Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | ' |
Entity Registrant Name | 'INTEGRATED ELECTRICAL SERVICES INC |
Entity Central Index Key | '0001048268 |
Document Type | '10-K |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Current Fiscal Year End Date | '--09-30 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 17,841,640 |
Entity Well-known Seasoned Issuer | 'No |
Entity Public Float | $31,900,000 |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $20,757 | $18,729 |
Restricted Cash | 0 | 7,155 |
Accounts receivable: | ' | ' |
Trade, net of allowance | 73,540 | 76,259 |
Retainage | 17,473 | 17,004 |
Inventories | 20,147 | 15,141 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 8,336 | 8,180 |
Assets Held-for-sale, Current | 0 | 1,110 |
Prepaid expenses and other current assets | 3,772 | 3,807 |
Total current assets | 144,025 | 147,385 |
LONG-TERM RECEIVABLE, net of allowance | 35 | 259 |
PROPERTY AND EQUIPMENT, net | 10,414 | 6,480 |
GOODWILL | 13,924 | 4,446 |
INTANGIBLE ASSETS, net of amortization | 4,138 | 0 |
OTHER NON-CURRENT ASSETS, net | 6,716 | 6,143 |
Total assets | 179,252 | 164,713 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Current maturities of long-term debt | 3,562 | 456 |
Current maturities of long-term debt, related party | 0 | 10,000 |
Debt, Current | 3,562 | 10,456 |
Accounts payable and accrued expenses | 74,320 | 68,673 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 20,676 | 25,255 |
Total current liabilities | 98,558 | 104,384 |
LONG-TERM DEBT, net of current maturities | 10,210 | 24 |
LONG-TERM DEFERRED TAX LIABILITY | 905 | 285 |
OTHER NON-CURRENT LIABILITIES | 7,093 | 6,863 |
Total liabilities | 116,766 | 111,556 |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, 100,000,000 shares authorized; 15,407,802 and 15,407,802 shares issued and 15,013,840 and 14,938,071 outstanding, respectively | 182 | 154 |
Treasury stock, at cost, 451,329 and 633,898 shares, respectively | -2,332 | -4,546 |
Additional paid-in capital | 174,514 | 163,871 |
Accumulated other comprehensive income | 17 | 0 |
Retained deficit | -109,895 | -106,322 |
Total stockholders' equity | 62,486 | 53,157 |
Total liabilities and stockholders' equity | $179,252 | $164,713 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Trade, allowance | $980 | $1,788 |
LONG TERM RECEIVABLES, allowance | $0 | $0 |
Preferred stock, par value | $0.01 | ' |
Preferred stock, shares authorized | 100,000,000 | ' |
Preferred stock, shares issued | 0 | ' |
Preferred stock, shares outstanding | 0 | ' |
Common stock, par value | $0.01 | ' |
Common stock, shares authorized | 100,000,000 | ' |
Common stock, shares issued | 15,407,802 | 15,407,802 |
Common stock, shares outstanding | 15,105,846 | 14,977,400 |
Treasury stock, shares | 301,956 | 430,402 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Revenues | $494,593 | $456,115 | $406,141 |
Cost of services | 427,633 | 398,063 | 361,757 |
Gross profit | 66,960 | 58,052 | 44,384 |
Selling, general and administrative expenses | 66,598 | 58,609 | 63,321 |
(Gain) loss on sale of assets | -64 | -168 | -6,555 |
Asset Impairment | 0 | 0 | 4,804 |
Income (loss) from operations | 426 | -389 | -17,186 |
Interest and other (income) expense: | ' | ' | ' |
Interest expense | 1,771 | 2,324 | 2,278 |
Interest income | -152 | -34 | -68 |
Other (income) expense, net | 659 | -62 | -7 |
Interest and other expense, net | 2,278 | 2,228 | 2,203 |
Income (loss) from operations before income taxes | -1,852 | -2,617 | -19,389 |
Provision (benefit) for income taxes | 326 | 38 | 172 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -2,178 | -2,655 | -19,561 |
Discontinued operations (Note 4 "Strategic Actions") | ' | ' | ' |
Income (loss) from discontinued operations | -1,395 | -9,158 | -18,288 |
Provision (benefit) for income taxes | 0 | -11 | -26 |
Net income (loss) from discontinued operations | -1,395 | -9,147 | -18,262 |
Net loss | -3,573 | -11,802 | -37,823 |
Interest Rate Swap | -17 | ' | ' |
Comprehensive Income (loss) | $3,556 | $11,802 | $37,823 |
Basic earnings (loss) per share: | ' | ' | ' |
Continuing operations | ($0.15) | ($0.18) | ($1.35) |
Discontinued operations | ($0.09) | ($0.63) | ($1.26) |
Earnings Per Share, Basic | ($0.24) | ($0.81) | ($2.61) |
Diluted earnings (loss) per share: | ' | ' | ' |
Continuing operations | ($0.15) | ($0.18) | ($1.35) |
Discontinued operations | ($0.09) | ($0.63) | ($1.26) |
Earnings Per Share, Diluted | ($0.24) | ($0.81) | ($2.61) |
Shares used in the computation of loss per share (Note 6 "Per Share Information"): | ' | ' | ' |
Basic | 14,952,054 | 14,625,776 | 14,493,747 |
Diluted | 14,952,054 | 14,625,776 | 14,493,747 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] |
In Thousands, except Share data | ||||||
Balance at Sep. 30, 2010 | $101,202 | $154 | ($13,677) | $171,510 | ($88) | ($56,697) |
Balance, shares at Sep. 30, 2010 | ' | 15,407,802 | -633,898 | ' | ' | ' |
Restricted stock grant | ' | ' | 4,595 | -4,595 | ' | ' |
Restricted stock grant, shares | ' | ' | 333,616 | ' | ' | ' |
Forfeiture of restricted stock | ' | ' | 450 | -450 | ' | ' |
Forfeiture of restricted stock, shares | ' | ' | 130,258 | ' | ' | ' |
Acquisition of treasury stock | 72 | ' | -3,937 | 4,009 | ' | ' |
Acquisition of treasury stock, shares | ' | ' | 20,789 | ' | ' | ' |
Non-cash compensation | 907 | ' | ' | 907 | ' | ' |
Unrealized loss on marketable securities, net of tax | 88 | ' | ' | ' | 88 | ' |
Net loss | -37,823 | ' | ' | ' | ' | -37,823 |
Balance at Sep. 30, 2011 | 64,302 | 154 | -5,595 | 164,263 | ' | -94,520 |
Balance, shares at Sep. 30, 2011 | ' | 15,407,802 | -451,329 | ' | ' | ' |
Restricted stock grant | ' | ' | 1,322 | -1,322 | ' | ' |
Restricted stock grant, shares | ' | ' | 107,500 | ' | ' | ' |
Forfeiture of restricted stock | ' | ' | 92 | -92 | ' | ' |
Forfeiture of restricted stock, shares | ' | ' | 32,277 | ' | ' | ' |
Acquisition of treasury stock | 181 | ' | 181 | ' | ' | ' |
Acquisition of treasury stock, shares | ' | ' | 54,296 | ' | ' | ' |
Non-cash compensation | 838 | ' | ' | 838 | ' | ' |
Net loss | -11,802 | ' | ' | ' | ' | -11,802 |
Balance at Sep. 30, 2012 | 53,157 | 154 | -4,546 | 163,871 | ' | -106,322 |
Balance, shares at Sep. 30, 2012 | ' | 15,407,802 | -430,402 | ' | ' | ' |
Restricted stock grant | ' | ' | 2,649 | -2,649 | ' | ' |
Restricted stock grant, shares | ' | ' | 266,814 | ' | ' | ' |
Acquisition of treasury stock | 435 | ' | 435 | ' | ' | ' |
Acquisition of treasury stock, shares | ' | ' | 95,469 | ' | ' | ' |
Non-cash compensation | 1,430 | ' | ' | 1,430 | ' | ' |
Interest Rate Swap | -17 | ' | ' | ' | -17 | ' |
Stock Issuance related to acquisition | 11,890 | 28 | ' | 11,862 | ' | ' |
Stock Issuance related to acquisition, shares | ' | 2,795,577 | ' | ' | ' | ' |
Net loss | -3,573 | ' | ' | ' | ' | -3,573 |
Balance at Sep. 30, 2013 | $62,486 | $182 | ($2,332) | $174,514 | $17 | ($109,895) |
Balance, shares at Sep. 30, 2013 | ' | 18,203,379 | -259,057 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($3,573) | ($11,802) | ($37,823) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' |
Bad debt expense | 4 | -858 | -715 |
Deferred financing cost amortization | 286 | 209 | 338 |
Depreciation and amortization | 2,552 | 2,146 | 6,356 |
Gain on sale of business unit | 0 | 0 | -6,657 |
Gain on sale of assets | 119 | 44 | 88 |
Non-cash compensation expense | 1,430 | 838 | 907 |
Impairment of investment | 1,475 | 688 | 4,854 |
Deferred income tax | 0 | -39 | -107 |
Changes in operating assets and liabilities | ' | ' | ' |
Accounts receivable | 3,987 | 11,130 | -2,761 |
Inventories | 2,523 | -6,698 | -537 |
Costs and estimated earnings in excess of billings | -155 | 1,782 | 2,222 |
Prepaid expenses and other current assets | 670 | -273 | 1,206 |
Other non-current assets | -625 | 211 | 3,092 |
Accounts payable and accrued expenses | -1,201 | -10,114 | 14,861 |
Billings in excess of costs and estimated earnings | -4,579 | 5,670 | 2,476 |
Other non-current liabilities | -959 | -305 | 348 |
Net cash provided by (used in) operating activities | 1,954 | -7,371 | -11,852 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | -444 | -1,877 | -2,688 |
Proceeds from Sale of Property, Plant, and Equipment | 829 | 0 | 1,268 |
Proceeds on sale of facilities | 0 | 0 | 16,763 |
Cash Paid For Asset Purchase Agreement | -5,155 | 0 | 0 |
Net cash provided by (used in) investing activities | -4,770 | -1,877 | 15,343 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Borrowings of debt | 15,167 | 0 | 0 |
Repayments of debt | -17,042 | -264 | -766 |
Purchase of treasury stock | 436 | 181 | 72 |
Changes In Restricted Cash | 7,155 | -7,155 | 0 |
Net cash used in financing activities | 4,844 | -7,600 | -838 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | 2,028 | -16,848 | 2,653 |
CASH AND CASH EQUIVALENTS, beginning of period | 18,729 | 35,577 | ' |
CASH AND CASH EQUIVALENTS, end of period | 20,757 | 18,729 | 35,577 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid for interest | 1,115 | 1,646 | 2,293 |
Cash paid for income taxes | 496 | 436 | 340 |
Assets acquired under capital lease | $0 | $0 | $68 |
Business
Business | 12 Months Ended |
Sep. 30, 2013 | |
Business [Abstract] | ' |
Description of the Business | ' |
INTEGRATED ELECTRICAL SERVICES, INC. | |
Notes to Consolidated Financial Statements | |
(All Amounts in Thousands Except Share Amounts) | |
1. BUSINESS | |
Description of the Business | |
Integrated Electrical Services, Inc. is a holding company that owns and manages operating subsidiaries in business activities across a variety of end markets. Our operations are currently organized into four principal business segments, based upon the nature of our current products and services: | |
Communications – Nationwide provider of products and services for mission critical infrastructure, such as data centers, of large corporations. | |
Residential – Regional provider of electrical installation services for single-family housing and multi-family apartment complexes. | |
Commercial & Industrial – Provider of electrical design, construction, and maintenance services to the commercial and industrial markets in various regional markets and nationwide in certain areas of expertise, such as the power infrastructure market. | |
Infrastructure Solutions - Provider of industrial and rail services, and electrical and mechanical solutions to domestic and international customers. This segment was created in connection with the acquisition of MISCOR. | |
The words “IES”, the “Company”, “we”, “our”, and “us” refer to Integrated Electrical Services, Inc. and, except as otherwise specified herein, to our wholly-owned subsidiaries. | |
Our Communications segment is a leading provider of network infrastructure products and services for data centers and other mission critical environments. Services offered include the design, installation and maintenance of network infrastructure for the financial, medical, hospitality, government, hi-tech manufacturing, educational and information technology industries. We also provide the design and installation of audio/visual, telephone, fire, wireless and intrusion alarm systems as well as design/build, service and maintenance of data network systems. We perform services across the United States from our ten offices, which includes our Communications headquarters located in Tempe, Arizona, allowing for dedicated onsite maintenance teams at our customer’s sites. | |
Our Residential segment provides electrical installation services for single-family housing and multi-family apartment complexes and CATV cabling installations for residential and light commercial applications. In addition to our core electrical construction work, the Residential segment has expanded its offerings by providing services for the installation of residential solar power, smart meters, electric car charging stations and stand-by generators, both for new construction and existing residences. The Residential segment is made up of 24 total locations, which includes our Residential headquarters in Houston. These segment locations geographically cover Texas, the Sun-Belt, and the Western and Mid-Atlantic regions of the United States, including Hawaii. | |
Our Commercial & Industrial segment is one of the largest providers of electrical contracting services in the United States. The segment offers a broad range of electrical design, construction, renovation, engineering and maintenance services to the commercial and industrial markets. The Commercial & Industrial segment consists of 18 total locations, which includes our Commercial & Industrial headquarters in Houston, Texas. These locations geographically cover Texas, Nebraska, Colorado, Oregon and the Mid-Atlantic region. Services include the design of electrical systems within a building or complex, procurement and installation of wiring and connection to power sources, end-use equipment and fixtures, as well as contract maintenance. We focus on projects that require special expertise, such as design-and-build projects that utilize the capabilities of our in-house experts, or projects which require specific market expertise, such as transmission and distribution and power generation facilities. We also focus on service, maintenance and certain renovation and upgrade work, which tends to be either recurring or have lower sensitivity to economic cycles, or both. We provide services for a variety of projects, including: high-rise residential and office buildings, power plants, manufacturing facilities, data centers, chemical plants, refineries, wind farms, solar facilities, municipal infrastructure and health care facilities, and residential developments. Our utility services consist of overhead and underground installation and maintenance of electrical and other utilities transmission and distribution networks, installation and splicing of high-voltage transmission and distribution lines, substation construction and substation and right-of-way maintenance. Our maintenance services generally provide recurring revenues that are typically less affected by levels of construction activity. Service and maintenance revenues are derived from service calls and routine maintenance contracts, which tend to be recurring and less sensitive to short term economic fluctuations. | |
Our Infrastructure Solutions segment provides maintenance and repair services to several industries, including electric motor repair and rebuilding for the steel, railroad, marine, petrochemical, pulp and paper, wind energy, mining, automotive and power generation industries. Infrastructure Solutions repairs and manufactures industrial lifting magnets for the steel and scrap industries, provides locomotive maintenance, remanufacturing, and repair services to the rail industry, and manufactures and rebuilds power assemblies, engine parts, and other components for large diesel engines. Infrastructure Solutions is made up of nine total locations, which includes our Infrastructure Solutions headquarters in Ohio. These segment locations geographically cover Alabama, Indiana, Ohio, West Virginia, Maryland and California. | |
Controlling Shareholder | |
At September 30, 2013, Tontine Capital Partners, L.P. and its affiliates (collectively, “Tontine”), was the controlling shareholder of the Company’s common stock. Accordingly, Tontine has the ability to exercise significant control over our affairs, including the election of directors and any action requiring the approval of shareholders, including the approval of any potential merger or sale of all or substantially all assets or segments of the Company, or the Company itself. For a more complete discussion on our relationship with Tontine, please refer to Note 3, “Controlling Shareholder” in the notes to our Consolidated Financial Statements. | |
Sale of Non-Core Electrical Distribution Facility | |
On February 28, 2011, Key Electrical Supply, Inc, a wholly owned subsidiary of the Company, sold substantially all the assets and certain liabilities of a non-core electrical distribution facility engaged in distributing wiring, lighting, electrical distribution, power control and generators for residential and commercial applications to Elliot Electric Supply, Inc. for a purchase price of $6,676. The loss on this transaction was immaterial. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||
Summary Of Significant Accounting Policies | ' | ||||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||
Principles of Consolidation | |||||
The accompanying consolidated financial statements include the accounts of IES and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. | |||||
Asset Impairment | |||||
During the fiscal years ended September 30, 2013 and 2012, the Company recorded pretax non-cash asset impairment charges of $200 and $688, respectively, related to real estate held by our Commercial & Industrial segment. The real estate was held within a location selected for closure during 2011. This impairment was to adjust the carrying value of real estate held for sale to the estimated current market value less expected selling expenses. The real estate is classified as assets held for sale within our Consolidated Balance Sheets as of September 30, 2012, and was subsequently sold on September 30, 2013. The impairment charges are included in our net loss from discontinued operations within our Consolidated Statements of Comprehensive Income. | |||||
During the fiscal year ended September 30, 2011, the Company recorded a pretax non-cash asset impairment charge of $3,551 related to certain internally-developed capitalized software within our Corporate segment, $968 for our investment in EnerTech Capital Partners II L.P. (“EnerTech”) within our Corporate segment, $142 for goodwill within our Commercial & Industrial segment and $143 within our Commercial & Industrial segment, related to real estate held by the Company which was impaired further in 2012 and 2013, as noted above. The Company ceased use of the internally-developed software in 2011. As a result, the software has a fair value of zero. The non-cash impairments related to the investment in EnerTech and the real estate were to adjust the carrying value to their estimated current market values. | |||||
Use of Estimates | |||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are primarily used in our revenue recognition of construction in progress, fair value assumptions in analyzing goodwill, investments, intangible assets and long-lived asset impairments and adjustments, allowance for doubtful accounts receivable, stock-based compensation, reserves for legal matters, assumptions regarding estimated costs to exit certain segments, realizability of deferred tax assets, unrecognized tax benefits and self-insured claims liabilities and related reserves. | |||||
Cash and Cash Equivalents | |||||
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||
Inventories | |||||
Inventories generally consist of raw materials, work in process, finished goods, and parts and supplies held for use in the ordinary course of business. Inventory is valued at the lower of cost or market generally using the historical average cost or first-in, first-out (FIFO) method. When circumstances dictate, we write down inventory to its estimated realizable value based on assumptions about future demand, market conditions, plans for disposal, and physical condition of the product. Where shipping and handling costs are borne by us, these charges are included in inventory and charged to cost of services upon use in our projects or the providing of services. | |||||
Securities and Equity Investments | |||||
Our investments are accounted for using either the cost or equity method of accounting, as appropriate. Each period, we evaluate whether an event or change in circumstances has occurred that may indicate an investment has been impaired. If, upon further investigation of such events, we determine the investment has suffered a decline in value that is other than temporary, we write down the investment to its estimated fair value. | |||||
Long-Term Receivables | |||||
From time to time, we enter into payment plans with certain customers over periods in excess of one year. We classify these receivables as long-term receivables. Additionally, we provide an allowance for doubtful accounts for specific long-term receivables where collection is considered doubtful. | |||||
In March 2009, in connection with a construction project entering bankruptcy, we transferred $3,992 of trade accounts receivable to long-term receivable and initiated breach of contract and mechanics’ lien foreclosure actions against the project’s general contractor and owner, respectively. At the same time, we reserved the costs in excess of billings of $278 associated with this receivable. In March 2010, given the significant uncertainty associated with its ultimate collectability we reserved the remaining balance of $3,714, but continued to pursue collection through the bankruptcy court proceeding. In February 2011, we entered into a $2,850 settlement in connection with the breach of contract and mechanics’ lien foreclosure actions related to the receivable. The $2,850 recovery was recorded in the accompanying consolidated statements of comprehensive income as a component of selling, general, and administrative expenses. | |||||
Property and Equipment | |||||
Additions of property and equipment are recorded at cost, and depreciation is computed using the straight-line method over the estimated useful life of the related asset. Leasehold improvements are capitalized and depreciated over the lesser of the life of the lease or the estimated useful life of the asset. | |||||
Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing property and equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the capitalized cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the statements of comprehensive income in the caption (gain) loss on sale of assets. | |||||
Goodwill | |||||
Goodwill attributable to each reporting unit is tested for impairment by comparing the fair value of each reporting unit with its carrying value. Fair value is determined using discounted cash flows. These impairment tests are required to be performed at least annually. Significant estimates used in the methodologies include estimates of future cash flows, future short-term and long-term growth rates, and weighted average cost of capital for each of the reportable units. On an ongoing basis (absent any impairment indicators), we perform an impairment test annually using a measurement date of September 30. | |||||
Intangible Assets | |||||
Intangible assets with definite lives are amortized over their estimated useful lives based on expected economic benefit with no residual value. Customer relationships are amortized assuming gradual attrition. Intangible assets with indefinite lives are not subject to amortization. We perform a test for impairment annually, or more frequently when indicators of impairment are present. | |||||
Debt Issuance Costs | |||||
Debt issuance costs are included in other noncurrent assets and are amortized to interest expense over the scheduled maturity of the debt. Amortization expense of debt issuance costs was $522, $568 and $338, respectively, for the years ended 2013, 2012 and 2011. Remaining unamortized capitalized debt issuance costs were $1,449 and $1,139 at September 30, 2013, and September 30, 2012, respectively. | |||||
Revenue Recognition | |||||
Revenue is generally recognized once the following four criteria are met; (i) persuasive evidence of an arrangement exists, (ii) delivery of the product has occurred or services have been rendered, (iii) the price of the product or service is fixed and determinable, and (iv) collectability is reasonably assured. Costs associated with these products and services are recognized within the period they are incurred. | |||||
We recognize revenue on project contracts using the percentage of completion method. Project contracts generally provide that customers accept completion of progress to date and compensate us for services rendered measured in terms of units installed, hours expended or some other measure of progress. We recognize revenue on both signed contracts and change orders. A discussion of our treatment of claims and unapproved change orders is described later in this section. Percentage of completion for construction contracts is measured principally by the percentage of costs incurred and accrued to date for each contract to the estimated total cost for each contract at completion. We generally consider contracts to be substantially complete upon departure from the work site and acceptance by the customer. Contract costs include all direct material, labor and insurance costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. Changes in job performance, job conditions, estimated contract costs and profitability and final contract settlements may result in revisions to costs and income and the effects of these revisions are recognized in the period in which the revisions are determined. Provisions for total estimated losses on uncompleted contracts are made in the period in which such losses are determined. The balances billed but not paid by customers pursuant to retainage provisions in project contracts will be due upon completion of the contracts and acceptance by the customer. Based on our experience, the retention balance at each balance sheet date will be collected within the subsequent fiscal year. | |||||
Certain divisions in the Residential segment use the completed contract method of accounting because the duration of their contracts is short in nature. We recognize revenue on completed contracts when the project is complete and billable to the customer. Provisions for estimated losses on these contracts are recorded in the period such losses are determined. | |||||
The current asset “Costs and estimated earnings in excess of billings on uncompleted contracts” represents revenues recognized in excess of amounts billed which management generally believes will generally be billed and collected within the next twelve months. Also included in this asset, from time to time, are claims and unapproved change orders which are amounts we are in the process of collecting from our customers or agencies for changes in contract specifications or design, contract change orders in dispute or unapproved as to scope and price, or other related causes of unanticipated additional contract costs. Claims are limited to costs incurred and are recorded at estimated realizable value when collection is probable and can be reasonably estimated. We do not recognize profits on project costs incurred in connection with claims. Claims made by us involve negotiation and, in certain cases, litigation. Such litigation costs are expensed as incurred. As of September 30, 2013, 2012 and 2011, there were no material revenues recorded associated with any claims. The current liability “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized. Costs and estimated earnings in excess of billings on uncompleted contracts are amounts considered recoverable from customers based on different measures of performance, including achievement of specific milestones, completion of specified units or at the completion of the contract. | |||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||
We record accounts receivable for all amounts billed and not collected. Generally, we do not charge interest on outstanding accounts receivable; however, from time to time we may believe it necessary to charge interest on a case by case basis. Additionally, we provide an allowance for doubtful accounts for specific accounts receivable where collection is considered doubtful as well as for general unknown collection issues based on historical trends. Accounts receivable not determined to be collectible are written off as deemed necessary in the period such determination is made. As is common in our industry, some of these receivables are in litigation or require us to exercise our contractual lien rights in order to collect. These receivables are primarily associated with a few divisions within our Commercial & Industrial segment. Certain other receivables are slow-pay in nature and require us to exercise our contractual or lien rights. We believe that our allowance for doubtful accounts is sufficient to cover uncollectible receivables as of September 30, 2013 and September 30, 2012. | |||||
Comprehensive Income | |||||
Comprehensive income includes all changes in equity during a period except those resulting from investments by and distributions to stockholders. | |||||
Income Taxes | |||||
We follow the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recorded for the future income tax consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities, and are measured using enacted tax rates and laws. | |||||
We regularly evaluate valuation allowances established for deferred tax assets for which future realization is uncertain. We perform this evaluation at least annually at the end of each fiscal year. The estimation of required valuation allowances includes estimates of future taxable income. In assessing the realizability of deferred tax assets at September 30, 2013, we considered whether it was more likely than not that some portion or all of the deferred tax assets would not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income is different from the estimates, our results could be affected. We have determined to fully reserve against such an occurrence. | |||||
On May 12, 2006, we had a change in ownership as defined in Internal Revenue Code Section 382. Internal Revenue Code Section 382 limits the utilization of net operating losses that existed as of the change in ownership in tax periods subsequent to the change in ownership. As such, our utilization after the change date of net operating losses in existence as of the change in ownership is subject to Internal Revenue Code Section 382 limitations for federal income taxes and some state income taxes. We have provided valuation allowances on all net operating losses where it is determined it is more likely than not that they will expire without being utilized. | |||||
Risk-Management | |||||
We retain the risk for workers’ compensation, employer’s liability, automobile liability, general liability and employee group health claims, as well as pollution coverage, resulting from uninsured deductibles per accident or occurrence which are subject to annual aggregate limits. Our general liability program provides coverage for bodily injury and property damage. Losses up to the deductible amounts are accrued based upon our known claims incurred and an estimate of claims incurred but not reported. For the year ended September 30, 2013, we compiled our historical data pertaining to the insurance experiences and actuarially developed the ultimate loss associated with our insurance programs other than pollution coverage, which was obtained in connection with the MISCOR acquisition. We believe that the actuarial valuation provides the best estimate of the ultimate losses to be expected under these programs. | |||||
The undiscounted ultimate losses of all insurance reserves at September 30, 2013 and 2012, was $5,306 and $6,864, respectively. Based on historical payment patterns, we expect payments of undiscounted ultimate losses to be made as follows: | |||||
Year Ended September 30: | |||||
2014 | $ | 1,668 | |||
2015 | 991 | ||||
2016 | 595 | ||||
2017 | 379 | ||||
2018 | 243 | ||||
Thereafter | 1,430 | ||||
Total | $ | 5,306 | |||
We elect to discount the ultimate losses above to present value using an approximate risk-free rate over the average life of our insurance claims. For the years ended September 30, 2013 and 2012, the discount rate used was 1.4 percent and 0.6 percent, respectively. The present value of all insurance reserves for the employee group health claims, workers’ compensation, auto and general liability recorded at September 30, 2013 and 2012 was $4,963 and $5,228, respectively. Our employee group health claims are anticipated to be resolved within the year ended September 30, 2014. | |||||
We had letters of credit totaling $6,147 outstanding at September 30, 2013 to collateralize our high deductible insurance obligations. | |||||
Realization of Long-Lived Assets | |||||
We evaluate the recoverability of property and equipment and other long-lived assets as facts and circumstances indicate that any of those assets might be impaired. If an evaluation is required for our assets we plan to hold and use, the estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying amount to determine if an impairment of such property has occurred. The effect of any impairment would be to expense the difference between the fair value of such property and its carrying value. Estimated fair values are determined based on expected future cash flows discounted at a rate we believe incorporates the time value of money, the expectations about future cash flows and an appropriate risk premium. | |||||
During the years ended September 30, 2013, 2012 and 2011, we evaluated certain of our long-lived assets. These evaluations resulted in impairment charges as described above under “Asset Impairment”. | |||||
Risk Concentration | |||||
Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash deposits and accounts receivable. We grant credit, usually without collateral, to our customers, who are generally large public companies, contractors and homebuilders throughout the United States. Consequently, we are subject to potential credit risk related to changes in business and economic factors throughout the United States, specifically, within the construction, homebuilding and mission critical facility markets. However, we are entitled to payment for work performed and have certain lien rights in that work. Further, management believes that its contract acceptance, billing and collection policies are adequate to manage potential credit risk. We routinely maintain cash balances in financial institutions in excess of federally insured limits. We periodically assess the financial condition of these institutions where these funds are held and believe the credit risk is minimal. As a result of recent credit market turmoil we maintain the majority of our cash and cash equivalents in money market mutual funds. | |||||
No single customer accounted for more than 10% of our revenues for the years ended September 30, 2013, 2012 and 2011. | |||||
Fair Value of Financial Instruments | |||||
Our financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, investments, accounts payable, a loan agreement, and an interest rate swap agreement. We believe that the carrying value of financial instruments, with the exception of our cost method investment in EnerTech, in the accompanying Consolidated Balance Sheets, approximates their fair value due to their short-term nature. | |||||
We estimate the fair value of our investment in EnerTech (Level 3) using quoted market prices for underlying publicly traded securities, and estimated enterprise values determined using cash flow projections and market multiples of the underlying non-public companies. For additional information, please refer to Note 7, “Detail of Certain Balance Sheet Accounts – Securities and Equity Investments – Investment in EnerTech.” | |||||
Stock-Based Compensation | |||||
We measure and record compensation expense for all share-based payment awards based on the fair value of the awards granted, net of estimated forfeitures, at the date of grant. We calculate the fair value of stock options using a binomial option pricing model. The fair value of restricted stock awards and phantom stock unit awards is determined based on the number of shares granted and the closing price of IES’s common stock on the date of grant. Forfeitures are estimated at the time of grant and revised as deemed necessary. The resulting compensation expense from discretionary awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The cash flows resulting from the tax deductions in excess of the compensation expense recognized for options and restricted stock (excess tax benefit) are classified as financing cash flows. | |||||
Deferred Compensation Plans | |||||
The Company maintains a rabbi trust to fund certain deferred compensation plans. The securities held by the trust are classified as trading securities. The investments are recorded at fair value and are classified as other non-current assets in the accompanying Consolidated Balance Sheets as of September 30, 2013 and 2012. The changes in fair values are recorded as unrealized gains (losses) as a component of other income (expense) in the Consolidated Statements of Comprehensive Income. | |||||
The corresponding deferred compensation liability is included in other non-current liabilities on the Consolidated Balance Sheets and changes in this obligation are recognized as adjustments to compensation expense in the period in which they are determined. | |||||
New Accounting Pronouncements | |||||
In February 2013, the FASB issued accounting guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income. This guidance sets forth new disclosure requirements for items reclassified from accumulated other comprehensive income by requiring disclosures for both the changes in accumulated other comprehensive income by component and where the significant items reclassified from accumulated other comprehensive income are classified in the Statements of Consolidated Comprehensive Income. This guidance became effective for us on October 1, 2013 and will require additional disclosure for changes in accumulated other comprehensive income. | |||||
In June 2011, the FASB issued amended authoritative guidance associated with comprehensive income, which requires companies to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This amendment to the authoritative guidance associated with comprehensive income was effective for the Company on October 1, 2012 and has been applied retrospectively. We have adopted a single continuous statement of comprehensive income. | |||||
Controlling_Shareholder
Controlling Shareholder | 12 Months Ended |
Sep. 30, 2013 | |
Controlling Shareholder [Abstract] | ' |
Controlling Shareholder | ' |
3. CONTROLLING SHAREHOLDER | |
At September 30, 2013 Tontine Capital Partners, L.P. and its affiliates (collectively “Tontine”) was the controlling shareholder of the Company’s common stock. Accordingly, Tontine has the ability to exercise significant control over our affairs, including the election of directors and any action requiring the approval of shareholders. | |
While Tontine is subject to restrictions under federal securities laws on sales of its shares as an affiliate pursuant to a Registration Rights Agreement, Tontine delivered a request to the Company for registration of all of its shares of IES common stock, and on February 21, 2013, the Company filed the Shelf Registration Statement to register Tontine’s shares. The Shelf Registration Statement was declared effective by the SEC on June 18, 2013. As long as the Shelf Registration remains effective, Tontine has the ability to resell any or all of its shares from time to time in one or more offerings, as described in the Shelf Registration Statement and in any prospectus supplement filed in connection with an offering pursuant to the Shelf Registration Statement. | |
Should Tontine sell or otherwise dispose of all or a portion of its position in IES, a change in ownership could occur. A change in ownership, as defined by Internal Revenue Code Section 382, could reduce the availability of net operating losses (“NOLs”) for federal and state income tax purposes. On January 28, 2013, the Company implemented a tax benefit protection plan (the “NOL Rights Plan”) that is designed to deter an acquisition of the Company's stock in excess of a threshold amount that could trigger a change of control within the meaning of Internal Revenue Code Section 382. For additional information on the NOL Rights Plan please see our Current Report on Form 8-K, filed with the SEC on January 28, 2013. There can be no assurance that the NOL Rights Plan will be effective in deterring a change of control or protecting the NOLs. Furthermore, a change in control would trigger the change of control provisions in a number of our material agreements, including our 2012 Credit Facility, bonding agreements with our sureties and certain employment contracts with certain officers and employees of the Company. |
Strategic_Actions
Strategic Actions | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Strategic Actions [Abstract] | ' | |||||||||||||
Strategic Actions | ' | |||||||||||||
4. STRATEGIC ACTIONS | ||||||||||||||
The 2011 Restructuring Plan | ||||||||||||||
In the second quarter of our 2011 fiscal year, we began a restructuring program (the “2011 Restructuring Plan”) that was designed to consolidate operations within our Commercial & Industrial business. Pursuant to the 2011 Restructuring Plan, we began the closure of certain underperforming facilities within our Commercial & Industrial operations. The 2011 Restructuring Plan was a key element of our commitment to return the Company to profitability. | ||||||||||||||
The facilities directly affected by the 2011 Restructuring Plan were in several locations throughout the country, including Arizona, Florida, Iowa, Massachusetts, Louisiana, Nevada and Texas. These facilities were selected due to business prospects at that time and the extended time frame needed to return the facilities to a profitable position. Closure costs associated with the 2011 Restructuring Plan included equipment and facility lease termination expenses, incremental management consulting expenses and severance costs for employees. The Company has completed the wind down of these facilities with minimal completion remaining. As part of our restructuring charges reported within discontinued operations for our Commercial & Industrial segment we recognized $(4), $(62), and $1,455 in severance charges; $63, $1,099, and $1,530 in consulting services; and zero, $133, and $799 in costs related to lease terminations for the years ended September 30, 2013, 2012, and 2011, respectively. Charges related to the 2011 Restructuring Plan in year ended 2014 are expected to be immaterial. | ||||||||||||||
The 2011 Restructuring Plan pertains only to our Commercial & Industrial segment. The following table summarizes the activities related to our restructuring activities by component: | ||||||||||||||
Severance | Consulting | Lease Termination | ||||||||||||
Charges | Charges | & Other Charges | Total | |||||||||||
Restructuring liability at September 30, 2012 | $ | 201 | $ | 10 | $ | 329 | $ | 540 | ||||||
Restructuring charges (reversals) incurred | -4 | 63 | - | 59 | ||||||||||
Cash payments made | -82 | -73 | -169 | -324 | ||||||||||
Restructuring liability at September 30, 2013 | $ | 115 | $ | - | $ | 160 | $ | 275 |
Property_And_Equipment
Property And Equipment | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property And Equipment [Abstract] | ' | ||||||||
Property And Equipment | ' | ||||||||
5. PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consists of the following: | |||||||||
Estimated | |||||||||
Useful Lives | Years Ended September 30, | ||||||||
in Years | 2013 | 2012 | |||||||
Land | N/A | $ | 689 | $ | 1,795 | ||||
Buildings | 20-May | 3,762 | 550 | ||||||
Transportation equipment | 5-Mar | 1,688 | 1,696 | ||||||
Machinery and equipment | 10-Mar | 7,251 | 4,732 | ||||||
Leasehold improvements | 10-May | 2,313 | 2,015 | ||||||
Information systems | 8-Feb | 15,408 | 15,289 | ||||||
Furniture and fixtures | 7-May | 776 | 887 | ||||||
$ | 31,887 | $ | 26,964 | ||||||
Less--Accumulated depreciation and amortization | -21,570 | -20,484 | |||||||
Construction in Progress | 97 | - | |||||||
Property and equipment, net | $ | 10,414 | $ | 6,480 | |||||
Depreciation and amortization expense from continuing operations was $2,552, $2,075 and $6,216, respectively, for the years ended September 30, 2013, 2012 and 2011. |
Per_Share_Information
Per Share Information | 12 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Per Share Information [Abstract] | ' | |||||||||
Per Share Information | ' | |||||||||
6. PER SHARE INFORMATION | ||||||||||
Basic earnings per share is calculated as income (loss) available to common stockholders, divided by the weighted average number of common shares outstanding during the period. If the effect is dilutive, participating securities are included in the computation of basic earnings per share. Our participating securities do not have a contractual obligation to share in the losses in any given period. As a result, these participating securities will not be allocated any losses in the periods of net losses, but will be allocated income in the periods of net income using the two-class method. | ||||||||||
The following table reconciles the components of the basic and diluted loss per share for the years ended September 30, 2013, 2012 and 2011: | ||||||||||
Years Ended September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Numerator: | ||||||||||
Net loss from continuing operations attributable to common shareholders | $ | -2,178 | $ | -2,655 | $ | -19,561 | ||||
Net loss from discontinued operations attributable to common shareholders | $ | -1,395 | $ | -9,147 | $ | -18,262 | ||||
Net loss | $ | -3,573 | $ | -11,802 | $ | -37,823 | ||||
Denominator: | ||||||||||
Weighted average common shares outstanding — basic | 14,952,054 | 14,625,776 | 14,493,747 | |||||||
Basic loss per share | $ | -0.24 | $ | -0.81 | $ | -2.61 | ||||
Diluted loss per share | $ | -0.24 | $ | -0.81 | $ | -2.61 |
Detail_Of_Certain_Balance_Shee
Detail Of Certain Balance Sheet Accounts | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Detail Of Certain Balance Sheet Accounts [Abstract] | ' | |||||||
Detail Of Certain Balance Sheet Accounts | ' | |||||||
7. DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS | ||||||||
Activity in our allowance for doubtful accounts on accounts and long-term receivables consists of the following: | ||||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Balance at beginning of period | $ | 1,788 | $ | 2,704 | ||||
Additions to costs and expenses | 133 | 771 | ||||||
Deductions for uncollectible receivables written off, net of recoveries | -941 | -1,687 | ||||||
Balance at end of period | $ | 980 | $ | 1,788 | ||||
Accounts payable and accrued expenses consist of the following: | ||||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Accounts payable, trade | $ | 40,659 | $ | 39,879 | ||||
Accrued compensation and benefits | 18,057 | 13,312 | ||||||
Accrued insurance liabilities | 4,963 | 5,229 | ||||||
Other accrued expenses | 10,641 | 10,253 | ||||||
$ | 74,320 | $ | 68,673 | |||||
Contracts in progress are as follows: | ||||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Costs incurred on contracts in progress | $ | 362,822 | $ | 402,738 | ||||
Estimated earnings | 42,464 | 33,931 | ||||||
405,286 | 436,669 | |||||||
Less--Billings to date | -417,626 | -453,744 | ||||||
Net contracts in progress | $ | -12,340 | $ | -17,075 | ||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 8,336 | 8,180 | ||||||
Less--Billings in excess of costs and estimated earnings on uncompleted contracts | -20,676 | -25,255 | ||||||
Net contracts in progress | $ | -12,340 | $ | -17,075 | ||||
Other non-current assets are comprised of the following: | ||||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Deposits | $ | 999 | $ | 2,137 | ||||
Deferred tax assets | 1,631 | 1,065 | ||||||
Executive Savings Plan assets | 591 | 533 | ||||||
Securities and equity investments | 919 | 919 | ||||||
Other | 2,576 | 1,489 | ||||||
Total | $ | 6,716 | $ | 6,143 | ||||
Securities and Equity Investments | ||||||||
Investment in EnerTech | ||||||||
In April 2000, we committed to invest up to $5,000 in EnerTech. We fulfilled our commitment in fiscal year 2008. As our investment was 2.21% of the overall ownership in EnerTech at September 30, 2013 and 2012, we account for this investment using the cost method of accounting. EnerTech’s investment portfolio from time to time results in unrealized losses reflecting a possible, other-than-temporary, impairment of our investment. The carrying value of our investment in EnerTech at September 30, 2013 and 2012 was $919. Our results of operations for the year ended September 30, 2011, includes a write down of $967 attributable to our investment in EnerTech. | ||||||||
The following table presents the reconciliation of the carrying value and unrealized gains (losses) to the fair value of the investment in EnerTech as of September 30, 2013 and 2012: | ||||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Carrying value | $ | 919 | $ | 919 | ||||
Unrealized gains | 138 | 69 | ||||||
Fair value | $ | 1,057 | $ | 988 | ||||
At each reporting date, the Company performs an evaluation of impairment for securities to determine if any unrealized losses are other-than-temporary. For equity securities, this evaluation considers a number of factors including, but not limited to, the length of time and extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer and management’s ability and intent to hold the securities until fair value recovers. The assessment of the ability and intent to hold these securities to recovery focuses on liquidity needs, asset and liability management objectives and securities portfolio objectives. Based on the results of this evaluation, we believe the unrealized gain at September 30, 2013 indicated our investment was not impaired. | ||||||||
In June 2012, we received a distribution from EnerTech of $84, which was applied as a reduction in the carrying value of the investment. | ||||||||
On December 31, 2012, EnerTech’s general partner, with the consent of the fund’s investors, extended the fund through December 31, 2013. The fund will terminate on this date unless extended by the fund’s valuation committee. The fund may be extended for another one-year period through December 31, 2014 with the consent of the fund’s valuation committee. |
Debt
Debt | 12 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Debt [Abstract] | ' | |||||||||
Debt | ' | |||||||||
8. DEBT | ||||||||||
Debt consists of the following: | ||||||||||
September 30, | September 30, | |||||||||
2013 | 2012 | |||||||||
Wells Fargo Term Loan, paid in installments thru Aug 9, 2016 | 13,708 | - | ||||||||
Tontine Term Loan | $ | - | $ | 10,000 | ||||||
Insurance Financing Agreements | - | 196 | ||||||||
Capital leases and other | 64 | 284 | ||||||||
Total debt | 13,772 | 10,480 | ||||||||
Less — Short-term debt and current maturities of long-term debt | -3,562 | -10,456 | ||||||||
Total long-term debt | $ | 10,210 | $ | 24 | ||||||
Future payments on debt in future fiscal years at September 30, 2013 are as follows: | ||||||||||
Capital Leases and Other | ||||||||||
Term Debt | Total | |||||||||
2014 | $ | 62 | $ | 3,500 | $ | 3,562 | ||||
2015 | 4 | 3,500 | 3,504 | |||||||
2016 | - | 6,708 | 6,708 | |||||||
2017 | - | - | - | |||||||
2018 | - | - | - | |||||||
Thereafter | - | - | - | |||||||
Less: Imputed Interest | -2 | - | -2 | |||||||
Total | $ | 64 | $ | 13,708 | $ | 13,772 | ||||
For the years ended September 30, 2013, 2012 and 2011, we incurred interest expense of $1,771, $2,324 and $2,278, respectively. | ||||||||||
The 2012 Revolving Credit Facility | ||||||||||
On August 9, 2012, we entered into a Credit and Security Agreement (the “Credit Agreement”), for a $30,000 revolving credit facility (the “2012 Credit Facility”) with Wells Fargo Bank, National Association with a maturity date of August 9, 2015, unless earlier terminated. We have entered into two amendments to the 2012 Credit Facility. On February 12, 2013, we entered into an amendment of our 2012 Credit Facility with Wells Fargo (the “Amendment”), to extend the term to August 9, 2016, add IES Renewable Energy, LLC as a borrower, and provide for a term loan (the “Wells Fargo Term Loan”). On September 13, 2013, we entered into an amendment of our 2012 Credit Facility with Wells Fargo (the “Second Amendment”), which amended the Wells Fargo Term Loan, removed the requirement to cash collateralize our outstanding letters of credit, and added IES Subsidiary Holdings Inc., Magnetech Industrial Services, Inc., and HK Engine Components, LLC, as borrowers. | ||||||||||
The 2012 Credit Facility is guaranteed by our subsidiaries and secured by first priority liens on substantially all of our subsidiaries’ existing and future acquired assets, exclusive of collateral provided to our surety providers. The 2012 Credit Facility also restricts us from paying cash dividends and places limitations on our ability to repurchase our common stock. | ||||||||||
The 2012 Credit Facility contains customary affirmative, negative and financial covenants. The 2012 Credit Facility requires that we maintain a fixed charge coverage ratio of not less than 1.0:1.0 at any time that our Liquidity (defined as the aggregate amount of unrestricted cash and cash equivalents on hand plus Excess Availability (as defined in the Credit Facility)) or Excess Availability fall below stipulated levels. The Second Amendment provided for tiered thresholds. Through December 31, 2013, our Liquidity must not fall below $15,000. Thereafter, our Liquidity must not fall below $20,000. Our Excess Availability must not fall below $4,000 through September 30, 2013. This minimum threshold increases by $250 monthly through December 31, 2013, at which time and thereafter, our Excess Availability must not fall below $5,000. As of September 30, 2013, our Liquidity was in excess of $15,000 and Excess Availability was in excess of $4,000; had we not met these thresholds at September 30, 2013, we would not have met the required 1.0:1.0 fixed charge coverage ratio test. | ||||||||||
Borrowings under the 2012 Credit Facility may not exceed a “borrowing base” that is determined monthly by our lenders based on available collateral, primarily certain accounts receivables, inventories and personal property and equipment. Under the terms of the 2012 Credit Facility, amounts outstanding bear interest at a per annum rate equal to a Daily Three Month LIBOR (as defined in the Credit Agreement), plus an interest rate margin, which is determined quarterly, based on the following thresholds: | ||||||||||
Level | Thresholds | Interest Rate Margin | ||||||||
I | Liquidity ≤ $20,000 at any time during the period; or Excess Availability ≤ $7,500 at any time during the period; or Fixed charge coverage ratio < 1.0:1.0 | 4.00 percentage points | ||||||||
II | Liquidity > $20,000 at all times during the period; and Liquidity ≤ $30,000 at any time during the period; and Excess Availability $7,500; and Fixed charge coverage ratio ≥ 1.0:1.0 | 3.50 percentage points | ||||||||
III | Liquidity > $30,000 at all times during the period; and Excecss Availability > $7,500; and Fixed charge coverage ratio ≥ 1.0:1.0 | 3.00 percentage points | ||||||||
In addition, we are charged monthly in arrears for (1) an unused commitment fee of 0.50% per annum, (2) a collateral monitoring fee ranging from $1 to $2, based on the then-applicable interest rate margin, (3) a letter of credit fee based on the then-applicable interest rate margin and (4) certain other fees and charges as specified in the Credit Agreement. | ||||||||||
At September 30, 2013, we had $8,445 available to us under the 2012 Credit Facility, $6,460 in outstanding letters of credit with Wells Fargo and no outstanding borrowings. Prior to the Second Amendment, we were required to cash collateralize our letters of credit balance. As such, we had $7,155 classified as restricted cash within the Balance Sheet as of September 30, 2012. The Second Amendment removed the requirement to cash collateralize our letter of credit balance. As such, we have no restricted cash as of September 30, 2013. | ||||||||||
The $5,000 Wells Fargo Term Loan was provided for within the First Amendment to the 2012 Credit Facility. We were scheduled to pay monthly installments of $208 through February 2015 at an annual interest rate of 6% plus 3 Month LIBOR. The Second Amendment to the 2012 Credit Facility increased our total Term Loan by $10,147 to $13,708 at September 30, 2013. The Wells Fargo Term Loan is payable in equal monthly installments of $292 through August 9, 2016, with the residual unpaid principal balance due on that date. The Second Amendment also extended the term and reduced the annual interest rate to 5% plus 3 Month LIBOR, through September 13, 2014. Following that time, the Wells Fargo Term Loan amounts outstanding bear interest at a per annum rate equal to a Daily Three Month LIBOR plus an interest rate margin, which is determined quarterly, based on the following thresholds: | ||||||||||
Level | Thresholds | Interest Rate Margin | ||||||||
I | Liquidity ≤ $20,000 at any time during the period; or Excess Availability ≤ $7,500 at any time during the period; or Fixed charge coverage ratio < 1.0:1.0 | 5.00 percentage points | ||||||||
II | Liquidity > $20,000 at all times during the period; and Liquidity ≤ $30,000 at any time during the period; and Excess Availability $7,500; and Fixed charge coverage ratio ≥ 1.0:1.0 | 4.50 percentage points | ||||||||
III | Liquidity > $30,000 at all times during the period; and Excecss Availability > $7,500; and Fixed charge coverage ratio ≥ 1.0:1.0 | 4.00 percentage points | ||||||||
The 2006 Revolving Credit Facility | ||||||||||
On May 12, 2006, we entered into a Loan and Security Agreement (the “Loan and Security Agreement”), for a revolving credit facility (the “2006 Credit Facility”) with Bank of America, N.A. and certain other lenders. On August 9, 2012, the 2006 Credit Facility was replaced by the 2012 Credit Facility. The 2006 Credit Facility and its amendments are filed as Exhibits to this Form 10-K and any descriptions thereof are qualified in their entirety by the terms of the 2006 Credit Facility or its respective amendments. On May 7, 2008, we renegotiated the terms of our 2006 Credit Facility and entered into an amended agreement with the same financial institutions. On April 30, 2010, we renegotiated the terms of, and entered into an amendment to the Loan and Security Agreement pursuant to which the maturity date was extended to May 31, 2012. In connection with the amendment, we incurred an amendment fee of $200, which was amortized over 24 months. | ||||||||||
On December 15, 2011, we renegotiated the terms of, and entered into an amendment to, the Loan and Security Agreement without incurring termination charges. Under the terms of the amended 2006 Credit Facility, the size of the facility was reduced to $40,000 and the maturity date was extended to November 12, 2012. Under the terms of the amended 2006 Credit Facility, we were required to cash collateralize all of our letters of credit issued by the banks. The cash collateral was added to the borrowing base calculation at 100% throughout the term of the agreement. The 2006 Credit Facility required that we maintain a fixed charge coverage ratio of not less than 1.0:1.0 at any time that our aggregate amount of unrestricted cash on hand plus availability was less than $25,000 and, thereafter, until such time as our aggregate amount of unrestricted cash on hand plus availability had been at least $25,000 for a period of 60 consecutive days. The amended Agreement also called for cost of borrowings of 4.0% over LIBOR per annum. Cost for letters of credit was the same as borrowings and also included a 25 basis point “fronting fee.” All other terms and conditions remained unchanged. In connection with the amendment, we incurred an amendment fee of $60 which, together with unamortized balance of the prior amendment was amortized using the straight line method through August 30, 2012. On August 9, 2012, the amended 2006 Credit Facility was replaced by the 2012 Credit Facility. | ||||||||||
The 2006 Credit Facility was guaranteed by our subsidiaries and secured by first priority liens on substantially all of our subsidiaries’ existing and future acquired assets, exclusive of collateral provided to our surety providers. The 2006 Credit Facility contained customary affirmative, negative and financial covenants. The 2006 Credit Facility also restricted us from paying cash dividends and placed limitations on our ability to repurchase our common stock. | ||||||||||
Borrowings under the 2006 Credit Facility could not exceed a “borrowing base” that was determined monthly by our lenders based on available collateral, primarily certain accounts receivables and inventories. Under the terms of the 2006 Credit Facility in effect as of August 30, 2012, interest for loans and letter of credit fees was based on our Total Liquidity, which is calculated for any given period as the sum of average daily availability for such period plus average daily unrestricted cash on hand for such period as follows: | ||||||||||
Annual Interest Rate for | ||||||||||
Total Liquidity | Annual Interest Rate for Loans | Letters of Credit | ||||||||
Greater than or equal to $60,000 | LIBOR plus 3.00% or Base Rate plus 1.00% | 3.00% plus 0.25% fronting fee | ||||||||
Greater than $40,000 and less than $60,000 | LIBOR plus 3.25% or Base Rate plus 1.25% | 3.25% plus 0.25% fronting fee | ||||||||
Less than or equal to $40,000 | LIBOR plus 3.50% or Base Rate plus 1.50% | 3.50% plus 0.25% fronting fee | ||||||||
For the year ended September 30, 2012, we paid no interest for loans under the 2006 Credit Facility and had a weighted average interest rate, including fronting fees, of 3.49% for letters of credit. In addition, we were charged monthly in arrears (1) an unused commitment fee of 0.50%, and (2) certain other fees and charges as specified in the Loan and Security Agreement, as amended. | ||||||||||
As of August 9, 2012, we were subject to the financial covenant under the 2006 Credit Facility requiring that we maintain a fixed charge coverage ratio of not less than 1.0:1.0 at any time that our aggregate amount of unrestricted cash on hand plus availability is less than $25,000 and, thereafter, until such time as our aggregate amount of unrestricted cash on hand plus availability has been at least $25,000 for a period of 60 consecutive days. As of August 9, 2012, our Total Liquidity was in excess of $25,000. | ||||||||||
The Tontine Term Loan | ||||||||||
On December 12, 2007, we entered into the Tontine Term Loan, a $25,000 senior subordinated loan agreement, with Tontine, which the Company terminated and prepaid in full subsequent to the first quarter of fiscal 2013, as further described below. | ||||||||||
The Tontine Term Loan bore interest at 11.0% per annum and was due on May 15, 2013. Interest was payable quarterly in cash or in-kind at our option. Any interest paid in-kind would bear interest at 11.0% in addition to the loan principal. The Tontine Term Loan was subordinated to the 2012 Credit Facility. The Tontine Term Loan was an unsecured obligation of the Company and its subsidiary borrowers and contained no financial covenants or restrictions on dividends or distributions to stockholders. The Tontine Term Loan was amended on August 9, 2012 in connection with the Company entering into the 2012 Credit Facility. The amendment did not materially impact the Company’s obligations under the Tontine Term Loan. | ||||||||||
On April 30, 2010, we prepaid $15,000 of principal on the Tontine Term Loan. On May 1, 2010, Tontine assigned the Tontine Term Loan to Tontine Capital Overseas Master Fund II, L.P, also a related party. Pursuant to its terms, we were permitted to repay the Tontine Term Loan at any time prior to the maturity date at par, plus accrued interest without penalty within the restrictions of the 2012 Credit Facility. On February 13, 2013, we repaid the remaining $10,000 of principal on the Tontine Term Loan, plus accrued interest, with existing cash on hand and proceeds from the Wells Fargo Term Loan. | ||||||||||
Capital Lease | ||||||||||
The Company leases certain equipment under agreements, which are classified as capital leases and included in property, plant and equipment. Amortization of this equipment for the years ended September 30, 2013, 2012 and 2011 was $182, $182 and $172, respectively, which is included in depreciation expense in the accompanying statements of comprehensive income. | ||||||||||
At September 30, 2013, we had $6,148 in outstanding letters of credit with Bank of America. The terms surrounding the termination of the 2006 Credit Facility required that we cash collateralize 105% of our letter of credit balance. As such, we have $6,455 classified as restricted cash within the Balance Sheet as of September 30, 2012. |
Leases
Leases | 12 Months Ended | |||
Sep. 30, 2013 | ||||
Leases [Abstract] | ' | |||
Leases | ' | |||
9. LEASES | ||||
We enter into operating leases for many of our facilities, vehicle and equipment needs. These leases allow us to retain cash, and we pay a monthly lease rental fee. At the end of the lease, we have no further obligation to the lessor. We may cancel or terminate a lease before the end of its term. Typically, we would be liable to the lessor for various lease cancellation or termination costs and the difference between the fair market value of the leased asset and the implied book value of the leased asset as calculated in accordance with the lease agreement. | ||||
For a discussion of leases with certain related parties which are included below, see Note 13, “Related-Party Transactions.” | ||||
Rent expense was $3,764, $3,461 and $4,056 for the years ended September 30, 2013, 2012 and 2011, respectively, and included within the selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income. | ||||
Future minimum lease payments under these non-cancelable operating leases with terms in excess of one year are as follows: | ||||
Year Ended September 30: | ||||
2014 | $ | 4,829 | ||
2015 | 3,567 | |||
2016 | 2,609 | |||
2017 | 1,729 | |||
2018 | 389 | |||
Thereafter | 278 | |||
Total | $ | 13,401 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Income Taxes [Abstract] | ' | ||||||||||
Income Taxes | ' | ||||||||||
10. INCOME TAXES | |||||||||||
Federal and state income tax provisions for continuing operations are as follows: | |||||||||||
Years Ended September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Federal: | |||||||||||
Current | $ | - | $ | - | $ | - | |||||
Deferred | - | - | - | ||||||||
State: | |||||||||||
Current | 363 | 253 | 250 | ||||||||
Deferred | -37 | -215 | -78 | ||||||||
$ | 326 | $ | 38 | $ | 172 | ||||||
Actual income tax expense differs from income tax expense computed by applying the U.S. federal statutory corporate rate of 35 percent to income before provision for income taxes as follows: | |||||||||||
Years Ended September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Provision (benefit) at the statutory rate | $ | -648 | $ | -918 | $ | -6,786 | |||||
Increase resulting from: | |||||||||||
Non-deductible expenses | 1,269 | 490 | 548 | ||||||||
State income taxes, net of federal deduction | 377 | 106 | - | ||||||||
Change in valuation allowance | - | 581 | 7,066 | ||||||||
Other | 29 | - | 16 | ||||||||
Decrease resulting from: | |||||||||||
Change in valuation allowance | -651 | - | - | ||||||||
State income taxes, net of federal deduction | - | - | -600 | ||||||||
Contingent tax liabilities | -50 | -206 | -72 | ||||||||
Other | - | -15 | - | ||||||||
$ | 326 | $ | 38 | $ | 172 | ||||||
Deferred income tax provisions result from temporary differences in the recognition of income and expenses for financial reporting purposes and for income tax purposes. The income tax effects of these temporary differences, representing deferred income tax assets and liabilities, result principally from the following: | |||||||||||
Years Ended September 30, | |||||||||||
2013 | 2012 | ||||||||||
Deferred income tax assets: | |||||||||||
Allowance for doubtful accounts | $ | 370 | $ | 675 | |||||||
Accrued expenses | 7,023 | 6,254 | |||||||||
Net operating loss carryforward | 110,259 | 106,004 | |||||||||
Various reserves | 1,022 | 1,085 | |||||||||
Equity losses in affiliate | 235 | 292 | |||||||||
Share-based compensation | 2,732 | 2,757 | |||||||||
Capital loss carryforward | 4,100 | 3,909 | |||||||||
Property | - | 397 | |||||||||
Other | 2,334 | 1,651 | |||||||||
Subtotal | 128,075 | 123,024 | |||||||||
Less valuation allowance | -126,500 | -121,962 | |||||||||
Total deferred income tax assets | $ | 1,575 | $ | 1,062 | |||||||
Deferred income tax liabilities: | |||||||||||
Property and equipment | $ | -570 | $ | - | |||||||
Deferred contract revenue and other | -123 | -196 | |||||||||
Total deferred income tax liabilities | -693 | -196 | |||||||||
Net deferred income tax assets | $ | 882 | $ | 866 | |||||||
In 2002, we adopted a tax accounting method change that allowed us to deduct goodwill for income tax purposes that had previously been classified as non-deductible. The accounting method change resulted in additional amortizable tax basis in goodwill. We believe the realization of the additional tax basis in goodwill is less than probable and have not recorded a deferred tax asset. Although a deferred tax asset has not been recorded through September 30, 2013, we have derived a cumulative cash tax reduction of $11,448 from the change in tax accounting method and the subsequent amortization of the additional tax goodwill. In addition, the amortization of the additional tax goodwill has resulted in additional federal net operating loss carry forwards of $140,835 and state net operating loss carry forwards of $14,564. We believe the realization of the additional net operating loss carry forwards is not more likely than not and have not recorded a deferred tax asset. We have $993 of tax basis in the additional tax goodwill that remains to be amortized. As of September 30, 2013, approximately two years remain to be amortized. | |||||||||||
As of September 30, 2013, we had available approximately $465,577 of federal net tax operating loss carry forward for federal income tax purposes, including $140,835 resulting from the additional amortization of tax goodwill. This carry forward, which may provide future tax benefits, will begin to expire in 2022. On May 12, 2006, we had a change in ownership as defined in Internal Revenue Code Section 382. As such, our utilization after the change date of our net operating loss in existence as of the change of control date was subject to Section 382 limitations for federal income taxes and some state income taxes. The annual limitation under Section 382 on the utilization of federal net operating losses was approximately $20,000 for the first five tax years subsequent to the change in ownership and $16,000 thereafter. Approximately $284,616 of federal net operating losses will not be subject to this limitation. Also, after applying the Section 382 limitation to available state net operating loss carry forwards, we had available approximately $145,527 state net tax operating loss carry forwards, including $14,564 resulting from the additional amortization of tax goodwill which begins to expire as of September 30, 2014. We have provided valuation allowances on all net operating losses where it is determined it is more likely than not that they will expire without being utilized. | |||||||||||
In assessing the realizability of deferred tax assets at September 30, 2013, we considered whether it was more likely than not that some portion or all of the deferred tax assets will not be realized. Our realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which these temporary differences become deductible. However, GAAP guidelines place considerably more weight on historical results and less weight on future projections when there is negative evidence such as cumulative pretax losses in recent years. We incurred a cumulative pretax loss for the years ended September 30, 2013, 2012 and 2011. In the absence of specific favorable evidence of sufficient weight to offset the negative evidence of the cumulative pretax loss, we have provided valuation allowances of $121,095 for all federal deferred tax assets and $5,405 for certain state deferred tax assets. We believe that $1,075 of federal deferred tax assets will be realized by offsetting reversing deferred tax liabilities. We believe that $882 of state deferred tax assets will be realized and valuation allowances were not provided for these assets. We will evaluate the appropriateness of our remaining deferred tax assets and valuation allowances on at least annually at the end of each fiscal year. | |||||||||||
As a result of the reorganization and related adjustment to the book basis in goodwill, we have tax basis in excess of book basis in amortizable goodwill of approximately $23,902. The tax basis in amortizable goodwill in excess of book basis is not reflected as a deferred tax asset. To the extent the amortization of the excess tax basis results in a cash tax benefit, the benefit will first go to reduce goodwill, then other long-term intangible assets, and then additional paid-in capital. As of September 30, 2013, we have received $72 in cash tax benefits related to the amortization of excess tax basis. | |||||||||||
GAAP requires financial statement reporting of the expected future tax consequences of uncertain tax return reporting positions on the presumption that all relevant tax authorities possess full knowledge of those tax reporting positions, as well as all of the pertinent facts and circumstances, but it prohibits discounting of any of the related tax effects for the time value of money. The evaluation of a tax position is a two-step process. The first step is the recognition process to determine if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority, based on the technical merits of the position. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit/expense to recognize in the financial statements. The tax position is measured at the largest amount of benefit/expense that is more likely than not of being realized upon ultimate settlement. | |||||||||||
A reconciliation of the beginning and ending balances of unrecognized tax liabilities is as follows: | |||||||||||
Balance at October 1, 2012 | $ | 5,343 | |||||||||
Additions for position related to current year | 13 | ||||||||||
Additions for positions of prior years | 8 | ||||||||||
Reduction resulting from the lapse of the applicable statutes of limitations | -63 | ||||||||||
Reduction resulting from settlement of positions of prior years | - | ||||||||||
Balance at September 30, 2013 | $ | 5,301 | |||||||||
As of September 30, 2013, $5,301 of unrecognized tax benefits would result in a decrease in the provision for income tax expense. We anticipate that approximately $3 of unrecognized tax benefits, including accrued interest, may reverse in the next twelve months. The reversal is predominately due to the expiration of the statutes of limitation for unrecognized tax benefits. | |||||||||||
We had approximately $6 and $15 accrued for the payment of interest and penalties at September 30, 2013 and 2012, respectively. We recognize interest and penalties related to unrecognized tax benefits as part of the provision for income taxes. | |||||||||||
We are currently not under federal audit by the Internal Revenue Service. The tax years ended September 30, 2010 and forward are subject to audit as are tax years prior to September 30, 2010, to the extent of unutilized net operating losses generated in those years. | |||||||||||
The net deferred income tax assets and liabilities are comprised of the following: | |||||||||||
Years Ended September 30, | |||||||||||
2013 | 2012 | ||||||||||
Current deferred income taxes: | |||||||||||
Assets | $ | 442 | $ | 283 | |||||||
Liabilities | -286 | -197 | |||||||||
Net deferred tax asset, current | $ | 156 | $ | 86 | |||||||
Noncurrent deferred income taxes: | |||||||||||
Assets | $ | 1,631 | $ | 1,065 | |||||||
Liabilities | -905 | -285 | |||||||||
Net deferred tax asset, non-current | 726 | 780 | |||||||||
Net deferred income tax assets | $ | 882 | $ | 866 |
Operating_Segments
Operating Segments | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Operating Segments [Abstract] | ' | |||||||||||||||||||
OPERATING SEGMENTS | ' | |||||||||||||||||||
11. OPERATING SEGMENTS | ||||||||||||||||||||
We manage and measure performance of our business in four distinct operating segments: Communications, Residential, Commercial & Industrial, and Infrastructure Solutions. These segments are reflective of how the Company’s Chief Operating Decision Maker (“CODM”) reviews operating results for the purposes of allocating resources and assessing performance. The Company’s CODM is its Chief Executive Officer. The Communications segment consists of low voltage installation, design, planning and maintenance for mission critical infrastructure such as data centers. The Residential segment consists of electrical installation, replacement and renovation services in single-family, condominium, townhouse and low-rise multifamily housing units. The Commercial & Industrial segment provides electrical design, installation, renovation, engineering and maintenance and replacement services in facilities such as office buildings, high-rise apartments and condominiums, theaters, restaurants, hotels, hospitals and critical-care facilities, school districts, light manufacturing and processing facilities, military installations, airports, outside plants, network enterprises, switch network customers, manufacturing and distribution centers, water treatment facilities, refineries, petrochemical and power plants, and alternative energy facilities. The Infrastructure Solutions segment is comprised of the operations of the recently acquired MISCOR business, and engages in the repair of electrical-mechanical industrial equipment, and provides services to traditional industrial, rail and utility clients. | ||||||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We evaluate performance based on income from operations of the respective business units prior to the allocation of Corporate office expenses. Transactions between segments are eliminated in consolidation. Our Corporate office provides general and administrative as well as support services to our four operating segments. Management allocates costs between segments for selling, general and administrative expenses and depreciation expense. | ||||||||||||||||||||
Segment information for the years ended September 30, 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||
Years Ended September 30, 2013 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 126,348 | $ | 162,611 | $ | 203,481 | $ | 2,153 | $ | - | $ | 494,593 | ||||||||
Cost of services | 102,564 | 135,384 | 187,957 | 1,728 | - | 427,633 | ||||||||||||||
Gross profit | 23,784 | 27,227 | 15,524 | 425 | - | 66,960 | ||||||||||||||
Selling, general and administrative | 13,610 | 25,447 | 14,362 | 337 | 12,842 | 66,598 | ||||||||||||||
Gain on sale of assets | - | -17 | -46 | - | -1 | -64 | ||||||||||||||
Income (loss) from operations | $ | 10,174 | $ | 1,797 | $ | 1,208 | $ | 88 | $ | -12,841 | $ | 426 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 372 | $ | 807 | $ | 247 | $ | 38 | $ | 1,088 | $ | 2,552 | ||||||||
Capital expenditures | 269 | 209 | 270 | 5 | - | 753 | ||||||||||||||
Total assets | $ | 24,858 | $ | 36,838 | $ | 55,342 | $ | 27,889 | $ | 34,325 | $ | 179,252 | ||||||||
Years Ended September 30, 2012 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 121,492 | $ | 129,974 | $ | 204,649 | $ | - | $ | - | $ | 456,115 | ||||||||
Cost of services | 103,288 | 109,274 | 185,501 | - | - | 398,063 | ||||||||||||||
Gross profit | 18,204 | 20,700 | 19,148 | - | - | 58,052 | ||||||||||||||
Selling, general and administrative | 13,431 | 19,703 | 17,166 | - | 8,309 | 58,609 | ||||||||||||||
Loss (gain) on sale of assets | -60 | 24 | -132 | - | - | -168 | ||||||||||||||
Income (loss) from operations | $ | 4,833 | $ | 973 | $ | 2,114 | $ | - | $ | -8,309 | $ | -389 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 260 | $ | 375 | $ | 244 | $ | - | $ | 1,196 | $ | 2,075 | ||||||||
Capital expenditures | 569 | 666 | 341 | - | 301 | 1,877 | ||||||||||||||
Total assets | $ | 29,603 | $ | 33,927 | $ | 65,929 | $ | - | $ | 35,254 | $ | 164,713 | ||||||||
Years Ended September 30, 2011 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 83,615 | $ | 114,732 | $ | 207,794 | $ | - | $ | - | $ | 406,141 | ||||||||
Cost of services | 71,142 | 96,042 | 194,573 | - | - | 361,757 | ||||||||||||||
Gross profit | 12,473 | 18,690 | 13,221 | - | - | 44,384 | ||||||||||||||
Selling, general and administrative | 9,578 | 18,441 | 21,788 | - | 13,514 | 63,321 | ||||||||||||||
Loss (gain) on sale of assets | - | 116 | -33 | - | -6,638 | -6,555 | ||||||||||||||
Asset Impairment | 72 | - | 71 | - | 4,661 | 4,804 | ||||||||||||||
Income (loss) from operations | $ | 2,823 | $ | 133 | $ | -8,605 | $ | - | $ | -11,537 | $ | -17,186 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 278 | $ | 514 | $ | 1,575 | $ | - | $ | 3,849 | $ | 6,216 | ||||||||
Capital expenditures | 928 | 181 | 431 | - | 1,148 | 2,688 | ||||||||||||||
Total assets | $ | 23,073 | $ | 23,584 | $ | 79,506 | $ | - | $ | 54,081 | $ | 180,244 | ||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||
Stockholders' Equity | ' | ||||||||||||
12. STOCKHOLDERS’ EQUITY | |||||||||||||
The 2006 Equity Incentive Plan became effective on May 12, 2006 (as amended, the “2006 Equity Incentive Plan”). The 2006 Equity Incentive Plan provides for grants of stock options as well as grants of stock, including restricted stock. We have approximately 1.0 million shares of common stock authorized for issuance under the 2006 Equity Incentive Plan. | |||||||||||||
Treasury Stock | |||||||||||||
During the year ended September 30, 2013, we repurchased 95,469 common shares from our employees to satisfy minimum tax withholding requirements upon the vesting of restricted stock issued under the 2006 Equity Incentive Plan. We issued 266,814 shares out of treasury stock under our share-based compensation programs; 12,500 for restricted shares granted, and 254,314 for phantom stock units. | |||||||||||||
Restricted Stock | |||||||||||||
Restricted Stock Awards: | |||||||||||||
Fiscal Year | Shares Granted | Weighted Average Fair Value at Date of Grant | Shares Vested | Shares Forfeited | Shares Outstanding | Expense recognized through September 30, 2013 | |||||||
2006 | 384,850 | $24.78 | 258,347 | 126,503 | - | $6,402 | |||||||
2006 | 25,000 | 17.36 | 25,000 | - | - | 434 | |||||||
2007 | 20,000 | 25.08 | 20,000 | - | - | 502 | |||||||
2007 | 4,000 | 26.48 | 4,000 | - | - | 106 | |||||||
2008 | 101,650 | 19.17 | 85,750 | 15,900 | - | 1,779 | |||||||
2009 | 185,100 | 8.71 | 146,400 | 38,700 | - | 1,344 | |||||||
2010 | 225,486 | 3.64 | 147,456 | 78,030 | - | 495 | |||||||
2011 | 320,000 | 3.39 | 171,715 | 73,205 | 75,080 | 669 | |||||||
2012 | 107,500 | 2.07 | 35,834 | - | 71,666 | 124 | |||||||
2013 | 12,500 | 5 | - | - | 12,500 | 19 | |||||||
During the years ended September 30, 2013, 2012 and 2011, we recognized $374, $536, and $787, respectively, in compensation expense related to these restricted stock awards. At September 30, 2013, the unamortized compensation cost related to outstanding unvested restricted stock was $216. We expect to recognize $186 and $30 of this unamortized compensation expense during the years ended September 30, 2014 and 2015, respectively. A summary of restricted stock awards for the years ended September 30, 2013, 2012 and 2011 is provided in the table below: | |||||||||||||
Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Unvested at beginning of year | 257,826 | 376,200 | 352,086 | ||||||||||
Granted | 12,500 | 107,500 | 320,000 | ||||||||||
Vested | -111,080 | -192,973 | -165,628 | ||||||||||
Forfeited | - | -32,901 | -130,258 | ||||||||||
Unvested at end of year | 159,246 | 257,826 | 376,200 | ||||||||||
The fair value of shares vesting during the years ended September 30, 2013, 2012 and 2011 was $528, $661 and $520, respectively. Fair value was calculated as the number of shares vested times the market price of shares on the date of vesting. The weighted average grant date fair value of unvested restricted stock at September 30, 2013 was $2.90. | |||||||||||||
All the restricted shares granted under the 2006 Equity Incentive Plan (vested or unvested) participate in dividends issued to common shareholders, if any. | |||||||||||||
Phantom Stock Units | |||||||||||||
Phantom stock units (“PSUs”) are primarily granted to the members of the Board of Directors as part of their overall compensation. These PSUs are paid via unrestricted stock grants to each director upon their departure from the Board of Directors. We record compensation expense for the full value of the grant on the date of grant. For the years ended September 30, 2013, 2012 and 2011, we recognized $295, $159, and $100 in compensation expense related to these grants. | |||||||||||||
From time to time, PSUs are granted to employees. These PSUs are paid via unrestricted stock grants to each employee upon the satisfaction of the grant terms. We record compensation expense for the PSUs granted to employees over the grant vesting period. For the years ended September 30, 2013, 2012 and 2011, we recognized $651, $129, and $0 in compensation expense related to these grants. | |||||||||||||
Stock Options | |||||||||||||
We utilized a binomial option pricing model to measure the fair value of stock options granted. Our determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, the risk-free rate of return, and actual and projected employee stock option exercise behaviors. The expected life of stock options is not considered under the binomial option pricing model that we utilize. The assumptions used in the fair value method calculation for the years ended September 30, 2013, 2012 and 2011 are disclosed in the following table: | |||||||||||||
Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average value per option granted during the period | $ | 3.43 | N/A | $ | 2.05 | ||||||||
Dividends (1) | $ | - | N/A | $ | - | ||||||||
Stock price volatility (2) | 66.60% | N/A | 69.90% | ||||||||||
Risk-free rate of return | 0.90% | N/A | 1.90% | ||||||||||
Option term | 10.0 years | N/A | 10.0 years | ||||||||||
Expected life | 6.0 years | N/A | 6.0 years | ||||||||||
Forfeiture rate (3) | 10.00% | N/A | 0.00% | ||||||||||
(1) We do not currently pay dividends on our common stock. | |||||||||||||
(2) Based upon the Company's historical volatility. | |||||||||||||
(3) The forfeiture rate for the 2011 options was assumed on the date of grant to be zero based on the limited number of employees who have been awarded stock options. The forfeiture rate for the 2013 options was for a larger number of employees and based on historical data. | |||||||||||||
Stock-based compensation expense recognized during the period is based on the value of the portion of the share-based payment awards that is ultimately expected to vest during the period. Stock-based compensation expense recognized in the Consolidated Statements of Comprehensive Income is based on awards ultimately expected to vest. We estimate our forfeitures at the time of grant and revise, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||
The following table summarizes activity under our stock option plans. | |||||||||||||
Weighted Average | |||||||||||||
Shares | Exercise Price | ||||||||||||
Outstanding, September 30, 2010 | 158,500 | $ | 18.66 | ||||||||||
Options granted | 20,000 | 3.24 | |||||||||||
Exercised | - | - | |||||||||||
Forfeited and Cancelled | -158,500 | 18.66 | |||||||||||
Outstanding, September 30, 2011 | 20,000 | $ | 18.66 | ||||||||||
Options granted | - | - | |||||||||||
Exercised | - | - | |||||||||||
Forfeited and Cancelled | - | - | |||||||||||
Outstanding, September 30, 2012 | 20,000 | $ | 3.24 | ||||||||||
Options granted | 150,000 | 5.76 | |||||||||||
Exercised | - | - | |||||||||||
Forfeited and Cancelled | - | - | |||||||||||
Outstanding, September 30, 2013 | 170,000 | $ | 5.46 | ||||||||||
The following table summarizes options outstanding and exercisable at September 30, 2013: | |||||||||||||
Exercise Prices | Outstanding as of September 30, 2013 | Remaining Contractual Life in Years | Weighted-Average Exercise Price | Exercisable as of September 30, 2013 | Weighted-Average Exercise Price | ||||||||
$3.24 | 20,000 | 7.8 | $ | 3.24 | 13,333 | $ | 3.24 | ||||||
$5.76 | 150,000 | 9.58 | $ | 5.76 | - | $ | - | ||||||
170,000 | $ | 5.46 | 13,333 | $ | 3.24 | ||||||||
Our 2011 options vest over a three year period at a rate of one-third per year upon the annual anniversary date of the grant. Our 2013 options cliff vest at the end of a two year period ending at the anniversary date of the grant. All options expire ten years from the grant date if they are not exercised. Upon exercise of stock options, it is our policy to first issue shares from treasury stock, then to issue new share. Unexercised stock options expire July 2021 and May 2023. | |||||||||||||
During the years ended September 30, 2013, 2012 and 2011, we recognized $110, $14 and $19, respectively, in compensation expense related to our stock option awards. At September 30, 2013, the unamortized compensation cost related to outstanding unvested stock options was $378. We expect to recognize $243 and $135 of this unamortized compensation expense during the year ended September 30, 2014 and 2015. | |||||||||||||
The intrinsic value of stock options outstanding and exercisable was $36 and zero at September 30, 2013 and 2012, respectively. The intrinsic value is calculated as the difference between the fair value as of the end of the period and the exercise price of the stock options. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Sep. 30, 2013 | |
Securities and Equity Investments [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
13. RELATED-PARTY TRANSACTIONS | |
In connection with some of our original acquisitions, certain segments have entered into related party lease arrangements with former owners for facilities. Related party lease expense for the years ended September 30, 2013, 2012 and 2011 was $230, $198 and $265, respectively. Future commitments with respect to these leases are included in the schedule of minimum lease payments in Note 9, “Leases.” | |
As described more fully in Note 8, “Debt – The Tontine Term Loan,” we entered into a $25,000 term loan with Tontine, a related party, in December 2007. On April 30, 2010, the Company issued a $15,000 payment towards the Tontine Term Loan, resulting in a reduction in interest expenses related to the Tontine Term Loan. On February 13, 2013, we repaid the remaining $10,000 of principal with cash on hand and proceeds from our $5,000 term loan with Wells Fargo. During the years ended September 30, 2013, 2012 and 2011 we incurred interest expense of $410, $1,103 and $1,100, respectively, related to the Tontine Term Loan. | |
On March 29, 2012, we entered into a sublease agreement with Tontine Associates, LLC, an affiliate of Tontine, for corporate office space in Greenwich, Connecticut. The lease extends from April 1, 2012 through March 31, 2014, with monthly payments due in the amount of $6. The lease has terms at market rates and payments by the Company are at a rate consistent with that paid by Tontine Associates, LLC to its landlord. | |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2013 | |
Employee Benefit Plans [Abstract] | ' |
401(k) Plan | ' |
14. EMPLOYEE BENEFIT PLANS | |
401(k) Plan | |
In November 1998, we established the Integrated Electrical Services, Inc. 401(k) Retirement Savings Plan (the “401(k) Plan”). All full-time IES employees are eligible to participate on the first day of the month subsequent to completing sixty days of service and attaining age twenty-one. Participants become vested in our matching contributions following three years of service. After suspending Company matching under the 401(k) Plan in February 2009, we reinstated the employee match in March of 2013. We recognized $177, $0, and $0, respectively in matching expenses in 2013, 2012 and 2011. | |
Infrastructure Solutions has two 401(k) plans. The first provides for employees covered by collective bargaining agreements and has no provision for employer contributions. The second provides for employees outside collective bargaining agreements and has a provision for employer contributions. We recognized $4 in matching expense in 2013. | |
Executive Savings Plan | |
Under the Executive Deferred Compensation Plan adopted on July 1, 2004 (the “Executive Savings Plan”), certain employees are permitted to defer a portion (up to 75%) of their base salary and/or bonus for a Plan Year. The Compensation Committee of the Board of Directors may, in its sole discretion, credit one or more participants with an employer deferral (contribution) in such amount as the Committee may choose (“Employer Contribution”). The Employer Contribution, if any, may be a fixed dollar amount, a fixed percentage of the participant’s compensation, base salary, or bonus, or a “matching” amount with respect to all or part of the participant’s elective deferrals for such plan year, and/or any combination of the foregoing as the Committee may choose. | |
Post Retirement Benefit Plans | |
Certain individuals at one of the Company’s locations are entitled to receive fixed annual payments that reach a maximum amount, as specified in the related agreements, for a ten year period following retirement or, in some cases, the attainment of 62 years of age. We recognize the unfunded status of the plan as a non-current liability in our Consolidated Balance Sheet. Benefits vest 50% after ten years of service, which increases by 10% per annum until benefits are fully vested after 15 years of service. We had an unfunded benefit liability of $828 and $827 recorded as of September 30, 2013 and 2012, respectively. | |
Multiemployer Pension Plan | |
Infrastructure Solutions participates in a multiemployer direct benefit pension plan for employees covered under our collective bargaining agreement. We do not administer the plan. We do not significantly participate in this plan. As of December 31, 2012, this plan was funded at 84.9%. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
15. FAIR VALUE MEASUREMENTS | |||||||||||||
Fair Value Measurement Accounting | |||||||||||||
Fair value is considered the price to sell an asset, or transfer a liability, between market participants on the measurement date. Fair value measurements assume that the asset or liability is (1) exchanged in an orderly manner, (2) the exchange is in the principal market for that asset or liability, and (3) the market participants are independent, knowledgeable, able and willing to transact an exchange. Fair value accounting and reporting establishes a framework for measuring fair value by creating a hierarchy for observable independent market inputs and unobservable market assumptions and expands disclosures about fair value measurements. Considerable judgment is required to interpret the market data used to develop fair value estimates. As such, the estimates presented herein are not necessarily indicative of the amounts that could be realized in a current exchange. The use of different market assumptions and/or estimation methods could have a material effect on the estimated fair value. | |||||||||||||
We estimate the fair value of our interest rate swap agreement with Wells Fargo to be $17 at September 30, 2013, using Level 2 inputs, including an estimated market valuation from Wells Fargo Bank. | |||||||||||||
We estimate the fair value of the contingent consideration to be $95 at September 30, 2013, using Level 3 inputs, including a discounted revenue projection. The fair value of this contingent liability will vary depending on actual revenues earned. | |||||||||||||
We estimate the fair value of our unfavorable MISCOR leases to be $(490), using Level 2 inputs, including estimated market valuation including market rates from comparable properties. | |||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2013, are summarized in the following table by the type of inputs applicable to the fair value measurements: | |||||||||||||
Total Fair Value | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable (Level 3) | ||||||||||
Executive savings plan assets | $ | 591 | $ | 591 | $ | - | $ | - | |||||
Executive savings plan liabilities | -477 | -477 | - | - | |||||||||
Interest rate swap agreement | 17 | - | 17 | - | |||||||||
Contingent consideration agreement | -95 | - | - | -95 | |||||||||
Unfavorable acquired leases | -485 | - | -485 | - | |||||||||
Total | $ | -449 | $ | 114 | $ | -468 | $ | -95 | |||||
The table below presents a reconciliation of the fair value of our contingent consideration obligation, which uses significant unobservable inputs (level 3). | |||||||||||||
Contingent Consideration Agreement | Total | ||||||||||||
Fair Value at September 2012 | $ | - | $ | - | |||||||||
Issuances | 665 | 665 | |||||||||||
Settlements | - | - | |||||||||||
Adjustments to Fair Value | -570 | -570 | |||||||||||
Fair Value at September 30, 2013 | $ | 95 | $ | 95 | |||||||||
Below is a description of the inputs used to value the assets summarized in the preceding table: | |||||||||||||
Level 1 — Inputs represent unadjusted quoted prices for identical assets exchanged in active markets. | |||||||||||||
Level 2 — Inputs include directly or indirectly observable inputs other than Level 1 inputs such as quoted prices for similar assets exchanged in active or inactive markets; quoted prices for identical assets exchanged in inactive markets; and other inputs that are considered in fair value determinations of the assets. | |||||||||||||
Level 3 — Inputs include unobservable inputs used in the measurement of assets. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or related observable inputs that can be corroborated at the measurement date. | |||||||||||||
Inventory
Inventory | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
InventoryDisclosureAbstract | ' | |||||||
InventoryDisclosureTextBlock | ' | |||||||
16. INVENTORY | ||||||||
Inventories consists of the following components: | ||||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 2,389 | $ | - | ||||
Work in process | 3,519 | - | ||||||
Finished goods | 1,545 | - | ||||||
Parts and supplies | 12,694 | 15,141 | ||||||
Total Inventories | $ | 20,147 | $ | 15,141 |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Legal Matters | ' |
17. COMMITMENTS AND CONTINGENCIES | |
Legal Matters | |
From time to time we are a party to various claims, lawsuits and other legal proceedings that arise in the ordinary course of business. We maintain various insurance coverages to minimize financial risk associated with these proceedings. None of these proceedings, separately or in the aggregate, are expected to have a material adverse effect on our financial position, results of operations or cash flows. With respect to all such proceedings, we record reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. We expense routine legal costs related to these proceedings as they are incurred. | |
The following is a discussion of our significant legal matters: | |
Ward Transformer Site | |
One of our subsidiaries has been identified as one of more than 200 potentially responsible parties (“PRPs”) with respect to the clean-up of an electric transformer resale and reconditioning facility, known as the Ward Transformer Site, located in Raleigh, North Carolina, due to Polychlorinated Biphenyls (“PCBs”) contamination on and off the site.. The subsidiary, which we acquired in January 1999, is believed to have sent transformers to the facility during the 1990s. Based on our investigation to date, there is evidence to support our defense that our subsidiary contributed no PCB contamination to the site. | |
In April 2009, two PRPs, Carolina Power and Light Company and Consolidation Coal Company, filed suit against us and most of the other PRPs in the U.S. District Court for the Eastern District of North Carolina (Western Division) to contribute to the cost of the clean-up. The plaintiffs were two of four PRPs that have commenced clean-up of on-site contaminated soils under an Emergency Removal Action pursuant to a settlement agreement and Administrative Order on Consent entered into between the four PRPs and the U.S. Environmental Protection Agency (“EPA”) in September 2005. We are not a party to that settlement agreement or Order on Consent. | |
In addition to the on-site clean-up, the EPA has selected approximately 50 PRPs to which it sent a Special Notice Letter in late 2008 to organize the clean-up of soils off site and address contamination of groundwater and other miscellaneous off-site issues. We were not a recipient of that letter. On January 8, 2013, the EPA held a meeting with those PRPs as well as others that were not recipients of the letter to discuss potential settlement of its costs associated with the site. The Company was invited to attend this meeting and asked to confirm whether it would participate in settlement discussions, which the Company confirmed. The Company intends to present to the EPA the evidence developed in litigation to support the argument that the Company did not contribute PCB contamination to the site. The Company has tendered a demand for indemnification to the former owner of the acquired corporation that may have transacted business with the facility. As of September 30, 2013, we have not recorded a reserve for this matter, as we believe the likelihood of our responsibility for damages is not probable and a potential range of exposure is not estimable. | |
Hamilton Wage and Hour | |
The Company is a defendant in three wage-and-hour suits seeking class action certification that were filed between August 29, 2012 and June 24, 2013, in the U.S. District Court for the Eastern District of Texas. Each of these cases is among several others filed by Plaintiffs’ attorney against contractors working in the Port Arthur, Texas Motiva plant on various projects over the last few years. The claims are based on alleged failure to compensate for time spent bussing to and from the plant, donning safety wear and other activities. It does not appear the Company will face significant exposure for any unpaid wages. In a separate earlier case based on the same allegations, a federal district court ruled that the time spent traveling on the busses is not compensable. On January 11, 2013, the U.S. Court of Appeals for the Fifth Circuit upheld the district court’s ruling finding no liability for wages for time spent bussing into the facility. On October 8, 2013, the U.S. Supreme Court declined to review plaintiffs’ appeal of the Fifth Circuit dismissal of their claims for compensation for time spent bussing to the facility, effectively reducing the Company’s risk of liability on this issue in its cases. Our investigation indicates that all claims for time spent on other activities either were inapplicable to the Company’s employees or took place during times for which the Company’s employees were compensated. We have filed responsive pleadings and, following initial discovery are positioning the cases to obtain a dismissal of all claims. As of September 30, 2013, we have not recorded a reserve for this matter, as we believe the likelihood of our responsibility for damages is not probable and a potential range of exposure is not estimable. | |
Risk-Management | |
We retain the risk for workers’ compensation, employer’s liability, automobile liability, general liability and employee group health claims, as well as pollution coverage, resulting from uninsured deductibles per accident or occurrence which are subject to annual aggregate limits. Our general liability program provides coverage for bodily injury and property damage. Losses up to the deductible amounts are accrued based upon our known claims incurred and an estimate of claims incurred but not reported. As a result, many of our claims are effectively self-insured. Many claims against our insurance are in the form of litigation. At September 30, 2013, we had $4,963 accrued for insurance liabilities. We are also subject to construction defect liabilities, primarily within our Residential segment. As of September 30, 2013, we had $520 reserved for these claims. | |
Some of the underwriters of our casualty insurance program require us to post letters of credit as collateral. This is common in the insurance industry. To date, we have not had a situation where an underwriter has had reasonable cause to effect payment under a letter of credit. At September 30, 2013, $6,147 of our outstanding letters of credit were utilized to collateralize our insurance program. | |
Surety | |
Many customers, particularly in connection with new construction, require us to post performance and payment bonds issued by a surety. Those bonds provide a guarantee to the customer that we will perform under the terms of our contract and that we will pay our subcontractors and vendors. If we fail to perform under the terms of our contract or to pay subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. We must reimburse the sureties for any expenses or outlays they incur on our behalf. To date, we have not been required to make any reimbursements to our sureties for bond-related costs. | |
As is common in the surety industry, sureties issue bonds on a project-by-project basis and can decline to issue bonds at any time. We believe that our relationships with our sureties will allow us to provide surety bonds as they are required. However, current market conditions, as well as changes in our sureties' assessment of our operating and financial risk, could cause our sureties to decline to issue bonds for our work. If our sureties decline to issue bonds for our work, our alternatives would include posting other forms of collateral for project performance, such as letters of credit or cash, seeking bonding capacity from other sureties, or engaging in more projects that do not require surety bonds. In addition, if we are awarded a project for which a surety bond is required but we are unable to obtain a surety bond, the result can be a claim for damages by the customer for the costs of replacing us with another contractor. | |
As of September 30, 2013, the estimated cost to complete our bonded projects was approximately $49,149. We evaluate our bonding requirements on a regular basis, including the terms offered by our sureties. We believe the bonding capacity presently provided by our current sureties is adequate for our current operations and will be adequate for our operations for the foreseeable future. As of September 30, 2013, we had cash totaling $999 to collateralize our obligations to certain of our previous sureties (as is included in Other Non-Current Assets in our Consolidated Balance Sheet). Posting letters of credit in favor of our sureties reduces the borrowing availability under our 2012 Credit Facility. | |
On May 7, 2013, the Company and certain of its current and future subsidiaries and affiliates entered into a new agreement of indemnity (the “Surety Agreement”) with certain entities affiliated with Suremerica Surety Underwriting Services, LLC (“Suremerica”). Pursuant to the Surety Agreement, we have agreed to assign to Suremerica, among other things, as collateral to secure our obligations under the Surety Agreement, our rights, title and interest in, and all accounts receivable and related proceeds arising pursuant to, any contract bonded by Suremerica on our behalf. Further, under the Surety Agreement, we have also agreed that, upon written demand, we will deposit with Suremerica, as additional collateral, an amount determined by Suremerica to be sufficient to discharge any claim made against Suremerica on a bond issued on our behalf. | |
Other Commitments and Contingencies | |
Some of our customers and vendors require us to post letters of credit as a means of guaranteeing performance under our contracts and ensuring payment by us to subcontractors and vendors. If our customer has reasonable cause to effect payment under a letter of credit, we would be required to reimburse our creditor for the letter of credit. At September 30, 2013, $200 of our outstanding letters of credit were to collateralize our vendors. | |
On January 9, 2012, we entered into a settlement agreement with regard to $2,000 of collateral held by a surety who previously issued construction payment and performance bonds for us. The agreement called for a total settlement of $2,200 to be paid in monthly installments through February 2013, and based on subsequent payment defaults, was amended to provide for additional collateral and a total settlement amount of $2,025 ($2,200 less the $175 already received) to be paid in monthly installments beginning September 30, 2012 through July 2014 with an interest rate of 12%. Following a subsequent amendment to postpone or modify payment dates, on January 2, 2013, the Company tendered a notice of default to the surety and its coal mining operations, which had been pledged as additional collateral. Given the surety’s failure to make the payments due on December 31, 2012, and January 31, 2013, and its continued attempts to restructure the underlying settlement agreement, the Company concluded the collection of the receivable was not probable as of December 31, 2012, and recorded a reserve in the amount $1,725 for the first quarter of fiscal 2013, bringing the receivable’s net carrying value to zero. The charge was recorded as other expense within our Consolidated Statements of Comprehensive Income and the reserve was recorded within our current assets within the Consolidated Balance Sheet. | |
On March 8, 2013, the Company issued a notice of acceleration of the promissory notes signed by the two mining companies, and subsequently filed suit to enforce the acceleration and to domesticate the agreed judgment against the surety and its owner in Virginia. Following these actions, the surety entered into an amended agreement with the Company which provided for payment of $300, which was received on June 24, 2013, and additional monthly installments with final payment due June 30, 2014. As of December 11, 2013, the Company has received installment payments totaling $450. If the defendants default on this agreement, the Company expects to move forward with the collection activities that led to the June amendment and payments. The extent of recovery of the remaining balance, if any, cannot be determined. However, the possibility of a partial or full recovery exists as installment payments continue, and the Company remains poised to aggressively pursue collection in the event of a default. We have classified the $450 received as of September 2013 as other income within our Consolidated Statements of Comprehensive Income. Any subsequent recovery will be included in other income. | |
From time to time, we may enter into firm purchase commitments for materials such as copper or aluminum wire which we expect to use in the ordinary course of business. These commitments are typically for terms less than one year and require us to buy minimum quantities of materials at specific intervals at a fixed price over the term. As of September 30, 2013, we had no such open purchase commitments. | |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
GoodwillAndIntangibleAssetsDisclosureTextBlock | ' | ||||||||||||
18. GOODWILL AND INTANGIBLE ASSETS | |||||||||||||
The following is a progression of goodwill by segment for the years ended September 30, 2013, 2012 and 2011: | |||||||||||||
Residential | Infrastructure Solutions | Total | |||||||||||
Balance at September 30, 2011 | $ | 4,446 | $ | - | $ | 4,446 | |||||||
Balance at September 30, 2012 | 4,446 | - | 4,446 | ||||||||||
Acquisition | 4,185 | 5,293 | 9,478 | ||||||||||
Balance at September 30, 2013 | $ | 8,631 | $ | 5,293 | $ | 13,924 | |||||||
Goodwill | |||||||||||||
Based upon the results of our annual impairment analysis, the fair value of our Residential segment significantly exceeded the book value, and warrants no impairment. We evaluated goodwill attributable to Infrastructure Solutions qualitatively, and have concluded no impairment is necessary. We recorded goodwill impairment of $142 during the year ended September 30, 2011, bringing the goodwill balance attributable to our Commercial & Industrial segment to zero. | |||||||||||||
Intangible assets consist of the following: | |||||||||||||
Year Ended September 30, 2013 | |||||||||||||
Estimated | |||||||||||||
Useful Lives | Gross Carrying | Accumulated | |||||||||||
(in Years) | Amount | Amortization | Net | ||||||||||
Trademarks/trade names | Indefinite | $ | 1,200 | $ | - | $ | 1,200 | ||||||
Technical Library | 20 | 400 | 1 | 399 | |||||||||
Customer Relationships | 6.3 | 2,100 | 16 | 2,084 | |||||||||
Order backlog | 0.4 | 350 | 350 | - | |||||||||
Covenants not to compete | 3 | 140 | 27 | 113 | |||||||||
Developed Technology | 4 | 400 | 58 | 342 | |||||||||
Total | $ | 4,590 | $ | 452 | $ | 4,138 | |||||||
Amortization of intangible assets was $452 for the year ended September 30, 2013. Our future amortization expense for years ended September 30, is as follows: | |||||||||||||
Year Ended September 30, | |||||||||||||
2014 | $ | 499 | |||||||||||
2015 | 499 | ||||||||||||
2016 | 471 | ||||||||||||
2017 | 398 | ||||||||||||
2018 | 358 | ||||||||||||
Thereafter | 713 | ||||||||||||
Total | $ | 2,938 |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
DerivativeInstrumentsAndHedgesLiabilitiesAbstract | ' | |||||||
Derivative Instruments | ' | |||||||
19. DERIVATIVE INSTRUMENTS | ||||||||
On March 1, 2013, we entered into an interest rate swap agreement with Wells Fargo Bank, N.A. in conjunction with our Wells Fargo Term Loan to hedge interest rate risk. Borrowings under the Wells Fargo Term Loan bore interest at a per annum rate equal to Daily Three Month LIBOR plus an applicable margin. Our interest rate swap agreement bears interest of 1.00% less the per annum rate equal to Daily Three Month LIBOR, thus mitigating the interest rate risk associated with the Daily Three Month LIBOR and ensuring a fixed rate for hedged borrowings under the Wells Fargo Term Loan. | ||||||||
Our derivative instrument is held at fair value on our consolidated balance sheet. Related cash flows are recorded as operating activities on the consolidated statement of cash flows. Gains and losses related to this derivative instrument are recognized within other comprehensive income. As of September 13, 2013, the interest rate swap agreement was 100% effective, as interest for both the Wells Fargo Term Loan and interest rate swap agreement were calculated utilizing the Daily Three Month LIBOR rate on the same principal basis. | ||||||||
The following table presents the gross fair value of our interest rate swap derivative, and the line items where it appears on our consolidated balance sheet: | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Assets | ||||||||
Prepaid expenses and other current assets | $ | 17 | $ | - | ||||
Stockholder's equity | $ | 17 | $ | - | ||||
Accumulated other comprehensive income | ||||||||
Business_Combinations
Business Combinations | 12 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
BusinessCombinationsAbstract | ' | |||||||||
BusinessCombinationDisclosureTextBlock | ' | |||||||||
20. BUSINESS COMBINATION | ||||||||||
Acquisition of Assets from the Acro Group | ||||||||||
On February 8, 2013, IES Renewable Energy, LLC (“IES Renewable”), an indirect wholly-owned subsidiary of the Company, entered into an Asset Purchase Agreement with a group of entities operating under the name of the Acro Group: Residential Renewable Technologies, Inc., Energy Efficiency Solar, Inc. and Lonestar Renewable Technologies Acquisition Corp. (collectively, the “Acro Group”). Pursuant to the terms of the Asset Purchase Agreement, the Company agreed to acquire certain assets in connection with the Acro Group’s turn-key residential solar integration business (the “Acquired Assets”). The Acquired Assets include, but are not limited to, assets relating to the Acro Group’s solar installation sales and marketing platform and the backlog of contracts entered into by the Acro Group with residential solar customers, which provide for the payment of sales and marketing fees in connection with the sale, installation and third-party financing of residential solar equipment. The transaction closed on February 15, 2013 (the “Closing Date”). | ||||||||||
Following consummation of the transaction, IES Residential, Inc. (“IES Residential”), a wholly-owned subsidiary of the Company, began offering full-service residential solar integration services, including design, procurement, permitting, installation, financing services through third parties and warranty services for residential customers. IES Residential had previously provided solar installation subcontracting services to the Acro Group, and as of February 8, 2013, was owed $3,800 for subcontracting services provided up to that date (such balance, as of the day prior to the Closing Date, the “Accounts Receivable Balance”). | ||||||||||
Total consideration received by the Acro Group for the Acquired Assets consists of (i) IES Residential’s release of the Accounts Receivable Balance, (ii) payment by IES Renewable to the Acro Group of a percentage of future gross revenue generated from the Acquired Assets in an amount not to exceed $2,000 over the 12-month period beginning the first full month following the Closing Date, subject to certain reductions as described in the Asset Purchase Agreement, and (iii) $828 representing amounts paid by IES Residential, to the Acro Group to fund certain of its operating expenses between January 4, 2013 and the Closing Date. | ||||||||||
Purchase price and fair value of assets acquired and liabilities assumed | ||||||||||
The Company accounted for the transaction under the acquisition method of accounting, which requires recording assets and liabilities at fair value (Level 3). These Level 3 fair value assessments were measured based on a third party valuation, utilizing methodologies including discounted cash flow, replacement cost, and excess earnings, which are subject to finalization. The total estimated purchase price was allocated to the tangible assets and separately identifiable intangible assets acquired and liabilities assumed based on their fair values on the Closing Date. | ||||||||||
The valuations were derived based on assumptions made by management. While management believes that its assumptions underlying the valuations are reasonable, different estimates and assumptions could result in different values being assigned to individual assets acquired and liabilities assumed. The fair value of assets acquired and liabilities assumed on the Closing Date is as follows: | ||||||||||
IES receivable from the Acro Group as of December 31, 2012 (a) | $ | 2,263 | ||||||||
IES deferred cost recorded in connection with transactions with Acro Group between January 1, 2013 and February 15, 2013 | 1,042 | |||||||||
Cash purchase consideration | 828 | |||||||||
Fair value of contingent consideration (b) | 665 | |||||||||
Total consideration transferred | $ | 4,798 | ||||||||
(a) | As of the Closing Date, IES had a receivable from the Acro Group from past transactions between the two companies. This receivable was forgiven by IES as a portion of the consideration paid to acquire the Acro Group assets and liabilities. | |||||||||
(b) | The contingent consideration is based on a formula of the Acro Group's revenue for the first 12 months after February 15, 2013, with a maximum and minimum amount payable by IES. | |||||||||
Total estimate of consideration expected to be transferred | 4,798 | |||||||||
Fair value of assets acquired and liabilities assumed: | ||||||||||
Trade receivables | $ | 317 | ||||||||
Prepaid commissions | 46 | |||||||||
Inventory | 16 | |||||||||
Property and equipment | 40 | |||||||||
Order backlog | 350 | |||||||||
Covenant not-to-compete | 140 | |||||||||
Developed technology | 400 | |||||||||
Vacation payable | -26 | |||||||||
Customer incentive payable | -70 | |||||||||
Deferred revenue | -600 | |||||||||
Goodwill: (c) | $ | 4,185 | ||||||||
(c) | The goodwill is attributable to the workforce of the acquired business and other intangibles that do not qualify for separate recognition. | |||||||||
Acquisition of MISCOR | ||||||||||
On September 13, 2013 we completed the acquisition of 100% of the voting equity interests of MISCOR Group, LTD (“MISCOR”), a provider of maintenance and repair services including engine parts and components to the industrial and rail services. MISCOR operates in locations in Indiana, Alabama, Ohio, West Virginia, and California. Following the consummation of the transaction, MISCOR was incorporated as the sole component of our Infrastructure Solutions segment. | ||||||||||
Total consideration received by MISCOR shareholders consisted of 2,795,577 shares of IES common stock valued at $11,853, combined with cash totaling $4,364. | ||||||||||
Purchase price and fair value of assets acquired and liabilities assumed | ||||||||||
The Company accounted for the transaction under the acquisition method of accounting, which requires recording assets and liabilities at fair value (Level 3). These Level 3 fair value assessments were measured based on a third party valuation, utilizing methodologies including discounted cash flow, replacement cost, and excess earnings, which are subject to finalization. The total estimated purchase price was allocated to the tangible assets and separately identifiable intangible assets acquired and liabilities assumed based on their preliminary estimated fair values on September 13, 2013. | ||||||||||
The valuations derived from estimated fair value assessments and assumptions used by management are preliminary pending finalization of certain intangible asset valuations. While management believes that its preliminary estimates and assumptions underlying the valuations are reasonable, different estimates and assumptions could result in different values being assigned to individual assets acquired and liabilities assumed. This may result in adjustments to the preliminary amounts recorded and goodwill, which could be material. The preliminary valuation of the assets acquired and liabilities assumed as of September 13, 2013 is as follows: | ||||||||||
IES Common Shares (2,795,577) | $ | 11,853 | ||||||||
Cash purchase consideration | 4,364 | |||||||||
Total consideration transferred | $ | 16,217 | ||||||||
Total estimate of consideration expected to be transferred | $ | 16,217 | ||||||||
Fair value of assets acquired and liabilities assumed: | ||||||||||
Trade receivables | $ | 4,925 | ||||||||
Prepaids | 532 | |||||||||
Inventory | 7,530 | |||||||||
Property and equipment | 5,355 | |||||||||
Customer relationships | 2,100 | |||||||||
Technical library | 400 | |||||||||
Trade names | 1,200 | |||||||||
Other assets | 552 | |||||||||
Trade payables | -4,143 | |||||||||
Accrued liabilities | -2,016 | |||||||||
Term loan | -5,511 | |||||||||
Goodwill: (c) | $ | 5,293 | ||||||||
(c) | Although this goodwill is not deductible for tax purposes, we acquired tax basis of $8.6 million in goodwill and intangible assets recognized by MISCOR prior to our purchase agreement with them. The deferred tax asset associated with the basis is fully offset by a corresponding valuation allowance. No value was assigned in the purchase price allocation above to the original intangible assets recognized by MISCOR prior to our purchase agreement. | |||||||||
Unaudited Pro Forma Information – 2013 Acquisitions | ||||||||||
The following unaudited supplemental pro forma results of operations include the results of each of the companies acquired during year ended September 30, 2013, described above as if each had been consolidated as of October 1, 2011, and have been provided for illustrative purposes only and do not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future. Future results may vary significantly from the results reflected in the following pro forma financial information because of future events and transactions, as well as other factors, many of which are beyond IES’s control. | ||||||||||
The unaudited pro forma financial information reflects certain adjustments related to the acquisition, such as the recording of incremental depreciation expense in connection with fair value adjustments to property and equipment, incremental amortization expense in connection with recording acquired identifiable intangible assets at fair value, and the elimination of the impact of historical transactions between IES and the Acro Group that would have been treated as intercompany transactions had the companies been consolidated. The unaudited pro forma financial information also includes the effect of certain non-recurring items as of October 1, 2011 such as $3,034 in acquisition related costs incurred during the year ended September 30, 2013. The unaudited pro forma financial statements include these acquisition related costs as if they had been incurred on October 1, 2011. | ||||||||||
The supplemental pro forma results of operations for the years ended September 30, 2013 and 2012, as if the assets of Acro Group had been acquired and the acquisition of MISCOR had been completed on October 1, 2011, are as follows: | ||||||||||
Unaudited | ||||||||||
Year Ended | Year Ended | |||||||||
30-Sep-13 | 30-Sep-12 | |||||||||
Revenues | $ | 542,027 | $ | 520,016 | ||||||
Net loss from continuing operations | $ | -3,081 | $ | -6,642 |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||
21. DISCONTINUED OPERATIONS | |||||||||||
In 2011, we initiated the closure of all or portions of our Commercial & Industrial and Communications facilities in Arizona, Florida, Iowa, Louisiana, Maryland, Massachusetts, Nevada and Texas. These facilities were a key aspect of our commitment to return the Company to profitability and selected based on their current business prospects and the extended time frame needed to return the facilities to a profitable position. From the time of identification through September 30, 2013 we have sub-leased or terminated our lease contracts for leased facilities. We have satisfied substantially all of our contracts through either the subcontracting or self-performance. We have completed the wind down of these facilities as of September 30, 2013. Results from operations of these facilities for the years ended September 30, 2013, 2012, and 2011 are presented in our Consolidated Statements of Comprehensive Income as discontinued operations. | |||||||||||
The components of the results of discontinued operations for these facilities are as follows: | |||||||||||
Years Ended September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Revenues | $ | 1,559 | $ | 16,279 | $ | 69,222 | |||||
Cost of services | 2,032 | 20,941 | 78,220 | ||||||||
Gross profit | -473 | -4,662 | -8,998 | ||||||||
Selling, general and administrative | 601 | 2,557 | 5,536 | ||||||||
Loss (gain) on sale of assets | 258 | 769 | -28 | ||||||||
Restructuring charge | 63 | 1,170 | 3,785 | ||||||||
Other (income) expense | - | - | -3 | ||||||||
Loss from discontinued operations | -1,395 | -9,158 | -18,288 | ||||||||
(Benefit) provision for income taxes | - | -11 | -26 | ||||||||
Net loss from discontinued operations | $ | -1,395 | $ | -9,147 | $ | -18,262 | |||||
Included in the Consolidated Balance Sheets at September 30, 2013 and 2012 are the following major classes of assets and liabilities associated with discontinued operations: | |||||||||||
Years Ended September 30, | |||||||||||
2013 | 2012 | ||||||||||
Assets of discontinued operations: | |||||||||||
Current | $ | 1,123 | $ | 6,127 | |||||||
Liabilities of discontinued operations: | |||||||||||
Current | $ | 889 | $ | 3,005 |
Quarterly_Results_Of_Operation
Quarterly Results Of Operations (Unaudited) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Quarterly Results Of Operations (Unaudited) [Abstract] | ' | |||||||||||||
Quarterly Results Of Operations (Unaudited) | ' | |||||||||||||
22. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ||||||||||||||
Quarterly financial information for the years ended September 30, 2013 and 2012, are summarized as follows: | ||||||||||||||
Fiscal Year Ended September 30, 2013 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Revenues | $ | 127,264 | $ | 121,995 | $ | 121,552 | $ | 123,782 | ||||||
Gross profit | $ | 17,980 | $ | 15,996 | $ | 15,653 | $ | 17,331 | ||||||
Net income (loss) from continuing operations | $ | 633 | $ | -940 | $ | -725 | $ | -1,146 | ||||||
Net loss from discontinued operations | $ | -123 | $ | -161 | $ | -413 | $ | -698 | ||||||
Net loss | $ | 510 | $ | -1,101 | $ | -1,138 | $ | -1,844 | ||||||
Loss per share from continuing | ||||||||||||||
operations: | ||||||||||||||
Basic | $ | 0.04 | $ | -0.06 | $ | -0.05 | $ | -0.07 | ||||||
Diluted | $ | 0.04 | $ | -0.06 | $ | -0.05 | $ | -0.07 | ||||||
Loss per share from discontinued | ||||||||||||||
operations: | ||||||||||||||
Basic | $ | -0.01 | $ | -0.01 | $ | -0.03 | $ | -0.05 | ||||||
Diluted | $ | -0.01 | $ | -0.01 | $ | -0.03 | $ | -0.05 | ||||||
Earnings loss per share: | ||||||||||||||
Basic | $ | 0.03 | $ | -0.07 | $ | -0.08 | $ | -0.12 | ||||||
Diluted | $ | 0.03 | $ | -0.07 | $ | -0.08 | $ | -0.12 | ||||||
The sum of the individual quarterly earnings per share amounts may not agree with year-to-date earnings per share as each period’s computation is based on the weighted average number of shares outstanding during the period. | ||||||||||||||
Fiscal Year Ended September 30, 2012 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Revenues | $ | 108,998 | $ | 107,608 | $ | 116,128 | $ | 123,381 | ||||||
Gross profit | $ | 13,193 | $ | 13,789 | $ | 14,256 | $ | 16,814 | ||||||
Net income (loss) from continuing operations | $ | 192 | $ | -1,186 | $ | -1,213 | $ | -448 | ||||||
Net loss from discontinued operations | $ | -3,913 | $ | -2,245 | $ | -1,963 | $ | -1,026 | ||||||
Net loss | $ | -3,721 | $ | -3,431 | $ | -3,176 | $ | -1,474 | ||||||
Loss per share from continuing | ||||||||||||||
operations: | ||||||||||||||
Basic | $ | 0.01 | $ | -0.08 | $ | -0.08 | $ | -0.03 | ||||||
Diluted | $ | 0.01 | $ | -0.08 | $ | -0.08 | $ | -0.03 | ||||||
Loss per share from discontinued | ||||||||||||||
operations: | ||||||||||||||
Basic | $ | -0.27 | $ | -0.15 | $ | -0.13 | $ | -0.07 | ||||||
Diluted | $ | -0.27 | $ | -0.15 | $ | -0.13 | $ | -0.07 | ||||||
Earnings loss per share: | ||||||||||||||
Basic | $ | -0.26 | $ | -0.23 | $ | -0.22 | $ | -0.1 | ||||||
Diluted | $ | -0.26 | $ | -0.23 | $ | -0.22 | $ | -0.1 | ||||||
The sum of the individual quarterly earnings per share amounts may not agree with year-to-date earnings per share as each period’s computation is based on the weighted average number of shares outstanding during the period. | ||||||||||||||
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||
Principles of Consolidation | ' | ||||
Principles of Consolidation | |||||
The accompanying consolidated financial statements include the accounts of IES and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. | |||||
Asset Impairment | ' | ||||
Asset Impairment | |||||
During the fiscal years ended September 30, 2013 and 2012, the Company recorded pretax non-cash asset impairment charges of $200 and $688, respectively, related to real estate held by our Commercial & Industrial segment. The real estate was held within a location selected for closure during 2011. This impairment was to adjust the carrying value of real estate held for sale to the estimated current market value less expected selling expenses. The real estate is classified as assets held for sale within our Consolidated Balance Sheets as of September 30, 2012, and was subsequently sold on September 30, 2013. The impairment charges are included in our net loss from discontinued operations within our Consolidated Statements of Comprehensive Income. | |||||
During the fiscal year ended September 30, 2011, the Company recorded a pretax non-cash asset impairment charge of $3,551 related to certain internally-developed capitalized software within our Corporate segment, $968 for our investment in EnerTech Capital Partners II L.P. (“EnerTech”) within our Corporate segment, $142 for goodwill within our Commercial & Industrial segment and $143 within our Commercial & Industrial segment, related to real estate held by the Company which was impaired further in 2012 and 2013, as noted above. The Company ceased use of the internally-developed software in 2011. As a result, the software has a fair value of zero. The non-cash impairments related to the investment in EnerTech and the real estate were to adjust the carrying value to their estimated current market values. | |||||
Use of Estimates | ' | ||||
Use of Estimates | |||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are primarily used in our revenue recognition of construction in progress, fair value assumptions in analyzing goodwill, investments, intangible assets and long-lived asset impairments and adjustments, allowance for doubtful accounts receivable, stock-based compensation, reserves for legal matters, assumptions regarding estimated costs to exit certain segments, realizability of deferred tax assets, unrecognized tax benefits and self-insured claims liabilities and related reserves. | |||||
Cash and Cash Equivalents | ' | ||||
Cash and Cash Equivalents | |||||
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||
Inventories | ' | ||||
Inventories | |||||
Inventories generally consist of raw materials, work in process, finished goods, and parts and supplies held for use in the ordinary course of business. Inventory is valued at the lower of cost or market generally using the historical average cost or first-in, first-out (FIFO) method. When circumstances dictate, we write down inventory to its estimated realizable value based on assumptions about future demand, market conditions, plans for disposal, and physical condition of the product. Where shipping and handling costs are borne by us, these charges are included in inventory and charged to cost of services upon use in our projects or the providing of services. | |||||
Securities and Equity Investments | ' | ||||
Securities and Equity Investments | |||||
Our investments are accounted for using either the cost or equity method of accounting, as appropriate. Each period, we evaluate whether an event or change in circumstances has occurred that may indicate an investment has been impaired. If, upon further investigation of such events, we determine the investment has suffered a decline in value that is other than temporary, we write down the investment to its estimated fair value. | |||||
Long-Term Receivables | ' | ||||
Long-Term Receivables | |||||
From time to time, we enter into payment plans with certain customers over periods in excess of one year. We classify these receivables as long-term receivables. Additionally, we provide an allowance for doubtful accounts for specific long-term receivables where collection is considered doubtful. | |||||
In March 2009, in connection with a construction project entering bankruptcy, we transferred $3,992 of trade accounts receivable to long-term receivable and initiated breach of contract and mechanics’ lien foreclosure actions against the project’s general contractor and owner, respectively. At the same time, we reserved the costs in excess of billings of $278 associated with this receivable. In March 2010, given the significant uncertainty associated with its ultimate collectability we reserved the remaining balance of $3,714, but continued to pursue collection through the bankruptcy court proceeding. In February 2011, we entered into a $2,850 settlement in connection with the breach of contract and mechanics’ lien foreclosure actions related to the receivable. The $2,850 recovery was recorded in the accompanying consolidated statements of comprehensive income as a component of selling, general, and administrative expenses. | |||||
Property and Equipment | ' | ||||
Property and Equipment | |||||
Additions of property and equipment are recorded at cost, and depreciation is computed using the straight-line method over the estimated useful life of the related asset. Leasehold improvements are capitalized and depreciated over the lesser of the life of the lease or the estimated useful life of the asset. | |||||
Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing property and equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the capitalized cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the statements of comprehensive income in the caption (gain) loss on sale of assets. | |||||
Goodwill | ' | ||||
Goodwill | |||||
Goodwill attributable to each reporting unit is tested for impairment by comparing the fair value of each reporting unit with its carrying value. Fair value is determined using discounted cash flows. These impairment tests are required to be performed at least annually. Significant estimates used in the methodologies include estimates of future cash flows, future short-term and long-term growth rates, and weighted average cost of capital for each of the reportable units. On an ongoing basis (absent any impairment indicators), we perform an impairment test annually using a measurement date of September 30. | |||||
Other Intangible Assets | ' | ||||
Intangible Assets | |||||
Intangible assets with definite lives are amortized over their estimated useful lives based on expected economic benefit with no residual value. Customer relationships are amortized assuming gradual attrition. Intangible assets with indefinite lives are not subject to amortization. We perform a test for impairment annually, or more frequently when indicators of impairment are present. | |||||
Debt Issuance Costs | ' | ||||
Debt Issuance Costs | |||||
Debt issuance costs are included in other noncurrent assets and are amortized to interest expense over the scheduled maturity of the debt. Amortization expense of debt issuance costs was $522, $568 and $338, respectively, for the years ended 2013, 2012 and 2011. Remaining unamortized capitalized debt issuance costs were $1,449 | |||||
Revenue Recognition | ' | ||||
Revenue Recognition | |||||
Revenue is recognized once the following four criteria are met; (i) persuasive evidence of an arrangement exists, (ii) delivery of the product has occurred or services have been rendered, (iii) the price of the product or service is fixed and determinable, and (iv) collectability is reasonably assured. Costs associated with these products and services are recognized within the period they are incurred. | |||||
We recognize revenue on project contracts using the percentage of completion method. Project contracts generally provide that customers accept completion of progress to date and compensate us for services rendered measured in terms of units installed, hours expended or some other measure of progress. We recognize revenue on both signed contracts and change orders. A discussion of our treatment of claims and unapproved change orders is described later in this section. Percentage of completion for construction contracts is measured principally by the percentage of costs incurred and accrued to date for each contract to the estimated total cost for each contract at completion. We generally consider contracts to be substantially complete upon departure from the work site and acceptance by the customer. Contract costs include all direct material, labor and insurance costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. Changes in job performance, job conditions, estimated contract costs and profitability and final contract settlements may result in revisions to costs and income and the effects of these revisions are recognized in the period in which the revisions are determined. Provisions for total estimated losses on uncompleted contracts are made in the period in which such losses are determined. The balances billed but not paid by customers pursuant to retainage provisions in project contracts will be due upon completion of the contracts and acceptance by the customer. Based on our experience, the retention balance at each balance sheet date will be collected within the subsequent fiscal year. | |||||
The current asset “Costs and estimated earnings in excess of billings on uncompleted contracts” represents revenues recognized in excess of amounts billed which management believes will generally be billed and collected within the next twelve months. Also included in this asset, from time to time, are claims and unapproved change orders which are amounts we are in the process of collecting from our customers or agencies for changes in contract specifications or design, contract change orders in dispute or unapproved as to scope and price, or other related causes of unanticipated additional contract costs. Claims are limited to costs incurred and are recorded at estimated realizable value when collection is probable and can be reasonably estimated. We do not recognize profits on project costs incurred in connection with claims. Claims made by us involve negotiation and, in certain cases, litigation. Such litigation costs are expensed as incurred. As of September 30, 2013, 2012 and 2011, there were no material revenues recorded associated with any claims. The current liability “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized. Costs and estimated earnings in excess of billings on uncompleted contracts are amounts considered recoverable from customers based on different measures of performance, including achievement of specific milestones, completion of specified units or at the completion of the contract. | |||||
Accounts Receivable and Allowance for Doubtful Accounts | ' | ||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||
We record accounts receivable for all amounts billed and not collected. Generally, we do not charge interest on outstanding accounts receivable; however, from time to time we may believe it necessary to charge interest on a case by case basis. Additionally, we provide an allowance for doubtful accounts for specific accounts receivable where collection is considered doubtful as well as for general unknown collection issues based on historical trends. Accounts receivable not determined to be collectible are written off as deemed necessary in the period such determination is made. As is common in our industry, some of these receivables are in litigation or require us to exercise our contractual lien rights in order to collect. These receivables are primarily associated with a few divisions within our Commercial & Industrial segment. Certain other receivables are slow-pay in nature and require us to exercise our contractual or lien rights. We believe that our allowance for doubtful accounts is sufficient to cover uncollectible receivables as of September 30, 2013 | |||||
Comprehensive Income | ' | ||||
Comprehensive Income | |||||
Comprehensive income includes all changes in equity during a period except those resulting from investments by and distributions to stockholders. | |||||
Income Taxes | ' | ||||
Income Taxes | |||||
We follow the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recorded for the future income tax consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities, and are measured using enacted tax rates and laws. | |||||
We regularly evaluate valuation allowances established for deferred tax assets for which future realization is uncertain. We perform this evaluation at least annually at the end of each fiscal year. The estimation of required valuation allowances includes estimates of future taxable income. In assessing the realizability of deferred tax assets at September 30, 2013, we considered whether it was more likely than not that some portion or all of the deferred tax assets would not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income is different from the estimates, our results could be affected. We have determined to fully reserve against such an occurrence. | |||||
On May 12, 2006, we had a change in ownership as defined in Internal Revenue Code Section 382. Internal Revenue Code Section 382 limits the utilization of net operating losses that existed as of the change in ownership in tax periods subsequent to the change in ownership. As such, our utilization after the change date of net operating losses in existence as of the change in ownership is subject to Internal Revenue Code Section 382 limitations for federal income taxes and some state income taxes. We have provided valuation allowances on all net operating losses where it is determined it is more likely than not that they will expire without being utilized. | |||||
Risk-Management | ' | ||||
Risk-Management | |||||
We retain the risk for workers’ compensation, employer’s liability, automobile liability, general liability and employee group health claims, as well as pollution coverage, resulting from uninsured deductibles per accident or occurrence which are subject to annual aggregate limits. Our general liability program provides coverage for bodily injury and property damage. Losses up to the deductible amounts are accrued based upon our known claims incurred and an estimate of claims incurred but not reported. For the year ended September 30, 2013, we compiled our historical data pertaining to the insurance experiences and actuarially developed the ultimate loss associated with our insurance programs other than pollution coverage, which was obtained in connection with the MISCOR acquisition. We believe that the actuarial valuation provides the best estimate of the ultimate losses to be expected under these programs. | |||||
The undiscounted ultimate losses of all insurance reserves at September 30, 2013 and 2012, was $5,306 and $6,864, respectively. Based on historical payment patterns, we expect payments of undiscounted ultimate losses to be made as follows: | |||||
Year Ended September 30: | |||||
2014 | $ | 1,668 | |||
2015 | 991 | ||||
2016 | 595 | ||||
2017 | 379 | ||||
2018 | 243 | ||||
Thereafter | 1,430 | ||||
Total | $ | 5,306 | |||
We elect to discount the ultimate losses above to present value using an approximate risk-free rate over the average life of our insurance claims. For the years ended September 30, 2013 and 2012, the discount rate used was 1.4 percent and 0.6 percent, respectively. The present value of all insurance reserves for the employee group health claims, workers’ compensation, auto and general liability recorded at September 30, 2013 and 2012 was $4,963 and $5,228, respectively. Our employee group health claims are anticipated to be resolved within the year ended September 30, 2014. | |||||
We had letters of credit totaling $6,147 outstanding at September 30, 2013 to collateralize our high deductible insurance obligations. | |||||
Realization of Long-Lived Assets | ' | ||||
Realization of Long-Lived Assets | |||||
We evaluate the recoverability of property and equipment and other long-lived assets as facts and circumstances indicate that any of those assets might be impaired. If an evaluation is required for our assets we plan to hold and use, the estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying amount to determine if an impairment of such property has occurred. The effect of any impairment would be to expense the difference between the fair value of such property and its carrying value. Estimated fair values are determined based on expected future cash flows discounted at a rate we believe incorporates the time value of money, the expectations about future cash flows and an appropriate risk premium. | |||||
During the years ended September 30, 2013, 2012 and 2011, we evaluated certain of our long-lived assets. These evaluations resulted in impairment charges as described above under “Asset Impairment”. | |||||
Risk Concentration | ' | ||||
Risk Concentration | |||||
Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash deposits and accounts receivable. We grant credit, usually without collateral, to our customers, who are generally large public companies, contractors and homebuilders throughout the United States. Consequently, we are subject to potential credit risk related to changes in business and economic factors throughout the United States, specifically, within the construction, homebuilding and mission critical facility markets. However, we are entitled to payment for work performed and have certain lien rights in that work. Further, management believes that its contract acceptance, billing and collection policies are adequate to manage potential credit risk. We routinely maintain cash balances in financial institutions in excess of federally insured limits. We periodically assess the financial condition of these institutions where these funds are held and believe the credit risk is minimal. As a result of recent credit market turmoil we maintain the majority of our cash and cash equivalents in money market mutual funds. | |||||
No single customer accounted for more than 10% of our revenues for the years ended September 30, 2013, 2012 and 2011. | |||||
Fair Value of Financial Instruments | ' | ||||
Fair Value of Financial Instruments | |||||
Our financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, investments, accounts payable, a loan agreement, and an interest rate swap agreement. We believe that the carrying value of financial instruments, with the exception of our cost method investment in EnerTech, in the accompanying Consolidated Balance Sheets, approximates their fair value due to their short-term nature. | |||||
We estimate the fair value of our investment in EnerTech (Level 3) using quoted market prices for underlying publicly traded securities, and estimated enterprise values determined using cash flow projections and market multiples of the underlying non-public companies. For additional information, please refer to Note 7, “Detail of Certain Balance Sheet Accounts – Securities and Equity Investments – Investment in EnerTech.” | |||||
Stock-Based Compensation | ' | ||||
Stock-Based Compensation | |||||
We measure and record compensation expense for all share-based payment awards based on the fair value of the awards granted, net of estimated forfeitures, at the date of grant. We calculate the fair value of stock options using a binomial option pricing model. The fair value of restricted stock awards and phantom stock unit awards is determined based on the number of shares granted and the closing price of IES’s common stock on the date of grant. Forfeitures are estimated at the time of grant and revised as deemed necessary. The resulting compensation expense from discretionary awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period, while compensation expense from performance based awards is recognized using the graded vesting method over the requisite service period. The cash flows resulting from the tax deductions in excess of the compensation expense recognized for options and restricted stock (excess tax benefit) are classified as financing cash flows. | |||||
Deferred Compensation Plans | ' | ||||
Deferred Compensation Plans | |||||
The Company maintains a rabbi trust to fund certain deferred compensation plans. The securities held by the trust are classified as trading securities. The investments are recorded at fair value and are classified as other non-current assets in the accompanying Consolidated Balance Sheets as of September 30, 2013 and 2012. The changes in fair values are recorded as unrealized gains (losses) as a component of other income (expense) in the Consolidated Statements of Comprehensive Income. | |||||
The corresponding deferred compensation liability is included in other non-current liabilities on the Consolidated Balance Sheets and changes in this obligation are recognized as adjustments to compensation expense in the period in which they are determined. | |||||
New Accounting Pronouncements | ' | ||||
New Accounting Pronouncements | |||||
In February 2013, the FASB issued accounting guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income. This guidance sets forth new disclosure requirements for items reclassified from accumulated other comprehensive income by requiring disclosures for both the changes in accumulated other comprehensive income by component and where the significant items reclassified from accumulated other comprehensive income are classified in the Statements of Consolidated Comprehensive Income. This guidance became effective for us on October 1, 2013 and will require additional disclosure for changes in accumulated other comprehensive income. | |||||
In June 2011, the FASB issued amended authoritative guidance associated with comprehensive income, which requires companies to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This amendment to the authoritative guidance associated with comprehensive income was effective for the Company on October 1, 2012 and has been applied retrospectively. We have adopted a single continuous statement of comprehensive income. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting (Tables) | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||
Risk-Management Table (Undiscounted Ultimate Losses on Insurance Reserves) | ' | ||||
Year Ended September 30: | |||||
2014 | $ | 1,668 | |||
2015 | 991 | ||||
2016 | 595 | ||||
2017 | 379 | ||||
2018 | 243 | ||||
Thereafter | 1,430 | ||||
Total | $ | 5,306 |
Strategic_Actions_Tables
Strategic Actions (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Strategic Actions [Abstract] | ' | |||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | |||||||||||||
Severance | Consulting | Lease Termination | ||||||||||||
Charges | Charges | & Other Charges | Total | |||||||||||
Restructuring liability at September 30, 2012 | $ | 201 | $ | 10 | $ | 329 | $ | 540 | ||||||
Restructuring charges (reversals) incurred | -4 | 63 | - | 59 | ||||||||||
Cash payments made | -82 | -73 | -169 | -324 | ||||||||||
Restructuring liability at September 30, 2013 | $ | 115 | $ | - | $ | 160 | $ | 275 |
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
Estimated | |||||||||
Useful Lives | Years Ended September 30, | ||||||||
in Years | 2013 | 2012 | |||||||
Land | N/A | $ | 689 | $ | 1,795 | ||||
Buildings | 20-May | 3,762 | 550 | ||||||
Transportation equipment | 5-Mar | 1,688 | 1,696 | ||||||
Machinery and equipment | 10-Mar | 7,251 | 4,732 | ||||||
Leasehold improvements | 10-May | 2,313 | 2,015 | ||||||
Information systems | 8-Feb | 15,408 | 15,289 | ||||||
Furniture and fixtures | 7-May | 776 | 887 | ||||||
$ | 31,887 | $ | 26,964 | ||||||
Less--Accumulated depreciation and amortization | -21,570 | -20,484 | |||||||
Construction in Progress | 97 | - | |||||||
Property and equipment, net | $ | 10,414 | $ | 6,480 |
Per_Share_Information_Tables
Per Share Information (Tables) | 12 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Per Share Information [Abstract] | ' | |||||||||
ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock | ' | |||||||||
Years Ended September 30, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Numerator: | ||||||||||
Net loss from continuing operations attributable to common shareholders | $ | -2,178 | $ | -2,655 | $ | -19,561 | ||||
Net loss from discontinued operations attributable to common shareholders | $ | -1,395 | $ | -9,147 | $ | -18,262 | ||||
Net loss | $ | -3,573 | $ | -11,802 | $ | -37,823 | ||||
Denominator: | ||||||||||
Weighted average common shares outstanding — basic | 14,952,054 | 14,625,776 | 14,493,747 | |||||||
Basic loss per share | $ | -0.24 | $ | -0.81 | $ | -2.61 | ||||
Diluted loss per share | $ | -0.24 | $ | -0.81 | $ | -2.61 |
Recovered_Sheet1
Detail of Certain Balance Sheet Accounts (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Detail Of Certain Balance Sheet Accounts [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Balance at beginning of period | $ | 1,788 | $ | 2,704 | ||||
Additions to costs and expenses | 133 | 771 | ||||||
Deductions for uncollectible receivables written off, net of recoveries | -941 | -1,687 | ||||||
Balance at end of period | $ | 980 | $ | 1,788 | ||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | |||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Accounts payable, trade | $ | 40,659 | $ | 39,879 | ||||
Accrued compensation and benefits | 18,057 | 13,312 | ||||||
Accrued insurance liabilities | 4,963 | 5,229 | ||||||
Other accrued expenses | 10,641 | 10,253 | ||||||
$ | 74,320 | $ | 68,673 | |||||
Contracts In Progresstable [Text Block] | ' | |||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Costs incurred on contracts in progress | $ | 362,822 | $ | 402,738 | ||||
Estimated earnings | 42,464 | 33,931 | ||||||
405,286 | 436,669 | |||||||
Less--Billings to date | -417,626 | -453,744 | ||||||
Net contracts in progress | $ | -12,340 | $ | -17,075 | ||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 8,336 | 8,180 | ||||||
Less--Billings in excess of costs and estimated earnings on uncompleted contracts | -20,676 | -25,255 | ||||||
Net contracts in progress | $ | -12,340 | $ | -17,075 | ||||
Schedule of Other Assets, Noncurrent [Table Text Block] | ' | |||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Deposits | $ | 999 | $ | 2,137 | ||||
Deferred tax assets | 1,631 | 1,065 | ||||||
Executive Savings Plan assets | 591 | 533 | ||||||
Securities and equity investments | 919 | 919 | ||||||
Other | 2,576 | 1,489 | ||||||
Total | $ | 6,716 | $ | 6,143 | ||||
Schedule of Cost Method Investments [Table Text Block] | ' | |||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Carrying value | $ | 919 | $ | 919 | ||||
Unrealized gains | 138 | 69 | ||||||
Fair value | $ | 1,057 | $ | 988 |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Debt [Abstract] | ' | |||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||
September 30, | September 30, | |||||||||
2013 | 2012 | |||||||||
Wells Fargo Term Loan, paid in installments thru Aug 9, 2016 | $ | 13,708 | $ | - | ||||||
Tontine Term Loan | - | 10,000 | ||||||||
Insurance Financing Agreements | - | 196 | ||||||||
Capital leases and other | 64 | 284 | ||||||||
Total debt | 13,772 | 10,480 | ||||||||
Less — Short-term debt and current maturities of long-term debt | -3,562 | -10,456 | ||||||||
Total long-term debt | $ | 10,210 | $ | 24 | ||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||
Capital Leases and Other | ||||||||||
Term Debt | Total | |||||||||
2014 | $ | 62 | $ | 3,500 | $ | 3,562 | ||||
2015 | 4 | 3,500 | 3,504 | |||||||
2016 | - | 6,708 | 6,708 | |||||||
2017 | - | - | - | |||||||
2018 | - | - | - | |||||||
Thereafter | - | - | - | |||||||
Less: Imputed Interest | -2 | - | -2 | |||||||
Total | $ | 64 | $ | 13,708 | $ | 13,772 | ||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | |||||||||
Level | Thresholds | Interest Rate Margin | ||||||||
I | Liquidity ≤ $20,000 at any time during the period; or Excess Availability ≤ $7,500 at any time during the period; or Fixed charge coverage ratio < 1.0:1.0 | 4.00 percentage points | ||||||||
II | Liquidity > $20,000 at all times during the period; and Liquidity ≤ $30,000 at any time during the period; and Excess Availability $7,500; and Fixed charge coverage ratio ≥ 1.0:1.0 | 3.50 percentage points | ||||||||
III | Liquidity > $30,000 at all times during the period; and Excecss Availability > $7,500; and Fixed charge coverage ratio ≥ 1.0:1.0 | 3.00 percentage points | ||||||||
Level | Thresholds | Interest Rate Margin | ||||||||
I | Liquidity ≤ $20,000 at any time during the period; or Excess Availability ≤ $7,500 at any time during the period; or Fixed charge coverage ratio < 1.0:1.0 | 5.00 percentage points | ||||||||
II | Liquidity > $20,000 at all times during the period; and Liquidity ≤ $30,000 at any time during the period; and Excess Availability $7,500; and Fixed charge coverage ratio ≥ 1.0:1.0 | 4.50 percentage points | ||||||||
III | Liquidity > $30,000 at all times during the period; and Excecss Availability > $7,500; and Fixed charge coverage ratio ≥ 1.0:1.0 | 4.00 percentage points | ||||||||
Annual Interest Rate for | ||||||||||
Total Liquidity | Annual Interest Rate for Loans | Letters of Credit | ||||||||
Greater than or equal to $60,000 | LIBOR plus 3.00% or Base Rate plus 1.00% | 3.00% plus 0.25% fronting fee | ||||||||
Greater than $40,000 and less than $60,000 | LIBOR plus 3.25% or Base Rate plus 1.25% | 3.25% plus 0.25% fronting fee | ||||||||
Less than or equal to $40,000 | LIBOR plus 3.50% or Base Rate plus 1.50% | 3.50% plus 0.25% fronting fee |
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Sep. 30, 2013 | ||||
Leases [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
Year Ended September 30: | ||||
2014 | $ | 4,829 | ||
2015 | 3,567 | |||
2016 | 2,609 | |||
2017 | 1,729 | |||
2018 | 389 | |||
Thereafter | 278 | |||
Total | $ | 13,401 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Income Taxes [Abstract] | ' | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||
Years Ended September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Federal: | |||||||||||
Current | $ | - | $ | - | $ | - | |||||
Deferred | - | - | - | ||||||||
State: | |||||||||||
Current | 363 | 253 | 250 | ||||||||
Deferred | -37 | -215 | -78 | ||||||||
$ | 326 | $ | 38 | $ | 172 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||
Years Ended September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Provision (benefit) at the statutory rate | $ | -648 | $ | -918 | $ | -6,786 | |||||
Increase resulting from: | |||||||||||
Non-deductible expenses | 1,269 | 490 | 548 | ||||||||
State income taxes, net of federal deduction | 377 | 106 | - | ||||||||
Change in valuation allowance | - | 581 | 7,066 | ||||||||
Other | 29 | - | 16 | ||||||||
Decrease resulting from: | |||||||||||
Change in valuation allowance | -651 | - | - | ||||||||
State income taxes, net of federal deduction | - | - | -600 | ||||||||
Contingent tax liabilities | -50 | -206 | -72 | ||||||||
Other | - | -15 | - | ||||||||
$ | 326 | $ | 38 | $ | 172 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||
Years Ended September 30, | |||||||||||
2013 | 2012 | ||||||||||
Deferred income tax assets: | |||||||||||
Allowance for doubtful accounts | $ | 370 | $ | 675 | |||||||
Accrued expenses | 7,023 | 6,254 | |||||||||
Net operating loss carryforward | 110,259 | 106,004 | |||||||||
Various reserves | 1,022 | 1,085 | |||||||||
Equity losses in affiliate | 235 | 292 | |||||||||
Share-based compensation | 2,732 | 2,757 | |||||||||
Capital loss carryforward | 4,100 | 3,909 | |||||||||
Property | - | 397 | |||||||||
Other | 2,334 | 1,651 | |||||||||
Subtotal | 128,075 | 123,024 | |||||||||
Less valuation allowance | -126,500 | -121,962 | |||||||||
Total deferred income tax assets | $ | 1,575 | $ | 1,062 | |||||||
Deferred income tax liabilities: | |||||||||||
Property and equipment | $ | -570 | $ | - | |||||||
Deferred contract revenue and other | -123 | -196 | |||||||||
Total deferred income tax liabilities | -693 | -196 | |||||||||
Net deferred income tax assets | $ | 882 | $ | 866 | |||||||
Schedule Of Unrecognized Tax Benefits Roll Forward Table[Text Block] | ' | ||||||||||
Balance at October 1, 2012 | $ | 5,343 | |||||||||
Additions for position related to current year | 13 | ||||||||||
Additions for positions of prior years | 8 | ||||||||||
Reduction resulting from the lapse of the applicable statutes of limitations | -63 | ||||||||||
Reduction resulting from settlement of positions of prior years | - | ||||||||||
Balance at September 30, 2013 | $ | 5,301 | |||||||||
Summary Of Deferred Tax Assets And Liabilities [Table Text Block] | ' | ||||||||||
Years Ended September 30, | |||||||||||
2013 | 2012 | ||||||||||
Current deferred income taxes: | |||||||||||
Assets | $ | 442 | $ | 283 | |||||||
Liabilities | -286 | -197 | |||||||||
Net deferred tax asset, current | $ | 156 | $ | 86 | |||||||
Noncurrent deferred income taxes: | |||||||||||
Assets | $ | 1,631 | $ | 1,065 | |||||||
Liabilities | -905 | -285 | |||||||||
Net deferred tax asset, non-current | 726 | 780 | |||||||||
Net deferred income tax assets | $ | 882 | $ | 866 |
Operation_Segments_Tables
Operation Segments (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Operating Segments [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||
Years Ended September 30, 2013 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 126,348 | $ | 162,611 | $ | 203,481 | $ | 2,153 | $ | - | $ | 494,593 | ||||||||
Cost of services | 102,564 | 135,384 | 187,957 | 1,728 | - | 427,633 | ||||||||||||||
Gross profit | 23,784 | 27,227 | 15,524 | 425 | - | 66,960 | ||||||||||||||
Selling, general and administrative | 13,610 | 25,447 | 14,362 | 337 | 12,842 | 66,598 | ||||||||||||||
Gain on sale of assets | - | -17 | -46 | - | -1 | -64 | ||||||||||||||
Income (loss) from operations | $ | 10,174 | $ | 1,797 | $ | 1,208 | $ | 88 | $ | -12,841 | $ | 426 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 372 | $ | 807 | $ | 247 | $ | 38 | $ | 1,088 | $ | 2,552 | ||||||||
Capital expenditures | 269 | 209 | 270 | 5 | - | 753 | ||||||||||||||
Total assets | $ | 24,858 | $ | 36,838 | $ | 55,342 | $ | 27,889 | $ | 34,325 | $ | 179,252 | ||||||||
Years Ended September 30, 2012 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 121,492 | $ | 129,974 | $ | 204,649 | $ | - | $ | - | $ | 456,115 | ||||||||
Cost of services | 103,288 | 109,274 | 185,501 | - | - | 398,063 | ||||||||||||||
Gross profit | 18,204 | 20,700 | 19,148 | - | - | 58,052 | ||||||||||||||
Selling, general and administrative | 13,431 | 19,703 | 17,166 | - | 8,309 | 58,609 | ||||||||||||||
Loss (gain) on sale of assets | -60 | 24 | -132 | - | - | -168 | ||||||||||||||
Income (loss) from operations | $ | 4,833 | $ | 973 | $ | 2,114 | $ | - | $ | -8,309 | $ | -389 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 260 | $ | 375 | $ | 244 | $ | - | $ | 1,196 | $ | 2,075 | ||||||||
Capital expenditures | 569 | 666 | 341 | - | 301 | 1,877 | ||||||||||||||
Total assets | $ | 29,603 | $ | 33,927 | $ | 65,929 | $ | - | $ | 35,254 | $ | 164,713 | ||||||||
Years Ended September 30, 2011 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 83,615 | $ | 114,732 | $ | 207,794 | $ | - | $ | - | $ | 406,141 | ||||||||
Cost of services | 71,142 | 96,042 | 194,573 | - | - | 361,757 | ||||||||||||||
Gross profit | 12,473 | 18,690 | 13,221 | - | - | 44,384 | ||||||||||||||
Selling, general and administrative | 9,578 | 18,441 | 21,788 | - | 13,514 | 63,321 | ||||||||||||||
Loss (gain) on sale of assets | - | 116 | -33 | - | -6,638 | -6,555 | ||||||||||||||
Asset Impairment | 72 | - | 71 | - | 4,661 | 4,804 | ||||||||||||||
Income (loss) from operations | $ | 2,823 | $ | 133 | $ | -8,605 | $ | - | $ | -11,537 | $ | -17,186 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 278 | $ | 514 | $ | 1,575 | $ | - | $ | 3,849 | $ | 6,216 | ||||||||
Capital expenditures | 928 | 181 | 431 | - | 1,148 | 2,688 | ||||||||||||||
Total assets | $ | 23,073 | $ | 23,584 | $ | 79,506 | $ | - | $ | 54,081 | $ | 180,244 | ||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||
Restricted Stock Awards: | |||||||||||||
Fiscal Year | Shares Granted | Weighted Average Fair Value at Date of Grant | Shares Vested | Shares Forfeited | Shares Outstanding | Expense recognized through September 30, 2013 | |||||||
2006 | 384,850 | $24.78 | 258,347 | 126,503 | - | $6,402 | |||||||
2006 | 25,000 | 17.36 | 25,000 | - | - | 434 | |||||||
2007 | 20,000 | 25.08 | 20,000 | - | - | 502 | |||||||
2007 | 4,000 | 26.48 | 4,000 | - | - | 106 | |||||||
2008 | 101,650 | 19.17 | 85,750 | 15,900 | - | 1,779 | |||||||
2009 | 185,100 | 8.71 | 146,400 | 38,700 | - | 1,344 | |||||||
2010 | 225,486 | 3.64 | 147,456 | 78,030 | - | 495 | |||||||
2011 | 320,000 | 3.39 | 171,715 | 73,205 | 75,080 | 669 | |||||||
2012 | 107,500 | 2.07 | 35,834 | - | 71,666 | 124 | |||||||
2013 | 12,500 | 5 | - | - | 12,500 | 19 | |||||||
Schedule Of Unvested Restricted Stock Units Roll Forward Table [Text Block] | ' | ||||||||||||
Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Unvested at beginning of year | 257,826 | 376,200 | 352,086 | ||||||||||
Granted | 12,500 | 107,500 | 320,000 | ||||||||||
Vested | -111,080 | -192,973 | -165,628 | ||||||||||
Forfeited | - | -32,901 | -130,258 | ||||||||||
Unvested at end of year | 159,246 | 257,826 | 376,200 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
Years Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average value per option granted during the period | $ | 3.43 | N/A | $ | 2.05 | ||||||||
Dividends (1) | $ | - | N/A | $ | - | ||||||||
Stock price volatility (2) | 66.60% | N/A | 69.90% | ||||||||||
Risk-free rate of return | 0.90% | N/A | 1.90% | ||||||||||
Option term | 10.0 years | N/A | 10.0 years | ||||||||||
Expected life | 6.0 years | N/A | 6.0 years | ||||||||||
Forfeiture rate (3) | 10.00% | N/A | 0.00% | ||||||||||
(1) We do not currently pay dividends on our common stock. | |||||||||||||
(2) Based upon the Company's historical volatility. | |||||||||||||
(3) The forfeiture rate for the 2011 options was assumed on the date of grant to be zero based on the limited number of employees who have been awarded stock options. The forfeiture rate for the 2013 options was for a larger number of employees and based on historical data. | |||||||||||||
Schedule Of Stock Options Roll Forward Table [Text Block] | ' | ||||||||||||
Weighted Average | |||||||||||||
Shares | Exercise Price | ||||||||||||
Outstanding, September 30, 2010 | 158,500 | $ | 18.66 | ||||||||||
Options granted | 20,000 | 3.24 | |||||||||||
Exercised | - | - | |||||||||||
Forfeited and Cancelled | -158,500 | 18.66 | |||||||||||
Outstanding, September 30, 2011 | 20,000 | $ | 18.66 | ||||||||||
Options granted | - | - | |||||||||||
Exercised | - | - | |||||||||||
Forfeited and Cancelled | - | - | |||||||||||
Outstanding, September 30, 2012 | 20,000 | $ | 3.24 | ||||||||||
Options granted | 150,000 | 5.76 | |||||||||||
Exercised | - | - | |||||||||||
Forfeited and Cancelled | - | - | |||||||||||
Outstanding, September 30, 2013 | 170,000 | $ | 5.46 | ||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||
Exercise Prices | Outstanding as of September 30, 2013 | Remaining Contractual Life in Years | Weighted-Average Exercise Price | Exercisable as of September 30, 2013 | Weighted-Average Exercise Price | ||||||||
$3.24 | 20,000 | 7.8 | $ | 3.24 | 13,333 | $ | 3.24 | ||||||
$5.76 | 150,000 | 9.58 | $ | 5.76 | - | $ | - | ||||||
170,000 | $ | 5.46 | 13,333 | $ | 3.24 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ' | ||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||
Total Fair Value | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable (Level 3) | ||||||||||
Executive savings plan assets | $ | 591 | $ | 591 | $ | - | $ | - | |||||
Executive savings plan liabilities | -477 | -477 | - | - | |||||||||
Interest rate swap agreement | 17 | - | 17 | - | |||||||||
Contingent consideration agreement | -95 | - | - | -95 | |||||||||
Unfavorable acquired leases | -485 | - | -485 | - | |||||||||
Total | $ | -449 | $ | 114 | $ | -468 | $ | -95 | |||||
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock | ' | ||||||||||||
Contingent Consideration Agreement | Total | ||||||||||||
Fair Value at September 2012 | $ | - | $ | - | |||||||||
Issuances | 665 | 665 | |||||||||||
Settlements | - | - | |||||||||||
Adjustments to Fair Value | -570 | -570 | |||||||||||
Fair Value at September 30, 2013 | $ | 95 | $ | 95 | |||||||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
InventoryDisclosureAbstract | ' | |||||||
ScheduleOfInventoryCurrentTableTextBlock | ' | |||||||
Years Ended September 30, | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 2,389 | $ | - | ||||
Work in process | 3,519 | - | ||||||
Finished goods | 1,545 | - | ||||||
Parts and supplies | 12,694 | 15,141 | ||||||
Total Inventories | $ | 20,147 | $ | 15,141 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||
Residential | Infrastructure Solutions | Total | |||||||||||
Balance at September 30, 2011 | $ | 4,446 | $ | - | $ | 4,446 | |||||||
Balance at September 30, 2012 | 4,446 | - | 4,446 | ||||||||||
Acquisition | 4,185 | 5,293 | 9,478 | ||||||||||
Balance at September 30, 2013 | $ | 8,631 | $ | 5,293 | $ | 13,924 | |||||||
ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock | ' | ||||||||||||
Year Ended September 30, 2013 | |||||||||||||
Estimated | |||||||||||||
Useful Lives | Gross Carrying | Accumulated | |||||||||||
(in Years) | Amount | Amortization | Net | ||||||||||
Trademarks/trade names | Indefinite | $ | 1,200 | $ | - | $ | 1,200 | ||||||
Technical Library | 20 | 400 | 1 | 399 | |||||||||
Customer Relationships | 6.3 | 2,100 | 16 | 2,084 | |||||||||
Order backlog | 0.4 | 350 | 350 | - | |||||||||
Covenants not to compete | 3 | 140 | 27 | 113 | |||||||||
Developed Technology | 4 | 400 | 58 | 342 | |||||||||
Total | $ | 4,590 | $ | 452 | $ | 4,138 | |||||||
ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock | ' | ||||||||||||
Year Ended September 30, | |||||||||||||
2014 | $ | 499 | |||||||||||
2015 | 499 | ||||||||||||
2016 | 471 | ||||||||||||
2017 | 398 | ||||||||||||
2018 | 358 | ||||||||||||
Thereafter | 713 | ||||||||||||
Total | $ | 2,938 |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
DerivativeInstrumentsAndHedgesLiabilitiesAbstract | ' | |||||||
Fair Value of Derivative Instrument | ' | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Assets | ||||||||
Prepaid expenses and other current assets | $ | 17 | $ | - | ||||
Stockholder's equity | $ | 17 | $ | - | ||||
Accumulated other comprehensive income | ||||||||
Business_Combination_Tables
Business Combination (Tables) | 12 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
BusinessCombinationsAbstract | ' | |||||||||
Business Combination Considerations | ' | |||||||||
IES receivable from the Acro Group as of December 31, 2012 (a) | $ | 2,263 | ||||||||
IES deferred cost recorded in connection with transactions with Acro Group between January 1, 2013 and February 15, 2013 | 1,042 | |||||||||
Cash purchase consideration | 828 | |||||||||
Fair value of contingent consideration (b) | 665 | |||||||||
Total consideration transferred | $ | 4,798 | ||||||||
(a) | As of the Closing Date, IES had a receivable from the Acro Group from past transactions between the two companies. This receivable was forgiven by IES as a portion of the consideration paid to acquire the Acro Group assets and liabilities. | |||||||||
(b) | The contingent consideration is based on a formula of the Acro Group's revenue for the first 12 months after February 15, 2013, with a maximum and minimum amount payable by IES. | |||||||||
IES Common Shares (2,795,577) | $ | 11,853 | ||||||||
Cash purchase consideration | 4,364 | |||||||||
Total consideration transferred | $ | 16,217 | ||||||||
Allocation to Fair Value of Net Assets Acquired and Liabilities Assumed | ' | |||||||||
Total estimate of consideration expected to be transferred | 4,798 | |||||||||
Fair value of assets acquired and liabilities assumed: | ||||||||||
Trade receivables | $ | 317 | ||||||||
Prepaid commissions | 46 | |||||||||
Inventory | 16 | |||||||||
Property and equipment | 40 | |||||||||
Order backlog | 350 | |||||||||
Covenant not-to-compete | 140 | |||||||||
Developed technology | 400 | |||||||||
Vacation payable | -26 | |||||||||
Customer incentive payable | -70 | |||||||||
Deferred revenue | -600 | |||||||||
Goodwill: (c) | $ | 4,185 | ||||||||
(c) | The goodwill is attributable to the workforce of the acquired business and other intangibles that do not qualify for separate recognition. | |||||||||
Total estimate of consideration expected to be transferred | $ | 16,217 | ||||||||
Fair value of assets acquired and liabilities assumed: | ||||||||||
Trade receivables | $ | 4,925 | ||||||||
Prepaids | 532 | |||||||||
Inventory | 7,530 | |||||||||
Property and equipment | 5,355 | |||||||||
Customer relationships | 2,100 | |||||||||
Technical library | 400 | |||||||||
Trade names | 1,200 | |||||||||
Other assets | 552 | |||||||||
Trade payables | -4,143 | |||||||||
Accrued liabilities | -2,016 | |||||||||
Term loan | -5,511 | |||||||||
Goodwill: (c) | $ | 5,293 | ||||||||
(c) | Although this goodwill is not deductible for tax purposes, we acquired tax basis of $8.6 million in goodwill and intangible assets recognized by MISCOR prior to our purchase agreement with them. The deferred tax asset associated with the basis is fully offset by a corresponding valuation allowance. No value was assigned in the purchase price allocation above to the original intangible assets recognized by MISCOR prior to our purchase agreement. | |||||||||
Pro Forma Results of Operations | ' | |||||||||
Unaudited | ||||||||||
Year Ended | Year Ended | |||||||||
30-Sep-13 | 30-Sep-12 | |||||||||
Revenues | $ | 542,027 | $ | 520,016 | ||||||
Net loss from continuing operations | $ | -3,081 | $ | -6,642 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||
Years Ended September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Revenues | $ | 1,559 | $ | 16,279 | $ | 69,222 | |||||
Cost of services | 2,032 | 20,941 | 78,220 | ||||||||
Gross profit | -473 | -4,662 | -8,998 | ||||||||
Selling, general and administrative | 601 | 2,557 | 5,536 | ||||||||
Loss (gain) on sale of assets | 258 | 769 | -28 | ||||||||
Restructuring charge | 63 | 1,170 | 3,785 | ||||||||
Other (income) expense | - | - | -3 | ||||||||
Loss from discontinued operations | -1,395 | -9,158 | -18,288 | ||||||||
(Benefit) provision for income taxes | - | -11 | -26 | ||||||||
Net loss from discontinued operations | $ | -1,395 | $ | -9,147 | $ | -18,262 | |||||
Years Ended September 30, | |||||||||||
2013 | 2012 | ||||||||||
Assets of discontinued operations: | |||||||||||
Current | $ | 1,123 | $ | 6,127 | |||||||
Liabilities of discontinued operations: | |||||||||||
Current | $ | 889 | $ | 3,005 |
Quarterly_Results_Of_Operation1
Quarterly Results Of Operations (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Quarterly Results Of Operations (Unaudited) [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
Fiscal Year Ended September 30, 2013 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Revenues | $ | 127,264 | $ | 121,995 | $ | 121,552 | $ | 123,782 | ||||||
Gross profit | $ | 17,980 | $ | 15,996 | $ | 15,653 | $ | 17,331 | ||||||
Net income (loss) from continuing operations | $ | 633 | $ | -940 | $ | -725 | $ | -1,146 | ||||||
Net loss from discontinued operations | $ | -123 | $ | -161 | $ | -413 | $ | -698 | ||||||
Net loss | $ | 510 | $ | -1,101 | $ | -1,138 | $ | -1,844 | ||||||
Loss per share from continuing | ||||||||||||||
operations: | ||||||||||||||
Basic | $ | 0.04 | $ | -0.06 | $ | -0.05 | $ | -0.07 | ||||||
Diluted | $ | 0.04 | $ | -0.06 | $ | -0.05 | $ | -0.07 | ||||||
Loss per share from discontinued | ||||||||||||||
operations: | ||||||||||||||
Basic | $ | -0.01 | $ | -0.01 | $ | -0.03 | $ | -0.05 | ||||||
Diluted | $ | -0.01 | $ | -0.01 | $ | -0.03 | $ | -0.05 | ||||||
Earnings loss per share: | ||||||||||||||
Basic | $ | 0.03 | $ | -0.07 | $ | -0.08 | $ | -0.12 | ||||||
Diluted | $ | 0.03 | $ | -0.07 | $ | -0.08 | $ | -0.12 | ||||||
Fiscal Year Ended September 30, 2012 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Revenues | $ | 108,998 | $ | 107,608 | $ | 116,128 | $ | 123,381 | ||||||
Gross profit | $ | 13,193 | $ | 13,789 | $ | 14,256 | $ | 16,814 | ||||||
Net income (loss) from continuing operations | $ | 192 | $ | -1,186 | $ | -1,213 | $ | -448 | ||||||
Net loss from discontinued operations | $ | -3,913 | $ | -2,245 | $ | -1,963 | $ | -1,026 | ||||||
Net loss | $ | -3,721 | $ | -3,431 | $ | -3,176 | $ | -1,474 | ||||||
Loss per share from continuing | ||||||||||||||
operations: | ||||||||||||||
Basic | $ | 0.01 | $ | -0.08 | $ | -0.08 | $ | -0.03 | ||||||
Diluted | $ | 0.01 | $ | -0.08 | $ | -0.08 | $ | -0.03 | ||||||
Loss per share from discontinued | ||||||||||||||
operations: | ||||||||||||||
Basic | $ | -0.27 | $ | -0.15 | $ | -0.13 | $ | -0.07 | ||||||
Diluted | $ | -0.27 | $ | -0.15 | $ | -0.13 | $ | -0.07 | ||||||
Earnings loss per share: | ||||||||||||||
Basic | $ | -0.26 | $ | -0.23 | $ | -0.22 | $ | -0.1 | ||||||
Diluted | $ | -0.26 | $ | -0.23 | $ | -0.22 | $ | -0.1 |
Business_Details
Business (Details) (USD $) | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Feb. 28, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Non- Core Electrical Distribution Facility | Communications [Member] | Residential [Member] | Commercial & Industrial [Member] | MISCOR [Member] | |
numberoffacilities | numberoffacilities | numberoffacilities | numberoffacilities | ||
Business Transactions [Line Items] | ' | ' | ' | ' | ' |
Sale price of facility | $6,676 | ' | ' | ' | ' |
Number Of Locations | ' | 10 | 24 | 18 | 9 |
Summary_Of_Significant_Account2
Summary Of Significant Accounting (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 28, 2010 | Mar. 31, 2009 | Feb. 28, 2011 | Mar. 31, 2010 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2011 | Sep. 30, 2011 | Sep. 30, 2011 | |
Insurance-related Assessments [Member] | Insurance-related Assessments [Member] | Construction Project [Member] | Construction Project [Member] | Construction Project [Member] | Construction Project [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Internally Developed Software [Member] | Enertech Investment [Member] | Goodwill [Member] | ||||
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense of debt issuance costs | $522,000 | $568,000 | $338,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized Debt Issuance Expense | 1,449,000 | 1,139,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Real Estate | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 688,000 | 143,000 | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,551,000 | ' | ' |
Other Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 968,000 | ' |
Goodwill, Impairment Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,000 |
Increase (Decrease) in Long-term Receivables, Current | ' | ' | ' | ' | ' | ' | 3,992,000 | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Noncurrent | 0 | 0 | ' | ' | ' | ' | ' | 278,000 | 3,714,000 | ' | ' | ' | ' | ' |
Litigation Settlement, Gross | ' | ' | ' | ' | ' | 2,850,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Undiscounted Amount of Insurance-related Assessment Liability | 5,306,000 | ' | ' | 5,306,000 | 6,864,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Discounted Amount of Insurance-related Assessment Liability | ' | ' | ' | $4,963,000 | $5,228,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LossContingencyAccrualInsuranceRelatedAssessmentDiscountRate | ' | ' | ' | 1.40% | 0.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet2
Summary of Significant Accounting - Future Undiscounted Losses (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Summary Of Significant Accounting Policies [Abstract] | ' |
EstimatedUndiscountedUltimateLossesInNextTwelveMonths | $1,668 |
EstimatedUndiscountedUltimateLossesInYearTwo | 991 |
EstimatedUndiscountedUltimateLossesInYearThree | 595 |
EstimatedUndiscountedUltimateLossesInYearFour | 379 |
EstimatedUndiscountedUltimateLossesInYearFive | 243 |
EstimatedUndiscountedUltimateLossesThereafter | 1,430 |
Loss Contingency, Undiscounted Amount of Insurance-related Assessment Liability | $5,306 |
Strategic_Actions_Details
Strategic Actions (Details) (2011 Restructuring Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
2011 Restructuring Plan [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance Charges | ($4) | ($62) | $1,455 |
Consulting Services | 63 | 1,099 | 1,530 |
Loss on Lease Termination | ' | $133 | $799 |
Strategic_Actions_Restructurin
Strategic Actions - Restructuring Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Restructuring and Related Cost [Line Items] | ' | ' | ' |
Restructuring liability Beginning of Period | $540 | ' | ' |
Restructuring charges (benefits) incurred | -59 | -1,170 | -3,785 |
Payments for Restructuring | -324 | ' | ' |
Restructuring liability End of Period | 275 | 540 | ' |
Severance Charges | ' | ' | ' |
Restructuring and Related Cost [Line Items] | ' | ' | ' |
Restructuring liability Beginning of Period | 201 | ' | ' |
Restructuring charges (benefits) incurred | 4 | ' | ' |
Payments for Restructuring | -82 | ' | ' |
Restructuring liability End of Period | 115 | ' | ' |
Consulting Charges | ' | ' | ' |
Restructuring and Related Cost [Line Items] | ' | ' | ' |
Restructuring liability Beginning of Period | 10 | ' | ' |
Restructuring charges (benefits) incurred | -63 | ' | ' |
Payments for Restructuring | -73 | ' | ' |
Restructuring liability End of Period | 0 | ' | ' |
Lease Termination & Other Charges | ' | ' | ' |
Restructuring and Related Cost [Line Items] | ' | ' | ' |
Restructuring liability Beginning of Period | 329 | ' | ' |
Restructuring charges (benefits) incurred | 0 | ' | ' |
Payments for Restructuring | -169 | ' | ' |
Restructuring liability End of Period | $160 | ' | ' |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Property And Equipment [Abstract] | ' | ' | ' |
Depreciation | $2,552 | $2,075 | $6,216 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 31,887 | 26,964 | ' |
Accumulated Depreciation | -21,570 | -20,484 | ' |
Construction in Progress | 97 | 0 | ' |
Property, Plant and Equipment, Net | 10,414 | 6,480 | ' |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 689 | 1,795 | ' |
Building [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 3,762 | 550 | ' |
Building [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '5 years | ' | ' |
Building [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '20 years | ' | ' |
Transportation Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 1,688 | 1,696 | ' |
Transportation Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '3 years | ' | ' |
Transportation Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '5 years | ' | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 7,251 | 4,732 | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '10 years | ' | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 2,313 | 2,015 | ' |
Leasehold Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '5 years | ' | ' |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '10 years | ' | ' |
Technology Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 15,408 | 15,289 | ' |
Technology Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '2 years | ' | ' |
Technology Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '8 years | ' | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $776 | $887 | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '5 years | ' | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Life | '7 years | ' | ' |
Per_Share_Information_EPS_Deta
Per Share Information EPS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Net Income (Loss) from Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) from Available to Common Stockholders, Basic | ' | ' | ' | ' | ' | ' | ' | ' | ($2,178) | ($2,655) | ($19,561) |
Income (Loss) from Continuing Operations Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | -2,178 | -2,655 | -19,561 |
Net Income (Loss) from Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DiscontinuedNetIncomeLossAvailableToCommonStockholdersBasic | ' | ' | ' | ' | ' | ' | ' | ' | -1,395 | -9,147 | -18,262 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | -1,395 | -9,147 | -18,262 |
Net Income (Loss) Available to Common Stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -3,573 | -11,802 | -37,823 |
Net Income (Loss) | ($1,844) | ($1,138) | ($1,101) | $510 | ($1,474) | ($3,176) | ($3,431) | ($3,721) | ($3,573) | ($11,802) | ($37,823) |
Weighted Average Number of Shares Outstanding, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 14,952,054 | 14,625,776 | 14,493,747 |
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 14,952,054 | 14,625,776 | 14,493,747 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | ($0.07) | ($0.05) | ($0.06) | $0.04 | ($0.03) | ($0.08) | ($0.08) | $0.01 | ($0.15) | ($0.18) | ($1.35) |
Discontinued operations | ($0.05) | ($0.03) | ($0.01) | ($0.01) | ($0.07) | ($0.13) | ($0.15) | ($0.27) | ($0.09) | ($0.63) | ($1.26) |
Earnings Per Share, Basic | ($0.12) | ($0.08) | ($0.07) | $0.03 | ($0.10) | ($0.22) | ($0.23) | ($0.26) | ($0.24) | ($0.81) | ($2.61) |
Earnings Per Share, Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | ($0.07) | ($0.05) | ($0.06) | $0.04 | ($0.03) | ($0.08) | ($0.08) | $0.01 | ($0.15) | ($0.18) | ($1.35) |
Discontinued operations | ($0.05) | ($0.03) | ($0.01) | ($0.01) | ($0.07) | ($0.13) | ($0.15) | ($0.27) | ($0.09) | ($0.63) | ($1.26) |
Earnings Per Share, Diluted | ($0.12) | ($0.08) | ($0.07) | $0.03 | ($0.10) | ($0.22) | ($0.23) | ($0.26) | ($0.24) | ($0.81) | ($2.61) |
Detail_of_Certain_Balance_Shee1
Detail of Certain Balance Sheet Accounts (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2011 | Jun. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Cost Investments [Line Items] | ' | ' | ' | ' |
Carrying Value | 919 | ' | ' | 919 |
Enertech [Member] | ' | ' | ' | ' |
Schedule of Equity Cost Investments [Line Items] | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 2.21% | ' | ' | 2.21% |
Other than Temporary Impairment Losses, Investments | ' | 967 | ' | ' |
Receipt Of Distribution Reducing Carrying Value Of Asset | ' | ' | $84 | ' |
CostMethodInvestmentsAdditionalInformation | 'In April 2000, we committed to invest up to $5,000 in EnerTech. We fulfilled our commitment in fiscal year 2008. | ' | ' | ' |
Detail_of_Certain_Balance_Shee2
Detail of Certain Balance Sheet Accounts - AR (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance For Doubtful Accounts Receivable [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable Beginning Balance | $1,788 | $2,704 |
Additions to costs and expenses | 133 | 771 |
Allowance For Doubtful Accounts Receivable Charge Offs | -941 | -1,687 |
Allowance for Doubtful Accounts Receivable Ending Balance | $980 | $1,788 |
Detail_of_Certain_Balance_Shee3
Detail of Certain Balance Sheet Accounts - AP (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' |
Accounts Payable, Trade | $40,659 | $39,879 |
Accrued Employee Benefits | 18,057 | 13,312 |
Accrued Insurance | 4,963 | 5,229 |
Other Accrued Liabilities | 10,641 | 10,253 |
Accounts Payable and Accrued Liabilities, Current | $74,320 | $68,673 |
Detail_of_Certain_Balance_Shee4
Detail of Certain Balance Sheet Accounts - CIP (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Contracts in Progress [Abstract] | ' | ' |
Costs Incurred Contract In Progress | $362,822 | $402,738 |
Estimated Earnings on Contracts In Progress | 42,464 | 33,931 |
Estimated Profit On Contract In Progress | 405,286 | 436,669 |
Billings To Date | -417,626 | -453,744 |
Contracts In Process Net | -12,340 | -17,075 |
Costs in Excess of Billings on Uncompleted Contracts or Programs | 8,336 | 8,180 |
Billings in Excess of Cost | 20,676 | 25,255 |
Contracts In Process Net (From Balance Sheet) | ($12,340) | ($17,075) |
Detail_of_Certain_Balance_Shee5
Detail of Certain Balance Sheet Accounts - Other Non Current Assets (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets, Noncurrent [Abstract] | ' | ' |
Deposits | $999 | $2,137 |
Deferred Tax Assets, Gross, Noncurrent | 1,631 | 1,065 |
Deferred Compensation Plan Assets | 591 | 533 |
Investments | 919 | 919 |
Other, Other Noncurrent Assets | 2,576 | 1,489 |
Other Assets, Noncurrent | $6,716 | $6,143 |
Detail_of_Certain_Balance_Shee6
Detail of Certain Balance Sheet Accounts - FairValue (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Investments, All Other Investments [Abstract] | ' | ' |
Carrying Value | $919 | $919 |
Unrealized Gain (Loss) on Investments | 138 | 69 |
Investments, Fair Value Disclosure | $1,057 | $988 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Feb. 13, 2013 | Apr. 30, 2010 | Feb. 14, 2013 | Dec. 12, 2007 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Tontine Term Loan [Member] | Tontine Term Loan [Member] | Tontine Term Loan [Member] | Tontine Term Loan [Member] | Revolving Credit Facility 2012 [Member] | Revolving Credit Facility 2012 [Member] | Revolving Credit Facility 2012 [Member] | Wells Fargo Term Loan [Member] | Wells Fargo Term Loan [Member] | Revolving Credit Facility 2006 [Member] | Revolving Credit Facility 2006 [Member] | Revolving Credit Facility 2006 [Member] | ||||
Minimum [Member] | Maximum [Member] | Amendment Agreement [Member] | Amendment Agreement [Member] | ||||||||||||
Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | $1,771,000 | $2,324,000 | $2,278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Peroid Of Debt Amendment Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | 60,000 |
Line of Credit Facility, Initiation Date | ' | ' | ' | ' | ' | ' | ' | 9-Aug-12 | ' | ' | 15-Feb-13 | ' | 15-Dec-11 | ' | ' |
Revolving credit facility amount | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | 5,000,000 | 13,708,000 | 40,000,000 | ' | ' |
Line Of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | 9-Aug-16 | ' | ' | 9-Aug-16 | ' | 12-Nov-11 | ' | ' |
Line of Credit Facility, Description | ' | ' | ' | ' | ' | ' | ' | 'The 2012 Credit Facility contains customary affirmative, negative and financial covenants. The 2012 Credit Facility requires that we maintain a fixed charge coverage ratio of not less than 1.0:1.0 at any time that our Liquidity (defined as the aggregate amount of unrestricted cash and cash equivalents on hand plus Excess Availability (as defined in the Credit Facility)) or Excess Availability fall below stipulated levels. The Second Amendment provided for tiered thresholds. Through December 31, 2013, our Liquidity must not fall below $15,000. Thereafter, our Liquidity must not fall below $20,000. Our Excess Availability must not fall below $4,000 through September 30, 2013. This minimum threshold increases by $250 monthly through December 31, 2013, at which time and thereafter, our Excess Availability must not fall below $5,000. As of September 30, 2013, our Liquidity was in excess of $15,000 and Excess Availability was in excess of $4,000; had we not met these thresholds at September 30, 2013, we would not have met the required 1.0:1.0 fixed charge coverage ratio test. | ' | ' | 'The $5,000 Wells Fargo Term Loan was provided for within the First Amendment to the 2012 Credit Facility. We were scheduled to pay monthly installments of $208 through February 2015 at an annual interest rate of 6% plus 3 Month LIBOR. The Second Amendment to the 2012 Credit Facility increased our total Term Loan by $10,147 to $13,708 at September 30, 2013. The Wells Fargo Term Loan is payable in equal monthly installments of $292 through August 9, 2016, with the residual unpaid principal balance due on that date. The Second Amendment also extended the term and reduced the annual interest rate to 5% plus 3 Month LIBOR, through September 13, 2014. Following that time, the Wells Fargo Term Loan amounts outstanding bear interest at a per annum rate equal to a Daily Three Month LIBOR plus an interest rate margin, which is determined quarterly, based on the following thresholds: | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'annual interest rate to 5% plus 3 Month LIBOR | ' | 'of borrowings of 4.0% over LIBOR per annum | ' | ' |
Letters of Credit Outstanding | ' | ' | ' | ' | ' | ' | ' | 6,460,000 | ' | ' | ' | ' | ' | ' | ' |
Unused commitment fee | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | 0.50% | ' | ' |
Line of Credit Facility, Collateral Fees, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 2,000 | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 0 | 7,155,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Leases, Income Statement, Amortization Expense | 182,000 | 182,000 | 172,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
WeightedAverageInterestRateForLettersOfCredit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.49% | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | ' | ' | 0 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Subordinated Debt | ' | ' | ' | 10,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance | ' | ' | ' | ' | ' | $0 | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Debt_Reconciliation_Detai
Debt - Debt Reconciliation (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $13,772 | $10,480 |
Debt, Current | 3,562 | 10,456 |
Long-term Debt, Excluding Current Maturities | 10,210 | 24 |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 64 | 284 |
Insurance Financing [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 0 | 196 |
Tontine Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 0 | 10,000 |
Wells Fargo Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $13,708 | $0 |
Debt_Future_Payment_Details
Debt - Future Payment (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $3,562 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 3,504 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 6,708 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ' |
Interest Expense, Long-term Debt | -2 | ' |
Long-term Debt | 13,772 | 10,480 |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 62 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 4 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ' |
Interest Expense, Long-term Debt | -2 | ' |
Long-term Debt | 64 | 284 |
Medium-term Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 3,500 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 3,500 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 6,708 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $0 | ' |
Debt_Borrowing_Thresholds_Deta
Debt - Borrowing Thresholds (Details) | Sep. 30, 2013 |
Level I | Revolving Credit Facility 2012 [Member] | ' |
Debt Instrument [Line Items] | ' |
Liquidity is less than or equal to at any time during the period | 'Liquidity b $ $20,000 at any time during the period |
Excess Availability is less than or equal to at any time during the period | 'Excess Availability b $ $7,500 at any time during the period |
Fixed charge coverage ratio is less than | 'Fixed charge coverage ratio < 1.0:1.0 |
Percentage points | '4.00 percentage points |
Level I | Wells Fargo Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Liquidity is less than or equal to at any time during the period | 'Liquidity b $ $20,000 at any time during the period |
Excess Availability is less than or equal to at any time during the period | 'Excess Availability b $ $7,500 at any time during the period |
Fixed charge coverage ratio is less than | 'Fixed charge coverage ratio < 1.0:1.0 |
Percentage points | '5.00 percentage points |
Level II | Revolving Credit Facility 2012 [Member] | ' |
Debt Instrument [Line Items] | ' |
Liquidity is greater than at all times during the period | 'Liquidity > $20,000 at all times during the period; and Liquidity b $ $30,000 at any time during the period; and |
Excess availability is | 'Excess Availability $7,500 |
Fixed charge coverage is greater than or equal to | 'Fixed charge coverage ratio b % 1.0:1.0 |
Percentage points | '3.50 percentage points |
Level II | Wells Fargo Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Liquidity is greater than at all times during the period | 'Liquidity > $20,000 at all times during the period; and Liquidity b $ $30,000 at any time during the period; and |
Excess availability is | 'Excess Availability $7,500 |
Fixed charge coverage is greater than or equal to | 'Fixed charge coverage ratio b % 1.0:1.0 |
Percentage points | '4.50 percentage points |
Level III | Revolving Credit Facility 2012 [Member] | ' |
Debt Instrument [Line Items] | ' |
Liquidity is greater than at all times during the period | 'Liquidity > $30,000 at all times during the period |
Excess Availability Greater Than Equal | 'Excess Availability > $7,500 |
Fixed charge coverage is greater than or equal to | 'Fixed charge coverage ratio b % 1.0:1.0 |
Percentage points | '3.00 percentage points |
Level III | Wells Fargo Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Liquidity is greater than at all times during the period | 'Liquidity > $30,000 at all times during the period |
Excess Availability Greater Than Equal | 'Excess Availability > $7,500 |
Fixed charge coverage is greater than or equal to | 'Fixed charge coverage ratio b % 1.0:1.0 |
Percentage points | '4.00 percentage points |
Debt_Borrowing_Information_Det
Debt - Borrowing Information (Details) (Revolving Credit Facility 2006 [Member]) | 12 Months Ended |
Sep. 30, 2013 | |
Debt Instrument [Line Items] | ' |
Line of Credit Facility, Interest Rate Description | 'of borrowings of 4.0% over LIBOR per annum |
Greater than or equal to $60,000 | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Unused Borrowing Capacity, Description | 'Greater than or equal to $60,000 |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus 3.00% or Base Rate plus 1.00% |
Line of Credit Facility, Interest Rate Description | '3.00% plus 0.25% fronting fee |
Greater than $40,000 and less than $60,000 | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Unused Borrowing Capacity, Description | 'Greater than $40,000 and less than $60,000 |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus 3.25% or Base Rate plus 1.25% |
Line of Credit Facility, Interest Rate Description | '3.25% plus 0.25% fronting fee |
Less than or equal to $40,000 | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Unused Borrowing Capacity, Description | 'Less than or equal to $40,000 |
Debt Instrument, Description of Variable Rate Basis | 'LIBOR plus 3.50% or Base Rate plus 1.50% |
Line of Credit Facility, Interest Rate Description | '3.50% plus 0.25% fronting fee |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Operating Leases, Rent Expense, Net [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense, Net | $3,764 | $3,461 | $4,056 |
Leases_Furture_Payments_Detail
Leases - Furture Payments (Details) (Facilities, Vehciles, and Equipment [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Facilities, Vehciles, and Equipment [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Operating Leases, Future Minimum Payments Due, Current | $4,829 |
Operating Leases, Future Minimum Payments, Due in Two Years | 3,567 |
Operating Leases, Future Minimum Payments, Due in Three Years | 2,609 |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,729 |
Operating Leases, Future Minimum Payments, Due in Five Years | 389 |
Operating Leases, Future Minimum Payments, Due Thereafter | 278 |
Operating Leases, Future Minimum Payments Due | $13,401 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | ' |
Unamortized Amount Of Tax Basis In Additional Tax Goodwill | $993 | ' |
Operating Loss Carryforwards | 465,577 | ' |
Reorganization Of Goodwill Excess Tax Basis | 23,902 | ' |
Cash Tax Benefit Attributable To Additional Goodwill Amortization | 72 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 3 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 6 | 15 |
Internal Revenue Service (IRS) [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Cash Tax Reduction Attributable To Additional Goodwill Amortization | 11,448 | ' |
Operating Loss Carryforwards Attributable To Additional Goodwill Amortization | 140,835 | ' |
Tax Credit Carryforward, Limitations on Use | 'The annual limitation under SectionB 382 on the utilization of federal net operating losses was approximately $20,000 for the first five tax years subsequent to the change in ownership and $16,000 thereafter. | ' |
Carryforward Amount Excluded From Limitations on Use | 284,616 | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 121,095 | ' |
DeferredTaxAssetOffsetByDeferredTaxLiability | 1,075 | ' |
State and Local Jurisdiction [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Operating Loss Carryforwards Attributable To Additional Goodwill Amortization | 14,564 | ' |
Operating Loss Carryforwards | 145,527 | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $5,405 | ' |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Current Federal Tax Expense (Benefit) | $0 | $0 | $0 |
Deferred Federal Income Tax Expense (Benefit) | 0 | 0 | 0 |
Current State and Local Tax Expense (Benefit) | 363 | 253 | 250 |
Deferred State and Local Income Tax Expense (Benefit) | -37 | -215 | -78 |
Income Tax Expense (Benefit) | $326 | $38 | $172 |
Income_Taxes_Effective_Tax_Rat
Income Taxes - Effective Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | ($648) | ($918) | ($6,786) |
Income Tax Expense (Benefit) | 326 | 38 | 172 |
Increase Resulting From [Member] | ' | ' | ' |
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Income Tax Reconciliation, Nondeductible Expense | 1,269 | 490 | 548 |
Income Tax Reconciliation, State and Local Income Taxes | 377 | 106 | 0 |
Effective Tax Rate Rec Change In Deferred Tax Assets Valuation | 0 | 581 | 7,066 |
Effective Income Tax Rate Rec Other | 29 | 0 | 16 |
Decrease Resulting From [Member] | ' | ' | ' |
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Income Tax Reconciliation, State and Local Income Taxes | 0 | 0 | -600 |
Effective Tax Rate Rec Change In Deferred Tax Assets Valuation | -651 | 0 | 0 |
Effective Income Tax Rate Reconciliation Contingent Tax Liabilities | -50 | -206 | -72 |
Effective Income Tax Rate Rec Other | $0 | ($15) | $0 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $370 | $675 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 7,023 | 6,254 |
Deferred Tax Assets, Operating Loss Carryforwards | 110,259 | 106,004 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 1,022 | 1,085 |
Deferred Tax Assets Investments | 235 | 292 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 2,732 | 2,757 |
Deferred Tax Assets, Capital Loss Carryforwards | 4,100 | 3,909 |
Deferred Tax Assets Property Plant And Equipment | 0 | 397 |
Deferred Tax Assets, Other | 2,334 | 1,651 |
Deferred Tax Assets, Gross | 128,075 | 123,024 |
Deferred Tax Assets, Valuation Allowance | -126,500 | -121,962 |
Deferred Tax Assets, Net | 1,575 | 1,062 |
Deferred Tax Liabilities, Property, Plant and Equipment | -570 | 0 |
Deferred Tax Liabilities, Other | -123 | -196 |
Deferred Income Tax Liabilities | -693 | -196 |
Deferred Tax Assets (Liabilities), Net | $882 | $866 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Liabilities (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Income Taxes [Abstract] | ' |
Unrecognized Tax Benefits Beginning Balance | $5,343 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 13 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 8 |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | -63 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 |
Unrecognized Tax Benefits Ending Balance | $5,301 |
Income_Taxes_Deferred_Income_t
Income Taxes - Deferred Income tax and Liabilites (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Deferred Tax Assets, Net, Current | $442 | $283 |
DeferredTax Liabilities Gross Current | -286 | -197 |
Deferred Tax Assets (Liabilities), Net, Current | 156 | 86 |
Deferred Tax Assets, Gross, Noncurrent | 1,631 | 1,065 |
Deferred Tax Liabilities Gross Noncurrent | -905 | -285 |
Deferred Tax Assets, Net, Noncurrent | $726 | $780 |
Operating_Segments_Details
Operating Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $123,782 | $121,552 | $121,995 | $127,264 | $123,381 | $116,128 | $107,608 | $108,998 | $494,593 | $456,115 | $406,141 |
Cost of Services | ' | ' | ' | ' | ' | ' | ' | ' | 427,633 | 398,063 | 361,757 |
Gross Profit | 17,331 | 15,653 | 15,996 | 17,980 | 16,814 | 14,256 | 13,789 | 13,193 | 66,960 | 58,052 | 44,384 |
Selling, General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 66,598 | 58,609 | 63,321 |
Loss (gain) on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | -64 | -168 | -6,555 |
Asset Impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 4,804 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 426 | -389 | -17,186 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,552 | 2,075 | 6,216 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 753 | 1,877 | 2,688 |
Assets | 179,252 | ' | ' | ' | 164,713 | ' | ' | ' | 179,252 | 164,713 | 180,244 |
Communications [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 126,348 | 121,492 | 83,615 |
Cost of Services | ' | ' | ' | ' | ' | ' | ' | ' | 102,564 | 103,288 | 71,142 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 23,784 | 18,204 | 12,473 |
Selling, General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 13,610 | 13,431 | 9,578 |
Loss (gain) on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -60 | 0 |
Asset Impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 72 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,174 | 4,833 | 2,823 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 372 | 260 | 278 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 269 | 569 | 928 |
Assets | 24,858 | ' | ' | ' | 29,603 | ' | ' | ' | 24,858 | 29,603 | 23,073 |
Residential | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 162,611 | 129,974 | 114,732 |
Cost of Services | ' | ' | ' | ' | ' | ' | ' | ' | 135,384 | 109,274 | 96,042 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 27,227 | 20,700 | 18,690 |
Selling, General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 25,447 | 19,703 | 18,441 |
Loss (gain) on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | -17 | 24 | 116 |
Asset Impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,797 | 973 | 133 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 807 | 375 | 514 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 209 | 666 | 181 |
Assets | 36,838 | ' | ' | ' | 33,927 | ' | ' | ' | 36,838 | 33,927 | 23,584 |
Commercial & Industrial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 203,481 | 204,649 | 207,794 |
Cost of Services | ' | ' | ' | ' | ' | ' | ' | ' | 187,957 | 185,501 | 194,573 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 15,524 | 19,148 | 13,221 |
Selling, General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 14,362 | 17,166 | 21,788 |
Loss (gain) on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | -46 | -132 | -33 |
Asset Impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 71 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,208 | 2,114 | -8,605 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 247 | 244 | 1,575 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 270 | 341 | 431 |
Assets | 55,342 | ' | ' | ' | 65,929 | ' | ' | ' | 55,342 | 65,929 | 79,506 |
MISCOR [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,153 | 0 | 0 |
Cost of Services | ' | ' | ' | ' | ' | ' | ' | ' | 1,728 | 0 | 0 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 425 | 0 | 0 |
Selling, General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 337 | 0 | 0 |
Loss (gain) on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Asset Impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 88 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 38 | 0 | 0 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 0 | 0 |
Assets | 27,889 | ' | ' | ' | 0 | ' | ' | ' | 27,889 | 0 | 0 |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Cost of Services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Selling, General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 12,842 | 8,309 | 13,514 |
Loss (gain) on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 0 | -6,638 |
Asset Impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 4,661 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -12,841 | -8,309 | -11,537 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,088 | 1,196 | 3,849 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 301 | 1,148 |
Assets | $34,325 | ' | ' | ' | $35,254 | ' | ' | ' | $34,325 | $35,254 | $54,081 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | 100,000,000 | ' | ' |
Common stock, shares outstanding | ' | ' | 15,105,846 | 14,977,400 | ' |
Unvested shares forfeited | ' | ' | 0 | -32,901 | -130,258 |
Two Thousand Six Equity Incentive Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Common shares repurchased for tax withholding | ' | ' | 95,469 | ' | ' |
Shares issued under share based compensation program | ' | ' | 266,814 | ' | ' |
Phantom Share Units PSU's - Employee | Two Thousand Six Equity Incentive Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Recognized compensation expense | ' | ' | $651,000 | $129,000 | $0 |
Phantom Share Units PSU's - BOD [Member] | Two Thousand Six Equity Incentive Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Recognized compensation expense | ' | ' | 295,000 | 159,000 | 100,000 |
Phantom Stock Total [Member] | Two Thousand Six Equity Incentive Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares issued under share based compensation program | ' | ' | 254,314 | ' | ' |
Restricted Stock [Member] | Two Thousand Six Equity Incentive Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares issued under share based compensation program | ' | ' | 12,500 | ' | ' |
Recognized compensation expense | ' | ' | 374,000 | 536,000 | 787,000 |
Unamortized compensation cost | ' | ' | 216,000 | ' | ' |
Compensation expense to be recognized | 30,000 | 186,000 | ' | ' | ' |
Fair Value of Restricted Stock Vesting | ' | ' | 528,000 | 661,000 | 520,000 |
Weighted Avg Grant Date Fair Value of Unvested Restricted Stock | ' | ' | 2.9 | ' | ' |
Stock Option [Member] | Two Thousand Six Equity Incentive Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Recognized compensation expense | ' | ' | 110,000 | 14,000 | 19,000 |
Unamortized compensation cost | ' | ' | 378,000 | ' | ' |
Compensation expense to be recognized | 135,000 | 243,000 | ' | ' | ' |
Intrinsic Value | ' | ' | $36,000 | $0 | ' |
Stockholders_Equity_RS_Award_A
Stockholders' Equity RS Award Activity (Details) (USD $) | 12 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Granted | 12,500 | 107,500 | 320,000 | ' |
Vested | -111,080 | -192,973 | -165,628 | ' |
Unvested shares forfeited | 0 | -32,901 | -130,258 | ' |
Share outstanding | 159,246 | 257,826 | 376,200 | 352,086 |
Two Thousand Six [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Granted | 384,850 | ' | ' | ' |
Weighted Average Fair Value at Date of Grant | 24.78 | ' | ' | ' |
Vested | 258,347 | ' | ' | ' |
Unvested shares forfeited | 126,503 | ' | ' | ' |
Recognized compensation expense | 6,402,000 | ' | ' | ' |
Two Thousand Six [Member] | Two Thousand Six 1 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Granted | 25,000 | ' | ' | ' |
Weighted Average Fair Value at Date of Grant | 17.36 | ' | ' | ' |
Vested | 25,000 | ' | ' | ' |
Unvested shares forfeited | 0 | ' | ' | ' |
Recognized compensation expense | 434,000 | ' | ' | ' |
Two Thousand Seven [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Granted | 20,000 | ' | ' | ' |
Weighted Average Fair Value at Date of Grant | 25.08 | ' | ' | ' |
Vested | 20,000 | ' | ' | ' |
Unvested shares forfeited | 0 | ' | ' | ' |
Recognized compensation expense | 502,000 | ' | ' | ' |
Two Thousand Seven [Member] | Two Thousand Seven 1 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Granted | 4,000 | ' | ' | ' |
Weighted Average Fair Value at Date of Grant | 26.48 | ' | ' | ' |
Vested | 4,000 | ' | ' | ' |
Unvested shares forfeited | 0 | ' | ' | ' |
Recognized compensation expense | 106,000 | ' | ' | ' |
Two Thousand Eight [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Granted | 101,650 | ' | ' | ' |
Weighted Average Fair Value at Date of Grant | 19.17 | ' | ' | ' |
Vested | 85,750 | ' | ' | ' |
Unvested shares forfeited | 15,900 | ' | ' | ' |
Recognized compensation expense | 1,779,000 | ' | ' | ' |
Two Thousand Nine [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Granted | 185,100 | ' | ' | ' |
Weighted Average Fair Value at Date of Grant | 8.71 | ' | ' | ' |
Vested | 146,400 | ' | ' | ' |
Unvested shares forfeited | 38,700 | ' | ' | ' |
Recognized compensation expense | 1,344,000 | ' | ' | ' |
Two Thousand Ten [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Granted | 225,486 | ' | ' | ' |
Weighted Average Fair Value at Date of Grant | 3.64 | ' | ' | ' |
Vested | 147,456 | ' | ' | ' |
Unvested shares forfeited | 78,030 | ' | ' | ' |
Recognized compensation expense | 495,000 | ' | ' | ' |
Two Thousand Eleven [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Granted | 320,000 | ' | ' | ' |
Weighted Average Fair Value at Date of Grant | 3.39 | ' | ' | ' |
Vested | 171,715 | ' | ' | ' |
Unvested shares forfeited | 73,205 | ' | ' | ' |
Recognized compensation expense | 669,000 | ' | ' | ' |
Two Thousand Twelve [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Granted | 107,500 | ' | ' | ' |
Weighted Average Fair Value at Date of Grant | 2.07 | ' | ' | ' |
Vested | 35,834 | ' | ' | ' |
Unvested shares forfeited | 0 | ' | ' | ' |
Recognized compensation expense | 124,000 | ' | ' | ' |
Two Thousand Thirteen [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares Granted | 12,500 | ' | ' | ' |
Weighted Average Fair Value at Date of Grant | 5 | ' | ' | ' |
Vested | 0 | ' | ' | ' |
Unvested shares forfeited | 0 | ' | ' | ' |
Recognized compensation expense | 19,000 | ' | ' | ' |
Stockholders_Equity_RS_Rollfor
Stockholders' Equity RS Rollforward (Details) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Unvested at beginning of year | 257,826 | 376,200 | 352,086 |
Shares Granted | 12,500 | 107,500 | 320,000 |
Vested | -111,080 | -192,973 | -165,628 |
Unvested shares forfeited | 0 | -32,901 | -130,258 |
Unvested at end of year | 159,246 | 257,826 | 376,200 |
Stockholders_Equity_Stock_Valu
Stockholders' Equity Stock Valuations (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' |
Weighted average value per option granted during the period | $3.43 | $2.05 |
Stock price volatility | 66.60% | 66.90% |
Risk-free rate of return | 0.90% | 1.90% |
Option term | '10 years | '10 years |
Expected life | '6 years | '6 years |
Forfeiture rate | 10.00% | ' |
Stockholders_Equity_Stock_Opt_
Stockholders' Equity Stock Opt Rollforward (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Share Based Compensation Arrangement by Share Based Payment Award, Options, Outstanding Roll Forward | ' | ' | ' |
Outstanding (Shares) | 20,000 | 20,000 | 20,000 |
Options granted (Shares) | 150,000 | 0 | 20,000 |
Exercised (Shares) | 0 | 0 | 0 |
Forfeited and Cancelled (Shares) | 0 | 0 | -158,500 |
Outstanding (Shares) | 170,000 | 20,000 | 20,000 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price Rollforward [Abstract] | ' | ' | ' |
Outstanding (Weighted Average Price) | $3.24 | $18.66 | $18.66 |
Options granted (Weighted Average Price) | $5.76 | $0 | $3.24 |
Exercised (Weighted Average Price) | $0 | $0 | $0 |
Forfeited and Cancelled (Weighted Average Price) | $0 | $0 | $18.66 |
Outstanding (Weighted Average Price) | $5.46 | $3.24 | $18.66 |
Stockholders_Equity_Options_Ou
Stockholders' Equity Options Outstanding (Details) (USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Shares Outstanding | 170,000 |
Weighted-Average Exercise Price | $5.46 |
Share Exercisable | 13,333 |
Exercisable Weighted Average Exercise Price | $3.24 |
Three Twenty Four [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices | $3.24 |
Shares Outstanding | 20,000 |
Sharebased Compensation Shares Authorized Under Stock Option Plans ExercisePrice Range Outstanding Options Weighted Average Remaining Contractual Term 2 | '7 years 9 months 18 days |
Weighted-Average Exercise Price | $3.24 |
Share Exercisable | 13,333 |
Exercisable Weighted Average Exercise Price | $3.24 |
Five Seventy Six [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices | $5.76 |
Shares Outstanding | 150,000 |
Sharebased Compensation Shares Authorized Under Stock Option Plans ExercisePrice Range Outstanding Options Weighted Average Remaining Contractual Term 2 | '9 years 6 months 29 days |
Weighted-Average Exercise Price | $5.76 |
Share Exercisable | 0 |
Exercisable Weighted Average Exercise Price | $0 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | Feb. 12, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Feb. 13, 2013 | Apr. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Feb. 14, 2013 | Dec. 12, 2007 |
Tontine Associate [Member] | FormerOwnersMember [Member] | FormerOwnersMember [Member] | FormerOwnersMember [Member] | Tontine Term Loan [Member] | Tontine Term Loan [Member] | Tontine Term Loan [Member] | Tontine Term Loan [Member] | Tontine Term Loan [Member] | Tontine Term Loan [Member] | Tontine Term Loan [Member] | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $25,000,000 |
Repayments of Subordinated Debt | ' | ' | ' | ' | ' | 10,000,000 | 15,000,000 | ' | ' | ' | ' | ' |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 25,000,000 |
Related Party Lease | ' | 'On March 29, 2012, we entered into a sublease agreement with Tontine Associates, LLC, an affiliate of Tontine, for corporate office space in Greenwich, Connecticut. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Inception Date | ' | 1-Apr-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Expiration Date 1 | ' | 31-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly Lease Payments | ' | 6,000 | 230,000 | 198,000 | 265,000 | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Related Party | ' | ' | ' | ' | ' | ' | ' | 410,000 | 1,103,000 | 1,100,000 | ' | ' |
Wells Fargo Term Loan | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | IES 401 (k) [Member] | IES 401 (k) [Member] | IES 401 (k) [Member] | MISCOR 401 (k) [Member] | |||
years | |||||||
Employee 401 (k) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Plans Fully Vested Number Of Years | ' | ' | ' | 3 | ' | ' | ' |
Defined Benefit Plan Minimum Age | ' | ' | ' | 21 | ' | ' | ' |
Expenses Recognized | ' | ' | ' | $177 | $0 | $0 | $4 |
Executive Saving Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of salary permitted for deferral | 75.00% | ' | ' | ' | ' | ' | ' |
Post Retirement Benefit Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Minimum Age | ' | ' | ' | 21 | ' | ' | ' |
Defined Benefit Plan, Percentage Vest After Ten Years Of Service | 5.00% | ' | ' | ' | ' | ' | ' |
Denfied Benefits Plan, Annual Percentage Vested | 1.00% | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Plans Fully Vested Number Of Years | ' | ' | ' | 3 | ' | ' | ' |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | $828 | ' | $827 | ' | ' | ' | ' |
MultiemployerPlansAbstract | ' | ' | ' | ' | ' | ' | ' |
Percentage of Plan Funded | ' | 84.90% | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Total Fair Value [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Esecutive Savings Plan - Assets | $591 |
Esecutive Savings Plan - Liabilities | -477 |
Interest Rate Swap | 17 |
Unfavorable Leases | -485 |
ContingentConsiderationCurrentFairValue | -95 |
Total Assts And Liabilities Disclosure | -449 |
Fair Value, Inputs, Level 1 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Esecutive Savings Plan - Assets | 591 |
Esecutive Savings Plan - Liabilities | -477 |
Total Assts And Liabilities Disclosure | 114 |
Fair Value, Inputs, Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Interest Rate Swap | 17 |
Unfavorable Leases | -485 |
Total Assts And Liabilities Disclosure | -468 |
Fair Value, Inputs, Level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
ContingentConsiderationCurrentFairValue | -95 |
Total Assts And Liabilities Disclosure | ($95) |
Fair_Value_Measurements_Unobse
Fair Value Measurements - Unobservable Inputs (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair Value Beginning Balance | $95 | $0 |
Issuances | 665 | ' |
Settlements | 0 | ' |
Adjustments to Fair Value | -570 | ' |
Fair Value Ending Balance | 95 | 0 |
Contingent Consideration [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair Value Beginning Balance | 95 | 0 |
Issuances | 665 | ' |
Settlements | 0 | ' |
Adjustments to Fair Value | -570 | ' |
Fair Value Ending Balance | $95 | $0 |
Inventory_Details
Inventory (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
InventoryDisclosureAbstract | ' | ' |
Raw Materials | $2,389 | $0 |
Work in Process | 3,519 | 0 |
Finished Goods | 1,545 | 0 |
Parts and Supplies | 12,694 | 15,141 |
Inventory, Net | $20,147 | $15,141 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Ward Transformer Site [Member] | Surety [Member] | Surety [Member] | ||
respparties | |||||
Site Contingency [Line Items] | ' | ' | ' | ' | ' |
Site Contingency, Number of Other Potentially Responsible Parties, commenced clean up work | ' | ' | 2 | ' | ' |
Accrued Insurance | $4,963 | $5,229 | ' | ' | ' |
Reserve for construction defect liabilities | 520 | ' | ' | ' | ' |
Estimated cost of completion of bonded project | 49,149 | ' | ' | ' | ' |
Outstanding amount to collateralize our obligations | 999 | ' | ' | ' | ' |
Outstanding letters of credit was to collateralize vendors | 200 | ' | ' | ' | ' |
Settlement agreement with regard to collateral held by a surety | ' | ' | ' | ' | 2,000 |
Receipt of payments | ' | ' | ' | ' | 450 |
Total settlement to be paid in monthly installments | ' | ' | ' | ' | 2,200 |
ValuationAllowancesAndReservesChargedToCostAndExpense | ' | ' | ' | 1,725 | ' |
Outstanding letters of credit that were utilized as collateral | $6,147 | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2011 |
Commercial & Industrial [Member] | ||||
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill, Impairment Loss | ' | ' | ' | $142,000 |
Goodwill | $13,924,000 | $4,446,000 | $4,446,000 | $0 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Goodwill RollForward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
GoodwillRollForward | ' | ' |
Goodwill, Beginning Balance | $4,446 | $4,446 |
Acquisitions | 9,478 | 0 |
Goodwill, Ending Balance | 13,924 | 4,446 |
Residential [Member] | ' | ' |
GoodwillRollForward | ' | ' |
Goodwill, Beginning Balance | 4,446 | 4,446 |
Acquisitions | 4,185 | 0 |
Goodwill, Ending Balance | 8,631 | 4,446 |
MISCOR [Member] | ' | ' |
GoodwillRollForward | ' | ' |
Goodwill, Beginning Balance | 0 | 0 |
Acquisitions | 5,293 | 0 |
Goodwill, Ending Balance | $5,293 | $0 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Other Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
IntangibleAssets [Line Items] | ' | ' |
Gross Carrying Amount | $4,590 | ' |
Accumulated Amortization | 452 | ' |
INTANGIBLE ASSETS, net of amortization | 4,138 | 0 |
Customer Relationships [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Estimated Useful Lives | '6 years 3 months 20 days | ' |
Gross Carrying Amount | 2,100 | ' |
Accumulated Amortization | 16 | ' |
INTANGIBLE ASSETS, net of amortization | 2,084 | ' |
Technical Library [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Estimated Useful Lives | '20 years | ' |
Gross Carrying Amount | 400 | ' |
Accumulated Amortization | 1 | ' |
INTANGIBLE ASSETS, net of amortization | 399 | ' |
Order Backlog [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Estimated Useful Lives | '0 years 5 months | ' |
Gross Carrying Amount | 350 | ' |
Accumulated Amortization | 350 | ' |
INTANGIBLE ASSETS, net of amortization | 0 | ' |
Covenants Not to Compete [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Estimated Useful Lives | '3 years | ' |
Gross Carrying Amount | 140 | ' |
Accumulated Amortization | 27 | ' |
INTANGIBLE ASSETS, net of amortization | 113 | ' |
Develeoped Technology [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Estimated Useful Lives | '4 years | ' |
Gross Carrying Amount | 400 | ' |
Accumulated Amortization | 58 | ' |
INTANGIBLE ASSETS, net of amortization | 342 | ' |
Trademarks And Trade Names [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Gross Carrying Amount | 1,200 | ' |
Accumulated Amortization | 0 | ' |
INTANGIBLE ASSETS, net of amortization | $1,200 | ' |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Future Amortization Expense (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract | ' |
Amortization Expense Year 1 | $499 |
Amortization Expense Year 2 | 499 |
Amortization Expense Year 3 | 471 |
Amortization Expense Year 4 | 398 |
Amortization Expense Year 5 | 358 |
Amortization Expense After Year 5 | 713 |
FiniteLivedIntangibleAssetsNet | $2,938 |
Derivative_Instruments_Details
Derivative Instruments (Details) (Interest Rate Swap [Member]) | 12 Months Ended |
Sep. 30, 2013 | |
Interest Rate Swap [Member] | ' |
Derivative [Line Items] | ' |
Description of Derivative Terms | 'Borrowings under the Wells Fargo Term Loan bore interest at a per annum rate equal to Daily Three Month LIBOR plus an applicable margin. Our interest rate swap agreement bears interest of 1.00% less the per annum rate equal to Daily Three Month LIBOR, thus mitigating the interest rate risk associated with the Daily Three Month LIBOR and ensuring a fixed rate for hedged borrowings under the Wells Fargo Term Loan. |
Type of Derivative Instrument | 'interest rate swap agreement |
Objective of Derivative | 'to hedge interest rate risk |
Derivative_Instruments_Balance
Derivative Instruments - Balance Sheet Location (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Shareholders Equity [Member] | ' |
Derivative [Line Items] | ' |
Balance Sheet Location of Interest Rate Swap | 'Accumulated other comprehensive income |
Interest Rate Swap Fair Value | $17 |
Assets [Member] | ' |
Derivative [Line Items] | ' |
Balance Sheet Location of Interest Rate Swap | 'Prepaid expenses and other current assets |
Interest Rate Swap Fair Value | $17 |
Business_Combination_Details
Business Combination (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Feb. 08, 2013 |
Business Acquisition Acro [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Name of Acquired Business | 'Acro Group | ' |
Discription of Acquired Business | 'a group of entities operating under the name of the Acro Group: Residential Renewable Technologies, Inc., Energy Efficiency Solar, Inc. and Lonestar Renewable Technologies Acquisition Corp. (collectively, the bAcro Groupb). | ' |
Reason for Business Combination | 'offering full-service residential solar integration services, including design, procurement, permitting, installation, financing services through third parties and warranty services for residential customers. | ' |
Prexisitng Relationship | 'IES Residential had previously provided solar installation subcontracting services to the Acro Group | ' |
Date of Acquisition Agreement | 8-Feb-13 | ' |
Date of Acquisition | 15-Feb-13 | ' |
Receivable Owed By Acro Used In Purchase Price | ' | $3,800 |
Business Acquistion Miscor [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Name of Acquired Business | 'MISCOR Group | ' |
Discription of Acquired Business | 'a provider of maintenance and repair services including engine parts and components to the industrial and rail services. | ' |
Date of Acquisition | 13-Sep-13 | ' |
Business Acquisition, Transaction Costs | 3,034 | ' |
TaxBasisOfInvestmentsAdditionalInformation | 'Although this goodwill is not deductible for tax purposes, we acquired tax basis of $8.6 million in goodwill and intangible assets recognized by MISCOR prior to our purchase agreement with them. The deferred tax asset associated with the basis is fully offset by a corresponding valuation allowance. No value was assigned in the purchase price allocation above to the original intangible assets recognized by MISCOR prior to our purchase agreement. | ' |
Business_Combination_Prelimina
Business Combination - Preliminary Valuation (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Feb. 14, 2013 | Sep. 30, 2013 | Feb. 15, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Business Acquisition Acro [Member] | Business Acquisition Acro [Member] | Business Acquisition Acro [Member] | Business Acquistion Miscor [Member] | Business Acquistion Miscor [Member] | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Receivable Owed to IES | $1,042 | ' | ' | $2,263 | ' |
Cash Purchase Consideration | ' | 828 | ' | ' | 4,364 |
Fair Value of Contingent Consideration | ' | ' | 665 | ' | ' |
Total Consideration Transferred | ' | 4,798 | ' | ' | 16,217 |
IES Shares provided in MISCOR consideration | ' | ' | ' | ' | 2,795,577 |
Value of IES Shares provided in MISCOR consideration | ' | ' | ' | ' | $11,853 |
Business_Combination_Fair_Valu
Business Combination - Fair Value Allocation (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Business Acquisition Acro [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Consideration Transferred | $4,798 |
Trade Receivable | 317 |
Prepaid Commissions | 46 |
Inventory | 16 |
Property & Equipment | 40 |
Order Backlog | 350 |
Covenant Not-to-Complete | 140 |
Developed Technology | 400 |
Vacation Payable | -26 |
Customer Incentive Payable | -70 |
Deferred Revenue | -600 |
Goodwill | 4,185 |
Business Acquistion Miscor [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Consideration Transferred | 16,217 |
Trade Receivable | 4,925 |
Prepaid Commissions | 532 |
Inventory | 7,530 |
Property & Equipment | 5,355 |
Goodwill | 5,293 |
Customer Relationships | 2,100 |
Technical Library | 400 |
Trade Names | 1,200 |
Other Assets | 552 |
Trade Payables | -4,143 |
Accrued Liabilities | -2,016 |
Term Loan | ($5,511) |
Business_Combination_Pro_Forma
Business Combination - Pro Forma (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
BusinessAcquisitionProFormaInformationAbstract | ' | ' |
Pro Forma Revenue | $542,027 | $520,016 |
Pro Forma Net Income | ($3,081) | ($6,642) |
Discontinued_Operations_IS_Det
Discontinued Operations IS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DISCOPS Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $1,559 | $16,279 | $69,222 |
DISCOPS COGS | ' | ' | ' | ' | ' | ' | ' | ' | 2,032 | 20,941 | 78,220 |
DISCOPS Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | -473 | -4,662 | -8,998 |
DISCOPS SGA | ' | ' | ' | ' | ' | ' | ' | ' | 601 | 2,557 | 5,536 |
DISCOPS (Gain) Loss On Sale of Asset | ' | ' | ' | ' | ' | ' | ' | ' | -258 | -769 | 28 |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | 59 | 1,170 | 3,785 |
DISCOPS Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -3 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | -1,395 | -9,158 | -18,288 |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -11 | -26 |
Net income (loss) from discontinued operations | ($698) | ($413) | ($161) | ($123) | ($1,026) | ($1,963) | ($2,245) | ($3,913) | ($1,395) | ($9,147) | ($18,262) |
Discontinued_Operations_BS_Det
Discontinued Operations BS (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Discontinued Operations - Current Assets | $1,123 | $6,127 |
Discontinued Operations - Current Liabilities | $889 | $3,005 |
Quarterly_Results_Of_Operation2
Quarterly Results Of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Quarterly Results Of Operations (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $123,782 | $121,552 | $121,995 | $127,264 | $123,381 | $116,128 | $107,608 | $108,998 | $494,593 | $456,115 | $406,141 |
Cost of Services | ' | ' | ' | ' | ' | ' | ' | ' | 427,633 | 398,063 | 361,757 |
Gross Profit | 17,331 | 15,653 | 15,996 | 17,980 | 16,814 | 14,256 | 13,789 | 13,193 | 66,960 | 58,052 | 44,384 |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | 59 | 1,170 | 3,785 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -1,146 | -725 | -940 | 633 | -448 | -1,213 | -1,186 | 192 | -2,178 | -2,655 | -19,561 |
Income (loss) from discontinued operations | -698 | -413 | -161 | -123 | -1,026 | -1,963 | -2,245 | -3,913 | -1,395 | -9,147 | -18,262 |
Net Income (Loss) Attributable to Parent | ($1,844) | ($1,138) | ($1,101) | $510 | ($1,474) | ($3,176) | ($3,431) | ($3,721) | ($3,573) | ($11,802) | ($37,823) |
Income (Loss) from Continuing Operations, Per Basic Share | ($0.07) | ($0.05) | ($0.06) | $0.04 | ($0.03) | ($0.08) | ($0.08) | $0.01 | ($0.15) | ($0.18) | ($1.35) |
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.07) | ($0.05) | ($0.06) | $0.04 | ($0.03) | ($0.08) | ($0.08) | $0.01 | ($0.15) | ($0.18) | ($1.35) |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | ($0.05) | ($0.03) | ($0.01) | ($0.01) | ($0.07) | ($0.13) | ($0.15) | ($0.27) | ($0.09) | ($0.63) | ($1.26) |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | ($0.05) | ($0.03) | ($0.01) | ($0.01) | ($0.07) | ($0.13) | ($0.15) | ($0.27) | ($0.09) | ($0.63) | ($1.26) |
Earnings Per Share, Basic | ($0.12) | ($0.08) | ($0.07) | $0.03 | ($0.10) | ($0.22) | ($0.23) | ($0.26) | ($0.24) | ($0.81) | ($2.61) |
Earnings Per Share, Diluted | ($0.12) | ($0.08) | ($0.07) | $0.03 | ($0.10) | ($0.22) | ($0.23) | ($0.26) | ($0.24) | ($0.81) | ($2.61) |