8,152 11,195 $ 9,693 $ 14,108 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment include the following: December 31, 2015 December 31, 2014 (in thousands) Land $ 1,596 $ 1,605 Buildings and improvements 8,989 10,203 Machinery and equipment 3,757 4,227 Office furniture and fixtures 4,153 3,713 Total properties cost 18,495 19,748 Less accumulated depreciation (6,727 ) (5,834 ) Net property, plant and equipment $ 11,768 $ 13,914 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Beginning and Ending Restructuring Balance Included in Accrued Expenses | The following reconciles the activity in the restructuring related severance accruals for the years ended December 31, 2015, 2014, and 2013, which are included in accrued expenses: 2015 Strategic Initiative 2013 Convergent related restructuring 2011 Corporate-wide Strategic Initiative Total Restructuring (in thousands) Balance, restructuring liability at December 31, 2012 $ $ $ 88 $ 88 Severance expense included in administrative expenses 1,417 1,417 Site closure costs included in administrative expenses 58 58 Severance paid (579 ) (88 ) (667 ) Balance, restructuring liability at December 31, 2013 896 896 Severance paid (709 ) (709 ) Balance, restructuring liability at December 31, 2014 187 187 Lease termination expense 219 219 Lease termination paid (219 ) (219 ) Severance expense 559 559 Severance paid (486 ) (187 ) (673 ) Balance, restructuring liability at December 31, 2015 73 $ $ $ 73 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following at December 31, 2015: Useful life Gross Accumulated amortization Net (Years) (in thousands) Intangible assets subject to amortization: Product formulation 10 440 (205 ) 235 Intangible assets consisted of the following at December 31, 2014: Useful life Gross Accumulated amortization Net (Years) (in thousands) Intangible assets subject to amortization: Customer relationships 4-9 $ 1,556 $ (1,538 ) $ 18 Software 3 905 (144 ) 761 Software in development 3 16 16 Product formulation 10 526 (153 ) 373 Total $ 3,003 $ (1,835 ) $ 1,168 |
Schedule of Intangible Assets Future Amortization Expense | The following table shows the Companys estimated future amortization expense related to intangible assets for the next five years. Amount (in thousands) 2016 $ 62 2017 51 2018 41 2019 30 2020 21 Thereafter 30 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | All of the Companys goodwill is related to the Cinema segment. The following represents a summary of changes in the Companys carrying amount of goodwill (in thousands): Balance as of December 31, 2013 $ 1,123 Foreign currency translation (94 ) Balance as of December 31, 2014 $ 1,029 Foreign currency translation (166 ) Balance as of December 31, 2015 $ 863 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | The major components of current accrued expenses are as follows: December 31, 2015 December 31, 2014 (in thousands) Employee related $ 1,526 $ 1,797 Legal and professional fees 158 265 Lease expenses 281 86 Warranty obligation 310 423 Joint venture excess distributions 502 596 Interest and taxes 644 575 Post-retirement benefit obligation 27 17 Severance and benefits 245 303 Other 407 304 Total $ 4,100 $ 4,366 |
Schedule of Long Term Accrued Liabilities | The major components of long-term accrued expenses are as follows: December 31, 2015 December 31, 2014 (in thousands) Post-retirement benefit obligation $ 318 $ 213 Employee related 353 Rent and leasehold improvements 1,263 1,184 Other 26 Total $ 1,581 $ 1,776 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) before income taxes consists of: 2015 2014 2013 (in thousands) United States $ (16,630 ) $ (9,774 ) $ (5,916 ) Foreign 12,164 9,305 6,867 $ (4,466 ) $ (469 ) $ 951 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) attributable to income from continuing operations consists of: 2015 2014 2013 (in thousands) Federal: Current $ 1,538 $ 592 $ 218 Deferred 7,348 (3,333 ) (1,141 ) Total 8,886 (2,741 ) (923 ) State: Current (1,301 ) 316 (62 ) Deferred 635 (589 ) (86 ) Total (666 ) (273 ) (148 ) Foreign: Current 3,597 3,196 1,661 Deferred 1,184 (647 ) 198 Total 4,781 2,549 1,859 $ 13,001 $ (465 ) $ 788 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense attributable to income (loss) from continuing operations differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income from continuing operations as follows: 2015 2014 2013 Amount % Amount % Amount % (in thousands) Expected federal income tax expense (benefit) $ (1,519 ) (34.0 ) $ (160 ) (34.0 ) $ 323 34.0 State income taxes, net of federal benefit (333 ) (7.4 ) (153 ) (32.5 ) (88 ) (9.3 ) Foreign tax rates varying from 34% (830 ) (18.6 ) (623 ) (132.7 ) (489 ) (51.4 ) Change in foreign reinvestment strategy 6,650 148.9 429 91.4 1,038 109.2 Valuation allowance 9,081 203.3 Other (48 ) (1.1 ) 42 8.7 4 0.4 Total $ (13,001 ) (291.1 ) $ (465 ) (99.1 ) $ 788 82.9 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities were comprised of the following: December 31, 2015 2014 Deferred tax assets: (in thousands) Deferred revenue $ 1,567 $ 2,028 Non-deductible accruals 330 528 Inventory reserves 550 768 Stock compensation expense 215 289 Warranty reserves 107 130 Uncollectible receivable reserves 608 231 Accrued group health insurance claims 137 120 Restructuring reserves 89 111 Net operating losses 6,995 646 Fair value adjustment to notes receivable 637 Foreign tax credits 2,867 2,854 Depreciation and amortization 448 707 Accumulated other comprehensive income 1,745 276 Other (11 ) 8 Net deferred tax assets 16,284 8,696 Valuation allowance (9,081 ) Net deferred tax assets after valuation allowance 7,203 8,696 Deferred tax liabilities: Depreciation and amortization 494 444 Equity in income (loss) of equity method investments (47 ) (51 ) Intangibles 238 Cash repatriation 8,472 329 Net deferred tax liabilities 8,919 960 Net deferred tax assets (liabilities) $ (1,716 ) $ 7,736 |
Financing Receivable (Tables)
Financing Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Capital Leases, Net Investment in Direct Financing and Sales Type Leases [Abstract] | |
Schedule of Sales-type Lease Receivables | The following table presents sales-type lease receivables. December 31, 2015 December 31, 2014 (in thousands) Investment in sales-type leases Current $ 1,185 $ 1,372 Noncurrent 198 1,383 |
Schedule of Maturities of Minimum Lease Payments Outstanding | Scheduled maturities of minimum lease payments outstanding at December 31, 2015, are as follows: Years ending: Scheduled Payments (in thousands) December 31, 2016 $ 1,185 December 31, 2017 198 Total $ 1,383 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of Amounts Included in Deferred Revenue Related to Extended Warranties | The following summarizes the amounts included in deferred revenue related to extended warranties. December 31, 2015 December 31, 2014 (in thousands) Extended warranty deferrals expected to be recognized within one year $ 895 $ 715 Extended warranty deferrals expected to be recognized after one year 1,108 2,003 Total revenue deferred for extended warranty $ 2,003 $ 2,718 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The Company recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense included in selling and administrative expenses approximates the following: 2015 2014 2013 (in thousands) Share based compensation expense $ 501 $ 427 $ 461 |
Schedule of Weighted Average Fair Value Assumptions Used in Grant Date Fair Value of Purchase Rights Outstanding | The fair value of each stock option granted is estimated on the date of grant using a Black-Scholes valuation model with the following weighted average assumptions: 2015 2013 Expected dividend yield at date of grant 0.00 % 0.00 % Risk-free interest rate 1.87 % 0.90 % Expected stock price volatility 32.06 % 58.50 % Expected life of options (in years) 6.0 5.5 |
Summary of Stock Options Activities | The following table summarizes the Companys activities with respect to its stock options: Number of Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding at December 31, 2014 181,500 $ 5.56 6.77 $ 13 Granted 383,300 4.33 Exercised Forfeited (114,000 ) 6.21 Outstanding at December 31, 2015 450,800 $ 4.48 9.21 $ 131 Exercisable at December 31, 2015 103,300 $ 4.38 7.76 $ 36 |
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity: Number of Restricted Stock Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2014 264,793 $ 3.93 Granted 140,708 4.38 Shares vested (116,316 ) 4.18 Shares forfeited (158,827 ) 3.83 Nonvested at December 31, 2015 130,358 $ 4.30 |
Foreign Exchange Contracts (Tab
Foreign Exchange Contracts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Realized and Unrealized Gains from Foreign Currency Forward Exchange Contracts | The Company recognized in other income, the following realized and unrealized gains from foreign currency forward exchange contracts: (in thousands) Classification 2015 2014 2013 Foreign exchange forward contracts Other Income (Loss) $ $ (145 ) $ (380 ) |
Compensation and Benefit Plans
Compensation and Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Plan’s Benefit Obligations | The following table sets forth the Plans benefit obligations, fair value of plan assets, and funded status at December 31, 2015 and 2014: 2015 2014 (in thousands) Reconciliation of benefit obligation Benefit obligation at January 1 $ 230 $ 214 Interest cost 8 8 Benefits paid (92 ) (28 ) Contributions by plan participants 4 4 Actuarial (gain) loss 49 32 Benefit obligation at December 31 199 230 Fair value of plan assets at December 31 Funded status at end of year $ (199 ) $ (230 ) Amounts recognized in the balance sheet consist of: Noncurrent assets $ $ Current liabilities (18 ) (17 ) Noncurrent liabilities (180 ) (213 ) Accumulated other comprehensive income (74 ) (139 ) Net amount recognized $ (272 ) $ (369 ) |
Summary of Amounts Recognized in Accumulated Other Comprehensive Income | Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2015 and 2014 consists of: 2015 2014 (in thousands) Prior service cost (credit) $ (254 ) $ (278 ) Net actuarial gain 180 139 Total accumulated other comprehensive income $ (74 ) $ (139 ) |
Summary of Net Periodic Benefit Cost Recognized | Net periodic benefit cost recognized in the years ended December 31, 2015, 2014 and 2013 was: 2015 2014 2013 (in thousands) Interest cost $ 8 $ 8 $ 18 Prior service credit (24 ) (24 ) Amortization of gain 7 6 7 Net periodic benefit cost recognized $ (9 ) $ (10 ) $ 25 |
Summary of Benefit Obligations Recognized in Accumulated Other Comprehensive Income | Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income (loss) in the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 (in thousands) Net actuarial gain $ 48 $ 33 $ 165 Prior service cost for plan amendment (302 ) Prior service credit 24 24 Amortization of (gain) loss (7 ) (6 ) (7 ) Total recognized in accumulated other comprehensive income (loss) $ 65 $ 51 $ (144 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income (loss) $ 56 $ 41 $ (119 ) |
Summary of Assumed Health Care Cost Trend Rates | Assumed health care trend rates have a significant effect on the amounts reported for health care plans. A 1% change in assumed health care cost trend rates would have the following effects: 1% Increase 1% Decrease ( in thousands) Effect on total service and interest cost components of periodic postretirement health care benefit cost $ 1 $ (1 ) Effect on the health care component of the accumulated postretirement benefit obligation $ 28 $ (23 ) |
Summary of Benefits Expected to be Paid from the Postretirement Benefit Plan | The benefits expected to be paid from the postretirement benefit plan are as follows: 2016 2017 2018 2019 2020 2021-2025 (in thousands) Benefits expected to be paid $ 18 $ 20 $ 10 $ 10 $ 11 $ 56 |
Benefit Obligations [Member] | |
Summary of Weighted Average Assumptions Used | Weighted average assumptions used to determine benefit obligations at December 31, 2015, 2014 and 2013 were as follows: December 31, 2015 2014 2013 Discount rate 3.95 % 3.65 % 4.45 % Rate of compensation increase N/A N/A N/A Health care cost trend rate 5.90 % 6.20 % 6.50 % |
Net Periodic Postretirement Benefit Cost [Member] | |
Summary of Weighted Average Assumptions Used | Weighted average assumptions used to determine net periodic postretirement benefit cost for the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Discount rate 3.65 % 4.45 % 3.60 % Expected long-term rate of return on plan assets N/A N/A N/A Rate of compensation increase N/A N/A N/A Health care cost trend rate 6.20 % 6.50 % 8.10 % |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Operating Leases Future Minimum Lease Payments | The Companys future minimum lease payments are as follows: Year Ending December 31, Capital Leases Operating Leases (In thousands) 2016 $ 319 $ 622 2017 290 451 2018 248 398 2019 131 368 2020 350 Thereafter 636 Total minimum lease payments 988 $ 2,825 Less: Amount representing interest 49 Present value of minimum lease payments 939 Less: Current maturities 223 Capital lease obligations, net of current portion $ 716 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Summary by Business Segments Year ended December 31, 2015 2014 2013 (in thousands) Net Revenue: Cinema $ 62,199 $ 63,781 $ 85,451 Digital Media 31,837 32,494 19,105 Total segment net revenue 94,036 96,275 104,556 Eliminations (1,207 ) (1,189 ) (946 ) Total net revenue 92,829 95,086 103,610 Operating income (loss): Cinema 7,317 6,119 7,864 Digital Media (1,024 ) (24 ) 1,100 Total segment operating income 6,293 6,095 8,964 Unallocated general and administrative expenses (10,822 ) (7,910 ) (8,857 ) Gain (loss) on sale or disposal of assets: Cinema $ (370 ) $ (3 ) $ (13 ) Digital Media (55 ) 13 5 Total gain (loss) on sale or disposal of assets (425 ) 10 (8 ) Income (loss) from operations (4,954 ) (1,805 ) 99 Equity in income (loss) of equity method investments Cinema $ 96 $ 78 $ (25 ) Other income (expense) Cinema $ 227 $ 483 $ (25 ) Cinema fair value adjustment to notes receivable (1,595 ) Cinema foreign currency transaction gain (loss) 1,875 825 850 Digital Media foreign currency transaction gain (loss) (263 ) (214 ) Digital Media 30 164 52 Corporate asset 118 Total other income $ 392 $ 1,258 $ 877 Income (loss) before taxes $ (4,466 ) $ (469 ) $ 951 Year ended December 31, 2015 2014 2013 (in thousands) Expenditures on capital equipment: Cinema $ 143 $ 442 $ 370 Digital Media 299 1,540 165 Total expenditures on capital equipment $ 442 $ 1,982 $ 535 Depreciation, amortization and impairment: Cinema $ 1,545 $ 1,208 $ 1,308 Digital Media 1,425 716 203 Total depreciation, amortization and impairment $ 2,970 $ 1,924 $ 1,511 |
Reconciliation of Assets from Segment to Consolidated | December 31, 2015 2014 (in thousands) Identifiable assets Cinema $ 45,443 $ 64,083 Digital Media 15,319 25,272 Corporate assets 6,102 Total $ 66,864 $ 89,355 |
Schedule of Segment Reporting Information by Geographic Area | 2015 2014 2013 (in thousands) Net revenue United States $ 60,615 $ 62,149 $ 67,348 China 18,180 14,010 16,580 Canada 5,074 5,661 3,709 South America 3,540 8,288 11,788 Mexico 2,870 2,718 1,254 Europe 1,569 1,189 1,216 Asia (excluding China) 474 910 843 Other 507 161 872 Total $ 92,829 $ 95,086 $ 103,610 |
Summary of Identifiable Assets by Geographical Area | December 31, 2015 2014 (in thousands) Identifiable assets United States $ 32,783 $ 59,988 Canada 25,698 19,305 China 7,051 7,002 Asia (excluding China) 1,332 3,060 Total $ 66,864 $ 89,355 |
Quarterly Financial Data (Una50
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of the Unaudited Quarterly Results of Operations | The following is a summary of the unaudited quarterly results of operations for 2015 and 2014. 2015 2014 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net revenue $ 22,470 $ 19,723 $ 23,512 $ 27,124 $ 22,021 $ 22,027 $ 22,664 $ 28,374 Gross profit 4,261 3,676 3,968 5,682 4,216 4,247 4,057 5,640 Net earnings (loss) (10,164 ) (2,919 ) (3,201 ) (1,183 ) (594 ) 381 (109 ) 318 Basic and diluted earnings (loss) per share: Basic(1) (0.72 ) (0.21 ) (0.23 ) (0.08 ) (0.04 ) 0.03 (0.01 ) 0.02 Diluted(1) (0.72 ) (0.21 ) (0.23 ) (0.08 ) (0.04 ) 0.03 (0.01 ) 0.02 Stock price: High 5.05 5.13 4.88 4.87 5.15 4.89 4.69 4.50 Low 4.01 4.00 3.42 4.24 4.46 3.76 3.65 3.79 (1) Earnings per share is computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. |
Schedule II Valuation and Qua51
Schedule II Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation Allowance Accounts for Inventory and Receivables | Balance at beginning of year Charged to costs and expenses Acquisitions Amounts Written off(1) Foreign Exchange Translation Balance at end of year Allowance for doubtful accounts: Year ended December 31, 2015 $ 679 $ 1,379 $ $ (110 ) $ (21 ) $ 1,927 Year ended December 31, 2014 703 92 (112 ) (4 ) 679 Year ended December 31, 2013 487 273 314 (363 ) (8 ) 703 Inventory reserves: Year ended December 31, 2015 $ 2,190 $ 1,970 $ $ (2,245 ) $ 65 $ 1,980 Year ended December 31, 2014 1,792 470 (71 ) (1 ) 2,190 Year ended December 31, 2013 1,494 323 597 (622 ) 1,792 (1) The deductions from reserves are net of recoveries. |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity method investments amount | $ 4,001 | ||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 3.25% | ||
Time Sharing Transactions, Weighted Average of Stated Interest Rates for Notes Receivable | 15.00% | ||
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross | $ 100 | $ 300 | |
Research and Development Expense | 100 | 200 | $ 100 |
Advertising Expense | 600 | $ 500 | $ 500 |
Fair value of notes receivable | $ 1,595 | ||
Percentage of discounted cash flow valuation | 55.00% | 0.00% | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 126,148 | 141,936 | |
Foreign currency translation other comprehensive income (loss) | $ 22,000 | ||
Warranty periods | 1 year | ||
Adopted ASU 2015-17 [Member] | |||
Current deferred tax assets reclassified to noncurrent deferred tax assets | $ 3,500 | ||
Noncurrent deferred tax liabilities reclassified as an offset to noncurrent deferred tax assets | $ 700 | ||
OptionExercisePrice in Excess of Average Market Price [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 419,025 | ||
OptionExercisePrice in Excess of Average Market Price [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 181,500 | 291,000 | |
Buildings and improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Office Furniture and Fixtures [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Computers and Accessories [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | |||
Lease Terms | 3 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Lease Terms | 5 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Relm Wireless Corp [Member] | |||
Equity ownership interest rate percentage | 7.80% | ||
Equity method investments amount | $ 4,000 | ||
Equity method investment, aggregate cost | 4,000 | ||
Quoted market value of the Company’s ownership | $ 4,200 | ||
Relm Wireless Corp [Member] | Chief Executive Officer [Member] | Minimum [Member] | |||
Minimum combined ownership interest | 20.00% |
Summary of Signficant Accountin
Summary of Signficant Accounting Policies - Schedule of Marketable Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Marketable securities Cost | $ 1,983 |
Marketable securities Estimated Fair Value | 2,101 |
Marketable Securities [Member] | Unrealized Gains [Member] | |
Marketable securities Gross Unrealized Gains Loss | $ 118 |
Marketable Securities [Member] | Unrealized Losses [Member] | |
Marketable securities Gross Unrealized Gains Loss |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Schedule of Fair Value Measured Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | $ 22,070 | $ 22,491 |
Marketable securities | 2,101 | |
Notes receivable | 1,669 | 2,985 |
Level 1 [Member] | ||
Cash and cash equivalents | 22,070 | $ 22,491 |
Marketable securities | $ 2,101 | |
Notes receivable | ||
Level 2 [Member] | ||
Cash and cash equivalents | ||
Marketable securities | ||
Notes receivable | ||
Level 3 [Member] | ||
Cash and cash equivalents | ||
Marketable securities | ||
Notes receivable | $ 1,669 | $ 2,985 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Summary of Quantitative Information About Company's Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note receivable | $ 1,669 | $ 2,985 |
Probability of default | 55.00% | 0.00% |
Level 3 [Member] | ||
Note receivable | $ 1,669 | $ 2,985 |
Valuation Technique | Discounted cash flow | |
Probability of default | 55.00% | |
Discount rate | 18.00% |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Summary of Notes Receivable Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Note Receivable balance, beginning of period | $ 2,985 | $ 2,497 | |
Interest income accrued | 279 | $ 488 | |
Fair value adjustment | (1,595) | ||
Note Receivable balance, end of period | $ 1,669 | $ 2,985 | $ 2,497 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Schedule of Reconciliation Between Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2014 | [1] | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||||||||||||||||||
Earnings (loss) applicable to common stock | $ (17,467) | $ (4) | $ 163 | ||||||||||||||||
Weighted average common shares outstanding | 14,135,000 | 14,061,000 | 13,999,000 | ||||||||||||||||
Basic earnings (loss) per share | $ (0.08) | $ (0.23) | $ (0.21) | $ (0.72) | $ 0.02 | $ (0.01) | $ 0.03 | $ (0.04) | $ (1.24) | $ 0 | $ 0.01 | ||||||||
Earnings (loss) applicable to common stock | $ (17,467) | $ (4) | $ 163 | ||||||||||||||||
Weighted average common shares outstanding | 14,135,000 | 14,061,000 | 13,999,000 | ||||||||||||||||
Assuming conversion of options and restricted stock awards outstanding | 32 | ||||||||||||||||||
Weighted average common shares outstanding, as adjusted | 14,135,000 | 14,061,000 | 14,031,000 | ||||||||||||||||
Diluted earnings (loss) per share | $ (0.08) | $ (0.23) | $ (0.21) | $ (0.72) | $ 0.02 | $ (0.01) | $ 0.03 | $ (0.04) | $ (1.24) | $ 0 | $ 0.01 | ||||||||
[1] | Earnings per share is computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Warranty accrual at beginning of period | $ 423 | $ 662 | $ 770 |
Charged to expense | 535 | 332 | 349 |
Amounts written off, net of recoveries | (611) | (559) | (473) |
Foreign currency translation adjustment | (37) | (12) | 16 |
Warranty accrual at end of period | $ 310 | $ 423 | $ 662 |
Acquisitions (Details Narrative
Acquisitions (Details Narrative) - USD ($) $ in Thousands | Oct. 01, 2013 | Sep. 13, 2013 | Dec. 31, 2013 |
Peintures Elite Inc [Member] | |||
Payments to acquire businesses, gross | $ 1,700 | ||
Goodwill, acquired during period | 1,200 | ||
Amortizable other intangibles, acquired during period | $ 600 | ||
CMS [Member] | |||
Payments to acquire businesses, gross | $ 17,400 | ||
Goodwill, acquired during period | 0 | ||
Business acquisition cost of acquired entity purchase price before working capital adjustments | 16,000 | ||
Cash acquired from acquisition | $ 400 | ||
Business combination, pro forma information, revenue of acquiree since acquisition date, actual | $ 7,100 | ||
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual | 1,000 | ||
Business acquisition, transaction costs | $ 600 |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - CMS [Member] $ in Thousands | Oct. 02, 2013USD ($) |
Current Assets | $ 10,987 |
Property and equipment | 4,989 |
Other Assets | 3,686 |
Software | $ 233 |
Goodwill | |
Total acquired assets | $ 19,895 |
Current liabilities | 2,336 |
Long-term liabilities | 137 |
Total liabilities assumed | 2,473 |
Net assets acquired | $ 17,422 |
Acquisitions - Business Acquisi
Acquisitions - Business Acquisition, Pro Forma Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($)$ / shares | |
Business Combinations [Abstract] | |
Revenue | $ | $ 129,737 |
Net income (loss) | $ | $ 1,041 |
Net income (loss) per share – basic | $ / shares | $ 0.07 |
Net income (loss) per share – diluted | $ / shares | $ 0.07 |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Inventory Valuation Reserves | $ 2,000 | $ 2,300 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials and components | $ 1,351 | $ 2,281 |
Work in process | 190 | 632 |
Finished goods | 8,152 | 11,195 |
Inventories net | $ 9,693 | $ 14,108 |
Property, Plant and Equipment64
Property, Plant and Equipment (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 2,100 | $ 1,700 | $ 1,400 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 18,495 | $ 19,748 |
Less accumulated depreciation | (6,727) | (5,834) |
Net property, plant and equipment | 11,768 | 13,914 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,596 | 1,605 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,989 | 10,203 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,757 | 4,227 |
Office Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,153 | $ 3,713 |
Restructuring Activities (Detai
Restructuring Activities (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Severance costs | $ 559 | $ 1,417 | ||
Lease termination costs | 219 | |||
Restructuring Charges | $ 58 | |||
2015 Strategic Initiative [Member] | ||||
Severance costs | 559 | |||
Lease termination costs | 219 | |||
2015 Strategic Initiative [Member] | Administrative Expenses [Member] | ||||
Severance costs | 600 | |||
Lease termination costs | $ 200 | |||
2013 Convergent Related Restructuring [Member] | ||||
Severance costs | $ 1,417 | |||
Lease termination costs | ||||
Restructuring Charges | $ 58 | |||
2011 Corporate Wide Strategic Initiative [Member] | ||||
Severance costs | ||||
Lease termination costs | ||||
Restructuring Charges | $ 1,400 | |||
Expected To Incur In Relation To Integration [Member] | 2013 Convergent Related Restructuring [Member] | ||||
Severance costs | $ 1,500 |
Restructuring Activities - Sche
Restructuring Activities - Schedule of Beginning and Ending Restructuring Balance Included in Accrued Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Balance, restructuring liability at December 31 | $ 187 | $ 896 | $ 88 | |
Severance expense included in administrative expenses | 559 | 1,417 | ||
Site closure costs included in administrative expenses | 58 | |||
Severance paid | (673) | (709) | $ 667 | |
Lease termination expense | 219 | |||
Lease termination paid | (219) | |||
Balance, restructuring liability at December 31 | $ 73 | $ 187 | $ 896 | $ 896 |
2015 Strategic Initiative [Member] | ||||
Balance, restructuring liability at December 31 | ||||
Severance expense included in administrative expenses | $ 559 | |||
Severance paid | (486) | |||
Lease termination expense | 219 | |||
Lease termination paid | (219) | |||
Balance, restructuring liability at December 31 | 73 | |||
2013 Convergent Related Restructuring [Member] | ||||
Balance, restructuring liability at December 31 | 187 | $ 896 | ||
Severance expense included in administrative expenses | $ 1,417 | |||
Site closure costs included in administrative expenses | 58 | |||
Severance paid | $ (187) | $ (709) | $ (579) | |
Lease termination expense | ||||
Lease termination paid | ||||
Balance, restructuring liability at December 31 | $ 187 | $ 896 | $ 896 | |
2011 Corporate Wide Strategic Initiative [Member] | ||||
Balance, restructuring liability at December 31 | $ 88 | |||
Severance expense included in administrative expenses | ||||
Site closure costs included in administrative expenses | $ 1,400 | |||
Severance paid | $ (88) | |||
Lease termination expense | ||||
Lease termination paid | ||||
Balance, restructuring liability at December 31 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 300 | $ 300 | $ 100 |
Assets impairment charges | 638 | ||
Gross amount of intangible assets impaired, before considering accumulated amortization | $ 900 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible assets, Gross | $ 3,003 | |
Intangible assets, Accumulated amortization | (1,835) | |
Intangible assets, Net | $ 1,168 | |
Production Formulation [Member] | ||
Intangible assets, Useful life | 10 years | 10 years |
Intangible assets, Gross | $ 440 | $ 526 |
Intangible assets, Accumulated amortization | (205) | (153) |
Intangible assets, Net | $ 235 | 373 |
Customer Relationships [Member] | ||
Intangible assets, Gross | 1,556 | |
Intangible assets, Accumulated amortization | (1,538) | |
Intangible assets, Net | $ 18 | |
Customer Relationships [Member] | Minimum [Member] | ||
Intangible assets, Useful life | 4 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Intangible assets, Useful life | 9 years | |
Software [Member] | ||
Intangible assets, Useful life | 3 years | |
Intangible assets, Gross | $ 905 | |
Intangible assets, Accumulated amortization | (144) | |
Intangible assets, Net | $ 761 | |
Software in Development [Member] | ||
Intangible assets, Useful life | 3 years | |
Intangible assets, Gross | $ 16 | |
Intangible assets, Accumulated amortization | ||
Intangible assets, Net | $ 16 |
Intangible Assets - Schedule 70
Intangible Assets - Schedule of Intangible Assets Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 62 |
2,017 | 51 |
2,018 | 41 |
2,019 | 30 |
2,020 | 21 |
Thereafter | $ 30 |
Goodwill - Summary of Changes i
Goodwill - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance | $ 1,029 | $ 1,123 |
Foreign currency translation | (166) | (94) |
Balance | $ 863 | $ 1,029 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Employee related | $ 1,526 | $ 1,797 |
Legal and professional fees | 158 | 265 |
Lease expenses | 281 | 86 |
Warranty obligation | 310 | 423 |
Joint venture excess distributions | 502 | 596 |
Interest and taxes | 644 | 575 |
Post-retirement benefit obligation | 27 | 17 |
Severance and benefits | 245 | 303 |
Other | 407 | 304 |
Total | $ 4,100 | $ 4,366 |
Accrued Expenses - Schedule o73
Accrued Expenses - Schedule of Long Term Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Post-retirement benefit obligation | $ 318 | $ 213 |
Employee related | 353 | |
Rent and leasehold improvements | $ 1,263 | 1,184 |
Other | 26 | |
Total | $ 1,581 | $ 1,776 |
Debt (Details Narrative)
Debt (Details Narrative) $ in Thousands | Dec. 31, 2014USD ($) |
Revolving Credit Facility [Member] | Wells Fargo Bank [Member] | |
Note 11 - Debt (Details) [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation allowance | $ (9,081) | |
Deferred tax assets, operating loss carryforwards | 6,995 | $ 646 |
Income Taxes on Accumulated by Undistributed Earnings for Foreign Subsidiaries | 8,500 | |
Undistributed Earnings of Foreign Subsidiaries, Not to be Permanently Reinvested | 22,000 | |
Deferred Tax Assets Undistributed Foreign Earnings | 8,500 | |
Federal and State Tax Purposes [Member] | ||
Deferred tax assets, operating loss carryforwards | $ 6,700 | |
Operating loss carryforwards expiration descriptions | expiring at various times in 2023 through 2025 | |
Foreign Tax Authority [Member] | ||
Tax credit carryforward, amount | $ 2,900 | |
Undistributed Earnings of Foreign Subsidiaries, Not to be Permanently Reinvested | 20,800 | |
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | ||
Deferred tax assets, operating loss carryforwards | $ 300 | |
Operating loss carryforwards expiration descriptions | expiring at various times beginning 2018 through 2019. |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (16,630) | $ (9,774) | $ (5,916) |
Foreign | 12,164 | 9,305 | 6,867 |
Total | $ (4,466) | $ (469) | $ 951 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal: Current | $ 1,538 | $ 592 | $ 218 |
Federal: Deferred | 7,348 | (3,333) | (1,141) |
Federal: Total | 8,886 | (2,741) | (923) |
State: Current | (1,301) | 316 | (62) |
State: Deferred | 635 | (589) | (86) |
State: Total | (666) | (273) | (148) |
Foreign: Current | 3,597 | 3,196 | 1,661 |
Foreign: Deferred | 1,184 | (647) | 198 |
Foreign: Total | 4,781 | 2,549 | 1,859 |
Income tax expense (benefit) | $ 13,001 | $ (465) | $ 788 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Expected federal income tax expense (benefit) | $ (1,519) | $ (160) | $ 323 |
State income taxes, net of federal benefit | (333) | (153) | (88) |
Foreign tax rates varying from 34% | (830) | (623) | (489) |
Change in foreign reinvestment strategy | 6,650 | $ 429 | $ 1,038 |
Valuation allowance | 9,081 | ||
Other | (48) | $ 42 | $ 4 |
Income tax expense (benefit) | $ 13,001 | $ (465) | $ 788 |
Expected federal income tax expense (benefit) | (34.00%) | (34.00%) | 34.00% |
State income taxes, net of federal benefit | (7.40%) | (32.50%) | (9.30%) |
Foreign tax rates varying from 34% | (18.60%) | (132.70%) | (51.40%) |
Change in foreign reinvestment strategy | 148.90% | 91.40% | 109.20% |
Valuation allowance | 203.30% | 0.00% | 0.00% |
Other | (1.10%) | 8.70% | 0.40% |
Total | (291.10%) | (99.10%) | 82.90% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Deferred revenue | $ 1,567 | $ 2,028 |
Non-deductible accruals | 330 | 528 |
Inventory reserves | 550 | 768 |
Stock compensation expense | 215 | 289 |
Warranty reserves | 107 | 130 |
Uncollectible receivable reserves | 608 | 231 |
Accrued group health insurance claims | 137 | 120 |
Restructuring reserves | 89 | 111 |
Net operating losses | 6,995 | $ 646 |
Fair value adjustment to notes receivable | 637 | |
Foreign tax credits | 2,867 | $ 2,854 |
Depreciation and amortization | 448 | 707 |
Accumulated other comprehensive income | 1,745 | 276 |
Other | (11) | 8 |
Net deferred tax assets | 16,284 | $ 8,696 |
Valuation allowance | (9,081) | |
Net deferred tax assets after valuation allowance | 7,203 | $ 8,696 |
Depreciation and amortization | 494 | 444 |
Equity in income (loss) of equity method investments | $ (47) | (51) |
Intangibles | 238 | |
Cash repatriation | $ 8,472 | 329 |
Net deferred tax liabilities | 8,919 | 960 |
Net deferred tax assets | $ (1,716) | $ 7,736 |
Financing Receivable - Schedule
Financing Receivable - Schedule of Sales-type Lease Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Current | $ 1,185 | $ 1,372 |
Noncurrent | $ 198 | $ 1,383 |
Financing Receivable - Schedu81
Financing Receivable - Schedule of Maturities of Minimum Lease Payments Outstanding (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Receivables [Abstract] | |
December 31, 2016 | $ 1,185 |
December 31, 2017 | 198 |
Total | $ 1,383 |
Notes Receivable (Details Narra
Notes Receivable (Details Narrative) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2011 | |
Time sharing transactions, weighted average of stated interest rates for notes receivable | 15.00% | |
Unpaid Interest Accrual Rate [Member] | ||
Time sharing transactions, weighted average of stated interest rates for notes receivable | 15.00% |
Deferred Revenue (Details Narra
Deferred Revenue (Details Narrative) $ in Thousands | Dec. 31, 2015USD ($) |
Extended Warranties [Member] | 2016 [Member] | |
Expected revenue recogization | $ 900 |
Deferred Revenue - Schedule of
Deferred Revenue - Schedule of Amounts Included in Deferred Revenue Related to Extended Warranties (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Revenue Disclosure [Abstract] | ||
Extended warrantydeferrals expected to be recognized within one year | $ 895 | $ 715 |
Extended warranty deferralsexpected to be recognized after one year | 1,108 | 2,003 |
Total revenue deferred for extended warranty | $ 2,003 | $ 2,718 |
Stock Compensation (Details Nar
Stock Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2005 | |
Number of shares granted | 383,300 | 0 | 22,500 | |
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value | $ 1.44 | $ 1.85 | ||
Share-based compensation arrangement by share-based payment award, options, nonvested, number | 347,500 | |||
Total unrecognized compensation cost related to stock option awards | $ 500 | |||
Compensation cost expected to be recognized, weighted average period | 4 years 10 months 24 days | |||
Restricted Stock [Member] | ||||
Share-based compensation arrangement by share-based payment award, weighted average grant date fair value of restricted stock awarded | $ 4.38 | $ 3.86 | $ 4.28 | |
Total unrecognized compensation cost related to stock option awards | $ 400 | |||
Compensation cost expected to be recognized, weighted average period | 1 year 9 months 18 days | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 140,708 | 214,260 | 87,500 | |
Year 2010 Plan [Member] | ||||
Number of shares reserved for issuance | 1,600,000 | |||
Number of shares granted | 383,300 | 22,500 | ||
Year 2010 Plan [Member] | Restricted Stock [Member] | ||||
Number of shares granted | 87,500 | 172,500 | 9,000 | |
Available For Issuance Under 2010 Plan [Member] | ||||
Number of shares reserved for issuance | 978,500 | |||
The 2005 Plan [Member] | Restricted Stock [Member] | ||||
Number of shares reserved for issuance | 250,000 | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 41,000 | |||
Non Employee Plan [Member] | Restricted Stock [Member] | ||||
Number of shares reserved for issuance | 250,000 | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 53,208 | 41,760 | 37,500 |
Stock Compensation - Schedule o
Stock Compensation - Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share based compensation expense | $ 501 | $ 427 | $ 461 |
Stock Compensation - Schedule87
Stock Compensation - Schedule of Weighted Average Fair Value Assumptions Used in Grant Date Fair Value of Purchase Rights Outstanding (Details) - Employee Stock Option [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Note 16 - Stock Compensation (Details) - Weighted Average Fair Value Assumptions Used In Grant Date Fair Value Of Purchase Rights Outstanding [Line Items] | ||
Expected dividend yield at date of grant | 0.00% | 0.00% |
Risk-free interest rate | 1.87% | 0.90% |
Expected stock price volatility | 32.06% | 58.50% |
Expected life of options (in years) | 6 years | 5 years 6 months |
Stock Compensation - Summary of
Stock Compensation - Summary of Stock Options Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of Options, Outstanding beginning balance | 181,500 | ||
Number of Options, Granted | 383,300 | 0 | 22,500 |
Number of Options, Exercised | |||
Number of Options, Forfeited | (114,000) | ||
Number of Options, Outstanding ending balance | 450,800 | 181,500 | |
Number of Options, Exercisable | 103,300 | ||
Weighted Average Exercise Price Per Share, Outstanding beginning balance | $ 5.56 | ||
Weighted Average Exercise Price Per Share, Granted | $ 4.33 | ||
Weighted Average Exercise Price Per Share, Exercised | |||
Weighted Average Exercise Price Per Share, Forfeited | $ 6.21 | ||
Weighted Average Exercise Price Per Share, Outstanding ending balance | 4.48 | $ 5.56 | |
Weighted Average Exercise Price Per Share, Exercisable | $ 4.38 | ||
Weighted Average Remaining Contractual Term, beginning balance | 6 years 9 months 7 days | ||
Weighted Average Remaining Contractual Term, ending balance | 9 years 2 months 16 days | ||
Weighted Average Remaining Contractual Term, Exercisable | 7 years 9 months 4 days | ||
Aggregate Intrinsic Value, beginning balance | $ 13 | ||
Aggregate Intrinsic Value, ending balance | 131 | $ 13 | |
Aggregate Intrinsic Value, Exercisable | $ 36 |
Stock Compensation - Summary 89
Stock Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Restricted Stock Shares, Non-vested beginning balance | 264,793 | ||
Number of Restricted Stock Shares, Granted | 140,708 | 214,260 | 87,500 |
Number of Restricted Stock Shares, vested | (116,316) | ||
Number of Restricted Stock Shares, forfeited | (158,827) | ||
Number of Restricted Stock Shares, Non-vested beginning balance | 130,358 | 264,793 | |
Weighted Average Grant Price Fair Value, Non-vested beginning balance | $ 3.93 | ||
Weighted Average Grant Price Fair Value, Granted | 4.38 | $ 3.86 | $ 4.28 |
Weighted Average Grant Price Fair Value, Vested | 4.18 | ||
Weighted Average Grant Price Fair Value, Forfeited | 3.83 | ||
Weighted Average Grant Price Fair Value, Non-vested ending balance | $ 4.30 | $ 3.93 |
Foreign Exchange Contracts - Sc
Foreign Exchange Contracts - Schedule of Realized and Unrealized Gains from Foreign Currency Forward Exchange Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign Currency [Abstract] | |||
Classification | Other Income (Loss) | ||
Foreign exchange forward contracts | $ (145) | $ (380) |
Compensation and Benefit Plan91
Compensation and Benefit Plans (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Short term incentive plan cost recognized | $ 0 | $ 0 | $ 400 |
Defined contribution plan, maximum annual contributions per employee, percent | 100.00% | ||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 50.00% | ||
Defined contribution employee deferral percent employer match applies | 6.00% | ||
Defined contribution employer contributions | $ 400 | $ 300 | $ 200 |
Defined benefit plan, health care cost trend rate assumed for next fiscal year | 6.20% | ||
Defined benefit plan, ultimate health care cost trend rate | 5.00% | ||
Defined benefit plans, estimated future employer contributions in next fiscal year | $ 20 |
Compensation and Benefit Plan92
Compensation and Benefit Plans - Summary of Plan's Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Reconciliation of benefit obligation, Benefit obligation at January 1 | $ 230 | $ 214 | |
Reconciliation of benefit obligation, Interest cost | 8 | 8 | $ 18 |
Reconciliation of benefit obligation, Benefits paid | (92) | (28) | |
Reconciliation of benefit obligation, Contributions by plan participants | 4 | 4 | |
Reconciliation of benefit obligation, Actuarial (gain) loss | 49 | 32 | |
Reconciliation of benefit obligation, Benefit obligation at December 31 | 199 | 230 | $ 214 |
Reconciliation of benefit obligation, Funded status at end of year | $ (199) | $ (230) | |
Amounts recognized in the balance sheet consist of: Noncurrent assets | |||
Amounts recognized in the balance sheet consist of: Current liabilities | $ (18) | $ (17) | |
Amounts recognized in the balance sheet consist of: Noncurrent liabilities | (180) | (213) | |
Amounts recognized in the balance sheet consist of: Accumulated other comprehensive income | (74) | (139) | |
Amounts recognized in the balance sheet consist of: Net amount recognized | $ (272) | $ (369) |
Compensation and Benefit Plan93
Compensation and Benefit Plans - Summary of Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Prior service cost (credit) | $ (254) | $ (278) |
Net actuarial gain | 180 | 139 |
Total accumulated other comprehensive income | $ (74) | $ (139) |
Compensation and Benefit Plan94
Compensation and Benefit Plans - Summary of Net Periodic Benefit Cost Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Interest cost | $ 8 | $ 8 | $ 18 |
Prior service credit | (24) | (24) | |
Amortization of gain | 7 | 6 | $ 7 |
Net periodic benefit cost recognized | $ (9) | $ (10) | $ 25 |
Compensation and Benefit Plan95
Compensation and Benefit Plans - Summary of Benefit Obligations Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 18 - Compensation and Benefit Plans (Details) - Changes in Plan Assets and Benefit Obligations [Line Items] | |||
Net actuarial gain | $ 48 | $ 33 | $ 165 |
Prior service credit | 24 | 24 | |
Amortization of (gain) loss | (7) | (6) | $ (7) |
Total recognized in accumulated other comprehensive income (loss) | 65 | 51 | (144) |
Total recognized in net periodic benefit cost and accumulated other comprehensive income (loss) | $ 56 | $ 41 | (119) |
Prior Service Cost For Plan Amendment [Member] | |||
Note 18 - Compensation and Benefit Plans (Details) - Changes in Plan Assets and Benefit Obligations [Line Items] | |||
Prior service credit | $ (302) |
Compensation and Benefit Plan96
Compensation and Benefit Plans - Summary of Weighted Average Assumptions Used to Determine Benefit Obligations (Details) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | |||
Discount rate | 3.95% | 3.65% | 4.45% |
Rate of compensation increase | |||
Health care cost trend rate | 5.90% | 6.20% | 6.50% |
Compensation and Benefit Plan97
Compensation and Benefit Plans - Summary of Weighted Average Assumptions Used to Determine Net Periodic Postretirement Benefit (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Discount rate | 3.65% | 4.45% | 3.60% |
Expected long-term rate of return on plan assets | |||
Rate of compensation increase | |||
Health care cost trend rate | 6.20% | 6.50% | 8.10% |
Compensation and Benefit Plan98
Compensation and Benefit Plans - Summary of Assumed Health Care Cost Trend Rates (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Effect on total service and interest cost components of periodic postretirement health care benefit cost | $ 1 |
Effect on total service and interest cost components of periodic postretirement health care benefit cost | (1) |
Effect on the health care component of the accumulated postretirement benefit obligation | 28 |
Effect on the health care component of the accumulated postretirement benefit obligation | $ (23) |
Compensation and Benefit Plan99
Compensation and Benefit Plans - Summary of Benefits Expected to be Paid from the Postretirement Benefit Plan (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
Benefits expected to be paid, 2016 | $ 18 |
Benefits expected to be paid, 2017 | 20 |
Benefits expected to be paid, 2018 | 10 |
Benefits expected to be paid, 2019 | 10 |
Benefits expected to be paid, 2020 | 11 |
Benefits expected to be paid, 2021-2025 | $ 56 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense | $ 800 | $ 1,000 | $ 700 |
Leases - Schedule of Operating
Leases - Schedule of Operating Leases Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
Capital Leases, 2016 | $ 319 |
Capital Leases, 2017 | 290 |
Capital Leases, 2018 | 248 |
Capital Leases, 2019 | $ 131 |
Capital Leases, 2020 | |
Capital Leases, Thereafter | |
Total minimum Capital lease payments | $ 988 |
Less: Amount representing interest | 49 |
Present value of minimum lease payments | 939 |
Less: Current maturities | 223 |
Capital lease obligations, net of current portion | 716 |
Operating Leases, 2016 | 622 |
Operating Leases, 2017 | 451 |
Operating Leases, 2018 | 398 |
Operating Leases, 2019 | 368 |
Operating Leases, 2020 | 350 |
Operating Leases, Thereafter | 636 |
Total minimum Operating lease payments | $ 2,825 |
Contingencies and Concentrat102
Contingencies and Concentrations (Details Narrative) | 12 Months Ended |
Dec. 31, 2015Customer | |
Concentration Risk, Number of Customers | 10 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |
Concentration Risk, Percentage | 42.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |
Concentration Risk, Percentage | 33.00% |
Business Segment Information (D
Business Segment Information (Details Narrative) | 12 Months Ended |
Dec. 31, 2015Segments | |
Segment Reporting [Abstract] | |
Number of business segment | 2 |
Business Segment Information -
Business Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Total segment revenue | $ 27,124 | $ 23,512 | $ 19,723 | $ 22,470 | $ 28,374 | $ 22,664 | $ 22,027 | $ 22,021 | $ 92,829 | $ 95,086 | $ 103,610 |
Operating Income (Loss) | (4,954) | (1,805) | 99 | ||||||||
Unallocated general and administrative expenses | (16,594) | (12,740) | (12,773) | ||||||||
Equity in income (loss) of equity method investments | 96 | 78 | (25) | ||||||||
Other income(expense) | 392 | $ 1,258 | $ 877 | ||||||||
Fair value adjustment to notes receivable | (1,595) | ||||||||||
Foreign currency transaction gain (loss) | 1,612 | $ 611 | $ 850 | ||||||||
Income (loss) before taxes | (4,466) | (469) | 951 | ||||||||
Depreciation, amortization and impairment | 2,332 | 1,924 | 1,511 | ||||||||
Business Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total segment revenue | 94,036 | 96,275 | 104,556 | ||||||||
Eliminations | (1,207) | (1,189) | (946) | ||||||||
Net Revenue | 92,829 | 95,086 | 103,610 | ||||||||
Operating Income (Loss) | 6,293 | 6,095 | 8,964 | ||||||||
Unallocated general and administrative expenses | (10,822) | (7,910) | (8,857) | ||||||||
Gain (loss) on sale or disposal of assets | (425) | 10 | (8) | ||||||||
Income (loss) from operations | (4,954) | (1,805) | 99 | ||||||||
Other income(expense) | 392 | $ 1,258 | $ 877 | ||||||||
Corporate asset | 118 | ||||||||||
Income (loss) before taxes | (4,466) | $ (469) | $ 951 | ||||||||
Expenditures on capital equipment | 442 | 1,982 | 535 | ||||||||
Depreciation, amortization and impairment | 2,970 | 1,924 | 1,511 | ||||||||
Cinema [Member] | Business Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total segment revenue | 62,199 | 63,781 | 85,451 | ||||||||
Operating Income (Loss) | 7,317 | 6,119 | 7,864 | ||||||||
Gain (loss) on sale or disposal of assets | (370) | (3) | (13) | ||||||||
Equity in income (loss) of equity method investments | 96 | 78 | (25) | ||||||||
Other income(expense) | 227 | $ 483 | $ (25) | ||||||||
Fair value adjustment to notes receivable | (1,595) | ||||||||||
Foreign currency transaction gain (loss) | 1,875 | $ 825 | $ 850 | ||||||||
Expenditures on capital equipment | 143 | 442 | 370 | ||||||||
Depreciation, amortization and impairment | 1,545 | 1,208 | 1,308 | ||||||||
Digital Media [Member] | Business Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total segment revenue | 31,837 | 32,494 | 19,105 | ||||||||
Operating Income (Loss) | (1,024) | (24) | 1,100 | ||||||||
Gain (loss) on sale or disposal of assets | (55) | 13 | 5 | ||||||||
Other income(expense) | 30 | 164 | $ 52 | ||||||||
Foreign currency transaction gain (loss) | (263) | (214) | |||||||||
Expenditures on capital equipment | 299 | 1,540 | $ 165 | ||||||||
Depreciation, amortization and impairment | $ 1,425 | $ 716 | $ 203 |
Business Segment Information105
Business Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Identifiable assets | $ 66,864 | $ 89,355 |
Business Segments [Member] | ||
Identifiable assets | 66,864 | 89,355 |
Cinema [Member] | Business Segments [Member] | ||
Identifiable assets | 45,443 | 64,083 |
Digital Media [Member] | Business Segments [Member] | ||
Identifiable assets | 15,319 | $ 25,272 |
Corporate Assets [Member] | Business Segments [Member] | ||
Identifiable assets | $ 6,102 |
Business Segment Information106
Business Segment Information - Schedule of Segment Reporting Information by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenue | $ 27,124 | $ 23,512 | $ 19,723 | $ 22,470 | $ 28,374 | $ 22,664 | $ 22,027 | $ 22,021 | $ 92,829 | $ 95,086 | $ 103,610 |
United States [Member] | |||||||||||
Net revenue | 60,615 | 62,149 | 67,348 | ||||||||
China [Member] | |||||||||||
Net revenue | 18,180 | 14,010 | 16,580 | ||||||||
Canada [Member] | |||||||||||
Net revenue | 5,074 | 5,661 | 3,709 | ||||||||
South America [Member] | |||||||||||
Net revenue | 3,540 | 8,288 | 11,788 | ||||||||
Mexico [Member] | |||||||||||
Net revenue | 2,870 | 2,718 | 1,254 | ||||||||
Europe [Member] | |||||||||||
Net revenue | 1,569 | 1,189 | 1,216 | ||||||||
Asia Excluding China [Member] | |||||||||||
Net revenue | 474 | 910 | 843 | ||||||||
Other Countries [Member] | |||||||||||
Net revenue | $ 507 | $ 161 | $ 872 |
Business Segment Information107
Business Segment Information - Summary of Identifiable Assets by Geographical Area (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Identifiable assets | $ 66,864 | $ 89,355 |
United States [Member] | ||
Identifiable assets | 32,783 | 59,988 |
Canada [Member] | ||
Identifiable assets | 25,698 | 19,305 |
China [Member] | ||
Identifiable assets | 7,051 | 7,002 |
Asia Excluding China [Member] | ||
Identifiable assets | $ 1,332 | $ 3,060 |
Quarterly Financial Data (Un108
Quarterly Financial Data (Unaudited) - Summary of the Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Net revenue | $ 27,124 | $ 23,512 | $ 19,723 | $ 22,470 | $ 28,374 | $ 22,664 | $ 22,027 | $ 22,021 | $ 92,829 | $ 95,086 | $ 103,610 | ||||||||
Gross profit | 5,682 | 3,968 | 3,676 | 4,261 | 5,640 | 4,057 | 4,247 | 4,216 | 17,587 | 18,160 | 16,845 | ||||||||
Net earnings (loss) | $ (1,183) | $ (3,201) | $ (2,919) | $ (10,164) | $ 318 | $ (109) | $ 381 | $ (594) | $ (17,467) | $ (4) | $ 163 | ||||||||
Earnings (loss) per share, Basic | $ (0.08) | [1] | $ (0.23) | [1] | $ (0.21) | [1] | $ (0.72) | [1] | $ 0.02 | [1] | $ (0.01) | [1] | $ 0.03 | [1] | $ (0.04) | [1] | $ (1.24) | $ 0 | $ 0.01 |
Earnings (loss) per share, Diluted | (0.08) | [1] | (0.23) | [1] | (0.21) | [1] | (0.72) | [1] | 0.02 | [1] | (0.01) | [1] | 0.03 | [1] | (0.04) | [1] | (1.24) | 0 | $ 0.01 |
Minimum [Member] | |||||||||||||||||||
Stock price | 4.24 | 3.42 | 4 | 4.01 | 3.79 | 3.65 | 3.76 | 4.46 | 4.24 | 3.79 | |||||||||
Maximum [Member] | |||||||||||||||||||
Stock price | $ 4.87 | $ 4.88 | $ 5.13 | $ 5.05 | $ 4.50 | $ 4.69 | $ 4.89 | $ 5.15 | $ 4.87 | $ 4.50 | |||||||||
[1] | Earnings per share is computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - Fundamental Global Investors, LLC [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Percentage of affiliates hold outstanding shares of common stock approximately | 22.07% |
Expenses incurred in connection with proxy contest and settlement agreement amount | $ 178,415 |
Schedule II Valuation and Qu110
Schedule II Valuation and Qualifying Accounts - Schedule of Valuation Allowance Accounts for Inventory and Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Allowance for Doubtful Accounts [Member] | ||||
Balance, beginning | $ 679 | $ 703 | $ 487 | |
Charged to costs and expenses | $ 1,379 | $ 92 | 273 | |
Acquisitions | 314 | |||
Amounts written off | [1] | $ (110) | $ (112) | (363) |
Foreign exchange translation | (21) | (4) | (8) | |
Balance, ending | 1,927 | 679 | 703 | |
Inventory Valuation Reserve [Member] | ||||
Balance, beginning | 2,190 | 1,792 | 1,494 | |
Charged to costs and expenses | $ 1,970 | $ 470 | 323 | |
Acquisitions | 597 | |||
Amounts written off | [1] | $ (2,245) | $ (71) | $ (622) |
Foreign exchange translation | 65 | (1) | ||
Balance, ending | $ 1,980 | $ 2,190 | $ 1,792 | |
[1] | The deductions from reserves are net of recoveries. |