SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On January 23, 2014, the Company announced plans to relocate the work performed relative to machining operations at its Savannah, Georgia facility to other locations within the company. The Savannah facility will continue to perform kitting and assembly operations. As a result, severance expense of $66 was recognized in the first quarter of 2014. In addition, the Company expects to recognize approximately $500 in other project costs largely related to accelerated depreciation on capital in the first two quarters of 2014. It is expected that this reorganization will be completed by the end of the second quarter of 2014.

On February 21, 2014, Ronald S. Saks provided notice of his retirement and resignation as Chief Executive Officer and President of the Company, such resignation to be effective as of March 18, 2014. On February 21, 2014, the Board of Directors of the Company (the “Board”) appointed Mr. Saks as the non-executive Chairman of the Board to replace Joseph Burstein, the current Chairman, effective March 18, 2014. Mr. Burstein will continue to serve as a director on the Board. Also on February 21, 2014, on the recommendation of the Compensation Committee, the Board appointed Daniel G. Korte to succeed Mr. Saks as Chief Executive Officer and President of the Company effective March 18, 2014. Mr. Korte shall commence his employment with the Company on March 10, 2014 as Chief Executive Officer-Elect, a non-executive position, and begin serving as Chief Executive Officer and President on March 18, 2014.