ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The purchase price for the acquisitions completed during 2014 was as follows:

	ETI		UAT		ATSCO		Total
Cash paid at closing	$	9,850,000	$	1,947,000	$	7,659,000	$	19,456,000
Net asset adjustments		484,000		(142,000)		—		342,000
Excess liabilities assumed		43,000		—		—		43,000
Fair value of contingent consideration		—		425,000		—		425,000
Total purchase price	$	10,377,000	$	2,230,000	$	7,659,000	$	20,266,000

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table presents the estimated fair values of the net assets acquired, liabilities assumed and the amount allocated to goodwill:

	ETI		UAT		ATSCO		TOTAL
Cash	$	—	$	14,000	$	—	$	14,000
Accounts receivable		1,086,000		732,000		190,000		2,008,000
Inventories		1,669,000		852,000		600,000		3,121,000
Other current assets		911,000		4,000		—		915,000
Property and equipment		140,000		167,000		581,000		888,000
Identifiable intangible assets:
Customer relationships		4,560,000		339,000		3,260,000		8,159,000
Trademarks and trade names		1,160,000		478,000		240,000		1,878,000
Non-compete agreements		115,000		134,000		130,000		379,000
Engineering drawings		—		—		120,000		120,000
Patents		1,205,000		—		—		1,205,000
Total assets acquired		10,846,000		2,720,000		5,121,000		18,687,000

Less: Liabilities assumed		1,489,000		535,000		345,000		2,369,000
Deferred income taxes		2,708,000		189,000		—		2,897,000
Total fair value of net assets acquired		6,649,000		1,996,000		4,776,000		13,421,000
Goodwill		3,728,000		234,000		2,883,000		6,845,000
Total estimated purchase price	$	10,377,000	$	2,230,000	$	7,659,000	$	20,266,000

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

For financial reporting purposes, useful lives have been assigned as follows:

	ETI	UAT	ATSCO

Customer relationships	12 years	12 years	12 years
Trademarks and trade names	Indefinite	Indefinite	Indefinite
Non-compete agreements	4 years	3 years	5 years
Engineering drawings	—	—	5 years
Patents	3-10 years	—	—

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro-forma combined financial information gives effect to the acquisition of ETI, UAT and ATSCO as if they were consummated January 1, 2013. This unaudited pro-forma financial information is presented for information purposes only, and is not intended to present actual results that would have been attained had the acquisitions been completed as of January 1, 2013 (the beginning of the earliest period presented) or to project potential operating results as of any future date or for any future periods.

	For the year ended		For the year ended
	December 31, 2014		December 31, 2013
	(Unaudited)		(Unaudited)
Revenues	$	83,355,000	$	89,962,000
Net income	$	3,107,000	$	4,328,000
Earnings per share - basic	$	0.84	$	1.17
Earnings per share - diluted	$	0.80	$	1.11