Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information [Abstract] | ' |
Entity Registrant Name | 'INTEGRATED ELECTRICAL SERVICES INC |
Entity Central Index Key | '0001048268 |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Current Fiscal Year End Date | '--09-30 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 17,918,254 |
Entity Well-known Seasoned Issuer | 'No |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $20,547 | $20,757 |
Accounts receivable: | ' | ' |
Trade, net of allowance | 65,878 | 73,540 |
Retainage | 14,918 | 17,473 |
Inventories | 18,291 | 20,147 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 11,250 | 8,336 |
Prepaid expenses and other current assets | 5,469 | 3,772 |
Total current assets | 136,353 | 144,025 |
PROPERTY AND EQUIPMENT, net | 10,197 | 10,414 |
GOODWILL | 13,924 | 13,924 |
INTANGIBLE ASSETS, net of amortization | 3,820 | 4,138 |
OTHER NON-CURRENT ASSETS, net | 6,049 | 6,751 |
Total assets | 170,343 | 179,252 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Current maturities of long-term debt | 3,500 | 3,562 |
Accounts payable and accrued expenses | 69,527 | 74,320 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 17,628 | 20,676 |
Total current liabilities | 90,655 | 98,558 |
LONG-TERM DEBT, net of current maturities | 8,458 | 10,210 |
LONG-TERM DEFERRED TAX LIABILITY | 905 | 905 |
OTHER NON-CURRENT LIABILITIES | 7,058 | 7,093 |
Total liabilities | 107,076 | 116,766 |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 182 | 182 |
Treasury stock | -2,427 | -2,332 |
Additional paid-in capital | 174,878 | 174,514 |
Accumulated other comprehensive income | 9 | 17 |
Retained deficit | -109,375 | -109,895 |
Total stockholders' equity | 63,267 | 62,486 |
Total liabilities and stockholders' equity | $170,343 | $179,252 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Trade, allowance | $839 | $980 |
Preferred stock, par value | $0.01 | ' |
Preferred stock, shares authorized | 100,000,000 | ' |
Common stock, par value | $0.01 | ' |
Common stock, shares authorized | 100,000,000 | ' |
Common stock, shares issued | 18,203,379 | 18,203,379 |
Common stock, shares outstanding | 17,918,254 | 17,944,322 |
Treasury stock, shares | 285,125 | 259,057 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Revenues | $120,266 | $121,995 | $240,345 | $249,259 |
Cost of services | 100,240 | 105,999 | 202,202 | 215,283 |
Gross profit | 20,026 | 15,996 | 38,143 | 33,976 |
Selling, general and administrative expenses | 19,172 | 16,606 | 36,744 | 31,528 |
(Gain) loss on sale of assets | -22 | -21 | -62 | -40 |
Income (loss) from operations | 876 | -589 | 1,461 | 2,488 |
Interest and other (income) expense: | ' | ' | ' | ' |
Interest expense | 401 | 449 | 919 | 1,055 |
Other (income) expense, net | -15 | -151 | -212 | 1,571 |
Income (loss) from operations before income taxes | 490 | -887 | 754 | -138 |
Provision (benefit) for income taxes | 44 | 53 | 43 | 168 |
Net income (loss) from continuing operations | 446 | -940 | 711 | -306 |
Discontinued operations | ' | ' | ' | ' |
Income (loss) from discontinued operations | -58 | -152 | -200 | -290 |
Provision (benefit) for income taxes | -9 | 9 | -9 | -6 |
Net loss from discontinued operations | -49 | -161 | -191 | -284 |
Net income (loss) | 397 | -1,101 | 520 | -590 |
Unrealized gain on interest hedge, net of tax | 8 | 27 | 8 | 27 |
Comprehensive income (loss) | $405 | ($1,074) | $528 | ($563) |
Basic earnings (loss) per share: | ' | ' | ' | ' |
From continuing operations | $0.02 | ($0.06) | $0.04 | ($0.02) |
From discontinued operations | $0 | ($0.01) | ($0.01) | ($0.02) |
Basic earnings (loss) per share | $0.02 | ($0.07) | $0.03 | ($0.04) |
Diluted earnings (loss) per share: | ' | ' | ' | ' |
From continuing operations | $0.02 | ($0.06) | $0.04 | ($0.02) |
From discontinued operations | $0 | ($0.01) | ($0.01) | ($0.02) |
Diluted earnings (loss) per share | $0.02 | ($0.07) | $0.03 | ($0.04) |
Shares used in the computation of earnings (loss) per share | ' | ' | ' | ' |
Basic | 17,857,422 | 14,909,896 | 17,837,117 | 14,855,313 |
Diluted | 17,905,021 | 14,909,896 | 17,898,722 | 14,855,313 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $520 | ($590) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Bad debt expense | 45 | -488 |
Deferred financing cost amortization | 224 | -353 |
Depreciation and amortization | 1,262 | 1,078 |
Reserve for Uncollectable Surety Deposit | 0 | 1,725 |
Gains (Losses) on Sales of Assets | -91 | -32 |
Non-cash compensation expense | 429 | 773 |
Unrealized gain on interest swap | 0 | 27 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | 7,524 | 1,063 |
Inventories | 1,857 | 3,032 |
Costs and estimated earnings in excess of billings | -2,914 | 1,533 |
Prepaid expenses and other current assets | 800 | 880 |
Other non-current assets | 621 | 82 |
Accounts payable and accrued expenses | -4,791 | -3,367 |
Billings in excess of costs and estimated earnings | -3,048 | -5,035 |
Other non-current liabilities | -49 | 686 |
Net cash provided by operating activities | 2,571 | 1,078 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -868 | -46 |
Cash paid in conjunction with business combination | 0 | -828 |
Net cash used in investing activities | -868 | -874 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayments of debt | -1,752 | -10,233 |
Issuance of Debt | 0 | 5,000 |
Purchase of treasury stock | -161 | -346 |
Changes In Restricted Cash | 0 | 104 |
Net cash used in financing activities | -1,913 | -5,475 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -210 | -5,271 |
CASH AND CASH EQUIVALENTS, beginning of period | 20,757 | 18,729 |
CASH AND CASH EQUIVALENTS, end of period | 20,547 | 13,458 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest | 658 | 299 |
Cash paid for income taxes | $291 | $142 |
Business
Business | 6 Months Ended |
Mar. 31, 2014 | |
Business [Abstract] | ' |
Description of the Business | ' |
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 for commercial and industrial projects nationwide. | |
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 Group, Ltd. (“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. | |
Basis of Financial Statement Preparation | |
The accompanying unaudited condensed consolidated financial statements include the accounts of IES and its wholly-owned subsidiaries, and have been prepared in accordance with the instructions to interim financial reporting as prescribed by the SEC. The results for the interim periods are not necessarily indicative of results for the entire year. These interim financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America, and should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in our Annual Report on Form 10-K for the year ended September 30, 2013 as amended by our Form 10-K/A filed on January 6, 2014. All references to our Report on Form 10-K for the year ended September 30, 2013 included herein also reference the Form 10-K/A. In the opinion of management, the unaudited condensed consolidated financial statements contained in this report include all known accruals and adjustments necessary for a fair presentation of the financial position, results of comprehensive income, and cash flows for the periods reported herein. All such adjustments are of a normal recurring nature. | |
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. | |
Seasonality and Quarterly Fluctuations | |
Results of operations from our Residential construction segment are seasonal, depending on weather trends, with typically higher revenues generated during spring and summer and lower revenues during fall and winter. The Communications, Commercial & Industrial, and Infrastructure Solutions segments of our business are less subject to seasonal trends, as work in these segments generally is performed inside structures protected from the weather, although weather can still impact these businesses, especially in the early stages of projects. Our service and maintenance business is generally not affected by seasonality. In addition, the construction industry has historically been highly cyclical. Our volume of business may be adversely affected by declines in construction projects resulting from adverse regional or national economic conditions. Quarterly results may also be materially affected by the timing of new construction projects. Results for our Infrastructure Solutions segment may be affected by the timing of outages at our customers’ facilities. Accordingly, operating results for any fiscal period are not necessarily indicative of results that may be achieved for any subsequent fiscal period. | |
Controlling_Shareholder
Controlling Shareholder | 6 Months Ended |
Mar. 31, 2014 | |
Controlling Shareholder [Abstract] | ' |
Controlling Shareholder | ' |
2. CONTROLLING SHAREHOLDER | |
At March 31, 2014, Tontine Capital Partners, L.P. together with 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 between Tontine and the Company, 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 a shelf registration statement to register Tontine’s shares (as amended, the “Shelf Registration Statement”). The Shelf Registration Statement was declared effective by the SEC on June 18, 2013. As long as the Shelf Registration Statement 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. 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 credit facility, bonding agreements with our sureties and certain employment contracts with certain officers and employees of the Company. |
Debt
Debt | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt [Abstract] | ' | |||||||
Debt | ' | |||||||
3. DEBT | ||||||||
Debt consists of the following: | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
Wells Fargo Term Loan, paid in installments thru Aug 9, 2017 | $ | 11,958 | $ | 13,708 | ||||
Capital leases and other | - | 64 | ||||||
Total debt | 11,958 | 13,772 | ||||||
Less — Short-term debt and current maturities of long-term debt | -3,500 | -3,562 | ||||||
Total long-term debt | $ | 8,458 | $ | 10,210 | ||||
At March 31, 2014, we had $8,513 available to us under the 2012 Credit Facility, $6,918 in outstanding letters of credit with Wells Fargo and no outstanding borrowings on our revolving loan. | ||||||||
Future payments on debt as of March 31, 2014 are as follows: | ||||||||
Term Debt | ||||||||
2014 | $ | 1,750 | ||||||
2015 | 3,500 | |||||||
2016 | 3,500 | |||||||
2017 | 3,208 | |||||||
Total | $ | 11,958 | ||||||
For the three months ended March 31, 2014 and 2013, we incurred interest expense of $401 and $449, respectively. For the six months ended March 31, 2014 and 2013, we incurred interest expense of $919 and $1,055, respectively. | ||||||||
The 2012 Revolving Credit Facility | ||||||||
On February 21, 2014, the Company entered into a Third Amendment (the “Amendment”) to the credit facility we entered into with Wells Fargo Bank, National Association (“Wells Fargo”) on August 9, 2012 (as amended, the “2012 Credit Facility”). Pursuant to the Amendment, Wells Fargo has extended the maturity dates of both a term loan (“Term Loan”) and a revolving loan (“Revolving Loan”), from August 9, 2016 to August 9, 2017. The 2012 Credit Facility, as amended, continues to contain customary affirmative, negative and financial covenants, including the requirement that we maintain a Fixed Charge Coverage Ratio (as defined in the 2012 Credit Facility) 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 2012 Credit Facility)) or Excess Availability fall below stipulated levels. Those levels were reduced under the Amendment from $20 million of Liquidity to $15 million and from $5 million of Excess Availability to $4 million. After June 30, 2014, the thresholds return to $20 million of Liquidity and $5 million of Excess Availability. | ||||||||
The Amendment also decreased interest rates on outstanding advances under the Revolving Loan and amounts outstanding under the Term Loan by one percentage point, effective February 1, 2014. Pursuant to the Amendment, amounts outstanding under the Term Loan bear interest at a per annum rate equal to Daily Three Month LIBOR (as defined in the 2012 Credit Facility), plus 4.00% through June 30, 2014, and thereafter Daily Three Month LIBOR plus an interest rate margin, as determined quarterly, based on the following thresholds: | ||||||||
Level | Thresholds | Interest Rate Margin | ||||||
I | Liquidity ≤ $20,000 at any time during the period; or | 4.00 percentage points | ||||||
Excess Availability ≤ $7,500 at any time during the period; or | ||||||||
Fixed charge coverage ratio < 1.0:1.0 | ||||||||
II | Liquidity > $20,000 at all times during the period; and | 3.50 percentage points | ||||||
Liquidity ≤ $30,000 at any time during the period; and | ||||||||
Excess Availability > $7,500; and | ||||||||
Fixed charge coverage ratio ≥ 1.0:1.0 | ||||||||
III | Liquidity > $30,000 at all times during the period; and Excess Availability > $7,500; and Fixed charge coverage ratio ≥ 1.0:1.0 | 3.00 percentage points | ||||||
Pursuant to the Amendment, Advances (as defined in the 2012 Credit Facility) under the Revolving Loan bear interest at a per annum rate equal to Daily Three Month LIBOR plus 3.00% through June 30, 2014, and thereafter Daily Three Month LIBOR plus an interest rate margin of between 3.00% and 2.00%, as determined quarterly, based on the thresholds set forth above. The Amendment also amended the dates on which termination and prepayment fees are payable by the Company by providing for liquidated damages of 2.00% for any termination, reduction or prepayment occurring on or before February 28, 2015 and 1.00% thereafter, as compared to the previous requirement of 2.00% prior to the first anniversary of the date of the first Advance and 1.00% thereafter. | ||||||||
At March 31, 2014, we were subject to the financial covenant under the 2012 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 and cash equivalents on hand plus Excess Availability is less than $15,000 or Excess Availability is less than $4,000. As of March 31, 2014, our aggregate amount of unrestricted cash and cash equivalents on hand plus Excess Availability was in excess of $15,000 and Excess Availability was in excess of $4,000; had we not met these thresholds at March 31, 2014, we would not have met the required 1.0:1.0 fixed charge coverage ratio test. | ||||||||
At March 31, 2014, the carrying value of amounts outstanding on our Term Loan approximated fair value. The fair value of the debt is classified as a level 2 measurement. | ||||||||
Per_Share_Information
Per Share Information | 6 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Per Share Information [Abstract] | ' | ||||||
Per Share Information | ' | ||||||
4. PER SHARE INFORMATION | |||||||
The following table reconciles the components of the basic and diluted earnings (loss) per share for the three and six months ended March 31, 2014 and 2013: | |||||||
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Numerator: | |||||||
Net earnings (loss) from continuing operations attributable to common shareholders | $ | 445 | $ | -940 | |||
Net earnings from continuing operations attributable to restricted shareholders | 1 | - | |||||
Net earnings (loss) from continuing operations | $ | 446 | $ | -940 | |||
Net loss from discontinued operations attributable to common shareholders | $ | -49 | $ | -161 | |||
Net loss from discontinued operations | $ | -49 | $ | -161 | |||
Net earnings (loss) attributable to common shareholders | $ | 396 | $ | -1,101 | |||
Net earnings attributable to restricted shareholders | 1 | - | |||||
Net earnings (loss) | $ | 397 | $ | -1,101 | |||
Denominator: | |||||||
Weighted average common shares outstanding — basic | 17,857,422 | 14,909,896 | |||||
Effect of dilutive stock options and non-vested restricted stock | 47,599 | - | |||||
Weighted average common and common equivalent shares | 17,905,021 | 14,909,896 | |||||
outstanding — diluted | |||||||
Basic earnings (loss) per share: | |||||||
From continuing operations | $ | 0.02 | $ | -0.06 | |||
From discontinued operations | $ | - | $ | -0.01 | |||
Basic earnings (loss) per share | $ | 0.02 | $ | -0.07 | |||
Diluted earnings (loss) per share: | |||||||
From continuing operations | $ | 0.02 | $ | -0.06 | |||
From discontinued operations | $ | - | $ | -0.01 | |||
Diluted earnings (loss) per share | $ | 0.02 | $ | -0.07 | |||
Six Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Numerator: | |||||||
Net earnings (loss) from continuing operations attributable to common shareholders | $ | 707 | $ | -306 | |||
Net earnings from continuing operations attributable to restricted shareholders | 4 | - | |||||
Net earnings (loss) from continuing operations | $ | 711 | $ | -306 | |||
Net loss from discontinued operations attributable to common shareholders | $ | -191 | $ | -284 | |||
Net loss from discontinued operations | $ | -191 | $ | -284 | |||
Net earnings (loss) attributable to common shareholders | $ | 516 | $ | -590 | |||
Net earnings attributable to restricted shareholders | 4 | - | |||||
Net earnings (loss) | $ | 520 | $ | -590 | |||
Denominator: | |||||||
Weighted average common shares outstanding — basic | 17,837,117 | 14,855,313 | |||||
Effect of dilutive stock options and non-vested restricted stock | 61,605 | - | |||||
Weighted average common and common equivalent shares | 17,898,722 | 14,855,313 | |||||
outstanding — diluted | |||||||
Basic earnings (loss) per share: | |||||||
From continuing operations | $ | 0.04 | $ | -0.02 | |||
From discontinued operations | $ | -0.01 | $ | -0.02 | |||
Basic earnings (loss) per share | $ | 0.03 | $ | -0.04 | |||
Diluted earnings (loss) per share: | |||||||
From continuing operations | $ | 0.04 | $ | -0.02 | |||
From discontinued operations | $ | -0.01 | $ | -0.02 | |||
Diluted earnings (loss) per share | $ | 0.03 | $ | -0.04 | |||
For the three and six months ended March 31, 2014, zero and 150,000 stock options were excluded from the computation of fully diluted earnings per share, respectively, because the exercise prices of the options were greater than the average price of our common stock. | |||||||
When an entity has a net loss from continuing operations, it is prohibited from including potential common shares in the computation of diluted per-share amounts. Accordingly, we have utilized the basic shares outstanding amount to calculate both basic and diluted loss per share for the three and six months ended March 31, 2013. | |||||||
Operating_Segments
Operating Segments | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Operating Segments [Abstract] | ' | |||||||||||||||||||
Operating Segments | ' | |||||||||||||||||||
5. OPERATING SEGMENTS | ||||||||||||||||||||
We manage and measure performance of our business in four distinct operating segments: Communications, Residential, Commercial & Industrial, and Infrastructure Solutions. | ||||||||||||||||||||
Transactions between segments, if any, are eliminated in consolidation. Our Corporate office provides general and administrative as well as support services to our four operating segments. Management allocates certain shared costs between segments for selling, general and administrative expenses and depreciation expense. | ||||||||||||||||||||
Segment information for the three and six months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 25,147 | $ | 42,181 | $ | 42,336 | $ | 10,602 | $ | - | $ | 120,266 | ||||||||
Cost of services | 21,006 | 34,529 | 36,484 | 8,221 | - | 100,240 | ||||||||||||||
Gross profit | 4,141 | 7,652 | 5,852 | 2,381 | - | 20,026 | ||||||||||||||
Selling, general and administrative | 3,163 | 6,932 | 4,243 | 2,295 | 2,539 | 19,172 | ||||||||||||||
Loss (gain) on sale of assets | - | -1 | -21 | - | - | -22 | ||||||||||||||
Income (loss) from operations | $ | 978 | $ | 721 | $ | 1,630 | $ | 86 | $ | -2,539 | $ | 876 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 102 | $ | 118 | $ | 66 | $ | 217 | $ | 117 | $ | 620 | ||||||||
Capital expenditures | 55 | 158 | 40 | 235 | - | 488 | ||||||||||||||
Total assets | $ | 25,010 | $ | 36,170 | $ | 45,169 | $ | 27,611 | $ | 36,383 | $ | 170,343 | ||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 31,806 | $ | 39,344 | $ | 50,845 | $ | - | $ | - | $ | 121,995 | ||||||||
Cost of services | 25,975 | 32,564 | 47,460 | - | - | 105,999 | ||||||||||||||
Gross profit | 5,831 | 6,780 | 3,385 | - | - | 15,996 | ||||||||||||||
Selling, general and administrative | 3,301 | 6,412 | 3,609 | - | 3,284 | 16,606 | ||||||||||||||
Loss (gain) on sale of assets | - | -12 | -9 | - | - | -21 | ||||||||||||||
Income (loss) from operations | $ | 2,530 | $ | 380 | $ | -215 | $ | - | $ | -3,284 | $ | -589 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 92 | $ | 89 | $ | 59 | $ | - | $ | 299 | $ | 539 | ||||||||
Capital expenditures | 130 | 68 | 97 | - | - | 295 | ||||||||||||||
Total assets | $ | 25,366 | $ | 38,714 | $ | 53,531 | $ | - | $ | 35,642 | $ | 153,253 | ||||||||
Six Months Ended March 31, 2014 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 49,738 | $ | 83,393 | $ | 83,565 | $ | 23,649 | $ | - | $ | 240,345 | ||||||||
Cost of services | 41,665 | 68,323 | 73,799 | 18,415 | - | 202,202 | ||||||||||||||
Gross profit | 8,073 | 15,070 | 9,766 | 5,234 | - | 38,143 | ||||||||||||||
Selling, general and administrative | 6,145 | 13,414 | 7,722 | 4,683 | 4,780 | 36,744 | ||||||||||||||
Loss (gain) on sale of assets | - | -41 | -24 | 3 | - | -62 | ||||||||||||||
Income (loss) from operations | $ | 1,928 | $ | 1,697 | $ | 2,068 | $ | 548 | $ | -4,780 | $ | 1,461 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 201 | $ | 241 | $ | 133 | $ | 484 | $ | 203 | $ | 1,262 | ||||||||
Capital expenditures | 63 | 163 | 95 | 277 | 115 | 713 | ||||||||||||||
Total assets | $ | 25,010 | $ | 36,170 | $ | 45,169 | $ | 27,611 | $ | 36,383 | $ | 170,343 | ||||||||
Six Months Ended March 31, 2013 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 71,925 | $ | 75,349 | $ | 101,985 | $ | - | $ | - | $ | 249,259 | ||||||||
Cost of services | 58,862 | 62,463 | 93,958 | - | - | 215,283 | ||||||||||||||
Gross profit | 13,063 | 12,886 | 8,027 | - | - | 33,976 | ||||||||||||||
Selling, general and administrative | 6,860 | 11,640 | 7,345 | - | 5,683 | 31,528 | ||||||||||||||
Loss (gain) on sale of assets | - | -21 | -19 | - | - | -40 | ||||||||||||||
Income (loss) from operations | $ | 6,203 | $ | 1,267 | $ | 701 | $ | - | $ | -5,683 | $ | 2,488 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 179 | $ | 185 | $ | 115 | $ | - | $ | 599 | $ | 1,078 | ||||||||
Capital expenditures | 171 | 94 | 110 | - | - | 375 | ||||||||||||||
Total assets | $ | 25,366 | $ | 38,714 | $ | 53,531 | $ | - | $ | 35,642 | $ | 153,253 | ||||||||
Stockholders_Equity
Stockholders' Equity | 6 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
6. STOCKHOLDERS’ EQUITY | |
Treasury Stock | |
During the six months ended March 31, 2014, we repurchased 33,568 common shares from our employees to satisfy minimum tax withholding requirements upon the vesting of restricted stock issued under the 2006 Equity Incentive Plan (as amended and restated). We issued 7,500 shares out of treasury stock under our share-based compensation programs for restricted shares granted. | |
Restricted Stock | |
During the six months ended March 31, 2014 and 2013, we recognized $136 and $183, respectively, in compensation expense related to our restricted stock awards. At March 31, 2014, the unamortized compensation cost related to outstanding unvested restricted stock was $115. | |
Phantom Stock Units | |
Phantom stock units (“PSUs”) are primarily granted to the non-employee members of the Board of Directors as part of their overall compensation. These PSUs are paid via unrestricted stock grants to each non-employee 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 six months ended March 31, 2014 and 2013, we recognized $171 and $230 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 six months ended March 31, 2014 and 2013, we recognized zero and $363 in compensation expense related to these grants. | |
Stock Options | |
During the six months ended March 31, 2014 and 2013, we recognized $123 and $7, respectively, in compensation expense related to our stock option awards. | |
Securities_and_Equity_Investme
Securities and Equity Investments | 6 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||
Cost And Equity Method Investments | ' | ||||||
7. SECURITIES AND EQUITY INVESTMENTS | |||||||
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 Capital Partners II L.P. (“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 are determined using cash flow projections and market multiples of the underlying non-public companies. | |||||||
Investment in EnerTech | |||||||
The following table presents the reconciliation of the carrying value and unrealized gains to the fair value of the investment in EnerTech as of March 31, 2014 and September 30, 2013: | |||||||
March 31, | September 30, | ||||||
2014 | 2013 | ||||||
Carrying value | $ | 919 | $ | 919 | |||
Unrealized gains | 128 | 138 | |||||
Fair value | $ | 1,047 | $ | 1,057 | |||
At each reporting date, the Company performs evaluations of impairment for this investment to determine if any unrealized losses are other-than-temporary. There was no impairment for the three or six period ended March 31, 2014. | |||||||
On December 31, 2013, EnerTech’s general partner, with the consent of the fund’s investors, extended the fund through December 31, 2014. 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, 2015 with the consent of the fund’s valuation committee. | |||||||
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended |
Mar. 31, 2014 | |
Employee Benefit Plans [Abstract] | ' |
401(k) and Retirement Plans | ' |
8. EMPLOYEE BENEFIT PLANS | |
401(k) Plan | |
The Company offers employees the opportunity to participate in its 401(k) savings plan. During the three months ended March 31, 2014 and 2013, we recognized $93 and $52 in matching expense, respectively. During the six months ended March 31, 2014 and 2013, we recognized $176 and $52 in matching expense, respectively. | |
Post Retirement Benefit Plans | |
Certain individuals at one of the Company’s locations are entitled to receive fixed annual payments pursuant to Post Retirement Benefit Plans. We had an unfunded benefit liability of $844 recorded as of March 31, 2014 and $828 as of September 30, 2013, respectively. | |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
9. 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 $9 at March 31, 2014, using Level 2 inputs, including an estimated market valuation from Wells Fargo. | |||||||||||||
We estimate the fair value of our unfavorable MISCOR leases to be $(436), using Level 2 inputs, including estimated market valuation including market rates from comparable properties. For additional information, please see Note 13, “Business Combinations – Acquisition of MISCOR.” | |||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2014, 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 | $ | 623 | $ | 623 | $ | - | $ | - | |||||
Executive savings plan liabilities | -510 | -510 | - | - | |||||||||
Interest rate swap agreement | 9 | - | 9 | - | |||||||||
Total | $ | 122 | $ | 113 | $ | 9 | $ | - | |||||
At September 30, 2013, we had estimated the fair value of a contingent consideration liability related to the acquisition of certain assets from the Acro group at $95. The contingency has subsequently been resolved, and no additional consideration will be payable. | |||||||||||||
Inventory
Inventory | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure | ' | |||||||
10. INVENTORY | ||||||||
Inventories consist of the following components: | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 2,169 | $ | 2,389 | ||||
Work in process | 3,595 | 3,519 | ||||||
Finished goods | 1,816 | 1,545 | ||||||
Parts and supplies | 10,711 | 12,694 | ||||||
Total inventories | $ | 18,291 | $ | 20,147 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill And Intangible Assets Disclosure | ' | ||||||||||||
11. INTANGIBLE ASSETS | |||||||||||||
Intangible assets consist of the following: | |||||||||||||
31-Mar-14 | |||||||||||||
Estimated | |||||||||||||
Useful Lives | Gross Carrying | Accumulated | |||||||||||
(in Years) | Amount | Amortization | Net | ||||||||||
Trademarks/trade names | Indefinite | $ | 1,200 | $ | - | $ | 1,200 | ||||||
Technical library | 20 | 400 | 11 | 389 | |||||||||
Customer relationships | 6.3 | 2,100 | 250 | 1,850 | |||||||||
Order backlog | 0.4 | 350 | 350 | - | |||||||||
Covenants not to compete | 3 | 140 | 51 | 89 | |||||||||
Developed technology | 4 | 400 | 108 | 292 | |||||||||
Total | $ | 4,590 | $ | 770 | $ | 3,820 | |||||||
30-Sep-13 | |||||||||||||
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 |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Legal Matters | ' |
12. 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 March 31, 2014, 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. Management does not expect 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, and 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 March 31, 2014, 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. In many cases, we insure third parties, including general contractors, as additional insureds under our insurance policies. Losses up to the deductible amounts, or losses that are not covered under our policies, 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 March 31, 2014, we had $4,960 accrued for insurance liabilities. We are also subject to construction defect liabilities, primarily within our Residential segment. As of March 31, 2014, we had $535 reserved for these claims. Because the reserves are based on judgment and estimates, and involve variables that are inherently uncertain, such as the outcome of litigation and an assessment of insurance coverage, there can be no assurance that the ultimate liability will not be higher or lower than such estimates or that the timing of payments will not create liquidity issues for the Company. | |
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 March 31, 2014, $6,347 of our outstanding letters of credit were utilized to collateralize our insurance program. | |
Surety | |
As of March 31, 2014, the estimated cost to complete our bonded projects was approximately $44,963. 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 March 31, 2014, we had cash totaling $500 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. | |
Receivable from Surety | |
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 the filing of this Quarterly Report on Form 10-Q, the Company had received installment payments totaling $550. The defendants have defaulted on payments due beginning in November 2013 through March 2014. The defendants have indicated that they are pursuing financing, which will include an agreement to pay the Company $550 at closing of the financing, followed by monthly installments until all amounts due are paid in full, including attorneys’ fees and interest. In the meantime, the Company has reinstated legal actions targeted at recovering the full amount due. The extent of recovery of the remaining balance, if any, cannot be determined. However, the possibility of a partial or full recovery exists, particularly if the defendants are successful in obtaining financing. We have classified the $550 received during the year ended September 30, 2013 as other income within our Consolidated Statements of Comprehensive Income. We are currently in discussions with the surety regarding their intention to resume payments, which could result in the recovery of additional amounts in the near term, although the recovery of such amounts cannot be reasonably assured. Therefore, any potential subsequent recovery will be included in other income. | |
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 March 31, 2014, $571 of our outstanding letters of credit were to collateralize our vendors. | |
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 March 31, 2014, we had such purchase orders totaling $4,395. We expect to use all of the materials purchased pursuant to these orders in the current year. | |
Business_Combinations
Business Combinations | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination Disclosure | ' | ||||||||
13. BUSINESS COMBINATION | |||||||||
Acquisition of Certain Assets from the Acro Group | |||||||||
In February 2013, the Company acquired certain assets of a group of entities operating under the name of the Acro Group. | |||||||||
Total consideration received by the Acro Group for the Acquired Assets (as defined in the Asset Purchase Agreement entered into between IES Residential, Inc., IES Renewable Energy, LLC and certain entities that were part of the Acro Group as of February 8, 2013 (the “Asset Purchase Agreement”)) consists of (i) IES Residential, Inc.’s release of an accounts receivable balance owed by the Acro Group to the Company prior to the acquisition, (ii) payment by IES Renewable Energy, LLC 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, as defined in the Asset Purchase Agreement, subject to certain reductions as described in the Asset Purchase Agreement, and (iii) $828 representing amounts paid by IES Residential Inc., to the Acro Group to fund certain of its operating expenses between January 4, 2013 and the Closing Date. | |||||||||
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 | $ | 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 (a) | 665 | ||||||||
Total consideration transferred | $ | 4,798 | |||||||
(a) | The fair value of the contingent consideration has been remeasured at each reporting date, and was zero as of March 31, 2014. The change in fair value for the six months ended March 31, 2014 was a decrease of $95, included in Other (income) expense, net, in our Condensed Consolidated Statements of Comprehensive Income. The contingency has been resolved and there will be no payment. | ||||||||
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 service industries. IES Subsidiary Holdings, Inc. (doing business as the MISCOR Group) (“MISCOR”) operates in locations in Indiana, Alabama, Ohio, West Virginia, Maryland, and California. Following the consummation of the transaction, MISCOR represents 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, and cash totaling $4,364. | |||||||||
Unaudited Pro Forma Information – 2013 Acquisitions | |||||||||
The supplemental pro forma results of operations for the three and six months ended March 31, 2013, as if the assets of the Acro Group had been acquired and the acquisition of MISCOR had been completed on October 1, 2011, are as follows: | |||||||||
Unaudited | |||||||||
Three Months Ended | Six Months Ended | ||||||||
31-Mar-13 | 31-Mar-13 | ||||||||
Revenues | $ | 133,890 | $ | 275,891 | |||||
Net income (loss) from continuing operations | $ | -1,144 | $ | -415 |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||
Disposal Groups, Including Discontinued Operations, Disclosure | ' | |||||||||
14. 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 March 31, 2014, 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 March 31, 2014. Results from operations of these facilities for the three and six months ended March 31, 2014 and 2013 are presented in our Condensed Consolidated Statements of Comprehensive Income as discontinued operations. | ||||||||||
The components of the results of discontinued operations for these facilities are as follows: | ||||||||||
Three Months Ended March 31, | ||||||||||
2014 | 2013 | |||||||||
Revenues | $ | -23 | $ | 546 | ||||||
Cost of services | 20 | 475 | ||||||||
Gross profit | -43 | 71 | ||||||||
Selling, general and administrative | 15 | 214 | ||||||||
Loss (gain) on sale of assets | - | -1 | ||||||||
Restructuring charge | - | 10 | ||||||||
Loss from discontinued operations | -58 | -152 | ||||||||
(Benefit) provision for income taxes | -9 | 9 | ||||||||
Net loss from discontinued operations | $ | -49 | $ | -161 | ||||||
Six Months Ended March 31, | ||||||||||
2014 | 2013 | |||||||||
Revenues | $ | 34 | $ | 1,062 | ||||||
Cost of services | 137 | 925 | ||||||||
Gross profit | -103 | 137 | ||||||||
Selling, general and administrative | 97 | 371 | ||||||||
Loss (gain) on sale of assets | - | -1 | ||||||||
Restructuring charge | - | 57 | ||||||||
Loss from discontinued operations | -200 | -290 | ||||||||
(Benefit) provision for income taxes | -9 | -6 | ||||||||
Net loss from discontinued operations | $ | -191 | $ | -284 | ||||||
Included in the Condensed Consolidated Balance Sheets at March 31, 2014 and September 30, 2013 are the following major classes of assets and liabilities associated with discontinued operations: | ||||||||||
March 31, | September 30, | |||||||||
2014 | 2013 | |||||||||
Assets of discontinued operations: | ||||||||||
Current | $ | 341 | $ | 1,123 | ||||||
Liabilities of discontinued operations: | ||||||||||
Current | $ | 597 | $ | 889 |
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt [Abstract] | ' | |||||||
Schedule of Debt [Table Text Block] | ' | |||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
Wells Fargo Term Loan, paid in installments thru Aug 9, 2017 | $ | 11,958 | $ | 13,708 | ||||
Capital leases and other | - | 64 | ||||||
Total debt | 11,958 | 13,772 | ||||||
Less — Short-term debt and current maturities of long-term debt | -3,500 | -3,562 | ||||||
Total long-term debt | $ | 8,458 | $ | 10,210 | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||
Term Debt | ||||||||
2014 | $ | 1,750 | ||||||
2015 | 3,500 | |||||||
2016 | 3,500 | |||||||
2017 | 3,208 | |||||||
Total | $ | 11,958 | ||||||
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 | 4.00 percentage points | ||||||
Excess Availability ≤ $7,500 at any time during the period; or | ||||||||
Fixed charge coverage ratio < 1.0:1.0 | ||||||||
II | Liquidity > $20,000 at all times during the period; and | 3.50 percentage points | ||||||
Liquidity ≤ $30,000 at any time during the period; and | ||||||||
Excess Availability > $7,500; and | ||||||||
Fixed charge coverage ratio ≥ 1.0:1.0 | ||||||||
III | Liquidity > $30,000 at all times during the period; and Excess Availability > $7,500; and Fixed charge coverage ratio ≥ 1.0:1.0 | 3.00 percentage points |
Per_Share_Information_Tables
Per Share Information (Tables) | 6 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Per Share Information [Abstract] | ' | ||||||
Schedule Of Earnings Per Share Basic And Diluted [Table Text Block] | ' | ||||||
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Numerator: | |||||||
Net earnings (loss) from continuing operations attributable to common shareholders | $ | 445 | $ | -940 | |||
Net earnings from continuing operations attributable to restricted shareholders | 1 | - | |||||
Net earnings (loss) from continuing operations | $ | 446 | $ | -940 | |||
Net loss from discontinued operations attributable to common shareholders | $ | -49 | $ | -161 | |||
Net loss from discontinued operations | $ | -49 | $ | -161 | |||
Net earnings (loss) attributable to common shareholders | $ | 396 | $ | -1,101 | |||
Net earnings attributable to restricted shareholders | 1 | - | |||||
Net earnings (loss) | $ | 397 | $ | -1,101 | |||
Denominator: | |||||||
Weighted average common shares outstanding — basic | 17,857,422 | 14,909,896 | |||||
Effect of dilutive stock options and non-vested restricted stock | 47,599 | - | |||||
Weighted average common and common equivalent shares | 17,905,021 | 14,909,896 | |||||
outstanding — diluted | |||||||
Basic earnings (loss) per share: | |||||||
From continuing operations | $ | 0.02 | $ | -0.06 | |||
From discontinued operations | $ | - | $ | -0.01 | |||
Basic earnings (loss) per share | $ | 0.02 | $ | -0.07 | |||
Diluted earnings (loss) per share: | |||||||
From continuing operations | $ | 0.02 | $ | -0.06 | |||
From discontinued operations | $ | - | $ | -0.01 | |||
Diluted earnings (loss) per share | $ | 0.02 | $ | -0.07 | |||
Six Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Numerator: | |||||||
Net earnings (loss) from continuing operations attributable to common shareholders | $ | 707 | $ | -306 | |||
Net earnings from continuing operations attributable to restricted shareholders | 4 | - | |||||
Net earnings (loss) from continuing operations | $ | 711 | $ | -306 | |||
Net loss from discontinued operations attributable to common shareholders | $ | -191 | $ | -284 | |||
Net loss from discontinued operations | $ | -191 | $ | -284 | |||
Net earnings (loss) attributable to common shareholders | $ | 516 | $ | -590 | |||
Net earnings attributable to restricted shareholders | 4 | - | |||||
Net earnings (loss) | $ | 520 | $ | -590 | |||
Denominator: | |||||||
Weighted average common shares outstanding — basic | 17,837,117 | 14,855,313 | |||||
Effect of dilutive stock options and non-vested restricted stock | 61,605 | - | |||||
Weighted average common and common equivalent shares | 17,898,722 | 14,855,313 | |||||
outstanding — diluted | |||||||
Basic earnings (loss) per share: | |||||||
From continuing operations | $ | 0.04 | $ | -0.02 | |||
From discontinued operations | $ | -0.01 | $ | -0.02 | |||
Basic earnings (loss) per share | $ | 0.03 | $ | -0.04 | |||
Diluted earnings (loss) per share: | |||||||
From continuing operations | $ | 0.04 | $ | -0.02 | |||
From discontinued operations | $ | -0.01 | $ | -0.02 | |||
Diluted earnings (loss) per share | $ | 0.03 | $ | -0.04 |
Operation_Segments_Tables
Operation Segments (Tables) | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Operating Segments [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 25,147 | $ | 42,181 | $ | 42,336 | $ | 10,602 | $ | - | $ | 120,266 | ||||||||
Cost of services | 21,006 | 34,529 | 36,484 | 8,221 | - | 100,240 | ||||||||||||||
Gross profit | 4,141 | 7,652 | 5,852 | 2,381 | - | 20,026 | ||||||||||||||
Selling, general and administrative | 3,163 | 6,932 | 4,243 | 2,295 | 2,539 | 19,172 | ||||||||||||||
Loss (gain) on sale of assets | - | -1 | -21 | - | - | -22 | ||||||||||||||
Income (loss) from operations | $ | 978 | $ | 721 | $ | 1,630 | $ | 86 | $ | -2,539 | $ | 876 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 102 | $ | 118 | $ | 66 | $ | 217 | $ | 117 | $ | 620 | ||||||||
Capital expenditures | 55 | 158 | 40 | 235 | - | 488 | ||||||||||||||
Total assets | $ | 25,010 | $ | 36,170 | $ | 45,169 | $ | 27,611 | $ | 36,383 | $ | 170,343 | ||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 31,806 | $ | 39,344 | $ | 50,845 | $ | - | $ | - | $ | 121,995 | ||||||||
Cost of services | 25,975 | 32,564 | 47,460 | - | - | 105,999 | ||||||||||||||
Gross profit | 5,831 | 6,780 | 3,385 | - | - | 15,996 | ||||||||||||||
Selling, general and administrative | 3,301 | 6,412 | 3,609 | - | 3,284 | 16,606 | ||||||||||||||
Loss (gain) on sale of assets | - | -12 | -9 | - | - | -21 | ||||||||||||||
Income (loss) from operations | $ | 2,530 | $ | 380 | $ | -215 | $ | - | $ | -3,284 | $ | -589 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 92 | $ | 89 | $ | 59 | $ | - | $ | 299 | $ | 539 | ||||||||
Capital expenditures | 130 | 68 | 97 | - | - | 295 | ||||||||||||||
Total assets | $ | 25,366 | $ | 38,714 | $ | 53,531 | $ | - | $ | 35,642 | $ | 153,253 | ||||||||
Six Months Ended March 31, 2014 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 49,738 | $ | 83,393 | $ | 83,565 | $ | 23,649 | $ | - | $ | 240,345 | ||||||||
Cost of services | 41,665 | 68,323 | 73,799 | 18,415 | - | 202,202 | ||||||||||||||
Gross profit | 8,073 | 15,070 | 9,766 | 5,234 | - | 38,143 | ||||||||||||||
Selling, general and administrative | 6,145 | 13,414 | 7,722 | 4,683 | 4,780 | 36,744 | ||||||||||||||
Loss (gain) on sale of assets | - | -41 | -24 | 3 | - | -62 | ||||||||||||||
Income (loss) from operations | $ | 1,928 | $ | 1,697 | $ | 2,068 | $ | 548 | $ | -4,780 | $ | 1,461 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 201 | $ | 241 | $ | 133 | $ | 484 | $ | 203 | $ | 1,262 | ||||||||
Capital expenditures | 63 | 163 | 95 | 277 | 115 | 713 | ||||||||||||||
Total assets | $ | 25,010 | $ | 36,170 | $ | 45,169 | $ | 27,611 | $ | 36,383 | $ | 170,343 | ||||||||
Six Months Ended March 31, 2013 | ||||||||||||||||||||
Commercial & | Infrastructure | |||||||||||||||||||
Communications | Residential | Industrial | Solutions | Corporate | Total | |||||||||||||||
Revenues | $ | 71,925 | $ | 75,349 | $ | 101,985 | $ | - | $ | - | $ | 249,259 | ||||||||
Cost of services | 58,862 | 62,463 | 93,958 | - | - | 215,283 | ||||||||||||||
Gross profit | 13,063 | 12,886 | 8,027 | - | - | 33,976 | ||||||||||||||
Selling, general and administrative | 6,860 | 11,640 | 7,345 | - | 5,683 | 31,528 | ||||||||||||||
Loss (gain) on sale of assets | - | -21 | -19 | - | - | -40 | ||||||||||||||
Income (loss) from operations | $ | 6,203 | $ | 1,267 | $ | 701 | $ | - | $ | -5,683 | $ | 2,488 | ||||||||
Other data: | ||||||||||||||||||||
Depreciation and amortization expense | $ | 179 | $ | 185 | $ | 115 | $ | - | $ | 599 | $ | 1,078 | ||||||||
Capital expenditures | 171 | 94 | 110 | - | - | 375 | ||||||||||||||
Total assets | $ | 25,366 | $ | 38,714 | $ | 53,531 | $ | - | $ | 35,642 | $ | 153,253 | ||||||||
Securities_and_Equity_Investme1
Securities and Equity Investments (Tables) | 6 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||
Schedule of Cost Method Investments [Table Text Block] | ' | ||||||
March 31, | September 30, | ||||||
2014 | 2013 | ||||||
Carrying value | $ | 919 | $ | 919 | |||
Unrealized gains | 128 | 138 | |||||
Fair value | $ | 1,047 | $ | 1,057 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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 | $ | 623 | $ | 623 | $ | - | $ | - | |||||
Executive savings plan liabilities | -510 | -510 | - | - | |||||||||
Interest rate swap agreement | 9 | - | 9 | - | |||||||||
Total | $ | 122 | $ | 113 | $ | 9 | $ | - | |||||
Inventory_Tables
Inventory (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule Of Inventory Current [Table Text Block] | ' | |||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 2,169 | $ | 2,389 | ||||
Work in process | 3,595 | 3,519 | ||||||
Finished goods | 1,816 | 1,545 | ||||||
Parts and supplies | 10,711 | 12,694 | ||||||
Total inventories | $ | 18,291 | $ | 20,147 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule Of Intangible Assets And Goodwill [Table Text Block] | ' | ||||||||||||
31-Mar-14 | |||||||||||||
Estimated | |||||||||||||
Useful Lives | Gross Carrying | Accumulated | |||||||||||
(in Years) | Amount | Amortization | Net | ||||||||||
Trademarks/trade names | Indefinite | $ | 1,200 | $ | - | $ | 1,200 | ||||||
Technical library | 20 | 400 | 11 | 389 | |||||||||
Customer relationships | 6.3 | 2,100 | 250 | 1,850 | |||||||||
Order backlog | 0.4 | 350 | 350 | - | |||||||||
Covenants not to compete | 3 | 140 | 51 | 89 | |||||||||
Developed technology | 4 | 400 | 108 | 292 | |||||||||
Total | $ | 4,590 | $ | 770 | $ | 3,820 | |||||||
30-Sep-13 | |||||||||||||
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 |
Business_Combination_Tables
Business Combination (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination Considerations | ' | ||||||||
IES receivable from the Acro Group as of December 31, 2012 | $ | 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 (a) | 665 | ||||||||
Total consideration transferred | $ | 4,798 | |||||||
(a) | The fair value of the contingent consideration has been remeasured at each reporting date, and was zero as of March 31, 2014. The change in fair value for the six months ended March 31, 2014 was a decrease of $95, included in Other (income) expense, net, in our Condensed Consolidated Statements of Comprehensive Income. The contingency has been resolved and there will be no payment. | ||||||||
Pro Forma Results of Operations | ' | ||||||||
Unaudited | |||||||||
Three Months Ended | Six Months Ended | ||||||||
31-Mar-13 | 31-Mar-13 | ||||||||
Revenues | $ | 133,890 | $ | 275,891 | |||||
Net income (loss) from continuing operations | $ | -1,144 | $ | -415 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||
Three Months Ended March 31, | ||||||||||
2014 | 2013 | |||||||||
Revenues | $ | -23 | $ | 546 | ||||||
Cost of services | 20 | 475 | ||||||||
Gross profit | -43 | 71 | ||||||||
Selling, general and administrative | 15 | 214 | ||||||||
Loss (gain) on sale of assets | - | -1 | ||||||||
Restructuring charge | - | 10 | ||||||||
Loss from discontinued operations | -58 | -152 | ||||||||
(Benefit) provision for income taxes | -9 | 9 | ||||||||
Net loss from discontinued operations | $ | -49 | $ | -161 | ||||||
Six Months Ended March 31, | ||||||||||
2014 | 2013 | |||||||||
Revenues | $ | 34 | $ | 1,062 | ||||||
Cost of services | 137 | 925 | ||||||||
Gross profit | -103 | 137 | ||||||||
Selling, general and administrative | 97 | 371 | ||||||||
Loss (gain) on sale of assets | - | -1 | ||||||||
Restructuring charge | - | 57 | ||||||||
Loss from discontinued operations | -200 | -290 | ||||||||
(Benefit) provision for income taxes | -9 | -6 | ||||||||
Net loss from discontinued operations | $ | -191 | $ | -284 | ||||||
March 31, | September 30, | |||||||||
2014 | 2013 | |||||||||
Assets of discontinued operations: | ||||||||||
Current | $ | 341 | $ | 1,123 | ||||||
Liabilities of discontinued operations: | ||||||||||
Current | $ | 597 | $ | 889 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Debt [Abstract] | ' | ' | ' | ' |
Interest expense | $401 | $449 | $919 | $1,055 |
Letters of Credit Outstanding | 6,918 | ' | 6,918 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | $8,513 | ' | $8,513 | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Line of Credit Facility, Initiation Date | ' | ' | 9-Aug-12 | ' |
Line Of Credit Facility, Expiration Date | ' | ' | 9-Aug-17 | ' |
LineOfCreditFacilityCovenantTerms | ' | ' | 'requirement that we maintain a Fixed Charge Coverage Ratio (as defined in the 2012 Credit Facility) 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 2012 Credit Facility)) or Excess Availability fall below stipulated levels.B Those levels were reduced under the Amendment from $20 million of Liquidity to $15 million and from $5 million of Excess Availability to $4 million. After June 30, 2014, the thresholds return to $20 million of Liquidity and $5 million of Excess Availability. | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | 'The Amendment also decreased interest rates on outstanding advances under the Revolving Loan and amounts outstanding under the Term Loan by one percentage point, effective February 1, 2014.B Pursuant to the Amendment, amounts outstanding under the Term Loan bear interest at a per annum rate equal to Daily Three Month LIBOR (as defined in the 2012 Credit Facility), plus 4.00% through June 30, 2014, and thereafter Daily Three Month LIBOR plus an interest rate margin, as determined quarterly | ' |
Debt_Debt_Reconciliation_Detai
Debt - Debt Reconciliation (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $11,958 | $13,772 |
Long-term Debt, Current Maturities | 3,500 | 3,562 |
Long-term Debt, Excluding Current Maturities | 8,458 | 10,210 |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | ' | 64 |
Wells Fargo Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $11,958 | $13,708 |
Debt_Future_Payment_Details
Debt - Future Payment (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, by Maturity [Abstract] | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $1,750 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 3,500 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3,500 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 3,208 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ' |
Long-term Debt | $11,958 | $13,772 |
Debt_Borrowing_Thresholds_Deta
Debt - Borrowing Thresholds (Details) (Revolving Credit Facility 2012 [Member]) | Mar. 31, 2014 |
Level I | ' |
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 II | ' |
Debt Instrument [Line Items] | ' |
Liquidity is greater than and less than or equal to | 'Liquidity > $20,000 at all times during the period; and Liquidity b $ $30,000 at any time during the period; and |
Excess Availability is greater than | '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 III | ' |
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 is greater than | '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 |
Per_Share_Information_Details
Per Share Information (Details) (Stock Option [Member]) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | |
Stock Option [Member] | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 150,000 |
Per_Share_Information_EPS_Deta
Per Share Information EPS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Continuing operations | ' | ' | ' | ' |
Net earnings (loss) attributable to common shareholders | $445 | ($940) | $707 | ($306) |
Net earnings attributable to restricted shareholders | 1 | 0 | 4 | 0 |
Net earnings (loss) from continuing operations | 446 | -940 | 711 | -306 |
Discontinued operations | ' | ' | ' | ' |
Net loss from discontinued operations attributable to common shareholders | -49 | -161 | -191 | -284 |
Net earnings (loss) attributable to restricted shareholders | 0 | 0 | 0 | 0 |
Net loss from discontinued operations | -49 | -161 | -191 | -284 |
Net earnings (loss) attributable to common shareholders | 396 | -1,101 | 516 | -590 |
Net earnings (loss) attributable to restricted shareholders | 1 | 0 | 4 | 0 |
Net income (loss) | $397 | ($1,101) | $520 | ($590) |
Weighted Average Number of Shares Outstanding, Basic | 17,857,422 | 14,909,896 | 17,837,117 | 14,855,313 |
Effect of dilutive stock options and non-vested restricted stock | 47,599 | 0 | 61,605 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 17,905,021 | 14,909,896 | 17,898,722 | 14,855,313 |
Basic earnings (loss) per share: | ' | ' | ' | ' |
From continuing operations | $0.02 | ($0.06) | $0.04 | ($0.02) |
From discontinued operations | $0 | ($0.01) | ($0.01) | ($0.02) |
Basic earnings (loss) per share | $0.02 | ($0.07) | $0.03 | ($0.04) |
Diluted earnings (loss) per share: | ' | ' | ' | ' |
From continuing operations | $0.02 | ($0.06) | $0.04 | ($0.02) |
From discontinued operations | $0 | ($0.01) | ($0.01) | ($0.02) |
Diluted earnings (loss) per share | $0.02 | ($0.07) | $0.03 | ($0.04) |
Operating_Segments_Details
Operating Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $120,266 | $121,995 | $240,345 | $249,259 | ' |
Cost of Services | 100,240 | 105,999 | 202,202 | 215,283 | ' |
Gross Profit | 20,026 | 15,996 | 38,143 | 33,976 | ' |
Selling, General and Administrative Expense | 19,172 | 16,606 | 36,744 | 31,528 | ' |
Loss (gain) on sale of assets | -22 | -21 | -62 | -40 | ' |
Operating Income (Loss) | 876 | -589 | 1,461 | 2,488 | ' |
Depreciation and amortization | 620 | 539 | 1,262 | 1,078 | ' |
Capital Expenditures | 488 | 295 | 713 | 375 | ' |
Assets | 170,343 | 153,253 | 170,343 | 153,253 | 179,252 |
Communications [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 25,147 | 31,806 | 49,738 | 71,925 | ' |
Cost of Services | 21,006 | 25,975 | 41,665 | 58,862 | ' |
Gross Profit | 4,141 | 5,831 | 8,073 | 13,063 | ' |
Selling, General and Administrative Expense | 3,163 | 3,301 | 6,145 | 6,860 | ' |
Loss (gain) on sale of assets | 0 | 0 | 0 | 0 | ' |
Operating Income (Loss) | 978 | 2,530 | 1,928 | 6,203 | ' |
Depreciation and amortization | 102 | 92 | 201 | 179 | ' |
Capital Expenditures | 55 | 130 | 63 | 171 | ' |
Assets | 25,010 | 25,366 | 25,010 | 25,366 | ' |
Residential | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 42,181 | 39,344 | 83,393 | 75,349 | ' |
Cost of Services | 34,529 | 32,564 | 68,323 | 62,463 | ' |
Gross Profit | 7,652 | 6,780 | 15,070 | 12,886 | ' |
Selling, General and Administrative Expense | 6,932 | 6,412 | 13,414 | 11,640 | ' |
Loss (gain) on sale of assets | -1 | -12 | -41 | -21 | ' |
Operating Income (Loss) | 721 | 380 | 1,697 | 1,267 | ' |
Depreciation and amortization | 118 | 89 | 241 | 185 | ' |
Capital Expenditures | 158 | 68 | 163 | 94 | ' |
Assets | 36,170 | 38,714 | 36,170 | 38,714 | ' |
Commercial & Industrial [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 42,336 | 50,845 | 83,565 | 101,985 | ' |
Cost of Services | 36,484 | 47,460 | 73,799 | 93,958 | ' |
Gross Profit | 5,852 | 3,385 | 9,766 | 8,027 | ' |
Selling, General and Administrative Expense | 4,243 | 3,609 | 7,722 | 7,345 | ' |
Loss (gain) on sale of assets | -21 | -9 | -24 | -19 | ' |
Operating Income (Loss) | 1,630 | -215 | 2,068 | 701 | ' |
Depreciation and amortization | 66 | 59 | 133 | 115 | ' |
Capital Expenditures | 40 | 97 | 95 | 110 | ' |
Assets | 45,169 | 53,531 | 45,169 | 53,531 | ' |
Infrastructure Solutions [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 10,602 | 0 | 23,649 | 0 | ' |
Cost of Services | 8,221 | 0 | 18,415 | 0 | ' |
Gross Profit | 2,381 | 0 | 5,234 | 0 | ' |
Selling, General and Administrative Expense | 2,295 | 0 | 4,683 | 0 | ' |
Loss (gain) on sale of assets | 0 | 0 | 3 | 0 | ' |
Operating Income (Loss) | 86 | 0 | 548 | 0 | ' |
Depreciation and amortization | 217 | 0 | 484 | 0 | ' |
Capital Expenditures | 235 | 0 | 277 | 0 | ' |
Assets | 27,611 | 0 | 27,611 | 0 | ' |
Corporate | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
Cost of Services | 0 | 0 | 0 | 0 | ' |
Gross Profit | 0 | 0 | 0 | 0 | ' |
Selling, General and Administrative Expense | 2,539 | 3,284 | 4,780 | 5,683 | ' |
Loss (gain) on sale of assets | 0 | 0 | 0 | 0 | ' |
Operating Income (Loss) | -2,539 | -3,284 | -4,780 | -5,683 | ' |
Depreciation and amortization | 117 | 299 | 203 | 599 | ' |
Capital Expenditures | 0 | 0 | 115 | 0 | ' |
Assets | $36,383 | $35,642 | $36,383 | $35,642 | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common shares repurchased for tax withholding | 33,568 | ' |
Shares issued under share based compensation program | 7,500 | ' |
Phantom Share Units PSU's - Employee | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Recognized compensation expense | $0 | $363 |
Phantom Share Units PSU's - BOD [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Recognized compensation expense | 171 | 230 |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Recognized compensation expense | 136 | 183 |
Unamortized compensation cost | 115 | ' |
Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Recognized compensation expense | $123 | $7 |
Securities_and_Equity_Investme2
Securities and Equity Investments - Enertech FV (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Carrying Value | $919 | $919 |
Unrealized Gain (Loss) on Investments | 128 | 138 |
Fair Value | $1,047 | $1,057 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
Employee Benefit Plans [Abstract] | ' | ' | ' | ' | ' |
401 (k) Matching Expenses | $93 | $52 | $176 | $52 | ' |
Unfunded Benefit Liability | $844 | ' | $844 | ' | $828 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent Consideration Amount | ' | $95 |
AmortizationOfBelowMarketLease | -436 | ' |
Total Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Esecutive Savings Plan - Assets | 623 | ' |
Esecutive Savings Plan - Liabilities | -510 | ' |
Interest Rate Swap | 9 | ' |
Total Assts And Liabilities Disclosure | 122 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Esecutive Savings Plan - Assets | 623 | ' |
Esecutive Savings Plan - Liabilities | -510 | ' |
Total Assts And Liabilities Disclosure | 113 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swap | 9 | ' |
Total Assts And Liabilities Disclosure | $9 | ' |
Inventory_Details
Inventory (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw Materials | $2,169 | $2,389 |
Work in Process | 3,595 | 3,519 |
Finished Goods | 1,816 | 1,545 |
Parts and Supplies | 10,711 | 12,694 |
Inventory, Net | $18,291 | $20,147 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Other Intangible Assets (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
IntangibleAssets [Line Items] | ' | ' |
Gross Carrying Amount | $4,590 | $4,590 |
Accumulated Amortization | 770 | 452 |
INTANGIBLE ASSETS, net of amortization | 3,820 | 4,138 |
Customer Relationships [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Estimated Useful Lives | '6 years 3 months 20 days | '6 years 3 months 20 days |
Gross Carrying Amount | 2,100 | 2,100 |
Accumulated Amortization | 250 | 16 |
INTANGIBLE ASSETS, net of amortization | 1,850 | 2,084 |
Technical Library [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Estimated Useful Lives | '20 years | '20 years |
Gross Carrying Amount | 400 | 400 |
Accumulated Amortization | 11 | 1 |
INTANGIBLE ASSETS, net of amortization | 389 | 399 |
Order Backlog [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Estimated Useful Lives | '0 years 5 months | '0 years 5 months |
Gross Carrying Amount | 350 | 350 |
Accumulated Amortization | 350 | 350 |
INTANGIBLE ASSETS, net of amortization | 0 | 0 |
Covenants Not to Compete [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Estimated Useful Lives | '3 years | '3 years |
Gross Carrying Amount | 140 | 140 |
Accumulated Amortization | 51 | 27 |
INTANGIBLE ASSETS, net of amortization | 89 | 113 |
Develeoped Technology [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Estimated Useful Lives | '4 years | '4 years |
Gross Carrying Amount | 400 | 400 |
Accumulated Amortization | 108 | 58 |
INTANGIBLE ASSETS, net of amortization | 292 | 342 |
Trademarks And Trade Names [Member] | ' | ' |
IntangibleAssets [Line Items] | ' | ' |
Gross Carrying Amount | 1,200 | 1,200 |
Accumulated Amortization | 0 | 0 |
INTANGIBLE ASSETS, net of amortization | $1,200 | $1,200 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments And Contingencies [Abstract] | ' | ' |
Accrued Insurance | $4,960 | ' |
Reserve for construction defect liabilities | 535 | ' |
Estimated cost of completion of bonded project | 44,963 | ' |
Cash Collateral | 500 | ' |
Purchase Commitment Amount | 4,395 | ' |
Loss Contingency [Line Items] | ' | ' |
Reserve for Uncollectable Surety Deposit | 0 | 1,725 |
Other Commitments [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | 6,918 | ' |
Insurance Related [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | 6,347 | ' |
Vendor Related [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | 571 | ' |
Surety Bond [Member] | ' | ' |
Loss Contingency [Line Items] | ' | ' |
Total settlement to be paid in monthly installments | 2,200 | ' |
Interest rate on settlement value gross | 12.00% | ' |
Reserve for Uncollectable Surety Deposit | ' | 1,725 |
Receipt of payments | $550 | ' |
Business_Combination_Details
Business Combination (Details) | 6 Months Ended |
Mar. 31, 2014 | |
Business Acquisition Acro [Member] | ' |
Business Acquisition [Line Items] | ' |
Name of Acquired Business | 'Acro Group |
Date of Acquisition Agreement | 8-Feb-13 |
Business Acquistion Miscor [Member] | ' |
Business Acquisition [Line Items] | ' |
Name of Acquired Business | 'MISCOR Group, Ltd. |
Discription of Acquired Business | 'provider of maintenance and repair services including engine parts and components to the industrial and rail service |
Date of Acquisition | 13-Sep-13 |
Business_Combination_Prelimina
Business Combination - Preliminary Valuation (Details) (USD $) | 6 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 13, 2013 | Mar. 31, 2014 | Dec. 31, 2012 | Feb. 12, 2013 | Sep. 13, 2013 |
Business Acquisition Acro [Member] | Business Acquisition Acro [Member] | Business Acquisition Acro [Member] | Business Acquisition Acro [Member] | Business Acquistion Miscor [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Receivable Owed to IES | ' | ' | $1,042 | ' | $2,263 | ' | ' |
Cash Purchase Consideration | 0 | 828 | 828 | ' | ' | ' | 4,364 |
Fair Value of Contingent Consideration | ' | ' | ' | 0 | ' | 665 | ' |
Total Consideration Transferred | ' | ' | 4,798 | ' | ' | ' | ' |
IES Shares provided in MISCOR consideration | ' | ' | ' | ' | ' | ' | 2,795,577 |
Value of IES Shares provided in MISCOR consideration | ' | ' | ' | ' | ' | ' | 11,853 |
Change in Acro Contingent Consideration | ' | ' | ' | $95 | ' | ' | ' |
Business_Combination_Pro_Forma
Business Combination - Pro Forma (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2013 |
BusinessAcquisitionProFormaInformationAbstract | ' | ' |
Pro Forma Revenue | $133,890 | $275,891 |
Pro Forma Net Income | ($1,144) | ($415) |
Discontinued_Operations_IS_Det
Discontinued Operations IS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
DISCOPS Revenue | ($23) | $546 | $34 | $1,062 |
DISCOPS COGS | 20 | 475 | 137 | 925 |
DISCOPS Gross Profit | -43 | 71 | -103 | 137 |
DISCOPS SGA | 15 | 214 | 97 | 371 |
DISCOPS (Gain) Loss On Sale of Asset | 0 | -1 | 0 | -1 |
Restructuring Charges | 0 | 10 | 0 | 57 |
DISCOPS Interest Expense | 0 | 0 | 0 | 0 |
Loss from discontinued operations | -58 | -152 | -200 | -290 |
Benefit (provision) for income taxes | -9 | 9 | -9 | -6 |
Net loss from discontinued operations | ($49) | ($161) | ($191) | ($284) |
Discontinued_Operations_BS_Det
Discontinued Operations BS (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Discontinued Operations - Current Assets | $341 | $1,123 |
Discontinued Operations - Current Liabilities | $597 | $889 |