2013 Q2 Form 10-Q Financial Statement

#000114420413045813 Filed on August 14, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $13.03M $11.82M
YoY Change 10.31% -1.2%
Cost Of Revenue $10.55M $9.463M
YoY Change 11.51% -4.32%
Gross Profit $2.482M $2.353M
YoY Change 5.47% 13.68%
Gross Profit Margin 19.04% 19.92%
Selling, General & Admin $1.828M $2.340M
YoY Change -21.87% 21.88%
% of Gross Profit 73.66% 99.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $470.0K $430.0K
YoY Change 9.3% -10.42%
% of Gross Profit 18.94% 18.27%
Operating Expenses $2.191M $2.341M
YoY Change -6.39% 21.27%
Operating Profit $291.1K $12.74K
YoY Change 2184.65% -90.9%
Interest Expense $205.8K $172.5K
YoY Change 19.26% -232.72%
% of Operating Profit 70.68% 1353.98%
Other Income/Expense, Net -$371.1K -$161.3K
YoY Change 130.01%
Pretax Income -$79.93K -$148.6K
YoY Change -46.21% -842.9%
Income Tax -$24.37K -$52.66K
% Of Pretax Income
Net Earnings -$55.98K -$77.55K
YoY Change -27.82% -875.48%
Net Earnings / Revenue -0.43% -0.66%
Basic Earnings Per Share -$0.02 -$0.02
Diluted Earnings Per Share -$0.02 -$0.02
COMMON SHARES
Basic Shares Outstanding 3.249M shares 3.207M shares
Diluted Shares Outstanding 3.401M shares 3.241M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $460.0K $260.0K
YoY Change 76.92% -46.94%
Cash & Equivalents $458.7K $261.1K
Short-Term Investments
Other Short-Term Assets $609.7K $2.500M
YoY Change -75.61% 7.76%
Inventory $15.06M $13.79M
Prepaid Expenses $1.587M
Receivables $7.647M $5.670M
Other Receivables $0.00 $0.00
Total Short-Term Assets $26.23M $22.23M
YoY Change 17.98% -0.63%
LONG-TERM ASSETS
Property, Plant & Equipment $8.549M $8.580M
YoY Change -0.36% -8.92%
Goodwill $1.033M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $147.6K $240.0K
YoY Change -38.5% -53.85%
Total Long-Term Assets $10.59M $9.930M
YoY Change 6.66% -9.48%
TOTAL ASSETS
Total Short-Term Assets $26.23M $22.23M
Total Long-Term Assets $10.59M $9.930M
Total Assets $36.82M $32.16M
YoY Change 14.49% -3.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.199M $4.990M
YoY Change 4.19% -1.96%
Accrued Expenses $2.768M $2.220M
YoY Change 24.7% -20.43%
Deferred Revenue
YoY Change
Short-Term Debt $5.880M $6.390M
YoY Change -7.98% 4.93%
Long-Term Debt Due $390.0K $1.650M
YoY Change -76.36% -0.6%
Total Short-Term Liabilities $14.68M $16.48M
YoY Change -10.9% -1.32%
LONG-TERM LIABILITIES
Long-Term Debt $9.046M $3.860M
YoY Change 134.36% -6.76%
Other Long-Term Liabilities $700.0K
YoY Change
Total Long-Term Liabilities $9.748M $3.860M
YoY Change 152.54% -6.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.68M $16.48M
Total Long-Term Liabilities $9.748M $3.860M
Total Liabilities $24.43M $20.24M
YoY Change 20.71% -2.55%
SHAREHOLDERS EQUITY
Retained Earnings -$192.0K
YoY Change
Common Stock $14.89M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $141.3K
YoY Change
Treasury Stock Shares 72.13K shares
Shareholders Equity $12.56M $11.92M
YoY Change
Total Liabilities & Shareholders Equity $36.82M $32.16M
YoY Change 14.49% -3.54%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$55.98K -$77.55K
YoY Change -27.82% -875.48%
Depreciation, Depletion And Amortization $470.0K $430.0K
YoY Change 9.3% -10.42%
Cash From Operating Activities $1.530M $600.0K
YoY Change 155.0% -63.86%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$320.0K
YoY Change 56.25% 6.67%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$500.0K -$320.0K
YoY Change 56.25% 6.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.010M -380.0K
YoY Change 165.79% -70.31%
NET CHANGE
Cash From Operating Activities 1.530M 600.0K
Cash From Investing Activities -500.0K -320.0K
Cash From Financing Activities -1.010M -380.0K
Net Change In Cash 20.00K -100.0K
YoY Change -120.0% -225.0%
FREE CASH FLOW
Cash From Operating Activities $1.530M $600.0K
Capital Expenditures -$500.0K -$320.0K
Free Cash Flow $2.030M $920.0K
YoY Change 120.65% -53.06%

Facts In Submission

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EarningsPerShareBasic
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EarningsPerShareBasic
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Interest Paid
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us-gaap Income Taxes Paid
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us-gaap Income Taxes Paid
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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CY2013Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Repayments Of Related Party Debt
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us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
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us-gaap Amortization Of Debt Discount Premium
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0 USD
us-gaap Gain Loss On Sale Of Derivatives
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30942 USD
us-gaap Gain Loss On Sale Of Derivatives
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Inventory Write Down
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
540864 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-124655 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1650353 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
956303 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
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us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
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us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
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us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-913864 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
174959 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
263368 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
470126 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
107681 USD
ctib Deferred Financing Costs
DeferredFinancingCosts
51658 USD
ctib Deferred Financing Costs
DeferredFinancingCosts
0 USD
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
151995 shares
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
157300 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
32920 shares
CY2013Q2 ctib Shares To Be Issued Upon Exercise Of Options And Warrant
SharesToBeIssuedUponExerciseOfOptionsAndWarrant
218500 shares
CY2012Q2 ctib Shares To Be Issued Upon Exercise Of Options And Warrant
SharesToBeIssuedUponExerciseOfOptionsAndWarrant
148000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2013Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
63130 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y1M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y6M
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y6M
us-gaap Description Of Location Of Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments In Financial Statements
DescriptionOfLocationOfGainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsInFinancialStatements
Interest Expense
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-9000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2013Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
154000 USD
ctib Expected Recognized Compensation Expenses Year2013
ExpectedRecognizedCompensationExpensesYear2013
49000 USD
ctib Expected Recognized Compensation Expenses Year2014
ExpectedRecognizedCompensationExpensesYear2014
70000 USD
ctib Expected Recognized Compensation Expenses Year2015
ExpectedRecognizedCompensationExpensesYear2015
25000 USD
ctib Expected Recognized Compensation Expenses Year2016
ExpectedRecognizedCompensationExpensesYear2016
8000 USD
ctib Expected Recognized Compensation Expenses Year2017
ExpectedRecognizedCompensationExpensesYear2017
2000 USD
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
33000 USD
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
22000 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
218500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
ctib Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Forfeiture In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingForfeitureInPeriod
0 shares
ctib Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Exercised In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingExercisedInPeriod
0 shares
ctib Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingGrantsInPeriodWeightedAverageExercisePrice
0
ctib Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Forfeiture In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingForfeitureInPeriodWeightedAverageExercisePrice
0
ctib Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingExercisedInPeriodWeightedAverageExercisePrice
0
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.21
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.45
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
201000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
171000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-171000 USD
CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-2172000 USD
CY2013Q2 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-2001000 USD
CY2013Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
3727000 USD
CY2012Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
3486000 USD
CY2013Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
1349000 USD
CY2012Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1387000 USD
CY2013Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
10669000 USD
CY2012Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
11576000 USD
CY2013Q2 ctib Allowance For Excess Quantities Of Inventories
AllowanceForExcessQuantitiesOfInventories
687000 USD
CY2012Q4 ctib Allowance For Excess Quantities Of Inventories
AllowanceForExcessQuantitiesOfInventories
636000 USD
CY2013Q2 ctib Sales To Outside Customers
SalesToOutsideCustomers
13034000 USD
CY2012Q2 ctib Sales To Outside Customers
SalesToOutsideCustomers
11816000 USD
ctib Sales To Outside Customers
SalesToOutsideCustomers
26379000 USD
ctib Sales To Outside Customers
SalesToOutsideCustomers
25624000 USD
CY2013Q2 ctib Assets Pertaining To Subsidiaries
AssetsPertainingToSubsidiaries
36819000 USD
CY2012Q4 ctib Assets Pertaining To Subsidiaries
AssetsPertainingToSubsidiaries
37747000 USD
CY2013Q2 us-gaap Legal Fees
LegalFees
29000 USD
CY2012Q2 us-gaap Legal Fees
LegalFees
54000 USD
us-gaap Legal Fees
LegalFees
62000 USD
us-gaap Legal Fees
LegalFees
70000 USD
CY2013Q2 ctib Payments To Supplier
PaymentsToSupplier
602000 USD
CY2012Q2 ctib Payments To Supplier
PaymentsToSupplier
710000 USD
ctib Payments To Supplier
PaymentsToSupplier
1419000 USD
ctib Payments To Supplier
PaymentsToSupplier
1560000 USD
CY2013Q2 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
155000 USD
CY2012Q2 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
529000 USD
CY2013Q2 us-gaap Cost Of Services Maintenance Costs
CostOfServicesMaintenanceCosts
6000 USD
CY2012Q2 us-gaap Cost Of Services Maintenance Costs
CostOfServicesMaintenanceCosts
8000 USD
us-gaap Cost Of Services Maintenance Costs
CostOfServicesMaintenanceCosts
14000 USD
us-gaap Cost Of Services Maintenance Costs
CostOfServicesMaintenanceCosts
16000 USD
CY2013Q2 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
36000 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
72000 USD
CY2013Q2 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
21000 USD
CY2012Q2 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
39000 USD
CY2013Q2 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
97000 USD
CY2013Q2 ctib Warrant Liability
WarrantLiability
702000 USD
CY2013Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
799000 USD
CY2012Q2 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
-5000 USD
CY2012Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
-5000 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Type
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsType
Interest Rate Contracts
us-gaap Description Of Location Of Interest Rate Derivative Instruments Not Designated As Hedging Instruments On Balance Sheet
DescriptionOfLocationOfInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsOnBalanceSheet
Accrued Liabilities
us-gaap Description Of Location Of Interest Rate Derivative Instruments Not Designated As Hedging Instruments On Balance Sheet
DescriptionOfLocationOfInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsOnBalanceSheet
Accrued Liabilities
CY2013Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Type
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsType
Interest Rate Contracts
CY2013Q2 us-gaap Description Of Location Of Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments In Financial Statements
DescriptionOfLocationOfGainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsInFinancialStatements
Interest Expense
CY2012Q2 us-gaap Description Of Location Of Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments In Financial Statements
DescriptionOfLocationOfGainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsInFinancialStatements
Interest Expense
CY2012Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-16000 USD
us-gaap Description Of Location Of Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments In Financial Statements
DescriptionOfLocationOfGainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsInFinancialStatements
Interest Expense
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-51000 USD

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