SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

In accordance with this guidance, the following tables represent our fair value hierarchy for financial instruments, in thousands, at December 31, 2012 and 2011:

	Fair Value at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
2012:	Level 1		Level 2			Level 3		Total
Assets:
Cash and cash equivalents	$	1,926	$	—		$	—	$	1,926
Liabilities
Long term debt	$	—	$	(25,056	)	$	—	$	(25,056	)
Derivative contract - interest rate swap	—		(250		)	—		(250		)

	Fair Value at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
2011:	Level 1		Level 2			Level 3		Total
Assets:
Cash and cash equivalents	$	2,267	$	—		$	—	$	2,267
Liabilities
Long term debt	$	—	$	(28,509	)	$	—	$	(28,509	)
Derivative contract - interest rate swap	—		(484		)	—		(484		)

Schedule of Inventory

Inventories as of December 31, 2012 and 2011 consist of the following:

	December 31, 2012
	Raw Materials		Finished Goods		Processing Costs		Total
	(in thousands)
Stainless steel, ferrous and non-ferrous materials	$	12,519	$	1,412	$	963	$	14,894
Waste equipment machinery	—		57		—		57
Other	—		36		—		36
Total inventories for sale	12,519		1,505		963		14,987
Replacement parts	1,542		—		—		1,542
Total inventories	$	14,061	$	1,505	$	963	$	16,529

	December 31, 2011
	Raw Materials		Finished Goods		Processing Costs		Total
	(in thousands)
Stainless steel, ferrous and non-ferrous materials	$	14,633	$	1,409	$	777	$	16,819
Waste equipment machinery	—		39		—		39
Other	—		63		—		63
Total inventories for sale	14,633		1,511		777		16,921
Replacement parts	1,623		—		—		1,623
Total inventories	$	16,256	$	1,511	$	777	$	18,544

Schedule of Property and Equipment

Property and equipment, in thousands, as of December 31, 2012 and 2011 consist of the following:

	Life	2012		2011
Land		$	6,026	$	6,026
Equipment and vehicles	1-10 years	26,227		26,979
Office equipment	1-7 years	2,021		2,481
Rental equipment	3-5 years	5,191		5,046
Building and leasehold improvements	5-40 years	9,001		8,271
		$	48,466	$	48,803
Less accumulated depreciation and amortization		24,256		22,604
		$	24,210	$	26,199

Schedule of Future Minimum Rental Payments Receivable for Operating Leases

Based on existing agreements, future operating lease revenue from rental equipment for each of the next five years, in thousands, is estimated to be:

2013	$	1,592
2014	1,316
2015	1,090
2016	698
2017	263
	$	4,959

Schedule of Finite-Lived Intangible Assets

We have the following intangible assets, in thousands, as of December 31, 2012:

	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Amortized intangible assets
Venture Metals, LLC trade name	$	730	$	(365	)	$	365
Non-compete agreements	620		(310		)	310
Venture Metals, LLC customer list	4,800		(1,200		)	3,600
Total intangible assets	$	6,150	$	(1,875	)	$	4,275

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2012, we expect amortization expense, in thousands, for these assets for the next five fiscal years and thereafter to be as follows:

Year	Balance - Beginning of Year		Amortization			Balance - End of Year
2013	$	4,275	$	(750	)	$	3,525
2014	3,525		(750		)	2,775
2015	2,775		(615		)	2,160
2016	2,160		(480		)	1,680
2017	1,680		(480		)	1,200
Thereafter	1,200		(1,200		)	—

Schedule of Earnings Per Share, Basic and Diluted

Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of stock options.

	2012			2011			2010
	(in thousands, except per share information)
Net (loss) income
Net (loss) income, as reported	$	(6,620	)	$	(3,881	)	$	8,053
Basic (loss) earnings per share
As reported	$	(0.95	)	$	(0.56	)	$	1.22
Diluted (loss) earnings per share
As reported	$	(0.95	)	$	(0.56	)	$	1.21

The computation for basic and diluted earnings (loss) per share is as follows:

	2012			2011			2010
	(in thousands, except per share information)
Basic (loss) earnings per share
Net (loss) income	$	(6,620	)	$	(3,881	)	$	8,053
Weighted average shares outstanding	6,943			6,927			6,622
Basic (loss) earnings per share	$	(0.95	)	$	(0.56	)	$	1.22
Diluted earnings per share
Net (loss) income	$	(6,620	)	$	(3,881	)	$	8,053
Weighted average shares outstanding	6,943			6,927			6,622
Add dilutive effect of assumed exercising of stock options	—			—			44
Diluted weighted average shares outstanding	6,943			6,927			6,666
Diluted (loss) earnings per share	$	(0.95	)	$	(0.56	)	$	1.21

Stock Option Activity

Following is a summary of stock option activity and number of shares reserved for outstanding options for the years ended December 31, 2012, 2011 and 2010:

Options	Number of shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2010 (vested)	90	$	4.23	4.5 years	$	1.05
Granted	—	$	—	—	$	—
Outstanding at December 31, 2010	90	$	4.23	3.5 years	$	1.05
Granted	—	—		—	—
Outstanding at December 31, 2011	90	$	4.23	2.5 years	$	1.05
Granted (non-vested) on May 15, 2012	90	4.94		5 years	1.71
Outstanding at December 31, 2012	180	$	4.59	2.9 years	$	1.38
Vested and expected to vest in the future at December 31, 2012	180
Exercisable at December 31, 2012	90	$	4.23	1.5 years	$	1.05
Available for grant at December 31, 2012	2,095