Stabilis Solutions (SLNG) 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 11, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
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		8,330,524

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 3,961	$ 7,989
Restricted short-term investments	507	507
Accounts receivable-trade, net of allowance of $257 and $225 at June 30, 2016 and December 31, 2015	7,444	6,853
Inventories, net of allowance of $73 and $60 at June 30, 2016 and December 31, 2015	1,093	1,325
Cost and estimated earnings in excess of billings on uncompleted contracts	5,374	2,302
Prepaid expenses and other current assets	298	324
Total current assets	18,677	19,300
Property, plant and equipment, net	7,591	7,915
Advances to and investments in foreign joint ventures	10,650	11,104
Intangibles	409	218
Other assets	64	49
Total assets	37,391	38,586
Current liabilities:
Revolving line of credit	900	1,043
Current portion of long-term note payable	300	300
Accounts payable and other accrued expenses	7,463	4,907
Accrued payroll and benefits	631	476
Billings in excess of costs and estimated earnings on uncompleted contracts	906	1,629
Total current liabilities	10,200	8,355
Long-term note payable	4,050	4,200
Deferred compensation	283	305
Deferred income taxes	2,901	3,064
Total liabilities	17,434	15,924
Convertible preferred stock:
Redeemable convertible preferred stock, Series A, net of discount of $645 at June 30, 2016 and $671 at December 31, 2015; $0.001 par value, 1,000,000 shares authorized, issued and outstanding at June 30, 2016 and December 31, 2015	4,355	4,329
Stockholders’ equity:
Common stock; $0.001 par value, 50,000,000 shares authorized, 8,438,630 and 8,385,929 shares issued and 8,292,753 and 8,254,001 shares outstanding at June 30, 2016 and December 31, 2015	8	8
Treasury stock, at cost 145,877 shares at June 30, 2016 and 131,928 shares at December 31, 2015	(827)	(792)
Additional paid-in capital	12,309	12,032
Accumulated other comprehensive income	245	310
Retained earnings; including accumulated statutory reserves in equity method investments of $2,722 at June 30, 2016 and December 31, 2015	3,867	6,775
Total stockholders’ equity	15,602	18,333
Total liabilities, convertible preferred stock and stockholders’ equity	$ 37,391	$ 38,586

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounts receivable-trade, allowance	$ 257	$ 225
Inventories, allowance	73	60
Redeemable convertible preferred stock, Series A, discount	$ 645	$ 671
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	8,438,630	8,385,929
Common stock, shares outstanding	8,292,753	8,254,001
Treasury stock, shares	145,877	131,928
Equity Method Investments
Retained earnings; accumulated statutory reserves in equity method investments	$ 2,722	$ 2,722

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Net sales	$ 11,444	$ 12,302	$ 19,742	$ 27,613
Cost of sales	10,218	10,258	18,425	23,286
Gross profit	1,226	2,044	1,317	4,327
Operating expenses:
Research and development	196	90	719	228
Selling and marketing	417	493	1,293	1,096
General and administrative	981	1,256	2,327	2,523
Total operating expenses	1,594	1,839	4,339	3,847
Income (loss) from operations	(368)	205	(3,022)	480
Net equity income (loss) from foreign joint ventures’ operations:
Equity income (loss) from foreign joint ventures’ operations	347	284	152	400
Foreign joint ventures’ operations related expenses	(98)	(109)	(149)	(207)
Net equity income (loss) from foreign joint ventures’ operations	249	175	3	193
Income (loss) from operations and net equity income from foreign joint ventures’ operations	(119)	380	(3,019)	673
Other income (expense):
Interest expense and other, net	317	(45)	278	(64)
Foreign transaction gain		134		134
Income (loss) before income taxes	198	469	(2,741)	743
Provision for (benefit from) income taxes	47	(78)	(9)	(78)
Net income (loss) before dividends on redeemable convertible preferred stock	151	547	(2,732)	821
Dividends on redeemable convertible preferred stock	(88)	(87)	(176)	(174)
Net income (loss) attributable to common stockholders	$ 63	$ 460	$ (2,908)	$ 647
Earnings (loss) per common share:
Basic	$ 0.01	$ 0.06	$ (0.35)	$ 0.08
Diluted	$ 0.01	$ 0.06	$ (0.35)	$ 0.08
Weighted - average number of common shares outstanding:
Basic	8,292,751	8,250,833	8,277,897	8,235,901
Diluted	8,292,751	8,293,947	8,277,897	8,279,015

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss) before dividends on redeemable convertible preferred stock	$ 151	$ 547	$ (2,732)	$ 821
Other comprehensive income:
Foreign currency translation gain (loss), net of deferred income taxes	(165)	52	(65)	(95)
Total comprehensive income (loss)	$ (14)	$ 599	$ (2,797)	$ 726

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Foreign currency translation gain (loss), deferred income taxes	$ 85	$ (27)	$ 33	$ 49

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ (2,732)	$ 821
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax provision (benefit)	(129)	(78)
Equity income (loss) from foreign joint ventures’ operations	(152)	(400)
Depreciation and amortization	444	459
Stock based compensation	267	256
Gain on fixed asset disposal	(75)
Bad debt expense	84	25
Obsolete inventory expense	35	35
Deferred compensation costs	(22)	8
Change in operating assets and liabilities:
Accounts receivable	(811)	4,310
Inventories	198	624
Costs and estimated earnings in excess of billings on uncompleted contracts	(2,784)	(801)
Prepaid expenses and other current assets	(55)	(184)
Accounts payable	2,793	(2,793)
Billings in excess of costs and estimated earnings on uncompleted contracts	(723)	732
Accrued liabilities and other current liabilities	(559)	(304)
Net cash provided by (used in) operating activities	(4,221)	2,710
Cash flows from investing activities:
Proceeds from sale of property and equipment	309
Purchases of property, plant and equipment and other assets	(372)	(449)
Proceeds from foreign joint ventures' operations dividends	589	1,170
Net cash provided by (used in) from investing activities	526	721
Cash flows from financing activities:
Proceeds from sale of common stock, preferred stock, and warrants	10	(1)
Treasury stocks purchase	(36)	(70)
Preferred stock cash dividend	(75)	(75)
Proceeds from long-term notes payable		4,000
Advances from revolving credit facility (repayments)	(143)	(2,500)
Payments on long-term notes payable	(150)	(89)
Net cash provided by (used in) financing activities	(394)	1,265
Effect of exchange rate on cash	61
Net increase (decrease) in cash and cash equivalents	(4,028)	4,696
Cash and cash equivalents, beginning of period	7,989	3,550
Cash and cash equivalents, end of period	3,961	8,246
Supplemental disclosures of cash flow information:
Interest paid	$ 95	$ 75

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 and results of operations for the three and six months ended June 30, 2016 and 2015. 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, 2015, which was filed on March 30, 2016. All dollar amounts disclosed in the footnotes are stated in thousands.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2016
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 weighted average number of shares of common stock outstanding for the three and six months ended June 30, 2016 and 2015 . 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. For the three and six months ended June 30, 2016, common stock equivalents from convertible instruments, stock options and other stock units have been excluded from the calculation of weighted average diluted shares because all such instruments were anti-dilutive. The following tables set forth the computation of basic and diluted common shares. Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Weighted average basic shares 8,292,751 8,250,833 8,277,897 8,235,901 Dilutive effect of preferred stock, warrants, stock options and restricted stock units - 43,114 - 43,114 Total weighted average diluted shares 8,292,751 8,293,947 8,277,897 8,279,015

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Accounting Changes And Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	3. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers 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. Compensation – Stock Compensation, 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. Income statement – Extraordinary and Unusual Items, In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, TM In July 2015, the FASB issued ASU No. 2015-11 Inventory Simplifying the Measurement of Inventory In September 2015, the FASB issued ASU No. 2015-16, Business Combinations Simplifying the Accounting for Measurement-Period Adjustments In November, 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases

Investments in Foreign Joint Ve

Investments in Foreign Joint Ventures	6 Months Ended
	Jun. 30, 2016
Equity Method Investments And Joint Ventures [Abstract]
Investments in Foreign Joint Ventures	4. Investments in Foreign Joint Ventures 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. The business is currently inactive and the investment in MIEFE was written down to zero in the first quarter of 2016. BOMAY was formed in 2006 in China with a term of 12 years. The term of the joint venture may be extended upon agreement of all parties. In such case, the joint venture shall apply for the extension to the relevant Chinese authority six months before expiry of the venture. There were no sales to joint ventures for the three months ended June 30, 2016 and 2015. Sales to joint ventures totaled $0.04 million and $0.15 million for the six months ended June 30, 2016 and 2015. Summary (unaudited) financial information of our foreign joint ventures in U.S. dollars was as follows at June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and 2015 (in thousands): BOMAY MIEFE 2016 2015 2016 2015 Assets: Total current assets $ 68,493 $ 68,151 $ 1,033 $ 2,365 Total non-current assets 3,898 4,131 55 70 Total assets $ 72,391 $ 72,282 $ 1,088 $ 2,435 Liabilities and equity: Total liabilities $ 45,464 $ 44,415 $ 1,193 $ 1,930 Total joint ventures’ equity 26,927 27,867 (105 ) 505 Total liabilities and equity $ 72,391 $ 72,282 $ 1,088 $ 2,435 Three Months Ended June 30, BOMAY MIEFE 2016 2015 2016 2015 Revenue $ 17,000 $ 13,426 $ 178 $ 1,701 Gross Profit $ 2,118 $ 2,120 $ 147 $ 504 Earnings $ 1,032 $ 660 $ 50 $ 47 Six Months Ended June 30, BOMAY MIEFE 2016 2015 2016 2015 Revenue $ 23,987 $ 22,228 $ 840 $ 3,435 Gross Profit $ 3,262 $ 3,834 $ 318 $ 687 Earnings $ 1,065 $ 1,139 $ (619 ) $ (137 ) The following is a summary of activity in investments in foreign joint ventures for the six months ended June 30, 2016 (unaudited): June 30, 2016 BOMAY** MIEFE TOTAL (in thousands) Investments in foreign joint ventures: Balance at December 31, 2015 $ 10,896 $ 208 $ 11,104 Equity in earnings (loss) in 2016 426 (3 ) $ 423 Dividend distributions in 2016 (589 ) - $ (589 ) Foreign currency translation adjustment (293 ) 5 $ (288 ) Investments, end of period $ 10,440 $ 210 $ 10,650 Components of investments in foreign joint ventures: Investment in joint ventures $ 2,033 $ 15 $ 2,048 Undistributed earnings 7,935 (15 ) $ 7,920 Foreign currency translation 472 210 $ 682 Investments, end of period $ 10,440 $ 210 $ 10,650 ** Accumulated statutory reserves of $2.72 million 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. During the six months ended June 30, 2016, the Company recognized losses from its investment in MIEFE of $0.27 million. Losses were applied to the investment balance to the extent of the Company’s initial investment, with the remaining $0.27 million accrued in other current liabilities to reflect the Company’s intention to fund their share of losses. 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, 2016
Debt Disclosure [Abstract]
Notes Payable	5. Notes Payable Revolving Credit Agreement On December 29, 2015, the Company entered into a Loan Agreement (the “Loan Agreement”) with Frost Bank (the “Bank”). The Loan Agreement provides two separate revolving credit facilities to the Company. The first facility (“Facility A”) provides the Company with a $4.00 million revolving line of credit with a two-year term maturing December 29, 2017, subject to a maximum loan amount (the “Borrowing Base”) based on a formula related to the value of certain of the Company’s accounts receivable, inventories and equipment totaling $3.10 million at June 30, 2016. Under Facility A, the Company may borrow, repay and reborrow, up to the Borrowing Base. Facility A also allows the issuance of standby letters of credit. As of June 30, 2016, we had no letters of credit outstanding. At June 30, 2016, the outstanding balance of Facility A is $0.90 million. The second facility (“Facility B”) provides the Company with a $4.50 million declining revolving line of credit. The Company may borrow, repay and reborrow from the line. The amount available to borrow under Facility B declines from the initial $4.50 million by $0.15 million each six months. Facility B’s maturity date is December 29, 2020 when all outstanding principal and unpaid accrued interest is due and payable. At June 30, 2016, the outstanding balance is $4.35 million. Under the Loan Agreement, the interest rate on both facilities is LIBOR (0.65% at June 30, 2016) plus 4.00% per year. The Loan Agreement also 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 a ratio of consolidated total liabilities to consolidated net worth not to exceed 1.25. The Company maintains it is in compliance with all covenants required under the Loan Agreement. As of the date of this filing, the Bank has verbally communicated that they believe the Company is not in compliance with the free cash flow covenant. The Company is currently in discussion with the Bank to resolve this issue. The Company had a total of $5.25 million of borrowings outstanding under the Bank Loan Agreement at June 30, 2016 and $5.54 million at December 31, 2015.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	6. Inventories Inventories consisted of the following at June 30, 2016 (unaudited) and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 (in thousands) Raw materials $ 650 $ 594 Work-in-process 516 791 1,166 1,385 Less: allowance (73 ) (60 ) Total inventories $ 1,093 $ 1,325

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The tax benefit for the three and six months ended June 30, 2016 reflect a 34% U.S. tax rate related to the equity in earnings from foreign joint ventures’ operations, net of dividends received and taxes paid on dividends from China resulting in an effective rate of 24% and 0%, respectively. The tax provision for the three and six months ending June 30, 2015 reflects a 34% U.S. tax rate related to the equity in foreign joint ventures’ operations, net of dividends received and taxes paid on dividends from China, for an effective rate of -17% and -11%, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments and Fair Value Measurements	8. 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, 2016 and December 31, 2015 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, 2016
Equity [Abstract]
Redeemable Convertible Preferred Stock	9. 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, 2016 and 2015 totaled $0.03 million and $0.02 million. The Series A Convertible 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 Series A Convertible 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 Series A Convertible Preferred Stock to Common Stock.

Sale of South Coast Electric As

Sale of South Coast Electric Assets	6 Months Ended
	Jun. 30, 2016
Gain Loss On Disposition Of Assets [Abstract]
Sale of South Coast Electric Assets	10. Sale of South Coast Electric Assets On June 24, 2016, the Company sold its Bay St. Louis, MS manufacturing facility and related assets including fixed assets, work in process, and inventory to an unrelated party. The sale resulted in a gain of $0.18 million of which $0.07 million is in relation to the gain of sale of fixed assets is reported in other income and $0.11 million is related to inventory and is reflected in income from operations.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Common Shares	The following tables set forth the computation of basic and diluted common shares. Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Weighted average basic shares 8,292,751 8,250,833 8,277,897 8,235,901 Dilutive effect of preferred stock, warrants, stock options and restricted stock units - 43,114 - 43,114 Total weighted average diluted shares 8,292,751 8,293,947 8,277,897 8,279,015

Investments in Foreign Joint 19

Investments in Foreign Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and 2015 (in thousands): BOMAY MIEFE 2016 2015 2016 2015 Assets: Total current assets $ 68,493 $ 68,151 $ 1,033 $ 2,365 Total non-current assets 3,898 4,131 55 70 Total assets $ 72,391 $ 72,282 $ 1,088 $ 2,435 Liabilities and equity: Total liabilities $ 45,464 $ 44,415 $ 1,193 $ 1,930 Total joint ventures’ equity 26,927 27,867 (105 ) 505 Total liabilities and equity $ 72,391 $ 72,282 $ 1,088 $ 2,435 Three Months Ended June 30, BOMAY MIEFE 2016 2015 2016 2015 Revenue $ 17,000 $ 13,426 $ 178 $ 1,701 Gross Profit $ 2,118 $ 2,120 $ 147 $ 504 Earnings $ 1,032 $ 660 $ 50 $ 47 Six Months Ended June 30, BOMAY MIEFE 2016 2015 2016 2015 Revenue $ 23,987 $ 22,228 $ 840 $ 3,435 Gross Profit $ 3,262 $ 3,834 $ 318 $ 687 Earnings $ 1,065 $ 1,139 $ (619 ) $ (137 )
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, 2016 (unaudited): June 30, 2016 BOMAY** MIEFE TOTAL (in thousands) Investments in foreign joint ventures: Balance at December 31, 2015 $ 10,896 $ 208 $ 11,104 Equity in earnings (loss) in 2016 426 (3 ) $ 423 Dividend distributions in 2016 (589 ) - $ (589 ) Foreign currency translation adjustment (293 ) 5 $ (288 ) Investments, end of period $ 10,440 $ 210 $ 10,650 Components of investments in foreign joint ventures: Investment in joint ventures $ 2,033 $ 15 $ 2,048 Undistributed earnings 7,935 (15 ) $ 7,920 Foreign currency translation 472 210 $ 682 Investments, end of period $ 10,440 $ 210 $ 10,650 ** Accumulated statutory reserves of $2.72 million

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following at June 30, 2016 (unaudited) and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 (in thousands) Raw materials $ 650 $ 594 Work-in-process 516 791 1,166 1,385 Less: allowance (73 ) (60 ) Total inventories $ 1,093 $ 1,325

Earnings Per Common Share (Deta

Earnings Per Common Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Weighted average basic shares	8,292,751	8,250,833	8,277,897	8,235,901
Dilutive effect of preferred stock, warrants, stock options and restricted stock units		43,114		43,114
Total weighted average diluted shares	8,292,751	8,293,947	8,277,897	8,279,015

Investments in Foreign Joint 22

Investments in Foreign Joint Ventures - Additional Information (Detail)	3 Months Ended			6 Months Ended
	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Joint_Ventures	Jun. 30, 2015USD ($)
Schedule Of Equity Method Investments [Line Items]
Interest in joint venture foreign | Joint_Ventures				2
Net sales	$ 11,444,000		$ 12,302,000	$ 19,742,000	$ 27,613,000
Affiliated Entity
Schedule Of Equity Method Investments [Line Items]
Net sales	$ 0		$ 0	$ 40,000	$ 150,000
BOMAY
Schedule Of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	40.00%			40.00%
Joint venture term				12 years
Baoji Oilfield Machinery Co. Ltd.
Schedule Of Equity Method Investments [Line Items]
Interest in Joint Venture	51.00%			51.00%
AA Energies, Inc.
Schedule Of Equity Method Investments [Line Items]
Interest in Joint Venture	9.00%			9.00%
MIEFE
Schedule Of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	41.00%			41.00%
Written down of equity method investment		$ 0
Losses recognized from investment				$ 270,000
MIEFE | Accrued in Other Current Liabilities
Schedule Of Equity Method Investments [Line Items]
Remaining investment from joint venture	$ 270,000			$ 270,000
MIEFE's general manager
Schedule Of Equity Method Investments [Line Items]
Interest in Joint Venture	8.00%			8.00%
Sonepar of France
Schedule Of Equity Method Investments [Line Items]
Interest in Joint Venture	51.00%			51.00%

Investments in Foreign Joint 23

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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
BOMAY
Assets:
Total current assets	$ 68,493		$ 68,493		$ 68,151
Total non-current assets	3,898		3,898		4,131
Total assets	72,391		72,391		72,282
Liabilities and equity:
Total liabilities	45,464		45,464		44,415
Total joint ventures’ equity	26,927		26,927		27,867
Total liabilities and equity	72,391		72,391		72,282
Revenue	17,000	$ 13,426	23,987	$ 22,228
Gross Profit	2,118	2,120	3,262	3,834
Earnings	1,032	660	1,065	1,139
MIEFE
Assets:
Total current assets	1,033		1,033		2,365
Total non-current assets	55		55		70
Total assets	1,088		1,088		2,435
Liabilities and equity:
Total liabilities	1,193		1,193		1,930
Total joint ventures’ equity	(105)		(105)		505
Total liabilities and equity	1,088		1,088		$ 2,435
Revenue	178	1,701	840	3,435
Gross Profit	147	504	318	687
Earnings	$ 50	$ 47	$ (619)	$ (137)

Investments in Foreign Joint 24

Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Investments in foreign joint ventures:
Balance at December 31, 2015	$ 11,104
Equity in earnings (loss) in 2016	423
Dividend distributions in 2016	(589)
Foreign currency translation adjustment	(288)
Investments, end of period	10,650
Components of investments in foreign joint ventures:
Investment in joint ventures		$ 2,048
Undistributed earnings		7,920
Foreign currency translation		682
Investments, end of period	10,650	10,650
BOMAY
Investments in foreign joint ventures:
Balance at December 31, 2015	10,896
Equity in earnings (loss) in 2016	426
Dividend distributions in 2016	(589)
Foreign currency translation adjustment	(293)
Investments, end of period	10,440
Components of investments in foreign joint ventures:
Investment in joint ventures		2,033
Undistributed earnings		7,935
Foreign currency translation		472
Investments, end of period	10,896	10,440
MIEFE
Investments in foreign joint ventures:
Balance at December 31, 2015	208
Equity in earnings (loss) in 2016	(3)
Foreign currency translation adjustment	5
Investments, end of period	210
Components of investments in foreign joint ventures:
Investment in joint ventures		15
Undistributed earnings		(15)
Foreign currency translation		210
Investments, end of period	$ 208	$ 210

Investments in Foreign Joint 25

Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Parenthetical) (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Equity Method Investments
Schedule Of Equity Method Investments [Line Items]
Accumulated statutory reserves in equity method investments	$ 2,722	$ 2,722

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail)	Dec. 29, 2015USD ($)CreditFacility	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Revolving line of credit		$ 900,000	$ 1,043,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, agreement date		Dec. 29, 2015
Number of revolving credit facilities | CreditFacility	2
Amount borrowed under revolving credit facility		$ 5,250,000	$ 5,540,000
Credit facility's interest rate, Description		interest rate on both facilities is LIBOR (0.65% at June 30, 2016) plus 4.00% per year
Leverage test of total liabilities to total net worth	1.25
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]
Debt instrument variable interest rate		0.65%
Credit facility's interest rate	4.00%
Facility A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 4,000,000
Line of credit term	2 years
Line of credit facility maximum borrowing capacity subject to value of certain accounts receivable, inventories and equipment		$ 3,100,000
Revolving credit agreement maturity date	Dec. 29, 2017
Revolving line of credit		900,000
Amount borrowed under revolving credit facility		0
Facility B
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 4,500,000
Revolving credit agreement maturity date	Dec. 29, 2020
Amount borrowed under revolving credit facility	$ 4,500,000	$ 4,350,000
Line of credit facility, borrowing capacity, description		The amount available to borrow under Facility B declines from the initial $4.50 million by $0.15 million each six months.
Revolving line of credit decline term		6 months
Decline in revolving line of credit	$ 150,000

Inventories - Inventories (Deta

Inventories - Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 650	$ 594
Work-in-process	516	791
Inventory, Gross	1,166	1,385
Less: allowance	(73)	(60)
Total inventories	$ 1,093	$ 1,325

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
US tax rate	34.00%	34.00%	34.00%	34.00%
Effective tax rate	24.00%	(17.00%)	0.00%	(11.00%)

Redeemable Convertible Prefer29

Redeemable Convertible Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Temporary Equity [Line Items]
Accretion amount	$ 30	$ 20
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Cumulative dividends at a rate	6.00%
Redeemable convertible preferred stock, liquidation preference per share	$ 5

Sale of South Coast Electric 30

Sale of South Coast Electric Assets - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 24, 2016	Jun. 30, 2016
Long Lived Assets Held For Sale [Line Items]
Gain on sale of fixed assets		$ 75
Bay St. Louis, MS Manufacturing Facility
Long Lived Assets Held For Sale [Line Items]
Gain on sale of facility	$ 180
Gain on sale of fixed assets	70
Gain on sale of inventory	$ 110