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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of income (loss) before income taxes and dividends on preferred stock

The components of income (loss) before income taxes and dividends on preferred stock for the years ended December 31, 2014 and 2013 were as follows:

	2014				2013
	(in thousands)
United States	$	(7,255)			$	2,240
Foreign		2,194				3,024
	$	(5,061)			$	5,264

Components of provision (benefit) for income taxes by taxing authority

The components of the provision (benefit) for income taxes by taxing authority for the years ended December 31, 2014 and 2013 were as follows:

	2014				2013
	(in thousands)
Current provision:
Federal	$	—			$	—
Foreign		—				—
States		—				141
Total current provision		—				141
Deferred provision (benefit):
Federal		(309)				536
Foreign						—
States		(25)				36
Total deferred provision (benefit):		(334)				572
	$	(334)			$	713

Components of deferred federal income taxes

Significant components of the Company’s deferred federal income taxes were as follows:

	At December 31,
	2014								2013
	Current				Non-Current				Current				Non-Current
	(in thousands)								(in thousands)
Deferred tax assets:
Accrued liabilities	$	161			$	—			$	413			$	—
Deferred compensation		—				726				—				686
Allowance for doubtful accounts		111				—				120				—
Inventory		122				—				270				—
Long-term contracts		—				—				149				—
Net operating loss		—				3,848				—				2,909
Intangible assets		—				—				—				86
Foreign tax credit carry forward		—				2,811				—				1,153
Valuation allowance		—				(7,845)				—				(5,385)
Deferred tax assets		394				(460)				952				(551)
Deferred tax liabilities:
Equity in foreign investments		—				(2,900)				—				(3,233)
Property and equipment		—				66				—				(147)
Intangible assets		—				—				—				(9)
Translation gain		—				(523)				—				(553)
Deferred tax liabilities						(3,357)				—				(3,942)
Net deferred tax assets (liabilities)	$	394			$	(3,817)			$	952			$	(4,493)

Summary of difference between effective income tax rate determined by applying statutory income tax rate

The difference between the effective income tax rate reflected in the provision for income taxes and the amounts, which would be determined by applying the statutory income tax rate of 34%, is summarized as follows:

	2014				2013
	(in thousands)
(Provision for) benefit from U.S federal statutory rate	$	1,611			$	(1,798)
Effect of state income taxes		35				(141)
Non-deductible business meals and entertainment expenses		(486)				(18)
Foreign income taxes included in equity in earnings		1,400				551
Adjustment of net operating loss carry forwards based on IRS audit, accrual to return adjustments and other		(12)				(153)
Change in valuation allowance		(2,214)				846
Total (Expense)	$	334			$	(713)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h)(1)(i))

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