XML 14 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 11 - Stockholders's Equity:
 6 Months Ended
Jun. 30, 2013
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

11. STOCKHOLDERS' EQUITY:


The following unaudited table summarizes stockholders' equity transactions for the three month period ended June 30, 2013:


   

Common stock 

   

Additional

paid in 

           

Accumulated

Other

Comprehensive 

   

Total

stockholders' 

 
   

Number

   

Amount

   

capital

   

Deficit

   

Income

   

equity

 
                                                 

Balances, March 31, 2013

    40,121,797     $ 9,297,924     $ 28,293,757     $ (17,433,264

)

  $ (141,681 )   $ 20,016,736  
                                                 

Exercise of stock options

    519,716       457,467       (177,782

)

    —       —       279,685  

Cancellation of restricted stock

    (25

)

    —       —       —       —       —  

Stock-based compensation

    —       —       91,255       —       —       91,255  

Net income for the period

    —       —       —       587,630       —       587,630  

Unrealized loss on foreign currency forward contracts treated as hedges

    —       —       —       —       (256,782 )     (256,782 )

Reclassification to net income due to settlement of foreign currency forward contracts treated as hedges

    —       —       —       —       (4,159 )     (4,159 )
                                                 

Balances, June 30, 2013

    40,641,488     $ 9,755,391     $ 28,207,230     $ (16,845,634

)

  $ (402,622 )   $ 20,714,365  

   

Common stock 

   

Additional

paid in 

           

Accumulated

Other

Comprehensive 

   

Total

stockholders' 

 
   

Number

   

Amount

   

capital

   

Deficit

   

Income

   

equity

 
                                                 

Balances, December 31, 2012

    44,322,159     $ 10,084,417     $ 33,931,529     $ (17,509,843

)

  $ 44,104     $ 26,550,207  
                                                 

Exercise of stock options

    576,573       522,476       (204,282

)

    —       —       318,194  

Repurchase and retirement of shares

    (4,114,121

)

    (822,887

)

    (5,454,854

)

    —       —       (6,277,741

)

Normal Course Issuer Bid

    (143,073 )     (28,615 )     (231,260 )     —       —       (259,875 )

Cancellation of restricted stock

    (50

)

    —       —       —       —       —  

Stock-based compensation

    —       —       166,097       —       —       166,097  

Net income for the period

    —       —       —       664,209       —       664,209  

Unrealized loss on foreign currency forward contracts treated as hedges

    —       —       —       —       (442,567 )     (442,567 )

Reclassification to net income due to settlement of foreign currency forward contracts treated as hedges

    —       —       —       —       (4,159 )     (4,159 )
                                                 

Balances, June 30, 2013

    40,641,488     $ 9,755,391     $ 28,207,230     $ (16,845,634

)

  $ (402,622 )   $ 20,714,365  

On January 7, 2013, the Company announced that it successfully concluded a modified “Dutch auction tender offer” that was previously announced on November 21, 2012. Under the terms of the offer, the Company repurchased an aggregate of 4,114,121 shares of its common stock at a purchase price of $1.50 per share, for a total of $6,171,656, excluding transaction costs of approximately $106,000. The purchase price and all transaction costs were funded from available cash and an additional advance under its Amended Credit Facility from the Bank in the amount of $5.2 million. All shares purchased in the tender offer received the same price and all shares repurchased were immediately retired. As a result of the completion of the tender offer, as of January 31, 2013, the Company had 40,226,875 shares issued and outstanding.


On March 1, 2013, the Company announced a stock buyback program. Under this buyback program, the Company may repurchase up to $10 million of the Company's common stock over the 12-month period that commenced on March 1, 2013. The Company repurchased 143,073 shares under this program during the three and six month periods ended June 30, 2013 for a total of $259,875.