Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'AETI | ' |
Entity Registrant Name | 'American Electric Technologies Inc | ' |
Entity Central Index Key | '0001043186 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 8,177,956 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $2,900 | $4,148 |
Accounts receivable-trade, net of allowance of $315 and $327 at June 30, 2014 and December 31, 2013 | 10,578 | 10,462 |
Inventories, net of allowance of $57 and $40 at June 30, 2014 and December 31, 2013 | 3,542 | 3,184 |
Cost and estimated earnings in excess of billings on uncompleted contracts | 5,214 | 5,312 |
Prepaid expenses and other current assets | 406 | 376 |
Current assets held for sale | 2,161 | 3,113 |
Total current assets | 24,801 | 26,595 |
Property, plant and equipment, net | 7,475 | 4,077 |
Advances to and investments in foreign joint ventures | 11,458 | 13,033 |
Other assets | 72 | 126 |
Long-term assets held for sale | 1,022 | 2,005 |
Total assets | 44,828 | 45,836 |
Current liabilities: | ' | ' |
Accounts payable | 6,312 | 5,327 |
Accrued payroll and benefits | 1,070 | 1,911 |
Other accrued expenses | 172 | 397 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,920 | 3,021 |
Short-term notes payable | ' | ' |
Other current liabilities | 49 | 121 |
Current liabilities held for sale | 719 | 536 |
Total current liabilities | 11,242 | 11,313 |
Notes payable | 500 | 500 |
Deferred income taxes | 3,422 | 3,541 |
Deferred compensation | 250 | 211 |
Total liabilities | 15,414 | 15,565 |
Convertible preferred stock: | ' | ' |
Redeemable convertible preferred stock, Series A, net of discount of $742 at June 30, 2014 and $764 at December 31, 2013; $0.001 par value, 1,000,000 shares authorized, issued and outstanding at June 30, 2014 and December 31, 2013 | 4,258 | 4,236 |
Stockholders’ equity: | ' | ' |
Common stock; $0.001 par value, 50,000,000 shares authorized, 8,176,833 and 8,008,759 shares issued and outstanding at June 30, 2014 and December 31, 2013 | 8 | 8 |
Treasury stock, at cost (108,976 shares at June 30, 2014 and 49,863 shares at December 31, 2013) | -704 | -238 |
Additional paid-in capital | 10,996 | 10,494 |
Accumulated other comprehensive income | 982 | 983 |
Retained earnings; including accumulated statutory reserves in equity method investments of $1,857 at June 30, 2014 and December 31, 2013 | 13,874 | 14,788 |
Total stockholders’ equity | 25,156 | 26,035 |
Total liabilities and stockholders’ equity | $44,828 | $45,836 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable-trade, allowance | $315 | $327 |
Inventories, allowance | 57 | 40 |
Redeemable convertible preferred stock, Series A, discount | 742 | 764 |
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 | 8,176,833 | 8,176,833 |
Common stock, shares outstanding | 8,008,759 | 8,008,759 |
Treasury stock, shares | 108,976 | 49,863 |
Retained earnings; accumulated statutory reserves in equity method investments | $1,857 | $1,857 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $13,430 | $13,499 | $29,278 | $26,507 |
Cost of sales | 11,402 | 11,410 | 24,815 | 21,653 |
Gross profit | 2,028 | 2,089 | 4,463 | 4,854 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 159 | 75 | 226 | 244 |
Selling and marketing | 570 | 533 | 1,233 | 1,087 |
General and administrative | 1,148 | 1,026 | 2,355 | 2,391 |
Total operating expenses | 1,877 | 1,634 | 3,814 | 3,722 |
Income (loss) from consolidated continuing operations | 151 | 455 | 649 | 1,132 |
Net equity income from foreign joint ventures’ operations: | ' | ' | ' | ' |
Equity income from foreign joint ventures’ operations | 1,110 | 1,248 | 1,584 | 2,706 |
Foreign joint ventures’ operations related expenses | -178 | -87 | -290 | -138 |
Net equity income from foreign joint ventures’ operations | 932 | 1,161 | 1,294 | 2,568 |
Income (loss) from consolidated continuing operations and net equity income from foreign joint ventures’ operations | 1,083 | 1,616 | 1,943 | 3,700 |
Other income (expense): | ' | ' | ' | ' |
Interest expense and other, net | -21 | -28 | -33 | -44 |
Continuing operations income before income taxes | 1,062 | 1,588 | 1,910 | 3,656 |
Provision for income taxes on continuing operations | ' | -380 | ' | -635 |
Net income (loss) from continuing operations | 1,062 | 1,208 | 1,910 | 3,021 |
Discontinued operations income (loss) | -2,384 | -60 | -2,652 | -135 |
Provision for income taxes on discontinued operations | ' | ' | ' | ' |
Net income (loss) from discontinued operations | -2,384 | -60 | -2,652 | -135 |
Net income (loss) before dividends on redeemable convertible preferred stock | -1,322 | 1,148 | -742 | 2,886 |
Dividends on redeemable convertible preferred stock | 86 | 85 | 172 | 170 |
Net income (loss) attributable to common stockholders | ($1,408) | $1,063 | ($914) | $2,716 |
Earnings (loss) from continuing operations per common share: | ' | ' | ' | ' |
Basic | $0.12 | $0.14 | $0.21 | $0.36 |
Diluted | $0.11 | $0.12 | $0.20 | $0.32 |
Weighted - average number of continuing operations shares outstanding: | ' | ' | ' | ' |
Basic | 8,176,808 | 8,002,872 | 8,115,214 | 7,976,222 |
Diluted | 9,723,076 | 9,435,695 | 9,710,422 | 9,409,537 |
Loss per common share from discontinued operations: | ' | ' | ' | ' |
Basic and diluted | ($0.29) | ($0.01) | ($0.32) | ($0.02) |
Total Earnings (loss) per common share: | ' | ' | ' | ' |
Basic | ($0.17) | $0.13 | ($0.11) | $0.34 |
Diluted | ($0.17) | $0.12 | ($0.11) | $0.31 |
Weighted - average number of common shares outstanding: | ' | ' | ' | ' |
Basic | 8,176,808 | 8,002,872 | 8,115,214 | 7,976,222 |
Diluted | 8,176,808 | 9,435,695 | 8,115,214 | 9,409,537 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | ($1,322) | $1,148 | ($742) | $2,886 |
Other comprehensive income: | ' | ' | ' | ' |
Foreign currency translation gain (loss), net deferred income taxes of $51 and $43 for the three months ended, $0 and $26 for the six months ended June 30, 2014 and 2013 | -99 | -83 | -1 | -51 |
Total comprehensive income (loss) | ($1,421) | $1,065 | ($743) | $2,835 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Foreign currency translation gain, deferred income taxes | $51 | $43 | $0 | $26 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income from continuing operations | $1,910 | $3,021 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Deferred income tax provision (benefit) | ' | 635 |
Equity income from foreign joint ventures’ operations | -1,584 | -2,706 |
Depreciation and amortization | 259 | 216 |
Stock based compensation | 191 | 340 |
Provision for bad debt | ' | 66 |
Allowance for obsolete inventory | 17 | 66 |
Loss or (gain) on sale of property and equipment | ' | 6 |
Deferred compensation costs | 39 | 52 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 421 | 1,332 |
Income taxes payable | -71 | 5 |
Inventories | -376 | -1,206 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 98 | -1,950 |
Prepaid expenses and other current assets | 36 | -105 |
Accounts payable and accrued liabilities | -343 | 1,433 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -101 | 645 |
Other | -12 | -2 |
Net cash provided by (used in) operating activities | 484 | 1,848 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment and other assets | -3,603 | -433 |
Proceeds from disposal of property, plant and equipment | ' | ' |
Proceeds from foreign joint ventures’ operations dividends | 2,522 | 106 |
Cash withdrawal from joint venture | 46 | ' |
Net cash provided by (used in) from investing activities | -1,035 | -327 |
Cash flows from financing activities: | ' | ' |
Proceeds from sale of common stock, preferred stock, and warrants | 313 | 14 |
Treasury stocks purchase | -466 | -146 |
Preferred stock cash dividend | -150 | -150 |
Advances from credit facility | 1,000 | ' |
Repayments (of) credit facility | -1,000 | ' |
Capital lease obligation payment | ' | ' |
Net cash provided by (used in) financing activities | -303 | -282 |
Net increase (decrease) in cash and cash equivalents from continuing operations | -854 | 1,239 |
Advances (to) discontinued operations | -394 | -294 |
Net increase (decrease) in cash and cash equivalents | -1,248 | 945 |
Cash and cash equivalents, beginning of period | 4,148 | 4,477 |
Cash and cash equivalents, end of period | 2,900 | 5,422 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 29 | 15 |
Income taxes paid | $72 | $28 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying condensed unaudited consolidated financial statements of American Electric Technologies, Inc. and its wholly-owned subsidiaries (“AETI”, “the Company”, “our”, “we”, “us”) as of June 30, 2014 and for the three months and six months then ended have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and include all adjustments which, in the opinion of management, are necessary for a fair presentation of financial position as of June 30, 2014 and results of operations for the three months and six months ending June 30, 2014 and 2013. All adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The statements should be read in conjunction with the Company’s consolidated financial statements included in on our Annual Report on Form 10-K for the year ended December 31, 2013, which was filed on March 28, 2014. Because of the planned sale of the American Access Technologies, Inc. (“AAT”) segment’s operations, its assets and liabilities are presented as “held for sale” and its operations are reported as discontinued operations. |
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Common Share | ' | |||||||||||||||
2. Earnings Per Common Share | ||||||||||||||||
Basic earnings per common share is based on the weighted average number of common shares outstanding for the three months and six months ended June 30, 2014 and 2013. Diluted earnings 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 conversion of convertible instruments, exercise of all potentially dilutive stock options and other stock units subject to anti-dilution limitations. | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except shares and per share data): | ||||||||||||||||
Continuing Operations | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to common stockholders | $ | 976 | $ | 1,123 | $ | 1,738 | $ | 2,851 | ||||||||
Weighted average basic shares | 8,176,808 | 8,002,872 | 8,115,214 | 7,976,222 | ||||||||||||
Dilutive effect of preferred stock, warrants, stock options | 1,546,268 | 1,432,823 | 1,595,208 | 1,433,315 | ||||||||||||
and restricted stock units | ||||||||||||||||
Total weighted average diluted shares | 9,723,076 | 9,435,695 | 9,710,422 | 9,409,537 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.12 | $ | 0.14 | $ | 0.21 | $ | 0.36 | ||||||||
Dilutive | $ | 0.11 | $ | 0.12 | $ | 0.2 | $ | 0.32 | ||||||||
With Discontinued Operations | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to common stockholders | $ | (1,408 | ) | $ | 1,063 | $ | (914 | ) | $ | 2,716 | ||||||
Weighted average basic shares | 8,176,808 | 8,002,872 | 8,115,214 | 7,976,222 | ||||||||||||
Dilutive effect of preferred stock, warrants, stock options | ― | 1,432,823 | ― | 1,433,315 | ||||||||||||
and restricted stock units | ||||||||||||||||
Total weighted average diluted shares | 8,176,808 | 9,435,695 | 8,115,214 | 9,409,537 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | (0.17 | ) | $ | 0.13 | $ | (0.11 | ) | $ | 0.34 | ||||||
Dilutive | $ | (0.17 | ) | $ | 0.12 | $ | (0.11 | ) | $ | 0.31 | ||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Recent Accounting Pronouncements | ' |
3. Recent Accounting Pronouncements | |
In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The adoption of ASU No. 2013-05 did not have a significant impact on the Company’s consolidated financial position or results of operations. | |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU No. 2014-08 changes the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under ASU No. 2014-08, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, ASU No. 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The guidance also requires disclosure of pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. ASU No. 2014-08 is effective in the first quarter of 2015 with early adoption permitted. Management is currently evaluating the future impact of ASU No. 2014-08 on the Company’s consolidated financial position, results of operations and disclosures. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2014, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the future impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method with which we will adopt the standard in 2017. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||||||
4. Segment Information | ||||||||||||||||||||||||||||||||
The Company follows the guidance prescribed by the Accounting Standard Codification (“ASC”) Topic 280, Segment Reporting, which governs the way the Company reports information about its operating segments. | ||||||||||||||||||||||||||||||||
The American Access Technologies (AAT) segment manufactures and markets zone cabling and formed metal products of varying designs. Because of the planned disposition of the segment’s operations and net assets, that segment’s results are excluded from segment reporting and presented as discontinued operations. Management has organized the Company around its continuing products and services and has two reportable segments: Technical Products and Services (“TP&S”) and Electrical and Instrumentation Construction (“E&I”). 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. The E&I segment installs electrical equipment for the energy, water, industrial, marine and commercial markets. | ||||||||||||||||||||||||||||||||
The following are selected financial details regarding the Company’s reportable segments (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 12,039 | $ | 11,157 | $ | 26,125 | $ | 21,637 | ||||||||||||||||||||||||
Electrical and Instrumentation Construction | 1,391 | 2,342 | 3,153 | 4,870 | ||||||||||||||||||||||||||||
$ | 13,430 | $ | 13,499 | $ | 29,278 | $ | 26,507 | |||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 2,004 | 17 | % | $ | 1,832 | 16 | % | $ | 4,134 | 16 | % | $ | 3,689 | 17 | % | ||||||||||||||||
Electrical and Instrumentation Construction | 24 | 2 | % | 257 | 11 | % | 329 | 10 | % | 1,165 | 24 | % | ||||||||||||||||||||
$ | 2,028 | 15 | % | $ | 2,089 | 15 | % | $ | 4,463 | 15 | % | $ | 4,854 | 18 | % | |||||||||||||||||
Income from consolidated continuing | ||||||||||||||||||||||||||||||||
operations and net equity income | ||||||||||||||||||||||||||||||||
from foreign joint ventures’ operations: | ||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 1,806 | 15 | % | $ | 1,630 | 15 | % | $ | 3,833 | 15 | % | $ | 3,184 | 15 | % | ||||||||||||||||
Electrical and Instrumentation Construction | 24 | 2 | % | 257 | 11 | % | 329 | 10 | % | 1,165 | 24 | % | ||||||||||||||||||||
Corporate and other unallocated expenses | (1,679 | ) | -13 | % | (1,432 | ) | -11 | % | (3,513 | ) | -12 | % | (3,217 | ) | -12 | % | ||||||||||||||||
Income from consolidated continuing operations | 151 | 1 | % | 455 | 3 | % | 649 | 2 | % | 1,132 | 4 | % | ||||||||||||||||||||
Equity income from BOMAY | 960 | 647 | 1,508 | 1,648 | ||||||||||||||||||||||||||||
Equity income (loss) from MIEFE | 112 | 138 | 74 | 158 | ||||||||||||||||||||||||||||
Equity income (loss) from AAG* | 38 | 463 | 2 | 900 | ||||||||||||||||||||||||||||
Foreign operations (expenses) | (178 | ) | (87 | ) | (290 | ) | (138 | ) | ||||||||||||||||||||||||
Net equity income from foreign joint ventures’ | 932 | 1,161 | 1,294 | 2,568 | ||||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||||||
Income from consolidated continuing | $ | 1,083 | $ | 1,616 | $ | 1,943 | $ | 3,700 | ||||||||||||||||||||||||
operations and net equity income | ||||||||||||||||||||||||||||||||
from foreign joint ventures’ operations | ||||||||||||||||||||||||||||||||
*AAG equity income ended on April 30, 2014 when M&I withdrew from the AAG Joint Venture. | ||||||||||||||||||||||||||||||||
The Company’s management does not separately review and analyze its assets on a segment basis for TP&S and E&I, 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’ operations and joint venture management related expenses, all other costs, expenses and other income have been allocated to their respective segments. |
Investments_in_Foreign_Joint_V
Investments in Foreign Joint Ventures | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments in Foreign Joint Ventures | ' | |||||||||||||||||||||||
5. Investments in Foreign Joint Ventures | ||||||||||||||||||||||||
Effective May 1, 2014, we have interests in two joint ventures, outside of the United States of America (“U.S.”) which are accounted for on the equity method: | ||||||||||||||||||||||||
— | BOMAY Electric Industries Company, Ltd. (“BOMAY”), in which the Company holds a 40% interest, Baoji Oilfield Machinery Co., Ltd. (a subsidiary of China National Petroleum Corporation) holds a 51% interest, and AA Energies, Inc., holds a 9% interest; | |||||||||||||||||||||||
— | M&I Electric Far East, Ltd. (“MIEFE”), in which the Company holds a 41% interest, MIEFE’s general manager holds a 8% interest and, Sonepar, (private company) of France holds a 51% interest, and; | |||||||||||||||||||||||
AETI Alliance Group do Brazil Sistemas E Servicos Em Energia LTDA. (“AAG”), in which the Company held a 49% interest, and Beppe Hans Eddy Askerbo, of Brazil, held a 51% interest. Effective April 30, 2014 the Company withdrew from the joint venture. We are scheduled to receive the book value at April 30, 2014 of approximately $0.6 million in 12 equal monthly payments. | ||||||||||||||||||||||||
Sales to joint ventures are made on an arm’s length basis. | ||||||||||||||||||||||||
Summary (unaudited) financial information of our foreign joint ventures in U.S. dollars was as follows at June 30, 2014 and December 31, 2013 and the three months and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
BOMAY | MIEFE | AAG | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014* | 2013 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Total current assets | $ | 85,660 | $ | 94,220 | $ | 3,498 | $ | 3,855 | $ | - | $ | 2,572 | ||||||||||||
Total non-current assets | 4,914 | 5,122 | 124 | 114 | - | 1,550 | ||||||||||||||||||
Total assets | $ | 90,574 | $ | 99,342 | $ | 3,622 | $ | 3,969 | $ | - | $ | 4,122 | ||||||||||||
Liabilities and equity: | ||||||||||||||||||||||||
Total liabilities | $ | 62,879 | $ | 72,644 | $ | 2,227 | $ | 1,197 | $ | - | $ | 1,291 | ||||||||||||
Total joint ventures’ equity | 27,695 | 26,698 | 1,395 | 2,772 | - | 2,831 | ||||||||||||||||||
Total liabilities and equity | $ | 90,574 | $ | 99,342 | $ | 3,622 | $ | 3,969 | $ | - | $ | 4,122 | ||||||||||||
*As of April 30, 2014, the Company withdrew from the AAG Joint Venture. | ||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
BOMAY | MIEFE | AAG | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014* | 2013 | |||||||||||||||||||
Revenue | $ | 37,611 | $ | 31,483 | $ | 2,388 | $ | 2,824 | $ | 297 | $ | 4,514 | ||||||||||||
Gross Profit | $ | 4,524 | $ | 3,309 | $ | 760 | $ | 805 | $ | 44 | $ | 1,876 | ||||||||||||
Earnings | $ | 2,400 | $ | 1,619 | $ | 275 | $ | 337 | $ | 77 | $ | 945 | ||||||||||||
*Items represent the Joint Venture's final month of April 2014. | ||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
BOMAY | MIEFE | AAG | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014* | 2013 | |||||||||||||||||||
Revenue | $ | 57,214 | $ | 64,992 | $ | 3,212 | $ | 5,491 | $ | 1,078 | $ | 7,999 | ||||||||||||
Gross Profit | $ | 7,459 | $ | 7,597 | $ | 1,119 | $ | 1,287 | $ | 154 | $ | 3,432 | ||||||||||||
Earnings | $ | 3,771 | $ | 4,120 | $ | 181 | $ | 386 | $ | 4 | $ | 1,837 | ||||||||||||
*Items represent the Joint Venture’s final four months ending April 2014. | ||||||||||||||||||||||||
The following is a summary of activity in investments in foreign joint ventures for the six months ended June 30, 2014 (unaudited): | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
BOMAY** | MIEFE | AAG | TOTAL | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Investments in foreign joint ventures: | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 10,609 | $ | 1,138 | $ | 1,286 | $ | 13,033 | ||||||||||||||||
Equity in earnings (loss) in 2014 | 1,508 | 74 | 2 | 1,584 | ||||||||||||||||||||
Dividend distributions in 2014 | (1,042 | ) | (650 | ) | (830 | ) | (2,522 | ) | ||||||||||||||||
Foreign currency translation adjustment | (86 | ) | (93 | ) | 178 | (1 | ) | |||||||||||||||||
Withdrawal from joint venture* | — | — | (636 | ) | (636 | ) | ||||||||||||||||||
Investments, end of period | $ | 10,989 | $ | 469 | $ | - | $ | 11,458 | ||||||||||||||||
Components of investments in foreign joint ventures: | ||||||||||||||||||||||||
Investment in joint ventures | $ | 2,033 | $ | 15 | $ | - | $ | 2,048 | ||||||||||||||||
Undistributed earnings | 7,611 | 294 | — | 7,905 | ||||||||||||||||||||
Foreign currency translation | 1,345 | 160 | — | 1,505 | ||||||||||||||||||||
Investments, end of period | $ | 10,989 | $ | 469 | $ | - | $ | 11,458 | ||||||||||||||||
* | Represents the 49% of the net book value at April 30, 2014 and $46,000 has been received. No gain or loss was recorded because the receivable equals the Company’s total investment in AAG. The receivable is included in accounts receivables. | |||||||||||||||||||||||
** | Accumulated statutory reserves in equity method investments of $1.86 million at June 30, 2014 and December 31, 2013 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. | |||||||||||||||||||||||
Under the equity method, the Company’s share of the joint ventures’ operations’ earnings or loss is recognized in the condensed consolidated statement of operations as equity income (loss) from foreign joint ventures’ operations. Joint venture income increases the carrying value of the joint venture investment and joint venture losses, as well as dividends received from the joint ventures, reduce the carrying value of the investment. 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. |
Notes_Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2014 | |
Notes Payable | ' |
6. Notes Payable | |
Revolving Credit Agreement | |
On November 30, 2013, the Company entered into a $10 million Amended and Restated Credit Agreement with JP Morgan Chase Bank, N.A. (“Chase”). The agreement replaced in its entirety the Company’s prior credit agreement, as amended, originally entered into with JP Morgan 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 London Interbank Offered Rate (“LIBOR”) (0.15% at June 30, 2014) 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. Effective June 30, 2014 the Company and JP Morgan Chase Bank N.A. amended the 2013 credit agreement to exclude the impact of the AAT discontinued operations and anticipated sale of that segment from the calculation of the net income covenant and otherwise facilitates the sale. Additionally, the amendment provided for the formation of a new wholly-owned subsidiary in Brazil. | |
The agreement is collateralized by the Company’s real estate in Beaumont, Texas, trade accounts receivable, equipment, inventories, work-in-progress and investments in foreign subsidiaries, and the Company’s U.S. subsidiaries are guarantors of the borrowing. | |
The Company has $0.5 million of borrowings outstanding under the JP Morgan Chase N.A. credit agreement at June 30, 2014 and $0.5 million at December 31, 2013. The company had additional borrowing capacity of $7.0 million and $7.9 million at June 30, 2014 and December 31, 2013 respectively. | |
In conjunction with the facility expansion at Beaumont, interest is being capitalized at the 30 day LIBOR rate plus 3.25% per annum. Interest capitalized for six months ending June 30, 2014 and 2013 was $18,000 and none respectively and $13,000 none for the three months ended June 30, 2014 and 2013. |
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventories | ' | |||||||
7. Inventories | ||||||||
Inventories consisted of the following at June 30, 2014 (unaudited) and December 31, 2013 (in thousands): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Raw materials | $ | 971 | $ | 1,056 | ||||
Work-in-process | 2,628 | 2,168 | ||||||
Finished goods | — | — | ||||||
3,599 | 3,224 | |||||||
Less: allowance | (57 | ) | (40 | ) | ||||
Total inventories | $ | 3,542 | $ | 3,184 | ||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes | ' |
8. Income Taxes | |
It was determined in the fourth quarter of 2011 that due to the Internal Revenue Code’s Section 382 limitations on our ability to utilize the net operating losses carry forwards of approximately $9.8 million generated by American Access Technologies, Inc., prior to the Company’s merger in 2007 and subsequent net operating losses and foreign tax credit carry forwards, a full valuation allowance was warranted in the fourth quarter of 2011. As such, the tax provision on U.S. income generated in 2014 and 2013 is offset by a reduction of the valuation allowance provided in 2011. The tax provision for 2014 and 2013 reflects a 34% U.S. tax rate related to the equity in foreign joint ventures’ operations, net of dividends received for an effective rate of 0% and 13% because of the mix of US income or loss, foreign equity income and dividends. The disposition of AAT’s assets and liabilities is not expected to affect the remaining operating loss carry forwards. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value of Financial Instruments and Fair Value Measurements | ' |
9. Fair Value of Financial Instruments and Fair Value Measurements | |
The carrying amounts of cash and cash equivalents, trade accounts receivable and accounts payable approximate fair value as of June 30, 2014 and December 31, 2013 because of the relatively short maturity of these instruments. |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2014 | |
Redeemable Convertible Preferred Stock | ' |
10. Redeemable Convertible Preferred Stock | |
In conjunction with the issuance of the Redeemable Convertible Preferred Stock, Series A in May 2012, warrants were issued for common stock. | |
The initial value allocated to the warrants was 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 schedule redemption date of the redeemable Series A Convertible Preferred Stock. Discount accretion for the six months ending June 30, 2014 and 2013 totaled $22 and $21. | |
Leases
Leases | 6 Months Ended |
Jun. 30, 2014 | |
Leases | ' |
11. Leases | |
New Corporate Office Lease | |
In 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 commenced 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 six months ended June 30, 2014 and 2013 amounted to approximately $155 and $180, respectively. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations | ' | |||||||||||||||
12. Discontinued Operations | ||||||||||||||||
During the first quarter of 2014, the Management and Board of Directors of AETI initiated a process to evaluate the possible sale of the AAT segment as well as other alternatives. The segment is comprised entirely of the American Access Technologies, Inc. operations in Florida. During the second quarter, the decision was made to sell the AAT business. Based on the expected value of the assets and liabilities for sale and the costs associated with the sale, an impairment loss of approximately $2.3 million after tax was recorded in the second quarter in discontinued operations results along with the $84,000 operating loss of AAT and $268,000 operating loss in the first quarter for AAT. AAT results are considered discontinued operations and its assets and associated liabilities are carried as assets and liabilities held for sale. Therefore, their results are presented below continuing operating results as discontinued operations. Future periods will continue to report AAT results as discontinued in all comparative periods. In June, a non-binding letter of intent was signed to sell the non-cash operations and net assets of AAT. The sale is expected to close in the third quarter of 2014. | ||||||||||||||||
The following tables summarize the AAT assets and liabilities held for sale, the operating results for AAT and its impairment charge, and AAT’s summary cash flow components: | ||||||||||||||||
American Access Technologies, Inc. | ||||||||||||||||
Assets and Liabilities held for sale | ||||||||||||||||
(in thousands) | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||
(unaudited) | ||||||||||||||||
Current assets held for sale | $ | 2,161 | $ | 3,113 | ||||||||||||
Long Term assets held for sale | 1,022 | 2,005 | ||||||||||||||
Total assets held for sale | $ | 3,183 | $ | 5,118 | ||||||||||||
Current liabilities held for sale | 719 | 536 | ||||||||||||||
Total Liabilities held for sale | 719 | 536 | ||||||||||||||
Net assets and liabilities held for sale | $ | 2,464 | $ | 4,582 | ||||||||||||
American Access Technologies, Inc. | ||||||||||||||||
Condensed Statements of Operations | ||||||||||||||||
Unaudited | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating income (loss) from discontinued operations | $ | (84 | ) | $ | (60 | ) | $ | (352 | ) | $ | (135 | ) | ||||
Provision for income taxes | — | — | — | — | ||||||||||||
Valuation provision ("Impairment") on assets for sale | (2,300 | ) | — | (2,300 | ) | — | ||||||||||
Income taxes on discontinued operations | — | — | — | — | ||||||||||||
Net loss after tax | $ | (2,384 | ) | $ | (60 | ) | $ | (2,652 | ) | $ | (135 | ) | ||||
American Access Technologies, Inc. | ||||||||||||||||
Condensed Statements of Cash Flow Components | ||||||||||||||||
Unaudited | ||||||||||||||||
(in thousands) | ||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Net cash (used in) operating activities | $ | (260 | ) | $ | (82 | ) | ||||||||||
Net cash (used in) investing activities | (14 | ) | (117 | ) | ||||||||||||
Net cash (used in) financing activities | — | (54 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | (274 | ) | $ | (253 | ) | ||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Computation of Basic and Diluted Earnings (Loss) Per Common Share | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except shares and per share data): | ||||||||||||||||
Continuing Operations | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to common stockholders | $ | 976 | $ | 1,123 | $ | 1,738 | $ | 2,851 | ||||||||
Weighted average basic shares | 8,176,808 | 8,002,872 | 8,115,214 | 7,976,222 | ||||||||||||
Dilutive effect of preferred stock, warrants, stock options | 1,546,268 | 1,432,823 | 1,595,208 | 1,433,315 | ||||||||||||
and restricted stock units | ||||||||||||||||
Total weighted average diluted shares | 9,723,076 | 9,435,695 | 9,710,422 | 9,409,537 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.12 | $ | 0.14 | $ | 0.21 | $ | 0.36 | ||||||||
Dilutive | $ | 0.11 | $ | 0.12 | $ | 0.2 | $ | 0.32 | ||||||||
With Discontinued Operations | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to common stockholders | $ | (1,408 | ) | $ | 1,063 | $ | (914 | ) | $ | 2,716 | ||||||
Weighted average basic shares | 8,176,808 | 8,002,872 | 8,115,214 | 7,976,222 | ||||||||||||
Dilutive effect of preferred stock, warrants, stock options | ― | 1,432,823 | ― | 1,433,315 | ||||||||||||
and restricted stock units | ||||||||||||||||
Total weighted average diluted shares | 8,176,808 | 9,435,695 | 8,115,214 | 9,409,537 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | (0.17 | ) | $ | 0.13 | $ | (0.11 | ) | $ | 0.34 | ||||||
Dilutive | $ | (0.17 | ) | $ | 0.12 | $ | (0.11 | ) | $ | 0.31 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Selected Financial Details Regarding the Company's Reportable Segments | ' | |||||||||||||||||||||||||||||||
The following are selected financial details regarding the Company’s reportable segments (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 12,039 | $ | 11,157 | $ | 26,125 | $ | 21,637 | ||||||||||||||||||||||||
Electrical and Instrumentation Construction | 1,391 | 2,342 | 3,153 | 4,870 | ||||||||||||||||||||||||||||
$ | 13,430 | $ | 13,499 | $ | 29,278 | $ | 26,507 | |||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 2,004 | 17 | % | $ | 1,832 | 16 | % | $ | 4,134 | 16 | % | $ | 3,689 | 17 | % | ||||||||||||||||
Electrical and Instrumentation Construction | 24 | 2 | % | 257 | 11 | % | 329 | 10 | % | 1,165 | 24 | % | ||||||||||||||||||||
$ | 2,028 | 15 | % | $ | 2,089 | 15 | % | $ | 4,463 | 15 | % | $ | 4,854 | 18 | % | |||||||||||||||||
Income from consolidated continuing | ||||||||||||||||||||||||||||||||
operations and net equity income | ||||||||||||||||||||||||||||||||
from foreign joint ventures’ operations: | ||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 1,806 | 15 | % | $ | 1,630 | 15 | % | $ | 3,833 | 15 | % | $ | 3,184 | 15 | % | ||||||||||||||||
Electrical and Instrumentation Construction | 24 | 2 | % | 257 | 11 | % | 329 | 10 | % | 1,165 | 24 | % | ||||||||||||||||||||
Corporate and other unallocated expenses | (1,679 | ) | -13 | % | (1,432 | ) | -11 | % | (3,513 | ) | -12 | % | (3,217 | ) | -12 | % | ||||||||||||||||
Income from consolidated continuing operations | 151 | 1 | % | 455 | 3 | % | 649 | 2 | % | 1,132 | 4 | % | ||||||||||||||||||||
Equity income from BOMAY | 960 | 647 | 1,508 | 1,648 | ||||||||||||||||||||||||||||
Equity income (loss) from MIEFE | 112 | 138 | 74 | 158 | ||||||||||||||||||||||||||||
Equity income (loss) from AAG* | 38 | 463 | 2 | 900 | ||||||||||||||||||||||||||||
Foreign operations (expenses) | (178 | ) | (87 | ) | (290 | ) | (138 | ) | ||||||||||||||||||||||||
Net equity income from foreign joint ventures’ | 932 | 1,161 | 1,294 | 2,568 | ||||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||||||
Income from consolidated continuing | $ | 1,083 | $ | 1,616 | $ | 1,943 | $ | 3,700 | ||||||||||||||||||||||||
operations and net equity income | ||||||||||||||||||||||||||||||||
from foreign joint ventures’ operations | ||||||||||||||||||||||||||||||||
*AAG equity income ended on April 30, 2014 when M&I withdrew from the AAG Joint Venture. |
Investments_in_Foreign_Joint_V1
Investments in Foreign Joint Ventures (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Summary of Financial Information of Foreign Joint Ventures | ' | |||||||||||||||||||||||
Summary (unaudited) financial information of our foreign joint ventures in U.S. dollars was as follows at June 30, 2014 and December 31, 2013 and the three months and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
BOMAY | MIEFE | AAG | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014* | 2013 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Total current assets | $ | 85,660 | $ | 94,220 | $ | 3,498 | $ | 3,855 | $ | - | $ | 2,572 | ||||||||||||
Total non-current assets | 4,914 | 5,122 | 124 | 114 | - | 1,550 | ||||||||||||||||||
Total assets | $ | 90,574 | $ | 99,342 | $ | 3,622 | $ | 3,969 | $ | - | $ | 4,122 | ||||||||||||
Liabilities and equity: | ||||||||||||||||||||||||
Total liabilities | $ | 62,879 | $ | 72,644 | $ | 2,227 | $ | 1,197 | $ | - | $ | 1,291 | ||||||||||||
Total joint ventures’ equity | 27,695 | 26,698 | 1,395 | 2,772 | - | 2,831 | ||||||||||||||||||
Total liabilities and equity | $ | 90,574 | $ | 99,342 | $ | 3,622 | $ | 3,969 | $ | - | $ | 4,122 | ||||||||||||
*As of April 30, 2014, the Company withdrew from the AAG Joint Venture. | ||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
BOMAY | MIEFE | AAG | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014* | 2013 | |||||||||||||||||||
Revenue | $ | 37,611 | $ | 31,483 | $ | 2,388 | $ | 2,824 | $ | 297 | $ | 4,514 | ||||||||||||
Gross Profit | $ | 4,524 | $ | 3,309 | $ | 760 | $ | 805 | $ | 44 | $ | 1,876 | ||||||||||||
Earnings | $ | 2,400 | $ | 1,619 | $ | 275 | $ | 337 | $ | 77 | $ | 945 | ||||||||||||
*Items represent the Joint Venture's final month of April 2014. | ||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
BOMAY | MIEFE | AAG | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014* | 2013 | |||||||||||||||||||
Revenue | $ | 57,214 | $ | 64,992 | $ | 3,212 | $ | 5,491 | $ | 1,078 | $ | 7,999 | ||||||||||||
Gross Profit | $ | 7,459 | $ | 7,597 | $ | 1,119 | $ | 1,287 | $ | 154 | $ | 3,432 | ||||||||||||
Earnings | $ | 3,771 | $ | 4,120 | $ | 181 | $ | 386 | $ | 4 | $ | 1,837 | ||||||||||||
Summary of Activity in AEIT's Investment in Foreign Joint Ventures | ' | |||||||||||||||||||||||
The following is a summary of activity in investments in foreign joint ventures for the six months ended June 30, 2014 (unaudited): | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
BOMAY** | MIEFE | AAG | TOTAL | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Investments in foreign joint ventures: | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 10,609 | $ | 1,138 | $ | 1,286 | $ | 13,033 | ||||||||||||||||
Equity in earnings (loss) in 2014 | 1,508 | 74 | 2 | 1,584 | ||||||||||||||||||||
Dividend distributions in 2014 | (1,042 | ) | (650 | ) | (830 | ) | (2,522 | ) | ||||||||||||||||
Foreign currency translation adjustment | (86 | ) | (93 | ) | 178 | (1 | ) | |||||||||||||||||
Withdrawal from joint venture* | — | — | (636 | ) | (636 | ) | ||||||||||||||||||
Investments, end of period | $ | 10,989 | $ | 469 | $ | - | $ | 11,458 | ||||||||||||||||
Components of investments in foreign joint ventures: | ||||||||||||||||||||||||
Investment in joint ventures | $ | 2,033 | $ | 15 | $ | - | $ | 2,048 | ||||||||||||||||
Undistributed earnings | 7,611 | 294 | — | 7,905 | ||||||||||||||||||||
Foreign currency translation | 1,345 | 160 | — | 1,505 | ||||||||||||||||||||
Investments, end of period | $ | 10,989 | $ | 469 | $ | - | $ | 11,458 | ||||||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventories | ' | |||||||
Inventories consisted of the following at June 30, 2014 (unaudited) and December 31, 2013 (in thousands): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Raw materials | $ | 971 | $ | 1,056 | ||||
Work-in-process | 2,628 | 2,168 | ||||||
Finished goods | — | — | ||||||
3,599 | 3,224 | |||||||
Less: allowance | (57 | ) | (40 | ) | ||||
Total inventories | $ | 3,542 | $ | 3,184 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Assets and Liabilities Held For Sale | ' | |||||||||||||||
Assets and Liabilities held for sale | ||||||||||||||||
(in thousands) | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||
(unaudited) | ||||||||||||||||
Current assets held for sale | $ | 2,161 | $ | 3,113 | ||||||||||||
Long Term assets held for sale | 1,022 | 2,005 | ||||||||||||||
Total assets held for sale | $ | 3,183 | $ | 5,118 | ||||||||||||
Current liabilities held for sale | 719 | 536 | ||||||||||||||
Total Liabilities held for sale | 719 | 536 | ||||||||||||||
Net assets and liabilities held for sale | $ | 2,464 | $ | 4,582 | ||||||||||||
Condensed Consolidated Statements of Operations | ' | |||||||||||||||
Condensed Statements of Operations | ||||||||||||||||
Unaudited | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating income (loss) from discontinued operations | $ | (84 | ) | $ | (60 | ) | $ | (352 | ) | $ | (135 | ) | ||||
Provision for income taxes | — | — | — | — | ||||||||||||
Valuation provision ("Impairment") on assets for sale | (2,300 | ) | — | (2,300 | ) | — | ||||||||||
Income taxes on discontinued operations | — | — | — | — | ||||||||||||
Net loss after tax | $ | (2,384 | ) | $ | (60 | ) | $ | (2,652 | ) | $ | (135 | ) | ||||
Condensed Consolidated Statements of Cash Flows | ' | |||||||||||||||
Condensed Statements of Cash Flow Components | ||||||||||||||||
Unaudited | ||||||||||||||||
(in thousands) | ||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Net cash (used in) operating activities | $ | (260 | ) | $ | (82 | ) | ||||||||||
Net cash (used in) investing activities | (14 | ) | (117 | ) | ||||||||||||
Net cash (used in) financing activities | — | (54 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | (274 | ) | $ | (253 | ) | ||||||||||
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Total Earnings (loss) per common share: | ' | ' | ' | ' |
Net income attributable to common stockholders | ($1,408) | $1,063 | ($914) | $2,716 |
Weighted average basic shares | 8,176,808 | 8,002,872 | 8,115,214 | 7,976,222 |
Total weighted average diluted shares | 8,176,808 | 9,435,695 | 8,115,214 | 9,409,537 |
Earnings per common share: | ' | ' | ' | ' |
Basic | ($0.17) | $0.13 | ($0.11) | $0.34 |
Dilutive | ($0.17) | $0.12 | ($0.11) | $0.31 |
Continuing Operations | ' | ' | ' | ' |
Total Earnings (loss) per common share: | ' | ' | ' | ' |
Net income attributable to common stockholders | 976 | 1,123 | 1,738 | 2,851 |
Weighted average basic shares | 8,176,808 | 8,002,872 | 8,115,214 | 7,976,222 |
Dilutive effect of preferred stock, warrants, stock options and restricted stock units | 1,546,268 | 1,432,823 | 1,595,208 | 1,433,315 |
Total weighted average diluted shares | 9,723,076 | 9,435,695 | 9,710,422 | 9,409,537 |
Earnings per common share: | ' | ' | ' | ' |
Basic | $0.12 | $0.14 | $0.21 | $0.36 |
Dilutive | $0.11 | $0.12 | $0.20 | $0.32 |
Discontinued Operations | ' | ' | ' | ' |
Total Earnings (loss) per common share: | ' | ' | ' | ' |
Net income attributable to common stockholders | ($1,408) | $1,063 | ($914) | $2,716 |
Weighted average basic shares | 8,176,808 | 8,002,872 | 8,115,214 | 7,976,222 |
Dilutive effect of preferred stock, warrants, stock options and restricted stock units | ' | 1,432,823 | ' | 1,433,315 |
Total weighted average diluted shares | 8,176,808 | 9,435,695 | 8,115,214 | 9,409,537 |
Earnings per common share: | ' | ' | ' | ' |
Basic | ($0.17) | $0.13 | ($0.11) | $0.34 |
Dilutive | ($0.17) | $0.12 | ($0.11) | $0.31 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Segment | |
Segment Information (Textual) [Abstract] | ' |
Number of reportable segments | 2 |
Segment_Information_Selected_F
Segment Information - Selected Financial Details Regarding the Company's Reportable Segments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $13,430 | $13,499 | $29,278 | $26,507 |
Gross profit | 2,028 | 2,089 | 4,463 | 4,854 |
Income from consolidated continuing operations | 151 | 455 | 649 | 1,132 |
Net equity income from foreign joint ventures' operations | 932 | 1,161 | 1,294 | 2,568 |
Foreign joint ventures’ operations related expenses | -178 | -87 | -290 | -138 |
Income from consolidated continuing operations and net equity income from foreign joint ventures’ operations | 1,083 | 1,616 | 1,943 | 3,700 |
Gross profit, percentage | 15.00% | 15.00% | 15.00% | 18.00% |
Income from consolidated continuing operations, percentage | 1.00% | 3.00% | 2.00% | 4.00% |
Technical Products and Services | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 12,039 | 11,157 | 26,125 | 21,637 |
Gross profit | 2,004 | 1,832 | 4,134 | 3,689 |
Income from consolidated continuing operations | 1,806 | 1,630 | 3,833 | 3,184 |
Gross profit, percentage | 17.00% | 16.00% | 16.00% | 17.00% |
Income from consolidated continuing operations, percentage | 15.00% | 15.00% | 15.00% | 15.00% |
Electrical and Instrumentation Construction | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 1,391 | 2,342 | 3,153 | 4,870 |
Gross profit | 24 | 257 | 329 | 1,165 |
Income from consolidated continuing operations | 24 | 257 | 329 | 1,165 |
Gross profit, percentage | 2.00% | 11.00% | 10.00% | 24.00% |
Income from consolidated continuing operations, percentage | 2.00% | 11.00% | 10.00% | 24.00% |
Corporate and other unallocated expenses | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from consolidated continuing operations | -1,679 | -1,432 | -3,513 | -3,217 |
Income from consolidated continuing operations, percentage | -13.00% | -11.00% | -12.00% | -12.00% |
BOMAY | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net equity income from foreign joint ventures' operations | 960 | 647 | 1,508 | 1,648 |
MIEFE | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net equity income from foreign joint ventures' operations | 112 | 138 | 74 | 158 |
AAG | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net equity income from foreign joint ventures' operations | 38 | 463 | 2 | 900 |
Foreign Operations | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Foreign joint ventures’ operations related expenses | ($178) | ($87) | ($290) | ($138) |
Investments_in_Foreign_Joint_V2
Investments in Foreign Joint Ventures - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Joint_Ventures | ||
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Interest in joint venture foreign | 2 | ' |
Withdrawal from joint venture | $636,000 | ' |
Proceeds from Interest in joint venture received | 46,000 | ' |
Accumulated statutory reserves in equity method investments | 1,860,000 | 1,860,000 |
BOMAY | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Interest in Joint Venture | 40.00% | ' |
Baoji Oilfield Machinery Co. Ltd. | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Interest in Joint Venture | 51.00% | ' |
AA Energies, Inc. | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Interest in Joint Venture | 9.00% | ' |
MIEFE | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Interest in Joint Venture | 41.00% | ' |
MIEFE's general manager | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Interest in Joint Venture | 8.00% | ' |
Sonepar of France | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Interest in Joint Venture | 51.00% | ' |
AAG | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Interest in Joint Venture | 49.00% | ' |
Withdrawal from joint venture | 636,000 | ' |
Proceeds from Interest in joint venture received | $46,000 | ' |
LTDA | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Interest in Joint Venture | 51.00% | ' |
Investments_in_Foreign_Joint_V3
Investments in Foreign Joint Ventures - Schedule of Financial Information of Foreign Joint Ventures (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Liabilities and equity: | ' | ' | ' | ' | ' |
Gross profit | $2,028 | $2,089 | $4,463 | $4,854 | ' |
Earnings | -1,408 | 1,063 | -914 | 2,716 | ' |
BOMAY | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Total current assets | 85,660 | ' | 85,660 | ' | 94,220 |
Total non-current assets | 4,914 | ' | 4,914 | ' | 5,122 |
Total assets | 90,574 | ' | 90,574 | ' | 99,342 |
Liabilities and equity: | ' | ' | ' | ' | ' |
Total liabilities | 62,879 | ' | 62,879 | ' | 72,644 |
Total joint ventures’ equity | 27,695 | ' | 27,695 | ' | 26,698 |
Total liabilities and equity | 90,574 | ' | 90,574 | ' | 99,342 |
Revenue | 37,611 | 31,483 | 57,214 | 64,992 | ' |
Gross profit | 4,524 | 3,309 | 7,459 | 7,597 | ' |
Earnings | 2,400 | 1,619 | 3,771 | 4,120 | ' |
MIEFE | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Total current assets | 3,498 | ' | 3,498 | ' | 3,855 |
Total non-current assets | 124 | ' | 124 | ' | 114 |
Total assets | 3,622 | ' | 3,622 | ' | 3,969 |
Liabilities and equity: | ' | ' | ' | ' | ' |
Total liabilities | 2,227 | ' | 2,227 | ' | 1,197 |
Total joint ventures’ equity | 1,395 | ' | 1,395 | ' | 2,772 |
Total liabilities and equity | 3,622 | ' | 3,622 | ' | 3,969 |
Revenue | 2,388 | 2,824 | 3,212 | 5,491 | ' |
Gross profit | 760 | 805 | 1,119 | 1,287 | ' |
Earnings | 275 | 337 | 181 | 386 | ' |
AAG | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Total current assets | ' | ' | ' | ' | 2,572 |
Total non-current assets | ' | ' | ' | ' | 1,550 |
Total assets | ' | ' | ' | ' | 4,122 |
Liabilities and equity: | ' | ' | ' | ' | ' |
Total liabilities | ' | ' | ' | ' | 1,291 |
Total joint ventures’ equity | ' | ' | ' | ' | 2,831 |
Total liabilities and equity | ' | ' | ' | ' | 4,122 |
Revenue | 297 | 4,514 | 1,078 | 7,999 | ' |
Gross profit | 44 | 1,876 | 154 | 3,432 | ' |
Earnings | $77 | $945 | $4 | $1,837 | ' |
Investments_in_Foreign_Joint_V4
Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments in foreign joint ventures: | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | $13,033 | ' |
Equity in earnings (loss) in 2014 | 1,110 | 1,248 | 1,584 | 2,706 |
Dividend distributions in 2014 | ' | ' | -2,522 | ' |
Foreign currency translation adjustment | ' | ' | -1 | ' |
Withdrawal from joint venture | ' | ' | -636 | ' |
Investments, end of period | 11,458 | ' | 11,458 | ' |
Components of investments in foreign joint ventures: | ' | ' | ' | ' |
Investment in joint ventures | 2,048 | ' | 2,048 | ' |
Undistributed earnings | 7,905 | ' | 7,905 | ' |
Foreign currency translation | 1,505 | ' | 1,505 | ' |
Investments, end of period | 11,458 | ' | 11,458 | ' |
BOMAY | ' | ' | ' | ' |
Investments in foreign joint ventures: | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 10,609 | ' |
Equity in earnings (loss) in 2014 | ' | ' | 1,508 | ' |
Dividend distributions in 2014 | ' | ' | -1,042 | ' |
Foreign currency translation adjustment | ' | ' | -86 | ' |
Investments, end of period | 10,989 | ' | 10,989 | ' |
Components of investments in foreign joint ventures: | ' | ' | ' | ' |
Investment in joint ventures | 2,033 | ' | 2,033 | ' |
Undistributed earnings | 7,611 | ' | 7,611 | ' |
Foreign currency translation | 1,345 | ' | 1,345 | ' |
Investments, end of period | 10,989 | ' | 10,989 | ' |
MIEFE | ' | ' | ' | ' |
Investments in foreign joint ventures: | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 1,138 | ' |
Equity in earnings (loss) in 2014 | ' | ' | 74 | ' |
Dividend distributions in 2014 | ' | ' | -650 | ' |
Foreign currency translation adjustment | ' | ' | -93 | ' |
Investments, end of period | 469 | ' | 469 | ' |
Components of investments in foreign joint ventures: | ' | ' | ' | ' |
Investment in joint ventures | 15 | ' | 15 | ' |
Undistributed earnings | 294 | ' | 294 | ' |
Foreign currency translation | 160 | ' | 160 | ' |
Investments, end of period | 469 | ' | 469 | ' |
AAG | ' | ' | ' | ' |
Investments in foreign joint ventures: | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 1,286 | ' |
Equity in earnings (loss) in 2014 | ' | ' | 2 | ' |
Dividend distributions in 2014 | ' | ' | -830 | ' |
Foreign currency translation adjustment | ' | ' | 178 | ' |
Withdrawal from joint venture | ' | ' | ($636) | ' |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (Revolving Credit Facility One, USD $) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | |
Line Of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Revolving credit line | ' | ' | ' | ' | ' | $10,000,000 |
Revolving credit agreement maturity date | ' | ' | 1-Oct-15 | ' | ' | ' |
Credit facility's interest rate, description | ' | ' | 'interest is being capitalized at the 30 day LIBOR rate plus 3.25% per annum | ' | ' | ' |
Leverage test of total liabilities to total net worth | 1.25 | ' | 1.25 | ' | ' | ' |
Fixed Charge Coverage Ratio | 1 | ' | 1 | ' | ' | ' |
Borrowed under the agreement | 500,000 | ' | 500,000 | ' | 500,000 | ' |
Additional borrowings available based on the Company's borrowing | 7,000,000 | ' | 7,000,000 | ' | 7,900,000 | ' |
Interest capitalized | $13,000 | $0 | $18,000 | $0 | ' | ' |
London Interbank Offered Rate (LIBOR) | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Credit facility's interest rate, description | ' | ' | 'credit facility’s interest rate is London Interbank Offered Rate (“LIBORâ€) (0.15% at June 30, 2014) plus 3.25% per annum | ' | ' | ' |
Credit facility's interest rate | ' | ' | 0.15% | ' | ' | ' |
Credit facility, basis spread on variable rate | ' | ' | 3.25% | ' | ' | ' |
Commitment fee of the unused portion of the credit | ' | ' | 0.30% | ' | ' | ' |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $971 | $1,056 |
Work-in-process | 2,628 | 2,168 |
Finished goods | ' | ' |
Inventory, Gross | 3,599 | 3,224 |
Less: allowance | -57 | -40 |
Total inventories | $3,542 | $3,184 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2011 |
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Net operating loss carry forwards | ' | ' | $9.80 |
Effective tax rate | 34.00% | 34.00% | ' |
Effective dividend tax rate | 0.00% | 13.00% | ' |
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Class Of Stock [Line Items] | ' | ' |
Accretion amount | $22 | $21 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (New Corporate Office Lease, USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
sqft | ||||
New Corporate Office Lease | ' | ' | ' | ' |
Lease (Textual) [Abstract] | ' | ' | ' | ' |
Lease covered area | ' | ' | ' | 13,000 |
Term of lease | '64 months | ' | ' | ' |
Rental expense | ' | $155 | $180 | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Impairment loss | $2,300 | ' | ' | $2,300 | ' |
Operating income (loss) from discontinued operations | ($84) | ($268) | ($60) | ($352) | ($135) |
Discontinued_Operations_Assets
Discontinued Operations - Assets and Liabilities Held For Sale (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' |
Current assets held for sale | $2,161 | $3,113 |
Long-term assets held for sale | 1,022 | 2,005 |
Total assets held for sale | 3,183 | 5,118 |
Current liabilities held for sale | 719 | 536 |
Total Liabilities held for sale | 719 | 536 |
Net assets and liabilities held for sale | $2,464 | $4,582 |
Discontinued_Operations_Conden
Discontinued Operations - Condensed Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' |
Operating income (loss) from discontinued operations | ($84) | ($268) | ($60) | ($352) | ($135) |
Provision for income taxes | ' | ' | ' | ' | ' |
Valuation provision ("Impairment") on assets for sale | -2,300 | ' | ' | -2,300 | ' |
Income taxes on discontinued operations | ' | ' | ' | ' | ' |
Net loss after tax | ($2,384) | ' | ($60) | ($2,652) | ($135) |
Discontinued_Operations_Conden1
Discontinued Operations - Condensed Consolidated Statements of Cash Flows (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' |
Net increase (decrease) in cash and cash equivalents | ($394) | ($294) |
American Access Technologies, Inc. | ' | ' |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' |
Net cash (used in) operating activities | -260 | -82 |
Net cash (used in) investing activities | -14 | -117 |
Net cash (used in) financing activities | ' | -54 |
Net increase (decrease) in cash and cash equivalents | ($274) | ($253) |