Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 17, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'AETI | ' | ' |
Entity Registrant Name | 'American Electric Technologies Inc | ' | ' |
Entity Central Index Key | '0001043186 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $33,648,000 |
Entity Common Stock, Shares Outstanding | ' | 8,271,714 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $4,148 | $4,477 |
Accounts receivable-trade, net of allowance of $288 and $225 at December 31, 2013 and December 31, 2012 | 11,480 | 9,731 |
Inventories, net | 5,216 | 5,616 |
Cost and estimated earnings in excess of billings on uncompleted contracts | 5,312 | 2,205 |
Prepaid expenses and other current assets | 439 | 318 |
Total current assets | 26,595 | 22,347 |
Property, plant and equipment, net | 6,040 | 4,922 |
Advances to and investments in foreign joint ventures | 13,033 | 11,408 |
Other assets | 168 | 297 |
Total assets | 45,836 | 38,974 |
Current liabilities: | ' | ' |
Accounts payable | 5,850 | 4,438 |
Accrued payroll and benefits | 1,911 | 1,519 |
Other accrued expenses | 411 | 513 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 3,021 | 3,576 |
Short-term notes payable | ' | 54 |
Other current liabilities | 120 | 9 |
Total current liabilities | 11,313 | 10,109 |
Notes payable | 500 | 500 |
Deferred income taxes | 3,541 | 3,058 |
Deferred compensation | 211 | 122 |
Total liabilities | 15,565 | 13,789 |
Commitments and contingencies (see note 15) | ' | ' |
Convertible preferred stock: | ' | ' |
Redeemable convertible preferred stock, Series A, net of discount of $764 at December 31, 2013 and $806 at December 31, 2012; $0.001 par value, 1,000,000 shares authorized, issued and outstanding at December 31, 2013, and 2012 | 4,236 | 4,194 |
Stockholders’ equity: | ' | ' |
Common stock; $0.001 par value, 50,000,000 shares authorized, 8,008,759 and 7,919,032 shares issued and outstanding at December 31, 2013 and December 31, 2012 | 8 | 8 |
Treasury stock, at cost (49,863 shares at December 31, 2013 and 20,222 shares at December 31, 2012) | -238 | -92 |
Additional paid-in capital | 10,494 | 9,597 |
Accumulated other comprehensive income | 983 | 900 |
Retained earnings; including accumulated statutory reserves in equity method investments of $1,857 and $1,620 at December 31, 2013 and December 31, 2012 | 14,788 | 10,578 |
Total stockholders’ equity | 26,035 | 20,991 |
Total liabilities, preferred stock and stockholders’ equity | $45,836 | $38,974 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable-trade, net of allowance | $288 | $225 |
Redeemable convertible preferred stock, Series A, net of discount | 764 | 806 |
Redeemable convertible preferred stock, par value | $0.00 | $0.00 |
Redeemable convertible preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Redeemable convertible preferred stock, shares issued | 1,000,000 | 1,000,000 |
Redeemable convertible preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 8,008,759 | 8,008,759 |
Common stock, shares outstanding | 7,919,032 | 7,919,032 |
Treasury stock, shares | 49,863 | 20,222 |
Retained earnings; accumulated statutory reserves in equity method investments | $1,857 | $1,620 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $65,330 | $54,065 |
Cost of sales | 53,515 | 45,942 |
Gross profit | 11,815 | 8,123 |
Operating expenses: | ' | ' |
Research and development | 499 | 103 |
Selling and marketing | 2,693 | 2,455 |
General and administrative | 6,173 | 5,146 |
Total operating expenses | 9,365 | 7,704 |
Income (loss) from domestic operations | 2,450 | 419 |
Net equity income from foreign joint ventures' operations: | ' | ' |
Equity income from foreign joint ventures' operations | 3,024 | 3,088 |
Foreign joint ventures' operations related expenses | -267 | -343 |
Net equity income from foreign joint ventures’ operations | 2,757 | 2,745 |
Income (loss) from domestic operations and net equity income from foreign joint ventures' operations | 5,207 | 3,164 |
Other income (expense): | ' | ' |
Interest expense | -28 | -111 |
Other, net | 85 | -37 |
Total other income (expense), net | 57 | -148 |
Income (loss) before income taxes | 5,264 | 3,016 |
Provision for income taxes | -713 | -707 |
Net income (loss) before dividends on redeemable preferred stock | 4,551 | 2,309 |
Dividends on redeemable preferred stock | -342 | -225 |
Net income (loss) attributable to common stockholders | $4,209 | $2,084 |
Earnings (loss) per common share: | ' | ' |
Basic | $0.53 | $0.26 |
Diluted | $0.48 | $0.25 |
Weighted - average number of common shares outstanding: | ' | ' |
Basic | 7,990,690 | 7,901,225 |
Diluted | 9,472,506 | 8,258,742 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | $4,551 | $2,309 |
Other comprehensive income: | ' | ' |
Foreign currency translation gain, net of deferred income taxes of $42 and $19 for the years ended December 31, 2013 and 2012 | 83 | 51 |
Total comprehensive income (loss) | $4,634 | $2,360 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign currency translation gain, deferred income taxes | $42 | $19 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | |
Balance at Dec. 31, 2011 | $17,521,000 | $7,829 | $8,171,000 | $849,000 | $8,493,000 | |
Balance, shares at Dec. 31, 2011 | ' | 7,828,509 | ' | ' | ' | |
Common stock issued to ESPP | 25,000 | 5 | 25,000 | ' | ' | |
Common stock issued to ESPP, shares | ' | 4,839 | ' | ' | ' | |
Options Exercised, value | 20,000 | 5 | 20,000 | ' | ' | |
Options Exercised, shares | 4,850 | 4,850,000 | ' | ' | ' | |
Issued for Acquisition, Value | 218,000 | 11 | 218,000 | ' | ' | |
Issued for Acquisition, Shares | ' | 11,000,000 | ' | ' | ' | |
Treasury stock purchase, Value | -92,000 | ' | -92,000 | ' | ' | |
Treasury stock purchase, Shares | ' | -20,222,000 | ' | ' | ' | |
Warrants issued with preferred stock | 840,000 | ' | 840,000 | ' | ' | |
Transaction costs of new preferred | -44,000 | ' | -45,000 | ' | ' | |
Restricted stock units | [1] | 368,000 | 90 | 368,000 | ' | ' |
Restricted stock units, shares | [1] | ' | 90,056 | ' | ' | ' |
Net income (loss) to common stockholders | 2,084,000 | ' | ' | ' | 2,084,000 | |
Foreign currency translation | 51,000 | ' | ' | 51,000 | ' | |
Balance at Dec. 31, 2012 | 20,991,000 | 7,940 | 9,505,000 | 900,000 | 10,578,000 | |
Balance, shares at Dec. 31, 2012 | ' | 7,919,032 | ' | ' | ' | |
Common stock issued to ESPP | 25,000 | 5 | 25,000 | ' | ' | |
Common stock issued to ESPP, shares | ' | 4,697 | ' | ' | ' | |
Options Exercised, value | 22,000 | 4 | 22,000 | ' | ' | |
Options Exercised, shares | 3,827 | 3,827 | ' | ' | ' | |
Issued for Acquisition, Value | ' | 11 | ' | ' | ' | |
Issued for Acquisition, Shares | ' | 11,000 | ' | ' | ' | |
Treasury stock purchase, Value | -146,000 | ' | -146,000 | ' | ' | |
Treasury stock purchase, Shares | ' | -29,641 | ' | ' | ' | |
Warrants issued with preferred stock | ' | ' | ' | ' | ' | |
Transaction costs of new preferred | ' | ' | ' | ' | ' | |
Restricted stock units | [1] | 850,000 | 100 | 850,000 | ' | ' |
Restricted stock units, shares | [1] | ' | 99,844 | ' | ' | ' |
Net income (loss) to common stockholders | [2] | 4,209,000 | ' | ' | ' | 4,209,000 |
Foreign currency translation | 83,000 | ' | ' | 83,000 | ' | |
Balance at Dec. 31, 2013 | $26,035,000 | $7,960 | $10,256,000 | $983,000 | $14,788,000 | |
Balance, shares at Dec. 31, 2013 | ' | 8,008,759 | ' | ' | ' | |
[1] | Converted to common stock. | |||||
[2] | Net of preferred dividends of $225 and $342 in 2012 and 2013 respectively. |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net of preferred dividends | $342 | $225 |
Retained Earnings | ' | ' |
Net of preferred dividends | $342 | $225 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $4,551 | $2,309 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Deferred income tax provision (benefit) | 593 | 659 |
Equity income from foreign joint ventures' operations | -3,024 | -3,088 |
Depreciation and amortization | 871 | 877 |
Stock based compensation | 850 | 326 |
Provision for bad debt | 65 | 90 |
Allowance for obsolete inventory | 32 | 110 |
Gain on sale of property and equipment | -143 | -24 |
Deferred compensation costs | 89 | 6 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | -1,713 | 1,479 |
Income taxes payable | 111 | -11 |
Inventories | 368 | -781 |
Costs and estimated earnings in excess of billings on uncompleted contracts | -3,107 | -179 |
Prepaid expenses and other current assets | -373 | -43 |
Accounts payable and accrued liabilities | 1,702 | -1,553 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -555 | 668 |
Net cash provided by (used in) operating activities | 317 | 845 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment and other assets | -2,292 | -1,455 |
Proceeds from disposal of property, plant and equipment | 575 | 177 |
Repayments of amounts advanced to foreign joint ventures' operations | 180 | 50 |
Proceeds from foreign joint ventures' operations dividends | 1,344 | 1,008 |
Net cash provided by (used in) from investing activities | -193 | -220 |
Cash flows from financing activities: | ' | ' |
Proceeds from sale of common stock, preferred stock, and warrants | 47 | 5,042 |
Treasury stocks purchase | -146 | -92 |
Preferred stock cash dividend | -300 | -191 |
Advances from (repayment of) credit facility | ' | -4,500 |
Capital lease obligation payment | -54 | -156 |
Net cash provided by (used in) financing activities | -453 | 103 |
Net increase (decrease) in cash and cash equivalents | -329 | 728 |
Cash and cash equivalents, beginning of year | 4,477 | 3,749 |
Cash and cash equivalents, end of year | 4,148 | 4,477 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 27 | 111 |
Income taxes paid | $179 | $132 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization and Nature of Business | ' | |
-1 | Organization and Nature of Business | |
American Electric Technologies, Inc. (“AETI” or the “Company”) is the surviving financial reporting entity from a reverse acquisition of an 80% interest in American Access Technologies, Inc. by the shareholders of M&I Electric Industries, Inc.(“M&I”) on May 17, 2007. Immediately upon the completion of the reverse acquisition, American Access Technologies, Inc. changed its name to American Electric Technologies, Inc. AETI is a Florida corporation and M&I, AETI’s wholly-owned subsidiary, a Texas corporation. M&I has a wholly-owned subsidiary, South Coast Electric Systems, LLC (“SC”), a Mississippi based company, and joint venture interests in China, Singapore and Brazil. On January 1, 2008, AETI established a wholly- owned subsidiary through which it conducts its American Access Technology segment’s business. | ||
The Company has facilities and sales offices in Texas, Mississippi and Florida and in foreign joint ventures’ operations that have facilities in Singapore, Xian, China and Macae, Brazil. The Company owns the Beaumont, Texas facilities, comprised of 9 acres and 85,000 square feet, the Mississippi facility, comprised of 3 acres and 11,000 square feet and the Florida facility, comprised of a 67,500 square foot manufacturing facility situated on 9.7 acres of land. At December 31, 2013, the current Houston office was sold and is being leased with 3 acres and 26,000 square feet of office and shop. | ||
American Electric Technologies, Inc. is comprised of three segments: Technical Products and Services (“TP&S”), Electrical and Instrumentation Construction (“E&I”) and American Access Technologies (“AAT”). The TP&S segment designs, manufactures, markets and provides products designed to distribute the flow of electricity and protect electrical equipment such as motors, transformers and cables, and also provides variable speed drives to both AC (“alternating current”) and DC (“direct current”) motors. Products offered by this segment include low and medium voltage switchgear, generator control and distribution switchgear, motor control centers, powerhouses, bus duct, variable frequency AC drives, variable speed DC drives, program logic control (“PLC”) based automation systems, human machine interface (“HMI”) and specialty panels. The products are built for application voltages from 480 volts to 40,000 volts and are used in a wide variety of industries, including renewable energy. Services provided by TP&S include electrical equipment retrofits, upgrades, startups, testing and troubleshooting of substations, switchgear, drives and control systems. | ||
The E&I segment provides a full range of electrical and instrumentation construction and installation services to both land and marine based markets of the oil and gas industry and other commercial and industrial markets. The E&I segment provides services on both a fixed-price and a time-and-materials basis. The segment’s services include electrical and instrumentation turnarounds, maintenance, renovation and new construction. Applications include installation of switchgear, AC and DC motors, drives, motor controls, lighting systems, high voltage cable, and data centers. Marine based oil and gas services include complete electrical system rig-ups, modifications, start-ups and testing for vessels, drilling rigs, and production modules. These services can be manufactured and installed utilizing NEMA and ANSI or IEC equipment to meet ABS, USCG, Lloyd’s Register, a provider of marine certification services, and DNV standards. | ||
The AAT segment manufactures and markets zone cabling enclosures and manufactures formed metals products. The zone cabling product line develops and manufactures patented “zone cabling” and wireless telecommunication enclosures. These enclosures mount in ceilings, walls, raised floors, and certain modular furniture to facilitate the routing of telecommunications network cabling, fiber optics and wireless solutions to the workspace environment. AAT also operates a precision sheet metal fabrication and assembly operation and provides services such as precision “CNC” (“Computer Numerical Controlled”) stamping, bending, assembling, painting, powder coating and silk screening to a diverse client base including, but not limited to, engineering, technology and electronics companies, primarily in the Southeast region of the United States. | ||
M&I’s wholly-owned subsidiary, SC, is a Delaware Limited Liability Company organized on February 20, 2003. With the exception of electrical contracting, it is engaged in the same lines of business as M&I, but it participates in different market segments. | ||
M&I has foreign joint ventures’ interests in M&I Electric Far East PTE Ltd. (“MIEFE”), BOMAY Electrical Industries Company, Ltd. (“BOMAY”) and AETI Alliance Group do Brazil Sistemas E Servicos Em Energia LTDA (“AAG”). MIEFE is a Singapore company that provides sales, manufacturing and technical support internationally. BOMAY provides electrical systems primarily for land and marine based drilling rigs in China. AAG provides electrical products and services to the Brazilian energy industries. These ventures are accounted for using the equity method of accounting. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
-2 | Summary of Significant Accounting Policies | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The accompanying consolidated financial statements include the accounts of AETI and its wholly-owned subsidiaries, M&I and AAT, and M&I’s wholly-owned subsidiary SC. Significant intercompany accounts and transactions are eliminated in consolidation. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates made by management include: | |||||||||||||||||
· | Percentage-of-completion estimates on long-term contracts | ||||||||||||||||
· | Estimates of the provision for doubtful accounts | ||||||||||||||||
· | Estimated useful lives of property and equipment | ||||||||||||||||
· | Valuation allowances related to deferred tax assets | ||||||||||||||||
Financial Instruments | |||||||||||||||||
The Company includes fair value information in the notes to the consolidated financial statements when the fair value of its financial instruments is different from the book value. When the book value approximates fair value, no additional disclosure is made, which is the case for financial instruments outstanding as of December 31, 2013 and 2012. The Company assumes the book value of those financial instruments that are classified as current approximates fair value because of the short maturity of these instruments. For non-current financial instruments, the Company uses quoted market prices or, to the extent that there are no available quoted market prices, market prices for similar instruments. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Cash equivalents consist of liquid investments with original maturities of three months or less. Cash equivalents are stated at cost, which approximates fair value. Cash balances routinely exceed FDIC limits however all cash is maintained in JP Morgan Chase and believed to be secure. | |||||||||||||||||
Accounts Receivable and Provision for Bad Debts | |||||||||||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The estimate is based on management’s assessment of the collectability of specific customer accounts and includes consideration for credit worthiness and financial condition of those specific customers. The Company also reviews historical experience with the customer, the general economic environment and the aging of its receivables. The Company records an allowance to reduce receivables to the amount it reasonably believes to be collectible. Based on this assessment, management believes the allowance for doubtful accounts is adequate. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market, with material value determined using an average cost method. Inventory costs for finished goods and work-in-process include direct material, direct labor, production overhead and outside services. TP&S and E&I indirect overhead is apportioned to work in process based on direct labor incurred. AAT production overhead, including indirect labor, is allocated to finished goods and work-in-process based on material consumption, which is an estimate that could be subject to change in the near term as additional information is obtained and as the operating environment changes. | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment are stated at cost. Expenditures for repairs and maintenance are expensed as incurred while renewals and betterments are capitalized. Depreciation is calculated on the straight-line basis over the estimated useful lives of the assets after giving effect to salvage values. | |||||||||||||||||
If events or circumstances indicate the carrying amount of an asset may not be recoverable, management tests property and equipment for impairment. If the estimated future cash flows are projected to be less than the carrying amount, an impairment write-down (representing the carrying amount of the long-lived asset which exceeds the present value of estimated expected future cash flows) would be recorded as a period expense. Events that would trigger an impairment test include the following: | |||||||||||||||||
· | A significant decrease in the market price of a long-lived asset. | ||||||||||||||||
· | A significant change in the use of long-lived assets or in its physical condition. | ||||||||||||||||
· | A significant change in the business climate that could affect an assets value. | ||||||||||||||||
· | An accumulation of cost significantly greater than the amount originally expected to acquire or construct a long-lived asset. | ||||||||||||||||
· | A current period operating or cash flow loss combined with a history of such losses or a forecast demonstrating continued losses associated with the use of a long-lived asset. | ||||||||||||||||
· | An expectation to sell or otherwise dispose of a long-lived asset significantly before the end of its estimated useful life. | ||||||||||||||||
Based on management’s reviews during each of the years ended December 31, 2013 and 2012, there were no events or circumstances that caused management to believe that impairments were necessary. | |||||||||||||||||
Other Assets | |||||||||||||||||
Intangible Assets at December 31, 2013 | Useful | Cost | Accumulated | Net Value | |||||||||||||
Lives | Amortization | ||||||||||||||||
(Years) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Patents | 18 | $ | 95 | $ | 77 | $ | 18 | ||||||||||
Customer agreements | 10 | 173 | 148 | 25 | |||||||||||||
Intellectual property | 3 | 322 | 197 | 125 | |||||||||||||
$ | 590 | $ | 422 | $ | 168 | ||||||||||||
Amortization expense related to intangible assets held by the Company for the year ended December 31, 2013 was approximately $130,000 and was approximately $113,000 in 2012. Estimated amortization expense for the next five years is as follows: | |||||||||||||||||
For the Year Ending December 31, | Amount | ||||||||||||||||
(in thousands) | |||||||||||||||||
2014 | $ | 132 | |||||||||||||||
2015 | 31 | ||||||||||||||||
2016 | 5 | ||||||||||||||||
2017 | - | ||||||||||||||||
2018 | - | ||||||||||||||||
$ | 168 | ||||||||||||||||
On March 8, 2012, the Company acquired certain technology from Amnor Technologies, Inc. for cash of $100,000 plus 44,000 shares of the Company’s common stock valued at $4.95 per share (the closing price on that date). One fourth of the shares were issued initially with the balance to be issued one third annually on the anniversaries over the subsequent 3 years. The purchase price was valued at $322,000 (including $4,000 of transaction costs) at March 8, 2012 and is recorded as an intangible asset and included in other assets in the consolidated balance sheet at December 31, 2012. This cost is being amortized over its estimated useful life of 3 years. Amortization expense of $108,000 and $90,000 was recognized during the years ended December 31, 2013 and 2012 respectively and is included in general and administrative expenses in the consolidated statements of operations. | |||||||||||||||||
The technology provides automation and control system technologies for land and offshore drilling monitoring and control (auto-driller); marine automation including ballast control and tank monitoring and machinery plant control and monitoring systems; IP-based CCTV systems; and military vessel security and safety systems, all proven in multiple installations. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company uses the asset and liability method to account for income taxes. Under this method of accounting for income taxes, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to be reported to the taxing authority. The Company also records any financial statement recognition and disclosure requirements for uncertain tax positions taken or expected to be taken in its tax return. Financial statement recognition of the tax position is dependent on an assessment of a 50% or greater likelihood that the tax position will be sustained upon examination, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions are recorded as interest expense in the accompanying consolidated statements of operations. | |||||||||||||||||
Foreign Currency Gains and Losses | |||||||||||||||||
Foreign currency translations are included as a separate component of comprehensive income. We have determined the local currency of our foreign joint ventures’ operations to be the functional currency. In accordance with ASC 830, the assets and liabilities of our foreign equity investees, denominated in foreign currency, are translated into U.S. dollars at exchange rates in effect at the consolidated balance sheet date; net sales and expenses are translated at the average exchange rate for the period. Related translation adjustments are reported as other comprehensive income, net of taxes, which is a separate component of stockholders’ equity, whereas gains and losses resulting from foreign currency transactions are included in results of operations. | |||||||||||||||||
Net Sales Recognition | |||||||||||||||||
The Company reports earnings from fixed-price and modified fixed-price long-term contracts on the percentage-of-completion method. Earnings are accrued based on the ratio of costs incurred to total estimated costs. However, for TP&S, we have determined that labor incurred provides an improved measure of percentage-of-completion. Costs include direct material, direct labor, and job related overhead. Losses expected to be incurred on contracts are charged to operations in the period such losses are determined. A contract is considered complete when all costs except insignificant items have been incurred and the facility has been accepted by the customer. Net sales from non-time and material jobs of a short-term nature (typically less than one month) are recognized on the completed-contract method after considering the attributes of such contracts. This method is used because these contracts are typically completed in a short period of time and the financial position and results of operations do not vary materially from those which would result from use of the percentage-of-completion method. | |||||||||||||||||
The Company records net sales from its field and technical service and repair operations on a completed service basis after customer acknowledgement that the service has been completed and accepted. Approximately 8% of the Company’s consolidated net sales are recorded on this basis. In addition, the Company sells certain purchased parts and products. These net sales are recorded when the product is shipped and title passes to the customer. Approximately 3% of the Company’s consolidated net sales are recorded on this basis. AAT generally recognizes net sales when manufactured products are shipped and right of ownership passes. | |||||||||||||||||
The asset, “Work-in-process,” which is included in inventories, represents the cost of labor, material, and overhead in excess of amounts billed on jobs accounted for under the completed-contract method. For contracts accounted for under the percentage-of-completion method, the asset, “Costs and estimated earnings in excess of billing on uncompleted contracts,” represents net sales recognized in excess of amounts billed and the liability, “Billings in excess of costs and estimated earnings on uncompleted contracts,” represents billings in excess of net sales recognized. Any billed net sale that has not been collected is reported as accounts receivable. The timing of when we bill our customers is generally dependent upon advance billing terms or completion of certain phases of the work. At December 31, 2013 and 2012, accounts receivable included contract retentions expected to be collected within one year totaling $10,000 and $424,000, respectively. This decline reflects the exit from water/wastewater contracts. At December 31, 2013 and 2012, the Company had no contract retentions expected to be collected beyond one year. | |||||||||||||||||
On occasion, the Company enters into long-term contracts that include services performed by more than one operating segment particularly TP&S contracts which include electrical and instrumentation construction services performed by our E&I segment. The Company segments net sales, costs and gross profit related to these contracts if they meet the contract segmenting criteria in ASC 605-35, including that the terms and scope of the project clearly call for separate elements, the separate elements are often bid or negotiated by the Company separately and the total economic returns and risks of the separate elements are similar to the economic returns and risks of the overall contract. For segmented contracts, the Company recognizes net sales as if they were separate contracts over the performance periods of the individual elements. | |||||||||||||||||
Contract net sales recognition inherently involves estimation, including the contemplated level of effort to accomplish the tasks under the contract, the cost of the effort, and an ongoing assessment of progress toward completing the contract. From time to time, as part of the normal management processes, facts develop that requires revisions to estimated total cost or net sales expected. The cumulative impact of any revisions to estimates and the full impact of anticipated losses on contracts are recognized in the period in which they become known. | |||||||||||||||||
Shipping and Handling Fees and Costs | |||||||||||||||||
Shipping and handling fees, if billed to customers, are included in net sales. Shipping and handling costs associated with inbound freight are expensed as incurred. Shipping and handling costs associated with outbound freight are classified as cost of sales. | |||||||||||||||||
Concentration of Market Risk and Geographic Operations | |||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of trade accounts receivable. The Company’s market risk is dependent primarily on the strength of the oil and gas and energy related industries. The Company grants credit to customers and generally does not require security except in the case of certain international contracts. Procedures are in effect to monitor the credit worthiness of its customers. During 2012, one customer accounted for approximately 13% of net sales and 1% of net accounts receivable trade. During 2013, one customer accounted for approximately 17% of net sales and 9% of net accounts receivable trade. | |||||||||||||||||
The Company sells its products and services in domestic and international markets; however, significant portions of the Company’s sales are concentrated with customers located in the Gulf Coast region of the United States. The Gulf Coast region accounts for approximately 9% of the Company’s net sales during the year ended December 31, 2013 and 17% during 2012. | |||||||||||||||||
Reclassification | |||||||||||||||||
Certain items are reclassified in the 2012 consolidated financial statements to conform to the 2013 presentation. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. ASU No. 2011-11 was issued to provide enhanced disclosures that will enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. The amendments under ASU No. 2011-11 require enhanced disclosures by requiring entities to disclose both gross information and net information about both instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements, reverse sale and repurchase agreements, and securities borrowing and lending arrangements. ASU No. 2011-11 is effective retrospectively for annual periods beginning on or after January 1, 2013, and interim periods within those periods. The adoption of ASU No. 2011-11 did not have a significant impact on the Company’s consolidated financial position or results of operations. | |||||||||||||||||
In July 2012, the FASB issued ASU No. 2012-02, Intangible - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. ASU No. 2012-02 permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles – Goodwill and Other – General Intangibles Other than Goodwill. The more likely than not threshold is defined as having a likelihood of more than 50 percent. Under ASU No. 2012-02, an entity is not required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines it is more likely than not that its fair value is less than its carrying value. ASU No. 2012-02 is effective for annual periods beginning after September 15, 2012. The adoption of ASU No. 2012-02 did not have a significant impact on the Company’s consolidated financial position or results of operations. | |||||||||||||||||
In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210) – Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU No. 2013-01 was issued to clarify that ordinary trade receivables and receivables are not within the scope of ASU No. 2011-11. ASU No. 2011-11 applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the Codification or subject to a master netter arrangement or similar agreement. ASU No. 2013-01 is effective for annual periods beginning on or after January 1, 2013 and interim periods within those periods. The adoption of ASU No. 2013-01 did not have a significant impact on the Company’s consolidated financial position or results of operations. | |||||||||||||||||
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830) – Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. ASU No. 2013-05 provides guidance on releasing cumulative translation adjustments when a reporting entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, ASU No. 2013-05 provides guidance on the release of cumulative translation adjustments in partial sales of equity method investments and in step acquisition. ASU No. 2013-05 is effective on a prospective basis for annual periods beginning after December 15, 2013 and interim periods within those periods. Management is currently evaluating the effects of ASU No. 2013-05 on the Company’s consolidated financial position and results of operations. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories | ' | |||||||
-3 | Inventories | |||||||
Inventories consisted of the following at December 31, 2013 and 2012: | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Raw materials | $ | 1,493 | $ | 1,596 | ||||
Work-in-process | 2,834 | 3,173 | ||||||
Finished goods | 1,126 | 1,052 | ||||||
5,453 | 5821 | |||||||
Less: Allowance | (237 | ) | (205 | ) | ||||
Total inventories | $ | 5,216 | $ | 5,616 | ||||
Costs_Estimated_Earnings_and_R
Costs, Estimated Earnings, and Related Billings on Uncompleted Contracts | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Costs, Estimated Earnings, and Related Billings on Uncompleted Contracts | ' | |||||||
-4 | Costs, Estimated Earnings, and Related Billings on Uncompleted Contracts | |||||||
Contracts in progress at December 31, 2013 and 2012 consisted of the following: | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Costs incurred on uncompleted contracts | $ | 7,271 | $ | 7,743 | ||||
Estimated earnings | 2,172 | 2,247 | ||||||
9,443 | 9,990 | |||||||
Billings on uncompleted contracts | (7,152 | ) | (11,361 | ) | ||||
$ | 2,291 | $ | (1,371 | ) | ||||
Costs, estimated earnings, and related billing on uncompleted contracts consisted of the following at December 31, 2013 and 2012: | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Cost and estimated earnings in excess of billings on uncompleted contracts | $ | 5,312 | $ | 2,205 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (3,021 | ) | (3,576 | ) | ||||
$ | 2,291 | $ | (1,371 | ) | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
-5 | Property, Plant and Equipment | ||||||||||||
Property, plant and equipment consisted of the following at December 31, 2013, and 2012: | |||||||||||||
Category | Estimated | 2013 | 2012 | ||||||||||
Useful Lives | |||||||||||||
(years) | |||||||||||||
(in thousands) | |||||||||||||
Buildings and improvements | 15 – 25 | $ | 3,756 | $ | 4,426 | ||||||||
Office equipment and furniture | 2 – 7 | 2,476 | 1,766 | ||||||||||
Automobiles and trucks | 2 – 5 | 226 | 219 | ||||||||||
Machinery and shop equipment | 2 – 10 | 4,895 | 4,523 | ||||||||||
Construction in progress | 2,475 | 1,299 | |||||||||||
13,828 | 12,233 | ||||||||||||
Less: accumulated depreciation and amortization | 8,026 | 7,660 | |||||||||||
5,802 | 4,573 | ||||||||||||
Land | 238 | 349 | |||||||||||
$ | 6,040 | $ | 4,922 | ||||||||||
During the years ended December 31, 2013 and 2012, depreciation charged to operations amounted to $742,000 and $765,000 respectively. Of these amounts, $580,000 and $605,000 was charged to cost of sales while $162,000 and $160,000 was charged to selling, general and administrative expenses for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
In late 2012, management made a decision to sell the Houston, Texas headquarters and consolidate all TP&S and E&I service centers in Beaumont, Texas. The Company and M&I headquarters plan to stay in Houston at leased premises as described in Note 9. | |||||||||||||
On October 9, 2013, the Company sold the property and improvements at 6410 Long Drive, Houston, Texas. The proceeds were received in cash and resulted in a gain of $128,000 included in other income in the accompanying consolidated statements of operations. The facility was leased by the Company until March 14, 2014 when it relocated to its new leased facilities discussed in Note 9. |
Advances_to_and_Investments_in
Advances to and Investments in Foreign Joint Ventures' Operations | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Advances to and Investments in Foreign Joint Ventures' Operations | ' | |||||||||||||||||||||||||||||||
-6 | Advances to and Investments in Foreign Joint Ventures’ Operations | |||||||||||||||||||||||||||||||
The Company has a foreign joint venture agreement and holds a 40% interest in a Chinese company, BOMAY, which builds electrical systems for sale in China. The majority partner in this foreign joint venture is a subsidiary of a major Chinese oil company. M&I made an initial investment of $1.0 million in 2006 and made an additional $1.0 million investment in 2007. The Company’s equity in the income of the foreign joint venture was $2.1 million and $2.6 million for the years ended December 31, 2013 and 2012, respectively. Sales made to the foreign joint venture were $325,000 and $415,000 for the years ended December 31, 2013 and 2012, respectively. Accounts receivable from BOMAY were $119,000 and $73,000 at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
The Company owns a 41% interest in MIEFE which provides additional sales and technical support in Asia. The Company’s equity in the income of the foreign joint venture was $115,000 and $16,000 for the years ended December 31, 2013 and 2012, respectively. Sales made to the foreign joint venture were $225,000 and $65,000 for the years ended December 31, 2013 and 2012, respectively. Accounts receivable from MIEFE was none and $25,000 at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
The company owns a 49% interest in AAG, a Brazilian Limited Liability Company, formed in 2010. The Company’s equity in the income of the foreign joint venture was $843,000 and $503,000 for the years ended December 31, 2013 and 2012, respectively. Sales made to the foreign joint venture were $4,000 and $49,000 for the years ended December 31, 2013 and 2012. Accounts receivable from AAG was $8,000 at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
The Company’s equity in income of the foreign joint ventures before our foreign operations expenses, totaled $3.0 million and $3.1 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
During 2013 and 2012, the Company also recognized approximately $267,000 and $343,000, respectively, for employee related expenses directly attributable to the foreign joint ventures. | ||||||||||||||||||||||||||||||||
Sales to foreign joint ventures’ operations are made on an arm’s length basis and intercompany profits, if any, are eliminated in consolidation. Summary financial information of BOMAY, MIEFE and AAG in U.S. dollars was as follows at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||
BOMAY | MIEFE | AAG | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Total current assets | $ | 94,220 | $ | 91,926 | $ | 3,855 | $ | 3,894 | $ | 2,572 | $ | 2,241 | ||||||||||||||||||||
Total non-current assets | 5,122 | 5,116 | 114 | 116 | 1,550 | 776 | ||||||||||||||||||||||||||
Total assets | $ | 99,342 | $ | 97,042 | $ | 3,969 | $ | 4,010 | $ | 4,122 | $ | 3,017 | ||||||||||||||||||||
Liabilities and equity: | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 72,644 | $ | 73,293 | $ | 1,197 | $ | 1,422 | $ | 1,291 | $ | 1,511 | ||||||||||||||||||||
Total joint ventures equity | 26,698 | 23,749 | 2,772 | 2,588 | 2,831 | 1,505 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 99,342 | $ | 97,042 | $ | 3,969 | $ | 4,010 | $ | 4,122 | $ | 3,016 | ||||||||||||||||||||
Gross sales | $ | 86,332 | $ | 84,639 | $ | 7,997 | $ | 6,996 | $ | 10,658 | $ | 7,625 | ||||||||||||||||||||
Gross profit | 12,130 | 14,348 | 2,066 | 1,547 | 4,282 | 2,965 | ||||||||||||||||||||||||||
Net income | 5,165 | 6,422 | 279 | 39 | 1,721 | 1,104 | ||||||||||||||||||||||||||
The Company’s investments in and advances to its foreign joint ventures’ operations were as follows as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
BOMAY* | MEIFE | AAG | **TOTAL | BOMAY* | MIEFE | AAG | TOTAL | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Investment in joint ventures: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 2,033 | $ | 14 | $ | 234 | $ | 2,281 | $ | 2,033 | $ | 14 | $ | 284 | $ | 2,331 | ||||||||||||||||
Additional amounts invested and advanced | — | — | (180 | ) | (180 | ) | — | — | (50 | ) | (50 | ) | ||||||||||||||||||||
Balance, end of year | 2,033 | 14 | 54 | 2,101 | 2,033 | 14 | 234 | 2,281 | ||||||||||||||||||||||||
Undistributed earnings: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 6,400 | $ | 755 | $ | 661 | $ | 7,816 | $ | 4,839 | $ | 739 | $ | 158 | $ | 5,736 | ||||||||||||||||
Equity in earnings (loss) | 2,066 | 115 | 843 | 3,024 | 2,569 | 16 | 503 | 3,088 | ||||||||||||||||||||||||
Dividend distributions | (1,321 | ) | — | (23 | ) | (1,344 | ) | (1,008 | ) | — | — | (1,008 | ) | |||||||||||||||||||
Balance, end of year | 7,145 | 870 | 1,481 | 9,496 | 6,400 | 755 | 661 | 7,816 | ||||||||||||||||||||||||
Foreign currency translation: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,098 | $ | 294 | $ | (81 | ) | $ | 1,311 | $ | 1,040 | $ | 233 | $ | (32 | ) | $ | 1,240 | ||||||||||||||
Change during the year | 333 | (40 | ) | (168 | ) | 125 | 58 | 61 | (49 | ) | 70 | |||||||||||||||||||||
Balance, end of year | 1,431 | 254 | (249 | ) | 1,436 | 1,098 | 294 | (81 | ) | 1,311 | ||||||||||||||||||||||
Investments, end of year | $ | 10,609 | $ | 1,138 | $ | 1,286 | $ | 13,033 | $ | 9,531 | $ | 1,063 | $ | 814 | $ | 11,408 | ||||||||||||||||
* | Accumulated statutory reserves in equity method investments of $1,857,000 and $1,620,000 at December 31, 2013 and 2012, are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. | |||||||||||||||||||||||||||||||
The Company accounts for its investments in foreign joint ventures’ operations using the equity method of accounting. Under the equity method, the Company’s share of the joint ventures’ operations’ earnings or loss is recognized in the consolidated statements of operations as equity income (loss) from foreign joint ventures’ operations. Joint venture income increases the carrying value of the joint ventures and joint venture losses reduce the carrying value. Dividends received from the joint ventures reduce the carrying value. Each reporting period, the Company evaluates the carrying value of these equity method investments as to whether an impairment adjustment may be necessary. In making this evaluation, a variety of quantitative and qualitative factors are considered including national and local economic, political and market conditions, industry trends and prospects, liquidity and capital resources and other pertinent factors. Based on this evaluation for this reporting period, the Company does not believe an impairment adjustment is necessary. | ||||||||||||||||||||||||||||||||
** | See Note 17 for dividends from AAG in 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Taxes | ' | |||||||||||||||
-7 | Income Taxes | |||||||||||||||
The components of income (loss) before income taxes for the years ended December 31, 2013 and 2012 were as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
United States | $ | 2,240 | $ | (72 | ) | |||||||||||
Foreign | 3,024 | 3,088 | ||||||||||||||
$ | 5,264 | $ | 3,016 | |||||||||||||
The components of the provision (benefit) for income taxes by taxing authority for the years ended December 31, 2013 and 2012 were as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
Current provision: | ||||||||||||||||
Federal | $ | — | $ | — | ||||||||||||
Foreign | — | 101 | ||||||||||||||
States | 141 | — | ||||||||||||||
Total current provision | 141 | 101 | ||||||||||||||
Deferred provision (benefit): | ||||||||||||||||
Federal | 536 | 671 | ||||||||||||||
Foreign | — | (101 | ) | |||||||||||||
States | 36 | 36 | ||||||||||||||
Total deferred provision (benefit): | 572 | 606 | ||||||||||||||
$ | 713 | $ | 707 | |||||||||||||
Significant components of the Company’s deferred federal income taxes were as follows: | ||||||||||||||||
At December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Current | Non-Current | Current | Non-Current | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Deferred tax assets: | ||||||||||||||||
Accrued liabilities | $ | 413 | $ | — | $ | 159 | $ | — | ||||||||
Deferred compensation | — | 686 | — | 363 | ||||||||||||
Allowance for doubtful accounts | 120 | — | 101 | — | ||||||||||||
Inventory | 270 | — | 388 | — | ||||||||||||
Long-term contracts | 149 | — | 80 | — | ||||||||||||
Net operating loss | — | 2,909 | — | 4,205 | ||||||||||||
Intangible assets | — | 86 | — | 111 | ||||||||||||
Foreign tax credit carry forward | — | 1,153 | — | 1,017 | ||||||||||||
Valuation allowance | — | (5,385 | ) | (728 | ) | (5,750 | ) | |||||||||
Deferred tax assets | 952 | (551 | ) | — | (54 | ) | ||||||||||
Deferred tax liabilities: | ||||||||||||||||
Equity in foreign investments | — | (3,233 | ) | — | (2,756 | ) | ||||||||||
Property and equipment | — | (147 | ) | — | 61 | |||||||||||
Intangible assets | — | (9 | ) | — | (9 | ) | ||||||||||
Translation gain | — | (553 | ) | — | (411 | ) | ||||||||||
Deferred tax liabilities | — | (3,942 | ) | — | (3,115 | ) | ||||||||||
Net deferred tax assets (liabilities) | $ | 952 | $ | (4,493 | ) | $ | — | $ | (3,169 | ) | ||||||
The provision for income taxes for the year ended December 31, 2013 was primarily a non-cash expense of $0.7 million which reflects deferred taxes associated with the Company’s foreign joint ventures. The Company’s deferred tax assets are primarily related to net operating loss carry forwards. These net operating losses include losses generated by American Access Technologies. Inc. (“AAT”), prior to the Company’s merger in 2007, additional net operating losses, and foreign tax credit carry forwards. A valuation allowance was established at December 31, 2013 and 2012 due to uncertainty regarding future realization of deferred tax assets. Our total valuation allowance as of December 31, 2013 and 2012 is $5.6 million and $6.4 million, respectively. | ||||||||||||||||
The Company has federal net operating loss carry forwards of approximately $7.4 million which include $7.4 million acquired from AAT that are subject to the utilization limitation under Section 382 of the Internal Revenue Code. The Company has state net operating losses of $11 million. These tax loss carry forwards are available to offset future taxable income and expire if unused during the federal tax year ending December 31, 2019 through 2031. | ||||||||||||||||
The Company’s 2008 U.S. federal income tax return was examined by the Internal Revenue Service (“IRS”). In the fourth quarter 2011, the IRS concluded its audit which adjusted the annual net operating loss carry forward limitation under Sec. 382 related to AAT’s pre-acquisition net operating loss carry forwards to $299,000 per year through 2027. The Company has adopted the provisions of ASC Topic 740-10 “Income Taxes” to assess tax benefits claimed on a tax return should be recorded in the financial statements. The Company has assessed all open tax years and has recorded no uncertain tax positions related to the open tax years. | ||||||||||||||||
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: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
(Provision for) benefit from U.S federal statutory rate | $ | (1,798 | ) | $ | (1,032 | ) | ||||||||||
Effect of state income taxes | (141 | ) | (49 | ) | ||||||||||||
Non-deductible business meals and entertainment expenses | (18 | ) | (95 | ) | ||||||||||||
Foreign income taxes included in equity in earnings | 551 | — | ||||||||||||||
Adjustment of net operating loss carry forwards based on IRS audit, accrual to return adjustments and other | (153 | ) | — | |||||||||||||
Change in valuation allowance | 846 | 469 | ||||||||||||||
Total (Expense) | $ | (713 | ) | $ | (707 | ) | ||||||||||
The Company files income tax returns in the United States. Federal jurisdiction and various state jurisdictions. |
Notes_Payable
Notes Payable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes Payable | ' | |||||||
-8 | Notes Payable | |||||||
The components of notes payable at December 31, 2013 and 2012 are as follows: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Revolving credit agreement | $ | 500 | $ | 500 | ||||
Capital lease obligation (Note 9) | — | 54 | ||||||
Total notes payable | 500 | 554 | ||||||
Less current portion of capital lease obligation | — | (54 | ) | |||||
Non-current notes payable | $ | 500 | $ | 500 | ||||
Revolving Credit Agreement | ||||||||
On November 30, 2013, the Company entered into a $10.0 million Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. The agreement replaced in its entirety the company’s prior credit agreement, as amended, originally entered into with JPMorgan Chase Bank, N.A. in October of 2007. | ||||||||
The 2013 agreement has a maturity date of October 1, 2015. Under the agreement, the credit facility’s interest rate is LIBOR plus 3.25% per annum and a commitment fee of 0.3% per annum on the unused portion of the credit limit each quarter. | ||||||||
The 2013 agreement provides for usual and customary covenants and restrictions including that the borrower must maintain a fixed charge coverage ratio of no less than 1.25 to 1.00, and will not permit the ratio of consolidated total liabilities to consolidated net worth to exceed 1.00. Additionally, the borrower will not permit, at the end of each calendar quarter, for its net income for the most recently ended six month period to be less than $1.00. | ||||||||
The agreement is collateralized by the Company’s real estate in Beaumont, Texas, trade accounts receivable, equipment, inventories, and work-in-process, and the Company’s U.S. subsidiaries are guarantors of the borrowing. | ||||||||
The Company had $0.5 million of borrowings outstanding under the JPMorgan Chase N.A. credit agreement at both December 31, 2013 and December 31, 2012. The company had additional borrowing capacity of $7.9 million and $6.9 million at December 31, 2013 and December 31, 2012 respectively. Prior to July 27, 2012, the interest rate on the Company’s borrowings was 30 day LIBOR rate plus 2.75% per year. | ||||||||
On May 1, 2012 the Company and Chase executed consent and amendment to the credit agreement to allow for the $5 million convertible preferred stock transaction as discussed in Note 11. | ||||||||
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases | ' | ||||
-9 | Leases | ||||
New Corporate Office Lease | |||||
In late December 2013 the Company executed a new lease for office space at 1250 Wood Branch Park Drive, Houston, Texas. The lease covers approximately 13,000 square feet. | |||||
The term of the lease is 64 months and commences upon completion of tenant improvements, which were completed in March 2014. | |||||
The Company leases equipment (principally trucks and forklifts) under operating lease agreements that expire at various dates to 2016. Rental expense relating to operating leases and other short-term leases for the years ended December 31, 2013 and 2012, amounted to approximately $0.3 million and $0.5 million, respectively. | |||||
The following is a schedule of future lease payments: | |||||
Year Ending December 31, | Amount | ||||
(In thousands) | |||||
2014 | $ | 443 | |||
2015 | 438 | ||||
2016 | 423 | ||||
2017 | 347 | ||||
2018 | 348 | ||||
2019 | 175 | ||||
$ | 2,174 | ||||
Stock_and_Stockbased_Compensat
Stock and Stock-based Compensation | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Stock and Stock-based Compensation | ' | |||||||||||||||
-10 | Stock and Stock-based Compensation | |||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
The Company issued 4,697 and 4,839 shares of Company stock during 2013 and 2012, respectively, in connection with an Employee Stock Purchase Plan that commenced in April 2008. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
During 2013 and 2012, the Board of Directors approved the grants of approximately 235,000 and 285,000 restricted stock units (“RSU”s) to members of management and key employees as part of the 2007 Employee Stock Incentive Plan. In May 2010, the stockholders of the Company approved amendments to the 2007 Employee Stock Incentive Plan to increase the number of shares available for issuance under the plan from 300,000 shares to 800,000 shares of stock. In June 2012, the stockholders of the Company approved amendments to the 2007 Employee Stock Incentive Plan to increase the number of shares available for issuance under the plan from 800,000 shares to 1,100,000 shares of stock. The number of RSUs awarded is generally subject to the substantial achievement of budgeted performance and other individual metrics in the year granted. The RSUs do not have voting rights of the common stock, and the shares of common stock underlying the RSUs are not considered issued and outstanding until actually vested and issued. In general, the awards convert to common stock on a one to one basis in 25% increments over four years from the grant date subject to a continuing employment obligation. | ||||||||||||||||
The following table summarizes the activity for unvested restricted stock units for the years ended December 31, 2013 and 2012: | ||||||||||||||||
Units | Weighted | |||||||||||||||
Average | ||||||||||||||||
Fair Value | ||||||||||||||||
Per RSU | ||||||||||||||||
Unvested restricted stock units at December 31, 2011 | 321,064 | $ | 2.71 | |||||||||||||
Awarded | 283,998 | $ | 4.35 | |||||||||||||
Vested | (90,056 | ) | $ | 2.52 | ||||||||||||
Forfeited | (123,593 | ) | $ | 2.17 | ||||||||||||
Unvested restricted stock units at December 31, 2012 | 391,413 | $ | 4.11 | |||||||||||||
Awarded | 234,525 | $ | 5 | |||||||||||||
Vested | (99,844 | ) | $ | 3.15 | ||||||||||||
Forfeited | (54,464 | ) | $ | 3.4 | ||||||||||||
Unvested restricted stock units at December 31, 2013 | 471,630 | $ | 4.77 | |||||||||||||
Compensation expense of approximately $818,000 and $342,000 was recorded in general administrative expense for the years ended December 31, 2013 and 2012, respectively, to reflect the fair value of the original RSU’s granted or anticipated to be granted less forfeitures, amortized over the portion of the vesting period occurring during the period. The fair value of the RSUs was based on the closing price of our common stock as reported on the NASDAQ Stock Market (“NASDAQ”) on the grant date. Based upon the fair value on the grant date of the number of shares awarded or expected to be awarded, it is anticipated that approximately $2.0 million of additional compensation cost will be recognized in future periods through 2017. The weighted average period over which this additional compensation cost will be expensed is 2 years. | ||||||||||||||||
During February 2014, the Board of Directors approved the grants of approximately 168,000 RSUs in conjunction with the Plan, of which, approximately 150,000 units are subject to 2014 fiscal performance measures. | ||||||||||||||||
Stock Options | ||||||||||||||||
The Company recognizes compensation expense related to stock options in accordance with ASC 718 and has measured the share-based compensation expense for stock options granted during the year ended December 31, 2008 based upon the estimated fair value of the award on the date of grant and recognizes the compensation expense over the award’s requisite service period. The weighted average fair values were calculated using the Black Scholes-Merton option pricing model. There were no options issued in 2013 or 2012. | ||||||||||||||||
Details of stock option activity during the years ended December 31, 2013 and 2012 follows: | ||||||||||||||||
2013 | 2013 Weighted | 2012 | 2012 Weighted | |||||||||||||
Average | Average | |||||||||||||||
Exercise Price | Exercise Price | |||||||||||||||
Outstanding at beginning of year | 25,778 | $ | 4.23 | 55,855 | $ | 4.31 | ||||||||||
Options granted | — | — | — | — | ||||||||||||
Options exercised | (3,827 | ) | 4.09 | (4,850 | ) | 4.09 | ||||||||||
Options forfeited | (5,007 | ) | 5.11 | (11,848 | ) | 4.82 | ||||||||||
Options expired | — | — | (13,379 | ) | 4.09 | |||||||||||
Outstanding at end of year | 16,944 | 4.09 | 25,778 | 4.23 | ||||||||||||
Exercisable at end of year | 16,944 | $ | 4.09 | 25,778 | $ | 4.23 | ||||||||||
A summary of outstanding stock options as of December 31, 2013 follows: | ||||||||||||||||
Number | Expires | Remaining | Weighted | Intrinsic | ||||||||||||
of | Contractual | Average | Value | |||||||||||||
Options | Life (Years) | Exercise | ||||||||||||||
Price | ||||||||||||||||
16,944 | 2014 | 0.1 years | $ | 4.09 | $ | — | ||||||||||
16,944 | $ | 4.09 | ||||||||||||||
Compensation expense of approximately $20,000 and $16,000 was recorded in the years ended December 31, 2013 and 2012, respectively, which is included in general and administrative expenses in the consolidated statements of operations. As of December 31, 2013, there was no unrecognized compensation cost related to stock option awards. | ||||||||||||||||
Board of Directors Compensation | ||||||||||||||||
Directors who are not employees of the Company and who do not have a compensatory agreement providing for service as a director of the Company receive a retainer fee payable quarterly. Eligible directors may elect to defer 50% to 100% of their retainer fee, which may be used to acquire common stock of the Company at the fair market value on the date the retainer fee would otherwise be paid, acquire stock units equivalent to the fair market value of the Company’s common stock on the date the retainer fee would otherwise be paid, or be paid in cash. During the years ended December 31, 2013 and 2012, directors of the Company elected to defer retainer fees to acquire approximately 6,000 and 6,000, respectively, stock units. Compensation expense of approximately $32,000 and $27,000 was recorded in the years ended December 31, 2013 and 2012 respectively, which is included in general and administrative expenses in the consolidated statements of operations. | ||||||||||||||||
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Redeemable Convertible Preferred Stock | ' | |||
-11 | Redeemable Convertible Preferred Stock | |||
On April 13, 2012, the Company signed a securities purchase agreement (the “Securities Purchase Agreement”) with a private investor for the sale (the “Preferred Stock Financing”) of 1,000,000 shares of the Company’s Series A Convertible Preferred Stock (the “Series A Convertible Preferred Stock”) at $5.00 per share and 325,000 warrants to purchase shares of the Company’s common stock expiring in May 2020. The Series A Convertible Preferred Stock shares are initially convertible into 1,000,000 shares of the Company’s common stock at a conversion price of $5.00 per share. The warrants were issued in two tranches with 125,000 of such warrants at an initial exercise price of $6.00 per share and 200,000 of such warrants at an initial exercise price of $7.00 per share. On May 2, 2012, the Company completed the issuance of the Series A Convertible Preferred Stock and warrants. | ||||
On April 30, 2012, the Company filed an Articles of Amendment to its Articles of Incorporation designating 1,000,000 shares of the Company’s authorized preferred stock as Series A Convertible Preferred Stock. The Company also entered into a Registration Rights Agreement and Investor Rights Agreement with the private investor. | ||||
The Series A Convertible Preferred Stock ranks senior to all other equity instruments of the Company, including the Company’s common stock. The Series A Convertible Preferred Stock accrues cumulative dividends at a rate of 6% per annum, whether or not dividends have been declared by the Board of Directors and whether or not there are profits, surplus or other funds available for the payment of such dividends. The Company may pay such dividends in shares of the Company’s common stock based on the then current market price of the common stock. At any time following a material default by the Company, as defined in the Securities Purchase Agreement, or April 30, 2017, the holders of a majority of the outstanding shares of the Series A Convertible Preferred Stock may require the Company to redeem the Series A Convertible Preferred Stock at a redemption price equal to the lessor of (i) the liquidation preference per share (initially $5.00 per share, subject to adjustments for certain future equity transactions defined in the Securities Purchase Agreement) and (ii) the fair market value of the Series A Convertible Preferred Stock per share, as determined in good faith by the Company’s Board of Directors. The redemption price, plus any accrued and unpaid dividends, shall be payable in 36 equal monthly installments plus interest at an annual rate of 6%. | ||||
On May 1, 2012, the Company and Chase executed a consent and amendment to our revolving credit agreement, whereby Chase as lender agreed to consent to the Securities Purchase Agreement; the issuance and sale of the Series A Convertible Preferred Stock and warrants; the payment of the preferred dividends required; and the redemption of the Series A Convertible Preferred Stock, all subject to the terms and conditions set forth in the agreements and the associated Amended Articles of Incorporation. | ||||
The preferred stock and warrants were issued for a total of $5.0 million. This amount was allocated to the preferred stock and warrants based on their relative fair values. The fair value of the warrants was calculated using the Black Scholes-Merton pricing model using the following weighted average assumptions: | ||||
Number of warrants | 325,000 | |||
Exercise price | $ | 6.62 | ||
Expected volatility of underlying stock | 74 | % | ||
Risk-free interest rate | 1.62 | % | ||
Dividend yield | 0 | % | ||
Expected life of warrants | 8 years | |||
Weighted-average fair value of warrants | $ | 3.11 | ||
Expiration date | May 2, 2020 | |||
Based on these calculations and the actual consideration, the warrants were valued at $840,000 and the Series A Convertible Preferred Stock was valued at $4,160,000. | ||||
The initial values allocated to the warrants were recognized as a discount on the Series A Convertible Preferred Stock, with a corresponding charge to additional paid-in capital. The discount related to the warrants is accreted to retained earnings through the scheduled redemption date of the mandatorily redeemable Series A Convertible Preferred Stock. Discount accretion for the year 2013 totaled $42 and $34 in 2012. |
Employee_Benefit_and_Bonus_Pla
Employee Benefit and Bonus Plans | 12 Months Ended | |
Dec. 31, 2013 | ||
Employee Benefit and Bonus Plans | ' | |
-12 | Employee Benefit and Bonus Plans | |
The employees of the Company are eligible to participate in a 401(k) plan sponsored by the Company. The plan is a defined contribution 401(k) Savings and Profit Sharing Plan (the “Plan”) that covers all full-time employees who meet certain age and service requirements. Employees may contribute up to 20% of their annual gross pay through salary deferrals. The Company may provide discretionary contributions to the Plan as determined by the Board of Directors. For the years ended December 31, 2013 the Company contributed $201,000 to the plan and $81,000 in 2012. | ||
The Company maintains an “Executive Performance” bonus plan, which covers approximately 45 key employees. Under the plan, the participants receive a percentage of a bonus pool based primarily on pre-tax income in relation to budget. The Board of Directors approves the Executive Performance plan at the beginning of each year. During the years ended December 31, 2013 and 2012, the Company recorded approximately $813,000 and $650,000 under the plan, respectively, all of which was included in accrued payroll and benefits expenses as of the respective year end. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions | ' | |
-13 | Related Party Transactions | |
During 2013 and 2012, the Company received legal advice on various Company matters from a law firm related to a director of the Company. The Company incurred expenses totaling approximately $89,000 and $70,000 related to these services during 2013 and 2012, respectively, which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of December 31, 2013 and 2012, there were no outstanding amounts owed to this law firm for services provided. | ||
In August 2009, the Company entered into an employment agreement (amended in 2012 and 2013) with the Executive Chairman of the Board of Directors (“Executive Chairman”), whereby the Company compensated the Executive Chairman $130,000 and $120,000 during 2013 and 2012, respectively. Under the terms of the agreement, the Executive Chairman will assist in international joint venture relations and operations, technical developments, manufacturing and transformative business development projects and other special projects assigned by the Company. In November 2013, the Company amended the agreement to extend the term through 2015 with annual compensation of $130,000 and $130,000 for 2014 and 2015. In addition, the amendment included a bonus equal to 1% of the amount reported by the Company as equity income from foreign joint ventures’ operations in the consolidated statements of operations. During 2013 and 2012, the Company paid compensation of $157,570 and $150,878, respectively, under the terms of the agreement, which is included in general and administrative expenses in the accompanying consolidated statements of operations. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||
-14 | Segment Reporting | |||||||||||||||||||
The Company follows the guidance prescribed by ASC Topic 280, Segment Reporting, which governs the way the Company reports information about its operating segments. | ||||||||||||||||||||
Management has organized the Company around its products and services and has three reportable segments: Technical Products and Services (“TP&S”), Electrical and Instrumentation Construction (“E&I”) and American Access Technologies (“AAT”). TP&S develops, manufactures, provides and markets switchgear and variable speed drives. The service component of this segment includes retrofitting equipment upgrades, startups, testing and troubleshooting electrical substations, switchgear, drives and control systems. Equity income from foreign joint ventures and joint venture management related expenses are reported in the section net equity income (loss) from foreign operations. The E&I segment installs electrical equipment for the energy, water, industrial, marine and commercial markets. The AAT segment manufacturers and markets zone cabling products and manufactures formed metal products of varying designs. | ||||||||||||||||||||
The table below represents segment results for the years ended December 31, 2013, and 2012. | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Net sales: | ||||||||||||||||||||
Technical Products and Services | $ | 49,150 | $ | 38,973 | ||||||||||||||||
Electrical and Instrumentation Construction | 10,089 | 9,196 | ||||||||||||||||||
American Access Technologies | 6,091 | 5,896 | ||||||||||||||||||
$ | 65,330 | $ | 54,065 | |||||||||||||||||
Gross profit (loss): | ||||||||||||||||||||
Technical Products and Services | $ | 9,072 | $ | 6,649 | ||||||||||||||||
Electrical and Instrumentation Construction | 2,095 | 513 | ||||||||||||||||||
American Access Technologies | 648 | 961 | ||||||||||||||||||
$ | 11,815 | $ | 8,123 | |||||||||||||||||
Income (loss) from domestic operations and net | ||||||||||||||||||||
equity income from foreign joint ventures’ operations | ||||||||||||||||||||
Technical Products and Services | $ | 8,061 | $ | 6,012 | ||||||||||||||||
Electrical and Instrumentation Construction | 2,096 | 513 | ||||||||||||||||||
American Access Technologies | (712 | ) | (484 | ) | ||||||||||||||||
Corporate and other unallocated expenses | (6,995 | ) | (5,622 | ) | ||||||||||||||||
Income (loss) from domestic operations | 2,450 | 419 | ||||||||||||||||||
Equity income from BOMAY | 2,066 | 2,569 | ||||||||||||||||||
Equity income from MIEFE | 115 | 16 | ||||||||||||||||||
Equity income (loss) from AAG | 843 | 503 | ||||||||||||||||||
Foreign operations expenses | (267 | ) | (343 | ) | ||||||||||||||||
Net equity income from foreign joint ventures’ operations | 2,757 | 2,745 | ||||||||||||||||||
Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations | $ | 5,207 | $ | 3,164 | ||||||||||||||||
The Company’s management does not separately review and analyze its assets on a segment basis for TP&S, E&I, and AAT and all assets for the segments are recorded within the corporate segment’s records. Corporate and other unallocated general and administrative expenses include compensation costs and other expenses that cannot be meaningfully associated with the individual segments. With the exception of equity income from foreign joint ventures and joint venture management related expenses, all other costs, expenses and other income have been allocated to their respective segments. | ||||||||||||||||||||
The following table reflects the quarterly information for the applicable time periods. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net Sales | $ | 14,430 | $ | 15,169 | $ | 17,585 | $ | 18,146 | $ | 65,330 | ||||||||||
Gross Profit | 2,980 | 2,396 | 2,867 | 3,572 | 11,815 | |||||||||||||||
Net income (loss) | 1,653 | 1,063 | 901 | 592 | 4,209 | |||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.21 | $ | 0.13 | $ | 0.11 | $ | 0.07 | $ | 0.53 | ||||||||||
2012 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net Sales | $ | 14,432 | $ | 12,872 | $ | 11,725 | $ | 15,035 | $ | 54,065 | ||||||||||
Gross Profit | 1,772 | 2,172 | 1,689 | 2,490 | 8,123 | |||||||||||||||
Net income (loss) | 334 | 761 | 500 | 487 | 2,084 | |||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.04 | $ | 0.1 | $ | 0.06 | $ | 0.06 | $ | 0.26 | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments and Contingencies | ' | |
-15 | Commitments and Contingencies | |
On September 1, 1999, the Company created a group medical and hospitalization minimum premium insurance program. For the policy year ended August 2013, the Company is liable for all claims each year up to $60,000 per insured, or $1.3 million in the aggregate. An outside insurance company insures any claims in excess of these amounts. The Company’s expense for this minimum premium insurance totaled $879,000 and $845,000 during the years ended December 31, 2013 and 2012. Insurance reserves included in accrued payroll and benefits in the accompanying consolidated balance sheets were approximately $254,000 and $225,000 at December 31, 2013 and 2012. | ||
Earnings_Loss_Per_Common_Share
Earnings (Loss) Per Common Share | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings (Loss) Per Common Share | ' | |||||||
-16 | Earnings (Loss) Per Common Share | |||||||
Basic earnings (loss) per common share is based on the weighted average number of common shares outstanding for the year ended December 31, 2013 and 2012. Diluted earnings (loss) per common share is based on the weighted average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed exercise of all potentially dilutive stock options and other units subject to anti-dilution limitations. | ||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per common share (in thousands, except share and per share data): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Net income (loss) | $ | 4,209 | $ | 2,084 | ||||
Weighted average basic shares | 7,990,690 | 7,901,225 | ||||||
Dilutive effect of stock options, restricted stock units, preferred stock and warrants | 1,481,816 | 357,517 | ||||||
Total weighted average diluted shares with assumed conversions | 9,472,506 | 8,258,742 | ||||||
Earnings loss per common share: | ||||||||
Basic | $ | 0.53 | $ | 0.26 | ||||
Dilutive | $ | 0.48 | $ | 0.25 | ||||
Subsequent_Event_Brazil_Divide
Subsequent Event Brazil Dividend | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Event Brazil Dividend | ' | |
-17 | Subsequent Event Brazil Dividend | |
The Company received a dividend distribution from its AAG JV of approximately $830,000 on March 20, 2014 on its 49% share. It is not expected that the distribution will reoccur in 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The accompanying consolidated financial statements include the accounts of AETI and its wholly-owned subsidiaries, M&I and AAT, and M&I’s wholly-owned subsidiary SC. Significant intercompany accounts and transactions are eliminated in consolidation. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates made by management include: | |||||||||||||||||
· | Percentage-of-completion estimates on long-term contracts | ||||||||||||||||
· | Estimates of the provision for doubtful accounts | ||||||||||||||||
· | Estimated useful lives of property and equipment | ||||||||||||||||
· | Valuation allowances related to deferred tax assets | ||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
Financial Instruments | |||||||||||||||||
The Company includes fair value information in the notes to the consolidated financial statements when the fair value of its financial instruments is different from the book value. When the book value approximates fair value, no additional disclosure is made, which is the case for financial instruments outstanding as of December 31, 2013 and 2012. The Company assumes the book value of those financial instruments that are classified as current approximates fair value because of the short maturity of these instruments. For non-current financial instruments, the Company uses quoted market prices or, to the extent that there are no available quoted market prices, market prices for similar instruments. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Cash equivalents consist of liquid investments with original maturities of three months or less. Cash equivalents are stated at cost, which approximates fair value. Cash balances routinely exceed FDIC limits however all cash is maintained in JP Morgan Chase and believed to be secure. | |||||||||||||||||
Accounts Receivable and Provision for Bad Debts | ' | ||||||||||||||||
Accounts Receivable and Provision for Bad Debts | |||||||||||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The estimate is based on management’s assessment of the collectability of specific customer accounts and includes consideration for credit worthiness and financial condition of those specific customers. The Company also reviews historical experience with the customer, the general economic environment and the aging of its receivables. The Company records an allowance to reduce receivables to the amount it reasonably believes to be collectible. Based on this assessment, management believes the allowance for doubtful accounts is adequate. | |||||||||||||||||
Inventories | ' | ||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market, with material value determined using an average cost method. Inventory costs for finished goods and work-in-process include direct material, direct labor, production overhead and outside services. TP&S and E&I indirect overhead is apportioned to work in process based on direct labor incurred. AAT production overhead, including indirect labor, is allocated to finished goods and work-in-process based on material consumption, which is an estimate that could be subject to change in the near term as additional information is obtained and as the operating environment changes. | |||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment are stated at cost. Expenditures for repairs and maintenance are expensed as incurred while renewals and betterments are capitalized. Depreciation is calculated on the straight-line basis over the estimated useful lives of the assets after giving effect to salvage values. | |||||||||||||||||
If events or circumstances indicate the carrying amount of an asset may not be recoverable, management tests property and equipment for impairment. If the estimated future cash flows are projected to be less than the carrying amount, an impairment write-down (representing the carrying amount of the long-lived asset which exceeds the present value of estimated expected future cash flows) would be recorded as a period expense. Events that would trigger an impairment test include the following: | |||||||||||||||||
- | A significant decrease in the market price of a long-lived asset. | ||||||||||||||||
- | A significant change in the use of long-lived assets or in its physical condition. | ||||||||||||||||
- | A significant change in the business climate that could affect an assets value. | ||||||||||||||||
- | An accumulation of cost significantly greater than the amount originally expected to acquire or construct a long-lived asset. | ||||||||||||||||
· | A current period operating or cash flow loss combined with a history of such losses or a forecast demonstrating continued losses associated with the use of a long-lived asset. | ||||||||||||||||
· | An expectation to sell or otherwise dispose of a long-lived asset significantly before the end of its estimated useful life. | ||||||||||||||||
Based on management’s reviews during each of the years ended December 31, 2013 and 2012, there were no events or circumstances that caused management to believe that impairments were necessary. | |||||||||||||||||
Other Assets | ' | ||||||||||||||||
Other Assets | |||||||||||||||||
Intangible Assets at December 31, 2013 | Useful | Cost | Accumulated | Net Value | |||||||||||||
Lives | Amortization | ||||||||||||||||
(Years) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Patents | 18 | $ | 95 | $ | 77 | $ | 18 | ||||||||||
Customer agreements | 10 | 173 | 148 | 25 | |||||||||||||
Intellectual property | 3 | 322 | 197 | 125 | |||||||||||||
$ | 590 | $ | 422 | $ | 168 | ||||||||||||
Amortization expense related to intangible assets held by the Company for the year ended December 31, 2013 was approximately $130,000 and was approximately $113,000 in 2012. Estimated amortization expense for the next five years is as follows: | |||||||||||||||||
For the Year Ending December 31, | Amount | ||||||||||||||||
(in thousands) | |||||||||||||||||
2014 | $ | 132 | |||||||||||||||
2015 | 31 | ||||||||||||||||
2016 | 5 | ||||||||||||||||
2017 | - | ||||||||||||||||
2018 | - | ||||||||||||||||
$ | 168 | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
On March 8, 2012, the Company acquired certain technology from Amnor Technologies, Inc. for cash of $100,000 plus 44,000 shares of the Company’s common stock valued at $4.95 per share (the closing price on that date). One fourth of the shares were issued initially with the balance to be issued one third annually on the anniversaries over the subsequent 3 years. The purchase price was valued at $322,000 (including $4,000 of transaction costs) at March 8, 2012 and is recorded as an intangible asset and included in other assets in the consolidated balance sheet at December 31, 2012. This cost is being amortized over its estimated useful life of 3 years. Amortization expense of $108,000 and $90,000 was recognized during the years ended December 31, 2013 and 2012 respectively and is included in general and administrative expenses in the consolidated statements of operations. | |||||||||||||||||
The technology provides automation and control system technologies for land and offshore drilling monitoring and control (auto-driller); marine automation including ballast control and tank monitoring and machinery plant control and monitoring systems; IP-based CCTV systems; and military vessel security and safety systems, all proven in multiple installations. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company uses the asset and liability method to account for income taxes. Under this method of accounting for income taxes, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to be reported to the taxing authority. The Company also records any financial statement recognition and disclosure requirements for uncertain tax positions taken or expected to be taken in its tax return. Financial statement recognition of the tax position is dependent on an assessment of a 50% or greater likelihood that the tax position will be sustained upon examination, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions are recorded as interest expense in the accompanying consolidated statements of operations. | |||||||||||||||||
Foreign Currency Gains and Losses | ' | ||||||||||||||||
Foreign Currency Gains and Losses | |||||||||||||||||
Foreign currency translations are included as a separate component of comprehensive income. We have determined the local currency of our foreign joint ventures’ operations to be the functional currency. In accordance with ASC 830, the assets and liabilities of our foreign equity investees, denominated in foreign currency, are translated into U.S. dollars at exchange rates in effect at the consolidated balance sheet date; net sales and expenses are translated at the average exchange rate for the period. Related translation adjustments are reported as other comprehensive income, net of taxes, which is a separate component of stockholders’ equity, whereas gains and losses resulting from foreign currency transactions are included in results of operations. | |||||||||||||||||
Net Sales Recognition | ' | ||||||||||||||||
Net Sales Recognition | |||||||||||||||||
The Company reports earnings from fixed-price and modified fixed-price long-term contracts on the percentage-of-completion method. Earnings are accrued based on the ratio of costs incurred to total estimated costs. However, for TP&S, we have determined that labor incurred provides an improved measure of percentage-of-completion. Costs include direct material, direct labor, and job related overhead. Losses expected to be incurred on contracts are charged to operations in the period such losses are determined. A contract is considered complete when all costs except insignificant items have been incurred and the facility has been accepted by the customer. Net sales from non-time and material jobs of a short-term nature (typically less than one month) are recognized on the completed-contract method after considering the attributes of such contracts. This method is used because these contracts are typically completed in a short period of time and the financial position and results of operations do not vary materially from those which would result from use of the percentage-of-completion method. | |||||||||||||||||
The Company records net sales from its field and technical service and repair operations on a completed service basis after customer acknowledgement that the service has been completed and accepted. Approximately 8% of the Company’s consolidated net sales are recorded on this basis. In addition, the Company sells certain purchased parts and products. These net sales are recorded when the product is shipped and title passes to the customer. Approximately 3% of the Company’s consolidated net sales are recorded on this basis. AAT generally recognizes net sales when manufactured products are shipped and right of ownership passes. | |||||||||||||||||
The asset, “Work-in-process,” which is included in inventories, represents the cost of labor, material, and overhead in excess of amounts billed on jobs accounted for under the completed-contract method. For contracts accounted for under the percentage-of-completion method, the asset, “Costs and estimated earnings in excess of billing on uncompleted contracts,” represents net sales recognized in excess of amounts billed and the liability, “Billings in excess of costs and estimated earnings on uncompleted contracts,” represents billings in excess of net sales recognized. Any billed net sale that has not been collected is reported as accounts receivable. The timing of when we bill our customers is generally dependent upon advance billing terms or completion of certain phases of the work. At December 31, 2013 and 2012, accounts receivable included contract retentions expected to be collected within one year totaling $10,000 and $424,000, respectively. This decline reflects the exit from water/wastewater contracts. At December 31, 2013 and 2012, the Company had no contract retentions expected to be collected beyond one year. | |||||||||||||||||
On occasion, the Company enters into long-term contracts that include services performed by more than one operating segment particularly TP&S contracts which include electrical and instrumentation construction services performed by our E&I segment. The Company segments net sales, costs and gross profit related to these contracts if they meet the contract segmenting criteria in ASC 605-35, including that the terms and scope of the project clearly call for separate elements, the separate elements are often bid or negotiated by the Company separately and the total economic returns and risks of the separate elements are similar to the economic returns and risks of the overall contract. For segmented contracts, the Company recognizes net sales as if they were separate contracts over the performance periods of the individual elements. | |||||||||||||||||
Contract net sales recognition inherently involves estimation, including the contemplated level of effort to accomplish the tasks under the contract, the cost of the effort, and an ongoing assessment of progress toward completing the contract. From time to time, as part of the normal management processes, facts develop that requires revisions to estimated total cost or net sales expected. The cumulative impact of any revisions to estimates and the full impact of anticipated losses on contracts are recognized in the period in which they become known. | |||||||||||||||||
Shipping and Handling Fees and Costs | ' | ||||||||||||||||
Shipping and Handling Fees and Costs | |||||||||||||||||
Shipping and handling fees, if billed to customers, are included in net sales. Shipping and handling costs associated with inbound freight are expensed as incurred. Shipping and handling costs associated with outbound freight are classified as cost of sales. | |||||||||||||||||
Concentration of Market Risk and Geographic Operations | ' | ||||||||||||||||
Concentration of Market Risk and Geographic Operations | |||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of trade accounts receivable. The Company’s market risk is dependent primarily on the strength of the oil and gas and energy related industries. The Company grants credit to customers and generally does not require security except in the case of certain international contracts. Procedures are in effect to monitor the credit worthiness of its customers. During 2012, one customer accounted for approximately 13% of net sales and 1% of net accounts receivable trade. During 2013, one customer accounted for approximately 17% of net sales and 9% of net accounts receivable trade. | |||||||||||||||||
The Company sells its products and services in domestic and international markets; however, significant portions of the Company’s sales are concentrated with customers located in the Gulf Coast region of the United States. The Gulf Coast region accounts for approximately 9% of the Company’s net sales during the year ended December 31, 2013 and 17% during 2012. | |||||||||||||||||
Reclassification | ' | ||||||||||||||||
Reclassification | |||||||||||||||||
Certain items are reclassified in the 2012 consolidated financial statements to conform to the 2013 presentation. | |||||||||||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. ASU No. 2011-11 was issued to provide enhanced disclosures that will enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. The amendments under ASU No. 2011-11 require enhanced disclosures by requiring entities to disclose both gross information and net information about both instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements, reverse sale and repurchase agreements, and securities borrowing and lending arrangements. ASU No. 2011-11 is effective retrospectively for annual periods beginning on or after January 1, 2013, and interim periods within those periods. The adoption of ASU No. 2011-11 did not have a significant impact on the Company’s consolidated financial position or results of operations. | |||||||||||||||||
In July 2012, the FASB issued ASU No. 2012-02, Intangible - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. ASU No. 2012-02 permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles – Goodwill and Other – General Intangibles Other than Goodwill. The more likely than not threshold is defined as having a likelihood of more than 50 percent. Under ASU No. 2012-02, an entity is not required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines it is more likely than not that its fair value is less than its carrying value. ASU No. 2012-02 is effective for annual periods beginning after September 15, 2012. The adoption of ASU No. 2012-02 did not have a significant impact on the Company’s consolidated financial position or results of operations. | |||||||||||||||||
In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210) – Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU No. 2013-01 was issued to clarify that ordinary trade receivables and receivables are not within the scope of ASU No. 2011-11. ASU No. 2011-11 applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the Codification or subject to a master netter arrangement or similar agreement. ASU No. 2013-01 is effective for annual periods beginning on or after January 1, 2013 and interim periods within those periods. The adoption of ASU No. 2013-01 did not have a significant impact on the Company’s consolidated financial position or results of operations. | |||||||||||||||||
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830) – Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. ASU No. 2013-05 provides guidance on releasing cumulative translation adjustments when a reporting entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, ASU No. 2013-05 provides guidance on the release of cumulative translation adjustments in partial sales of equity method investments and in step acquisition. ASU No. 2013-05 is effective on a prospective basis for annual periods beginning after December 15, 2013 and interim periods within those periods. Management is currently evaluating the effects of ASU No. 2013-05 on the Company’s consolidated financial position and results of operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Other Assets | ' | ||||||||||||||||
Other Assets | |||||||||||||||||
Intangible Assets at December 31, 2013 | Useful | Cost | Accumulated | Net Value | |||||||||||||
Lives | Amortization | ||||||||||||||||
(Years) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Patents | 18 | $ | 95 | $ | 77 | $ | 18 | ||||||||||
Customer agreements | 10 | 173 | 148 | 25 | |||||||||||||
Intellectual property | 3 | 322 | 197 | 125 | |||||||||||||
$ | 590 | $ | 422 | $ | 168 | ||||||||||||
Amortization Expense Related to Intangible Assets | ' | ||||||||||||||||
Amortization expense related to intangible assets held by the Company for the year ended December 31, 2013 was approximately $130,000 and was approximately $113,000 in 2012. Estimated amortization expense for the next five years is as follows: | |||||||||||||||||
For the Year Ending December 31, | Amount | ||||||||||||||||
(in thousands) | |||||||||||||||||
2014 | $ | 132 | |||||||||||||||
2015 | 31 | ||||||||||||||||
2016 | 5 | ||||||||||||||||
2017 | - | ||||||||||||||||
2018 | - | ||||||||||||||||
$ | 168 | ||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories | ' | |||||||
Inventories consisted of the following at December 31, 2013 and 2012: | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Raw materials | $ | 1,493 | $ | 1,596 | ||||
Work-in-process | 2,834 | 3,173 | ||||||
Finished goods | 1,126 | 1,052 | ||||||
5,453 | 5821 | |||||||
Less: Allowance | (237 | ) | (205 | ) | ||||
Total inventories | $ | 5,216 | $ | 5,616 | ||||
Costs_Estimated_Earnings_and_R1
Costs, Estimated Earnings, and Related Billings on Uncompleted Contracts (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Contracts in Progress | ' | |||||||
Contracts in progress at December 31, 2013 and 2012 consisted of the following: | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Costs incurred on uncompleted contracts | $ | 7,271 | $ | 7,743 | ||||
Estimated earnings | 2,172 | 2,247 | ||||||
9,443 | 9,990 | |||||||
Billings on uncompleted contracts | (7,152 | ) | (11,361 | ) | ||||
$ | 2,291 | $ | (1,371 | ) | ||||
Schedule of Costs, Estimated Earnings, and Related Billing on Uncompleted Contracts | ' | |||||||
Costs, estimated earnings, and related billing on uncompleted contracts consisted of the following at December 31, 2013 and 2012: | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Cost and estimated earnings in excess of billings on uncompleted contracts | $ | 5,312 | $ | 2,205 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (3,021 | ) | (3,576 | ) | ||||
$ | 2,291 | $ | (1,371 | ) | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Property, Plant and Equipment | ' | ||||||||||||
Property, plant and equipment consisted of the following at December 31, 2013, and 2012: | |||||||||||||
Category | Estimated | 2013 | 2012 | ||||||||||
Useful Lives | |||||||||||||
(years) | |||||||||||||
(in thousands) | |||||||||||||
Buildings and improvements | 15 – 25 | $ | 3,756 | $ | 4,426 | ||||||||
Office equipment and furniture | 2 – 7 | 2,476 | 1,766 | ||||||||||
Automobiles and trucks | 2 – 5 | 226 | 219 | ||||||||||
Machinery and shop equipment | 2 – 10 | 4,895 | 4,523 | ||||||||||
Construction in progress | 2,475 | 1,299 | |||||||||||
13,828 | 12,233 | ||||||||||||
Less: accumulated depreciation and amortization | 8,026 | 7,660 | |||||||||||
5,802 | 4,573 | ||||||||||||
Land | 238 | 349 | |||||||||||
$ | 6,040 | $ | 4,922 | ||||||||||
Advances_to_and_Investments_in1
Advances to and Investments in Foreign Joint Ventures' Operations (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Schedule of Financial Information of Foreign Joint Ventures | ' | |||||||||||||||||||||||||||||||
Sales to foreign joint ventures’ operations are made on an arm’s length basis and intercompany profits, if any, are eliminated in consolidation. Summary financial information of BOMAY, MIEFE and AAG in U.S. dollars was as follows at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||
BOMAY | MIEFE | AAG | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Total current assets | $ | 94,220 | $ | 91,926 | $ | 3,855 | $ | 3,894 | $ | 2,572 | $ | 2,241 | ||||||||||||||||||||
Total non-current assets | 5,122 | 5,116 | 114 | 116 | 1,550 | 776 | ||||||||||||||||||||||||||
Total assets | $ | 99,342 | $ | 97,042 | $ | 3,969 | $ | 4,010 | $ | 4,122 | $ | 3,017 | ||||||||||||||||||||
Liabilities and equity: | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 72,644 | $ | 73,293 | $ | 1,197 | $ | 1,422 | $ | 1,291 | $ | 1,511 | ||||||||||||||||||||
Total joint ventures equity | 26,698 | 23,749 | 2,772 | 2,588 | 2,831 | 1,505 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 99,342 | $ | 97,042 | $ | 3,969 | $ | 4,010 | $ | 4,122 | $ | 3,016 | ||||||||||||||||||||
Gross sales | $ | 86,332 | $ | 84,639 | $ | 7,997 | $ | 6,996 | $ | 10,658 | $ | 7,625 | ||||||||||||||||||||
Gross profit | 12,130 | 14,348 | 2,066 | 1,547 | 4,282 | 2,965 | ||||||||||||||||||||||||||
Net income | 5,165 | 6,422 | 279 | 39 | 1,721 | 1,104 | ||||||||||||||||||||||||||
Schedule of Activity in Investment in Foreign Joint Ventures | ' | |||||||||||||||||||||||||||||||
The Company’s investments in and advances to its foreign joint ventures’ operations were as follows as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
BOMAY* | MEIFE | AAG | **TOTAL | BOMAY* | MIEFE | AAG | TOTAL | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Investment in joint ventures: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 2,033 | $ | 14 | $ | 234 | $ | 2,281 | $ | 2,033 | $ | 14 | $ | 284 | $ | 2,331 | ||||||||||||||||
Additional amounts invested and advanced | — | — | (180 | ) | (180 | ) | — | — | (50 | ) | (50 | ) | ||||||||||||||||||||
Balance, end of year | 2,033 | 14 | 54 | 2,101 | 2,033 | 14 | 234 | 2,281 | ||||||||||||||||||||||||
Undistributed earnings: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 6,400 | $ | 755 | $ | 661 | $ | 7,816 | $ | 4,839 | $ | 739 | $ | 158 | $ | 5,736 | ||||||||||||||||
Equity in earnings (loss) | 2,066 | 115 | 843 | 3,024 | 2,569 | 16 | 503 | 3,088 | ||||||||||||||||||||||||
Dividend distributions | (1,321 | ) | — | (23 | ) | (1,344 | ) | (1,008 | ) | — | — | (1,008 | ) | |||||||||||||||||||
Balance, end of year | 7,145 | 870 | 1,481 | 9,496 | 6,400 | 755 | 661 | 7,816 | ||||||||||||||||||||||||
Foreign currency translation: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,098 | $ | 294 | $ | (81 | ) | $ | 1,311 | $ | 1,040 | $ | 233 | $ | (32 | ) | $ | 1,240 | ||||||||||||||
Change during the year | 333 | (40 | ) | (168 | ) | 125 | 58 | 61 | (49 | ) | 70 | |||||||||||||||||||||
Balance, end of year | 1,431 | 254 | (249 | ) | 1,436 | 1,098 | 294 | (81 | ) | 1,311 | ||||||||||||||||||||||
Investments, end of year | $ | 10,609 | $ | 1,138 | $ | 1,286 | $ | 13,033 | $ | 9,531 | $ | 1,063 | $ | 814 | $ | 11,408 | ||||||||||||||||
· | Accumulated statutory reserves in equity method investments of $1,857,000 and $1,620,000 at December 31, 2013 and 2012, are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Components of income (loss) before income taxes | ' | |||||||||||||||
The components of income (loss) before income taxes for the years ended December 31, 2013 and 2012 were as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
United States | $ | 2,240 | $ | (72 | ) | |||||||||||
Foreign | 3,024 | 3,088 | ||||||||||||||
$ | 5,264 | $ | 3,016 | |||||||||||||
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, 2013 and 2012 were as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
Current provision: | ||||||||||||||||
Federal | $ | — | $ | — | ||||||||||||
Foreign | — | 101 | ||||||||||||||
States | 141 | — | ||||||||||||||
Total current provision | 141 | 101 | ||||||||||||||
Deferred provision (benefit): | ||||||||||||||||
Federal | 536 | 671 | ||||||||||||||
Foreign | — | (101 | ) | |||||||||||||
States | 36 | 36 | ||||||||||||||
Total deferred provision (benefit): | 572 | 606 | ||||||||||||||
$ | 713 | $ | 707 | |||||||||||||
Components of deferred federal income taxes | ' | |||||||||||||||
Significant components of the Company’s deferred federal income taxes were as follows: | ||||||||||||||||
At December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Current | Non-Current | Current | Non-Current | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Deferred tax assets: | ||||||||||||||||
Accrued liabilities | $ | 413 | $ | — | $ | 159 | $ | — | ||||||||
Deferred compensation | — | 686 | — | 363 | ||||||||||||
Allowance for doubtful accounts | 120 | — | 101 | — | ||||||||||||
Inventory | 270 | — | 388 | — | ||||||||||||
Long-term contracts | 149 | — | 80 | — | ||||||||||||
Net operating loss | — | 2,909 | — | 4,205 | ||||||||||||
Intangible assets | — | 86 | — | 111 | ||||||||||||
Foreign tax credit carry forward | — | 1,153 | — | 1,017 | ||||||||||||
Valuation allowance | — | (5,385 | ) | (728 | ) | (5,750 | ) | |||||||||
Deferred tax assets | 952 | (551 | ) | — | (54 | ) | ||||||||||
Deferred tax liabilities: | ||||||||||||||||
Equity in foreign investments | — | (3,233 | ) | — | (2,756 | ) | ||||||||||
Property and equipment | — | (147 | ) | — | 61 | |||||||||||
Intangible assets | — | (9 | ) | — | (9 | ) | ||||||||||
Translation gain | — | (553 | ) | — | (411 | ) | ||||||||||
Deferred tax liabilities | — | (3,942 | ) | — | (3,115 | ) | ||||||||||
Net deferred tax assets (liabilities) | $ | 952 | $ | (4,493 | ) | $ | — | $ | (3,169 | ) | ||||||
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: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
(Provision for) benefit from U.S federal statutory rate | $ | (1,798 | ) | $ | (1,032 | ) | ||||||||||
Effect of state income taxes | (141 | ) | (49 | ) | ||||||||||||
Non-deductible business meals and entertainment expenses | (18 | ) | (95 | ) | ||||||||||||
Foreign income taxes included in equity in earnings | 551 | — | ||||||||||||||
Adjustment of net operating loss carry forwards based on IRS audit, accrual to return adjustments and other | (153 | ) | — | |||||||||||||
Change in valuation allowance | 846 | 469 | ||||||||||||||
Total (Expense) | $ | (713 | ) | $ | (707 | ) | ||||||||||
Notes_payable_Tables
Notes payable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Components of Notes Payable | ' | |||||||
The components of notes payable at December 31, 2013 and 2012 are as follows: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Revolving credit agreement | $ | 500 | $ | 500 | ||||
Capital lease obligation (Note 9) | — | 54 | ||||||
Total notes payable | 500 | 554 | ||||||
Less current portion of capital lease obligation | — | (54 | ) | |||||
Non-current notes payable | $ | 500 | $ | 500 | ||||
Lease_Tables
Lease (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Schedule of Future Lease Payments | ' | ||||
The following is a schedule of future lease payments: | |||||
Year Ending December 31, | Amount | ||||
(In thousands) | |||||
2014 | $ | 443 | |||
2015 | 438 | ||||
2016 | 423 | ||||
2017 | 347 | ||||
2018 | 348 | ||||
2019 | 175 | ||||
$ | 2,174 | ||||
Stock_and_Stock_based_Compensa
Stock and Stock- based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Summary of Unvested Restricted Stock Units | ' | |||||||||||||||
The following table summarizes the activity for unvested restricted stock units for the years ended December 31, 2013 and 2012: | ||||||||||||||||
Units | Weighted | |||||||||||||||
Average | ||||||||||||||||
Fair Value | ||||||||||||||||
Per RSU | ||||||||||||||||
Unvested restricted stock units at December 31, 2011 | 321,064 | $ | 2.71 | |||||||||||||
Awarded | 283,998 | $ | 4.35 | |||||||||||||
Vested | (90,056 | ) | $ | 2.52 | ||||||||||||
Forfeited | (123,593 | ) | $ | 2.17 | ||||||||||||
Unvested restricted stock units at December 31, 2012 | 391,413 | $ | 4.11 | |||||||||||||
Awarded | 234,525 | $ | 5 | |||||||||||||
Vested | (99,844 | ) | $ | 3.15 | ||||||||||||
Forfeited | (54,464 | ) | $ | 3.4 | ||||||||||||
Unvested restricted stock units at December 31, 2013 | 471,630 | $ | 4.77 | |||||||||||||
Summary of Stock Option Activity | ' | |||||||||||||||
Details of stock option activity during the years ended December 31, 2013 and 2012 follows: | ||||||||||||||||
2013 | 2013 Weighted | 2012 | 2012 Weighted | |||||||||||||
Average | Average | |||||||||||||||
Exercise Price | Exercise Price | |||||||||||||||
Outstanding at beginning of year | 25,778 | $ | 4.23 | 55,855 | $ | 4.31 | ||||||||||
Options granted | — | — | — | — | ||||||||||||
Options exercised | (3,827 | ) | 4.09 | (4,850 | ) | 4.09 | ||||||||||
Options forfeited | (5,007 | ) | 5.11 | (11,848 | ) | 4.82 | ||||||||||
Options expired | — | — | (13,379 | ) | 4.09 | |||||||||||
Outstanding at end of year | 16,944 | 4.09 | 25,778 | 4.23 | ||||||||||||
Exercisable at end of year | 16,944 | $ | 4.09 | 25,778 | $ | 4.23 | ||||||||||
Summary of Outstanding Stock Options | ' | |||||||||||||||
A summary of outstanding stock options as of December 31, 2013 follows: | ||||||||||||||||
Number | Expires | Remaining | Weighted | Intrinsic | ||||||||||||
of | Contractual | Average | Value | |||||||||||||
Options | Life (Years) | Exercise | ||||||||||||||
Price | ||||||||||||||||
16,944 | 2014 | 0.1 years | $ | 4.09 | $ | — | ||||||||||
16,944 | $ | 4.09 | ||||||||||||||
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Preferred Stock and Warrants Calculated Using the Black Scholes Merton Pricing Model | ' | |||
The preferred stock and warrants were issued for a total of $5.0 million. This amount was allocated to the preferred stock and warrants based on their relative fair values. The fair value of the warrants was calculated using the Black Scholes-Merton pricing model using the following weighted average assumptions: | ||||
Number of warrants | 325,000 | |||
Exercise price | $ | 6.62 | ||
Expected volatility of underlying stock | 74 | % | ||
Risk-free interest rate | 1.62 | % | ||
Dividend yield | 0 | % | ||
Expected life of warrants | 8 years | |||
Weighted-average fair value of warrants | $ | 3.11 | ||
Expiration date | May 2, 2020 | |||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Selected Financial Details Regarding the Company's Reportable Segments | ' | |||||||||||||||||||
The table below represents segment results for the years ended December 31, 2013, and 2012. | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Net sales: | ||||||||||||||||||||
Technical Products and Services | $ | 49,150 | $ | 38,973 | ||||||||||||||||
Electrical and Instrumentation Construction | 10,089 | 9,196 | ||||||||||||||||||
American Access Technologies | 6,091 | 5,896 | ||||||||||||||||||
$ | 65,330 | $ | 54,065 | |||||||||||||||||
Gross profit (loss): | ||||||||||||||||||||
Technical Products and Services | $ | 9,072 | $ | 6,649 | ||||||||||||||||
Electrical and Instrumentation Construction | 2,095 | 513 | ||||||||||||||||||
American Access Technologies | 648 | 961 | ||||||||||||||||||
$ | 11,815 | $ | 8,123 | |||||||||||||||||
Income (loss) from domestic operations and net | ||||||||||||||||||||
equity income from foreign joint ventures’ operations | ||||||||||||||||||||
Technical Products and Services | $ | 8,061 | $ | 6,012 | ||||||||||||||||
Electrical and Instrumentation Construction | 2,096 | 513 | ||||||||||||||||||
American Access Technologies | (712 | ) | (484 | ) | ||||||||||||||||
Corporate and other unallocated expenses | (6,995 | ) | (5,622 | ) | ||||||||||||||||
Income (loss) from domestic operations | 2,450 | 419 | ||||||||||||||||||
Equity income from BOMAY | 2,066 | 2,569 | ||||||||||||||||||
Equity income from MIEFE | 115 | 16 | ||||||||||||||||||
Equity income (loss) from AAG | 843 | 503 | ||||||||||||||||||
Foreign operations expenses | (267 | ) | (343 | ) | ||||||||||||||||
Net equity income from foreign joint ventures’ operations | 2,757 | 2,745 | ||||||||||||||||||
Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations | $ | 5,207 | $ | 3,164 | ||||||||||||||||
Quarterly Information for the Applicable Time Periods | ' | |||||||||||||||||||
The following table reflects the quarterly information for the applicable time periods. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net Sales | $ | 14,430 | $ | 15,169 | $ | 17,585 | $ | 18,146 | $ | 65,330 | ||||||||||
Gross Profit | 2,980 | 2,396 | 2,867 | 3,572 | 11,815 | |||||||||||||||
Net income (loss) | 1,653 | 1,063 | 901 | 592 | 4,209 | |||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.21 | $ | 0.13 | $ | 0.11 | $ | 0.07 | $ | 0.53 | ||||||||||
2012 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net Sales | $ | 14,432 | $ | 12,872 | $ | 11,725 | $ | 15,035 | $ | 54,065 | ||||||||||
Gross Profit | 1,772 | 2,172 | 1,689 | 2,490 | 8,123 | |||||||||||||||
Net income (loss) | 334 | 761 | 500 | 487 | 2,084 | |||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.04 | $ | 0.1 | $ | 0.06 | $ | 0.06 | $ | 0.26 | ||||||||||
Earnings_Loss_Per_Common_Share1
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Computation of Basic and Diluted Earnings (Loss) Per Common Share | ' | |||||||
The following table sets forth the computation of basic and diluted earnings (loss) per common share (in thousands, except share and per share data): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Net income (loss) | $ | 4,209 | $ | 2,084 | ||||
Weighted average basic shares | 7,990,690 | 7,901,225 | ||||||
Dilutive effect of stock options, restricted stock units, preferred stock and warrants | 1,481,816 | 357,517 | ||||||
Total weighted average diluted shares with assumed conversions | 9,472,506 | 8,258,742 | ||||||
Earnings loss per common share: | ||||||||
Basic | $ | 0.53 | $ | 0.26 | ||||
Dilutive | $ | 0.48 | $ | 0.25 | ||||
Organization_and_Nature_of_Bus1
Organization and Nature of Business (Detail) | 1 Months Ended | 12 Months Ended |
17-May-07 | Dec. 31, 2013 | |
Segment | ||
Organization and Nature of Business (Textual) [Abstract] | ' | ' |
Percentage of reverse acquisition interest | 80.00% | ' |
Number of segments | ' | 3 |
Minimum | ' | ' |
Organization and Nature of Business (Textual) [Abstract] | ' | ' |
Electrical Transmission Voltage | ' | 480 |
Maximum | ' | ' |
Organization and Nature of Business (Textual) [Abstract] | ' | ' |
Electrical Transmission Voltage | ' | 40,000 |
Beaumont Texas Facility | ' | ' |
Organization and Nature of Business (Textual) [Abstract] | ' | ' |
Area of Land | ' | 9 |
Company owns facility | ' | 85,000 |
Mississippi facility | ' | ' |
Organization and Nature of Business (Textual) [Abstract] | ' | ' |
Area of Land | ' | 3 |
Company owns facility | ' | 11,000 |
Florida facility | ' | ' |
Organization and Nature of Business (Textual) [Abstract] | ' | ' |
Area of Land | ' | 9.7 |
Company owns facility | ' | 67,500 |
Houston Office | ' | ' |
Organization and Nature of Business (Textual) [Abstract] | ' | ' |
Area of Land | ' | 3 |
Company owns facility | ' | 26,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Summary of Other Assets (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Summary of Other Assets | ' |
Cost | $590 |
Accumulated Amortization | 422 |
Net Value | 168 |
Patents | ' |
Summary of Other Assets | ' |
Useful Lives | '18 years |
Cost | 95 |
Accumulated Amortization | 77 |
Net Value | 18 |
Customer agreements | ' |
Summary of Other Assets | ' |
Useful Lives | '10 years |
Cost | 173 |
Accumulated Amortization | 148 |
Net Value | 25 |
Intellectual property | ' |
Summary of Other Assets | ' |
Useful Lives | '3 years |
Cost | 322 |
Accumulated Amortization | 197 |
Net Value | $125 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Amortization Expense Related to Intangible Assets (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Amortization expense related to intangible assets | ' |
2014 | $132 |
2015 | 31 |
2016 | 5 |
2017 | ' |
2018 | ' |
Net Value | $168 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Mar. 08, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Cash and cash equivalent maturity | ' | 'three months or less | ' |
Amortization expense related to intangible assets | ' | $130,000 | $113,000 |
Tax position of the company | ' | '50% or greater | ' |
Percentage net sales recorded after customer acknowledgement that service has been completed and accepted | ' | 8.00% | ' |
Percentage net sales are recorded when the product is shipped and title passes to the customer | ' | 3.00% | ' |
Contract retentions expected to be collected within one year, Total | ' | 10,000 | 424,000 |
Contract retentions collectible beyond one year, Total | ' | 0 | 0 |
Non-time and material jobs of short term nature duration description | ' | 'less than one month | ' |
Number of Customers | ' | 1 | 1 |
Amnor Technologies | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Amortization expense related to intangible assets | ' | 108,000 | 90,000 |
Cash payment for acquisition | 100,000 | ' | ' |
Shares payment for acquisition | 44,000 | ' | ' |
Common stock, per share | $4.95 | ' | ' |
Equity Interests Issuable Period | '3 years | ' | ' |
Purchase price | 322,000 | ' | ' |
Transaction cost | $4,000 | ' | ' |
Business acquisition equity interests issued during period, percentage of shares | 25.00% | ' | ' |
Estimated useful life | '3 years | ' | ' |
Customer one | Sales | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Customer accountability percentage | ' | 17.00% | 13.00% |
Customer one | Accounts Receivable | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Customer accountability percentage | ' | 9.00% | 1.00% |
Gulf Coast region | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Customer accountability percentage | ' | 9.00% | 17.00% |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $1,493 | $1,596 |
Work-in-process | 2,834 | 3,173 |
Finished goods | 1,126 | 1,052 |
Inventory, Gross | 5,453 | 5,821 |
Less: Allowance | -237 | -205 |
Total inventories | $5,216 | $5,616 |
Costs_Estimated_Earnings_and_R2
Costs, Estimated Earnings, and Related Billings on Uncompleted Contracts - Contracts in Progress (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Contracts in progress | ' | ' |
Costs incurred on uncompleted contracts | $7,271 | $7,743 |
Estimated earnings | 2,172 | 2,247 |
Total cost and earnings of unbilled contracts | 9,443 | 9,990 |
Billings on uncompleted contracts | -7,152 | -11,361 |
Total Costs, estimated earnings, and related billing on uncompleted contracts | $2,291 | ($1,371) |
Costs_Estimated_Earnings_and_R3
Costs, Estimated Earnings, and Related Billings on Uncompleted Contracts - Schedule of Costs, Estimated Earnings, and Related Billing on Uncompleted Contracts (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Costs, estimated earnings, and related billing on uncompleted contracts | ' | ' |
Cost and estimated earnings in excess of billings on uncompleted contracts | $5,312 | $2,205 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -3,021 | -3,576 |
Total Costs, estimated earnings, and related billing on uncompleted contracts | $2,291 | ($1,371) |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Buildings and improvements | Buildings and improvements | Buildings and improvements | Buildings and improvements | Office equipment and furniture | Office equipment and furniture | Office equipment and furniture | Office equipment and furniture | Automobiles and trucks | Automobiles and trucks | Automobiles and trucks | Automobiles and trucks | Machinery and shop equipment | Machinery and shop equipment | Machinery and shop equipment | Machinery and shop equipment | Construction in Progress | Construction in Progress | ||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, Estimated Useful Lives (years) | ' | ' | ' | ' | '15 years | '25 years | ' | ' | '2 years | '7 years | ' | ' | '2 years | '5 years | ' | ' | '2 years | '10 years | ' | ' |
Property, plant and equipment, gross | $13,828 | $12,233 | $3,756 | $4,426 | ' | ' | $2,476 | $1,766 | ' | ' | $226 | $219 | ' | ' | $4,895 | $4,523 | ' | ' | $2,475 | $1,299 |
Less: accumulated depreciation and amortization | 8,026 | 7,660 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment gross, excluding land | 5,802 | 4,573 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | 238 | 349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | $6,040 | $4,922 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Oct. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment (Textual) [Abstract] | ' | ' | ' |
Depreciation charges | ' | $742,000 | $765,000 |
Gain on sale of property and improvements | 128,000 | 143,000 | 24,000 |
Cost of sales | ' | ' | ' |
Property, Plant and Equipment (Textual) [Abstract] | ' | ' | ' |
Depreciation charges | ' | 580,000 | 605,000 |
Selling, General and Administrative Expenses | ' | ' | ' |
Property, Plant and Equipment (Textual) [Abstract] | ' | ' | ' |
Depreciation charges | ' | $162,000 | $160,000 |
Advances_to_and_Investments_in2
Advances to and Investments in Foreign Joint Ventures' Operations - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Dec. 31, 2006 | |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity income from foreign joint ventures' operations | $3,024,000 | $3,088,000 | ' | ' |
Advances to and Investments in Joint Venture Foreign Operations (Textual) [Abstract] | ' | ' | ' | ' |
Foreign joint ventures' operations related expenses | 267,000 | 343,000 | ' | ' |
Accumulated statutory reserves in equity method investments | 1,857,000 | 1,620,000 | ' | ' |
Foreign Operations | ' | ' | ' | ' |
Advances to and Investments in Joint Venture Foreign Operations (Textual) [Abstract] | ' | ' | ' | ' |
Foreign joint ventures' operations related expenses | 267,000 | 343,000 | ' | ' |
BOMAY | ' | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Interest in Joint Venture | 40.00% | ' | ' | ' |
Investment in joint ventures | ' | ' | 1,000,000 | 1,000,000 |
Equity income from foreign joint ventures' operations | 2,066,000 | 2,569,000 | ' | ' |
Sales made to the foreign joint venture | 325,000 | 415,000 | ' | ' |
Accounts receivable from foreign joint venture | 119,000 | 73,000 | ' | ' |
MIEFE | ' | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Interest in Joint Venture | 41.00% | ' | ' | ' |
Equity income from foreign joint ventures' operations | 115,000 | 16,000 | ' | ' |
Sales made to the foreign joint venture | 225,000 | 65,000 | ' | ' |
Accounts receivable from foreign joint venture | 0 | 25,000 | ' | ' |
AAG | ' | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Interest in Joint Venture | 49.00% | ' | ' | ' |
Equity income from foreign joint ventures' operations | 843,000 | 503,000 | ' | ' |
Sales made to the foreign joint venture | 4,000 | 49,000 | ' | ' |
Accounts receivable from foreign joint venture | $8,000 | $8,000 | ' | ' |
Advances_to_and_Investments_in3
Advances to and Investments in Foreign Joint Ventures' Operations - Schedule of Financial Information of Foreign Joint Ventures (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Liabilities and equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit | $3,572 | $2,867 | $2,396 | $2,980 | $2,490 | $1,689 | $2,172 | $1,772 | $11,815 | $8,123 |
BOMAY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 94,220 | ' | ' | ' | 91,926 | ' | ' | ' | 94,220 | 91,926 |
Total non-current assets | 5,122 | ' | ' | ' | 5,116 | ' | ' | ' | 5,122 | 5,116 |
Total assets | 99,342 | ' | ' | ' | 97,042 | ' | ' | ' | 99,342 | 97,042 |
Liabilities and equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 72,644 | ' | ' | ' | 73,293 | ' | ' | ' | 72,644 | 73,293 |
Total joint ventures equity | 26,698 | ' | ' | ' | 23,749 | ' | ' | ' | 26,698 | 23,749 |
Total liabilities and equity | 99,342 | ' | ' | ' | 97,042 | ' | ' | ' | 99,342 | 97,042 |
Gross sales | ' | ' | ' | ' | ' | ' | ' | ' | 86,332 | 84,639 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 12,130 | 14,348 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 5,165 | 6,422 |
MIEFE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 3,855 | ' | ' | ' | 3,894 | ' | ' | ' | 3,855 | 3,894 |
Total non-current assets | 114 | ' | ' | ' | 116 | ' | ' | ' | 114 | 116 |
Total assets | 3,969 | ' | ' | ' | 4,010 | ' | ' | ' | 3,969 | 4,010 |
Liabilities and equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 1,197 | ' | ' | ' | 1,422 | ' | ' | ' | 1,197 | 1,422 |
Total joint ventures equity | 2,772 | ' | ' | ' | 2,588 | ' | ' | ' | 2,772 | 2,588 |
Total liabilities and equity | 3,969 | ' | ' | ' | 4,010 | ' | ' | ' | 3,969 | 4,010 |
Gross sales | ' | ' | ' | ' | ' | ' | ' | ' | 7,997 | 6,996 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 2,066 | 1,547 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 279 | 39 |
AAG | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 2,572 | ' | ' | ' | 2,241 | ' | ' | ' | 2,572 | 2,241 |
Total non-current assets | 1,550 | ' | ' | ' | 776 | ' | ' | ' | 1,550 | 776 |
Total assets | 4,122 | ' | ' | ' | 3,017 | ' | ' | ' | 4,122 | 3,017 |
Liabilities and equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 1,291 | ' | ' | ' | 1,511 | ' | ' | ' | 1,291 | 1,511 |
Total joint ventures equity | 2,831 | ' | ' | ' | 1,505 | ' | ' | ' | 2,831 | 1,505 |
Total liabilities and equity | 4,122 | ' | ' | ' | 3,016 | ' | ' | ' | 4,122 | 3,016 |
Gross sales | ' | ' | ' | ' | ' | ' | ' | ' | 10,658 | 7,625 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 4,282 | 2,965 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $1,721 | $1,104 |
Advances_to_and_Investments_in4
Advances to and Investments in Foreign Joint Ventures' Operations - Schedule of Activity in Investment in Foreign Joint Ventures (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Investment in joint ventures: | ' | ' |
Balance, beginning of year | $2,281,000 | $2,331,000 |
Additional amounts invested and advanced | -180,000 | -50,000 |
Balance, end of year | 2,101,000 | 2,281,000 |
Undistributed earnings: | ' | ' |
Balance, beginning of year | 7,816,000 | 5,736,000 |
Equity in earnings (loss) | 3,024,000 | 3,088,000 |
Dividend distributions | -1,344,000 | -1,008,000 |
Balance, end of year | 9,496,000 | 7,816,000 |
Foreign currency translation: | ' | ' |
Balance, beginning of year | 1,311,000 | 1,240,000 |
Change during the year | 125,000 | 70,000 |
Balance, end of year | 1,436,000 | 1,311,000 |
Investments, end of year | 13,033,000 | 11,408,000 |
BOMAY | ' | ' |
Investment in joint ventures: | ' | ' |
Balance, beginning of year | 2,033,000 | 2,033,000 |
Additional amounts invested and advanced | ' | ' |
Balance, end of year | 2,033,000 | 2,033,000 |
Undistributed earnings: | ' | ' |
Balance, beginning of year | 6,400,000 | 4,839,000 |
Equity in earnings (loss) | 2,066,000 | 2,569,000 |
Dividend distributions | -1,321,000 | -1,008,000 |
Balance, end of year | 7,145,000 | 6,400,000 |
Foreign currency translation: | ' | ' |
Balance, beginning of year | 1,098,000 | 1,040,000 |
Change during the year | 333,000 | 58,000 |
Balance, end of year | 1,431,000 | 1,098,000 |
Investments, end of year | 10,609,000 | 9,531,000 |
MIEFE | ' | ' |
Investment in joint ventures: | ' | ' |
Balance, beginning of year | 14,000 | 14,000 |
Additional amounts invested and advanced | ' | ' |
Balance, end of year | 14,000 | 14,000 |
Undistributed earnings: | ' | ' |
Balance, beginning of year | 755,000 | 739,000 |
Equity in earnings (loss) | 115,000 | 16,000 |
Balance, end of year | 870,000 | 755,000 |
Foreign currency translation: | ' | ' |
Balance, beginning of year | 294,000 | 233,000 |
Change during the year | -40,000 | 61,000 |
Balance, end of year | 254,000 | 294,000 |
Investments, end of year | 1,138,000 | 1,063,000 |
AAG | ' | ' |
Investment in joint ventures: | ' | ' |
Balance, beginning of year | 234,000 | 284,000 |
Additional amounts invested and advanced | -180,000 | -50,000 |
Balance, end of year | 54,000 | 234,000 |
Undistributed earnings: | ' | ' |
Balance, beginning of year | 661,000 | 158,000 |
Equity in earnings (loss) | 843,000 | 503,000 |
Dividend distributions | -23,000 | ' |
Balance, end of year | 1,481,000 | 661,000 |
Foreign currency translation: | ' | ' |
Balance, beginning of year | -81,000 | -32,000 |
Change during the year | -168,000 | -49,000 |
Balance, end of year | -249,000 | -81,000 |
Investments, end of year | $1,286,000 | $814,000 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income (Loss) before Income Taxes (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Components of income (loss) before income taxes | ' | ' |
United States | $2,240 | ($72) |
Foreign | 3,024 | 3,088 |
Income (loss) before income taxes | $5,264 | $3,016 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision (Benefit) for Income Taxes by Taxing Authority (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Current provision: | ' | ' |
Federal | ' | ' |
Foreign | ' | 101 |
States | 141 | ' |
Total current provision | 141 | 101 |
Deferred provision (benefit): | ' | ' |
Federal | 536 | 671 |
Foreign | ' | -101 |
States | 36 | 36 |
Total deferred provision (benefit): | 572 | 606 |
Total (Expense) | $713 | $707 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Federal Income Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss | $7,400 | ' |
Valuation allowance | -5,600 | -6,400 |
Current | ' | ' |
Deferred tax assets: | ' | ' |
Accrued liabilities | 413 | 159 |
Deferred compensation | ' | ' |
Allowance for doubtful accounts | 120 | 101 |
Inventory | 270 | 388 |
Long-term contracts | 149 | 80 |
Net operating loss | ' | ' |
Intangible assets | ' | ' |
Foreign tax credit carry forward | ' | ' |
Valuation allowance | ' | -728 |
Deferred tax assets | 952 | ' |
Deferred tax liabilities: | ' | ' |
Equity in foreign investments | ' | ' |
Property and equipment | ' | ' |
Intangible assets | ' | ' |
Translation gain | ' | ' |
Deferred tax liabilities | ' | ' |
Net deferred tax assets (liabilities) | 952 | ' |
Noncurrent | ' | ' |
Deferred tax assets: | ' | ' |
Accrued liabilities | ' | ' |
Deferred compensation | 686 | 363 |
Allowance for doubtful accounts | ' | ' |
Inventory | ' | ' |
Long-term contracts | ' | ' |
Net operating loss | 2,909 | 4,205 |
Intangible assets | 86 | 111 |
Foreign tax credit carry forward | 1,153 | 1,017 |
Valuation allowance | -5,385 | -5,750 |
Deferred tax assets | -551 | -54 |
Deferred tax liabilities: | ' | ' |
Equity in foreign investments | -3,233 | -2,756 |
Property and equipment | -147 | 61 |
Intangible assets | -9 | -9 |
Translation gain | -553 | -411 |
Deferred tax liabilities | -3,942 | -3,115 |
Net deferred tax assets (liabilities) | ($4,493) | ($3,169) |
Income_Taxes_Summary_of_Differ
Income Taxes - Summary of Difference Between Effective Income Tax Rate Determined by Applying Statutory Income Tax Rate (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of difference between effective income tax rate determined by applying statutory income tax rate | ' | ' |
(Provision for) benefit from U.S federal statutory rate | ($1,798) | ($1,032) |
Effect of state income taxes | -141 | -49 |
Non-deductible business meals and entertainment expenses | -18 | -95 |
Foreign income taxes included in equity in earnings | 551 | ' |
Adjustment of net operating loss carry forwards based on IRS audit, accrual to return adjustments and other | -153 | ' |
Change in valuation allowance | 846 | 469 |
Total (Expense) | ($713) | ($707) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Non-cash expense | $700,000 | ' | ' |
Recognition of a valuation allowance against deferred tax assets in the U.S | 5,600,000 | 6,400,000 | ' |
Net operating loss carryforwards related to business combination | 7,400,000 | ' | 299,000 |
Net operating loss carry forwards | 7,400,000 | ' | ' |
Reduction in deferred income tax asset | $11,000,000 | ' | ' |
Effective tax rate | 34.00% | 34.00% | ' |
Notes_Payable_Components_of_No
Notes Payable - Components of Notes Payable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of notes payable | ' | ' |
Total notes payable | $500 | $554 |
Less current portion of capital lease obligation | ' | -54 |
Non-current notes payable | 500 | 500 |
Revolving Credit Facility | ' | ' |
Components of notes payable | ' | ' |
Total notes payable | 500 | 500 |
Capital Lease Obligations | ' | ' |
Components of notes payable | ' | ' |
Total notes payable | ' | $54 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (Revolving Credit Facility One, USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | 1-May-12 | Dec. 31, 2013 |
Prior to July 27, 2012 | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | |||
Prior to July 27, 2012 | ||||||
Line Of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Borrowed under the agreement | $0.50 | $0.50 | ' | ' | ' | ' |
Additional borrowings available based on the Company's borrowing | 7.9 | 6.9 | ' | ' | ' | ' |
Revolving credit line | 10 | ' | ' | ' | ' | ' |
Revolving credit agreement maturity date | 1-Oct-15 | ' | ' | ' | ' | ' |
Leverage test of total liabilities to total net worth | 1 | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio | 1.25 | ' | ' | ' | ' | ' |
Credit facility's interest rate, Description | 'credit facility’s interest rate is LIBOR plus 3.25% per annum | ' | 'interest rate on the Company’s borrowings was 30 day LIBOR rate plus 2.75% per year | ' | ' | ' |
Credit facility's interest rate | ' | ' | ' | 3.25% | ' | 2.75% |
Commitment fee of the unused portion of the credit | ' | ' | ' | 0.30% | ' | ' |
Preferred stock, at redemption value | ' | ' | ' | ' | $5 | ' |
Leases_Detail
Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of future minimum rental payments under operating leases | ' |
2014 | $443 |
2015 | 438 |
2016 | 423 |
2017 | 347 |
2018 | 348 |
2019 | 175 |
Total | $2,174 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (New Corporate Office Lease, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
sqft | ||
New Corporate Office Lease | ' | ' |
Lease (Textual) [Abstract] | ' | ' |
Lease covered area | 13,000 | ' |
Term of lease | '64 months | ' |
Rental expense | $0.30 | $0.50 |
Stock_and_Stockbased_Compensat1
Stock and Stock-based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-10 | Jun. 30, 2012 | 31-May-10 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Director | Director | Minimum | Maximum | Subsequent Event | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Maximum | Maximum | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Stock Options | Stock Options | Board of Directors Compensation | Board of Directors Compensation | |||
Director | Director | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | General and Administrative Expense | General and Administrative Expense | Subsequent Event | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | |||||||||||
Director | Director | ||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted restricted stock unit | ' | ' | ' | ' | ' | ' | 168,000 | 235,000 | 285,000 | ' | ' | ' | 234,525 | 283,998 | ' | ' | 150,000 | ' | ' | ' | ' |
Shares available for issuance under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 1,100,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of stock RSU to Common, ratio | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convert to common stock | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $818,000 | $342,000 | ' | $20,000 | $16,000 | $32,000 | $27,000 |
Additional compensation cost that will be recognized in future periods | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period additional compensation cost will be expensed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to stock option | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of retainer fee to acquire common stock | ' | ' | ' | ' | 50.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock and Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Purchase Plan, Stock issued | 4,697 | 4,839 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options issued | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock units acquired by directors deferred retainer fee | ' | ' | 6,000 | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increment period for awards converted into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_and_Stockbased_Compensat2
Stock and Stock-based Compensation - Summary of Unvested Restricted Stock Units (Detail) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Units (RSUs) | ' | ' |
Summary of unvested restricted stock units | ' | ' |
Unvested restricted stock units, Beginning Balance | 391,413 | 321,064 |
Granted restricted stock unit | 234,525 | 283,998 |
Vested | -99,844 | -90,056 |
Forfeited | -54,464 | -123,593 |
Unvested restricted stock units, Ending Balance | 471,630 | 391,413 |
Weighted Average Fair Value Per RSU, Beginning Balance | $4.11 | $2.71 |
Awarded | $5 | $4.35 |
Vested | $3.15 | $2.52 |
Forfeited | $3.40 | $2.17 |
Weighted Average Fair Value Per RSU, Ending Balance | $4.77 | $4.11 |
Stock_and_Stockbased_Compensat3
Stock and Stock-based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of stock option activity | ' | ' |
Outstanding, Beginning Balance | 25,778 | 55,855 |
Options granted | ' | ' |
Options exercised | -3,827 | -4,850 |
Options forfeited | -5,007 | -11,848 |
Options expired | ' | -13,379 |
Outstanding, Ending Balance | 16,944 | 25,778 |
Exercisable, Ending Balance | 16,944 | 25,778 |
Summary of stock option activity | ' | ' |
Weighted Average Exercise Price, Beginning balance | $4.23 | $4.31 |
Weighted Average Exercise Price, options granted | ' | ' |
Weighted Average Exercise Price, Options exercised | $4.09 | $4.09 |
Weighted Average Exercise Price, Options forfeited | $5.11 | $4.82 |
Weighted Average Exercise Price, Options expired | ' | $4.09 |
Weighted Average Exercise Price, Ending balance | $4.09 | $4.23 |
Weighted Average Exercise Price, Exercisable | $4.09 | $4.23 |
Stock_and_Stockbased_Compensat4
Stock and Stock-based Compensation - Summary of Outstanding Stock Options (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of stock option activity | ' | ' | ' |
Number of Options | 16,944 | 25,778 | 55,855 |
Remaining Contractual Life (Years) | '1 month 6 days | ' | ' |
Weighted Average Exercise Price | $4.09 | $4.23 | $4.31 |
Intrinsic Value | ' | ' | ' |
Stock option 1 | ' | ' | ' |
Summary of stock option activity | ' | ' | ' |
Number of Options | 16,944 | ' | ' |
Expires | '2014 | ' | ' |
Remaining Contractual Life (Years) | '1 month 6 days | ' | ' |
Weighted Average Exercise Price | $4.09 | ' | ' |
Intrinsic Value | ' | ' | ' |
Redeemable_Convertible_Preferr2
Redeemable Convertible Preferred Stock - Preferred Stock and Warrants Calculated Using the Black Scholes Merton Pricing Model (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Preferred stock and warrants calculated using the Black Scholes Merton pricing model | ' |
Number of warrants | 325,000 |
Expiration date | 2-May-20 |
Warrant | ' |
Preferred stock and warrants calculated using the Black Scholes Merton pricing model | ' |
Exercise price | 6.62 |
Expected volatility of underlying stock | 74.00% |
Risk-free interest rate | 1.62% |
Dividend yield | 0.00% |
Expected life of warrants | '8 years |
Weighted-average fair value of warrants | 3.11 |
Redeemable_Convertible_Preferr3
Redeemable Convertible Preferred Stock - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Class Of Stock [Line Items] | ' | ' |
Securities purchase agreement date | 13-Apr-12 | ' |
Common stock, shares issued | 8,008,759 | 8,008,759 |
Completion date of issuance of series A convertible preferred stock | 2-May-12 | ' |
Redemption Date of Series A Preferred Stock | 30-Apr-17 | ' |
Warrants Value | $840,000 | ' |
Accretion amount | 42 | 34 |
Consideration for the issuance of preferred stock and warrants | 5,000,000 | ' |
Exercise Price of $6.00 | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Conversion price per share | $6 | ' |
Exercise Price of $7.00 | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Conversion price per share | $7 | ' |
Series A Convertible Preferred Stock | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Sale of series A convertible preferred stock, Number | 1,000,000 | ' |
Conversion price per share | $5 | ' |
Preferred stock authorized | 1,000,000 | ' |
Cumulative dividends at a rate | 6.00% | ' |
Liquidation preference per share | $5 | ' |
Number of Installments | 36 | ' |
Annual interest rate on redemption value payable | 6.00% | ' |
Preferred stock Value | $4,160,000 | ' |
Common Stock Purchase Warrants Exercisable | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common stock purchase warrants exercisable | 325,000 | ' |
Common Stock Purchase Warrants Exercisable | Exercise Price of $6.00 | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common stock purchase warrants exercisable | 125,000 | ' |
Common Stock Purchase Warrants Exercisable | Exercise Price of $7.00 | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common stock purchase warrants exercisable | 200,000 | ' |
Convertible Common Stock | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common stock, shares issued | 1,000,000 | ' |
Employee_Benefit_and_Bonus_Pla1
Employee Benefit and Bonus Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Employees | ||
Employee Benefit and Bonus Plans (Textual) [Abstract] | ' | ' |
Percentage of employees contribution | 20.00% | ' |
Contribution to the plan | $201,000 | $81,000 |
Number of employees who are covering executive performance of bonus plan | 45 | ' |
Accrued expenses | $813,000 | $650,000 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transactions (Textual) [Abstract] | ' | ' |
Outstanding amount owned to law firm | $0 | $0 |
Chief Executive Officer | ' | ' |
Related Party Transactions (Textual) [Abstract] | ' | ' |
Compensation amount | 130,000 | 120,000 |
Percentage of amendment bonus | 1.00% | ' |
Chief Executive Officer | November 2013 Amendment | ' | ' |
Related Party Transactions (Textual) [Abstract] | ' | ' |
Employment agreement expiration year | '2015 | ' |
Chief Executive Officer | November 2013 Amendment | Restricted Stock Units (RSUs) | ' | ' |
Related Party Transactions (Textual) [Abstract] | ' | ' |
Compensation amount | 130,000 | ' |
Chief Executive Officer | November 2013 Amendment | 2015 | ' | ' |
Related Party Transactions (Textual) [Abstract] | ' | ' |
Compensation amount | 130,000 | ' |
Selling, General and Administrative Expenses | Chief Executive Officer | ' | ' |
Related Party Transactions (Textual) [Abstract] | ' | ' |
Expenses related to legal advice | 89,000 | 70,000 |
Compensation amount included in general and administrative expenses | $157,570 | $150,878 |
Segment_Reporting_Selected_Fin
Segment Reporting - Selected Financial Details Regarding the Company's Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $18,146 | $17,585 | $15,169 | $14,430 | $15,035 | $11,725 | $12,872 | $14,432 | $65,330 | $54,065 |
Gross profit (loss) | 3,572 | 2,867 | 2,396 | 2,980 | 2,490 | 1,689 | 2,172 | 1,772 | 11,815 | 8,123 |
Income (loss) from domestic operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,450 | 419 |
Net equity income from foreign joint ventures' operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,757 | 2,745 |
Foreign joint ventures' operations related expenses | ' | ' | ' | ' | ' | ' | ' | ' | 267 | 343 |
Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations | ' | ' | ' | ' | ' | ' | ' | ' | 5,207 | 3,164 |
Technical Products and Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 49,150 | 38,973 |
Gross profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 9,072 | 6,649 |
Income (loss) from domestic operations | ' | ' | ' | ' | ' | ' | ' | ' | 8,061 | 6,012 |
Electrical and Instrumentation Construction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 10,089 | 9,196 |
Gross profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,095 | 513 |
Income (loss) from domestic operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,096 | 513 |
American Access Technologies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,091 | 5,896 |
Gross profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 648 | 961 |
Income (loss) from domestic operations | ' | ' | ' | ' | ' | ' | ' | ' | -712 | -484 |
Corporate and other unallocated expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from domestic operations | ' | ' | ' | ' | ' | ' | ' | ' | -6,995 | -5,622 |
BOMAY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net equity income from foreign joint ventures' operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,066 | 2,569 |
MIEFE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net equity income from foreign joint ventures' operations | ' | ' | ' | ' | ' | ' | ' | ' | 115 | 16 |
AAG | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net equity income from foreign joint ventures' operations | ' | ' | ' | ' | ' | ' | ' | ' | 843 | 503 |
Foreign Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign joint ventures' operations related expenses | ' | ' | ' | ' | ' | ' | ' | ' | $267 | $343 |
Segment_Reporting_Quarterly_In
Segment Reporting - Quarterly Information for the Applicable Time Periods (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly information for the applicable time periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | $18,146 | $17,585 | $15,169 | $14,430 | $15,035 | $11,725 | $12,872 | $14,432 | $65,330 | $54,065 | |
Gross profit | 3,572 | 2,867 | 2,396 | 2,980 | 2,490 | 1,689 | 2,172 | 1,772 | 11,815 | 8,123 | |
Net income (loss) | $592 | $901 | $1,063 | $1,653 | $487 | $500 | $761 | $334 | $4,209 | [1] | $2,084 |
Earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basic | $0.07 | $0.11 | $0.13 | $0.21 | $0.06 | $0.06 | $0.10 | $0.04 | $0.53 | $0.26 | |
[1] | Net of preferred dividends of $225 and $342 in 2012 and 2013 respectively. |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting (Textual) [Abstract] | ' |
Number of reportable segments | 3 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies (Textual) [Abstract] | ' | ' |
Liable for all claims per insured annual amount | $60,000 | ' |
Liable for all claims per insured aggregate amount | 1,300,000 | ' |
Minimum insurance premium | 879,000 | 845,000 |
Insurance reserves | $254,000 | $225,000 |
Earnings_Loss_Per_Common_Share2
Earnings (Loss) Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $4,209 | $2,084 |
Weighted average basic shares | ' | ' | ' | ' | ' | ' | ' | ' | 7,990,690 | 7,901,225 |
Dilutive effect of stock options and restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | 1,481,816 | 357,517 |
Total weighted average diluted shares with assumed conversions | ' | ' | ' | ' | ' | ' | ' | ' | 9,472,506 | 8,258,742 |
Earnings loss per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.07 | $0.11 | $0.13 | $0.21 | $0.06 | $0.06 | $0.10 | $0.04 | $0.53 | $0.26 |
Dilutive | ' | ' | ' | ' | ' | ' | ' | ' | $0.48 | $0.25 |
Subsequent_Event_Brazil_Divide1
Subsequent Event Brazil Dividend - Additional Information (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 20, 2014 | |
AAG | AAG | Subsequent Event | |||
AAG | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Dividend distribution | $1,344,000 | $1,008,000 | $23,000 | ' | $830,000 |
Interest in Joint Venture | ' | ' | 49.00% | ' | 49.00% |