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Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities. |
Level 2: | Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly. |
Level 3: | Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions. |
Foreign Currency | Defined Benefit Pension Plans | Total | |||||||||
Balance at January 1, 2013 | $ | 12,784 | $ | (2,141 | ) | $ | 10,643 | ||||
Other comprehensive income before reclassifications | (851 | ) | — | (851 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | (75 | ) | (75 | ) | ||||||
Net current-period other comprehensive income | (851 | ) | (75 | ) | (926 | ) | |||||
Balance at March 31, 2013 | 11,933 | (2,216 | ) | 9,717 | |||||||
Other comprehensive income before reclassifications | (4,994 | ) | — | (4,994 | ) | ||||||
Balance at June 30, 2013 | $ | 6,939 | $ | (2,216 | ) | $ | 4,723 | ||||
Balance at January 1, 2014 | $ | 3,493 | $ | (1,066 | ) | $ | 2,427 | ||||
Other comprehensive income before reclassifications | 54 | — | 54 | ||||||||
Balance at March 31, 2014 | 3,547 | (1,066 | ) | 2,481 | |||||||
Other comprehensive income before reclassifications | 2,804 | — | 2,804 | ||||||||
Balance at June 30, 2014 | $ | 6,351 | $ | (1,066 | ) | $ | 5,285 |
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June 30, 2014 | December 31, 2013 | |||||||
Deposits and amounts due to customers | $ | 4,660 | $ | 7,664 | ||||
Dividends payable | 4,255 | 3,174 | ||||||
Other accrued expenses | 6,438 | 5,596 | ||||||
$ | 15,353 | $ | 16,434 |
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Segment | Balance at January 1, 2014 | Foreign Currency Translation | Balance at June 30, 2014 | ||||||||
Material Handling | $ | 50,570 | $ | 662 | $ | 51,232 | |||||
Distribution | 505 | — | 505 | ||||||||
$ | 51,075 | $ | 662 | $ | 51,737 |
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Three Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Segment | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | |||||||||||||
Distribution | $ | — | $ | 268 | $ | 268 | $ | — | $ | 18 | $ | 18 | |||||||
Material Handling | 77 | 30 | 107 | 15 | — | 15 | |||||||||||||
Total | $ | 77 | $ | 298 | $ | 375 | $ | 15 | $ | 18 | $ | 33 |
Six Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Segment | Cost of sales | Selling, general and administrative | Total | Cost of sales | Selling, general and administrative | Total | |||||||||||||
Distribution | $ | — | $ | 760 | $ | 760 | $ | — | $ | 92 | $ | 92 | |||||||
Material Handling | 77 | 30 | 107 | 177 | 48 | 225 | |||||||||||||
Corporate | — | — | — | — | 17 | 17 | |||||||||||||
Total | $ | 77 | $ | 790 | $ | 867 | $ | 177 | $ | 157 | $ | 334 |
Severance and Personnel | Other Exit Costs | Total | |||||||||
Balance at January 1, 2013 | $ | 318 | $ | — | $ | 318 | |||||
Provision | 259 | 75 | 334 | ||||||||
Less: Payments | (577 | ) | (75 | ) | (652 | ) | |||||
Balance at June 30, 2013 | $ | — | $ | — | $ | — | |||||
Balance at January 1, 2014 | $ | — | $ | — | $ | — | |||||
Provision | 797 | 70 | 867 | ||||||||
Less: Payments | (797 | ) | (70 | ) | (867 | ) | |||||
Balance at June 30, 2014 | $ | — | $ | — | $ | — |
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Model | |||
Risk free interest rate | 2.80 | % | |
Expected dividend yield | 2.50 | % | |
Expected life of award (years) | 7.0 | ||
Expected volatility | 50.00 | % | |
Fair value per option share | $ | 7.05 |
Shares | Average Exercise Price | Weighted Average Life | ||||||
Outstanding at January 1, 2014 | 1,574,572 | $ | 12.14 | |||||
Options granted | 209,500 | 20.93 | ||||||
Options exercised | (167,333 | ) | 12.24 | |||||
Canceled or forfeited | (33,785 | ) | 15.39 | |||||
Outstanding at June 30, 2014 | 1,582,954 | $ | 13.22 | 6.14 years | ||||
Exercisable at June 30, 2014 | 1,131,117 | $ | 11.65 | 5.02 years |
Awards | Average Grant-Date Fair Value | |||||
Unvested at January 1, 2014 | 275,525 | |||||
Granted | 104,100 | $ | 20.93 | |||
Released | (123,829 | ) | 11.75 | |||
Canceled or forfeited | (16,300 | ) | 17.22 | |||
Unvested at June 30, 2014 | 239,496 | $ | 16.80 |
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June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Loan Agreement | $ | 38,500 | $ | 34,200 | |||
4.67% Senior Unsecured Notes due 2021 | 40,000 | — | |||||
5.25% Senior Unsecured Notes due 2024 | 11,000 | 11,000 | |||||
5.30% Senior Unsecured Notes due 2024 | 29,000 | — | |||||
5.45% Senior Unsecured Notes due 2026 | 20,000 | — | |||||
138,500 | 45,200 | ||||||
Less unamortized deferred financing fees | 766 | 853 | |||||
$ | 137,734 | $ | 44,347 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest cost | $ | 70 | $ | 65 | $ | 140 | $ | 130 | |||||||
Expected return on assets | (93 | ) | (83 | ) | (185 | ) | (166 | ) | |||||||
Amortization of actuarial net loss | 11 | 28 | 22 | 56 | |||||||||||
Net periodic pension (benefit) cost | $ | (12 | ) | $ | 10 | $ | (23 | ) | $ | 20 | |||||
Company contributions | $ | 72 | $ | 80 | $ | 152 | $ | 203 |
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 46,372 | $ | 50,401 | $ | 104,677 | $ | 120,437 | ||||||||
Income (loss) from discontinued operations before income taxes | $ | (4,427 | ) | $ | 500 | $ | (10,666 | ) | $ | 3,618 | ||||||
Income tax expense (benefit) | (1,421 | ) | (407 | ) | (3,577 | ) | 624 | |||||||||
Income (loss) from discontinued operations | (3,006 | ) | 907 | (7,089 | ) | 2,994 | ||||||||||
Net gain (loss) on sale of discontinued operations, net of tax of $1.3 million | 2,428 | — | 2,428 | — | ||||||||||||
(Loss) income from discontinued operations | $ | (578 | ) | $ | 907 | $ | (4,661 | ) | $ | 2,994 | ||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Assets | ||||||||
Accounts receivable-net | $ | 23,260 | $ | 37,527 | ||||
Inventories | 58,256 | 53,401 | ||||||
Prepaid expenses | 1,820 | 1,682 | ||||||
Goodwill | 9,361 | 9,567 | ||||||
Patents and other intangible assets, net | 6,553 | 6,860 | ||||||
Property, plant and equipment, net | 36,975 | 51,028 | ||||||
Other | 473 | 503 | ||||||
Total Assets Held for Sale | $ | 136,698 | $ | 160,568 | ||||
Liabilities | ||||||||
Accounts payable | $ | 21,570 | $ | 29,366 | ||||
Accrued expenses and other liabilities | 10,104 | 20,133 | ||||||
Total Liabilities Held for Sale | $ | 31,674 | $ | 49,499 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Severance and personnel | $ | 166 | $ | 238 | $ | 1,168 | $ | 260 | |||||||
Other exit costs | 648 | 497 | 3,274 | 879 | |||||||||||
Total | $ | 814 | $ | 735 | $ | 4,442 | $ | 1,139 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Net Sales | 2014 | 2013 | 2014 | 2013 | |||||||||||
Material Handling | $ | 103,046 | $ | 100,496 | $ | 209,723 | $ | 195,132 | |||||||
Distribution | 49,789 | 53,211 | 93,672 | 103,617 | |||||||||||
Inter-company Sales | (51 | ) | (84 | ) | (126 | ) | (182 | ) | |||||||
$ | 152,784 | $ | 153,623 | $ | 303,269 | $ | 298,567 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | 2014 | 2013 | 2014 | 2013 | |||||||||||
Material Handling | $ | 11,533 | $ | 13,358 | $ | 24,305 | $ | 24,840 | |||||||
Distribution | 5,053 | 6,043 | 8,583 | 11,330 | |||||||||||
Corporate | (5,300 | ) | (6,780 | ) | (12,719 | ) | (13,437 | ) | |||||||
Interest expense - net | (1,667 | ) | (1,119 | ) | (3,251 | ) | (2,196 | ) | |||||||
$ | 9,619 | $ | 11,502 | $ | 16,918 | $ | 20,537 |
June 30, | December 31, | ||||||
Identifiable Assets | 2014 | 2013 | |||||
Material Handling | $ | 249,146 | $ | 240,897 | |||
Distribution | 66,910 | 63,340 | |||||
Corporate | 45,889 | 4,652 | |||||
Discontinued operations | 136,698 | 160,568 | |||||
$ | 498,643 | $ | 469,457 |
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Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities. |
Level 2: | Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly. |
Level 3: | Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions. |
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Foreign Currency | Defined Benefit Pension Plans | Total | |||||||||
Balance at January 1, 2013 | $ | 12,784 | $ | (2,141 | ) | $ | 10,643 | ||||
Other comprehensive income before reclassifications | (851 | ) | — | (851 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | (75 | ) | (75 | ) | ||||||
Net current-period other comprehensive income | (851 | ) | (75 | ) | (926 | ) | |||||
Balance at March 31, 2013 | 11,933 | (2,216 | ) | 9,717 | |||||||
Other comprehensive income before reclassifications | (4,994 | ) | — | (4,994 | ) | ||||||
Balance at June 30, 2013 | $ | 6,939 | $ | (2,216 | ) | $ | 4,723 | ||||
Balance at January 1, 2014 | $ | 3,493 | $ | (1,066 | ) | $ | 2,427 | ||||
Other comprehensive income before reclassifications | 54 | — | 54 | ||||||||
Balance at March 31, 2014 | 3,547 | (1,066 | ) | 2,481 | |||||||
Other comprehensive income before reclassifications | 2,804 | — | 2,804 | ||||||||
Balance at June 30, 2014 | $ | 6,351 | $ | (1,066 | ) | $ | 5,285 |
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June 30, 2014 | December 31, 2013 | |||||||
Deposits and amounts due to customers | $ | 4,660 | $ | 7,664 | ||||
Dividends payable | 4,255 | 3,174 | ||||||
Other accrued expenses | 6,438 | 5,596 | ||||||
$ | 15,353 | $ | 16,434 |
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Segment | Balance at January 1, 2014 | Foreign Currency Translation | Balance at June 30, 2014 | ||||||||
Material Handling | $ | 50,570 | $ | 662 | $ | 51,232 | |||||
Distribution | 505 | — | 505 | ||||||||
$ | 51,075 | $ | 662 | $ | 51,737 |
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Severance and Personnel | Other Exit Costs | Total | |||||||||
Balance at January 1, 2013 | $ | 318 | $ | — | $ | 318 | |||||
Provision | 259 | 75 | 334 | ||||||||
Less: Payments | (577 | ) | (75 | ) | (652 | ) | |||||
Balance at June 30, 2013 | $ | — | $ | — | $ | — | |||||
Balance at January 1, 2014 | $ | — | $ | — | $ | — | |||||
Provision | 797 | 70 | 867 | ||||||||
Less: Payments | (797 | ) | (70 | ) | (867 | ) | |||||
Balance at June 30, 2014 | $ | — | $ | — | $ | — |
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Model | |||
Risk free interest rate | 2.80 | % | |
Expected dividend yield | 2.50 | % | |
Expected life of award (years) | 7.0 | ||
Expected volatility | 50.00 | % | |
Fair value per option share | $ | 7.05 |
Shares | Average Exercise Price | Weighted Average Life | ||||||
Outstanding at January 1, 2014 | 1,574,572 | $ | 12.14 | |||||
Options granted | 209,500 | 20.93 | ||||||
Options exercised | (167,333 | ) | 12.24 | |||||
Canceled or forfeited | (33,785 | ) | 15.39 | |||||
Outstanding at June 30, 2014 | 1,582,954 | $ | 13.22 | 6.14 years | ||||
Exercisable at June 30, 2014 | 1,131,117 | $ | 11.65 | 5.02 years |
Awards | Average Grant-Date Fair Value | |||||
Unvested at January 1, 2014 | 275,525 | |||||
Granted | 104,100 | $ | 20.93 | |||
Released | (123,829 | ) | 11.75 | |||
Canceled or forfeited | (16,300 | ) | 17.22 | |||
Unvested at June 30, 2014 | 239,496 | $ | 16.80 |
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June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Loan Agreement | $ | 38,500 | $ | 34,200 | |||
4.67% Senior Unsecured Notes due 2021 | 40,000 | — | |||||
5.25% Senior Unsecured Notes due 2024 | 11,000 | 11,000 | |||||
5.30% Senior Unsecured Notes due 2024 | 29,000 | — | |||||
5.45% Senior Unsecured Notes due 2026 | 20,000 | — | |||||
138,500 | 45,200 | ||||||
Less unamortized deferred financing fees | 766 | 853 | |||||
$ | 137,734 | $ | 44,347 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest cost | $ | 70 | $ | 65 | $ | 140 | $ | 130 | |||||||
Expected return on assets | (93 | ) | (83 | ) | (185 | ) | (166 | ) | |||||||
Amortization of actuarial net loss | 11 | 28 | 22 | 56 | |||||||||||
Net periodic pension (benefit) cost | $ | (12 | ) | $ | 10 | $ | (23 | ) | $ | 20 | |||||
Company contributions | $ | 72 | $ | 80 | $ | 152 | $ | 203 |
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 46,372 | $ | 50,401 | $ | 104,677 | $ | 120,437 | ||||||||
Income (loss) from discontinued operations before income taxes | $ | (4,427 | ) | $ | 500 | $ | (10,666 | ) | $ | 3,618 | ||||||
Income tax expense (benefit) | (1,421 | ) | (407 | ) | (3,577 | ) | 624 | |||||||||
Income (loss) from discontinued operations | (3,006 | ) | 907 | (7,089 | ) | 2,994 | ||||||||||
Net gain (loss) on sale of discontinued operations, net of tax of $1.3 million | 2,428 | — | 2,428 | — | ||||||||||||
(Loss) income from discontinued operations | $ | (578 | ) | $ | 907 | $ | (4,661 | ) | $ | 2,994 | ||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Assets | ||||||||
Accounts receivable-net | $ | 23,260 | $ | 37,527 | ||||
Inventories | 58,256 | 53,401 | ||||||
Prepaid expenses | 1,820 | 1,682 | ||||||
Goodwill | 9,361 | 9,567 | ||||||
Patents and other intangible assets, net | 6,553 | 6,860 | ||||||
Property, plant and equipment, net | 36,975 | 51,028 | ||||||
Other | 473 | 503 | ||||||
Total Assets Held for Sale | $ | 136,698 | $ | 160,568 | ||||
Liabilities | ||||||||
Accounts payable | $ | 21,570 | $ | 29,366 | ||||
Accrued expenses and other liabilities | 10,104 | 20,133 | ||||||
Total Liabilities Held for Sale | $ | 31,674 | $ | 49,499 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Severance and personnel | $ | 166 | $ | 238 | $ | 1,168 | $ | 260 | |||||||
Other exit costs | 648 | 497 | 3,274 | 879 | |||||||||||
Total | $ | 814 | $ | 735 | $ | 4,442 | $ | 1,139 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Net Sales | 2014 | 2013 | 2014 | 2013 | |||||||||||
Material Handling | $ | 103,046 | $ | 100,496 | $ | 209,723 | $ | 195,132 | |||||||
Distribution | 49,789 | 53,211 | 93,672 | 103,617 | |||||||||||
Inter-company Sales | (51 | ) | (84 | ) | (126 | ) | (182 | ) | |||||||
$ | 152,784 | $ | 153,623 | $ | 303,269 | $ | 298,567 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | 2014 | 2013 | 2014 | 2013 | |||||||||||
Material Handling | $ | 11,533 | $ | 13,358 | $ | 24,305 | $ | 24,840 | |||||||
Distribution | 5,053 | 6,043 | 8,583 | 11,330 | |||||||||||
Corporate | (5,300 | ) | (6,780 | ) | (12,719 | ) | (13,437 | ) | |||||||
Interest expense - net | (1,667 | ) | (1,119 | ) | (3,251 | ) | (2,196 | ) | |||||||
$ | 9,619 | $ | 11,502 | $ | 16,918 | $ | 20,537 |
June 30, | December 31, | ||||||
Identifiable Assets | 2014 | 2013 | |||||
Material Handling | $ | 249,146 | $ | 240,897 | |||
Distribution | 66,910 | 63,340 | |||||
Corporate | 45,889 | 4,652 | |||||
Discontinued operations | 136,698 | 160,568 | |||||
$ | 498,643 | $ | 469,457 |
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