Stabilis Solutions (SLNG) 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 07, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		8,335,968

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 2,903	$ 7,989
Restricted short-term investments	507	507
Accounts receivable-trade, net of allowance of $233 and $225 at September 30, 2016 and December 31, 2015	7,272	6,853
Inventories, net of allowance of $78 and $60 at September 30, 2016 and December 31, 2015	1,472	1,325
Cost and estimated earnings in excess of billings on uncompleted contracts	5,339	2,302
Prepaid expenses and other current assets	205	324
Total current assets	17,698	19,300
Property, plant and equipment, net	7,453	7,915
Advances to and investments in foreign joint ventures	10,805	11,104
Intangibles	529	218
Other assets	18	49
Total assets	36,503	38,586
Current liabilities:
Revolving line of credit	1,500	1,043
Current portion of long-term note payable	300	300
Accounts payable and other accrued expenses	8,965	4,907
Accrued payroll and benefits	879	476
Billings in excess of costs and estimated earnings on uncompleted contracts	341	1,629
Total current liabilities	11,985	8,355
Long-term note payable	4,050	4,200
Deferred compensation	272	305
Deferred income taxes	2,913	3,064
Total liabilities	19,220	15,924
Convertible preferred stock:
Redeemable convertible preferred stock, Series A, net of discount of $631 at September 30, 2016 and $671 at December 31, 2015; $0.001 par value, 1,000,000 shares authorized, issued and outstanding at September 30, 2016 and December 31, 2015	4,369	4,329
Stockholders’ equity:
Common stock; $0.001 par value, 50,000,000 shares authorized, 8,480,118 and 8,385,929 shares issued and 8,292,753 and 8,254,001 shares outstanding at September 30, 2016 and December 31, 2015	8	8
Treasury stock, at cost 145,877 shares at September 30, 2016 and 131,928 shares at December 31, 2015	(863)	(792)
Additional paid-in capital	12,411	12,032
Accumulated other comprehensive income	204	310
Retained earnings; including accumulated statutory reserves in equity method investments of $2,809 and $2,722 at September 30, 2016 and December 31, 2015	1,154	6,775
Total stockholders’ equity	12,914	18,333
Total liabilities, convertible preferred stock and stockholders’ equity	$ 36,503	$ 38,586

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts receivable-trade, allowance	$ 233	$ 225
Inventories, allowance	78	60
Redeemable convertible preferred stock, Series A, discount	$ 631	$ 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	8,480,118	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	$ 2,809	$ 2,722

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net sales	$ 8,673	$ 13,780	$ 28,415	$ 41,393
Cost of sales	9,124	11,219	27,549	34,505
Gross margin	(451)	2,561	866	6,888
Operating expenses:
Research and development	145	276	864	504
Selling and marketing	466	546	1,759	1,642
General and administrative	1,587	1,523	3,914	4,046
Total operating expenses	2,198	2,345	6,537	6,192
Income (loss) from operations	(2,649)	216	(5,671)	696
Net equity income (loss) from foreign joint ventures’ operations:
Equity income (loss) from foreign joint ventures’ operations	215	225	367	625
Foreign joint ventures’ operations related expenses	(53)	(103)	(202)	(310)
Net equity income (loss) from foreign joint ventures’ operations	162	122	165	315
Income (loss) from operations and net equity income from foreign joint ventures’ operations	(2,487)	338	(5,506)	1,011
Other income (expense):
Interest expense and other, net	(78)	(93)	200	(157)
Foreign transaction gain		(134)
Income (loss) before income taxes	(2,565)	111	(5,306)	854
Provision for (benefit from) income taxes	59	(93)	50	(171)
Net income (loss) before dividends on redeemable convertible preferred stock	(2,624)	204	(5,356)	1,025
Dividends on redeemable convertible preferred stock	(89)	(87)	(265)	(261)
Net income (loss) attributable to common stockholders	$ (2,713)	$ 117	$ (5,621)	$ 764
Earnings (loss) per common share:
Basic	$ (0.33)	$ 0.01	$ (0.68)	$ 0.09
Diluted	$ (0.33)	$ 0.01	$ (0.68)	$ 0.08
Weighted - average number of common shares outstanding:
Basic	8,327,009	8,252,396	8,294,268	8,236,212
Diluted	8,327,009	8,252,396	8,294,268	9,277,929

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss) before dividends on redeemable convertible preferred stock	$ (2,624)	$ 204	$ (5,356)	$ 1,025
Other comprehensive income:
Foreign currency translation gain (loss), net of deferred income taxes	(41)	(315)	(106)	(410)
Total comprehensive income (loss)	$ (2,665)	$ (111)	$ (5,462)	$ 615

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Foreign currency translation gain (loss), deferred income taxes	$ 21	$ 117	$ 54	$ 166

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ (5,356)	$ 1,025
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax provision (benefit)	(97)	(171)
Equity income (loss) from foreign joint ventures’ operations	(367)	(625)
Depreciation and amortization	660	673
Stock based compensation	366	302
Gain on fixed asset disposal	(75)	84
Bad debt expense	100	(55)
Obsolete inventory expense	35	47
Deferred compensation costs	(33)	12
Change in operating assets and liabilities:
Accounts receivable	(360)	3,915
Inventories	(180)	1,252
Costs and estimated earnings in excess of billings on uncompleted contracts	(3,049)	142
Prepaid expenses and other current assets	79	707
Accounts payable	3,817	(1,752)
Billings in excess of costs and estimated earnings on uncompleted contracts	(1,288)	(969)
Accrued liabilities and other current liabilities	188	(393)
Foreign currency translation adjustment		(410)
Net cash provided by (used in) operating activities	(5,560)	3,784
Cash flows from investing activities:
Proceeds from sale of property and equipment	309
Purchases of property, plant and equipment and other assets	(572)	(559)
Proceeds from foreign joint ventures' operations dividends	589	1,170
Net cash provided by (used in) from investing activities	326	611
Cash flows from financing activities:
Proceeds from sale of common stock, preferred stock, and warrants	13	22
Treasury stocks purchase	(71)	(70)
Preferred stock cash dividend	(150)	(75)
Proceeds from long-term notes payable		4,000
Advances from revolving credit facility (repayments)	457	(2,500)
Payments on long-term notes payable	(150)	(154)
Net cash provided by (used in) financing activities	99	1,223
Effect of exchange rate on cash	49
Net increase (decrease) in cash and cash equivalents	(5,086)	5,618
Cash and cash equivalents, beginning of period	7,989	3,550
Cash and cash equivalents, end of period	2,903	9,168
Supplemental disclosures of cash flow information:
Interest paid	$ 162	$ 137

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 and results of operations for the three and nine months ended September 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	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted average basic shares 8,327,009 8,252,396 8,294,268 8,236,212 Dilutive effect of preferred stock, warrants, stock options and restricted stock units - - - 1,041,717 Total weighted average diluted shares 8,327,009 8,252,396 8,294,268 9,277,929

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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: 1. 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. 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; and, 2. 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. Sales to joint ventures totaled $0.02 million and $0.03 million for the three months ended September 30, 2016 and 2015. Sales to joint ventures totaled $0.07 million and $0.19 million for the nine months ended September 30, 2016 and 2015. Summary (unaudited) financial information of our foreign joint ventures in U.S. dollars was as follows at September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015 (in thousands): BOMAY MIEFE 2016 2015 2016 2015 Assets: Total current assets $ 62,856 $ 68,151 $ 788 $ 2,365 Total non-current assets 3,804 4,131 22 70 Total assets $ 66,660 $ 72,282 $ 810 $ 2,435 Liabilities and equity: Total liabilities $ 39,265 $ 44,415 $ 787 $ 1,930 Total joint ventures’ equity 27,395 27,867 23 505 Total liabilities and equity $ 66,660 $ 72,282 $ 810 $ 2,435 Three Months Ended September 30, BOMAY MIEFE 2016 2015 2016 2015 Revenue $ 5,557 $ 13,533 $ 307 $ 1,282 Gross Profit $ 1,582 $ 1,996 $ 133 $ 214 Earnings $ 537 $ 755 $ 121 $ (187 ) Nine Months Ended September 30, BOMAY MIEFE 2016 2015 2016 2015 Revenue $ 29,544 $ 35,761 $ 1,147 $ 4,717 Gross Profit $ 4,844 $ 5,830 $ 451 $ 901 Earnings $ 1,602 $ 1,894 $ (498 ) $ (324 ) The following is a summary of activity in investments in foreign joint ventures for the nine months ended September 30, 2016 (unaudited): September 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 641 (3 ) $ 638 Dividend distributions in 2016 (589 ) - $ (589 ) Foreign currency translation adjustment (356 ) 8 $ (348 ) Investments, end of period $ 10,592 $ 213 $ 10,805 Components of investments in foreign joint ventures: Investment in joint ventures $ 2,033 $ 15 $ 2,048 Undistributed earnings 8,150 (15 ) $ 8,135 Foreign currency translation 409 213 $ 622 Investments, end of period $ 10,592 $ 213 $ 10,805 ** Accumulated statutory reserves of $2.81 and $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 nine months ended September 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	9 Months Ended
	Sep. 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 $3.29 million at September 30, 2016. Under Facility A, the Company may borrow, repay and reborrow, up to the Borrowing Base. At September 30, 2016, the outstanding balance of Facility A is $1.50 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 September 30, 2016, the outstanding balance is $4.35 million. Under the Loan Agreement, the interest rate on both facilities is LIBOR (0.85% at September 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 was not in compliance with the fixed charge coverage ratio as of September 30, 2016 but was granted a waiver for the period. There can be no assurances that covenants can be met in the future and if not met, waivers can be obtained. In return, Facility A is capped at $1.50 million of availability until the Company is back in compliance. As of September 30, 2016, there was no additional borrowing capacity available under Facility A. The Company had a total of $5.85 million of borrowings outstanding under the Bank Loan Agreement at September 30, 2016 and $5.54 million at December 31, 2015.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories	6. Inventories Inventories consisted of the following at September 30, 2016 (unaudited) and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 (in thousands) Raw materials $ 636 $ 594 Work-in-process 914 791 1,550 1,385 Less: allowance (78 ) (60 ) Total inventories $ 1,472 $ 1,325

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The tax provision for the three and nine months ended September 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 3% and 1%, respectively. The tax benefit for the three and nine months ending September 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 (84)% and (20)%, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Fair Value Measurements	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015 totaled $0.04 million, each period. Discount accretion for the three months ended September 30, 2016 and 2015 totaled $0.01 million, each period. 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. At September 30, 2016 and December 31, 2015, the company had accrued but unpaid dividends totaling $0.08 million and $0.23 million, respectively, which is included in the accounts payable and other accrued expenses in the condensed consolidated balance sheet. On or before 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. As of September 30, 2016 and 2015, the redemption price per share was $5.00 in both years. 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%.

Sale of South Coast Electric As

Sale of South Coast Electric Assets	9 Months Ended
	Sep. 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 on sale of fixed assets and 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)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted average basic shares 8,327,009 8,252,396 8,294,268 8,236,212 Dilutive effect of preferred stock, warrants, stock options and restricted stock units - - - 1,041,717 Total weighted average diluted shares 8,327,009 8,252,396 8,294,268 9,277,929

Investments in Foreign Joint 19

Investments in Foreign Joint Ventures (Tables)	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015 (in thousands): BOMAY MIEFE 2016 2015 2016 2015 Assets: Total current assets $ 62,856 $ 68,151 $ 788 $ 2,365 Total non-current assets 3,804 4,131 22 70 Total assets $ 66,660 $ 72,282 $ 810 $ 2,435 Liabilities and equity: Total liabilities $ 39,265 $ 44,415 $ 787 $ 1,930 Total joint ventures’ equity 27,395 27,867 23 505 Total liabilities and equity $ 66,660 $ 72,282 $ 810 $ 2,435 Three Months Ended September 30, BOMAY MIEFE 2016 2015 2016 2015 Revenue $ 5,557 $ 13,533 $ 307 $ 1,282 Gross Profit $ 1,582 $ 1,996 $ 133 $ 214 Earnings $ 537 $ 755 $ 121 $ (187 ) Nine Months Ended September 30, BOMAY MIEFE 2016 2015 2016 2015 Revenue $ 29,544 $ 35,761 $ 1,147 $ 4,717 Gross Profit $ 4,844 $ 5,830 $ 451 $ 901 Earnings $ 1,602 $ 1,894 $ (498 ) $ (324 )
Schedule of Activity in Investment in Foreign Joint Ventures	The following is a summary of activity in investments in foreign joint ventures for the nine months ended September 30, 2016 (unaudited): September 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 641 (3 ) $ 638 Dividend distributions in 2016 (589 ) - $ (589 ) Foreign currency translation adjustment (356 ) 8 $ (348 ) Investments, end of period $ 10,592 $ 213 $ 10,805 Components of investments in foreign joint ventures: Investment in joint ventures $ 2,033 $ 15 $ 2,048 Undistributed earnings 8,150 (15 ) $ 8,135 Foreign currency translation 409 213 $ 622 Investments, end of period $ 10,592 $ 213 $ 10,805 ** Accumulated statutory reserves of $2.81 and $2.72 million

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following at September 30, 2016 (unaudited) and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 (in thousands) Raw materials $ 636 $ 594 Work-in-process 914 791 1,550 1,385 Less: allowance (78 ) (60 ) Total inventories $ 1,472 $ 1,325

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of Basic and Diluted Common Shares (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Weighted average basic shares	8,327,009	8,252,396	8,294,268	8,236,212
Dilutive effect of preferred stock, warrants, stock options and restricted stock units				1,041,717
Total weighted average diluted shares	8,327,009	8,252,396	8,294,268	9,277,929

Investments in Foreign Joint 22

Investments in Foreign Joint Ventures - Additional Information (Detail)	3 Months Ended			9 Months Ended
	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)Joint_Ventures	Sep. 30, 2015USD ($)
Schedule Of Equity Method Investments [Line Items]
Interest in joint venture foreign | Joint_Ventures				2
Net sales	$ 8,673,000		$ 13,780,000	$ 28,415,000	$ 41,393,000
Affiliated Entity
Schedule Of Equity Method Investments [Line Items]
Net sales	$ 20,000		$ 30,000	$ 70,000	$ 190,000
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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
BOMAY
Assets:
Total current assets	$ 62,856		$ 62,856		$ 68,151
Total non-current assets	3,804		3,804		4,131
Total assets	66,660		66,660		72,282
Liabilities and equity:
Total liabilities	39,265		39,265		44,415
Total joint ventures’ equity	27,395		27,395		27,867
Total liabilities and equity	66,660		66,660		72,282
Revenue	5,557	$ 13,533	29,544	$ 35,761
Gross Profit	1,582	1,996	4,844	5,830
Earnings	537	755	1,602	1,894
MIEFE
Assets:
Total current assets	788		788		2,365
Total non-current assets	22		22		70
Total assets	810		810		2,435
Liabilities and equity:
Total liabilities	787		787		1,930
Total joint ventures’ equity	23		23		505
Total liabilities and equity	810		810		$ 2,435
Revenue	307	1,282	1,147	4,717
Gross Profit	133	214	451	901
Earnings	$ 121	$ (187)	$ (498)	$ (324)

Investments in Foreign Joint 24

Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Investments in foreign joint ventures:
Balance at December 31, 2015	$ 11,104
Equity in earnings (loss) in 2016	638
Dividend distributions in 2016	(589)
Foreign currency translation adjustment	(348)
Investments, end of period	10,805
Components of investments in foreign joint ventures:
Investment in joint ventures		$ 2,048
Undistributed earnings		8,135
Foreign currency translation		622
Investments, end of period	10,805	10,805
BOMAY
Investments in foreign joint ventures:
Balance at December 31, 2015	10,896
Equity in earnings (loss) in 2016	641
Dividend distributions in 2016	(589)
Foreign currency translation adjustment	(356)
Investments, end of period	10,592
Components of investments in foreign joint ventures:
Investment in joint ventures		2,033
Undistributed earnings		8,150
Foreign currency translation		409
Investments, end of period	10,896	10,592
MIEFE
Investments in foreign joint ventures:
Balance at December 31, 2015	208
Equity in earnings (loss) in 2016	(3)
Foreign currency translation adjustment	8
Investments, end of period	213
Components of investments in foreign joint ventures:
Investment in joint ventures		15
Undistributed earnings		(15)
Foreign currency translation		213
Investments, end of period	$ 208	$ 213

Investments in Foreign Joint 25

Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Equity Method Investments
Schedule Of Equity Method Investments [Line Items]
Accumulated statutory reserves in equity method investments	$ 2,809	$ 2,722

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail)	Dec. 29, 2015USD ($)CreditFacility	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Revolving line of credit		$ 1,500,000	$ 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		$ 5,850,000	$ 5,540,000
Credit facility's interest rate, Description		interest rate on both facilities is LIBOR (0.85% at September 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		0.85%
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		$ 3,290,000
Revolving credit agreement maturity date	Dec. 29, 2017
Revolving line of credit		1,500,000
Lines of credit facility, capped amount		1,500,000
Additional borrowing Capacity		$ 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
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
Amount borrowed under revolving credit facility	$ 4,500,000	$ 4,350,000

Inventories - Inventories (Deta

Inventories - Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 636	$ 594
Work-in-process	914	791
Inventory, Gross	1,550	1,385
Less: allowance	(78)	(60)
Total inventories	$ 1,472	$ 1,325

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
US tax rate	34.00%	34.00%	34.00%	34.00%
Effective tax rate	3.00%	(84.00%)	1.00%	(20.00%)

Redeemable Convertible Prefer29

Redeemable Convertible Preferred Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)$ / shares	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2016USD ($)Installment$ / shares	Sep. 30, 2015USD ($)$ / shares	Dec. 31, 2015USD ($)
Temporary Equity [Line Items]
Accretion amount | $	$ 10	$ 10	$ 40	$ 40
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		$ 5
Series A Convertible Preferred Stock | Accounts Payable and Other Accrued Expenses
Temporary Equity [Line Items]
Total accrued but unpaid dividends | $	$ 80		$ 80		$ 230
Series A Convertible Preferred Stock | Scenario, Plan
Temporary Equity [Line Items]
Redeemable convertible preferred stock, liquidation preference per share	$ 5		$ 5
Redemption price per share	$ 5	$ 5	$ 5	$ 5
Number of redemption price, accrued and unpaid dividends installment payments | Installment			36
Annual interest rate on redemption value payable			6.00%
Series A Convertible Preferred Stock | Scenario, Plan | Maximum
Temporary Equity [Line Items]
Majority outstanding shares redeemable date			Apr. 30, 2017

Sale of South Coast Electric 30

Sale of South Coast Electric Assets - Additional Information (Detail) - Bay St. Louis, MS Manufacturing Facility $ in Thousands	Jun. 24, 2016USD ($)
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