2014 Form 10-K Financial Statement

#000000909215000002 Filed on March 04, 2015

View on sec.gov

Income Statement

Concept 2014 2013 Q4 2013 Q3
Revenue $364.8M $81.01M $92.96M
YoY Change 9.17% 9.0% 6.69%
Cost Of Revenue $233.6M $52.00M $59.86M
YoY Change 7.6% 14.29% 13.37%
Gross Profit $131.1M $29.00M $33.10M
YoY Change 12.1% 0.53% -3.57%
Gross Profit Margin 35.95% 35.8% 35.61%
Selling, General & Admin $85.10M $18.70M $19.23M
YoY Change 9.26% -6.5% -4.89%
% of Gross Profit 64.89% 64.48% 58.09%
Research & Development $9.500M
YoY Change -9.52%
% of Gross Profit 7.24%
Depreciation & Amortization $8.891M $3.220M $3.470M
YoY Change 4.45% 8.78% 8.78%
% of Gross Profit 6.78% 11.1% 10.48%
Operating Expenses $94.60M $18.70M $19.23M
YoY Change 7.03% -6.5% -4.89%
Operating Profit $46.05M $10.30M $13.87M
YoY Change 17.75% 16.4% -1.69%
Interest Expense -$1.100M -$300.0K -$300.0K
YoY Change 0.0% 0.0% 0.0%
% of Operating Profit -2.39% -2.91% -2.16%
Other Income/Expense, Net
YoY Change
Pretax Income $41.02M $10.10M $13.61M
YoY Change 18.26% 18.82% -1.56%
Income Tax $15.23M $3.700M $4.560M
% Of Pretax Income 37.14% 36.63% 33.51%
Net Earnings $29.68M $6.380M $9.049M
YoY Change 20.56% 16.34% 2.17%
Net Earnings / Revenue 8.14% 7.88% 9.73%
Basic Earnings Per Share $0.44 $0.63
Diluted Earnings Per Share $1.031M $0.44 $0.63
COMMON SHARES
Basic Shares Outstanding 28.61M shares 14.38M shares 14.37M shares
Diluted Shares Outstanding 28.76M shares 14.45M shares

Balance Sheet

Concept 2014 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.700M $7.300M $4.600M
YoY Change -8.22% 10.61% -24.59%
Cash & Equivalents $6.700M $7.300M $4.600M
Short-Term Investments
Other Short-Term Assets $8.700M $8.800M $7.600M
YoY Change -1.14% 7.32% 8.57%
Inventory $71.80M $60.94M $54.37M
Prepaid Expenses
Receivables $54.00M $50.13M $56.06M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $141.1M $127.2M $122.7M
YoY Change 10.93% 4.77% -3.4%
LONG-TERM ASSETS
Property, Plant & Equipment $81.80M $76.42M $73.40M
YoY Change 7.07% 8.42% 7.16%
Goodwill $44.70M $46.64M
YoY Change 24.51% 30.76%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.900M $6.155M $6.033M
YoY Change -15.24% 42.68% 6.01%
Total Long-Term Assets $200.1M $188.9M $186.2M
YoY Change 5.93% 11.72% 9.74%
TOTAL ASSETS
Total Short-Term Assets $141.1M $127.2M $122.7M
Total Long-Term Assets $200.1M $188.9M $186.2M
Total Assets $341.2M $316.1M $308.9M
YoY Change 7.94% 8.82% 4.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.10M $18.55M $19.44M
YoY Change -13.44% 19.31% -7.3%
Accrued Expenses $11.90M $7.300M $7.800M
YoY Change 63.01% -25.51% -15.22%
Deferred Revenue
YoY Change
Short-Term Debt $75.90M $70.05M $65.19M
YoY Change 8.43% 4.97% -8.42%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $107.1M $98.04M $95.15M
YoY Change 9.29% 4.21% -8.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.40M $1.324M $2.695M
YoY Change 14.53% 21.92% 163.96%
Total Long-Term Liabilities $13.40M $1.324M $2.695M
YoY Change 14.53% 21.92% 163.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $107.1M $98.04M $95.15M
Total Long-Term Liabilities $13.40M $1.324M $2.695M
Total Liabilities $126.8M $99.37M $97.85M
YoY Change 6.11% 4.41% -7.07%
SHAREHOLDERS EQUITY
Retained Earnings $170.3M $166.5M
YoY Change 9.39% 9.1%
Common Stock $66.13M $64.47M
YoY Change 6.33% 5.2%
Preferred Stock
YoY Change
Treasury Stock (at cost) $31.29M $31.31M
YoY Change -0.55% -0.51%
Treasury Stock Shares 6.092M shares
Shareholders Equity $214.3M $196.6M $185.8M
YoY Change
Total Liabilities & Shareholders Equity $341.2M $316.1M $308.9M
YoY Change 7.94% 8.82% 4.12%

Cashflow Statement

Concept 2014 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $29.68M $6.380M $9.049M
YoY Change 20.56% 16.34% 2.17%
Depreciation, Depletion And Amortization $8.891M $3.220M $3.470M
YoY Change 4.45% 8.78% 8.78%
Cash From Operating Activities $35.74M $6.070M $13.55M
YoY Change 2.63% -43.69% 36.32%
INVESTING ACTIVITIES
Capital Expenditures $12.33M -$4.990M -$3.780M
YoY Change -13.83% 35.6% 79.15%
Acquisitions $20.83M
YoY Change 35.24%
Other Investing Activities -$20.83M -$940.0K -$4.580M
YoY Change 35.26%
Cash From Investing Activities -$33.16M -$5.930M -$8.360M
YoY Change 11.61% 61.14% 296.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.743M 2.710M -3.520M
YoY Change -35.9% -140.39% -60.4%
NET CHANGE
Cash From Operating Activities $35.74M 6.070M 13.55M
Cash From Investing Activities -$33.16M -5.930M -8.360M
Cash From Financing Activities -$2.743M 2.710M -3.520M
Net Change In Cash -$169.0K 2.850M 1.670M
YoY Change -120.44% 630.77% -257.55%
FREE CASH FLOW
Cash From Operating Activities $35.74M $6.070M $13.55M
Capital Expenditures $12.33M -$4.990M -$3.780M
Free Cash Flow $23.40M $11.06M $17.33M
YoY Change 14.12% -23.51% 43.82%

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2850000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2014Q4 us-gaap Deferred Tax Liabilities Noncurrent
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14000 USD
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806000 USD
CY2014 us-gaap Defined Benefit Plan Settlements Plan Assets
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858000 USD
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0.25
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CY2013 us-gaap Depreciation
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0.61
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0.71
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0.42
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0.42
CY2012 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-282000 USD
CY2013 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2014 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2014Q4 us-gaap Employee Related Liabilities Current
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11901000 USD
CY2012 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
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300000 USD
CY2013 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
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300000 USD
CY2014 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
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300000 USD
CY2012Q4 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
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4400000 USD
CY2013Q4 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
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4500000 USD
CY2014Q4 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
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4300000 USD
CY2012 us-gaap Employee Stock Ownership Plan Esop Shares Contributed To Esop
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16151.000 shares
CY2013 us-gaap Employee Stock Ownership Plan Esop Shares Contributed To Esop
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9918.000 shares
CY2014 us-gaap Employee Stock Ownership Plan Esop Shares Contributed To Esop
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CY2013Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
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CY2014Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
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CY2012 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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297000 USD
CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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382000 USD
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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38000 USD
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16150000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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21605000 USD
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32900000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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5800000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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5700000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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5700000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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5800000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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5800000 USD
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57317000 USD
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CY2012Q4 us-gaap Goodwill
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35900000 USD
CY2013Q4 us-gaap Goodwill
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CY2014Q4 us-gaap Goodwill
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CY2013 us-gaap Gross Profit
GrossProfit
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CY2014Q1 us-gaap Gross Profit
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28951000 USD
CY2014Q2 us-gaap Gross Profit
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40650000 USD
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34687000 USD
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3322000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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3890000 USD
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43471000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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38009000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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44912000 USD
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1.96
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1.71
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2.07
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1.95
CY2013 us-gaap Income Loss From Continuing Operations Per Diluted Share
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1.70
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2.06
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15439000 USD
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13392000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15234000 USD
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529000 USD
CY2013 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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498000 USD
CY2014 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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675000 USD
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CY2013 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2014 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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-454000 USD
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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15215000 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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13303000 USD
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997000 USD
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4743000 USD
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CY2014 us-gaap Increase Decrease In Inventories
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6943000 USD
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15720000 USD
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CY2014 us-gaap Income Tax Reconciliation Other Reconciling Items
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-198000 USD
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
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1018000 USD
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
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1408000 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
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841000 USD
CY2012 us-gaap Income Tax Reconciliation Tax Settlements
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CY2013 us-gaap Income Tax Reconciliation Tax Settlements
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0 USD
CY2014 us-gaap Income Tax Reconciliation Tax Settlements
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0 USD
CY2012 us-gaap Income Taxes Paid
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CY2013 us-gaap Income Taxes Paid
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CY2014 us-gaap Income Taxes Paid
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17218000 USD
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CY2013 us-gaap Increase Decrease In Accounts Receivable
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3991000 USD
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CY2014 us-gaap Increase Decrease In Operating Liabilities
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CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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905000 USD
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2060000 USD
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CY2014 us-gaap Interest Paid
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CY2014Q4 us-gaap Inventory Finished Goods
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25362000 USD
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CY2014Q4 us-gaap Inventory Net
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30905000 USD
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33365000 USD
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2680000 USD
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2880000 USD
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4236000 USD
CY2014Q4 us-gaap Inventory Valuation Reserves
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3314000 USD
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316058000 USD
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34802000 USD
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10231000 USD
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33600000 USD
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1500000 USD
CY2014Q4 us-gaap Loans Payable
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900000 USD
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100179000 USD
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35735000 USD
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CY2014 us-gaap Net Income Loss
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0 USD
CY2013 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
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0 USD
CY2014 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
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2623000 USD
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39107000 USD
CY2014 us-gaap Operating Income Loss
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46047000 USD
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1274000 USD
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1451000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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1688000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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1861000 USD
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5845000 USD
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2700000 USD
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2800000 USD
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3100000 USD
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CY2013 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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5288000 USD
CY2014 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2014 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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2611000 USD
CY2012 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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393000 USD
CY2013 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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172000 USD
CY2013Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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5934000 USD
CY2014Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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6342000 USD
CY2012 us-gaap Payments For Repurchase Of Common Stock
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30000000 USD
CY2013 us-gaap Payments For Repurchase Of Common Stock
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0 USD
CY2014 us-gaap Payments For Repurchase Of Common Stock
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0 USD
CY2012 us-gaap Payments Of Dividends Common Stock
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9513000 USD
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10004000 USD
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CY2013 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
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CY2014 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
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CY2012 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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-225000 USD
CY2013 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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-6252000 USD
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax
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6424000 USD
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
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CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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786000 USD
CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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1735000 USD
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10633000 USD
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51518000 USD
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15401000 USD
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20829000 USD
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
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8202000 USD
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122000 USD
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1392000 USD
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PensionAndOtherPostretirementBenefitExpense
4417000 USD
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PensionContributions
1097000 USD
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0 USD
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0 USD
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3994000 USD
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477000 USD
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498000 USD
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469000 USD
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382000 USD
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ProceedsFromStockOptionsExercised
1640000 USD
CY2014 us-gaap Proceeds From Stock Options Exercised
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730000 USD
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882000 USD
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1739000 USD
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164138000 USD
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177400000 USD
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76416000 USD
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81806000 USD
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138000 USD
CY2013 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
78000 USD
CY2014 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
305000 USD
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-1136000 USD
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-2357000 USD
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256000 USD
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154000 USD
CY2014 us-gaap Repayments Of Notes Payable
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154000 USD
CY2012 us-gaap Research And Development Expense
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9600000 USD
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10500000 USD
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9500000 USD
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RetainedEarningsAccumulatedDeficit
170318000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
189365000 USD
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319660000 USD
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CY2014Q2 us-gaap Sales Revenue Net
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95662000 USD
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96271000 USD
CY2014Q4 us-gaap Sales Revenue Net
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89339000 USD
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364768000 USD
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77777000 USD
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85095000 USD
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1266000 USD
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1388000 USD
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1449000 USD
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
505000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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456000 shares
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882000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1739000 USD
CY2012 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
CY2013 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
64000 USD
CY2014 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
CY2012 us-gaap Standard Product Warranty Accrual Payments
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1431000 USD
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1068000 USD
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StandardProductWarrantyAccrualPayments
1655000 USD
CY2012 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
719000 USD
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StandardProductWarrantyAccrualPeriodIncreaseDecrease
1005000 USD
CY2014 us-gaap Standard Product Warranty Accrual Period Increase Decrease
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2512000 USD
CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
382000 USD
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
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1640000 USD
CY2014 us-gaap Stock Issued During Period Value Stock Options Exercised
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730000 USD
CY2012 us-gaap Stock Issued During Period Value Treasury Stock Reissued
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477000 USD
CY2013 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
498000 USD
CY2014 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
469000 USD
CY2012 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
30000000 USD
CY2011Q4 us-gaap Stockholders Equity
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179281000 USD
CY2012Q4 us-gaap Stockholders Equity
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171247000 USD
CY2013Q4 us-gaap Stockholders Equity
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CY2014Q4 us-gaap Stockholders Equity
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214331000 USD
CY2013Q4 us-gaap Taxes Payable Current
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1223000 USD
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1449000 USD
CY2013Q4 us-gaap Treasury Stock Shares
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6091728 shares
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
6061671 shares
CY2013Q4 us-gaap Treasury Stock Value
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31287000 USD
CY2014Q4 us-gaap Treasury Stock Value
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31132000 USD
CY2014Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
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20500000 USD
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1075000 USD
CY2014Q4 us-gaap Unearned Esop Shares
UnearnedESOPShares
922000 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits
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698000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
880000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
846000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
100000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
100000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
216000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
185000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
80000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
11000 USD
CY2013 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
114000 USD
CY2014 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
230000 USD
CY2012 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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67000 shares
CY2013 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
78000 shares
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
71000 shares
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14399000 shares
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14440000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14378000 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14332000 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14362000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14307000 shares
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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