þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 31-1481870 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
800 Manor Park Drive, Columbus, Ohio | 43228-0183 | |
(Address of principal executive office) | (Zip Code) |
Large accelerated filer o | Accelerated filer þ | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) | Emerging growth company o |
September 30, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
Assets: | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 27,540,000 | $ | 28,285,000 | |||
Accounts receivable (less allowance for doubtful accounts: $0 at September 30, 2017 and December 31, 2016) | 24,293,000 | 19,551,000 | |||||
Inventories: | |||||||
Finished goods | 2,970,000 | 1,876,000 | |||||
Work in process | 1,288,000 | 1,401,000 | |||||
Raw materials and components | 8,536,000 | 7,635,000 | |||||
Total inventories, net | 12,794,000 | 10,912,000 | |||||
Foreign sales tax receivable | 445,000 | 228,000 | |||||
Prepaid expenses and other current assets | 1,732,000 | 912,000 | |||||
Total current assets | 66,804,000 | 59,888,000 | |||||
Property, plant and equipment — net | 68,111,000 | 70,601,000 | |||||
Goodwill | 2,403,000 | 2,403,000 | |||||
Intangibles, net | 525,000 | 563,000 | |||||
Other non-current assets | 862,000 | — | |||||
Total Assets | $ | 138,705,000 | $ | 133,455,000 | |||
Liabilities and Stockholders’ Equity: | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | 3,000,000 | 3,000,000 | |||||
Accounts payable | 11,652,000 | 8,534,000 | |||||
Tooling in progress | 1,184,000 | 1,084,000 | |||||
Current portion of post retirement benefits liability | 1,018,000 | 1,018,000 | |||||
Accrued liabilities: | |||||||
Compensation and related benefits | 4,847,000 | 5,004,000 | |||||
Taxes | 548,000 | 1,038,000 | |||||
Other | 1,325,000 | 1,620,000 | |||||
Total current liabilities | 23,574,000 | 21,298,000 | |||||
Long-term debt | 4,500,000 | 6,750,000 | |||||
Deferred tax liability | 992,000 | 992,000 | |||||
Post retirement benefits liability | 7,620,000 | 7,649,000 | |||||
Total Liabilities | 36,686,000 | 36,689,000 | |||||
Commitments and Contingencies | — | — | |||||
Stockholders’ Equity: | |||||||
Preferred stock — $0.01 par value, authorized shares — 10,000,000; no shares outstanding at September 30, 2017 and December 31, 2016 | — | — | |||||
Common stock — $0.01 par value, authorized shares – 20,000,000; outstanding shares: 7,711,277 at September 30, 2017 and 7,635,093 at December 31, 2016 | 77,000 | 76,000 | |||||
Paid-in capital | 31,195,000 | 30,134,000 | |||||
Accumulated other comprehensive income, net of income taxes | 2,666,000 | 2,414,000 | |||||
Treasury stock - at cost, 3,773,128 at September 30, 2017 and 3,753,595 at December 31, 2016 | (28,153,000 | ) | (27,781,000 | ) | |||
Retained earnings | 96,234,000 | 91,923,000 | |||||
Total Stockholders’ Equity | 102,019,000 | 96,766,000 | |||||
Total Liabilities and Stockholders’ Equity | $ | 138,705,000 | $ | 133,455,000 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net sales: | |||||||||||||||
Products | $ | 37,593,000 | $ | 33,816,000 | $ | 110,723,000 | $ | 113,159,000 | |||||||
Tooling | 901,000 | 7,520,000 | 11,885,000 | 12,651,000 | |||||||||||
Total net sales | 38,494,000 | 41,336,000 | 122,608,000 | 125,810,000 | |||||||||||
Total cost of sales | 32,730,000 | 35,755,000 | 103,001,000 | 105,043,000 | |||||||||||
Gross margin | 5,764,000 | 5,581,000 | 19,607,000 | 20,767,000 | |||||||||||
Total selling, general and administrative expense | 4,358,000 | 3,924,000 | 12,450,000 | 12,361,000 | |||||||||||
Operating income | 1,406,000 | 1,657,000 | 7,157,000 | 8,406,000 | |||||||||||
Interest expense | 62,000 | 67,000 | 191,000 | 233,000 | |||||||||||
Income before taxes | 1,344,000 | 1,590,000 | 6,966,000 | 8,173,000 | |||||||||||
Income tax expense | 489,000 | 561,000 | 2,262,000 | 2,794,000 | |||||||||||
Net income | $ | 855,000 | $ | 1,029,000 | $ | 4,704,000 | $ | 5,379,000 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 0.11 | $ | 0.13 | $ | 0.61 | $ | 0.71 | |||||||
Diluted | $ | 0.11 | $ | 0.13 | $ | 0.61 | $ | 0.70 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 7,711,000 | 7,635,000 | 7,683,000 | 7,616,000 | |||||||||||
Diluted | 7,757,000 | 7,667,000 | 7,739,000 | 7,649,000 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 855,000 | $ | 1,029,000 | $ | 4,704,000 | $ | 5,379,000 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency hedge: | |||||||||||||||
Adjustments to unrealized foreign currency hedge | (139,000 | ) | 67,000 | 657,000 | 67,000 | ||||||||||
Income tax benefit (expense) | 48,000 | (23,000 | ) | (223,000 | ) | (23,000 | ) | ||||||||
Interest rate swaps: | |||||||||||||||
Adjustment for amortization of losses included in net income | — | — | 5,000 | ||||||||||||
Income tax expense | — | — | (2,000 | ) | |||||||||||
Post retirement benefit plan adjustments: | |||||||||||||||
Net actuarial loss | 37,000 | 38,000 | 112,000 | 116,000 | |||||||||||
Prior service costs | (124,000 | ) | (124,000 | ) | (372,000 | ) | (372,000 | ) | |||||||
Income tax benefit | 26,000 | 26,000 | 78,000 | 77,000 | |||||||||||
Comprehensive income | $ | 703,000 | $ | 1,013,000 | $ | 4,956,000 | $ | 5,247,000 |
Common Stock Outstanding | Paid-In Capital | Accumulated Other Comprehensive Income | Treasury Stock | Retained Earnings | Total Stockholders’ Equity | |||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||
Balance at December 31, 2016 | 7,635,093 | $ | 76,000 | $ | 30,134,000 | $ | 2,414,000 | $ | (27,781,000 | ) | $ | 91,923,000 | $ | 96,766,000 | ||||||||||||
Net income | 4,704,000 | 4,704,000 | ||||||||||||||||||||||||
Cash Dividends Paid | (393,000 | ) | (393,000 | ) | ||||||||||||||||||||||
Change in post retirement benefits, net of tax of $78,000 | (182,000 | ) | (182,000 | ) | ||||||||||||||||||||||
Unrealized foreign currency hedge gain, net of tax of $223,000 | 434,000 | 434,000 | ||||||||||||||||||||||||
Purchase of treasury stock | (19,533 | ) | (372,000 | ) | (372,000 | ) | ||||||||||||||||||||
Restricted stock vested | 95,717 | 1,000 | 1,000 | |||||||||||||||||||||||
Share-based compensation | 1,061,000 | 1,061,000 | ||||||||||||||||||||||||
Balance at September 30, 2017 | 7,711,277 | $ | 77,000 | $ | 31,195,000 | $ | 2,666,000 | $ | (28,153,000 | ) | $ | 96,234,000 | $ | 102,019,000 |
Nine Months Ended | |||||||
September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 4,704,000 | $ | 5,379,000 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 4,814,000 | 4,658,000 | |||||
Interest rate swaps — mark-to-market and amortization of losses | — | 3,000 | |||||
Share-based compensation | 1,061,000 | 778,000 | |||||
Loss (gain) on foreign currency translation and transactions | 29,000 | (51,000 | ) | ||||
Change in operating assets and liabilities: | |||||||
Accounts receivable | (4,742,000 | ) | 15,696,000 | ||||
Inventories | (1,882,000 | ) | 2,372,000 | ||||
Prepaid and other assets | (1,544,000 | ) | (270,000 | ) | |||
Accounts payable | 3,062,000 | (3,538,000 | ) | ||||
Taxes receivable | — | 670,000 | |||||
Accrued and other liabilities | (684,000 | ) | (5,030,000 | ) | |||
Post retirement benefits liability | (289,000 | ) | (284,000 | ) | |||
Net cash provided by operating activities | 4,529,000 | 20,383,000 | |||||
Cash flows from investing activities: | |||||||
Purchase of property, plant and equipment | (2,259,000 | ) | (1,901,000 | ) | |||
Net cash used in investing activities | (2,259,000 | ) | (1,901,000 | ) | |||
Cash flows from financing activities: | |||||||
Payment of principal on term loan | (2,250,000 | ) | (2,250,000 | ) | |||
Payment of principal on capex loan | — | (714,000 | ) | ||||
Excess tax payable from equity plans | — | (16,000 | ) | ||||
Payments related to the purchase of treasury stock | (372,000 | ) | (134,000 | ) | |||
Cash dividends paid | (393,000 | ) | — | ||||
Net cash used in financing activities | (3,015,000 | ) | (3,114,000 | ) | |||
Net change in cash and cash equivalents | (745,000 | ) | 15,368,000 | ||||
Cash and cash equivalents at beginning of period | 28,285,000 | 8,943,000 | |||||
Cash and cash equivalents at end of period | $ | 27,540,000 | $ | 24,311,000 | |||
Cash paid for: | |||||||
Interest | $ | 193,000 | $ | 225,000 | |||
Income taxes | $ | 2,394,000 | $ | 1,882,000 | |||
Non Cash: | |||||||
Fixed asset purchases in accounts payable | $ | 343,000 | $ | 452,000 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 855,000 | $ | 1,029,000 | $ | 4,704,000 | $ | 5,379,000 | |||||||
Weighted average common shares outstanding — basic | 7,711,000 | 7,635,000 | 7,683,000 | 7,616,000 | |||||||||||
Effect of dilutive securities | 46,000 | 32,000 | 56,000 | 33,000 | |||||||||||
Weighted average common and potentially issuable common shares outstanding — diluted | 7,757,000 | 7,667,000 | 7,739,000 | 7,649,000 | |||||||||||
Basic net income per common share | $ | 0.11 | $ | 0.13 | $ | 0.61 | $ | 0.71 | |||||||
Diluted net income per common share | $ | 0.11 | $ | 0.13 | $ | 0.61 | $ | 0.70 | |||||||
Dividends declared and paid per share | $ | 0.05 | $ | — | $ | 0.05 | $ | — |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Navistar product sales | $ | 11,319,000 | $ | 9,575,000 | $ | 30,495,000 | $ | 31,304,000 | |||||||
Navistar tooling sales | 12,000 | 470,000 | 90,000 | 1,166,000 | |||||||||||
Total Navistar sales | 11,331,000 | 10,045,000 | 30,585,000 | 32,470,000 | |||||||||||
Volvo product sales | 7,261,000 | 6,337,000 | 20,044,000 | 23,465,000 | |||||||||||
Volvo tooling sales | 432,000 | 5,353,000 | 8,011,000 | 5,801,000 | |||||||||||
Total Volvo sales | 7,693,000 | 11,690,000 | 28,055,000 | 29,266,000 | |||||||||||
PACCAR product sales | 7,316,000 | 6,887,000 | 19,168,000 | 18,434,000 | |||||||||||
PACCAR tooling sales | 50,000 | 18,000 | 2,932,000 | 3,454,000 | |||||||||||
Total PACCAR sales | 7,366,000 | 6,905,000 | 22,100,000 | 21,888,000 | |||||||||||
Yamaha product sales | 3,723,000 | 3,602,000 | 11,847,000 | 11,658,000 | |||||||||||
Yamaha tooling sales | — | — | — | — | |||||||||||
Total Yamaha sales | 3,723,000 | 3,602,000 | 11,847,000 | 11,658,000 | |||||||||||
BRP product sales | 2,052,000 | 1,437,000 | 10,453,000 | 7,803,000 | |||||||||||
BRP tooling sales | 406,000 | 1,624,000 | 514,000 | 1,624,000 | |||||||||||
Total BRP sales | 2,458,000 | 3,061,000 | 10,967,000 | 9,427,000 | |||||||||||
Other product sales | 5,922,000 | 5,978,000 | 18,716,000 | 20,495,000 | |||||||||||
Other tooling sales | 1,000 | 55,000 | 338,000 | 606,000 | |||||||||||
Total other sales | 5,923,000 | 6,033,000 | 19,054,000 | 21,101,000 | |||||||||||
Total product sales | 37,593,000 | 33,816,000 | 110,723,000 | 113,159,000 | |||||||||||
Total tooling sales | 901,000 | 7,520,000 | 11,885,000 | 12,651,000 | |||||||||||
Total sales | $ | 38,494,000 | $ | 41,336,000 | $ | 122,608,000 | $ | 125,810,000 |
September 30, 2017 | December 31, 2016 | ||||||
Property, plant and equipment | $ | 142,915,000 | $ | 140,658,000 | |||
Accumulated depreciation | (74,804,000 | ) | (70,057,000 | ) | |||
Property, plant and equipment — net | $ | 68,111,000 | $ | 70,601,000 |
Definite-lived Intangible Assets | Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||
Trade Name | 25 years | $ | 250,000 | $ | (25,000 | ) | $ | 225,000 | ||||||
Customer Relationships | 10 years | 400,000 | (100,000 | ) | 300,000 | |||||||||
$ | 650,000 | $ | (125,000 | ) | $ | 525,000 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Pension expense: | |||||||||||||||
Multi-employer plan | $ | 153,000 | $ | 168,000 | $ | 479,000 | $ | 538,000 | |||||||
Defined contribution plan | 162,000 | 165,000 | 557,000 | 578,000 | |||||||||||
Total pension expense | 315,000 | 333,000 | 1,036,000 | 1,116,000 | |||||||||||
Health and life insurance: | |||||||||||||||
Interest cost | 75,000 | 81,000 | 224,000 | 243,000 | |||||||||||
Amortization of prior service costs | (124,000 | ) | (124,000 | ) | (372,000 | ) | (372,000 | ) | |||||||
Amortization of net loss | 37,000 | 38,000 | 112,000 | 116,000 | |||||||||||
Net periodic benefit cost | (12,000 | ) | (5,000 | ) | (36,000 | ) | (13,000 | ) | |||||||
Total post retirement benefits expense | $ | 303,000 | $ | 328,000 | $ | 1,000,000 | $ | 1,103,000 |
September 30, 2017 | December 31, 2016 | ||||||
Term loan payable to Key Bank, interest at a variable rate (3.05% at September 30, 2017 and 2.55% at December 31, 2016) with monthly payments of interest and principal through March 2020. | $ | 7,500,000 | $ | 9,750,000 | |||
Revolving line of credit | — | — | |||||
Total | 7,500,000 | 9,750,000 | |||||
Less current portion | (3,000,000 | ) | (3,000,000 | ) | |||
Long-term debt | $ | 4,500,000 | $ | 6,750,000 |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Unvested balance at December 31, 2016 | 158,261 | $ | 14.55 | |||
Granted | 84,643 | 19.17 | ||||
Vested | (95,717 | ) | 15.12 | |||
Forfeited | (6,092 | ) | 17.93 | |||
Unvested balance at September 30, 2017 | 141,095 | $ | 16.84 |
Level 1 - | Quoted prices in active markets for identical assets and liabilities. |
Level 2 - | Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. |
Level 3 - | Significant unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. |
Fair Values of Derivatives Instruments | |||||||||||
September 30, 2017 | |||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
Foreign exchange contracts | Prepaid expense other current assets | $ | 354,000 | Accrued liabilities other | $ | — | |||||
Notional contract values | $ | 5,038,000 | $ | — |
December 31, 2016 | |||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
Foreign exchange contracts | Prepaid expense other current assets | $ | — | Accrued liabilities other | $ | 303,000 | |||||
Notional contract values | $ | — | $ | 6,502,000 |
Derivatives in subtopic 815-20 Cash Flow Hedging Relationship | Amount of Unrealized Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income(A) | Amount of Realized Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Foreign exchange contracts | $ | 113,000 | $ | — | Cost of goods sold | $ | 220,000 | $ | — | ||||||||
Sales, general and administrative expense | $ | 32,000 | $ | — |
Derivatives in subtopic 815-20 Cash Flow Hedging Relationship | Amount of Unrealized Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income(A) | Amount of Realized Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Foreign exchange contracts | $ | 1,054,000 | $ | — | Cost of goods sold | $ | 346,000 | $ | — | ||||||||
Sales, general and administrative expense | $ | 51,000 | $ | — |
2016: | Foreign Currency Derivative Activities(A) | Post Retirement Benefit Plan Items(B) | Accumulated Other Comprehensive Income | ||||||
Balance at December 31, 2015 | $ | — | $ | 2,645,000 | $ | 2,645,000 | |||
Other Comprehensive Income before reclassifications | 67,000 | — | 67,000 | ||||||
Amounts reclassified from accumulated other comprehensive income | — | (251,000 | ) | (251,000 | ) | ||||
Income tax benefit | (23,000 | ) | 75,000 | 52,000 | |||||
Balance at September 30, 2016 | $ | 44,000 | $ | 2,469,000 | $ | 2,513,000 | |||
2017: | |||||||||
Balance at December 31, 2016 | $ | (200,000 | ) | $ | 2,614,000 | $ | 2,414,000 | ||
Other Comprehensive Income before reclassifications | 1,054,000 | — | 1,054,000 | ||||||
Amounts reclassified from accumulated other comprehensive income | (397,000 | ) | (260,000 | ) | (657,000 | ) | |||
Income tax benefit (expense) | (223,000 | ) | 78,000 | (145,000 | ) | ||||
Balance at September 30, 2017 | $ | 234,000 | $ | 2,432,000 | $ | 2,666,000 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
CORE MOLDING TECHNOLOGIES, INC. | ||||
Date: | November 7, 2017 | By: | /s/ Kevin L. Barnett | |
Kevin L. Barnett | ||||
President, Chief Executive Officer, and Director | ||||
Date: | November 7, 2017 | By: | /s/ John P. Zimmer | |
John P. Zimmer | ||||
Vice President, Secretary, Treasurer and Chief Financial Officer | ||||
Exhibit No. | Description | Location | ||
2(a)(1) | Asset Purchase Agreement dated as of September 12, 1996, As amended October 31, 1996, between Navistar and RYMAC Mortgage Investment Corporation1 | |||
2(a)(2) | Second Amendment to Asset Purchase Agreement dated December 16, 19961 | |||
2(b)(1) | Agreement and Plan of Merger dated as of November 1, 1996, between Core Molding Technologies, Inc. and RYMAC Mortgage Investment Corporation | |||
2(b)(2) | First Amendment to Agreement and Plan of Merger dated as of December 27, 1996 Between Core Molding Technologies, Inc. and RYMAC Mortgage Investment Corporation | |||
2(c) | Asset Purchase Agreement dated as of October 10, 2001, between Core Molding Technologies, Inc. and Airshield Corporation | |||
2(d) | Asset Purchase Agreement dated as of March 20, 2015, between Core Molding Technologies, Inc. and CPI Binani, Inc. | |||
3(a)(1) | Certificate of Incorporation of Core Molding Technologies, Inc. as filed with the Secretary of State of Delaware on October 8, 1996 | |||
3(a)(2) | Certificate of Amendment of Certificate of Incorporation of Core Molding Technologies, Inc. as filed with the Secretary of State of Delaware on November 6, 1996 | |||
3(a)(3) | Certificate of Amendment of Certificate of Incorporation as filed with the Secretary of State of Delaware on August 28, 2002 | |||
3(a)(4) | Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock as filed with the Secretary of State of Delaware on July 18, 2007 | |||
3(a)(5) | Certificate of Elimination of Series A Junior Participating Preferred Stock, as filed with the Secretary of State of the State of Delaware on April 2, 2015. | |||
3(b) | Amended and Restated By-Laws of Core Molding Technologies, Inc. | |||
3(b)(1) | Amendment No. 1 to the Amended and Restated By-Laws of Core Molding Technologies, Inc. | |||
4(a)(1) | Certificate of Incorporation of Core Molding Technologies, Inc. as filed with the Secretary of State of Delaware on October 8, 1996 | |||
4(a)(2) | Certificate of Amendment of Certificate of Incorporation of Core Molding Technologies, Inc. as filed with the Secretary of State of Delaware on November 6, 1996 | |||
4(a)(3) | Certificate of Amendment of Certificate of Incorporation as filed with the Secretary of State of Delaware on August 28, 2002 | |||
Exhibit No. | Description | Location | ||
4(a)(4) | Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock as filed with the Secretary of State of Delaware on July 18, 2007 | |||
4(a)(5) | Certificate of Elimination of Series A Junior Participating Preferred Stock, as filed with the Secretary of State of the State of Delaware on April 2, 2015 | |||
10(a) | Twelfth Amendment Agreement, dated August 4, 2017, between Core Molding Technologies, Inc., Core Composites de Mexico, S. De R. L. de C.V. and Keybank National Association | |||
11 | Computation of Net Income per Share | |||
31(a) | Section 302 Certification by Kevin L. Barnett, President, Chief Executive Officer, and Director | |||
31(b) | Section 302 Certification by John P. Zimmer, Vice President, Secretary, Treasurer, and Chief Financial Officer | |||
32(a) | Certification of Kevin L. Barnett, Chief Executive Officer of Core Molding Technologies, Inc., dated November 7, 2017, pursuant to 18 U.S.C. Section 1350 | |||
32(b) | Certification of John P. Zimmer, Chief Financial Officer of Core Molding Technologies, Inc., dated November 7, 2017, pursuant to 18 U.S.C. Section 1350 | |||
101.INS | XBRL Instance Document | Filed Herein | ||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed Herein | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | Filed Herein | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase | Filed Herein | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | Filed Herein | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | Filed Herein |
1. | The Asset Purchase Agreement, as filed with the Securities and Exchange Commission as Exhibit 2-A to Registration Statement on Form S-4 (Registration No. 333-15809), omits the exhibits (including the Buyer Note, Special Warranty Deed, Supply Agreement, Registration Rights Agreement and Transition Services Agreement identified in the Asset Purchase Agreement) and schedules (including those identified in Sections 1, 3, 4, 5, 6, 8 and 30 of the Asset Purchase Agreement). Core Molding Technologies, Inc. will provide any omitted exhibit or schedule to the Securities and Exchange Commission upon request. |
1. | I have reviewed this quarterly report on Form 10-Q of Core Molding Technologies, Inc.; |
2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Kevin L. Barnett | |
Kevin L. Barnett | |
President, Chief Executive Officer, and Director |
1. | I have reviewed this quarterly report on Form 10-Q of Core Molding Technologies, Inc.; |
2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
1. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ John P. Zimmer | |
John P. Zimmer | |
Vice President, Secretary, Treasurer and Chief Financial Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Kevin L. Barnett | |
Kevin L. Barnett | |
President, Chief Executive Officer, and Director | |
November 7, 2017 |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ John P. Zimmer | |
John P. Zimmer | |
Vice President, Secretary, Treasurer and Chief Financial Officer | |
November 7, 2017 |
Document and Entity Information Document - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Nov. 06, 2017 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | CORE MOLDING TECHNOLOGIES INC. | |
Entity Central Index Key | 0001026655 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,852,372 |
Consolidated Balance Sheets - Parenthetical - USD ($) |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets, Current [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Outstanding | 7,711,277 | 7,635,093 |
Treasury Stock, Shares | 3,773,128 | 3,753,595 |
Consolidated Statements of Income (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Net sales: | ||||
Sales Revenue, Goods, Net | $ 37,593,000 | $ 33,816,000 | $ 110,723,000 | $ 113,159,000 |
Contracts Revenue | 901,000 | 7,520,000 | 11,885,000 | 12,651,000 |
Total net sales | 38,494,000 | 41,336,000 | 122,608,000 | 125,810,000 |
Total cost of sales | 32,730,000 | 35,755,000 | 103,001,000 | 105,043,000 |
Gross margin | 5,764,000 | 5,581,000 | 19,607,000 | 20,767,000 |
Total selling, general and administrative expense | 4,358,000 | 3,924,000 | 12,450,000 | 12,361,000 |
Income before interest and taxes | 1,406,000 | 1,657,000 | 7,157,000 | 8,406,000 |
Interest expense | 62,000 | 67,000 | 191,000 | 233,000 |
Income before income taxes | 1,344,000 | 1,590,000 | 6,966,000 | 8,173,000 |
Income tax expense | 489,000 | 561,000 | 2,262,000 | 2,794,000 |
Net income | $ 855,000 | $ 1,029,000 | $ 4,704,000 | $ 5,379,000 |
Net income per common share: | ||||
Basic (USD per share) | $ 0.11 | $ 0.13 | $ 0.61 | $ 0.71 |
Diluted (USD per share) | $ 0.11 | $ 0.13 | $ 0.61 | $ 0.70 |
Weighted average shares outstanding: | ||||
Basic | 7,711,000 | 7,635,000 | 7,683,000 | 7,616,000 |
Diluted | 7,757,000 | 7,667,000 | 7,739,000 | 7,649,000 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Net income | $ 855,000 | $ 1,029,000 | $ 4,704,000 | $ 5,379,000 |
Other comprehensive income: | ||||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | (139,000) | 67,000 | 657,000 | 67,000 |
Unrealized Foreign Currency Hedge Gain (Loss), Tax | 48,000 | (23,000) | (223,000) | (23,000) |
Interest rate swaps: | ||||
Adjustment for amortization of losses included in net income | 0 | 0 | 5,000 | |
Income tax expense | 0 | 0 | 2,000 | |
Post retirement benefit plan adjustments: | ||||
Net actuarial loss | 37,000 | 38,000 | 112,000 | 116,000 |
Prior service costs | (124,000) | (124,000) | (372,000) | (372,000) |
Income tax benefit | 26,000 | 26,000 | 78,000 | 77,000 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 703,000 | $ 1,013,000 | $ 4,956,000 | $ 5,247,000 |
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) |
Total |
Common Stock Outstanding |
Paid-In Capital |
Accumulated Other Comprehensive Income |
Treasury Stock |
Retained Earnings |
---|---|---|---|---|---|---|
Common Stock, Shares, Outstanding | 7,635,093 | 7,635,093 | ||||
Treasury Stock, Shares | (3,753,595) | |||||
Balance at Dec. 31, 2016 | $ (96,766,000) | $ (76,000) | $ (30,134,000) | $ (2,414,000) | $ (27,781,000) | $ (91,923,000) |
Net income | 4,704,000 | |||||
Dividends, Common Stock, Cash | (393,000) | |||||
Change in post retirement benefits, net of tax of $78,000 | (182,000) | (182,000) | ||||
Change in Unrealized Gain (Loss) on Foreign Currency Fair Value Hedging Instruments | $ 434,000 | |||||
Common stock issued- net, shares | 1,000 | |||||
Treasury Stock, Retired, Par Value Method, Amount | $ (372,000) | (372,000) | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 95,717 | |||||
Share-based compensation | 1,061,000 | 1,061,000 | ||||
Balance at Sep. 30, 2017 | $ (102,019,000) | $ (77,000) | $ 31,195,000 | $ (2,666,000) | $ (28,153,000) | $ (96,234,000) |
Common Stock, Shares, Outstanding | 7,711,277 | 7,711,277 | ||||
Treasury Stock, Shares | (3,773,128) | (19,533) |
Consolidated Statement of Stockholders' Equity (Unaudited) - Parenthetical |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Statement of Stockholders' Equity [Abstract] | |
Tax effect of change in post retirement benefits | $ 78,000 |
Unrealized Foreign Currency Hedge Gain (Loss), Tax | $ 223,000 |
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States of America for interim reporting, which are less than those required for annual reporting. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (all of which are normal and recurring in nature) necessary to present fairly the financial position of Core Molding Technologies, Inc. and its subsidiaries (“Core Molding Technologies” or the “Company”) at September 30, 2017, and the results of operations and cash flows for the nine months ended September 30, 2017. The “Notes to Consolidated Financial Statements” contained in the Company's 2016 Annual Report on Form 10-K, should be read in conjunction with these consolidated financial statements. Core Molding Technologies and its subsidiaries operate in the plastics market in a family of products known as “reinforced plastics.” Reinforced plastics are combinations of resins and reinforcing fibers (typically glass or carbon) that are molded to shape. Core Molding Technologies is a manufacturer of sheet molding compound ("SMC") and molder of fiberglass reinforced plastics. The Company specializes in large-format moldings and offers a wide range of fiberglass processes, including compression molding of SMC, glass mat thermoplastics, bulk molding compounds and direct long-fiber thermoplastics, spray-up, hand-lay-up, and resin transfer molding. Additionally, the Company offers reaction injection molding, utilizing dicyclopentadiene technology. Core Molding Technologies maintains five production facilities in Columbus, Ohio; Batavia, Ohio; Gaffney, South Carolina; Winona, Minnesota and Matamoros, Mexico. The Company operates in one business segment as a manufacturer of SMC and molder of fiberglass reinforced plastics. The Company produces and sells SMC and molded products for varied markets, including light, medium and heavy-duty trucks, automobiles and automotive aftermarket, marine, construction and other commercial products. |
Net Income per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Common Share | Net Income per Common Share Basic net income per common share is computed based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed similarly but includes the effect of the assumed exercise of restricted stock under the treasury stock method. The computation of basic and diluted net income per common share is as follows:
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Major Customers |
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Revenue, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Customers | Major Customers Core Molding Technologies has five major customers, Navistar, Inc. (“Navistar”), Volvo Group North America, LLC (“Volvo”), PACCAR, Inc. (“PACCAR”), Yamaha Motor Manufacturing Corporation (“Yamaha”) and Bombardier Recreational Products (“BRP”). Major customers are defined as customers whose sales individually consist of more than ten percent of total sales during any reporting period in the current year. The following table presents sales revenue for the above-mentioned customers for the three and nine months ended September 30, 2017 and 2016:
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Property, Plant & Equipment |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant & Equipment | Property, Plant & Equipment Property, plant and equipment consisted of the following for the periods specified:
Property, plant, and equipment are recorded at cost, unless obtained through acquisition, then assets are recorded at estimated fair value at the date of acquisition. Depreciation is provided on a straight-line method over the estimated useful lives of the assets. The carrying amount of long-lived assets is evaluated annually to determine if an adjustment to the depreciation period or to the unamortized balance is warranted. Capital additions in progress were $2,014,000 and $1,607,000 at September 30, 2017 and December 31, 2016, respectively. At September 30, 2017 and December 31, 2016, purchase commitments for capital expenditures in progress were $880,000 and $616,000, respectively. |
Goodwill and Intangibles (Notes) |
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Goodwill [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | . Goodwill and Intangibles Goodwill amounted to $2,403,000 at September 30, 2017 and December 31, 2016 and there were no additions or impairments for the nine months ended September 30, 2017. Intangible assets at September 30, 2017 were comprised of the following:
The aggregate intangible asset amortization expense was $13,000 and $38,000 for each of the three and nine months ended September 30, 2017 and 2016, respectively. |
Post Retirement Benefits |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Post Retirement Benefits | Post Retirement Benefits The components of expense for Core Molding Technologies’ post-retirement benefit plans for the three and nine months ended September 30, 2017 and 2016 are as follows:
The Company made payments of $1,209,000 to pension plans and $252,000 for post-retirement healthcare and life insurance during the nine months ended September 30, 2017. For the remainder of 2017, the Company expects to make approximately $203,000 of pension plan payments, of which $53,000 was accrued at September 30, 2017. The Company also expects to make approximately $132,000 of post-retirement healthcare and life insurance payments for the remainder of 2017, all of which were accrued at September 30, 2017. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Debt consists of the following:
Credit Agreement On December 9, 2008, the Company and its wholly owned subsidiary, Corecomposites de Mexico, S. de R.L. de C.V., entered into a credit agreement, as amended from time to time (the "Credit Agreement"), with a lender to provide various financing facilities. Under the Credit Agreement, amended with the eleventh amendment on June 21, 2016, the Company received certain loans, subject to the terms and conditions stated in the agreement, which included (1) a $12,000,000 Capex loan; (2) an $18,000,000 variable rate revolving line of credit with a commitment date extending through May 31, 2018; (3) a term loan in an original amount of $15,500,000 (the "Term Loan"); and (4) a Letter of Credit Commitment of up to $250,000, of which $175,000 has been issued. The Credit Agreement is secured by a guarantee of each U.S. subsidiary of the Company, and by a lien on substantially all of the present and future assets of the Company and its U.S. subsidiaries, except that only 65% of the stock issued by Corecomposites de Mexico, S. de R.L. de C.V. has been pledged. On August 4, 2017, the Company and its wholly owned subsidiary, Corecomposites de Mexico, S. de R.L. de C.V., entered into a twelfth amendment (the "Twelfth Amendment") to the Credit Agreement. Pursuant to the terms of the Twelfth Amendment, the parties agreed to modify certain terms of the Credit Agreement. These modifications included amending the definition of Consolidated Fixed Charges to include only Capital Distributions made in an aggregate amount in excess of Two Million Dollars ($2,000,000) and amending the restricted payment covenant provisions. Bank Covenants The Company is required to meet certain financial covenants included in the Credit Agreement with respect to leverage ratios, fixed charge ratios, capital expenditures as well as other customary affirmative and negative covenants. As of September 30, 2017, the Company was in compliance with its financial covenants associated with the loans made under the Credit Agreement as described above. |
Income Taxes |
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Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s consolidated balance sheets include a net non-current deferred tax liability of $992,000 at September 30, 2017 and December 31, 2016. The Company evaluates the balance of deferred tax assets that will be realized based on the premise that the Company is more likely than not to realize deferred tax benefits through the generation of future taxable income. Income tax expense for the nine months ended September 30, 2017 is estimated to be $2,262,000, or approximately 32% of income before income taxes. Income tax expense for the nine months ended September 30, 2016 was estimated to be $2,794,000, or approximately 34% of income before income taxes. As of September 30, 2017 and December 31, 2016, the Company had no liability for unrecognized tax benefits. The Company does not anticipate that unrecognized tax benefits will significantly change within the next twelve months. The Company files income tax returns in the U.S., Mexico and various state jurisdictions. The Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years prior to 2013, and is no longer subject to Mexican income tax examinations by Mexican authorities for years prior to 2012. |
Stock Based Compensation |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Share Based Compensation The Company has a Long Term Equity Incentive Plan, as approved by the Company’s stockholders in May 2006 and as amended in May 2015 (the “2006 Plan”). The 2006 Plan allows for grants to directors and employees of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, performance shares, performance units and other incentive awards (“Stock Awards”) up to an aggregate of 3,000,000 awards, each representing a right to buy a share of Core Molding Technologies common stock. Stock Awards can be granted under the 2006 Plan through the earlier of December 31, 2025, or the date the maximum number of available awards under the 2006 Plan have been granted. Restricted Stock The Company grants shares of its common stock to certain directors, officers, and key managers in the form of unvested stock (“Restricted Stock”). These awards are recorded at the market value of Core Molding Technologies’ common stock on the date of issuance, net of estimated forfeitures, and amortized ratably as compensation expense over the applicable vesting period, which is typically three years. The Company has applied forfeiture rates, estimated based on historical experience, of 3.5%-6.5% to the restricted stock fair values. These estimated forfeiture rates are applied to grants based on their remaining vesting term and may be revised in subsequent periods if actual forfeitures differ from these estimates. The following summarizes the status of Restricted Stock and changes during the nine months ended September 30, 2017:
At September 30, 2017 and 2016, there was $1,871,000 and $1,580,000, respectively, of total unrecognized compensation expense related to Restricted Stock granted under the 2006 Plan. That cost is expected to be recognized over the weighted-average period of 1.6 years. Total compensation cost related to restricted stock grants for the three months ended September 30, 2017 and 2016 was $270,000 and $197,000, respectively, all of which was recorded to selling, general and administrative expense. Compensation cost related to restricted stock grants for the nine months ended September 30, 2017 and 2016 was $1,061,000 and $778,000, respectively, all of which was recorded to selling, general and administrative expense. The Company does not receive a tax deduction for restricted stock until the restricted stock vests. The tax deduction for restricted stock is based on the fair market value as of the vesting date. Tax benefits received for vested restricted stock in excess of the fair market value as of the grant date were $136,000 for the nine months ended September 30, 2017. Tax expense due for the fair market value as of the grant date in excess of the vested restricted stock was $16,000 for the nine months ended September 30, 2016. During the nine months ended September 30, 2017 and 2016, employees surrendered 19,533 and 10,590 shares, respectively, of the Company's common stock to satisfy income tax withholding obligations in connection with the vesting of restricted stock. |
Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants as of the measurement date. Fair value is measured using the fair value hierarchy and related valuation methodologies as defined in the authoritative literature. This guidance provides a fair value framework that requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:
The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, debt and foreign currency derivatives. Cash and cash equivalents, accounts receivable and accounts payable carrying values as of September 30, 2017 and December 31, 2016 approximate fair value due to the short-term maturities of these financial instruments. The carrying amounts of long-term debt and the revolving line of credit approximate fair value as of September 30, 2017 and December 31, 2016 due to the short term nature of the underlying variable rate LIBOR agreements. The Company had Level 2 fair value measurements at September 30, 2017 and December 31, 2016 relating to the Company’s foreign currency derivatives. Derivative and hedging activities The Company conducts business in Mexico and pays certain expenses in Mexican Pesos. The Company is exposed to foreign currency exchange risk between the U.S. dollar and the Mexican Peso, which could impact the Company’s operating income and cash flows. To mitigate risk associated with foreign currency exchange, the Company enters into forward contracts to exchange a fixed amount of U.S. dollars for a fixed amount of Mexican Pesos, which will be used to fund future Peso cash flows. At inception, all forward contracts are formally documented as cash flow hedges and are measured at fair value each reporting period. Derivatives are formally assessed both at inception and at least quarterly thereafter, to ensure that derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, hedge accounting is discontinued, and any future mark-to-market adjustments are recognized in earnings. The effective portion of gain or loss is reported in other comprehensive income and the ineffective portion is reported in earnings. The impacts of these contracts were largely offset by gains and losses resulting from the impact of changes in exchange rates on transactions denominated in the Mexican Peso. As of September 30, 2017, the Company had no ineffective portion related to the cash flow hedges. Financial statements impacts The following tables detail amounts related to our derivatives designated as hedging instruments:
The following tables summarize the amount of unrealized / realized gain and loss recognized in Accumulated Other Comprehensive Income (AOCI) for the three months ended September 30, 2017 and 2016:
The following tables summarize the amount of unrealized / realized gain and loss recognized in Accumulated Other Comprehensive Income (AOCI) for the nine months ended September 30, 2017 and 2016:
(A) The foreign currency derivative activity reclassified from Accumulated Other Comprehensive Income is allocated to cost of goods sold and selling, general and administrative expense based on the percentage of Mexican Peso spend. There were no non-recurring fair value measurements for the nine months ended September 30, 2017. |
Accumulated Other Comprehensive Income (Notes) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income The following table presents changes in Accumulated Other Comprehensive Income, net of tax, for the nine months ended September 30, 2017 and 2016:
(A) The foreign currency derivative activity reclassified from Accumulated Other Comprehensive Income is allocated to cost of goods sold and selling, general and administrative expense based on the percentage of Mexican Peso spend. The tax effect of the foreign currency derivative activity reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Income. (B) The Company has historically disclosed both interest rate swap activity and post-retirement benefit activity, however due to immaterial interest rate swap activity the components have been combined for the nine months ended September 30, 2016. The effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in total cost of sales on the Consolidated Statements of Income. These Accumulated Other Comprehensive Income components are included in the computation of net periodic benefit cost (see Note 6 "Post Retirement Benefits" for additional details). The tax effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Income. |
Recent Accounting Pronouncements |
9 Months Ended |
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Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASC Topic 606 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC Topic 606 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The effective date for ASC Topic 606, as updated by ASU No. 2015-14 in August 2015, has been delayed until the first quarter of fiscal year 2018. ASU 2014-09 will affect the timing of certain revenue related transactions primarily resulting from the earlier recognition of the Company's tooling sales and costs. Upon adoption of ASU 2014-09 tooling sales and costs will be recorded over time on a percentage of completion methodology instead of completed contract methodology. We are nearing a decision on implementation on a retrospective basis (full or with practical expedient) or through a cumulative adjustment to equity. We continue to assess the overall impact the adoption of ASU 2014-09 will have on our consolidated financial statements, and anticipate testing our new controls and processes designed to comply with ASU 2014-09 throughout 2017 to permit adoption by January 1, 2018. In January 2017, FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new standard eliminates step 2, which required companies to determine the implied fair value of the reporting unit's goodwill, of the goodwill impairment test. Under this new guidance, companies will perform their annual goodwill impairment test by comparing the reporting unit's carrying value, including goodwill, to the fair value. An impairment charge would be recorded if the carrying value exceeds the reporting unit's fair value. The ASU is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2020 and early adoption is permitted. The Company will adopt this standard update as required and does not expect the adoption of this ASU to have a material impact on our consolidated financial statements. In March 2017, FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ("ASU 2017-07"). The amendments in this update require that an employer disaggregate the service cost component from the other components of net periodic cost (benefit) and report that component in the same line item as other compensation costs arising from services rendered by employees during the period. The other components of net periodic cost (benefit) are required to be presented in the statement of operations separately from the service cost component and outside of operating earnings. The amendment also allows for the service cost component of net periodic cost (benefit) to be eligible for capitalization when applicable. The guidance will be effective for the Company on January 1, 2018 and interim periods within that reporting period; early adoption permitted. The guidance on the income statement presentation of the components of net periodic cost (benefit) must be applied retrospectively, while the guidance limiting the capitalization of net periodic cost (benefit) in assets to the service cost component must be applied prospectively. The Company will adopt this standard update as required and does not expect the adoption of this ASU to have a material impact on our consolidated financial statements. Upon adoption, the Company plans to update the presentation of net periodic cost (benefit) accordingly, noting all components of the Company's net periodic cost (benefit) will be presented outside of operating earnings, as the plan is not active.The estimated impact of adoption of this update will be a reclassification of all components of net periodic benefit from operating earnings to other income in the amount of $49,000 and $18,000 for the years ended December 31, 2017 and December 31, 2016, respectively. In August 2017, FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The new standard provides changes to designation, measurement, recognition and presentation of hedging instruments. The ASU is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 and early adoption is permitted. The Company will adopt this standard update as required and does not expect the adoption of this ASU to have a material impact on our consolidated financial statements. |
Net Income per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted net income per common share: | The computation of basic and diluted net income per common share is as follows:
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Major Customers (Tables) |
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Schedule of Major Customers | The following table presents sales revenue for the above-mentioned customers for the three and nine months ended September 30, 2017 and 2016:
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Property, Plant & Equipment (Tables) |
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Schedule of Property, Plant and Equipment [Table] | Property, plant and equipment consisted of the following for the periods specified:
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Goodwill and Intangibles Intangibles (Tables) |
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Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Intangible assets at September 30, 2017 were comprised of the following:
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Post Retirement Benefits (Tables) |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of expense for Core Molding Technologies’ post-retirement benefit plans for the three and nine months ended September 30, 2017 and 2016 are as follows:
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table Text Block Supplemental [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Debt consists of the following:
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Stock Based Compensation (Tables) |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following summarizes the status of Restricted Stock and changes during the nine months ended September 30, 2017:
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Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | The following tables summarize the amount of unrealized / realized gain and loss recognized in Accumulated Other Comprehensive Income (AOCI) for the three months ended September 30, 2017 and 2016:
The following tables summarize the amount of unrealized / realized gain and loss recognized in Accumulated Other Comprehensive Income (AOCI) for the nine months ended September 30, 2017 and 2016:
(A) The foreign currency derivative activity reclassified from Accumulated Other Comprehensive Income is allocated to cost of goods sold and selling, general and administrative expense based on the percentage of Mexican Peso spend. |
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Fair Value, by Balance Sheet Grouping [Table Text Block] | The following tables detail amounts related to our derivatives designated as hedging instruments:
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Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes in Accumulated Other Comprehensive Income, net of tax, for the nine months ended September 30, 2017 and 2016:
(A) The foreign currency derivative activity reclassified from Accumulated Other Comprehensive Income is allocated to cost of goods sold and selling, general and administrative expense based on the percentage of Mexican Peso spend. The tax effect of the foreign currency derivative activity reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Income. (B) The Company has historically disclosed both interest rate swap activity and post-retirement benefit activity, however due to immaterial interest rate swap activity the components have been combined for the nine months ended September 30, 2016. The effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in total cost of sales on the Consolidated Statements of Income. These Accumulated Other Comprehensive Income components are included in the computation of net periodic benefit cost (see Note 6 "Post Retirement Benefits" for additional details). The tax effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Income. |
Net Income per Common Share (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 855,000 | $ 1,029,000 | $ 4,704,000 | $ 5,379,000 |
Weighted average common shares outstanding — basic | 7,711,000 | 7,635,000 | 7,683,000 | 7,616,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 46,000 | 32,000 | 56,000 | 33,000 |
Weighted average common and potentially issuable common shares outstanding — diluted | 7,757,000 | 7,667,000 | 7,739,000 | 7,649,000 |
Basic net income per common share (USD per share) | $ 0.11 | $ 0.13 | $ 0.61 | $ 0.71 |
Diluted net income per common share (USD per share) | 0.11 | 0.13 | 0.61 | 0.70 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.05 | $ 0.00 | $ 0.05 | $ 0.00 |
Major Customers (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Revenue, Major Customer [Line Items] | ||||
Sales Revenue, Goods, Net | $ 37,593,000 | $ 33,816,000 | $ 110,723,000 | $ 113,159,000 |
Contracts Revenue | 901,000 | 7,520,000 | 11,885,000 | 12,651,000 |
Revenue, Net | 38,494,000 | 41,336,000 | 122,608,000 | 125,810,000 |
Navistar [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales Revenue, Goods, Net | 11,319,000 | 9,575,000 | 30,495,000 | 31,304,000 |
Contracts Revenue | 12,000 | 470,000 | 90,000 | 1,166,000 |
Revenue, Net | 11,331,000 | 10,045,000 | 30,585,000 | 32,470,000 |
Volvo [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales Revenue, Goods, Net | 7,261,000 | 6,337,000 | 20,044,000 | 23,465,000 |
Contracts Revenue | 432,000 | 5,353,000 | 8,011,000 | 5,801,000 |
Revenue, Net | 7,693,000 | 11,690,000 | 28,055,000 | 29,266,000 |
Paccar [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales Revenue, Goods, Net | 7,316,000 | 6,887,000 | 19,168,000 | 18,434,000 |
Contracts Revenue | 50,000 | 18,000 | 2,932,000 | 3,454,000 |
Revenue, Net | 7,366,000 | 6,905,000 | 22,100,000 | 21,888,000 |
BRP [Member] [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales Revenue, Goods, Net | 2,052,000 | 1,437,000 | 10,453,000 | 7,803,000 |
Contracts Revenue | 406,000 | 1,624,000 | 514,000 | 1,624,000 |
Revenue, Net | 2,458,000 | 3,061,000 | 10,967,000 | 9,427,000 |
Yamaha [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales Revenue, Goods, Net | 3,723,000 | 3,602,000 | 11,847,000 | 11,658,000 |
Contracts Revenue | 0 | 0 | 0 | 0 |
Revenue, Net | 3,723,000 | 3,602,000 | 11,847,000 | 11,658,000 |
Other Customers [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales Revenue, Goods, Net | 5,922,000 | 5,978,000 | 18,716,000 | 20,495,000 |
Contracts Revenue | 1,000 | 55,000 | 338,000 | 606,000 |
Revenue, Net | $ 5,923,000 | $ 6,033,000 | $ 19,054,000 | $ 21,101,000 |
Property, Plant & Equipment (Details) - USD ($) |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment | $ 142,915,000 | $ 140,658,000 |
Accumulated depreciation | (74,804,000) | (70,057,000) |
Property, plant and equipment — net | 68,111,000 | 70,601,000 |
Capital expenditures in progress | 2,014,000 | 1,607,000 |
Commitments for capital expenditures in progress | $ 880,000 | $ 616,000 |
Goodwill and Intangibles (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Goodwill [Line Items] | ||
Goodwill, Acquired During Period | $ 0 | |
Goodwill | 2,403,000 | $ 2,403,000 |
Goodwill, Impairment Loss | $ 0 |
Debt (Details) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | |||
Debt | $ 7,500,000 | $ 9,750,000 | |
Less current portion | (3,000,000) | (3,000,000) | |
Long-term debt | $ 4,500,000 | 6,750,000 | |
Percent of subsidiary stock not security for financing | 65.00% | ||
Letter of Credit, Maximum | $ 250,000 | ||
Letters of Credit Outstanding, Amount | 175,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving Line of Credit | $ 0 | $ 0 | |
Debt Instrument, Interest Rate, Stated Percentage | |||
Maximum borrowing capacity | $ 18,000,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 7,500,000 | $ 9,750,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.05% | 2.55% | |
Debt - face amount | $ 15,500,000 | ||
Repayments of Short-term Debt | 2,250,000 | $ 2,250,000 | |
Capex Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt - face amount | 12,000,000 | ||
Repayments of Short-term Debt | $ 0 | $ 714,000 |
Income Taxes (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||||
Deferred Tax Liabilities, Net, Noncurrent | $ 992,000 | $ 992,000 | $ 992,000 | ||
Income tax expense (benefit) | 489,000 | $ 561,000 | $ 2,262,000 | $ 2,794,000 | |
Effective income tax rate | 32.00% | 34.00% | |||
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Instruments (Details) - USD ($) |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Ineffectiveness on Foreign Currency Fair Value Hedges is Immaterial | 0 | |
Non-Recurring Fair Value Measurements | $ 0 | |
Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 354,000 | $ 0 |
Description of Location of Foreign Currency Derivatives on Balance Sheet | Prepaid expense other current assets | Prepaid expense other current assets |
Derivative, Notional Amount | $ 5,038,000 | $ 0 |
Liability [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Description of Location of Foreign Currency Derivatives on Balance Sheet | Accrued liabilities other | Accrued liabilities other |
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 0 | $ 0 |
Derivative, Notional Amount | $ 0 | $ 6,502,000 |
Fair Value of Financial Instruments Derivative Instruments and Hedging Activities (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Loss on Foreign Currency Derivatives, before Tax | $ 113,000 | $ 0 | $ 1,054,000 | $ 0 |
Selling, General and Administrative Expenses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 32,000 | 0 | 51,000 | 0 |
Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 220,000 | $ 0 | $ 346,000 | $ 0 |
Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated Impact of ASU 2017-07 | $ 18,000 | |
Scenario, Forecast [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated Impact of ASU 2017-07 | $ 49,000 |
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