AMERICAN LOCKER GROUP INC - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - November 16, 2012

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v2.4.0.6
Restructuring
 9 Months Ended
Sep. 30, 2012
Restructuring [Abstract]  
Restructuring

10. Restructuring

In 2009, the Company restructured its business operations to rationalize its cost structure in an uncertain economic environment. The restructuring included plans for the relocation and consolidation of its Ellicottville, New York operations into its Texas facility. This planned relocation resulted in severance and payroll charges during the year ended December 31, 2009 of $264,000. At December 31, 2011 the balance remaining of such payments was $123,000 and the Company expects to make such payment before December 31, 2012.

During the second quarter of 2012, the Company commenced the Ellicottville relocation, resulting in the realization of expense for discontinued inventory, severance and professional fees to complete the move. As a result, the Company recorded a restructuring charge in June 2012 of approximately $174,000. Additionally, in the nine months ended September 30, 2012, the Company expensed approximately $109,900 of related moving expense, bringing the total expense recorded in 2012 to approximately $283,900.

The Company incurred approximately $66,200 in relocation expenses during the third quarter of 2012, which was not accrued at June 30, 2012.

When completed, the restructuring and relocation is expected to result in approximately $240,000 in annual savings. Accrued restructuring expenses of $130,800 are included in “Other accrued expenses” in the Company’s consolidated balance sheet, while the $89,000 increase to inventory obsolescence is included in “Inventory reserve.”

The following table analyzes the changes in the Company’s reserve with respect to the restructuring plan for the nine months ended September 30, 2012:

 

                                 
    December 31, 2011     2012 Expense     Payment     September 30, 2012  

Severance

   $ 111,000     $ 64,000     $ (56,200 )    $ 118,800  

Professional fees

     —         42,000       (42,000 )      —    

Inventory

     —         89,000       —         89,000  

Other

     12,000       88,900       (88,900 )      12,000  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 123,000     $ 283,900     $ (187,100 )    $ 219,800  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

The following table analyzes the changes in the Company’s reserve with respect to the restructuring plan for the three months ended September 30, 2012:

 

                                 
    June 30, 2012     2012 Expense     Payment     September 30, 2012  

Severance

   $ 138,700     $ 21,000     $ (40,900 )    $ 118,800  

Professional fees

     42,000       —         (42,000 )      —    

Inventory

     89,000       —                 89,000  

Other

     55,700       45,200       (88,900 )      12,000  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 325,400     $ 66,200     $ (171,800 )    $ 219,800  
   

 

 

    

 

 

    

 

 

    

 

 

  

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