Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 10, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AETI | |
Entity Registrant Name | American Electric Technologies Inc | |
Entity Central Index Key | 1,043,186 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 8,252,563 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 8,246 | $ 3,550 |
Accounts receivable-trade, net of allowance of $285 and $315 at June 30, 2015 and December 31, 2014 | 7,641 | 11,877 |
Inventories, net of allowance of $108 and $73 at June 30, 2015 and December 31, 2014 | 2,110 | 2,769 |
Cost and estimated earnings in excess of billings on uncompleted contracts | 3,789 | 2,989 |
Prepaid expenses and other current assets | 504 | 750 |
Total current assets | 22,290 | 21,935 |
Property, plant and equipment, net | 8,363 | 8,373 |
Advances to and investments in foreign joint ventures | 11,436 | 12,054 |
Other assets | 502 | 242 |
Long-term assets held for sale | 650 | 650 |
Total assets | 43,241 | 43,254 |
Current liabilities: | ||
Accounts payable | 4,271 | 6,447 |
Accrued payroll and benefits | 710 | 1,145 |
Other accrued expenses | 459 | 640 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,715 | 1,983 |
Revolving line of credit | 1,500 | |
Current portion of long-term note payable | 267 | 222 |
Other current liabilities | 67 | 150 |
Total current liabilities | 9,989 | 10,587 |
Long-term note payable | 3,644 | 3,778 |
Deferred income taxes | 2,996 | 3,046 |
Deferred compensation | 297 | 290 |
Total liabilities | 16,926 | 17,701 |
Convertible preferred stock: | ||
Redeemable convertible preferred stock, Series A, net of discount of $695 at June 30, 2015 and $719 at December 31, 2014; $0.001 par value, 1,000,000 shares authorized, issued and outstanding at June 30, 2015 and December 31, 2014 | 4,305 | 4,281 |
Stockholders’ equity: | ||
Common stock; $0.001 par value, 50,000,000 shares authorized, 8,250,897 and 8,185,323 shares issued and outstanding at June 30, 2015 and December 31, 2014 | 8 | 8 |
Treasury stock, at cost 131,928 shares at June 30, 2015 and 111,640 shares at December 31, 2014 | (792) | (722) |
Additional paid-in capital | 11,674 | 11,418 |
Accumulated other comprehensive income | 756 | 851 |
Retained earnings; including accumulated statutory reserves in equity method investments of $2,237 and $2,100 at June 30, 2015 and December 31, 2014 | 10,364 | 9,717 |
Total stockholders’ equity | 22,010 | 21,272 |
Total liabilities and stockholders’ equity | $ 43,241 | $ 43,254 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts receivable-trade, allowance | $ 285 | $ 315 |
Inventories, allowance | 108 | 73 |
Redeemable convertible preferred stock, Series A, discount | $ 695 | $ 719 |
Redeemable convertible preferred stock, par value | $ 0.001 | $ 0.001 |
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 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 8,250,897 | 8,185,323 |
Common stock, shares outstanding | 8,250,897 | 8,185,323 |
Treasury stock, shares | 131,928 | 111,640 |
Equity Method Investments | ||
Retained earnings; accumulated statutory reserves in equity method investments | $ 2,237 | $ 2,100 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 12,302 | $ 13,430 | $ 27,613 | $ 29,278 |
Cost of sales | 10,258 | 11,402 | 23,286 | 24,815 |
Gross profit | 2,044 | 2,028 | 4,327 | 4,463 |
Operating expenses: | ||||
Research and development | 90 | 159 | 228 | 226 |
Selling and marketing | 493 | 570 | 1,096 | 1,233 |
General and administrative | 1,256 | 1,148 | 2,523 | 2,355 |
Total operating expenses | 1,839 | 1,877 | 3,847 | 3,814 |
Income (loss) from consolidated continuing operations | 205 | 151 | 480 | 649 |
Net equity income from foreign joint ventures’ operations: | ||||
Equity income from foreign joint ventures’ operations | 284 | 1,110 | 400 | 1,584 |
Foreign joint ventures’ operations related expenses | (109) | (178) | (207) | (290) |
Net equity income from foreign joint ventures’ operations | 175 | 932 | 193 | 1,294 |
Income (loss) from consolidated continuing operations and net equity income from foreign joint ventures’ operations | 380 | 1,083 | 673 | 1,943 |
Other income (expense): | ||||
Interest expense and other, net | (45) | (21) | (64) | (33) |
Foreign transaction gain | 134 | 0 | 134 | 0 |
Continuing operations income (loss) before income taxes | 469 | 1,062 | 743 | 1,910 |
Provision for (benefit from) income taxes on continuing operations | (78) | 0 | (78) | 0 |
Net income (loss) from continuing operations | 547 | 1,062 | 821 | 1,910 |
Discontinued operations income (loss) | 0 | (2,384) | 0 | (2,652) |
Provision for income taxes on discontinued operations | 0 | 0 | 0 | 0 |
Net income (loss) from discontinued operations | 0 | (2,384) | 0 | (2,652) |
Net income (loss) before dividends on redeemable convertible preferred stock | 547 | (1,322) | 821 | (742) |
Dividends on redeemable convertible preferred stock | (87) | (86) | (174) | (172) |
Net income (loss) attributable to common stockholders | $ 460 | $ (1,408) | $ 647 | $ (914) |
Earnings (loss) from continuing operations per common share: | ||||
Basic | $ 0.06 | $ 0.12 | $ 0.08 | $ 0.21 |
Diluted | $ 0.06 | $ 0.11 | $ 0.08 | $ 0.20 |
Weighted - average number of common shares outstanding: | ||||
Basic | 8,250,833 | 8,176,808 | 8,235,901 | 8,115,214 |
Diluted | 8,293,947 | 8,176,808 | 8,279,015 | 8,115,214 |
Loss per common share from discontinued operations: | ||||
Basic and diluted | $ 0 | $ (0.29) | $ 0 | $ (0.32) |
Total earnings (loss) per common share: | ||||
Basic | 0.06 | (0.17) | 0.08 | (0.11) |
Diluted | $ 0.06 | $ (0.17) | $ 0.08 | $ (0.11) |
Continuing Operations | ||||
Weighted - average number of common shares outstanding: | ||||
Basic | 8,250,833 | 8,176,808 | 8,235,901 | 8,115,214 |
Diluted | 8,293,947 | 9,723,076 | 8,279,015 | 9,710,422 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) before dividends on redeemable convertible preferred stock | $ 547 | $ (1,322) | $ 821 | $ (742) |
Other comprehensive income: | ||||
Foreign currency translation gain (loss), net of deferred income taxes | 52 | (99) | (95) | (1) |
Total comprehensive income (loss) | $ 599 | $ (1,421) | $ 726 | $ (743) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Foreign currency translation gain (loss), deferred income taxes | $ (27) | $ 51 | $ 49 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) from continuing operations | $ 821 | $ 1,910 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Deferred income tax provision (benefit) | (78) | |
Equity income from foreign joint ventures’ operations | (400) | (1,584) |
Depreciation and amortization | 459 | 259 |
Stock based compensation | 256 | 191 |
Provision for bad debt | 25 | |
Allowance for obsolete inventory | 35 | 17 |
Deferred compensation costs | 8 | 39 |
Change in operating assets and liabilities: | ||
Accounts receivable | 4,310 | 421 |
Income taxes payable | (282) | (71) |
Inventories | 624 | (376) |
Costs and estimated earnings in excess of billings on uncompleted contracts | (801) | 98 |
Prepaid expenses and other current assets | 98 | 36 |
Accounts payable and accrued liabilities | (2,793) | (343) |
Billings in excess of costs and estimated earnings on uncompleted contracts | 732 | (101) |
Other | (304) | (12) |
Net cash provided by (used in) operating activities | 2,710 | 484 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment and other assets | (449) | (3,603) |
Proceeds from foreign joint ventures’ operations dividends | 1,170 | 2,522 |
Cash withdrawal from joint venture | 46 | |
Net cash provided by (used in) from investing activities | 721 | (1,035) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock, preferred stock, and warrants | (1) | 313 |
Treasury stocks purchase | (70) | (466) |
Preferred stock cash dividend | (75) | (150) |
Proceeds from long-term notes payable | 4,000 | |
Advances from revolving credit facility (repayments) | (2,500) | |
Payments on long-term notes payable | (89) | |
Net cash provided by (used in) financing activities | 1,265 | (303) |
Net increase (decrease) in cash and cash equivalents from continuing operations | 4,696 | (854) |
Advances from (to) discontinued operations | (394) | |
Net increase (decrease) in cash and cash equivalents | 4,696 | (1,248) |
Cash and cash equivalents, beginning of period | 3,550 | 4,148 |
Cash and cash equivalents, end of period | 8,246 | 2,900 |
Supplemental disclosures of cash flow information: | ||
Interest paid | $ 75 | 29 |
Income taxes paid | $ 72 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of American Electric Technologies, Inc. and its wholly-owned subsidiaries (“AETI”, “the Company”, “our”, “we”, “us”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and include all adjustments which, in the opinion of management, are necessary for a fair presentation of financial position as of June 30, 2015 and December 31, 2014 and results of operations for the three months and six months ended June 30, 2015 and 2014. All adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The statements should be read in conjunction with the Company’s consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014, which was filed on March 30, 2015. Because of the sale of the American Access Technologies, Inc. (“AAT”) segment’s operations which was completed on August 14, 2014, its remaining real estate is presented as “held for sale” and its operations are reported as discontinued operations. All dollar amounts disclosed in the footnotes are stated in thousands. See Footnote 12. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | 2. Earnings per Common Share Basic earnings per share is computed by dividing net income (loss) attributable to common stockholders by the number of shares of common stock outstanding for the three months and six months ended June 30, 2015 and 2014. Diluted earnings per share is computed by dividing net income (loss) attributable to common stockholders, by the sum of (1) the weighted-average number of shares of common stock outstanding during the period, (2) the dilutive effect of the assumed exercise of convertible instruments and (3) the dilutive effect of the exercise of stock options and other stock units to our common stock. When convertible preferred stocks are assumed converted then dividends are added back to the earnings in the calculation of diluted earnings per share. The following tables set forth the computation of basic and diluted common shares. Continuing Operations Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted average basic shares 8,250,833 8,176,808 8,235,901 8,115,214 Dilutive effect of preferred stock, warrants, stock options and restricted stock units * 43,114 1,546,268 43,114 1,595,208 Total weighted average diluted shares 8,293,947 9,723,076 8,279,015 9,710,422 With Discontinued Operations Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted average basic shares 8,250,833 8,176,808 8,235,901 8,115,214 Dilutive effect of preferred stock, warrants, stock options and restricted stock units * 43,114 - 43,114 - Total weighted average diluted shares 8,293,947 8,176,808 8,279,015 8,115,214 * When preferred shares are assumed converted, their dividends are added back to net income. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | 3. Recently Issued Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 was effective in the first quarter of 2015. 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). In July 2015, the FASB announced that public companies will apply the new standard effective for annual reporting periods after December 15, 2017. 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 2018. 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 still 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 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. The adoption of ASU No. 2014-17 did not have a significant impact on the Company’s consolidated financial position, results of operations or disclosures. 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 companies, 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 (“ASC”) 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. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 4. Segment Information The Company follows guidance prescribed by the ASC Topic 280, Segment Reporting, which governs the way the Company reports information about its operating segments. Due to the disposition of the AAT segment’s operations and net assets in August 2014, that segment’s results are presented as discontinued operations in the accompanying Condensed Consolidated Statements of Operations. During the six months ended June 30, 2015, we reorganized our continuing operations under our Chief Operating Officer. As a result of these changes, the Company manages its continuing operations as a single segment and has removed the presentation of business segments in these Notes to Condensed Consolidated Financial Statements. The Company will report as a single segment on all future financial statements. |
Investments in Foreign Joint Ve
Investments in Foreign Joint Ventures | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Foreign Joint Ventures | 5. Investments in Foreign Joint Ventures Effective May 1, 2014, we have interests in two joint ventures, outside of the United States of America (“U.S.”) which are accounted for using the equity method: BOMAY Electric Industries Company, Ltd. (“BOMAY”), in which the Company holds a 40% interest, Baoji Oilfield Machinery Co., Ltd. (a subsidiary of China National Petroleum Corporation) holds a 51% interest, and AA Energies, Inc., holds a 9% interest; and, M&I Electric Far East, Ltd. (“MIEFE”), in which the Company holds a 41% interest, MIEFE’s general manager holds an 8% interest and, Sonepar of France holds a 51% interest. Effective April 30, 2014 the Company withdrew from the AETI Alliance Group do Brazil Sistemas E Servicos Em Energia LTDA. (“AAG”) joint venture in exchange for a note from AAG of $0.64 million, receivable in 12 equal payments. The Company has received nine payments totaling $0.40 million through June 30, 2015. The outstanding balance of the note receivable at June 30, 2015 was $0.14 million, adjusted for foreign currency translation adjustments. The note is included in the other receivable line of our balance sheet; the note was originally written as 0% subordinated note, with a maturity date of April 30, 2015, we have imputed interest at 5%. Sales to joint ventures, made on an arm’s length basis, totaled $0.00 million and $0.01 million for the three months ended June 30, 2015 and 2014, respectively. Sales to joint ventures totaled $0.15 million and $0.02 million for the six months ended June 30, 2015 and 2014. Summary (unaudited) financial information of our foreign joint ventures in U.S. dollars was as follows at June 30, 2015 and December 31, 2014 and for the three months and six months ended June 30, 2015 and 2014 (in thousands): BOMAY MIEFE AAG* 2015 2014 2015 2014 2015 2014 Assets: Total current assets $ 72,227 $ 77,812 $ 3,345 $ 3,488 $ - $ - Total non-current assets 4,546 4,710 87 108 - - Total assets $ 76,773 $ 82,522 $ 3,432 $ 3,596 $ - $ - Liabilities and equity: Total liabilities $ 48,671 $ 53,277 $ 2,464 $ 2,128 $ - $ - Total joint ventures’ equity 28,102 29,245 968 1,468 - - Total liabilities and equity $ 76,773 $ 82,522 $ 3,432 $ 3,596 $ - $ - Three Months Ended June 30, BOMAY MIEFE AAG* 2015 2014 2015 2014 2015 2014 Revenue $ 13,426 $ 37,611 $ 1,701 $ 2,388 $ - $ 297 Gross Profit $ 2,120 $ 4,524 $ 504 $ 760 $ - $ 44 Earnings $ 660 $ 2,400 $ 47 $ 275 $ - $ 77 Six Months Ended June 30, BOMAY MIEFE AAG* 2015 2014 2015 2014 2015 2014 Revenue $ 22,228 $ 57,214 $ 3,435 $ 3,212 $ - $ 1,078 Gross Profit $ 3,834 $ 7,459 $ 687 $ 1,119 $ - $ 154 Earnings $ 1,139 $ 3,771 $ (137 ) $ 181 $ - $ 4 *As of April 30, 2014, the Company withdrew from the AAG joint venture. Tables above include the operations of AAG for the period January 1, 2014 through April 29, 2014 The following is a summary of activity in investments in foreign joint ventures for the six months ended June 30, 2015 (unaudited): June 30, 2015 BOMAY** MIEFE TOTAL (in thousands) Investments in foreign joint ventures: Balance at December 31, 2014 $ 11,548 $ 506 $ 12,054 Equity in earnings (loss) in 2015 456 (56 ) $ 400 Dividend distributions in 2015 (1,033 ) (137 ) $ (1,170 ) Foreign currency translation adjustment 66 86 $ 152 Investments, end of period $ 11,037 $ 399 $ 11,436 Components of investments in foreign joint ventures: Investment in joint ventures $ 2,033 $ 14 $ 2,047 Undistributed earnings 7,580 165 $ 7,745 Foreign currency translation 1,424 220 $ 1,644 Investments, end of period $ 11,037 $ 399 $ 11,436 ** Accumulated statutory reserves of $2.24 million and $2.10 million in equity method investments at June 30, 2015 and December 31, 2014, respectively, are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. Under the equity method of accounting, the Company’s share of the joint ventures’ operations’ earnings or loss is recognized in the condensed consolidated statement of operations as equity income (loss) from foreign joint ventures’ operations. Joint venture income increases the carrying value of the joint venture investment and joint venture losses, as well as dividends received from the joint ventures, reduce the carrying value of the investment. The Company reviews its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable or the inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable | 6. Notes Payable Revolving Credit Agreement In March 2015, the Company and JPMorgan Chase N.A. executed the Third Amendment to Credit Agreement, Amendment to Revolving Credit Note and Limited Waiver 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. Term Note The third amendment to the Revolving Credit Agreement, discussed above, established the Term Note maturity date as March 31, 2020. The Term Note’s initial note payable amount of $4.00 million was used to repay the outstanding balance of the old credit facility. 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% (3.69% at June 30, 2015). The loan requires payment of principal on the last day of each calendar quarter of $0.07 million over the remaining life of the loan with a balloon payment of $2.71 million upon maturity. The Company had $3.91 million of borrowings outstanding under the JPMorgan Chase N.A. Term Note agreement at June 30, 2015 and $0.00 million at December 31, 2014, which includes $0.27 million at June 30, 2015, due within one year. The Company is currently in compliance with all debt covenants. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 7. Inventories Inventories consisted of the following at June 30, 2015 (unaudited) and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 (in thousands) Raw materials $ 906 $ 940 Work-in-process 1,312 1,902 2,218 2,842 Less: allowance (108 ) (73 ) Total inventories $ 2,110 $ 2,769 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The tax benefit for the three months and six months ended June 30, 2015 reflect a 34% U.S. tax rate related to the equity in foreign joint ventures’ operations, net of dividends received for an effective rate of 17% and 11%, respectively. The tax provision for period ending June 30, 2014 reflects a 34% U.S. tax rate related to the equity in foreign joint ventures’ operations, net of dividends received for an effective rate of 0%. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Fair Value Measurements | 9. Fair Value of Financial Instruments and Fair Value Measurements The carrying amounts of cash and cash equivalents, trade accounts receivable and accounts payable approximate fair value as of June 30, 2015 and December 31, 2014 because of the relatively short maturity of these instruments. The carrying amount of our long-term note payable approximates the fair value as the interest rate on the note is based on a market rate. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Redeemable Convertible Preferred Stock | 10. Redeemable Convertible Preferred Stock In conjunction with the issuance of the Redeemable Convertible Preferred Stock, Series A in May 2012, warrants were issued for common stock. The initial value allocated to the warrants was recognized as a discount on the Series A Convertible Preferred Stock, with a corresponding charge to additional paid-in capital. The discount related to the warrants is accreted to retained earnings through the scheduled redemption date of the redeemable Series A Convertible Preferred Stock. Discount accretion for the six months ended June 30, 2015 and 2014 totaled $0.02 million and $0.02 million. Discount accretion for the three months ended June 30, 2015 and 2014 totaled $0.01 million and $0.01 million, respectively. The Series A Preferred Stock accrues cumulative dividends at a rate of 6% per annum payable quarterly in cash or with our Common Stock, at the option of the Company, based on the then current liquidation value of the Preferred Stock which is currently $5.00 per share. Quarterly dividends not paid in cash or Common Stock accumulate without interest and must be fully paid before any dividend or other distribution can be paid on or declared and set apart for the Common Stock or conversion of the Preferred Stock to Common Stock. The Company deferred the dividend payment on the Preferred Stock due on June 20, 2015. The Company accrued a total of $0.08 million representing the dividend payment which is included in other accrued expense for financial statement purposes. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Leases | 11. Leases The Company leases corporate office space and equipment (principally trucks and forklifts) under operating lease agreements that expire at various dates up to 2020. Rental expense relating to operating leases and other short-term leases for the six months ended June 30, 2015 and 2014 amounted to approximately $0.29 million and $0.16 million, respectively. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 12. Discontinued Operations AAT results are considered discontinued operations, presented below Continuing operations in the accompanying Condensed Consolidated Statements of Operations, and its assets and associated liabilities are carried as assets and liabilities held for sale. The sale of all non-cash assets excluding the real property closed effective August 14, 2014. 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. No further discontinued operations will result from AAT operations. 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) June 30, 2015 December 31, 2014 (unaudited) Current assets held for sale $ - $ - Long term assets held for sale 650 650 Total assets held for sale $ 650 $ 650 Current liabilities held for sale - - Total liabilities held for sale - - Net assets and liabilities held for sale $ 650 $ 650 American Access Technologies, Inc. Condensed Statements of Operations Unaudited (in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Operating income (loss) from discontinued operations $ - $ (84 ) $ - $ (352 ) Provision for income taxes - - - - Valuation provision ("impairment") on assets for sale - (2,300 ) - (2,300 ) Net loss after tax $ - $ (2,384 ) $ - $ (2,652 ) American Access Technologies, Inc. Condensed Statements of Cash Flow Components Unaudited (in thousands) For the Six Months Ended June 30, 2015 2014 Net cash (used in) operating activities $ - $ (260 ) Net cash provided by (used in) investing activities* - (14 ) Net cash (used in) financing activities - - Net increase (decrease) in cash and cash equivalents $ - $ (274 ) *Cash is not included in assets held for sale and included in the condensed consolidated statements in cash. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Common Shares | The following tables set forth the computation of basic and diluted common shares. Continuing Operations Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted average basic shares 8,250,833 8,176,808 8,235,901 8,115,214 Dilutive effect of preferred stock, warrants, stock options and restricted stock units * 43,114 1,546,268 43,114 1,595,208 Total weighted average diluted shares 8,293,947 9,723,076 8,279,015 9,710,422 With Discontinued Operations Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted average basic shares 8,250,833 8,176,808 8,235,901 8,115,214 Dilutive effect of preferred stock, warrants, stock options and restricted stock units * 43,114 - 43,114 - Total weighted average diluted shares 8,293,947 8,176,808 8,279,015 8,115,214 * When preferred shares are assumed converted, their dividends are added back to net income. |
Investments in Foreign Joint 21
Investments in Foreign Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Financial Information of Foreign Joint Ventures | Summary (unaudited) financial information of our foreign joint ventures in U.S. dollars was as follows at June 30, 2015 and December 31, 2014 and for the three months and six months ended June 30, 2015 and 2014 (in thousands): BOMAY MIEFE AAG* 2015 2014 2015 2014 2015 2014 Assets: Total current assets $ 72,227 $ 77,812 $ 3,345 $ 3,488 $ - $ - Total non-current assets 4,546 4,710 87 108 - - Total assets $ 76,773 $ 82,522 $ 3,432 $ 3,596 $ - $ - Liabilities and equity: Total liabilities $ 48,671 $ 53,277 $ 2,464 $ 2,128 $ - $ - Total joint ventures’ equity 28,102 29,245 968 1,468 - - Total liabilities and equity $ 76,773 $ 82,522 $ 3,432 $ 3,596 $ - $ - Three Months Ended June 30, BOMAY MIEFE AAG* 2015 2014 2015 2014 2015 2014 Revenue $ 13,426 $ 37,611 $ 1,701 $ 2,388 $ - $ 297 Gross Profit $ 2,120 $ 4,524 $ 504 $ 760 $ - $ 44 Earnings $ 660 $ 2,400 $ 47 $ 275 $ - $ 77 Six Months Ended June 30, BOMAY MIEFE AAG* 2015 2014 2015 2014 2015 2014 Revenue $ 22,228 $ 57,214 $ 3,435 $ 3,212 $ - $ 1,078 Gross Profit $ 3,834 $ 7,459 $ 687 $ 1,119 $ - $ 154 Earnings $ 1,139 $ 3,771 $ (137 ) $ 181 $ - $ 4 *As of April 30, 2014, the Company withdrew from the AAG joint venture. Tables above include the operations of AAG for the period January 1, 2014 through April 29, 2014 |
Schedule of Activity in Investment in Foreign Joint Ventures | The following is a summary of activity in investments in foreign joint ventures for the six months ended June 30, 2015 (unaudited): June 30, 2015 BOMAY** MIEFE TOTAL (in thousands) Investments in foreign joint ventures: Balance at December 31, 2014 $ 11,548 $ 506 $ 12,054 Equity in earnings (loss) in 2015 456 (56 ) $ 400 Dividend distributions in 2015 (1,033 ) (137 ) $ (1,170 ) Foreign currency translation adjustment 66 86 $ 152 Investments, end of period $ 11,037 $ 399 $ 11,436 Components of investments in foreign joint ventures: Investment in joint ventures $ 2,033 $ 14 $ 2,047 Undistributed earnings 7,580 165 $ 7,745 Foreign currency translation 1,424 220 $ 1,644 Investments, end of period $ 11,037 $ 399 $ 11,436 ** Accumulated statutory reserves of $2.24 million and $2.10 million in equity method investments at June 30, 2015 and December 31, 2014, respectively, 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. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following at June 30, 2015 (unaudited) and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 (in thousands) Raw materials $ 906 $ 940 Work-in-process 1,312 1,902 2,218 2,842 Less: allowance (108 ) (73 ) Total inventories $ 2,110 $ 2,769 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Assets and Liabilities Held For Sale | Assets and Liabilities held for Sale (in thousands) June 30, 2015 December 31, 2014 (unaudited) Current assets held for sale $ - $ - Long term assets held for sale 650 650 Total assets held for sale $ 650 $ 650 Current liabilities held for sale - - Total liabilities held for sale - - Net assets and liabilities held for sale $ 650 $ 650 |
Condensed Consolidated Statements of Operations | For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Operating income (loss) from discontinued operations $ - $ (84 ) $ - $ (352 ) Provision for income taxes - - - - Valuation provision ("impairment") on assets for sale - (2,300 ) - (2,300 ) Net loss after tax $ - $ (2,384 ) $ - $ (2,652 ) |
Condensed Consolidated Statements of Cash Flows | For the Six Months Ended June 30, 2015 2014 Net cash (used in) operating activities $ - $ (260 ) Net cash provided by (used in) investing activities* - (14 ) Net cash (used in) financing activities - - Net increase (decrease) in cash and cash equivalents $ - $ (274 ) *Cash is not included in assets held for sale and included in the condensed consolidated statements in cash. |
Earnings per Common Share (Deta
Earnings per Common Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share Basic [Line Items] | ||||
Weighted average basic shares | 8,250,833 | 8,176,808 | 8,235,901 | 8,115,214 |
Dilutive effect of preferred stock, warrants, stock options and restricted stock units | 43,114 | 43,114 | ||
Total weighted average diluted shares | 8,293,947 | 8,176,808 | 8,279,015 | 8,115,214 |
Continuing Operations | ||||
Earnings Per Share Basic [Line Items] | ||||
Weighted average basic shares | 8,250,833 | 8,176,808 | 8,235,901 | 8,115,214 |
Dilutive effect of preferred stock, warrants, stock options and restricted stock units | 43,114 | 1,546,268 | 43,114 | 1,595,208 |
Total weighted average diluted shares | 8,293,947 | 9,723,076 | 8,279,015 | 9,710,422 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of segments | 1 |
Investments in Foreign Joint 26
Investments in Foreign Joint Ventures - Additional Information (Detail) $ in Thousands | Apr. 30, 2014USD ($) | Jun. 30, 2015USD ($)Joint_Ventures | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) |
Schedule Of Equity Method Investments [Line Items] | ||||||
Interest in joint venture foreign | Joint_Ventures | 2 | |||||
Net sales | $ 12,302 | $ 13,430 | $ 27,613 | $ 29,278 | ||
Affiliated Entity | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Net sales | $ 0 | $ 10 | $ 150 | $ 20 | ||
BOMAY | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 40.00% | 40.00% | 40.00% | |||
Baoji Oilfield Machinery Co. Ltd. | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Interest in Joint Venture | 51.00% | 51.00% | 51.00% | |||
AA Energies, Inc. | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Interest in Joint Venture | 9.00% | 9.00% | 9.00% | |||
MIEFE | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 41.00% | 41.00% | 41.00% | |||
MIEFE's general manager | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Interest in Joint Venture | 8.00% | 8.00% | 8.00% | |||
Sonepar of France | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Interest in Joint Venture | 51.00% | 51.00% | 51.00% | |||
AAG | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Withdrawal from joint venture | $ 640 | |||||
Proceeds from withdrawal from joint venture | $ 400 | |||||
Notes receivable foreign currency translation adjustment | $ 140 | $ 140 | $ 140 | |||
Imputed interest | 5.00% | |||||
AAG | Subordinated Note | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Subordinated notes percentage | 0.00% | 0.00% | 0.00% | |||
Subordinated notes maturity date | Apr. 30, 2015 |
Investments in Foreign Joint 27
Investments in Foreign Joint Ventures - Schedule of Financial Information of Foreign Joint Ventures (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
BOMAY | ||||
Assets: | ||||
Total current assets | $ 72,227 | $ 77,812 | $ 72,227 | $ 77,812 |
Total non-current assets | 4,546 | 4,710 | 4,546 | 4,710 |
Total assets | 76,773 | 82,522 | 76,773 | 82,522 |
Liabilities and equity: | ||||
Total liabilities | 48,671 | 53,277 | 48,671 | 53,277 |
Total joint ventures’ equity | 28,102 | 29,245 | 28,102 | 29,245 |
Total liabilities and equity | 76,773 | 82,522 | 76,773 | 82,522 |
Revenue | 13,426 | 37,611 | 22,228 | 57,214 |
Gross Profit | 2,120 | 4,524 | 3,834 | 7,459 |
Earnings | 660 | 2,400 | 1,139 | 3,771 |
MIEFE | ||||
Assets: | ||||
Total current assets | 3,345 | 3,488 | 3,345 | 3,488 |
Total non-current assets | 87 | 108 | 87 | 108 |
Total assets | 3,432 | 3,596 | 3,432 | 3,596 |
Liabilities and equity: | ||||
Total liabilities | 2,464 | 2,128 | 2,464 | 2,128 |
Total joint ventures’ equity | 968 | 1,468 | 968 | 1,468 |
Total liabilities and equity | 3,432 | 3,596 | 3,432 | 3,596 |
Revenue | 1,701 | 2,388 | 3,435 | 3,212 |
Gross Profit | 504 | 760 | 687 | 1,119 |
Earnings | $ 47 | 275 | $ (137) | 181 |
AAG | ||||
Liabilities and equity: | ||||
Revenue | 297 | 1,078 | ||
Gross Profit | 44 | 154 | ||
Earnings | $ 77 | $ 4 |
Investments in Foreign Joint 28
Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investments in foreign joint ventures: | ||||
Balance at December 31, 2014 | $ 12,054 | |||
Equity in earnings (loss) in 2015 | $ 284 | $ 1,110 | 400 | $ 1,584 |
Dividend distributions in 2015 | (1,170) | |||
Foreign currency translation adjustment | 152 | |||
Investments, end of period | 11,436 | 11,436 | ||
Components of investments in foreign joint ventures: | ||||
Investment in joint ventures | 2,047 | |||
Undistributed earnings | 7,745 | |||
Foreign currency translation | 1,644 | |||
Investments, end of period | 11,436 | 11,436 | ||
BOMAY | ||||
Investments in foreign joint ventures: | ||||
Balance at December 31, 2014 | 11,548 | |||
Equity in earnings (loss) in 2015 | 456 | |||
Dividend distributions in 2015 | (1,033) | |||
Foreign currency translation adjustment | 66 | |||
Investments, end of period | 11,037 | 11,037 | ||
Components of investments in foreign joint ventures: | ||||
Investment in joint ventures | 2,033 | |||
Undistributed earnings | 7,580 | |||
Foreign currency translation | 1,424 | |||
Investments, end of period | 11,037 | 11,548 | ||
MIEFE | ||||
Investments in foreign joint ventures: | ||||
Balance at December 31, 2014 | 506 | |||
Equity in earnings (loss) in 2015 | (56) | |||
Dividend distributions in 2015 | (137) | |||
Foreign currency translation adjustment | 86 | |||
Investments, end of period | 399 | 399 | ||
Components of investments in foreign joint ventures: | ||||
Investment in joint ventures | 14 | |||
Undistributed earnings | 165 | |||
Foreign currency translation | 220 | |||
Investments, end of period | $ 399 | $ 506 |
Investments in Foreign Joint 29
Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Equity Method Investments And Joint Ventures [Abstract] | ||
Accumulated statutory reserves in equity method investments | $ 2,240 | $ 2,100 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Revolving line of credit | $ 1,500,000 | ||
Long-term borrowings outstanding | 3,644,000 | $ 3,778,000 | |
Current portion of long-term notes payable | $ 267,000 | 222,000 | |
Term Note | |||
Debt Instrument [Line Items] | |||
Credit facility, basis spread on variable rate | 3.50% | ||
Credit facility's interest rate | 3.69% | ||
Debt instrument, maturity date | Mar. 31, 2020 | ||
Notes payable to bank | $ 4,000,000 | ||
Debt instrument interest rate, description | The Term Loan accrues interest at the adjusted LIBOR Rate plus a margin of 3.50% (3.69% at June 30, 2015). | ||
Debt Instrument, Quarterly Payment, Principal | $ 70,000 | ||
Balloon payment of loan | 2,710,000 | ||
Long-term borrowings outstanding | 3,910,000 | $ 0 | |
Current portion of long-term notes payable | $ 270,000 | ||
Revolving Credit Facility Three | |||
Debt Instrument [Line Items] | |||
Revolving credit agreement amendment date | 2015-03 | ||
Revolving credit agreement maturity date | Dec. 31, 2015 | ||
Repayment of previous revolving credit | $ 4,000,000 | ||
Credit facility, basis spread on variable rate | 3.25% | ||
Credit facility's interest rate, Description | interest payable monthly at the adjusted LIBOR Rate plus a margin of 3.25% (3.44% at June 30, 2015). | ||
Credit facility's interest rate | 3.44% | ||
Revolving line of credit | $ 1,500,000 | ||
Minimum | Revolving Credit Facility Three | |||
Debt Instrument [Line Items] | |||
Line of credit facility, remaining borrowing capacity | $ 1,500,000 |
Inventories - Inventories (Deta
Inventories - Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 906 | $ 940 |
Work-in-process | 1,312 | 1,902 |
Inventory, Gross | 2,218 | 2,842 |
Less: allowance | (108) | (73) |
Total inventories | $ 2,110 | $ 2,769 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
US tax rate | 34.00% | 34.00% | 34.00% |
Effective tax rate | 17.00% | 11.00% | 0.00% |
Redeemable Convertible Prefer33
Redeemable Convertible Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Class Of Stock [Line Items] | ||||
Accretion amount | $ 10 | $ 10 | $ 20 | $ 20 |
Series A Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Cumulative dividends at a rate | 6.00% | |||
Redeemable convertible preferred stock, liquidation preference per share | $ 5 | $ 5 | ||
Accrued dividends | $ 80 | $ 80 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Leased Assets [Line Items] | ||
Rental expense | $ 290 | $ 160 |
Maximum | ||
Operating Leased Assets [Line Items] | ||
Lease expiration year | 2,020 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Operating assets sales agreement effective date | Aug. 14, 2014 |
Minimum lease period with option to purchase | 1 year |
Discontinued Operations - Asset
Discontinued Operations - Assets and Liabilities Held For Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Disposal Group Including Discontinued Operation Balance Sheet Disclosures [Abstract] | ||
Current assets held for sale | $ 0 | $ 0 |
Long-term assets held for sale | 650 | 650 |
Total assets held for sale | 650 | 650 |
Current liabilities held for sale | 0 | 0 |
Total liabilities held for sale | 0 | 0 |
Net assets and liabilities held for sale | $ 650 | $ 650 |
Discontinued Operations - Conde
Discontinued Operations - Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Operating income (loss) from discontinued operations | $ (84) | $ (352) | ||
Valuation provision ("impairment") on assets for sale | (2,300) | (2,300) | ||
Net income (loss) from discontinued operations | $ 0 | $ (2,384) | $ 0 | $ (2,652) |
Discontinued Operations - Con38
Discontinued Operations - Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net increase (decrease) in cash and cash equivalents | $ (394) | |
American Access Technologies, Inc. | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net cash (used in) operating activities | (260) | |
Net cash provided by (used in) investing activities | (14) | |
Net cash (used in) financing activities | $ 0 | 0 |
Net increase (decrease) in cash and cash equivalents | $ 0 | $ (274) |