Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 16, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AETI | ||
Entity Registrant Name | American Electric Technologies Inc | ||
Entity Central Index Key | 1043186 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $33,870 | ||
Entity Common Stock, Shares Outstanding | 8,216,598 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $3,550 | $4,148 |
Accounts receivable-trade, net of allowance of $315 and $327 at December 31, 2014 and December 31, 2013 | 11,877 | 10,462 |
Inventories, net of allowance of $73 and $40 at December 31, 2014 and December 31, 2013 | 2,769 | 3,184 |
Cost and estimated earnings in excess of billings on uncompleted contracts | 2,989 | 5,312 |
Prepaid expenses and other current assets | 750 | 376 |
Current assets held for sale | 3,113 | |
Total current assets | 21,935 | 26,595 |
Property, plant and equipment, net | 8,373 | 4,077 |
Advances to and investments in foreign joint ventures | 12,054 | 13,033 |
Other assets | 242 | 126 |
Long-term assets held for sale | 650 | 2,005 |
Total assets | 43,254 | 45,836 |
Current liabilities: | ||
Accounts payable | 6,447 | 5,327 |
Accrued payroll and benefits | 1,145 | 1,911 |
Other accrued expenses | 640 | 397 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,983 | 3,021 |
Short-term notes payable | 222 | |
Other current liabilities | 150 | 121 |
Current liabilities held for sale | 536 | |
Total current liabilities | 10,587 | 11,313 |
Notes payable | 3,778 | 500 |
Deferred income taxes | 3,046 | 3,541 |
Deferred compensation | 290 | 211 |
Total liabilities | 17,701 | 15,565 |
Convertible preferred stock: | ||
Redeemable convertible preferred stock, Series A, net of discount of $729 at December 31, 2014 and $764 at December 31, 2013; $0.001 par value, 1,000,000 shares authorized, issued and outstanding at December 31, 2014 and December 31, 2013 | 4,281 | 4,236 |
Stockholders’ equity: | ||
Common stock; $0.001 par value, 50,000,000 shares authorized, 8,185,323 and 8,008,759 shares issued and outstanding at December 31, 2014 and December 31, 2013 | 8 | 8 |
Treasury stock, at cost 111,640 shares at December 31, 2014 and 49,863 shares at December 31, 2013) | -722 | -238 |
Additional paid-in capital | 11,418 | 10,494 |
Accumulated other comprehensive income | 851 | 983 |
Retained earnings; including accumulated statutory reserves in equity method investments of $2,100 and $1,857 at December 31, 2014 and December 31, 2013 | 9,717 | 14,788 |
Total stockholders’ equity | 21,272 | 26,035 |
Total liabilities and stockholders’ equity | $43,254 | $45,836 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable-trade, allowance | $315 | $327 |
Inventories, allowance | 73 | 40 |
Redeemable convertible preferred stock, Series A, discount | 729 | 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 | 8,185,323 | 8,185,323 |
Common stock, shares outstanding | 8,008,759 | 8,008,759 |
Treasury stock, shares | 111,640 | 49,863 |
Equity Method Investments | ||
Retained earnings; accumulated statutory reserves in equity method investments | $2,100 | $1,857 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Statement [Abstract] | ||||
Net sales | $57,254 | $59,239 | ||
Cost of sales | 52,259 | 48,072 | ||
Gross profit | 4,995 | 11,167 | ||
Operating expenses: | ||||
Research and development | 807 | 499 | ||
Selling and marketing | 2,517 | 2,147 | ||
General and administrative | 5,566 | 5,359 | ||
Total operating expenses | 8,890 | 8,005 | ||
Income (loss) from consolidated continuing operations | -3,895 | 3,162 | ||
Net equity income from foreign joint ventures’ operations: | ||||
Equity income from foreign joint ventures’ operations | 2,194 | 3,024 | ||
Foreign joint ventures’ operations related expenses | -522 | -267 | ||
Net equity income from foreign joint ventures’ operations | 1,672 | 2,757 | ||
Income (loss) from consolidated continuing operations and net equity income from foreign joint ventures’ operations | -2,223 | 5,919 | ||
Other income (expense): | ||||
Interest expense and other, net | -165 | 54 | ||
Continuing operations income (loss) before income taxes | -2,388 | 5,973 | ||
Provision for income taxes (benefit) on continuing operations | -334 | 713 | ||
Net income (loss) from continuing operations | -2,054 | 5,260 | ||
Discontinued operations income (loss) | -2,673 | -709 | ||
Provision for income taxes on discontinued operations | 0 | 0 | ||
Net income (loss) from discontinued operations | -2,673 | -709 | ||
Net income (loss) before dividends on redeemable convertible preferred stock | -4,727 | 4,551 | ||
Dividends on redeemable convertible preferred stock | -345 | -342 | ||
Net income (loss) attributable to common stockholders | ($5,072) | [1] | $4,209 | [1] |
Earnings (loss) from continuing operations per common share: | ||||
Basic | ($0.29) | $0.62 | ||
Diluted | ($0.29) | $0.56 | ||
Weighted - average number of continuing operations shares outstanding: | ||||
Basic | 8,182,034 | 7,990,690 | ||
Diluted | 8,182,034 | 9,472,506 | ||
Loss per common share from discontinued operations: | ||||
Basic and diluted | ($0.33) | ($0.09) | ||
Total earnings (loss) per common share: | ||||
Basic | ($0.62) | $0.53 | ||
Diluted | ($0.62) | $0.48 | ||
Weighted - average number of common shares outstanding: | ||||
Basic | 8,182,034 | 7,990,690 | ||
Diluted | 8,182,034 | 9,472,506 | ||
[1] | Net of preferred dividends of $345 and $342 in 2014 and 2013 respectively. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | ($4,727) | $4,551 |
Other comprehensive income: | ||
Foreign currency translation gain (loss), net of deferred income taxes of $43 and $(42) for the twelve months ended December 31, 2014 and 2013 | -132 | 83 |
Total comprehensive income (loss) | ($4,859) | $4,634 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Foreign currency translation gain (loss), deferred income taxes | $43 | ($42) |
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, 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 | 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 | -145,000 | -145,000 | ||||
Treasury stock purchase, Shares | -29,641 | |||||
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 | 14,787,000 | |
Balance, shares at Dec. 31, 2013 | 8,185,323 | 8,008,759 | ||||
Common stock issued to ESPP | 26,000 | 4 | 26,000 | |||
Common stock issued to ESPP, shares | 3,640 | 3,640 | ||||
Options Exercised, value | 105,000 | 12 | 70,000 | |||
Options Exercised, shares | 11,980 | 11,980 | ||||
Issued for Acquisition, Value | 11 | |||||
Issued for Acquisition, Shares | 11,000 | |||||
Treasury stock purchase, Value | -483,000 | -483,000 | ||||
Treasury stock purchase, Shares | -61,777 | |||||
Restricted stock units | [1] | 793,000 | 311 | 828,000 | ||
Restricted stock units, shares | [1] | 211,719 | ||||
Net income (loss) to common stockholders | [2] | -5,072,000 | -5,072,000 | |||
Foreign currency translation | -132,000 | -132,000 | ||||
Balance at Dec. 31, 2014 | $21,272,000 | $8,298 | $10,696,000 | $851,000 | $9,717,000 | |
Balance, shares at Dec. 31, 2014 | 8,185,323 | 8,185,324 | ||||
[1] | Converted to common stock. | |||||
[2] | Net of preferred dividends of $345 and $342 in 2014 and 2013 respectively. |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net of preferred dividends | $345 | $342 |
Retained Earnings | ||
Net of preferred dividends | $345 | $342 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net income (loss) from continuing operations | ($2,054) | $5,260 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Deferred income tax provision (benefit) | -334 | 593 |
Equity income from foreign joint ventures’ operations | -2,194 | -3,024 |
Depreciation and amortization | 684 | 498 |
Stock based compensation | 793 | 850 |
Provision for bad debt | -12 | 65 |
(Gain)/Loss on sale of property and equipment | -143 | |
Allowance for obsolete inventory | 33 | 32 |
Deferred compensation costs | 78 | 90 |
Change in operating assets and liabilities: | ||
Accounts receivable | -1,645 | -1,438 |
Income taxes payable | 30 | 111 |
Inventories | 383 | 352 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,324 | -3,107 |
Prepaid expenses and other current assets | -66 | -215 |
Accounts payable and accrued liabilities | 787 | 1,487 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -1,038 | -555 |
Other | 22 | |
Net cash provided by (used in) operating activities | -2,209 | 856 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment and other assets | -4,878 | -1,805 |
Proceeds from disposal of property plant and equipment | 575 | |
Proceeds from joint ventures’ operations dividends | 2,522 | 1,344 |
Proceeds from joint ventures’ repayment of advances | 180 | |
Proceeds from disposal of joint venture | 317 | |
Net cash provided by (used in) from investing activities | -2,039 | 294 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 132 | 47 |
Treasury stocks purchase | -484 | -147 |
Preferred stock cash dividend | -300 | -300 |
Advances from credit facility | 3,500 | |
Net cash provided by (used in) financing activities | 2,848 | -400 |
Net increase (decrease) in cash and cash equivalents from continuing operations | -1,400 | 750 |
Advances from (to) discontinued operations | 802 | -1,079 |
Net increase (decrease) in cash and cash equivalents | -598 | -329 |
Cash and cash equivalents, beginning of period | 4,148 | 4,477 |
Cash and cash equivalents, end of period | 3,550 | 4,148 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 36 | 27 |
Income taxes paid | $344 | $179 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
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 is 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 and Singapore. On January 1, 2008, AETI established a wholly- owned subsidiary through which it conducted its American Access Technology segment’s business. On August 14, 2014 AETI sold the AAT business except for the real estate. AAT’s operations are reported as discontinued in all periods. | ||
In 2014 the Company formed a wholly-owned subsidiary in Brazil. The Company has U.S. facilities and sales offices in Texas, Mississippi and Florida; and Brazil facilities and sales offices in Macaé and Rio; and foreign joint ventures’ operations that have facilities in Singapore and Xian, China. The Company owns the Beaumont, Texas facilities, comprised of 9 acres and 118,000 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. In Brazil we lease facilities in Rio and Macaé. | ||
American Electric Technologies, Inc. is comprised of two segments: Technical Products and Services (“TP&S) and Electrical and Instrumentation Construction (“E&I”). 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. | ||
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. After withdrawing from the AAG joint venture in Brazil effective April 30, 2014 we formed a wholly-owned subsidiary in Brazil in July 2014. The newly formed Brazil company, M&I Brazil, is owned 20% by AETI and 80% by M&I. | ||
M&I has foreign joint ventures’ interests in M&I Electric Far East PTE Ltd. (“MIEFE”) and BOMAY Electrical Industries Company, Ltd. (“BOMAY”). 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. 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, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
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 (which is reported as discontinued operations), and M&I’s wholly-owned subsidiary SC and the wholly-owned subsidiary M&I Brazil. 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: | |||||||||||||||||
-1 | Percentage-of-completion estimates on long-term contracts | ||||||||||||||||
-2 | Estimates of the provision for doubtful accounts | ||||||||||||||||
-3 | Estimated useful lives of property and equipment | ||||||||||||||||
-4 | 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, 2014 and 2013. 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 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 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. | |||||||||||||||||
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. | |||||||||||||||||
Long-lived assets | |||||||||||||||||
If events or circumstances indicate the carrying amount of an asset may not be recoverable, management tests long-lived assets 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, 2014 and 2013, there were no events or circumstances that caused management to believe that impairments were necessary. | |||||||||||||||||
Other Assets | |||||||||||||||||
Intangible Assets at December 31, 2014 | Useful | Cost | Accumulated | Net Value | |||||||||||||
Lives | Amortization | ||||||||||||||||
(Years) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Intellectual property | 3 | 322 | 305 | 17 | |||||||||||||
License | - | 218 | - | 218 | |||||||||||||
$ | 540 | $ | 305 | $ | 235 | ||||||||||||
Amortization expense related to intangible assets held by the Company for the year ended December 31, 2014 was approximately $108,000 and was approximately $108,000 in 2013. Estimated amortization expense for the next five years is as follows: | |||||||||||||||||
For the Year Ending December 31, | Amount | ||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 17 | |||||||||||||||
2016 | - | ||||||||||||||||
2017 | - | ||||||||||||||||
2018 | - | ||||||||||||||||
2019 | - | ||||||||||||||||
$ | 17 | ||||||||||||||||
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. This cost is being amortized over its estimated useful life of 3 years. Amortization expense of $108,000 and $108,000 was recognized annually during the years ended December 31, 2014 and 2013 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. | |||||||||||||||||
During 2014 we acquired arc-resistant technology and capitalized the cost of $218,000. We will evaluate the remaining value regularly and expense any reduction in value. | |||||||||||||||||
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 and M&I Brazil 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. | |||||||||||||||||
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. | |||||||||||||||||
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 2013, one customer accounted for approximately 17% of net sales and 9% of net accounts receivable trade. During 2014, one customer accounted for approximately 12% of net sales and 4% 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 7% of the Company’s net sales during the year ended December 31, 2014 and 9% during 2013. | |||||||||||||||||
Reclassification | |||||||||||||||||
Certain items are reclassified in the 2013 consolidated financial statements to conform to the 2014 presentation. | |||||||||||||||||
Recently Issued 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 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, 2016, 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. | |||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments in this ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation – Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and shill be eligible to vest in the award if the performance target is achieved. The amendments in ASU No. 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. Management is currently evaluating the future impact of ASU No. 2014-12 on the Company’s consolidated financial position, results of operations and disclosures. | |||||||||||||||||
In November 2014, the FASB issued ASU No. 2014-17, Business Combinations (Topic 805): Pushdown Accounting a census of the FASB Emerging Issues Task Force. ASU No. 2014-17 provides that an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity should determine whether to elect to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. ASU No. 2014-17 is effective on November 15, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. | |||||||||||||||||
In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplified Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income statement – Extraordinary and Unusual Items, requires that an entity separately classify, present and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. ASU No. 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The amendments of ASU No. 2015-01 can be applied prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The adoption of ASU No. 2015-01 is not expected to have a significant impact on the Company’s consolidated financial position, results of operations or disclosures. | |||||||||||||||||
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU No. 2015-02 focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification TM and improves current GAAP by: (1) Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met; (2) Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity; and (3) Changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or variable interest entities. ASU No. 2015-02 is effective for periods beginning after December 15, 2015. Management is currently evaluating the future impact of ASU No. 2015-02 on the Company’s consolidated financial position, results of operations and disclosures. | |||||||||||||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | -3 | Inventories | |||||||
Inventories consisted of the following at December 31, 2014 and 2013. | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 940 | $ | 1,056 | |||||
Work in progress | 1,902 | 2,168 | |||||||
Less: Allowance | (73 | ) | (40 | ) | |||||
Total inventories | $ | 2,769 | $ | 3,184 | |||||
Costs_Estimated_Earnings_and_R
Costs, Estimated Earnings, and Related Billings on Uncompleted Contracts | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Contractors [Abstract] | ||||||||
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, 2014 and 2013 consisted of the following: | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Costs incurred on uncompleted contracts | $ | 7,279 | $ | 7,271 | ||||
Estimated earnings | 5,208 | 2,172 | ||||||
12,487 | 9,443 | |||||||
Billings on uncompleted contracts | (11,481 | ) | (7,152 | ) | ||||
$ | 1,006 | $ | 2,291 | |||||
Costs, estimated earnings, and related billing on uncompleted contracts consisted of the following at December 31, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Cost and estimated earnings in excess of billings on uncompleted contracts | $ | 2,989 | $ | 5,312 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (1,983 | ) | (3,021 | ) | ||||
$ | 1,006 | $ | 2,291 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment | -5 | Property, Plant and Equipment | |||||||||||
Property, plant and equipment consisted of the following at December 31, 2014, and 2013: | |||||||||||||
Category | Estimated | 2014 | 2013 | ||||||||||
Useful Lives | |||||||||||||
(years) | |||||||||||||
(in thousands) | |||||||||||||
Buildings and improvements | 15 – 25 | $ | 8,117 | $ | 2,638 | ||||||||
Office equipment and furniture | 2 – 7 | 2,583 | 1,969 | ||||||||||
Automobiles and trucks | 2 – 5 | 265 | 197 | ||||||||||
Machinery and shop equipment | 2 – 10 | 3,349 | 2,714 | ||||||||||
Construction in progress | 428 | 2,464 | |||||||||||
14,742 | 9,982 | ||||||||||||
Less: accumulated depreciation and amortization | 6,503 | 6,039 | |||||||||||
8,239 | 3,943 | ||||||||||||
Land | 134 | 134 | |||||||||||
$ | 8,373 | $ | 4,077 | ||||||||||
During the years ended December 31, 2014 and 2013, depreciation charged to operations amounted to $563,000 and $390,000 respectively. Of these amounts, $428,000 and $228,000 was charged to cost of sales while $135,000 and $162,000 was charged to selling, general and administrative expenses for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||
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, 2014 | ||||||||||||||||||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||
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 $2.1 million for the years ended December 31, 2014 and 2013, respectively. Sales made to the foreign joint venture were $130,000 and $325,000 for the years ended December 31, 2014 and 2013, respectively. Accounts receivable from BOMAY were $82,000 and $119,000 at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
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 $138,000 and $115,000 for the years ended December 31, 2014 and 2013, respectively. Sales made to the foreign joint venture were $14,000 and $225,000 for the years ended December 31, 2014 and 2013, respectively. Accounts receivable from MIEFE was $2,000 and $0 at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
In April 2014 the Company withdrew from the AAG joint venture. The Company received a note from the joint venture | ||||||||||||||||||||||||||||||||
payable over 12 months. At December the outstanding note was valued at $201,000 and does not bear interest. | ||||||||||||||||||||||||||||||||
The Company’s equity in income of the foreign joint ventures before our foreign operations expenses, totaled $2.2 million and $3.0 million for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
During 2014 and 2013, the Company also recognized approximately $522,000 and $267,000, 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, 2014 and 2013: | ||||||||||||||||||||||||||||||||
BOMAY | MIEFE | AAG | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Total current assets | $ | 77,812 | $ | 94,220 | $ | 3,488 | $ | 3,855 | $ | — | $ | 2,572 | ||||||||||||||||||||
Total non-current assets | 4,710 | 5,122 | 108 | 114 | — | 1,550 | ||||||||||||||||||||||||||
Total assets | $ | 82,522 | $ | 99,342 | $ | 3,596 | $ | 3,969 | $ | — | $ | 4,122 | ||||||||||||||||||||
Liabilities and equity: | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 53,277 | $ | 72,644 | $ | 2,128 | $ | 1,197 | $ | — | $ | 1,291 | ||||||||||||||||||||
Total joint ventures equity | 29,245 | 26,698 | 1,468 | 2,772 | 2,831 | |||||||||||||||||||||||||||
Total liabilities and equity | $ | 82,522 | $ | 99,342 | $ | 3,596 | $ | 3,969 | $ | — | $ | 4,122 | ||||||||||||||||||||
Gross sales | $ | 73,148 | $ | 86,332 | $ | 5,161 | $ | 7,997 | $ | 1,078 | $ | 10,658 | ||||||||||||||||||||
Gross profit | 12,469 | 12,130 | 2,091 | 2,066 | 154 | 4,282 | ||||||||||||||||||||||||||
Net income | 5,136 | 5,165 | 336 | 279 | 4 | 1,721 | ||||||||||||||||||||||||||
The Company’s investments in and advances to its foreign joint ventures’ operations were as follows as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
BOMAY* | MEIFE | AAG | TOTAL | BOMAY* | MIEFE | AAG | TOTAL | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Investment in joint ventures: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 2,033 | $ | 14 | $ | 54 | $ | 2,101 | $ | 2,033 | $ | 14 | $ | 234 | $ | 2,281 | ||||||||||||||||
Additional amounts invested and | — | — | — | — | ) | ) | ||||||||||||||||||||||||||
advanced | — | — | (180 | (180 | ||||||||||||||||||||||||||||
Withdrawal from joint venture | — | — | (54 | ) | (54 | ) | — | — | — | — | ||||||||||||||||||||||
Balance, end of year | 2,033 | 14 | — | 2,047 | 2,033 | 14 | 54 | 2,101 | ||||||||||||||||||||||||
Undistributed earnings: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 7,145 | $ | 870 | $ | 1,481 | $ | 9,496 | $ | 6,400 | $ | 755 | $ | 661 | $ | 7,816 | ||||||||||||||||
Equity in earnings (loss) | 2,054 | 138 | 2 | 2,194 | 2,066 | 115 | 843 | 3,024 | ||||||||||||||||||||||||
Dividend distributions | (1,042 | ) | (650 | ) | (830 | ) | (2,522 | ) | (1,321 | ) | — | (23 | ) | (1,344 | ) | |||||||||||||||||
Withdrawal from joint venture | — | — | (653 | ) | (653 | ) | — | — | — | — | ||||||||||||||||||||||
Balance, end of year | 8,157 | 358 | — | 8,515 | 7,145 | 870 | 1,481 | 9,496 | ||||||||||||||||||||||||
Foreign currency translation: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,431 | $ | 254 | $ | (249 | ) | $ | 1,436 | $ | 1,098 | $ | 294 | $ | (81 | ) | $ | 1,311 | ||||||||||||||
Change during the year | (73 | ) | (120 | ) | 178 | (15 | ) | 333 | (40 | ) | (168 | ) | 125 | |||||||||||||||||||
Withdrawal from joint venture | — | — | 71 | 71 | — | — | — | — | ||||||||||||||||||||||||
Balance, end of year | 1,358 | 134 | — | 1,492 | 1,431 | 254 | (249 | ) | 1,436 | |||||||||||||||||||||||
Investments, end of year | $ | 11,548 | $ | 506 | $ | — | $ | 12,054 | $ | 10,609 | $ | 1,138 | $ | 1,286 | $ | 13,033 | ||||||||||||||||
* | Accumulated statutory reserves in equity method investments of $2,100,000 and $1,857,000 at December 31, 2014 and 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. | |||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Taxes | -7 | Income Taxes | ||||||||||||||
The components of income (loss) before income taxes and dividends on preferred stock for the years ended December 31, 2014 and 2013 were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
United States | $ | -7,255 | $ | 2,240 | ||||||||||||
Foreign | 2,194 | 3,024 | ||||||||||||||
$ | -5,061 | $ | 5,264 | |||||||||||||
The components of the provision (benefit) for income taxes by taxing authority for the years ended December 31, 2014 and 2013 were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Current provision: | ||||||||||||||||
Federal | $ | — | $ | — | ||||||||||||
Foreign | — | — | ||||||||||||||
States | — | 141 | ||||||||||||||
Total current provision | — | 141 | ||||||||||||||
Deferred provision (benefit): | ||||||||||||||||
Federal | -309 | 536 | ||||||||||||||
Foreign | — | |||||||||||||||
States | -25 | 36 | ||||||||||||||
Total deferred provision (benefit): | -334 | 572 | ||||||||||||||
$ | -334 | $ | 713 | |||||||||||||
Significant components of the Company’s deferred federal income taxes were as follows: | ||||||||||||||||
At December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Current | Non-Current | Current | Non-Current | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Deferred tax assets: | ||||||||||||||||
Accrued liabilities | $ | 161 | $ | — | $ | 413 | $ | — | ||||||||
Deferred compensation | — | 726 | — | 686 | ||||||||||||
Allowance for doubtful accounts | 111 | — | 120 | — | ||||||||||||
Inventory | 122 | — | 270 | — | ||||||||||||
Long-term contracts | — | — | 149 | — | ||||||||||||
Net operating loss | — | 3,848 | — | 2,909 | ||||||||||||
Intangible assets | — | — | — | 86 | ||||||||||||
Foreign tax credit carry forward | — | 2,811 | — | 1,153 | ||||||||||||
Valuation allowance | — | -7,845 | — | -5,385 | ||||||||||||
Deferred tax assets | 394 | -460 | 952 | -551 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Equity in foreign investments | — | -2,900 | — | -3,233 | ||||||||||||
Property and equipment | — | 66 | — | -147 | ||||||||||||
Intangible assets | — | — | — | -9 | ||||||||||||
Translation gain | — | -523 | — | -553 | ||||||||||||
Deferred tax liabilities | -3,357 | — | -3,942 | |||||||||||||
Net deferred tax assets (liabilities) | $ | 394 | $ | -3,817 | $ | 952 | $ | -4,493 | ||||||||
The provision for income taxes for the year ended December 31, 2014 was primarily a non-cash savings of $0.3 million and reflect 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, 2014 and 2013 due to uncertainty regarding future realization of deferred tax assets. Our total valuation allowance as of December 31, 2014 and 2013 is $7.8 million and $5.4 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: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
(Provision for) benefit from U.S federal statutory rate | $ | 1,611 | $ | -1,798 | ||||||||||||
Effect of state income taxes | 35 | -141 | ||||||||||||||
Non-deductible business meals and entertainment expenses | -486 | -18 | ||||||||||||||
Foreign income taxes included in equity in earnings | 1,400 | 551 | ||||||||||||||
Adjustment of net operating loss carry forwards based on IRS audit, accrual to return adjustments and other | -12 | -153 | ||||||||||||||
Change in valuation allowance | -2,214 | 846 | ||||||||||||||
Total (Expense) | $ | 334 | $ | -713 | ||||||||||||
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, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Notes Payable | -8 | Notes Payable | ||||||
The components of notes payable at December 31, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Revolving credit agreement | $ | 4,000 | $ | 500 | ||||
Total notes payable | 4,000 | 500 | ||||||
Non-current notes payable* | $ | 3,778 | $ | 500 | ||||
*Because of the amendment in March 2015 $222,222 will be due in 2015 on the term loan. | ||||||||
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. (Chase). 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 had 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 is charged 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 Chase 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. On November 12, 2014 the Company entered into an amendment with Chase which extended the maturity of the facility to October 2017. Additionally the amendment modified the interest rate to LIBOR plus 3.00 % per annum and the commitment fee to 0.4% per annum for the unused portion of the credit limit each quarter. The amendment provided for the exclusion of up to $4.9 million of capital expenditures related to the Company’s Beaumont facility expansion from the fixed charge coverage ratio. The amendment also waived the $1.00 net income requirement for the period ended September 30, 2014 and modified the requirement at December 31, 2014 to be calculated using only the most recent three month period. | ||||||||
The Company had $4.0 million of borrowings outstanding under the JPMorgan Chase N.A. credit agreement at December 31, 2014 and $0.5 million at December 31, 2013. The company had additional borrowing capacity of $3.2 million and $7.9 million at December 31, 2014 and December 31, 2013 respectively. | ||||||||
New Financings | ||||||||
In March 2015, the Company and Chase executed the Third Amendment to Credit Agreement, Amendment to Revolving Credit Note and Limited Waiver. The amendment established the Revolving Credit Maturity Date as December 31, 2015. It established an available amount of not less than $1,500,000 and up to the lesser of the Borrowing Base and the Commitment of $4,000,000. The $4,000,000 outstanding under the current Revolving Credit was repaid from the new Term Loan for $4,000,000 upon the effective date of the Third Amendment. The new Term Loan is secured by a mortgage on the Beaumont, Texas Facility. The Term Loan accrues interest at the adjusted LIBOR Rate plus a margin of 3.50%. | ||||||||
The maturity date of the term loan is March 31, 2020. The loan requires payment of principal on the last day of each calendar quarter totaling $222,222 in 2015. This amount would have reduced our working capital and resulted in a current ratio of 2.07 at December 31, 2014. | ||||||||
Additionally trade accounts receivable, equipment, inventories, and work-in-process, and investments in foreign subsidiaries secure the financings and the Company’s U.S. subsidiaries are guarantors of the borrowings under the new revolving credit facility. | ||||||||
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
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 commenced 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, 2014 and 2013, amounted to approximately $0.4 million and $0.3 million, respectively. | |||||
The following is a schedule of future lease payments: | |||||
Year Ending December 31, | Amount | ||||
(In thousands) | |||||
2015 | $ | 506 | |||
2016 | 534 | ||||
2017 | 455 | ||||
2018 | 413 | ||||
2019 | 220 | ||||
2020 | 14 | ||||
$ | 2,142 | ||||
Stock_and_Stockbased_Compensat
Stock and Stock-based Compensation | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||
Stock and Stock-based Compensation | -10 | Stock and Stock-based Compensation | ||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
The Company issued 3,640 and 4,697 shares of Company stock during 2014 and 2013, respectively, in connection with an Employee Stock Purchase (“ESPP”) Plan that commenced in April 2008. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
During 2014 and 2013, the Board of Directors approved the grants of approximately 160,000 and 234,525 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 approved an increase from 800,000 to 1,100,000 shares of stock available under the plan. In May 2014 the stock holders increased the share available under the plan from 1,100,000 to 1,700,000. The number of RSUs awarded is generally subject to the substantial achievement of budgeted performance and other 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, 2014 and 2013: | ||||||||||||||||
Units | Weighted | |||||||||||||||
Average | ||||||||||||||||
Fair Value | ||||||||||||||||
Per RSU | ||||||||||||||||
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 | |||||||||||||
Awarded | 160,000 | $ | 6.84 | |||||||||||||
Vested | (211,719 | ) | $ | 4.23 | ||||||||||||
Forfeited | (251,269 | ) | $ | 6.47 | ||||||||||||
Unvested restricted stock units at December 31, 2014 | 168,642 | $ | 4.88 | |||||||||||||
Compensation expense of approximately $676,000 and $767,000 was recorded in general administrative expense, selling and indirect operating expense for the years ended December 31, 2014 and 2013, 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 $0.8 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 2015, the Board of Directors approved the grants of approximately 217,000 RSUs in conjunction with the Plan, of which, approximately 45,000 units are subject to 2015 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 2014 or 2013. | ||||||||||||||||
Details of stock option activity during the years ended December 31, 2014 and 2013 follows: | ||||||||||||||||
2014 | 2014 Weighted | 2013 | 2013 Weighted | |||||||||||||
Average | Average | |||||||||||||||
Exercise Price | Exercise Price | |||||||||||||||
Outstanding at beginning of year | 16,944 | $ | 4.09 | 25,778 | $ | 4.23 | ||||||||||
Options granted | — | — | — | — | ||||||||||||
Options exercised | -11,980 | 4.09 | -3,827 | 4.09 | ||||||||||||
Options forfeited | — | 4.09 | -5,007 | 5.11 | ||||||||||||
Options expired | -4,964 | 4.09 | — | — | ||||||||||||
Outstanding at end of year | — | — | 16,944 | 4.09 | ||||||||||||
Exercisable at end of year | — | $ | — | 16,944 | $ | 4.09 | ||||||||||
No stock options were outstanding as of December 31, 2014. | ||||||||||||||||
Compensation expense of approximately none and $20,000 was recorded in the years ended December 31, 2014 and 2013, respectively, which is included in general and administrative expenses in the consolidated statements of operations. As of December 31, 2014, 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, 2014 and 2013, directors of the Company elected to defer retainer fees to acquire approximately 18,800 and 5,000, respectively, stock units. Compensation expense of approximately $130,000 and $32,000 was recorded in the years ended December 31, 2014 and 2013 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, 2014 | ||||
Equity [Abstract] | ||||
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%. | ||||
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 2014 totaled $45,000 and $42,000 in 2013. |
Employee_Benefit_and_Bonus_Pla
Employee Benefit and Bonus Plans | 12 Months Ended | |
Dec. 31, 2014 | ||
Compensation And Retirement Disclosure [Abstract] | ||
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, 2014 the Company contributed none to the plan and $201,000 in 2013. | ||
The Company maintains an “Executive Performance” bonus plan, which covers approximately 60 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, 2014 and 2013, the Company recorded approximately $121,000 and $813,000 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, 2014 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions | -13 | Related Party Transactions |
During 2014 and 2013, 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 $50,000 and $89,000 related to these services during 2014 and 2013, respectively, which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of December 31, 2014 and 2013, there were no overdue 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 $130,000 during 2014 and 2013, 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 2014 and 2013, the Company paid compensation of $130,000 and $157,570, 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, 2014 | ||||||||
Segment Reporting [Abstract] | ||||||||
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 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. 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 table below represents segment results for continuing operations for the years ended December 31, 2014, and 2013. | ||||||||
2014 | 2013 | |||||||
Net sales: | ||||||||
Technical Products and Services | $ | 49,967 | $ | 49,150 | ||||
Electrical and Instrumentation Construction | 7,287 | 10,089 | ||||||
$ | 57,254 | $ | 59,239 | |||||
Gross profit (loss): | ||||||||
Technical Products and Services | $ | 4,132 | $ | 9,072 | ||||
Electrical and Instrumentation Construction | 863 | 2,095 | ||||||
$ | 4,995 | $ | 11,167 | |||||
Income (loss) from domestic operations and net | ||||||||
equity income from foreign joint ventures’ operations | ||||||||
Technical Products and Services | $ | 3,177 | $ | 8,061 | ||||
Electrical and Instrumentation Construction | 525 | 2,096 | ||||||
Corporate and other unallocated expenses | -7,597 | -6,995 | ||||||
Income (loss) from continuing consolidated operations | -3,895 | 3,162 | ||||||
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. |
Quarterly_Results_for_Continui
Quarterly Results for Continuing Operations | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Results for Continuing Operations | ||||||||||||||||||||
-15 | Quarterly Results for Continuing Operations | |||||||||||||||||||
The following table reflects the quarterly information for continuing operations for the applicable time periods. | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net Sales | $ | 15,848 | $ | 13,430 | $ | 14,283 | $ | 13,693 | $ | 57,254 | ||||||||||
Gross Profit | 2,435 | 2,028 | 495 | 37 | 4,995 | |||||||||||||||
Net income (loss) | 848 | 1,062 | -1,982 | -1,982 | -2,054 | |||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.09 | $ | 0.12 | $ | -0.25 | $ | -0.25 | $ | -0.29 | ||||||||||
2013 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net Sales | $ | 13,008 | $ | 13,499 | $ | 16,236 | $ | 16,496 | $ | 59,239 | ||||||||||
Gross Profit | 2,765 | 2,089 | 2,759 | 3,554 | 11,167 | |||||||||||||||
Net income (loss) | 1,813 | 1,208 | 1,202 | 1,027 | 5,260 | |||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.22 | $ | 0.14 | $ | 0.14 | $ | 0.12 | $ | 0.62 | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | -16 | 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 2015, the Company is liable for all claims each year up to $70,000 per insured, or $1.5 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 $1,165,000 and $879,000 during the years ended December 31, 2014 and 2013. Insurance reserves included in accrued payroll and benefits in the accompanying consolidated balance sheets were approximately $166,000 and $254,000 at December 31, 2014 and 2013. |
Earnings_Loss_from_Continuing_
Earnings (Loss) from Continuing Operations Per Common Share | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings (Loss) from Continuing Operations Per Common Share | ||||||||
-17 | Earnings (Loss) from Continuing Operations 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, 2014 and 2013. 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, | ||||||||
2014 | 2013 | |||||||
Net income (loss)** | $ | -2,399 | $ | 4,918 | ||||
Weighted average basic shares | 8,182,034 | 7,990,690 | ||||||
Dilutive effect of stock options, restricted stock units, preferred stock and warrants* | 0 | 1,481,816 | ||||||
Total weighted average diluted shares with assumed conversions | 8,182,034 | 9,472,506 | ||||||
Earnings loss from continuing operations per common share: | ||||||||
Basic | $ | ($0.29) | $ | 0.62 | ||||
Dilutive | $ | ($0.29) | $ | 0.56 | ||||
*No units or shares are considered when losses cause the effect to be anti-dilutive. | ||||||||
**Net income (loss) represents net income (loss) from continuing operations less the dividends on redeemable convertible preferred stock. | ||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Discontinued Operations And Disposal Groups [Abstract] | ||||||||
Discontinued Operations | -18 | Discontinued Operations | ||||||
During the first quarter of 2014, the management and the 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 for the second quarter 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, its results are presented below continuing operating results as discontinued operations. Future periods will continue to report AAT results as discontinued in all comparative periods. The sale of all non-cash assets excluding the real property closed effective August 14, 2014. Prior to the closing AAT incurred an operating loss of $21,000 in the third quarter. The real estate was leased to the buyer for a minimum of one year with an option to purchase and remains in assets held for sale. | ||||||||
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) | ||||||||
31-Dec-14 | 31-Dec-13 | |||||||
(unaudited) | ||||||||
Current assets held for sale | $ | - | $ | 3,113 | ||||
Long term assets held for sale | 650 | 2,005 | ||||||
Total assets held for sale | $ | 650 | $ | 5,118 | ||||
Current liabilities held for sale | - | 536 | ||||||
Total Liabilities held for sale | - | 536 | ||||||
Net assets and liabilities held for sale | $ | 650 | $ | 4,582 | ||||
American Access Technologies, Inc. | ||||||||
Condensed Statements of Operations | ||||||||
Unaudited | ||||||||
(in thousands) | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Operating income (loss) from discontinued operations | $ | (373 | ) | $ | (709 | ) | ||
Provision for income taxes | - | - | ||||||
Valuation provision ("impairment") on assets for sale | (2,300 | ) | - | |||||
Income taxes on discontinued operations | - | - | ||||||
Net loss after tax | $ | (2,673 | ) | $ | (709 | ) | ||
American Access Technologies, Inc. | ||||||||
Condensed Statements of Cash Flow Components | ||||||||
Unaudited | ||||||||
(in thousands) | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net cash (used in) operating activities | $ | (1,691 | ) | $ | (496 | ) | ||
Net cash provided by (used in) investing activities* | 2,769 | (176 | ) | |||||
Net cash (used in) financing activities | - | (58 | ) | |||||
Advances (to) from parent | (1,078 | ) | 730 | |||||
Net increase (decrease) in cash and cash equivalents | $ | - | $ | - | ||||
* Includes sale proceeds of $2.3 million. | ||||||||
Cash is not included in assets held for sale and is included in the consolidated balance sheets in cash. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
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 (which is reported as discontinued operations), and M&I’s wholly-owned subsidiary SC and the wholly-owned subsidiary M&I Brazil. 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, 2014 and 2013. 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 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 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. | |||||||||||||||||
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. | |||||||||||||||||
Long-lived assets | Long-lived assets | ||||||||||||||||
If events or circumstances indicate the carrying amount of an asset may not be recoverable, management tests long-lived assets 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, 2014 and 2013, there were no events or circumstances that caused management to believe that impairments were necessary. | |||||||||||||||||
Other Assets | Other Assets | ||||||||||||||||
Intangible Assets at December 31, 2014 | Useful | Cost | Accumulated | Net Value | |||||||||||||
Lives | Amortization | ||||||||||||||||
(Years) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Intellectual property | 3 | 322 | 305 | 17 | |||||||||||||
License | - | 218 | - | 218 | |||||||||||||
$ | 540 | $ | 305 | $ | 235 | ||||||||||||
Amortization expense related to intangible assets held by the Company for the year ended December 31, 2014 was approximately $108,000 and was approximately $108,000 in 2013. Estimated amortization expense for the next five years is as follows: | |||||||||||||||||
For the Year Ending December 31, | Amount | ||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 17 | |||||||||||||||
2016 | - | ||||||||||||||||
2017 | - | ||||||||||||||||
2018 | - | ||||||||||||||||
2019 | - | ||||||||||||||||
$ | 17 | ||||||||||||||||
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. This cost is being amortized over its estimated useful life of 3 years. Amortization expense of $108,000 and $108,000 was recognized annually during the years ended December 31, 2014 and 2013 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. | |||||||||||||||||
During 2014 we acquired arc-resistant technology and capitalized the cost of $218,000. We will evaluate the remaining value regularly and expense any reduction in value. | |||||||||||||||||
Income Taxes | 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 and M&I Brazil 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. | |||||||||||||||||
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. | |||||||||||||||||
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 2013, one customer accounted for approximately 17% of net sales and 9% of net accounts receivable trade. During 2014, one customer accounted for approximately 12% of net sales and 4% 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 7% of the Company’s net sales during the year ended December 31, 2014 and 9% during 2013. | |||||||||||||||||
Reclassification | Reclassification | ||||||||||||||||
Certain items are reclassified in the 2013 consolidated financial statements to conform to the 2014 presentation. | |||||||||||||||||
Recently Issued Accounting Pronouncements | Recently Issued 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 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, 2016, 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. | |||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments in this ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation – Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and shill be eligible to vest in the award if the performance target is achieved. The amendments in ASU No. 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. Management is currently evaluating the future impact of ASU No. 2014-12 on the Company’s consolidated financial position, results of operations and disclosures. | |||||||||||||||||
In November 2014, the FASB issued ASU No. 2014-17, Business Combinations (Topic 805): Pushdown Accounting a census of the FASB Emerging Issues Task Force. ASU No. 2014-17 provides that an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity should determine whether to elect to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. ASU No. 2014-17 is effective on November 15, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. | |||||||||||||||||
In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplified Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income statement – Extraordinary and Unusual Items, requires that an entity separately classify, present and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. ASU No. 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The amendments of ASU No. 2015-01 can be applied prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The adoption of ASU No. 2015-01 is not expected to have a significant impact on the Company’s consolidated financial position, results of operations or disclosures. | |||||||||||||||||
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU No. 2015-02 focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification TM and improves current GAAP by: (1) Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met; (2) Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity; and (3) Changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or variable interest entities. ASU No. 2015-02 is effective for periods beginning after December 15, 2015. Management is currently evaluating the future impact of ASU No. 2015-02 on the Company’s consolidated financial position, results of operations and disclosures. | |||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Summary of Other Assets | Other Assets | ||||||||||||||||
Intangible Assets at December 31, 2014 | Useful | Cost | Accumulated | Net Value | |||||||||||||
Lives | Amortization | ||||||||||||||||
(Years) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Intellectual property | 3 | 322 | 305 | 17 | |||||||||||||
License | - | 218 | - | 218 | |||||||||||||
$ | 540 | $ | 305 | $ | 235 | ||||||||||||
Amortization Expense Related to Intangible Assets | Amortization expense related to intangible assets held by the Company for the year ended December 31, 2014 was approximately $108,000 and was approximately $108,000 in 2013. Estimated amortization expense for the next five years is as follows: | ||||||||||||||||
For the Year Ending December 31, | Amount | ||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 17 | |||||||||||||||
2016 | - | ||||||||||||||||
2017 | - | ||||||||||||||||
2018 | - | ||||||||||||||||
2019 | - | ||||||||||||||||
$ | 17 | ||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories consisted of the following at December 31, 2014 and 2013. | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 940 | $ | 1,056 | |||||
Work in progress | 1,902 | 2,168 | |||||||
Less: Allowance | (73 | ) | (40 | ) | |||||
Total inventories | $ | 2,769 | $ | 3,184 | |||||
Costs_Estimated_Earnings_and_R1
Costs, Estimated Earnings, and Related Billings on Uncompleted Contracts (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Contractors [Abstract] | ||||||||
Costs, Estimated Earnings, and Related Billings on Uncompleted Contracts | Contracts in progress at December 31, 2014 and 2013 consisted of the following: | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Costs incurred on uncompleted contracts | $ | 7,279 | $ | 7,271 | ||||
Estimated earnings | 5,208 | 2,172 | ||||||
12,487 | 9,443 | |||||||
Billings on uncompleted contracts | (11,481 | ) | (7,152 | ) | ||||
$ | 1,006 | $ | 2,291 | |||||
Costs, estimated earnings, and related billing on uncompleted contracts consisted of the following at December 31, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Cost and estimated earnings in excess of billings on uncompleted contracts | $ | 2,989 | $ | 5,312 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (1,983 | ) | (3,021 | ) | ||||
$ | 1,006 | $ | 2,291 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following at December 31, 2014, and 2013: | ||||||||||||
Category | Estimated | 2014 | 2013 | ||||||||||
Useful Lives | |||||||||||||
(years) | |||||||||||||
(in thousands) | |||||||||||||
Buildings and improvements | 15 – 25 | $ | 8,117 | $ | 2,638 | ||||||||
Office equipment and furniture | 2 – 7 | 2,583 | 1,969 | ||||||||||
Automobiles and trucks | 2 – 5 | 265 | 197 | ||||||||||
Machinery and shop equipment | 2 – 10 | 3,349 | 2,714 | ||||||||||
Construction in progress | 428 | 2,464 | |||||||||||
14,742 | 9,982 | ||||||||||||
Less: accumulated depreciation and amortization | 6,503 | 6,039 | |||||||||||
8,239 | 3,943 | ||||||||||||
Land | 134 | 134 | |||||||||||
$ | 8,373 | $ | 4,077 | ||||||||||
Advances_to_and_Investments_in1
Advances to and Investments in Foreign Joint Ventures' Operations (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | 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, 2014 and 2013: | ||||||||||||||||||||||||||||||||
BOMAY | MIEFE | AAG | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Total current assets | $ | 77,812 | $ | 94,220 | $ | 3,488 | $ | 3,855 | $ | — | $ | 2,572 | ||||||||||||||||||||
Total non-current assets | 4,710 | 5,122 | 108 | 114 | — | 1,550 | ||||||||||||||||||||||||||
Total assets | $ | 82,522 | $ | 99,342 | $ | 3,596 | $ | 3,969 | $ | — | $ | 4,122 | ||||||||||||||||||||
Liabilities and equity: | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 53,277 | $ | 72,644 | $ | 2,128 | $ | 1,197 | $ | — | $ | 1,291 | ||||||||||||||||||||
Total joint ventures equity | 29,245 | 26,698 | 1,468 | 2,772 | 2,831 | |||||||||||||||||||||||||||
Total liabilities and equity | $ | 82,522 | $ | 99,342 | $ | 3,596 | $ | 3,969 | $ | — | $ | 4,122 | ||||||||||||||||||||
Gross sales | $ | 73,148 | $ | 86,332 | $ | 5,161 | $ | 7,997 | $ | 1,078 | $ | 10,658 | ||||||||||||||||||||
Gross profit | 12,469 | 12,130 | 2,091 | 2,066 | 154 | 4,282 | ||||||||||||||||||||||||||
Net income | 5,136 | 5,165 | 336 | 279 | 4 | 1,721 | ||||||||||||||||||||||||||
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, 2014 and 2013: | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
BOMAY* | MEIFE | AAG | TOTAL | BOMAY* | MIEFE | AAG | TOTAL | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Investment in joint ventures: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 2,033 | $ | 14 | $ | 54 | $ | 2,101 | $ | 2,033 | $ | 14 | $ | 234 | $ | 2,281 | ||||||||||||||||
Additional amounts invested and | — | — | — | — | ) | ) | ||||||||||||||||||||||||||
advanced | — | — | (180 | (180 | ||||||||||||||||||||||||||||
Withdrawal from joint venture | — | — | (54 | ) | (54 | ) | — | — | — | — | ||||||||||||||||||||||
Balance, end of year | 2,033 | 14 | — | 2,047 | 2,033 | 14 | 54 | 2,101 | ||||||||||||||||||||||||
Undistributed earnings: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 7,145 | $ | 870 | $ | 1,481 | $ | 9,496 | $ | 6,400 | $ | 755 | $ | 661 | $ | 7,816 | ||||||||||||||||
Equity in earnings (loss) | 2,054 | 138 | 2 | 2,194 | 2,066 | 115 | 843 | 3,024 | ||||||||||||||||||||||||
Dividend distributions | (1,042 | ) | (650 | ) | (830 | ) | (2,522 | ) | (1,321 | ) | — | (23 | ) | (1,344 | ) | |||||||||||||||||
Withdrawal from joint venture | — | — | (653 | ) | (653 | ) | — | — | — | — | ||||||||||||||||||||||
Balance, end of year | 8,157 | 358 | — | 8,515 | 7,145 | 870 | 1,481 | 9,496 | ||||||||||||||||||||||||
Foreign currency translation: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,431 | $ | 254 | $ | (249 | ) | $ | 1,436 | $ | 1,098 | $ | 294 | $ | (81 | ) | $ | 1,311 | ||||||||||||||
Change during the year | (73 | ) | (120 | ) | 178 | (15 | ) | 333 | (40 | ) | (168 | ) | 125 | |||||||||||||||||||
Withdrawal from joint venture | — | — | 71 | 71 | — | — | — | — | ||||||||||||||||||||||||
Balance, end of year | 1,358 | 134 | — | 1,492 | 1,431 | 254 | (249 | ) | 1,436 | |||||||||||||||||||||||
Investments, end of year | $ | 11,548 | $ | 506 | $ | — | $ | 12,054 | $ | 10,609 | $ | 1,138 | $ | 1,286 | $ | 13,033 | ||||||||||||||||
· | Accumulated statutory reserves in equity method investments of $2,100,000 and $1,857,000 at December 31, 2014 and 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. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Components of income (loss) before income taxes and dividends on preferred stock | The components of income (loss) before income taxes and dividends on preferred stock for the years ended December 31, 2014 and 2013 were as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
United States | $ | -7,255 | $ | 2,240 | ||||||||||||
Foreign | 2,194 | 3,024 | ||||||||||||||
$ | -5,061 | $ | 5,264 | |||||||||||||
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, 2014 and 2013 were as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Current provision: | ||||||||||||||||
Federal | $ | — | $ | — | ||||||||||||
Foreign | — | — | ||||||||||||||
States | — | 141 | ||||||||||||||
Total current provision | — | 141 | ||||||||||||||
Deferred provision (benefit): | ||||||||||||||||
Federal | -309 | 536 | ||||||||||||||
Foreign | — | |||||||||||||||
States | -25 | 36 | ||||||||||||||
Total deferred provision (benefit): | -334 | 572 | ||||||||||||||
$ | -334 | $ | 713 | |||||||||||||
Components of deferred federal income taxes | Significant components of the Company’s deferred federal income taxes were as follows: | |||||||||||||||
At December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Current | Non-Current | Current | Non-Current | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Deferred tax assets: | ||||||||||||||||
Accrued liabilities | $ | 161 | $ | — | $ | 413 | $ | — | ||||||||
Deferred compensation | — | 726 | — | 686 | ||||||||||||
Allowance for doubtful accounts | 111 | — | 120 | — | ||||||||||||
Inventory | 122 | — | 270 | — | ||||||||||||
Long-term contracts | — | — | 149 | — | ||||||||||||
Net operating loss | — | 3,848 | — | 2,909 | ||||||||||||
Intangible assets | — | — | — | 86 | ||||||||||||
Foreign tax credit carry forward | — | 2,811 | — | 1,153 | ||||||||||||
Valuation allowance | — | -7,845 | — | -5,385 | ||||||||||||
Deferred tax assets | 394 | -460 | 952 | -551 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Equity in foreign investments | — | -2,900 | — | -3,233 | ||||||||||||
Property and equipment | — | 66 | — | -147 | ||||||||||||
Intangible assets | — | — | — | -9 | ||||||||||||
Translation gain | — | -523 | — | -553 | ||||||||||||
Deferred tax liabilities | -3,357 | — | -3,942 | |||||||||||||
Net deferred tax assets (liabilities) | $ | 394 | $ | -3,817 | $ | 952 | $ | -4,493 | ||||||||
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: | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
(Provision for) benefit from U.S federal statutory rate | $ | 1,611 | $ | -1,798 | ||||||||||||
Effect of state income taxes | 35 | -141 | ||||||||||||||
Non-deductible business meals and entertainment expenses | -486 | -18 | ||||||||||||||
Foreign income taxes included in equity in earnings | 1,400 | 551 | ||||||||||||||
Adjustment of net operating loss carry forwards based on IRS audit, accrual to return adjustments and other | -12 | -153 | ||||||||||||||
Change in valuation allowance | -2,214 | 846 | ||||||||||||||
Total (Expense) | $ | 334 | $ | -713 | ||||||||||||
Notes_payable_Tables
Notes payable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Components of Notes Payable | The components of notes payable at December 31, 2014 and 2013 are as follows: | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Revolving credit agreement | $ | 4,000 | $ | 500 | ||||
Total notes payable | 4,000 | 500 | ||||||
Non-current notes payable* | $ | 3,778 | $ | 500 | ||||
*Because of the amendment in March 2015 $222,222 will be due in 2015 on the term loan. | ||||||||
Lease_Tables
Lease (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Lease Payments | The following is a schedule of future lease payments: | ||||
Year Ending December 31, | Amount | ||||
(In thousands) | |||||
2015 | $ | 506 | |||
2016 | 534 | ||||
2017 | 455 | ||||
2018 | 413 | ||||
2019 | 220 | ||||
2020 | 14 | ||||
$ | 2,142 | ||||
Stock_and_Stock_based_Compensa
Stock and Stock- based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||
Summary of Unvested Restricted Stock Units | The following table summarizes the activity for unvested restricted stock units for the years ended December 31, 2014 and 2013: | |||||||||||||||
Units | Weighted | |||||||||||||||
Average | ||||||||||||||||
Fair Value | ||||||||||||||||
Per RSU | ||||||||||||||||
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 | |||||||||||||
Awarded | 160,000 | $ | 6.84 | |||||||||||||
Vested | (211,719 | ) | $ | 4.23 | ||||||||||||
Forfeited | (251,269 | ) | $ | 6.47 | ||||||||||||
Unvested restricted stock units at December 31, 2014 | 168,642 | $ | 4.88 | |||||||||||||
Summary of Stock Option Activity | Details of stock option activity during the years ended December 31, 2014 and 2013 follows: | |||||||||||||||
2014 | 2014 Weighted | 2013 | 2013 Weighted | |||||||||||||
Average | Average | |||||||||||||||
Exercise Price | Exercise Price | |||||||||||||||
Outstanding at beginning of year | 16,944 | $ | 4.09 | 25,778 | $ | 4.23 | ||||||||||
Options granted | — | — | — | — | ||||||||||||
Options exercised | -11,980 | 4.09 | -3,827 | 4.09 | ||||||||||||
Options forfeited | — | 4.09 | -5,007 | 5.11 | ||||||||||||
Options expired | -4,964 | 4.09 | — | — | ||||||||||||
Outstanding at end of year | — | — | 16,944 | 4.09 | ||||||||||||
Exercisable at end of year | — | $ | — | 16,944 | $ | 4.09 | ||||||||||
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Equity [Abstract] | ||||
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, 2014 | ||||||||
Segment Reporting [Abstract] | ||||||||
Selected Financial Details Regarding the Company's Reportable Segments | The table below represents segment results for continuing operations for the years ended December 31, 2014, and 2013. | |||||||
2014 | 2013 | |||||||
Net sales: | ||||||||
Technical Products and Services | $ | 49,967 | $ | 49,150 | ||||
Electrical and Instrumentation Construction | 7,287 | 10,089 | ||||||
$ | 57,254 | $ | 59,239 | |||||
Gross profit (loss): | ||||||||
Technical Products and Services | $ | 4,132 | $ | 9,072 | ||||
Electrical and Instrumentation Construction | 863 | 2,095 | ||||||
$ | 4,995 | $ | 11,167 | |||||
Income (loss) from domestic operations and net | ||||||||
equity income from foreign joint ventures’ operations | ||||||||
Technical Products and Services | $ | 3,177 | $ | 8,061 | ||||
Electrical and Instrumentation Construction | 525 | 2,096 | ||||||
Corporate and other unallocated expenses | -7,597 | -6,995 | ||||||
Income (loss) from continuing consolidated operations | -3,895 | 3,162 | ||||||
Quarterly_Results_for_Continui1
Quarterly Results for Continuing Operations (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Information for the Applicable Time Periods | The following table reflects the quarterly information for continuing operations for the applicable time periods. | |||||||||||||||||||
2014 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net Sales | $ | 15,848 | $ | 13,430 | $ | 14,283 | $ | 13,693 | $ | 57,254 | ||||||||||
Gross Profit | 2,435 | 2,028 | 495 | 37 | 4,995 | |||||||||||||||
Net income (loss) | 848 | 1,062 | -1,982 | -1,982 | -2,054 | |||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.09 | $ | 0.12 | $ | -0.25 | $ | -0.25 | $ | -0.29 | ||||||||||
2013 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||
Net Sales | $ | 13,008 | $ | 13,499 | $ | 16,236 | $ | 16,496 | $ | 59,239 | ||||||||||
Gross Profit | 2,765 | 2,089 | 2,759 | 3,554 | 11,167 | |||||||||||||||
Net income (loss) | 1,813 | 1,208 | 1,202 | 1,027 | 5,260 | |||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.22 | $ | 0.14 | $ | 0.14 | $ | 0.12 | $ | 0.62 | ||||||||||
Earnings_Loss_from_Continuing_1
Earnings (Loss) from Continuing Operations Per Common Share (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
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, | ||||||||
2014 | 2013 | |||||||
Net income (loss)** | $ | -2,399 | $ | 4,918 | ||||
Weighted average basic shares | 8,182,034 | 7,990,690 | ||||||
Dilutive effect of stock options, restricted stock units, preferred stock and warrants* | 0 | 1,481,816 | ||||||
Total weighted average diluted shares with assumed conversions | 8,182,034 | 9,472,506 | ||||||
Earnings loss from continuing operations per common share: | ||||||||
Basic | $ | ($0.29) | $ | 0.62 | ||||
Dilutive | $ | ($0.29) | $ | 0.56 | ||||
*No units or shares are considered when losses cause the effect to be anti-dilutive. | ||||||||
**Net income (loss) represents net income (loss) from continuing operations less the dividends on redeemable convertible preferred stock. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Discontinued Operations And Disposal Groups [Abstract] | ||||||||
Assets and Liabilities Held For Sale | American Access Technologies, Inc. | |||||||
Assets and Liabilities held for sale | ||||||||
(in thousands) | ||||||||
31-Dec-14 | 31-Dec-13 | |||||||
(unaudited) | ||||||||
Current assets held for sale | $ | - | $ | 3,113 | ||||
Long term assets held for sale | 650 | 2,005 | ||||||
Total assets held for sale | $ | 650 | $ | 5,118 | ||||
Current liabilities held for sale | - | 536 | ||||||
Total Liabilities held for sale | - | 536 | ||||||
Net assets and liabilities held for sale | $ | 650 | $ | 4,582 | ||||
Condensed Consolidated Statements of Operations | American Access Technologies, Inc. | |||||||
Condensed Statements of Operations | ||||||||
Unaudited | ||||||||
(in thousands) | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Operating income (loss) from discontinued operations | $ | (373 | ) | $ | (709 | ) | ||
Provision for income taxes | - | - | ||||||
Valuation provision ("impairment") on assets for sale | (2,300 | ) | - | |||||
Income taxes on discontinued operations | - | - | ||||||
Net loss after tax | $ | (2,673 | ) | $ | (709 | ) | ||
Condensed Consolidated Statements of Cash Flows | Year Ended December 31, | |||||||
2014 | 2013 | |||||||
Net cash (used in) operating activities | $ | (1,691 | ) | $ | (496 | ) | ||
Net cash provided by (used in) investing activities* | 2,769 | (176 | ) | |||||
Net cash (used in) financing activities | - | (58 | ) | |||||
Advances (to) from parent | (1,078 | ) | 730 | |||||
Net increase (decrease) in cash and cash equivalents | $ | - | $ | - | ||||
* Includes sale proceeds of $2.3 million. |
Organization_and_Nature_of_Bus1
Organization and Nature of Business (Detail) | 0 Months Ended | 12 Months Ended | |
17-May-07 | Dec. 31, 2014 | Jul. 31, 2014 | |
Segment | |||
Organization And Nature Of Business [Line Items] | |||
Percentage of reverse acquisition interest | 80.00% | ||
Number of segments | 2 | ||
M&I Brazil | |||
Organization And Nature Of Business [Line Items] | |||
Ownership interest in newly formed brazil company | 20.00% | ||
M&I Brazil | M&I | |||
Organization And Nature Of Business [Line Items] | |||
Ownership interest in newly formed brazil company | 80.00% | ||
Technical Products and Services | Minimum | |||
Organization And Nature Of Business [Line Items] | |||
Electrical Transmission Voltage | 480 | ||
Technical Products and Services | Maximum | |||
Organization And Nature Of Business [Line Items] | |||
Electrical Transmission Voltage | 40,000 | ||
Beaumont, Texas facilities | |||
Organization And Nature Of Business [Line Items] | |||
Area of Land | 9 | ||
Company owns facility | 118,000 | ||
Mississippi facility | |||
Organization And Nature Of Business [Line Items] | |||
Area of Land | 3 | ||
Company owns facility | 11,000 | ||
Florida facility | |||
Organization And Nature Of Business [Line Items] | |||
Area of Land | 9.7 | ||
Company owns facility | 67,500 |
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, 2014 |
Summary of Other Assets | |
Cost | $540 |
Accumulated Amortization | 305 |
Net Value | 235 |
Intellectual property | |
Summary of Other Assets | |
Useful Lives | 3 years |
Cost | 322 |
Accumulated Amortization | 305 |
Net Value | 17 |
License | |
Summary of Other Assets | |
Cost | 218 |
Net Value | $218 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 08, 2012 | |
Customer | Customer | ||
Schedule Of Accounting Policies [Line Items] | |||
Amortization expense related to intangible assets | $108,000 | $108,000 | |
Non-time and material jobs of short term nature duration description | less than one month | ||
Number of Customers | 1 | 1 | |
Geographic Concentration Risk | Sales | Gulf Coast region | |||
Schedule Of Accounting Policies [Line Items] | |||
Customer accountability percentage | 7.00% | 9.00% | |
Customer one | Credit Concentration Risk | Sales | |||
Schedule Of Accounting Policies [Line Items] | |||
Customer accountability percentage | 12.00% | 17.00% | |
Customer one | Credit Concentration Risk | Accounts Receivable | |||
Schedule Of Accounting Policies [Line Items] | |||
Customer accountability percentage | 4.00% | 9.00% | |
Acquired Technology | Amnor Technologies | |||
Schedule Of Accounting Policies [Line Items] | |||
Cash payment for acquisition | 100,000 | ||
Shares payment for acquisition | 44,000 | ||
Common stock, per share | $4.95 | ||
Equity Interests Issuable Period | 3 years | ||
Intangible assets acquired | 322,000 | ||
Transaction cost | 4,000 | ||
Business acquisition equity interests issued during period, percentage of shares | 25.00% | ||
Estimated useful life | 3 years | ||
Acquired Technology | Amnor Technologies | General and Administrative Expense | |||
Schedule Of Accounting Policies [Line Items] | |||
Amortization expense related to intangible assets | 108,000 | 108,000 | |
Arc-resistant Technology | |||
Schedule Of Accounting Policies [Line Items] | |||
Intangible assets acquired | $218,000 | ||
First Anniversary | Acquired Technology | Amnor Technologies | |||
Schedule Of Accounting Policies [Line Items] | |||
Business acquisition equity interests issued during period, percentage of shares | 25.00% | ||
Second Anniversary | Acquired Technology | Amnor Technologies | |||
Schedule Of Accounting Policies [Line Items] | |||
Business acquisition equity interests issued during period, percentage of shares | 25.00% | ||
Third Anniversary | Acquired Technology | Amnor Technologies | |||
Schedule Of Accounting Policies [Line Items] | |||
Business acquisition equity interests issued during period, percentage of shares | 25.00% | ||
Completed Service Basis | |||
Schedule Of Accounting Policies [Line Items] | |||
Sales revenue percentage | 8.00% | ||
Product Shipped and Title Passes to Customer Basis | |||
Schedule Of Accounting Policies [Line Items] | |||
Sales revenue percentage | 3.00% |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Amortization Expense Related to Intangible Assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Amortization expense related to intangible assets | |
2015 | $17 |
Net Value | $17 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $940 | $1,056 |
Work in progress | 1,902 | 2,168 |
Less: Allowance | -73 | -40 |
Total inventories | $2,769 | $3,184 |
Costs_Estimated_Earnings_and_R2
Costs, Estimated Earnings, and Related Billings on Uncompleted Contracts - Contracts in Progress (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $7,279 | $7,271 |
Estimated earnings | 5,208 | 2,172 |
Total cost and earnings of unbilled contracts | 12,487 | 9,443 |
Billings on uncompleted contracts | -11,481 | -7,152 |
Total Costs, estimated earnings, and related billing on uncompleted contracts | $1,006 | $2,291 |
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, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Contractors [Abstract] | ||
Cost and estimated earnings in excess of billings on uncompleted contracts | $2,989 | $5,312 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -1,983 | -3,021 |
Total Costs, estimated earnings, and related billing on uncompleted contracts | $1,006 | $2,291 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, plant and equipment | ||
Property, plant and equipment, gross | 14,742 | $9,982 |
Less: accumulated depreciation and amortization | 6,503 | 6,039 |
Property, plant and equipment gross, excluding land | 8,239 | 3,943 |
Land | 134 | 134 |
Property, plant and equipment, net | 8,373 | 4,077 |
Buildings and improvements | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 8,117 | 2,638 |
Buildings and improvements | Minimum | ||
Property, plant and equipment | ||
Property, plant and equipment, Estimated Useful Lives (years) | 15 years | |
Buildings and improvements | Maximum | ||
Property, plant and equipment | ||
Property, plant and equipment, Estimated Useful Lives (years) | 25 years | |
Office equipment and furniture | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 2,583 | 1,969 |
Office equipment and furniture | Minimum | ||
Property, plant and equipment | ||
Property, plant and equipment, Estimated Useful Lives (years) | 2 years | |
Office equipment and furniture | Maximum | ||
Property, plant and equipment | ||
Property, plant and equipment, Estimated Useful Lives (years) | 7 years | |
Automobiles and trucks | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 265 | 197 |
Automobiles and trucks | Minimum | ||
Property, plant and equipment | ||
Property, plant and equipment, Estimated Useful Lives (years) | 2 years | |
Automobiles and trucks | Maximum | ||
Property, plant and equipment | ||
Property, plant and equipment, Estimated Useful Lives (years) | 5 years | |
Machinery and shop equipment | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 3,349 | 2,714 |
Machinery and shop equipment | Minimum | ||
Property, plant and equipment | ||
Property, plant and equipment, Estimated Useful Lives (years) | 2 years | |
Machinery and shop equipment | Maximum | ||
Property, plant and equipment | ||
Property, plant and equipment, Estimated Useful Lives (years) | 10 years | |
Construction in Progress | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 428 | $2,464 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 09, 2013 |
Property Plant And Equipment [Line Items] | |||
Depreciation charges | $563 | $390 | |
Gain on sale of property and improvements | 143 | ||
Cost of sales | |||
Property Plant And Equipment [Line Items] | |||
Depreciation charges | 428 | 228 | |
Selling, General and Administrative Expenses | |||
Property Plant And Equipment [Line Items] | |||
Depreciation charges | 135 | 162 | |
Other Income | |||
Property Plant And Equipment [Line Items] | |||
Gain on sale of property and improvements | $128 |
Advances_to_and_Investments_in2
Advances to and Investments in Foreign Joint Ventures' Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2007 | Dec. 31, 2006 | |
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Equity income from foreign joint ventures’ operations | $2,194,000 | $3,024,000 | ||||||||||
Net sales | 13,693,000 | 14,283,000 | 13,430,000 | 15,848,000 | 16,496,000 | 16,236,000 | 13,499,000 | 13,008,000 | 57,254,000 | 59,239,000 | ||
Outstanding notes | 201,000 | 201,000 | ||||||||||
Foreign joint ventures' operations related expenses | 522,000 | 267,000 | ||||||||||
Equity Method Investments | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Retained earnings; accumulated statutory reserves in equity method investments | 2,100,000 | 1,857,000 | 2,100,000 | 1,857,000 | ||||||||
BOMAY | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Ownership interest in newly formed brazil company | 40.00% | 40.00% | ||||||||||
Investment in joint ventures | 1,000,000 | 1,000,000 | ||||||||||
Equity income from foreign joint ventures’ operations | 2,054,000 | 2,066,000 | ||||||||||
BOMAY | Affiliated Entity | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Net sales | 130,000 | 325,000 | ||||||||||
Accounts receivable from foreign joint venture | 82,000 | 119,000 | 82,000 | 119,000 | ||||||||
MIEFE | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Ownership interest in newly formed brazil company | 41.00% | 41.00% | ||||||||||
Equity income from foreign joint ventures’ operations | 138,000 | 115,000 | ||||||||||
MIEFE | Affiliated Entity | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Net sales | 14,000 | 225,000 | ||||||||||
Accounts receivable from foreign joint venture | $2,000 | $0 | $2,000 | $0 |
Advances_to_and_Investments_in3
Advances to and Investments in Foreign Joint Ventures' Operations - Schedule of Financial Information of Foreign Joint Ventures (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
BOMAY | ||
Assets: | ||
Total current assets | $77,812 | $94,220 |
Total non-current assets | 4,710 | 5,122 |
Total assets | 82,522 | 99,342 |
Liabilities and equity: | ||
Total liabilities | 53,277 | 72,644 |
Total joint ventures equity | 29,245 | 26,698 |
Total liabilities and equity | 82,522 | 99,342 |
Gross sales | 73,148 | 86,332 |
Gross profit | 12,469 | 12,130 |
Net income | 5,136 | 5,165 |
MIEFE | ||
Assets: | ||
Total current assets | 3,488 | 3,855 |
Total non-current assets | 108 | 114 |
Total assets | 3,596 | 3,969 |
Liabilities and equity: | ||
Total liabilities | 2,128 | 1,197 |
Total joint ventures equity | 1,468 | 2,772 |
Total liabilities and equity | 3,596 | 3,969 |
Gross sales | 5,161 | 7,997 |
Gross profit | 2,091 | 2,066 |
Net income | 336 | 279 |
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 | |
Gross sales | 1,078 | 10,658 |
Gross profit | 154 | 4,282 |
Net income | $4 | $1,721 |
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 | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | $13,033 | ||
Equity in earnings (loss) | 2,194 | 3,024 | |
Balance, end of year | 12,054 | 13,033 | |
Investment In Joint Ventures | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 2,101 | 2,281 | |
Withdrawal from joint venture | -54 | ||
Balance, end of year | 2,047 | 2,281 | |
Undistributed Earnings | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 9,496 | 7,816 | |
Equity in earnings (loss) | 2,194 | 3,024 | |
Dividend distributions | -2,522 | -1,344 | |
Withdrawal from joint venture | -653 | ||
Balance, end of year | 8,515 | 9,496 | |
Foreign Currency Translation | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 1,436 | ||
Change during the year | -15 | 125 | |
Withdrawal from joint venture | 71 | ||
Balance, end of year | 1,492 | 1,436 | |
BOMAY | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 10,609 | ||
Equity in earnings (loss) | 2,054 | 2,066 | |
Balance, end of year | 11,548 | 10,609 | |
BOMAY | Investment In Joint Ventures | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 2,033 | ||
Balance, end of year | 2,033 | 2,033 | 2,033 |
BOMAY | Undistributed Earnings | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 7,145 | 6,400 | |
Equity in earnings (loss) | 2,054 | 2,066 | |
Dividend distributions | -1,042 | -1,321 | |
Balance, end of year | 8,157 | 7,145 | |
BOMAY | Foreign Currency Translation | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 1,431 | ||
Change during the year | -73 | 333 | |
Balance, end of year | 1,358 | 1,431 | |
MIEFE | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 1,138 | ||
Equity in earnings (loss) | 138 | 115 | |
Balance, end of year | 506 | 1,138 | |
MIEFE | Investment In Joint Ventures | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 14 | ||
Balance, end of year | 14 | 14 | 14 |
MIEFE | Undistributed Earnings | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 870 | 755 | |
Equity in earnings (loss) | 138 | 115 | |
Dividend distributions | -650 | ||
Balance, end of year | 358 | 870 | |
MIEFE | Foreign Currency Translation | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 254 | ||
Change during the year | -120 | -40 | |
Balance, end of year | 134 | 254 | |
AAG | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, end of year | 1,286 | ||
AAG | Investment In Joint Ventures | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 54 | 234 | |
Withdrawal from joint venture | -54 | ||
Balance, end of year | 234 | ||
AAG | Undistributed Earnings | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | 1,481 | 661 | |
Equity in earnings (loss) | 2 | 843 | |
Dividend distributions | -830 | -23 | |
Withdrawal from joint venture | -653 | ||
Balance, end of year | 1,481 | ||
AAG | Foreign Currency Translation | |||
Schedule Of Equity Method Investments [Line Items] | |||
Balance, beginning of year | -249 | ||
Change during the year | 178 | -168 | |
Withdrawal from joint venture | 71 | ||
Balance, end of year | ($249) |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income (Loss) before Income Taxes and Dividends on Preferred Stock (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Components of income (loss) before income taxes | ||
United States | ($7,255) | $2,240 |
Foreign | 2,194 | 3,024 |
Income (loss) before income taxes | ($5,061) | $5,264 |
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, 2014 | Dec. 31, 2013 |
Current provision: | ||
Federal | $0 | $0 |
Foreign | 0 | 0 |
States | 0 | 141 |
Total current provision | 0 | 141 |
Deferred provision (benefit): | ||
Federal | -309 | 536 |
Foreign | 0 | 0 |
States | -25 | 36 |
Total deferred provision (benefit): | -334 | 572 |
Total provision (benefit) for income taxes | ($334) | $713 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Federal Income Taxes (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets, current: | ||
Accrued liabilities | $161 | $413 |
Allowance for doubtful accounts | 111 | 120 |
Inventory | 122 | 270 |
Long-term contracts | 0 | 149 |
Valuation allowance, current | 0 | 0 |
Deferred tax assets, current | 394 | 952 |
Deferred tax liabilities, current | 0 | 0 |
Net deferred tax assets (liabilities), current | 394 | 952 |
Deferred tax assets, noncurrent: | ||
Deferred compensation | 726 | 686 |
Net operating loss | 3,848 | 2,909 |
Intangible assets | 0 | 86 |
Foreign tax credit carry forward | 2,811 | 1,153 |
Valuation allowance, noncurrent | -7,845 | -5,385 |
Deferred tax assets, noncurrent | -460 | -551 |
Deferred tax liabilities, noncurrent: | ||
Equity in foreign investments | -2,900 | -3,233 |
Property and equipment | 66 | -147 |
Intangible assets | 0 | -9 |
Translation gain | -523 | -553 |
Deferred tax liabilities, noncurrent | -3,357 | -3,942 |
Net deferred tax assets (liabilities), noncurrent | ($3,817) | ($4,493) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Non-cash savings | $300,000 | ||
Recognition of a valuation allowance against deferred tax assets in the U.S | 7,800,000 | 5,400,000 | |
Net operating loss carry forwards, federal | 7,400,000 | ||
Net operating loss carry forwards, state | 11,000,000 | ||
Income tax examination, year under examination | 2008 | ||
Adjusted annual net operating loss carry forward limitation expiration year | 2027 | ||
Effective tax rate | 34.00% | 34.00% | |
Adjusted Annual Net Operating Loss Carry Forward Limitation | |||
Income Taxes [Line Items] | |||
Net operating loss carry forwards related to business combination | 7,400,000 | ||
Adjusted Annual Net Operating Loss Carry Forward Limitation | U.S. federal | Internal Revenue Service (IRS) | |||
Income Taxes [Line Items] | |||
Net operating loss carry forwards subject to expiration | 299,000 | ||
Minimum | |||
Income Taxes [Line Items] | |||
Operating loss carry forwards expiration date | 31-Dec-19 | ||
Maximum | |||
Income Taxes [Line Items] | |||
Operating loss carry forwards expiration date | 31-Dec-31 |
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, 2014 | Dec. 31, 2013 |
Summary of difference between effective income tax rate determined by applying statutory income tax rate | ||
(Provision for) benefit from U.S federal statutory rate | $1,611 | ($1,798) |
Effect of state income taxes | 35 | -141 |
Non-deductible business meals and entertainment expenses | -486 | -18 |
Foreign income taxes included in equity in earnings | 1,400 | 551 |
Adjustment of net operating loss carry forwards based on IRS audit, accrual to return adjustments and other | -12 | -153 |
Change in valuation allowance | -2,214 | 846 |
Total (Expense) | $334 | ($713) |
Notes_Payable_Components_of_No
Notes Payable - Components of Notes Payable (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of notes payable | ||
Total notes payable | $4,000 | $500 |
Non-current notes payable | 3,778 | 500 |
Revolving Credit Facility | ||
Components of notes payable | ||
Total notes payable | $4,000 | $500 |
Notes_Payable_Components_of_No1
Notes Payable - Components of Notes Payable (Parenthetical) (Detail) (March 31, 2015, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
31-Mar-15 | |
Debt Instrument [Line Items] | |
Total Principal payment | $222,222 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Nov. 30, 2013 | Nov. 12, 2014 | Sep. 30, 2014 | Mar. 23, 2015 | Dec. 31, 2013 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | |||||||
Revolving credit agreement maturity date | 31-Mar-20 | ||||||
Maximum Adjusted Net Income | 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 | ||||||
Current ratio | 207.00% | ||||||
31-Mar-15 | |||||||
Debt Instrument [Line Items] | |||||||
Total Principal payment | 222,222 | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit agreement amendment date | 30-Nov-13 | ||||||
Revolving credit line | 10,000,000 | ||||||
Commitment fee of the unused portion of the credit | 0.30% | ||||||
Credit facility's interest rate, Description | credit facility’s interest rate is LIBOR plus 3.25% per annum | ||||||
Revolving credit agreement maturity date | 1-Oct-15 | ||||||
Leverage test of total liabilities to total net worth | 1 | ||||||
Borrowed under the agreement | 4,000,000 | 500,000 | |||||
Additional borrowing Capacity | 3,200,000 | 7,900,000 | |||||
Revolving Credit Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Fixed Charge Coverage Ratio | 125.00% | ||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility's interest rate | 3.25% | ||||||
Revolving Credit Facility Two | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit agreement amendment date | 12-Nov-14 | ||||||
Commitment fee of the unused portion of the credit | 0.40% | ||||||
Revolving credit agreement maturity date | 1-Oct-17 | ||||||
Net income requirement waived | 1 | ||||||
Revolving Credit Facility Two | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Exclusion of capital expenditure from fixed charge coverage ratio | 4,900,000 | ||||||
Revolving Credit Facility Two | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility's interest rate | 3.00% | ||||||
Credit facility's interest rate, Description | the interest rate to LIBOR plus 3.00 % per annum | ||||||
Revolving Credit Facility Three | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit agreement amendment date | 31-Mar-15 | ||||||
Credit facility's interest rate, Description | The Term Loan accrues interest at the adjusted LIBOR Rate plus a margin of 3.50% | ||||||
Revolving credit agreement maturity date | 31-Dec-15 | ||||||
Revolving Credit Facility Three | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility's interest rate | 3.50% | ||||||
Repayment of current revolving credit | 4,000,000 | ||||||
Proceeds from issuance of new term loan | 4,000,000 | ||||||
Revolving Credit Facility Three | Minimum | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, remaining borrowing capacity | $1,500,000 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
sqft | |||
Leases [Abstract] | |||
Lease covered area | 13,000 | ||
Term of lease | 64 months | ||
Lease expiration year | 2016 | ||
Rental expense | $0.40 | $0.30 |
Leases_Detail
Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of future minimum rental payments under operating leases | |
2015 | $506 |
2016 | 534 |
2017 | 455 |
2018 | 413 |
2019 | 220 |
2020 | 14 |
Total | $2,142 |
Stock_and_Stockbased_Compensat1
Stock and Stock-based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2015 | Dec. 31, 2012 | 31-May-14 | Jun. 30, 2012 | 31-May-10 | Apr. 30, 2007 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock issued to ESPP, shares | 3,640 | 4,697 | ||||||
Additional compensation cost that will be recognized in future periods | $800,000 | |||||||
Stock options issued | 0 | 0 | ||||||
Stock options outstanding | 0 | 16,944 | 25,778 | |||||
Unrecognized compensation cost related to stock option | 0 | |||||||
Director | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock units reserved for issuance in lieu of retainer fee | 18,800 | 5,000 | ||||||
Minimum | Director | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of retainer fee to acquire common stock | 50.00% | |||||||
Maximum | Director | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of retainer fee to acquire common stock | 100.00% | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted restricted stock unit | 160,000 | 234,525 | ||||||
Conversion of stock RSU to Common, ratio | 1 | |||||||
Convert to common stock | 25.00% | |||||||
Increment period for awards converted into common stock | 4 years | |||||||
Weighted average period additional compensation cost will be expensed | 2 years | |||||||
Restricted Stock Units (RSUs) | Subsequent Event | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted restricted stock unit | 217,000 | |||||||
Restricted Stock Units (RSUs) | Award Subject to 2015 Performance Measures | Subsequent Event | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted restricted stock unit | 45,000 | |||||||
Restricted Stock Units (RSUs) | General and Administrative Expense | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock compensation expense | 676,000 | 767,000 | ||||||
Stock Options | General and Administrative Expense | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock compensation expense | 0 | 20,000 | ||||||
Board of Directors Compensation | General and Administrative Expense | Director | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock compensation expense | $130,000 | 32,000 | ||||||
Two Thousand Seven Employee Stock Incentive Plan | Restricted Stock Units (RSUs) | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares available for issuance under the plan | 1,700,000 | 1,100,000 | 800,000 | 300,000 |
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, 2014 | Dec. 31, 2013 | |
Restricted Stock Units (RSUs) | ||
Summary of unvested restricted stock units | ||
Unvested restricted stock units, Beginning Balance | 471,630 | 391,413 |
Granted restricted stock unit | 160,000 | 234,525 |
Vested | -211,719 | -99,844 |
Forfeited | -251,269 | -54,464 |
Unvested restricted stock units, Ending Balance | 168,642 | 471,630 |
Weighted Average Fair Value Per RSU, Beginning Balance | $4.77 | $4.11 |
Awarded | $6.84 | $5 |
Vested | $4.23 | $3.15 |
Forfeited | $6.47 | $3.40 |
Weighted Average Fair Value Per RSU, Ending Balance | $4.88 | $4.77 |
Stock_and_Stockbased_Compensat3
Stock and Stock-based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of stock option activity | ||
Outstanding, Beginning Balance | 16,944 | 25,778 |
Stock options issued | 0 | 0 |
Options exercised | -11,980 | -3,827 |
Options forfeited | -5,007 | |
Options expired | -4,964 | |
Outstanding, Ending Balance | 0 | 16,944 |
Exercisable, Ending Balance | 16,944 | |
Summary of stock option activity | ||
Weighted Average Exercise Price, Beginning balance | $4.09 | $4.23 |
Weighted Average Exercise Price, Options exercised | $4.09 | $4.09 |
Weighted Average Exercise Price, Options forfeited | $4.09 | $5.11 |
Weighted Average Exercise Price, Options expired | $4.09 | |
Weighted Average Exercise Price, Ending balance | $4.09 | |
Weighted Average Exercise Price, Exercisable | $4.09 |
Redeemable_Convertible_Preferr2
Redeemable Convertible Preferred Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
2-May-12 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 13, 2012 | Apr. 30, 2012 | |
Class Of Stock [Line Items] | |||||
Redeemable convertible preferred stock, shares issued | 1,000,000 | 1,000,000 | |||
Common stock, shares issued | 8,185,323 | 8,185,323 | 1,000,000 | ||
Number of warrants | 325,000 | ||||
Redeemable convertible preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||
Preferred stock and warrants value issued | $5,000,000 | $840,000 | |||
Accretion amount | 45,000 | 42,000 | |||
Warrants Exercise Price Tranche One | |||||
Class Of Stock [Line Items] | |||||
Redeemable convertible preferred stock, stock price per share | 6 | ||||
Number of warrants | 125,000 | ||||
Warrants Exercise Price Tranche Two | |||||
Class Of Stock [Line Items] | |||||
Redeemable convertible preferred stock, stock price per share | 7 | ||||
Number of warrants | 200,000 | ||||
Securities Purchase Agreement | |||||
Class Of Stock [Line Items] | |||||
Number of warrants | 325,000 | ||||
Series A Convertible Preferred Stock | |||||
Class Of Stock [Line Items] | |||||
Redeemable convertible preferred stock, stock price per share | 5 | ||||
Redeemable convertible preferred stock, shares authorized | 1,000,000 | ||||
Cumulative dividends at a rate | 6.00% | ||||
Redeemable convertible preferred stock, liquidation preference per share | $5 | ||||
Number of redemption price, accrued and unpaid dividends installment payments | 36 | ||||
Annual interest rate on redemption value payable | 6.00% | ||||
Preferred stock and warrants value issued | $4,160,000 | ||||
Series A Convertible Preferred Stock | Securities Purchase Agreement | |||||
Class Of Stock [Line Items] | |||||
Redeemable convertible preferred stock, shares issued | 1,000,000 | ||||
Redeemable convertible preferred stock, stock price per share | 5 |
Redeemable_Convertible_Preferr3
Redeemable Convertible Preferred Stock - Preferred Stock and Warrants Calculated Using the Black Scholes Merton Pricing Model (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
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 |
Employee_Benefit_and_Bonus_Pla1
Employee Benefit and Bonus Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Employee Benefit and Bonus Plans (Textual) [Abstract] | ||
Percentage of employees contribution | 20.00% | |
Contribution to the plan | $201 | |
Executive Performance | ||
Employee Benefit and Bonus Plans (Textual) [Abstract] | ||
Number of employees who are covering executive performance of bonus plan | 60 | |
Executive Performance | Accrued Payroll and Benefits Expenses | ||
Employee Benefit and Bonus Plans (Textual) [Abstract] | ||
Accrued expenses | 121 | $813 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Director | |||
Related Party Transactions (Textual) [Abstract] | |||
Overdue outstanding amount owed to law firm | $0 | $0 | |
Chief Executive Officer | Labor and Related Compensation | |||
Related Party Transactions (Textual) [Abstract] | |||
Compensation amount | 130,000 | 130,000 | |
Percentage of amendment bonus | 1.00% | ||
Employment agreement expiration year | 2015 | ||
Chief Executive Officer | Scenario Forecast | Labor and Related Compensation | |||
Related Party Transactions (Textual) [Abstract] | |||
Compensation amount | 130,000 | 130,000 | |
General and Administrative Expense | Director | |||
Related Party Transactions (Textual) [Abstract] | |||
Expenses related to legal advice | 50,000 | 89,000 | |
General and Administrative Expense | Chief Executive Officer | |||
Related Party Transactions (Textual) [Abstract] | |||
Compensation amount included in general and administrative expenses | $130,000 | $157,570 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Number of segments | 2 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||||||||||
Net sales | $13,693 | $14,283 | $13,430 | $15,848 | $16,496 | $16,236 | $13,499 | $13,008 | $57,254 | $59,239 |
Gross profit (loss) | 37 | 495 | 2,028 | 2,435 | 3,554 | 2,759 | 2,089 | 2,765 | 4,995 | 11,167 |
Income (loss) from continuing operations | -3,895 | 3,162 | ||||||||
Corporate and other unallocated expenses | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Income (loss) from continuing operations | -7,597 | -6,995 | ||||||||
Technical Products and Services | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 49,967 | 49,150 | ||||||||
Gross profit (loss) | 4,132 | 9,072 | ||||||||
Technical Products and Services | Operating Segments | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Income (loss) from continuing operations | 3,177 | 8,061 | ||||||||
Electrical and Instrumentation Construction | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 7,287 | 10,089 | ||||||||
Gross profit (loss) | 863 | 2,095 | ||||||||
Electrical and Instrumentation Construction | Operating Segments | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Income (loss) from continuing operations | $525 | $2,096 |
Quarterly_Results_for_Continui2
Quarterly Results for Continuing Operations - 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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Quarterly information for the applicable time periods | ||||||||||
Net sales | $13,693 | $14,283 | $13,430 | $15,848 | $16,496 | $16,236 | $13,499 | $13,008 | $57,254 | $59,239 |
Gross Profit | 37 | 495 | 2,028 | 2,435 | 3,554 | 2,759 | 2,089 | 2,765 | 4,995 | 11,167 |
Net income (loss) | ($1,982) | ($1,982) | $1,062 | $848 | $1,027 | $1,202 | $1,208 | $1,813 | ($2,054) | $5,260 |
Earnings (loss) per share: | ||||||||||
Basic | ($0.25) | ($0.25) | $0.12 | $0.09 | $0.12 | $0.14 | $0.14 | $0.22 | ($0.29) | $0.62 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (Medical And Hospitalization Insurance Program, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ||
Minimum insurance premium | $1,165,000 | $879,000 |
Insurance reserves | 166,000 | 254,000 |
Maximum | ||
Loss Contingencies [Line Items] | ||
Liable for all claims per insured annual amount | 70,000 | |
Liable for all claims per insured aggregate amount | $1,500,000 |
Earnings_Loss_from_Continuing_2
Earnings (Loss) from Continuing Operations Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earnings Per Share [Abstract] | ||||||||||||
Net income (loss) | ($2,399) | [1] | $4,918 | [1] | ||||||||
Weighted average basic shares | 8,182,034 | 7,990,690 | ||||||||||
Dilutive effect of stock options and restricted stock units | 0 | [2] | 1,481,816 | [2] | ||||||||
Total weighted average diluted shares with assumed conversions | 8,182,034 | 9,472,506 | ||||||||||
Earnings loss from continuing operations per common share: | ||||||||||||
Basic | ($0.25) | ($0.25) | $0.12 | $0.09 | $0.12 | $0.14 | $0.14 | $0.22 | ($0.29) | $0.62 | ||
Dilutive | ($0.29) | $0.56 | ||||||||||
[1] | Net income (loss) represents net income (loss) from continuing operations less the dividends on redeemable convertible preferred stock. | |||||||||||
[2] | No units or shares are considered when losses cause the effect to be anti-dilutive. |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | |||||
Impairment loss | $2,300 | $2,300 | |||
Operating income (loss) from discontinued operations | ($21) | ($84) | ($268) | ($373) | ($709) |
Operating assets sales agreement effective date | 14-Aug-14 | ||||
Minimum lease period with option to purchase. | 1 year |
Discontinued_Operations_Assets
Discontinued Operations - Assets and Liabilities Held For Sale (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Disposal Group Including Discontinued Operation Balance Sheet Disclosures [Abstract] | ||
Current assets held for sale | $3,113 | |
Long-term assets held for sale | 650 | 2,005 |
Total assets held for sale | 650 | 5,118 |
Current liabilities held for sale | 536 | |
Total Liabilities held for sale | 536 | |
Net assets and liabilities held for sale | $650 | $4,582 |
Discontinued_Operations_Conden
Discontinued Operations - Condensed Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Operating income (loss) from discontinued operations | ($21) | ($84) | ($268) | ($373) | ($709) |
Valuation provision ("impairment") on assets for sale | -2,300 | -2,300 | |||
Income taxes on discontinued operations | 0 | 0 | |||
Net income (loss) from discontinued operations | ($2,673) | ($709) |
Discontinued_Operations_Conden1
Discontinued Operations - Condensed Consolidated Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net increase (decrease) in cash and cash equivalents | $802 | ($1,079) | ||
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 | -1,691 | -496 | ||
Net cash provided by (used in) investing activities | 2,769 | [1] | -176 | [1] |
Net cash (used in) financing activities | -58 | |||
Advances (to) from parent | ($1,078) | $730 | ||
[1] | Includes sale proceeds of $2.3 million. |
Discontinued_Operations_Conden2
Discontinued Operations - Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ||
Proceeds from other assets | $2.30 | $2.30 |