Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 07, 2016 | Mar. 31, 2016 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | IES Holdings, Inc. | ||
Entity Central Index Key | 1,048,268 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 21,456,523 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 113,458,469 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Trading Symbol | IESC |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 32,961 | $ 49,360 |
Restricted Cash | 260 | 0 |
Accounts receivable: | ||
Trade, net of allowance | 124,368 | 92,976 |
Retainage | 20,135 | 17,453 |
Inventories | 13,236 | 13,977 |
Costs and estimated earnings in excess of billings | 15,554 | 12,318 |
Prepaid expenses and other current assets | 3,214 | 2,956 |
Total current assets | 209,728 | 189,040 |
PROPERTY AND EQUIPMENT, net | 15,694 | 11,683 |
GOODWILL | 39,936 | 17,249 |
INTANGIBLE ASSETS, net of amortization | 31,723 | 4,723 |
Deferred Tax Assets, Net, Noncurrent | 93,549 | 0 |
OTHER NON-CURRENT ASSETS, net | 3,710 | 2,984 |
Total assets | 394,340 | 225,679 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued expenses | 108,822 | 82,910 |
Current maturities of long-term debt | 0 | 4 |
Billings in excess of costs and estimated earnings | 24,229 | 25,165 |
Total current liabilities | 133,051 | 108,079 |
LONG-TERM DEBT, net of current maturities | 29,257 | 9,203 |
OTHER NON-CURRENT LIABILITIES | 6,832 | 6,983 |
Total liabilities | 169,140 | 124,265 |
Noncontrolling interest | 1,795 | 0 |
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; 22,049,529 and 22,049,529 shares issued and 21,456,539 and 21,475,741 outstanding, respectively | 220 | 220 |
Treasury stock, at cost, 592,990 and 573,788 shares, respectively | (4,781) | (4,401) |
Additional paid-in capital | 195,221 | 193,628 |
Retained deficit | 32,745 | (88,033) |
Total stockholders' equity | 223,405 | 101,414 |
Total liabilities and stockholders' equity | $ 394,340 | $ 225,679 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Sep. 30, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 22,049,529 | 22,049,529 |
Common stock, shares outstanding | 21,456,539 | 21,475,741 |
Treasury stock, shares | 592,990 | 573,788 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Revenues | $ 695,993 | $ 573,857 | $ 512,395 |
Cost of services | 569,013 | 473,966 | 429,269 |
Gross profit | 126,980 | 99,891 | 83,126 |
Selling, general and administrative expenses | 100,558 | 81,416 | 75,571 |
Contingent Consideration Expense | 652 | 0 | 0 |
(Gain) loss on sale of assets | 810 | (13) | (86) |
Income from operations | 24,960 | 18,488 | 7,641 |
Interest and other (income) expense: | |||
Interest expense | 1,282 | 1,130 | 1,574 |
Other (income) expense, net | (83) | (180) | (203) |
Income (loss) from operations before income taxes | 23,761 | 17,538 | 6,270 |
Provision (benefit) for income taxes | (97,117) | 661 | 748 |
Net income (loss) from continuing operations | 120,878 | 16,877 | 5,522 |
Net loss from discontinued operations | 0 | (339) | (198) |
Net Income (loss) | 120,878 | 16,538 | 5,324 |
Net income attributable to noncontrolling interest | 100 | 0 | 0 |
Net Income Attributable to IES Holdings | 120,778 | 16,538 | 5,324 |
Unrealized gain (loss) on interest hedge, net of tax | 0 | 2 | (19) |
Comprehensive income attributable to IES Holdings, Inc. | $ 120,778 | $ 16,540 | $ 5,305 |
Basic earnings (loss) per share: | |||
Continuing operations | $ 5.63 | $ 0.79 | $ 0.3 |
Discontinued operations | 0 | (0.02) | (0.01) |
Earnings Per Share, Basic | 5.63 | 0.77 | 0.29 |
Diluted earnings (loss) per share: | |||
Continuing operations | 5.62 | 0.79 | 0.3 |
Discontinued operations | 0 | (0.02) | (0.01) |
Earnings Per Share, Diluted | $ 5.62 | $ 0.77 | $ 0.29 |
Shares used in the computation of income (loss) per share | |||
Basic | 21,279,342 | 21,480,622 | 18,417,564 |
Diluted | 21,492,339 | 21,526,188 | 18,473,420 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] |
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) | ||||
Restricted stock grant | $ 117 | (117) | ||||
Restricted stock grant, shares | 13,500 | |||||
Forfeiture of restricted stock | $ (179) | |||||
Forfeiture of restricted stock, shares | 36,272 | |||||
Acquisition of treasury stock | (179) | |||||
Non-cash compensation | 711 | 711 | ||||
Interest Rate Swap | 19 | (19) | ||||
Stock issued in rights offering | 19,649 | $ 38 | 19,611 | |||
Stock issued in rights offering, shares | 3,846,150 | |||||
Net Income Attributable to IES Holdings | 5,324 | 5,324 | ||||
Balance at Sep. 30, 2014 | 87,972 | $ 220 | $ (2,394) | 194,719 | (2) | (104,571) |
Balance, shares at Sep. 30, 2014 | 22,049,529 | (281,829) | ||||
Restricted stock grant | $ 1,615 | (1,615) | ||||
Restricted stock grant, shares | 207,874 | |||||
Acquisition of treasury stock | (3,622) | $ (3,622) | ||||
Acquisition of treasury stock, shares | (499,833) | |||||
Non-cash compensation | 524 | 524 | ||||
Interest Rate Swap | (2) | 2 | ||||
Net Income Attributable to IES Holdings | 16,538 | 16,538 | ||||
Balance at Sep. 30, 2015 | 101,414 | $ 220 | $ (4,401) | 193,628 | 0 | (88,033) |
Balance, shares at Sep. 30, 2015 | 22,049,529 | (573,788) | ||||
Restricted stock grant | $ 44 | (44) | ||||
Restricted stock grant, shares | 5,670 | |||||
Forfeiture of restricted stock | $ (72) | 72 | ||||
Forfeiture of restricted stock, shares | (7,500) | |||||
Acquisition of treasury stock | (590) | $ (685) | 95 | |||
Acquisition of treasury stock, shares | (59,872) | |||||
Non-cash compensation | 1,583 | 1,583 | ||||
Interest Rate Swap | 0 | |||||
Options Exercised | $ 220 | $ 333 | (113) | |||
Options Exercised, shares | 42,500 | 42,500 | ||||
Net Income Attributable to IES Holdings | $ 120,778 | |||||
Balance at Sep. 30, 2016 | $ 223,405 | $ 220 | $ (4,781) | $ 195,221 | $ 0 | $ 32,745 |
Balance, shares at Sep. 30, 2016 | 22,049,529 | (592,990) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income (Loss) | $ 120,878,000 | $ 16,538,000 | $ 5,324,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Bad debt expense | 360,000 | 269,000 | 170,000 |
Deferred financing cost amortization | 345,000 | 316,000 | 385,000 |
Depreciation and amortization | 5,664,000 | 2,509,000 | 2,526,000 |
Loss on sale of assets | 810,000 | 67,000 | 218,000 |
Non-cash compensation expense | 1,583,000 | 524,000 | 711,000 |
Deferred Income Tax Expense (Benefit) | (98,402,000) | 0 | 0 |
Changes in operating assets and liabilities | |||
Accounts receivable | (22,439,000) | (15,115,000) | (4,137,000) |
Inventories | 3,897,000 | 2,526,000 | 3,788,000 |
Costs and estimated earnings in excess of billings | (3,236,000) | (3,727,000) | (256,000) |
Prepaid expenses and other current assets | (1,716,000) | (1,902,000) | 2,295,000 |
Other non-current assets | (1,500,000) | 120,000 | 592,000 |
Accounts payable and accrued expenses | 19,676,000 | 6,654,000 | 39,000 |
Billings in excess of costs and estimated earnings | (936,000) | 3,313,000 | 1,176,000 |
Other non-current liabilities | (16,000) | (586,000) | (233,000) |
Net cash provided by operating activities | 24,968,000 | 11,506,000 | 12,598,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (3,417,000) | (2,779,000) | (1,982,000) |
Proceeds from Sale of Property, Plant, and Equipment | 2,225,000 | 0 | 0 |
Cash paid in conjunction with business combination (net of cash) | (59,544,000) | (3,113,000) | 0 |
Net cash used in investing activities | (60,736,000) | (5,892,000) | (1,982,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings of debt | 20,289,000 | 26,000 | 0 |
Repayments of debt | (290,000) | 0 | (3,502,000) |
Purchase of treasury stock | 590,000 | 3,622,000 | 179,000 |
Changes In Restricted Cash | 260,000 | 0 | 0 |
Issuance of shares | 220,000 | 0 | 19,650,000 |
Net cash provided by (used in) financing activities | 19,369,000 | (3,596,000) | 15,969,000 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (16,399,000) | 2,018,000 | 26,585,000 |
CASH AND CASH EQUIVALENTS, beginning of period | 49,360,000 | 47,342,000 | 20,757,000 |
CASH AND CASH EQUIVALENTS, end of period | 32,961,000 | 49,360,000 | 47,342,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid for interest | 1,009,000 | 792,000 | 1,149,000 |
Cash paid for income taxes | $ 1,415,000 | $ 1,532,000 | $ 732,000 |
Business
Business | 12 Months Ended |
Sep. 30, 2016 | |
Business [Abstract] | |
Description of the Business | IES HOLDINGS, INC. Notes to Consolidated Financial Statements (All Amounts in Thousands Except Share Amounts) 1 . BUSINESS Description of the Business IES Holdings, 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 services : Communications – Nationwide provider of technology infrastructure products and services to large corporations and independent businesses . Residential – Regional provider of electrical installation services for single-family housing and multi-family apartment complexes. Commercial & Industrial – Provider of electrical and mechanical 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 electro-mechanical solutions for industrial operations . The words “IES”, the “Company”, “we”, “our”, and “us” refer to IES Holdings, Inc. and, except as otherwise specified herein, to our wholly-owned subsidiaries. O ur C ommunications segment is a leading provider of network infrastructure 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 gh -tech manufacturing, educational and information technology industries , including for Fortune 500 companies . We also provide the design and installation of audio/visual, telephone, fire, wireless access and intrusion alarm sy stems as well as design/build, service and maintenance of data network systems. We perform services across the United States from our 13 offices, which include our Communications headquarters located in Tempe, Arizona, allowing for dedicate d onsite maintenance teams at our customers’ sites. Our Residential segment provides electrical installation services for single-family housing and multi-family apartment complexes and cable television installations for residential and light commercial ap plications. In addition to our core electrical construction work, the Residential segment also provides services for the installation of residential solar power, both for new construction and existing residences. The Residential segment is made up of 32 locations, which include our Residential headquarters in Houston, Texas. These locations geographically cover the Sun-Belt, Western and Mid-Atlantic regions of the United States. Our Commercial & Industrial segment offers a broad range of expertise that enables us to provide a wide array of electrical and mechanical design, construction, and maintenance services to the commercial and industrial markets. The offerings under our design services platform range from budget assistance to provid ing design build and LEED solutions to our end customers. These services are typically integrated with our construction services. Our construction services range from the initial planning and procurement to installation and start-up. The construction servi ces are offered to a variety of new and remodel construction projects including transmission and distribution projects. The maintenance services offered include constant presence, critical plant shutdown, troubleshooting, emergency testing, and preventativ e maintenance. We provide our services for a variety of project types, including: office buildings, manufacturing facilities, data centers, chemical plants, refineries, wind farms, solar facilities and municipal infrastructure and health care facilities. T he Commercial & Industrial segment consists of 20 locations , including the segment headquarters in Houston, Texas. These locations geographically cover Texas, Nebraska, Colorado, Oregon and the Southeast and Mid-Atlantic regions . Our Infrastructure Soluti ons segment provides electro-mechanical solutions for industrial operations to domestic and international customers. In particular, our electro-mechanical services include the maintenance and repair of alternating current (AC) and direct current (DC) elec tric motors and generators, as well as power generating and distribution equipment; the manufacture, remanufacture, and repair of industrial lifting magnets; maintenance and repair of railroad main and auxiliary generators, main alternators, and traction m otors ; and the manufacture of bus duct solutions used in power distribution . In April 2016, Infrastructure Solutions sold substantially all of the assets of its engine components business, which manufactured and remanufactured EMD-style power assemblies fo r various engine types and offered premium replacement parts for power assemblies. This segment serves the steel, railroad, marine, petrochemical, pulp and paper, wind energy, mining, automotive, power generation, scrap yards , and utility industries. Infrastructure Solutions is comprised of 10 locations, h eadquartered in Ohio. These locations geographically cover Alabama, Georgia, Indiana, Illinois, Ohio, West Virginia and California . Controlling Shareholder At September 30, 2016 , Tontine Associates , L. L . C. 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 t he election of directors and most action s r equiring 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 ref er to Note 3 , “Controlling Shareholder” in the notes to our Consolidated Financial S tatements. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2016 | |
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 Holdings, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Asset Impairment During the fiscal years ended September 30, 2016 , 2015 and 2014 , the Company recorded no asset impairment charges. Use of Estimates The preparation of financial statements in conformity with accountin g 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 duri ng 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 accounting for business combinations and analyzing goodwill, investments, intangible assets and long-lived asse t impairments and adjustments, allowance for doubtful accounts receivable, stock-based compensation, reserves for legal matters, 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 c onditions, plans for disposal, and physical condition of the product. Where shipping and handling costs on inventory purchases are borne by us, these charges are included in inventory and charged to cost of services upon use in our projects or the providi ng of services. Securities and Equity Investments Our i nvestments in entities where we do not have the ability to exercise significant influence are accounted for using the cost method of accounting. 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 valu e. 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 prop erty 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 recognize d in the state ments 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. These impairment tests are required to be performed at least annually. On an ongoing basis (absent any impairment indicators), we perform an impairment test annually using a measurement date of September 30. In evaluating goodwill for impairment, we have the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is greater than its carrying value. If we determine that it is more likely than not that the carrying value of a reporting unit is greater than its fair value, then we perform an impairment test by calculating the fair value of the reporting unit and comparing this calculated fair value with the carrying value of the reporting unit. We estimate the fair value of the reporting unit based on both a market approach and an income approach, using discounted estimated future cash flows. The market approach uses market multiples of enterprise value to earnings before interest, taxes, depreciation and amortization for comparable publicly traded companies. The income approach relies on significant estimates for future cash flow s, projected long-term growth rates, and the weighted average cost of capital. 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 as a reduction of our debt outstanding, and are amortized to interest expense over the scheduled maturity of the debt. Amortization expense of debt issuance costs was $ 345 , $ 317 and $ 385 , respectively, for the years ended 2016 , 2015 and 2014 . Remaining unamortized capitalized debt issuance costs were $ 976 and $ 1,031 at September 30, 2016 , and September 30, 2015 , 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 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 c ontracts 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 materia l, 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 i n 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 bala nce at each balance sheet date will be collected within the subsequent fiscal year. Certain divisions in the Residential and Infrastructure Solutions segments use the completed contract method of accounting because the duration of their contracts are shor t 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 esti mated earnings in excess of billings” 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 o f 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, 2016 , 2015 and 2014 , there were no material revenues recorded associated with any outstanding claims. The current liability “Billings in excess of costs and estimated earnings ” represents billings in excess of revenues recognized. Costs and estimated earnings in excess of billings 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 l ien rights in order to collect. These receivables are primarily associated with a few branches within our Commercial & Industrial segment . Certain other receivables are slow-pay in nature and require us to exercise our contractual or lien rights. Our allowance for doubtful accounts at September 30, 2016 and 2015 was $ 736 and $ 842 , respectively. We believ e that our allowance for doubtful accounts is sufficient to cover uncollectible receivables as of September 30, 2016 . 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 evaluat ion on a quarterly basis . The estimation of required valuation allowances includes estimates of future taxable income. In assessing the realizability of deferred tax assets at September 30, 2016 , we concluded, based upon the assessment of positive and negati ve evidence, that it is more likely than not that the Company will generate sufficient taxable income within the applicable NOL carryforward periods to realize its net deferred tax assets of $93,549 . We considered the scheduled reversal of deferred t ax liabilities, projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income is different from these estimates, our results could be affected. On May 12, 2006, we had a change in ownership as defi ned 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 c hange 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. Risk Management We retain the risk for workers’ compensation, employer’s liability, automobile liability, construction defects, 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. Each year, we compile our historical data pertaining to the insurance experiences and actuarially develop the ultimate loss associated with our insurance programs other than pol lution coverage for our Infrastructure Solutions segment. 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 ou r workers’ compensation, auto and general liability insurance reserves at September 30, 2016 and 2015 , was $ 5,223 and $ 4,465 , respectively. Based on historical payment patterns, we expect payments of undiscounted ultimate losses to be made as fol lows: Year Ended September 30: 2017 $ 1,827 2018 1,183 2019 625 2020 403 2021 216 Thereafter 969 Total $ 5,223 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, 2016 and 2015 , the discount rate used was 1 . 1 percent and 1 . 4 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, 2016 and 2015 was $ 5,464 and $ 4,518 , respectively. Our employee group health claims are anticipated to be resolved within the year ended September 30, 2017 . We had letters of credit totaling $ 6,126 outstanding at September 30, 2016 to collateralize certain of our high deductible insurance obligations. Realization of Long-Lived Assets We evaluate the recoverabi lity 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 t o 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 f uture cash flows and an appropriate risk premium. For the ye ars ended September 30, 2016 , 2015 and 2014 , no indicators of impairments were identified, and no impairment charges were recorded. Risk Concentration Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash deposits and accounts receivable. Through delayed payment terms, we at times 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 market s . However, we are entitled to payment for work performed and generally 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 . W e maintain the majority of our cash and cash equivalents in money market mutual funds. There can be no assurance, however, that we will not be adversely affected by credit risks we face. No single customer accounted for more t han 10% of our consolidated revenues for the years ended September 30, 2016 , 2015 and 2014 . Fair Value of Financial Instruments Our financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, i nvestments, accounts payable, and a loan 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 ”), a private investment fund , in the accompanying Consolidated Balance S heets, approximates their fair value due to their short-term nature. The carrying value of our debt approximates fair value, as debt incurs interest at a variable rate. 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 6 , “Detail of Certain Balanc e 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. For awards vesting upon achievemen t of a market condition, the likelihood of achieving that market condition is considered in determining the fair value of the grant, which we expense ratably over the vesting period. For awards vesting upon achievement of a performance condition, we recor d expense based on the grant date fair value when it becomes probable the performance condition will be achieved. Forfeitures are estimated at the time of grant and revised as deemed necessary . The resulting compensation expense from discretionary awards i s recognized on a straight-line basis over the requisite service period, which is generally the vesting period . 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-curr ent assets in the accompanying Consolidated Balance S heets as of September 30, 2016 and 2015 . The changes in fair values are recorded as a component of other in come ( expense) in the Consolidated Statements of Comprehensive Income . The corresponding deferred compensation liability is included in other non-current liabilities on the Consolidated Balance S heets and changes in this obligation are recognized as adjustment s to compensation expense in the period in which they are determined . New Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract ter ms and relevant facts and circumstances. The standard also requires expanded disclosures surrounding revenue recognition. The effective date will be the first quarter of our fiscal year ended September 30, 2019. The standard allows for either full retrospe ctive or modified retrospective adoption, and we currently plan to use the modified retrospective basis on the adoption date. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation Of Interest: Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs be presented as a direct deduction from the carrying amount of the related debt liability, consistent with the presentation of debt discounts. Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented as other assets, separate from the related debt liability. ASU 2015-03 does not change the recognition an d measurement requirements for debt issuance costs. In August 2015, the FASB issued an update (ASU 2015-15) to address revolving lines of credit which may not have outstanding balances. This update allows an entity presenting the cost of securing a revolvi ng line of credit as an asset, regardless of whether a balance is outstanding. The standard was effective for fiscal years beginning after December 15, 2015 on a retrospective basis. The Company adopted this update retrospectively during the period ended S eptember 30, 2016. This adoption resulted in reductions of $976 and $1,031 at September 30, 2016 and 2015, respectively, of both Other non-current assets and Long term debt in the Consolidated Balance Sheets. In September 2015, the FASB issued ASU No. 20 15-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16), which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. I nstead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at the acquisition date. The update is effective for fiscal years beginning after December 15, 2015. The Company adopted this presentation during the period ended September 30, 2016 on a prospective basis. The adoption of this update did not hav e a material impact on our results of operations or financial position. In November 2015, the FASB issued amended guidance that clarifies that in a classified statement of financial position, an entity shall classify deferred tax liabilities and assets as noncurrent amounts. The Company adopted this presentation during the period ended December 31, 2015. Prior periods have not been retrospectively adjusted. At December 31, 2015, the implementation of this guidance resulted in a decrease to prepaid expens es and other current assets and corresponding increase to other non-current assets of $55 . In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). Under ASU 2016-02, lessees will need to recognize a right-of-use asset and a lease liability for all of their leases, other than those that meet the definition of a short-term lease. For income statement purposes, leases must be classified as either operating or finance. Operating leases will result in straight-line expense, similar to c urrent operating leases, while finance leases will result in a front-loaded expense pattern, similar to current capital leases. ASU 2016-02 becomes effective for the fiscal year ended September 30, 2020. We are currently evaluating whether to early adopt t he standard and what impact it will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation ("ASU 2016-09"). ASU 2016-09 eliminates additional paid in capital pools and requires exce ss tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. The accounting for an employee's use of shares to satisfy the employer's statutory income tax withholding obligation and the accounting for for feitures is also changing. ASU 2016-09 is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. We expect to early adopt ASU 2016-09 in the quarter ended December 31, 2016. The adoption of this update is not expected to have a material impact on our results of operations, financial position or cash flows. |
Controlling Shareholder
Controlling Shareholder | 12 Months Ended |
Sep. 30, 2016 | |
Controlling Shareholder [Abstract] | |
Controlling Shareholder | 3 . CONTROLLING SHAREHOLDER At September 30, 2016 , 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 most actions requiring the approval of shareholders. While Tontine is subject to restrictions under federal securities laws on sales of its shares as an affiliate, in 2013, the Company filed a shelf registration statement pursuan t to a registration rights agreement to register certain of Tontine’s shares. 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 r esell any or all of its registered 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. Sho uld 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 November 8, 2016, the Company implemented a new tax benefit protection plan (the “NOL Rights Plan”), following expiration of the Company’s prior tax benefit protection plan, which was implemented in January 2013. Like the prior plan, the NOL Rights Plan was 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, bond ing agreements with our sureties and our severance arrangements. Jeffrey L. Gendell was appointed as a member of the Board of Directors and as non-executive Chairman of the Board in November 2016. He is the managing member and founder of Tontine and the brother of David B. Gendell , who has served as a member of the Board of Directors since February 2012 as non-executive Vice Chairman of the Board since November 2016 and as the Company’s non-executive Chairman of the Board from January 2015 to November 201 6. David B. Gendell is also an employee of Tontine. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Sep. 30, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | 4 . PROPERTY AND EQUIPMENT Property and equipment consists of the following: Estimated Useful Lives Years Ended September 30, in Years 2016 2015 Land N/A $ 876 $ 936 Buildings 5-20 3,825 4,120 Transportation equipment 3-5 2,395 1,320 Machinery and equipment 3-10 14,049 9,586 Leasehold improvements 5-10 2,632 2,314 Information systems 2-8 16,072 15,800 Furniture and fixtures 5-7 972 790 $ 40,821 $ 34,866 Less-Accumulated depreciation (25,307) (23,212) Construction in progress 180 29 Property and equipment, net $ 15,694 $ 11,683 Depreciation expense from continuing operations was $ 2,727 , $ 2,128 and $ 1,989 , respectively, for the years ended September 30, 2016 , 2015 and 2014 . |
Per Share Information
Per Share Information | 12 Months Ended |
Sep. 30, 2016 | |
Per Share Information [Abstract] | |
Per Share Information | 5 . 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 allo cated 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, 2016 , 2015 and 2014 : Years Ended September 30, 2016 2015 2014 Numerator: Net income from continuing operations attributable to common shareholders of IES Holdings, Inc. $ 119,722 $ 16,792 $ 5,500 Net income from continuing operations attributable to restricted shareholders of IES Holdings, Inc. 1,056 85 22 Net income from continuing operations of IES Holdings, Inc. $ 120,778 $ 16,877 $ 5,522 Net loss from discontinued operations attributable to common shareholders of IES Holdings, Inc. $ - $ (339) $ (198) Net loss from discontinued operations of IES Holdings, Inc. $ - $ (339) $ (198) Net income attributable to common shareholders $ 119,722 $ 16,453 $ 5,302 Net income attributable to restricted shareholders 1,056 85 22 Net income of IES Holdings, Inc. $ 120,778 $ 16,538 $ 5,324 Denominator: Weighted average common shares outstanding — basic 21,279,342 21,480,622 18,417,564 Effect of dilutive stock options and non-vested restricted stock 212,997 45,566 55,856 Weighted average common and common equivalent shares outstanding — diluted 21,492,339 21,526,188 18,473,420 Basic earnings (loss) per share attributable to IES Holdings, Inc.: Basic earnings per share from continuing operations $ 5.63 $ 0.79 $ 0.30 Basic loss per share from discontinued operations $ 0.00 $ (0.02) $ (0.01) Basic earnings per share $ 5.63 $ 0.77 $ 0.29 Diluted earnings per share attributable to IES Holdings, Inc.: Diluted earnings per share from continuing operations $ 5.62 $ 0.79 $ 0.30 Diluted loss per share from discontinued operations $ 0.00 $ (0.02) $ (0.01) Diluted earnings per share $ 5.62 $ 0.77 $ 0.29 |
Detail Of Certain Balance Sheet
Detail Of Certain Balance Sheet Accounts | 12 Months Ended |
Sep. 30, 2016 | |
Detail Of Certain Balance Sheet Accounts [Abstract] | |
Detail Of Certain Balance Sheet Accounts | 6 . 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, 2016 2015 Balance at beginning of period $ 842 $ 780 Additions to costs and expenses 360 416 Deductions for uncollectible receivables written off, net of recoveries (466) (354) Balance at end of period $ 736 $ 842 Accounts payable and accrued expenses consist of the following: Years Ended September 30, 2016 2015 Accounts payable, trade $ 64,963 $ 47,033 Accrued compensation and benefits 26,827 22,527 Accrued insurance liabilities 5,464 4,518 Other accrued expenses 11,568 8,832 $ 108,822 $ 82,910 Contracts in progress are as follows: Years Ended September 30, 2016 2015 Costs incurred on contracts in progress $ 409,075 $ 329,942 Estimated earnings 48,618 37,576 457,693 367,518 Less--Billings to date (466,368) (380,365) Net contracts in progress $ (8,675) $ (12,847) Costs and estimated earnings in excess of billings 15,554 12,318 Less--Billings in excess of costs and estimated earnings (24,229) (25,165) Net contracts in progress $ (8,675) $ (12,847) Other non-current assets are comprised of the following: Years Ended September 30, 2016 2015 Deferred tax assets $ - $ 147 Executive Savings Plan assets 599 617 Securities and equity investments 919 919 Other 2,192 1,301 Total $ 3,710 $ 2,984 Securities and Equity Investments Investment in EnerTech At September 30, 2016 and 2015 , we held an investment in EnerTech Capital Partners II L.P. (“ EnerTech ), a private investment fund . As our investment was 2.21 % of the overall ownership in EnerT ech at September 30, 2016 and 2015 , we account for this investment using the cost method of accounting. EnerTech’s investment portfolio from time to time results in unrealized losses ref lecting a possible, other-than- temporary, i mpairment of our inve stment. The carrying value of our investment in EnerTech at both September 30, 2016 and 2015 was $ 919 . The following table presents the reconciliation of the carrying value and unrealized gains (losses) to the fair v alue of the investment in EnerTech as of September 30, 2016 and 2015 : Years Ended September 30, 2016 2015 Carrying value $ 919 $ 919 Unrealized gains 159 66 Fair value $ 1,078 $ 985 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 obj ectives and securities portfolio objectives. Based on the results of this evaluation, we believe the unrealized gain at September 30, 2016 indicated our investment was not impaired. In December 2015 , EnerTech’s general partner, with the consent of the fund’s investors, extended th e fund through December 31, 2016 . The fund is expected to 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, 2017 with the consent of the fund’s valuation committee. |
Debt
Debt | 12 Months Ended |
Sep. 30, 2016 | |
Debt [Abstract] | |
Debt | 7 . DEBT Debt consists of the following: September 30, September 30, 2016 2015 Capital lease obligation $ - $ 4 Revolving loan (long-term debt) 30,233 10,234 Debt issuance costs (976) (1,031) Total debt $ 29,257 $ 9,207 At September 30, 2016 , we had $ 33,070 available to us under the Credit Facility (as defined below), $ 6,944 in outstanding letters of credit with Wells Fargo and $ 30,233 outstanding borrowings on our Revolving Loan under the Credit Facility (the “Revolving Loan ” ). All amounts outstanding under our Revolving Loan are due and payable in 2019, upon expiration of the Credit Facility, and all amounts described as available are available w ithout triggering our financial covenant under the Credit Facility. For the years ended September 30, 2016 , 2015 and 2014 , we incurred interest expense of $ 1,282 , $ 1,130 and $ 1,574 , respectively. The Revolving Credit Facility We maintain a revolving credit facility with Wells Fargo Bank, N.A. (the “Credit Facility”), which is evidenced by an Amended and Restated Credit and Security Agreement (as amended, the “Credit Agreement”). During fiscal 2016, we amended the maximum revolver amount under the Credit Facility from $60,000 to $ 70,000 and extended the maturity date by one year to August 9, 2019. In addition, as further described below, we amended the Credit Facility to reduce the interest rat e charged, modify the calculation of amounts available, resulting in an increase in available borrowing capacity, create new minimum thresholds for Liquidity and Excess Availability (as defined in the Credit Agreement), and modify the thresholds of Liquidi ty (which, as defined in the Credit Agreement, is the aggregate amount of unrestricted cash and cash equivalents on hand plus Excess Availability) and Excess Availability below which the Company must maintain a specified Fixed Charge Coverage Ratio (as def ined in the Credit Agreement). The 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 provide rs. The Credit Facility also restricts us from paying cash dividends and places limitations on our ability to repurchase our common stock. Terms of the Credit Facility The Credit Facility contains customary affirmative, negative and financial covenants, which were adjusted in the fiscal 2016 amendments. At September 30, 2016 , we were subject to the financial covenant under the Credit Facility requiring, at any time that our Liquidity is less than $14,000 or our Excess Availability is less than $7,000, t hat we maintain a Fixed Charge Coverage Ratio of not less than 1.0:1.0 . Additionally, pursuant to amendments to the Credit Facility, we are required to maintain minimum Liquidity of $8,750 and Excess Availability of $4,380 at all times. At September 30, 2016 , our Liquidity was $ 66,291 and our Excess Availability was $ 33,070 , and as such, we were not required to maintain a Fixed Charge Coverage Ratio of 1.0:1.0 as of such date. Noneth eless, at September 30, 2016 , our Fixed Charge Coverage Ratio was 17.6 :1.0. Compliance with our Fixed Charge Coverage Ratio, while not required at September 30, 2016 , provides us with the ability to use cash on hand or to draw on our Credit Facility such that we can fall below the Excess Availability and Liquidity minimum thresholds described above without violating our financial covenant. Our Fixed Charge Coverage Ratio is calculated as ( i ) our trailing twelve month E BITDA (as defined in the Credit Agreement), less non-financed capital expenditures (other than capital expenditures financed by means of an advance under the Credit Facility) cash taxes and certain pass-through tax liabilities, divided by (ii) the sum of o ur cash interest and principal debt payments (other than repayment of principal on advances under the Credit Facility) and all Restricted Junior Payments (as defined in the Credit Agreement) (other than pass-through tax liabilities) and other cash distribu tions. As defined in the Credit Agreement, EBITDA is calculated as consolidated net income (or loss), less extraordinary gains, interest income, non-operating income and income tax benefits and decreases in any change in LIFO reserves, plus stock compensa tion expense, non-cash extraordinary losses, interest expense, income taxes, depreciation and amortization and increases in any change in LIFO reserves. If in the future our Liquidity or Excess Availability fall below $14,000 or $7,000, respectively, and at that time our Fixed Charge Coverage Ratio is less than 1.0:1.0, or if we otherwise fail to perform or otherwise comply with certain of our covenants or other agreements under our Credit Facility, it would result in an event of default under our Credit F acility, which could result in some or all of our indebtedness becoming immediately due and payable. Borrowings under the 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 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 in terest rate margin, which is determined quarterly , based on the following thresholds, which were adjusted in the fiscal 2016 amendments: Level Thresholds Interest Rate Margin I If Liquidity is less than $24,500 at any time during the period 2.25 percentage points II If Liquidity is greater than or equal to $24,500 at all times during the period and less than $35,000 at any time during the period 2.00 percentage points III If Liquidity is greater than or equal to $35,000 at all times during the period 1.75 percentage points In addition, we are charged monthly in arrears for (1) an unused commitment fee of 0. 375% 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, 2016 , the carrying value of amounts outstanding on our Credit Facility approximated fair value, as debt incurs interest at a va riable rate. The fair value of the debt is classified as a Level 2 measurement. |
Leases
Leases | 12 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Leases | 8 . 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 12 , “Related-Party Transactions.” Rent expense was $ 5,868 , $ 5,295 and $ 5,300 for the years ended September 30, 2016 , 2015 and 2014 , respectively . Future minimum lease payments under these non-cancelable operating leases with terms in excess of one year are as follows: Year Ended September 30: 2017 $ 6,617 2018 5,008 2019 3,811 2020 2,574 2021 1,282 Thereafter 2,345 Total $ 21,637 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 9 . INCOME TAXES Federal and state income tax provisions for continuing operations are as follows: Years Ended September 30, 2016 2015 2014 Federal: Current $ 762 $ 417 $ 183 Deferred (97,093) (564) 182 State: Current 952 729 554 Deferred (1,738) 79 (171) $ (97,117) $ 661 $ 748 Actual income tax expense differs from income tax expense computed by applying the U.S. federal statutory corporate rate of 35 percent to income (loss) before income taxes as follows: Years Ended September 30, 2016 2015 2014 Provision (benefit) at the statutory rate $ 8,316 $ 6,139 $ 2,195 Increase resulting from: Alternative minimum tax - 417 - Non-deductible expenses 1,557 753 563 Long-lived assets - 69 - State income taxes, net of federal deduction 1,105 937 544 Contingent tax liabilities - 51 - Other - 54 - Decrease resulting from: Change in valuation allowance (108,987) (7,034) (2,547) Valuation allowance adjustment - acquisitions - (725) - Contingent tax liabilities (96) - (1) Other 988 - (6) $ (97,117) $ 661 $ 748 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, 2016 2015 Deferred income tax assets: Allowance for doubtful accounts $ 280 $ 322 Accrued expenses 10,729 9,186 Net operating loss carryforward 86,280 99,610 Various reserves 1,410 1,169 Equity losses in affiliate 84 200 Share-based compensation 1,012 573 Capital loss carryforward 338 222 Intangible assets - 413 Other 3,185 1,744 Subtotal 103,318 113,439 Less valuation allowance 2,224 111,211 Total deferred income tax assets $ 101,094 $ 2,228 Deferred income tax liabilities: Property and equipment $ 1,517 $ 599 Intangible assets 5,629 1,084 Other 399 343 Total deferred income tax liabilities 7,545 2,026 Net deferred income tax assets (liabilities) $ 93,549 $ 202 In fiscal 2016, the valuation allowance on our deferred tax assets decreased by $ 10 8 , 987 , which is included in our consolidated comprehensive income statement. 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 not more likely than no t and have not recorded a deferred tax asset. Although such a deferred tax asset has not been recorded through September 30, 2016 , we have derived a cumulative cash tax reduction of $ 11,4 87 from the change in tax accounting method and the subsequent amortizat ion 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 $ 142,052 and state net operating loss carry forwards of $ 11,227 . We believe the realiza tion of the additional net operating loss carry forwards is not more likely than not and have not recorded a deferred tax asset. We have zero tax basis in additional tax goodwill that will be amortized during the year ended September 30, 2017 . As of September 30, 2016 , we had available approximately $ 4 04,032 of federal net t ax operating loss carry forward for federal income tax purposes, including $142,052 resulting from the additional amortization of tax goodwill. This carry forward, which may provide future tax benefits, will begin to expire in 20 25 . 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 dat e 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 t he change in ownership and $16,000 thereafter. Approximately $ 299 , 904 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 avail able approximately $ 85,929 state net tax operating loss carry forwards, including $ 11,227 resulting from the additional amortization of tax goodwill which begin s to expire as of September 30, 2017 . We have provided valuation allowances o n 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, 2016 , we considered whether it was more likely than not that s ome 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. Over the ten-yea r period from 2004 through 2013, the Company reported net losses each year, returning to profitability in the year ended September 30, 2014. Because of this substantial history of losses, a substantial amount of positive evidence regarding current and futu re earnings is required to outweigh the significant negative evidence associated with our historical losses. During the year ended September 30, 2016, we completed four acquisitions, and as of the end of the fourth quarter 2016, all four 2016 acquisitions have been integrated, and are contributing to the Company’s profitability. These newly acquired businesses, along with improving results at all of the Company’s existing operations, have led to an increase in both current year actual and forecast earnings. These 2016 developments, combined with the wind-down over the past few years of several underperforming branches closed in our 2011 restructuring, which generated significant historical losses, have led us to conclude that the more recent positive evidenc e now outweighs the historical negative evidence, and it is more likely than not that we will generate sufficient taxable income to utilize certain of our net operating loss carryforwards. As such, we have released $10 8 , 987 of valuation allowance in 2016, of which approximately $16,000 related to 2016 activity. As of September 30, 2016 , we have provided $ 326 valuation allowances for federal deferred tax assets and $ 1 , 89 8 for certain state deferred tax assets. We believe that $ 7,157 and $ 388 of federal and state d eferred tax assets , respectively, will be realized by offsetting reversing deferred tax liabilities . In addition, we have $ 550 of net state deferred tax assets that we expect will be realized , and therefore valuation allowances were not provided for these assets. As a result, we have recorded a net deferred tax asset of $ 93,549 on our consolidated balance sheets. We will continue to evaluate the appropriateness of our remaining deferred tax assets and need for valuation allowances on a quarterly basis . Fur ther, any future reduction in the federal statutory tax rate could result in a charge to reduce the book value of the net deferred tax assets recorded on our consolidated balance sheet. 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 $ 2 4 , 1 90 . 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 exc ess tax basis results in a cash tax benefit, the benefit will first go to reduce goodwill, then other long-term intangible assets, and then tax expense . 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 aut hority, 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 fi nancial 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 benefit is as fol lows: Years Ended September 30, 2016 2015 Balance at October 1, $ 55,963 $ 56,079 Additions for position related to current year - 98 Additions for positions of prior years - 1 Reduction resulting from the lapse of the applicable statutes of limitations 27 198 Reduction resulting from positions of prior years 69 - Reduction resulting from settlement of positions of prior years - 17 Balance at September 30, $ 55,867 $ 55,963 As of September 30, 2016 and 2015 , $ 55,867 and $ 55,963 , respectively, of unrecognized tax benefit s would result in a decrease in the provision for income tax expense , of which $ 50,581 for each of those years, respectively, relates to net operating loss from additional goodwill resulting from the tax accounting method change discussed above. We believe the realization of the net operating losses resulting from the tax accounting method change is not more likely than not and have not recor ded a deferred tax asset. However, if we are partially or fully successful in defending our tax accounting method change we may realize a portion or all of the deferred tax asset related to this net operating loss, offset by an increase in the valuation a llowance. We anticipate that approximately $ 3,745 in liabilities for unrecognized tax benefits, including accrued interest, may be reverse d in the next twelve months. The reversal is predominately due to the expiration of the statutes of limitatio n for unreco gnized tax benefits. We had approximately $ 11 and $ 18 accrued for the payment of interest and penalties at September 30, 2016 and 2015 , res pectively . We recognize interest and penalties related to unrecognized tax benefits as part of the prov ision for income taxes. We are currently not under federal audit by the Internal Revenue Service. The tax years ended September 30, 2013 and forward are subject to federal audit as are tax years prior to September 30, 2013 , to the extent of unutilized net operating losses generated in those years. The tax years ended September 30, 2012 and forward are subject to state audits as are tax years prior to September 30, 2012 , to t he extent of unutilized net operating losses generated in those years. |
Operating Segments
Operating Segments | 12 Months Ended |
Sep. 30, 2016 | |
Operating Segments [Abstract] | |
OPERATING SEGMENTS | 10 . 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 President. 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, 2016 , 2015 and 2014 is as follows: Years Ended September 30, 2016 Commercial & Infrastructure Communications Residential Industrial Solutions Corporate Total Revenues $ 189,635 $ 225,889 $ 222,466 $ 58,003 $ - $ 695,993 Cost of services 157,104 171,874 197,679 42,356 - 569,013 Gross profit 32,531 54,015 24,787 15,647 - 126,980 Selling, general and administrative 20,839 37,585 17,169 12,404 12,561 100,558 Contingent consideration - - - 652 - 652 Loss (gain) on sale of assets - 1 (17) 826 - 810 Income (loss) from operations $ 11,692 $ 16,429 $ 7,635 $ 1,765 $ (12,561) $ 24,960 Other data: Depreciation and amortization expense $ 577 $ 509 $ 1,234 $ 3,072 $ 272 $ 5,664 Capital expenditures 1,102 704 795 721 95 3,417 Total assets $ 68,018 $ 43,195 $ 59,763 $ 89,447 $ 133,917 $ 394,340 Years Ended September 30, 2015 Commercial & Infrastructure Communications Residential Industrial Solutions Corporate Total Revenues $ 141,858 $ 206,307 $ 178,865 $ 46,827 $ - $ 573,857 Cost of services 116,015 164,435 157,322 36,194 - 473,966 Gross profit 25,843 41,872 21,543 10,633 - 99,891 Selling, general and administrative 15,735 31,877 15,027 9,498 9,279 81,416 Loss (gain) on sale of assets (18) 4 (11) 12 - (13) Income (loss) from operations $ 10,126 $ 9,991 $ 6,527 $ 1,123 $ (9,279) $ 18,488 Other data: Depreciation and amortization expense $ 512 $ 485 $ 283 $ 952 $ 277 $ 2,509 Capital expenditures 675 352 391 1,197 164 2,779 Total assets $ 49,500 $ 37,755 $ 44,156 $ 30,112 $ 64,156 $ 225,679 Years Ended September 30, 2014 Commercial & Infrastructure Communications Residential Industrial Solutions Corporate Total Revenues $ 116,073 $ 182,514 $ 166,249 $ 47,559 $ - $ 512,395 Cost of services 94,904 148,685 148,081 37,599 - 429,269 Gross profit 21,169 33,829 18,168 9,960 - 83,126 Selling, general and administrative 13,481 27,947 14,479 9,346 10,318 75,571 Loss (gain) on sale of assets 6 4 (46) (50) - (86) Income (loss) from operations $ 7,682 $ 5,878 $ 3,735 $ 664 $ (10,318) $ 7,641 Other data: Depreciation and amortization expense $ 414 $ 491 $ 270 $ 980 $ 371 $ 2,526 Capital expenditures 331 420 266 828 137 1,982 Total assets $ 30,415 $ 40,555 $ 43,937 $ 27,272 $ 57,771 $ 199,950 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 11 . STOCKHOLDERS’ EQUITY Equity Incentive Plan The Company’s 2006 Equity Incentive Plan, which was amended and restated effective February 9, 2016, following approval by shareholders at the Company’s 2016 Annual Shareholders’ Meeting, provides for grants of stock options as well as grants of stock, including restricted stock. Approximately 3.0 million shares of common stock are authorized for issuance under the amended and restated 2006 Equity Incentive Plan, of w hich approximately 1,056,574 shares are available for issuance at September 30, 2016 . Stock Repurchase Program Our Board of Directors has authorized a stock repurchase program for the purchase from time to time of up to 1.5 million shares of the Company’s common stock. Share purchases are made for cash in open market transactions at prevailing market prices or in privately negotiated transactions or otherwis e. The timing and amount of purchases under the program are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which allows repurchases under pre-set terms at times when the Company might otherwise b e prevented from purchasing under insider trading laws or because of self-imposed blackout periods. The program does not require the Company to purchase any specific number of shares and may be modified, suspended or reinstated at any time at the Company’s discretion and without notice. The Company initiated the program in February 2015 and during the year ended September 30, 2015, pursuant to the program, we repurchased 482,156 shares of common stock at an average price of $7.22 per share for a total aggre gate purchase price of $3.5 million. We repurchased 46,929 shares of our common stock during the year ended September 30, 2016 , in open market transactions at an average price of $ 11.07 per share. Treasury Stock During the year ended September 30, 2016 , we repurchased 6,084 shares of common stock from our employees to satisfy minimum tax withholding requirements upon the vesting of restricted stock issued under the 2006 Equity Incentive Plan , 46,929 shares of common stock were repurchased on the open market pursuant to our share repurchase program, and 7,500 shares of common stock were forfeited by former employees and returned to treasury stock. The Company had 6,859 shares returned to treasury stock during the same period related to the satisfaction of an obligation in connection with a reconciliation of our shares of common stock offered in exchange for shares of MISCOR Group, Ltd during our 2013 a cquisition of that company. During the year ended September 30, 2016 , we issued 5,670 unrestricted shares of common stock from treasury stock to members of our Board of Directors as part of their overall compensation, and 42,500 unrestricted shares of common stock to satisfy the exercise of outstanding options. D uring the year ended September 30, 2015 , we repurchased 17,677 shares of common stock from our employees to satisfy minimum tax withholding requirements upon the vesting of restricted stock issued under the 2006 Equity Incentive Plan . W e issued 199,565 shares out of treasury stock under our sh are-based compensation programs for restricted and unrestricted shares gra nted. We issued 8,309 shares of treasury stock to settle outstanding phantom stock units that vested upon the departure of the Company’s former Chairman and Chief Executive Officer in January 2015 . Restricted Stock During the years ended September 30, 2016 , 2015 and 2014 , we recognized $ 522 , $ 290 , and $ 201 , respectively, in compensation expense related to our restricted stock awards. At September 30, 2016 , the unamortized compensation cost related to outstanding unvested restricted stock was $ 763 . We expect to recognize $ 505 of this unamortized compensation expen se during the year ended September 30, 2017 and the remaining $ 258 during the year ended September 30, 2018 . A summary of restricted stock awards for the years ended September 30, 2016 , 2015 and 2014 is provided in the table below: Years Ended September 30, 2016 2015 2014 Unvested at beginning of year 207,166 57,666 159,246 Granted - 194,000 13,500 Vested (25,332) (44,500) (115,080) Forfeited (7,500) - - Unvested at end of year 174,334 207,166 57,666 The fair value of shares vesting during the years ended September 30, 2016 , 2015 and 2014 was $ 304 , $ 353 and $ 571 , 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, 2016 was $ 8.48 . All the restricted shares granted under the Amended 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, 2016 , 2015 and 2014 , we recognized $ 136 , $ 224 , and $ 243 , respectively, in compensation expense related to these grants. Performance Based Phantom Stock Units A performance based phantom stock unit (a “PPSUs”) is a contractual right to receive one share of the Company’s common stock. The PPSUs will generally become vested, if at all, upon the achievement of certain specified performance objectives and continued performance of services through mid-December 2018. During the year ended September 30, 2016 , the Company granted an aggre gate of 420,000 three-year performance-based PPSUs. The vesting of these awards is subject to the achievement of specified levels of cumulative net income before taxes or specified stock price levels . For the year ended September 30, 2016 , we reco gnized compensation expense of $ 808 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. We did not issue stock options during the years ended September 30, 2016 and 2014 . The a ssumptions used in the fair value method calculation for the year ended September 30, 2015 are disclosed in the following table: Year Ended September 30, 2015 Weighted average value per option granted during the period $ 3.87 Dividends (1) $ - Stock price volatility (2) 55.6 - 57.8% Risk-free rate of return 1.34 - 1.48% Option term 10.0 years Expected life 6.0 years Forfeiture rate (3) 10.0% (1) We do not currently pay dividends on our common stock. (2) Based upon the Company's historical volatility. (3) Based upon the Company's 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 S tatements 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 summ arizes activity under our stock option plans. Weighted Average Shares Exercise Price Outstanding, September 30, 2013 170,000 $ 5.46 Options granted - - Exercised - - Forfeited and Cancelled - - Outstanding, September 30, 2014 170,000 $ 5.46 Options granted 37,000 7.25 Exercised - - Forfeited and Cancelled (74,000) 5.76 Outstanding, September 30, 2015 133,000 $ 5.79 Options granted - - Exercised 42,500 5.17 Forfeited and Cancelled (11,000) 3.60 Outstanding, September 30, 2016 79,500 $ 6.43 The following table summarizes options outstanding and exercisable at September 30, 2016 : Exercise Prices Outstanding as of September 30, 2016 Remaining Contractual Life in Years Weighted-Average Exercise Price Exercisable as of September 30, 2016 Weighted-Average Exercise Price $5.76 43,500 6.58 $ 5.76 43,500 $ 5.76 $7.27 22,000 8.29 $ 7.27 - $ - $7.21 14,000 8.34 $ 7.21 - $ - 79,500 $ 6.43 43,500 $ 5.76 Our 2011 options vested over a three year period at a rate of one-third per year upon the annual anniversary date of the grant. Our 2013 and 2015 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 shares. Unexercised stock options expire July 2021, May 2023, January 2025 and February 2025. During the years ended September 30, 2016 , 2015 and 2014 , we recognized $ 70 , $ (45) and $ 267 , respectively, in compen sation expense related to our stock option awards. The net benefit in 2015 relates to a revision in forfeiture assumptions upon the departure of the Company’s former Chairman and CEO in January 2015, at which time he forfeited unvested stock options. At September 30, 2016 , the unamortized compensation cost related to outstanding unvested stock options was $ 23 . We expect to recognize all $ 23 of this unamortized compensation expense during the year ended September 30, 2017 . The intrinsic value of stock options outstanding and exercisable was $ 286 and $ 88 at September 30, 2016 and 2015 , respectively. The intrinsic value is calculated as the difference between the fair value as of the end of the period and the exerc ise price of the stock options. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Sep. 30, 2016 | |
Securities and Equity Investments [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 12 . RELATED-PARTY TRANSACTIONS The Company is a party to a sublease agreement with Tontine Associates, L . L . C . , an affiliate of Tontine, for corporate office space in Greenwich, Connecticut. The lease was renewed for a three-year term in April 2016 with an increase in the monthly rent to $ 8 , reflecting the increase paid by Tontine Associates, L . L . C . to its landlord an d the Company’s increased use of the corporate office space. The lease has terms at market rates and payments by the Company are at a rate consistent with that paid by Tontine Associates, L . L . C . to its landlord. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2016 | |
Employee Benefit Plans [Abstract] | |
401(k) Plan | 13 . EMPLOYEE BENEFIT PLANS 401(k) Plan In November 1998, we established the IES Holdings , Inc. 401(k) Retirement Savings 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 f ollowing three years of service. We recognized $ 616 , $ 288 , and $ 276 in matching expenses in fiscal years 2016 , 2015 and 2014 , respectively. Infrastructure Solutions has two 401(k) plans. We recognized $ 121 , $ 99 , and $ 74 in matching expense s in fiscal years 2016 , 2015 and 2014 , respectively . 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 y ear. The Human Resources and 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 Contribu tion, 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 o f the foregoing as the Committee may choose. No compensation earned during the years ended September 30, 2016 , 2015 or 2014 was deferred unde r this plan. Pos t 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 year s of age. We recognize the unfunded status of the plan as a non-current liability in our Consolidated Balance S heet. 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 $ 875 and $ 871 recorded as of September 30, 2016 and 2015 , respectively. We recognized compensation expense related to these agreements of $ 65 , $ 11 , and $ 15 during the years ended September 30, 2016 , 2015 and 2014 , 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, 2015 , this plan was funded at 83.91 %. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 14 . 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 accoun ting 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 require d 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 estimati on methods could have a material effect on the estimated fair value. Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 , are summarized in the following table by the type of inputs applicable to the fair valu e measurements: September 30, 2016 Total Fair Value Quoted Prices (Level 1) Significant Unobservable (Level 3) Executive savings plan assets $ 599 $ 599 $ - Executive savings plan liabilities (486) (486) - Contingent consideration liability (1,100) - (1,100) Total $ (987) $ 113 $ (1,100) Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 , are summarized in the following table by the type of inputs applicable to the fair value measurements: September 30, 2015 Total Fair Value Quoted Prices (Level 1) Significant Unobservable (Level 3) Executive savings plan assets $ 617 $ 617 $ - Executive savings plan liabilities (504) (504) - Total $ 113 $ 113 $ - In the first quarter of 2016, we entered into a contingent consideration arrangement related to a business combination. Please see Note 18, “ Business Combinations and Divestitures ” for further discussion. At September 30, 2016 , we estimated the fair value of the contingent consideration liability at $ 1,100 . The table below presents a reconciliation of the fair value of this obligation, which used significant unobservable inputs (Level 3). Contingent Consideration Agreement Fair Value at September 30, 2015 $ - Issuances 448 Adjustments to Fair Value 652 Fair Value at September 30, 2016 $ 1,100 Below is a description of the inputs used to value the assets summarized in the preceding tables: 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 a re 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, mark et activity in the assets or related observable inputs that can be corroborated at the measurement date. |
Inventory
Inventory | 12 Months Ended |
Sep. 30, 2016 | |
InventoryDisclosureAbstract | |
InventoryDisclosureTextBlock | 15 . INVENTORY Inventories consist of the following components: September 30, September 30, 2016 2015 Raw materials $ 2,538 $ 1,641 Work in process 4,158 2,641 Finished goods 1,558 1,199 Parts and supplies 4,982 8,496 Total inventories $ 13,236 $ 13,977 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GoodwillAndIntangibleAssetsDisclosureTextBlock | 16 . GOODWILL AND INTANGIBLE ASSETS The following is a progression of goodwill by segment for the years ended September 30, 2016 , 2015 and 2014 : Commercial Infrastructure Residential & Industrial Solutions Total Balance at September 30, 2014 $ 8,631 $ - $ 6,362 $ 14,993 Acquisitions "Note 18" - - 2,256 2,256 Balance at September 30, 2015 8,631 - 8,618 17,249 Acquisitions "Note 18" - 3,806 19,458 23,264 Divestitures "Note 18" - - (577) (577) Balance at September 30, 2016 $ 8,631 $ 3,806 $ 27,499 $ 39,936 Goodwill Based upon the results of our annual impairment analysis, the fair value of our Infrastructure Solutions and Commercial & Industrial segments exceeded the book value at September 30, 2016, and warranted no impairment. We evaluated goodwill attributable to our Residential segment qualitatively, and have concluded no impairment is indicated. Intangible assets consist of the following: September 30, 2016 Estimated Useful Lives Gross Carrying Accumulated (in Years) Amount Amortization Net Trademarks/trade names 5 - 20 $ 3,845 $ 139 $ 3,706 Technical library 20 400 61 339 Customer relationships 6 - 15 27,414 2,003 25,411 Developed technology 4 400 358 42 Backlog 1 1,621 545 1,076 Construction contracts 1 2,191 1,042 1,149 Total $ 35,871 $ 4,148 $ 31,723 September 30, 2015 Estimated Useful Lives Gross Carrying Accumulated (in Years) Amount Amortization Net Trademarks/trade names 8 - Indefinite $ 1,400 $ 9 $ 1,391 Technical library 20 400 41 359 Customer relationships 8 - 12 3,600 788 2,812 Covenants not to compete 3 140 121 19 Developed technology 4 400 258 142 Total $ 5,940 $ 1,217 $ 4,723 For the years ended September 30, 2016 , 2015 and 2014 , amortization expense of intangible assets was $ 2,936 , $ 381 and $ 635 , respectively. Our future amortization expense for years ended September 30, is as follows: Year Ended September 30, 2017 $ 5,050 2018 3,154 2019 2,903 2020 2,818 2021 2,714 Thereafter 15,084 Total $ 31,723 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Sep. 30, 2016 | |
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 operation s 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 i ncurred. The following is a discussion of our significant legal matters: Capstone Construction Claims From 2003 to 2005, two of our former subsidiaries performed HVAC and electrical work under contract with Capstone Building Corporation (“Capstone”) on a university student housing project in Texas. In 2005, our subsidiaries filed for arbitration against Capstone, seeking payment for work performed, change orders and other impacts. The parties settled those claims, and the release included a waiver of warranties associated with any of the HVAC work. Several years later the subsidiaries discontinued operations, and the Company sold their assets. On October 24, 2013, Capstone filed a petition in the 12th Judicial District Court of Walker County, Tex as against these subsidiaries, among other subcontractors, seeking contribution, defense, indemnity and damages for breach of contract in connection with alleged construction defect claims brought against Capstone by the owner of the student housing projec t. The owner claims $ 10,406 in damages, plus attorneys’ fees and costs against Capstone, which Capstone is seeking to recover from the subcontractors. The claims against the Company are based on alleged defects in the mechanical design, construction and installation of the HVAC and electrical systems performed by our former subsidiaries. Based on the settlement reached in the 2005 arbitration, we moved for, and the District Court granted us, summary judgment, dismissing all of Capstone’s claims in the 20 13 lawsuit. Capstone appealed, and on April 28, 2016, the 10th Court of Appeals, Waco, Texas Division, reversed the ruling with respe ct to the indemnity claims and remanded the case back to the District Court. On September 21, 2016, we filed a petition for review to the Texas Supreme Court. On October 28, 2016, the Supreme Court ordered Capstone to file a response to our petition on or before November 28, 2016. Capstone filed for an extension of th at deadline; their response is now due December 28, 2016. Should the Texas Supreme Court agree that the claims should be remanded to the District Cour t, the Company will defend the claims and expects ultimately to prevail on the merits, but there can be no assurance that the Company will prevail or that it will not incur costs and liability for indemnity in connection with resolution of the claims. To d ate, the Company has not established a reserve with respect to this matter, as we believe the likelihood of our responsibility for damages is not probable and a potential range of exposure is not reasonably estimable. Risk-Management We retain the risk for workers’ compensation, employer’s liability, automobile liability, construction defects, general liability and employee group health claims, as well as pollution coverage, resulting from uninsured deductibles per accident or occurrence which are generally 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 insu reds 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 September 30, 2016 and September 30, 2015 , we had $ 5,464 and $ 4,518 , respectively, accrued for insurance liabilities. We are also subject to c onstruction defect liabilities, primarily within our Residential segment. As of September 30, 2016 and September 30, 2015 , we had $ 235 and $ 464 , respectively, 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 September 30, 2016 , $ 6,126 of our outstanding letters of credit was utilized to collateralize ou r insurance program. Surety As of September 30, 2016 , the estimated cost to complete our bonded projects was approximately $ 54,287 . 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. Posting letters of credit in favor of our sureties reduces the borrowing availability under our C redit Facility. 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, 2016 , $ 818 of our outstanding letters of credit were to collateralize our vendors. F rom 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 of less than one year and require us to buy min imum quantities of materials at specific intervals at a fixed price over the term. As of September 30, 2016 , we had no such commitments. |
Business Combinations
Business Combinations | 12 Months Ended |
Sep. 30, 2016 | |
BusinessCombinationsAbstract | |
Business Combination Disclosure | 18 . BUSINESS COMBINATIONS AND DIVESTITURES Business Combinations The Company completed four acquisitions in the year ended September 30, 2016 : Technibus , Inc. (“ Technibus ”) – We acquired Technibus , a Canton, Ohio based provider of custom engineered, metal enclosed bus duct solutions , on June 15, 2016. T echnibus is included in our Infrastructure Solutions segment, and we expect it will enhance Infrastructure Solutions’ current offerings, which are primarily focused on industrial repairs and services, to include custom engineered solutions for our customers. We believe Technibus ’ products and engineering expertise, combined with Infrastructure Solutions’ service capabilities, a shared customer base, and the close geo graphic proximity of Technibus to our Infrastructure Solutions segment’s Massillon, Ohio headquarters, will enhance our solutions offering. STR Mechanical, LLC (“STR”) – We acquired 80% of the membership interests in STR, a Charlotte, North Carolina-base d provider of commercial and industrial mechanical services, including maintenance, repair, and replacement services, and temperature control system installations , on April 27, 2016. STR is included in our Commercial & Industrial segment. We expect STR’s focus on providing comprehensive mechanical maintenance services to its customers, often through preventative maintenance agreements, will contribute to the diversification of revenue sources and enhance Commercial & Industrial’s capabilities. Shanahan M echanical and Electrical, Inc. (“Shanahan”) – We acquired Shanahan, a Nebraska-based provider of mechanical and electrical contracting services , on November 20, 2015. Shanahan is included in our Commercial & Industrial segment. We believe this acquisitio n adds mechanical contracting expertise to Commercial & Industrial, and also accelerates our entry into the Lincoln, Nebraska market, an area that we had targeted for expansion. Further, we believe the acquisition gives us the opportunity to expand our geo graphic coverage and capabilities without the costs and risks of a start-up operation. Calumet Armature & Electric, LLC (“Calumet”) – We acquired Calumet, an Illinois-based provider of design, manufacturing, assembly, and repair services of electric motor s for the industrial and mass transit markets , on October 30, 2015. Calumet is included in our Infrastructure Solutions segment, and we believe it allows us to enhance our industrial footprint in the greater Chicago, Illinois area and, given Calumet’s exp ertise in manufacturing new armatures, that it will support our targeted growth into the mass transit market. The total aggregate consideration of $ 59,592 for these four acquisitions includes aggregate cash consideration of $ 59,144 and contingent consideration in connection with the Calumet acquisition with an acquisition date fair value estimated at $ 448 . Of the cash consideration, $ 58,448 was paid on the various acquisition dates, and t he remaining $ 696 was paid within approximately 90 days subsequent to the various acquisition dates, in accordance with the working capital settlement provisions set forth in various acquisition agreements. The Calumet contingent consideration arrangement provides that a maximum of $ 2,250 may be earned over the three year period ending October 30, 2018. As of September 30, 2016 the fair value of the contingent consideration ar rangement was $ 1,100 . Based on an increase in the fair value of the liability driven by the improved actual and expected financial performance of Calumet, we have recorded additional contingent consideration expense as a compon ent of income from continuing operations. The Company accounted for the transactions under the acquisition method of accounting, which requires recording assets and liabilities at fair value (Level 3). The valuations derived from estimated fair value ass essments and assumptions used by management are preliminary pending finalization of certain tangible and intangible asset valuations and assessment of deferred taxes. While management believes that its preliminary estimates and assumptions underlying the v aluations 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. The preliminary valuati on of the assets acquired and liabilities assumed as of the various acquisition dates is as follows: Current assets $ 14,903 Property and equipment 4,572 Intangible assets (primarily customer relationships) 30,071 Goodwill 23,264 Current liabilities (6,192) Deferred tax liability (5,331) Noncontrolling interest (1,695) Net assets acquired $ 59,592 With regard to the aggregate $ 5,331 deferred tax liability recorded in connection with the acquisitions, we reduced a portion of our valuation allowance equal to this deferred tax liability, resulting in a corresponding income tax benefit in the year ended September 30, 2016 . With regard to goodwill, the balance is attributable to the workforce of the acquired business and other intangibles that do not qua lify for separate recognition. In connection with the Technibus transaction, we acquired tax basis of $ 15,305 with respect to goodwill. In conjunction with these acquisitions, we acquired receivables totaling $ 9,000 , of which we estimate $ 518 to be uncollectible at the date of acquisition. In the aggregate, these four acquisitions contributed $ 34,367 in additional revenue and $ 3,527 in additional operating income during the year ended September 30, 2016 . Noncontrolling Interest Our agreement governing the operations of STR contains a provision where, at any time after five years from the acquisition date, we may purchase all or a portion of the 20% noncontrolling interest. Pursuant to this provision, we may purchase the noncontrolling interest, or, with notice, the noncontrolling interest holders may cause us to purchase their interests, for a contractually determined price based on the trailing 2 year earnings before interest, taxes, depreciation, and amortization of STR, calculated at the time of the purchase. As of the acquisition date, the fair value of the noncontrolling interest in STR was equal to 20% of the overall fair value of STR. As of September 30, 2016, the carrying amount of the noncontrolling interest was in excess of the amount we would pay to acquire the noncontrolling interest pursuant to the terms of the operating agreement, if the option to purchase th at interest had been available to us as of September 30, 2016. Unaudited Pro Forma Information The following unaudited supplemental pro forma results of operations include the results of the four acquisitions completed during year ended September 30, 2016 , as described above, as if each had been acquired as of October 1, 2014, 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 th e 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, finalization of the valuations of deferred taxes, fixed assets, and certain intangible assets, as well as other factors, many of which are beyond IES’s control. Cost savings and other synergy benefits resulting from the business combination have not been included in p ro forma results. The unaudited pro forma financial information reflects certain adjustments related to the acquisition, such as the recording of depreciation expense in connection with fair value adjustments to property and equipment, amortization expense in connection with recording acquired identifiable intangible assets at fair value, and interest expense calculated on the $ 20,000 drawn on the Company’s available line of credit at a rate of 2.5 % . The unaudited pro forma financial information also includes the effect of certain non-recurring items as of October 1, 2014 such as the $ 5,331 of tax benefits and acquisition related costs of $ 681 incurred during the year ended September 30, 2016 , which are shown as if they had been incurred on October 1, 2014. The supplemental pro forma r esults of operations for the years ended September 30, 2016 and 2015 , as if the acquisitions had been completed on October 1, 2014, are as follows: Unaudited Year Ended Year Ended September 30, 2016 September 30, 2015 Revenues $ 721,254 $ 634,760 Net Income $ 117,134 $ 16,430 Southern Rewinding On May 21, 2015, our wholly-owned subsidiary Magnetech Industrial Services, Inc. (“ Magnetech ”) acquired all of the common stock and certain related real estate of Southern Industrial Sales and Services, Inc. (“Southern Rewinding”) , a Columbus, Georgia-based motor repair and related field services company , for total consideration of $ 3,937 . Of that amount, $ 3,137 was paid at closing, with additional consideration of $ 400 paid during the year ended September 30, 2016, and a final payment of $ 400 expected to be made in fiscal 2017 . After closing, we provided the newly-acquired entity with $ 1,065 of working capital. Southern Rewinding is included in our Infrastructure Solutions segment . The Company accounted for the transaction under the acquisition method of accounting, which requires recording assets and liabilities at fair value (Level 3). The valuation of the assets acqu ired and liabilities assumed as of May 21, 2015 is as follows: Current assets $ 1,225 Property and equipment 911 Intangible assets (primarily customer relationships) 1,700 Non-tax-deductible goodwill 2,256 Current liabilities (1,431) Deferred tax liability (724) Net assets acquired $ 3,937 Pro forma revenues and results of operations for the acquisition have not been presented because the effects were not material to the consolidated financial statements. Divestitures In February 2016, our Board of Directors approved a plan for the sale of substantially all of the operating assets of HK Engine Components, LLC (“HK”), a wholly-owned subsidiary of the Company operating in the Infrastructure Solutions segment. In connection with the sale, we allocated $ 577 of goodwill to the disposal group. In conjunction with the write down of these assets to their net realizable value of $ 2,200 , we then recognized a loss of $ 821 , recorded within “(Gain) l oss on sale of assets” within our Condensed Consolidated Statement of Comprehensive Income for the years ended September 30, 2016 . The sale of thes e assets to a third party was completed on April 15, 2016. |
Quarterly Results Of Operations
Quarterly Results Of Operations (Unaudited) | 12 Months Ended |
Sep. 30, 2016 | |
Quarterly Results Of Operations (Unaudited) [Abstract] | |
Quarterly Results Of Operations (Unaudited) | 19 . QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) Quarterly financial information for the years ended September 30, 2016 and 2015 are summarized as follows: Fiscal Year Ended September 30, 2016 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 150,766 $ 159,981 $ 179,599 $ 205,647 Gross profit $ 27,633 $ 27,812 $ 33,997 $ 37,538 Net income attributable to IES Holdings, Inc. $ 5,799 $ 2,194 $ 10,805 $ 101,980 Earnings per share: Basic $ 0.27 $ 0.10 $ 0.50 $ 4.75 Diluted $ 0.27 $ 0.10 $ 0.50 $ 4.74 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, 2015 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 136,336 $ 133,752 $ 144,082 $ 159,687 Gross profit $ 22,704 $ 21,708 $ 25,052 $ 30,427 Net income from continuing operations $ 3,473 $ 1,854 $ 3,962 $ 7,588 Net loss from discontinued operations $ (181) $ (44) $ (5) $ (109) Net income $ 3,292 $ 1,810 $ 3,957 $ 7,479 Earnings per share from continuing operations: Basic $ 0.16 $ 0.08 $ 0.19 $ 0.36 Diluted $ 0.16 $ 0.08 $ 0.19 $ 0.36 Loss per share from discontinued operations: Basic $ (0.01) $ 0.00 $ 0.00 $ (0.01) Diluted $ (0.01) $ 0.00 $ 0.00 $ (0.01) Earnings per share: Basic $ 0.15 $ 0.08 $ 0.19 $ 0.35 Diluted $ 0.15 $ 0.08 $ 0.19 $ 0.35 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. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20 . SUBSEQUENT EVENTS On November 8, 2016, the Company implemented the new NOL Rights Plan, following the expiration of the Company’s prior tax benefit protection plan, which was implemented in January 2013. Thereafter, the Board of Directors declared and paid a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock. The dividend was payable to the stockholders of record as of the close of business on November 18, 2016. Each Righ t represents a right to purchase one one-thousandth of a share of Series A Junior Participating Preferred Stock of the Company at a price of $ 79.30 . As with the prior plan, the Board adopted the NOL Rights Plan in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company’s ability to use its NOLs to reduce potential future federal income tax obligations. The Company historically experienced substantial operating losses, and under the Internal Revenue Code and rules promulgated by the Internal Revenue Service, the Company may “carry forward” these losses in certain circumstances to effect any current and future earnings and thus reduce the Company‘s federal income tax liability, subject to certain requiremen ts and restrictions. To the extent that the NOLs do not otherwise become limited, the Company believes that it will be able to carry forward a significant amount of NOLs, and therefore these NOLs are a substantial asset to the Company. However, if the Comp any experiences an “ownership change”, as defined in Section 382 of the Internal Revenue Code, its ability to use the NOLs will be substantially limited, and the timing of the usage of the NOLs could be substantially delayed, which could therefore signific antly impair the value of that asset. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of IES Holdings, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Asset Impairment | Asset Impairment During the fiscal years ended September 30, 2016 , 2015 and 2014 , the Company recorded no asset impairment charges. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accountin g 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 duri ng 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 accounting for business combinations and analyzing goodwill, investments, intangible assets and long-lived asse t impairments and adjustments, allowance for doubtful accounts receivable, stock-based compensation, reserves for legal matters, 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 c onditions, plans for disposal, and physical condition of the product. Where shipping and handling costs on inventory purchases are borne by us, these charges are included in inventory and charged to cost of services upon use in our projects or the providi ng of services. |
Securities and Equity Investments | Securities and Equity Investments Our i nvestments in entities where we do not have the ability to exercise significant influence are accounted for using the cost method of accounting. 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 valu e. |
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 prop erty 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 recognize d in the state ments 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. These impairment tests are required to be performed at least annually. On an ongoing basis (absent any impairment indicators), we perform an impairment test annually using a measurement date of September 30. In evaluating goodwill for impairment, we have the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is greater than its carrying value. If we determine that it is more likely than not that the carrying value of a reporting unit is greater than its fair value, then we perform an impairment test by calculating the fair value of the reporting unit and comparing this calculated fair value with the carrying value of the reporting unit. We estimate the fair value of the reporting unit based on both a market approach and an income approach, using discounted estimated future cash flows. The market approach uses market multiples of enterprise value to earnings before interest, taxes, depreciation and amortization for comparable publicly traded companies. The income approach relies on significant estimates for future cash flow s, projected long-term growth rates, and the weighted average cost of capital. |
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 as a reduction of our debt outstanding, and are amortized to interest expense over the scheduled maturity of the debt. Amortization expense of debt issuance costs was $ 345 , $ 317 and $ 385 , respectively, for the years ended 2016 , 2015 and 2014 . Remaining unamortized capitalized debt issuance costs were $ 976 and $ 1,031 at September 30, 2016 , and September 30, 2015 , respectively. |
Revenue Recognition | 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 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 c ontracts 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 materia l, 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 i n 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 bala nce at each balance sheet date will be collected within the subsequent fiscal year. Certain divisions in the Residential and Infrastructure Solutions segments use the completed contract method of accounting because the duration of their contracts are shor t 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 esti mated earnings in excess of billings” 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 o f 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, 2016 , 2015 and 2014 , there were no material revenues recorded associated with any outstanding claims. The current liability “Billings in excess of costs and estimated earnings ” represents billings in excess of revenues recognized. Costs and estimated earnings in excess of billings 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 l ien rights in order to collect. These receivables are primarily associated with a few branches within our Commercial & Industrial segment . Certain other receivables are slow-pay in nature and require us to exercise our contractual or lien rights. Our allowance for doubtful accounts at September 30, 2016 and 2015 was $ 736 and $ 842 , respectively. We believ e that our allowance for doubtful accounts is sufficient to cover uncollectible receivables as of September 30, 2016 . |
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 evaluat ion on a quarterly basis . The estimation of required valuation allowances includes estimates of future taxable income. In assessing the realizability of deferred tax assets at September 30, 2016 , we concluded, based upon the assessment of positive and negati ve evidence, that it is more likely than not that the Company will generate sufficient taxable income within the applicable NOL carryforward periods to realize its net deferred tax assets of $93,549 . We considered the scheduled reversal of deferred t ax liabilities, projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income is different from these estimates, our results could be affected. On May 12, 2006, we had a change in ownership as defi ned 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 c hange 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. |
Risk-Management | Risk Management We retain the risk for workers’ compensation, employer’s liability, automobile liability, construction defects, 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. Each year, we compile our historical data pertaining to the insurance experiences and actuarially develop the ultimate loss associated with our insurance programs other than pol lution coverage for our Infrastructure Solutions segment. 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 ou r workers’ compensation, auto and general liability insurance reserves at September 30, 2016 and 2015 , was $ 5,223 and $ 4,465 , respectively. Based on historical payment patterns, we expect payments of undiscounted ultimate losses to be made as fol lows: Year Ended September 30: 2017 $ 1,827 2018 1,183 2019 625 2020 403 2021 216 Thereafter 969 Total $ 5,223 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, 2016 and 2015 , the discount rate used was 1 . 1 percent and 1 . 4 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, 2016 and 2015 was $ 5,464 and $ 4,518 , respectively. Our employee group health claims are anticipated to be resolved within the year ended September 30, 2017 . We had letters of credit totaling $ 6,126 outstanding at September 30, 2016 to collateralize certain of our high deductible insurance obligations. |
Realization of Long-Lived Assets | Realization of Long-Lived Assets We evaluate the recoverabi lity 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 t o 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 f uture cash flows and an appropriate risk premium. For the ye ars ended September 30, 2016 , 2015 and 2014 , no indicators of impairments were identified, and no impairment charges were recorded. |
Risk Concentration | Risk Concentration Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash deposits and accounts receivable. Through delayed payment terms, we at times 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 market s . However, we are entitled to payment for work performed and generally 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 . W e maintain the majority of our cash and cash equivalents in money market mutual funds. There can be no assurance, however, that we will not be adversely affected by credit risks we face. No single customer accounted for more t han 10% of our consolidated revenues for the years ended September 30, 2016 , 2015 and 2014 . |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Our financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, i nvestments, accounts payable, and a loan 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 ”), a private investment fund , in the accompanying Consolidated Balance S heets, approximates their fair value due to their short-term nature. The carrying value of our debt approximates fair value, as debt incurs interest at a variable rate. 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 6 , “Detail of Certain Balanc e 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. For awards vesting upon achievemen t of a market condition, the likelihood of achieving that market condition is considered in determining the fair value of the grant, which we expense ratably over the vesting period. For awards vesting upon achievement of a performance condition, we recor d expense based on the grant date fair value when it becomes probable the performance condition will be achieved. Forfeitures are estimated at the time of grant and revised as deemed necessary . The resulting compensation expense from discretionary awards i s recognized on a straight-line basis over the requisite service period, which is generally the vesting period . |
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-curr ent assets in the accompanying Consolidated Balance S heets as of September 30, 2016 and 2015 . The changes in fair values are recorded as a component of other in come ( expense) in the Consolidated Statements of Comprehensive Income . The corresponding deferred compensation liability is included in other non-current liabilities on the Consolidated Balance S heets and changes in this obligation are recognized as adjustment s to compensation expense in the period in which they are determined . |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract ter ms and relevant facts and circumstances. The standard also requires expanded disclosures surrounding revenue recognition. The effective date will be the first quarter of our fiscal year ended September 30, 2019. The standard allows for either full retrospe ctive or modified retrospective adoption, and we currently plan to use the modified retrospective basis on the adoption date. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation Of Interest: Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs be presented as a direct deduction from the carrying amount of the related debt liability, consistent with the presentation of debt discounts. Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented as other assets, separate from the related debt liability. ASU 2015-03 does not change the recognition an d measurement requirements for debt issuance costs. In August 2015, the FASB issued an update (ASU 2015-15) to address revolving lines of credit which may not have outstanding balances. This update allows an entity presenting the cost of securing a revolvi ng line of credit as an asset, regardless of whether a balance is outstanding. The standard was effective for fiscal years beginning after December 15, 2015 on a retrospective basis. The Company adopted this update retrospectively during the period ended S eptember 30, 2016. This adoption resulted in reductions of $976 and $1,031 at September 30, 2016 and 2015, respectively, of both Other non-current assets and Long term debt in the Consolidated Balance Sheets. In September 2015, the FASB issued ASU No. 20 15-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16), which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. I nstead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at the acquisition date. The update is effective for fiscal years beginning after December 15, 2015. The Company adopted this presentation during the period ended September 30, 2016 on a prospective basis. The adoption of this update did not hav e a material impact on our results of operations or financial position. In November 2015, the FASB issued amended guidance that clarifies that in a classified statement of financial position, an entity shall classify deferred tax liabilities and assets as noncurrent amounts. The Company adopted this presentation during the period ended December 31, 2015. Prior periods have not been retrospectively adjusted. At December 31, 2015, the implementation of this guidance resulted in a decrease to prepaid expens es and other current assets and corresponding increase to other non-current assets of $55 . In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). Under ASU 2016-02, lessees will need to recognize a right-of-use asset and a lease liability for all of their leases, other than those that meet the definition of a short-term lease. For income statement purposes, leases must be classified as either operating or finance. Operating leases will result in straight-line expense, similar to c urrent operating leases, while finance leases will result in a front-loaded expense pattern, similar to current capital leases. ASU 2016-02 becomes effective for the fiscal year ended September 30, 2020. We are currently evaluating whether to early adopt t he standard and what impact it will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation ("ASU 2016-09"). ASU 2016-09 eliminates additional paid in capital pools and requires exce ss tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. The accounting for an employee's use of shares to satisfy the employer's statutory income tax withholding obligation and the accounting for for feitures is also changing. ASU 2016-09 is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. We expect to early adopt ASU 2016-09 in the quarter ended December 31, 2016. The adoption of this update is not expected to have a material impact on our results of operations, financial position or cash flows. |
Summary Of Significant Accoun28
Summary Of Significant Accounting (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Risk-Management Table (Undiscounted Ultimate Losses on Insurance Reserves) | Year Ended September 30: 2017 $ 1,827 2018 1,183 2019 625 2020 403 2021 216 Thereafter 969 Total $ 5,223 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Property And Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Lives Years Ended September 30, in Years 2016 2015 Land N/A $ 876 $ 936 Buildings 5-20 3,825 4,120 Transportation equipment 3-5 2,395 1,320 Machinery and equipment 3-10 14,049 9,586 Leasehold improvements 5-10 2,632 2,314 Information systems 2-8 16,072 15,800 Furniture and fixtures 5-7 972 790 $ 40,821 $ 34,866 Less-Accumulated depreciation (25,307) (23,212) Construction in progress 180 29 Property and equipment, net $ 15,694 $ 11,683 |
Per Share Information (Tables)
Per Share Information (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Per Share Information [Abstract] | |
ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock | Years Ended September 30, 2016 2015 2014 Numerator: Net income from continuing operations attributable to common shareholders of IES Holdings, Inc. $ 119,722 $ 16,792 $ 5,500 Net income from continuing operations attributable to restricted shareholders of IES Holdings, Inc. 1,056 85 22 Net income from continuing operations of IES Holdings, Inc. $ 120,778 $ 16,877 $ 5,522 Net loss from discontinued operations attributable to common shareholders of IES Holdings, Inc. $ - $ (339) $ (198) Net loss from discontinued operations of IES Holdings, Inc. $ - $ (339) $ (198) Net income attributable to common shareholders $ 119,722 $ 16,453 $ 5,302 Net income attributable to restricted shareholders 1,056 85 22 Net income of IES Holdings, Inc. $ 120,778 $ 16,538 $ 5,324 Denominator: Weighted average common shares outstanding — basic 21,279,342 21,480,622 18,417,564 Effect of dilutive stock options and non-vested restricted stock 212,997 45,566 55,856 Weighted average common and common equivalent shares outstanding — diluted 21,492,339 21,526,188 18,473,420 Basic earnings (loss) per share attributable to IES Holdings, Inc.: Basic earnings per share from continuing operations $ 5.63 $ 0.79 $ 0.30 Basic loss per share from discontinued operations $ 0.00 $ (0.02) $ (0.01) Basic earnings per share $ 5.63 $ 0.77 $ 0.29 Diluted earnings per share attributable to IES Holdings, Inc.: Diluted earnings per share from continuing operations $ 5.62 $ 0.79 $ 0.30 Diluted loss per share from discontinued operations $ 0.00 $ (0.02) $ (0.01) Diluted earnings per share $ 5.62 $ 0.77 $ 0.29 |
Detail of Certain Balance She31
Detail of Certain Balance Sheet Accounts (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Detail Of Certain Balance Sheet Accounts [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Years Ended September 30, 2016 2015 Balance at beginning of period $ 842 $ 780 Additions to costs and expenses 360 416 Deductions for uncollectible receivables written off, net of recoveries (466) (354) Balance at end of period $ 736 $ 842 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Years Ended September 30, 2016 2015 Accounts payable, trade $ 64,963 $ 47,033 Accrued compensation and benefits 26,827 22,527 Accrued insurance liabilities 5,464 4,518 Other accrued expenses 11,568 8,832 $ 108,822 $ 82,910 |
Contracts In Progresstable [Text Block] | Years Ended September 30, 2016 2015 Costs incurred on contracts in progress $ 409,075 $ 329,942 Estimated earnings 48,618 37,576 457,693 367,518 Less--Billings to date (466,368) (380,365) Net contracts in progress $ (8,675) $ (12,847) Costs and estimated earnings in excess of billings 15,554 12,318 Less--Billings in excess of costs and estimated earnings (24,229) (25,165) Net contracts in progress $ (8,675) $ (12,847) |
Schedule of Other Assets, Noncurrent [Table Text Block] | Years Ended September 30, 2016 2015 Deferred tax assets $ - $ 147 Executive Savings Plan assets 599 617 Securities and equity investments 919 919 Other 2,192 1,301 Total $ 3,710 $ 2,984 |
Schedule of Cost Method Investments [Table Text Block] | Years Ended September 30, 2016 2015 Carrying value $ 919 $ 919 Unrealized gains 159 66 Fair value $ 1,078 $ 985 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Debt [Abstract] | |
Schedule of Debt [Table Text Block] | September 30, September 30, 2016 2015 Capital lease obligation $ - $ 4 Revolving loan (long-term debt) 30,233 10,234 Debt issuance costs (976) (1,031) Total debt $ 29,257 $ 9,207 |
Schedule of Line of Credit Facilities [Table Text Block] | Level Thresholds Interest Rate Margin I If Liquidity is less than $24,500 at any time during the period 2.25 percentage points II If Liquidity is greater than or equal to $24,500 at all times during the period and less than $35,000 at any time during the period 2.00 percentage points III If Liquidity is greater than or equal to $35,000 at all times during the period 1.75 percentage points |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ended September 30: 2017 $ 6,617 2018 5,008 2019 3,811 2020 2,574 2021 1,282 Thereafter 2,345 Total $ 21,637 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended September 30, 2016 2015 2014 Federal: Current $ 762 $ 417 $ 183 Deferred (97,093) (564) 182 State: Current 952 729 554 Deferred (1,738) 79 (171) $ (97,117) $ 661 $ 748 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended September 30, 2016 2015 2014 Provision (benefit) at the statutory rate $ 8,316 $ 6,139 $ 2,195 Increase resulting from: Alternative minimum tax - 417 - Non-deductible expenses 1,557 753 563 Long-lived assets - 69 - State income taxes, net of federal deduction 1,105 937 544 Contingent tax liabilities - 51 - Other - 54 - Decrease resulting from: Change in valuation allowance (108,987) (7,034) (2,547) Valuation allowance adjustment - acquisitions - (725) - Contingent tax liabilities (96) - (1) Other 988 - (6) $ (97,117) $ 661 $ 748 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years Ended September 30, 2016 2015 Deferred income tax assets: Allowance for doubtful accounts $ 280 $ 322 Accrued expenses 10,729 9,186 Net operating loss carryforward 86,280 99,610 Various reserves 1,410 1,169 Equity losses in affiliate 84 200 Share-based compensation 1,012 573 Capital loss carryforward 338 222 Intangible assets - 413 Other 3,185 1,744 Subtotal 103,318 113,439 Less valuation allowance 2,224 111,211 Total deferred income tax assets $ 101,094 $ 2,228 Deferred income tax liabilities: Property and equipment $ 1,517 $ 599 Intangible assets 5,629 1,084 Other 399 343 Total deferred income tax liabilities 7,545 2,026 Net deferred income tax assets (liabilities) $ 93,549 $ 202 |
Schedule Of Unrecognized Tax Benefits Roll Forward Table[Text Block] | Years Ended September 30, 2016 2015 Balance at October 1, $ 55,963 $ 56,079 Additions for position related to current year - 98 Additions for positions of prior years - 1 Reduction resulting from the lapse of the applicable statutes of limitations 27 198 Reduction resulting from positions of prior years 69 - Reduction resulting from settlement of positions of prior years - 17 Balance at September 30, $ 55,867 $ 55,963 |
Operation Segments (Tables)
Operation Segments (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Operating Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended September 30, 2016 Commercial & Infrastructure Communications Residential Industrial Solutions Corporate Total Revenues $ 189,635 $ 225,889 $ 222,466 $ 58,003 $ - $ 695,993 Cost of services 157,104 171,874 197,679 42,356 - 569,013 Gross profit 32,531 54,015 24,787 15,647 - 126,980 Selling, general and administrative 20,839 37,585 17,169 12,404 12,561 100,558 Contingent consideration - - - 652 - 652 Loss (gain) on sale of assets - 1 (17) 826 - 810 Income (loss) from operations $ 11,692 $ 16,429 $ 7,635 $ 1,765 $ (12,561) $ 24,960 Other data: Depreciation and amortization expense $ 577 $ 509 $ 1,234 $ 3,072 $ 272 $ 5,664 Capital expenditures 1,102 704 795 721 95 3,417 Total assets $ 68,018 $ 43,195 $ 59,763 $ 89,447 $ 133,917 $ 394,340 Years Ended September 30, 2015 Commercial & Infrastructure Communications Residential Industrial Solutions Corporate Total Revenues $ 141,858 $ 206,307 $ 178,865 $ 46,827 $ - $ 573,857 Cost of services 116,015 164,435 157,322 36,194 - 473,966 Gross profit 25,843 41,872 21,543 10,633 - 99,891 Selling, general and administrative 15,735 31,877 15,027 9,498 9,279 81,416 Loss (gain) on sale of assets (18) 4 (11) 12 - (13) Income (loss) from operations $ 10,126 $ 9,991 $ 6,527 $ 1,123 $ (9,279) $ 18,488 Other data: Depreciation and amortization expense $ 512 $ 485 $ 283 $ 952 $ 277 $ 2,509 Capital expenditures 675 352 391 1,197 164 2,779 Total assets $ 49,500 $ 37,755 $ 44,156 $ 30,112 $ 64,156 $ 225,679 Years Ended September 30, 2014 Commercial & Infrastructure Communications Residential Industrial Solutions Corporate Total Revenues $ 116,073 $ 182,514 $ 166,249 $ 47,559 $ - $ 512,395 Cost of services 94,904 148,685 148,081 37,599 - 429,269 Gross profit 21,169 33,829 18,168 9,960 - 83,126 Selling, general and administrative 13,481 27,947 14,479 9,346 10,318 75,571 Loss (gain) on sale of assets 6 4 (46) (50) - (86) Income (loss) from operations $ 7,682 $ 5,878 $ 3,735 $ 664 $ (10,318) $ 7,641 Other data: Depreciation and amortization expense $ 414 $ 491 $ 270 $ 980 $ 371 $ 2,526 Capital expenditures 331 420 266 828 137 1,982 Total assets $ 30,415 $ 40,555 $ 43,937 $ 27,272 $ 57,771 $ 199,950 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity [Abstract] | |
Schedule Of Unvested Restricted Stock Units Roll Forward Table [Text Block] | Years Ended September 30, 2016 2015 2014 Unvested at beginning of year 207,166 57,666 159,246 Granted - 194,000 13,500 Vested (25,332) (44,500) (115,080) Forfeited (7,500) - - Unvested at end of year 174,334 207,166 57,666 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended September 30, 2015 Weighted average value per option granted during the period $ 3.87 Dividends (1) $ - Stock price volatility (2) 55.6 - 57.8% Risk-free rate of return 1.34 - 1.48% Option term 10.0 years Expected life 6.0 years Forfeiture rate (3) 10.0% (1) We do not currently pay dividends on our common stock. (2) Based upon the Company's historical volatility. (3) Based upon the Company's historical data. |
Schedule Of Stock Options Roll Forward Table [Text Block] | Weighted Average Shares Exercise Price Outstanding, September 30, 2013 170,000 $ 5.46 Options granted - - Exercised - - Forfeited and Cancelled - - Outstanding, September 30, 2014 170,000 $ 5.46 Options granted 37,000 7.25 Exercised - - Forfeited and Cancelled (74,000) 5.76 Outstanding, September 30, 2015 133,000 $ 5.79 Options granted - - Exercised 42,500 5.17 Forfeited and Cancelled (11,000) 3.60 Outstanding, September 30, 2016 79,500 $ 6.43 |
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, 2016 Remaining Contractual Life in Years Weighted-Average Exercise Price Exercisable as of September 30, 2016 Weighted-Average Exercise Price $5.76 43,500 6.58 $ 5.76 43,500 $ 5.76 $7.27 22,000 8.29 $ 7.27 - $ - $7.21 14,000 8.34 $ 7.21 - $ - 79,500 $ 6.43 43,500 $ 5.76 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2016 Total Fair Value Quoted Prices (Level 1) Significant Unobservable (Level 3) Executive savings plan assets $ 599 $ 599 $ - Executive savings plan liabilities (486) (486) - Contingent consideration liability (1,100) - (1,100) Total $ (987) $ 113 $ (1,100) September 30, 2015 Total Fair Value Quoted Prices (Level 1) Significant Unobservable (Level 3) Executive savings plan assets $ 617 $ 617 $ - Executive savings plan liabilities (504) (504) - Total $ 113 $ 113 $ - |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Text Block] | Contingent Consideration Agreement Fair Value at September 30, 2015 $ - Issuances 448 Adjustments to Fair Value 652 Fair Value at September 30, 2016 $ 1,100 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
InventoryDisclosureAbstract | |
Schedule Of Inventory Current [Table Text Block] | September 30, September 30, 2016 2015 Raw materials $ 2,538 $ 1,641 Work in process 4,158 2,641 Finished goods 1,558 1,199 Parts and supplies 4,982 8,496 Total inventories $ 13,236 $ 13,977 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Commercial Infrastructure Residential & Industrial Solutions Total Balance at September 30, 2014 $ 8,631 $ - $ 6,362 $ 14,993 Acquisitions "Note 18" - - 2,256 2,256 Balance at September 30, 2015 8,631 - 8,618 17,249 Acquisitions "Note 18" - 3,806 19,458 23,264 Divestitures "Note 18" - - (577) (577) Balance at September 30, 2016 $ 8,631 $ 3,806 $ 27,499 $ 39,936 |
Schedule Of Intangible Assets And Goodwill [Table Text Block] | September 30, 2016 Estimated Useful Lives Gross Carrying Accumulated (in Years) Amount Amortization Net Trademarks/trade names 5 - 20 $ 3,845 $ 139 $ 3,706 Technical library 20 400 61 339 Customer relationships 6 - 15 27,414 2,003 25,411 Developed technology 4 400 358 42 Backlog 1 1,621 545 1,076 Construction contracts 1 2,191 1,042 1,149 Total $ 35,871 $ 4,148 $ 31,723 September 30, 2015 Estimated Useful Lives Gross Carrying Accumulated (in Years) Amount Amortization Net Trademarks/trade names 8 - Indefinite $ 1,400 $ 9 $ 1,391 Technical library 20 400 41 359 Customer relationships 8 - 12 3,600 788 2,812 Covenants not to compete 3 140 121 19 Developed technology 4 400 258 142 Total $ 5,940 $ 1,217 $ 4,723 |
Schedule Of Finite Lived Intangible Assets Future Amortization Expense [Table Text Block] | Year Ended September 30, 2017 $ 5,050 2018 3,154 2019 2,903 2020 2,818 2021 2,714 Thereafter 15,084 Total $ 31,723 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
BusinessCombinationsAbstract | |
Allocation to Fair Value of Net Assets Acquired and Liabilities Assumed | Current assets $ 14,903 Property and equipment 4,572 Intangible assets (primarily customer relationships) 30,071 Goodwill 23,264 Current liabilities (6,192) Deferred tax liability (5,331) Noncontrolling interest (1,695) Net assets acquired $ 59,592 Current assets $ 1,225 Property and equipment 911 Intangible assets (primarily customer relationships) 1,700 Non-tax-deductible goodwill 2,256 Current liabilities (1,431) Deferred tax liability (724) Net assets acquired $ 3,937 |
Pro Forma Results of Operations | Unaudited Year Ended Year Ended September 30, 2016 September 30, 2015 Revenues $ 721,254 $ 634,760 Net Income $ 117,134 $ 16,430 |
Quarterly Results Of Operatio41
Quarterly Results Of Operations (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Quarterly Results Of Operations (Unaudited) [Abstract] | |
Quarterly Financial Information [Table Text Block] | Fiscal Year Ended September 30, 2016 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 150,766 $ 159,981 $ 179,599 $ 205,647 Gross profit $ 27,633 $ 27,812 $ 33,997 $ 37,538 Net income attributable to IES Holdings, Inc. $ 5,799 $ 2,194 $ 10,805 $ 101,980 Earnings per share: Basic $ 0.27 $ 0.10 $ 0.50 $ 4.75 Diluted $ 0.27 $ 0.10 $ 0.50 $ 4.74 Fiscal Year Ended September 30, 2015 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 136,336 $ 133,752 $ 144,082 $ 159,687 Gross profit $ 22,704 $ 21,708 $ 25,052 $ 30,427 Net income from continuing operations $ 3,473 $ 1,854 $ 3,962 $ 7,588 Net loss from discontinued operations $ (181) $ (44) $ (5) $ (109) Net income $ 3,292 $ 1,810 $ 3,957 $ 7,479 Earnings per share from continuing operations: Basic $ 0.16 $ 0.08 $ 0.19 $ 0.36 Diluted $ 0.16 $ 0.08 $ 0.19 $ 0.36 Loss per share from discontinued operations: Basic $ (0.01) $ 0.00 $ 0.00 $ (0.01) Diluted $ (0.01) $ 0.00 $ 0.00 $ (0.01) Earnings per share: Basic $ 0.15 $ 0.08 $ 0.19 $ 0.35 Diluted $ 0.15 $ 0.08 $ 0.19 $ 0.35 |
Business (Details)
Business (Details) | Sep. 30, 2016numberoffacilities |
Communications [Member] | |
Business Transactions [Line Items] | |
Number Of Locations | 13 |
Residential [Member] | |
Business Transactions [Line Items] | |
Number Of Locations | 32 |
Commercial & Industrial [Member] | |
Business Transactions [Line Items] | |
Number Of Locations | 20 |
Infrastructure Solutions [Member] | |
Business Transactions [Line Items] | |
Number Of Locations | 10 |
Summary Of Significant Accoun43
Summary Of Significant Accounting (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Summary Of Significant Accounting Policies [Abstract] | |||
Allowance for Doubtful Accounts Receivable | $ 736 | $ 842 | $ 780 |
Expense of debt issuance costs | 345 | 317 | $ 385 |
Unamortized Debt Issuance Expense | 976 | 1,031 | |
Loss Contingency, Undiscounted Amount of Insurance-related Assessment Liability | 5,223 | 4,465 | |
Accrued Insurance | $ 5,464 | $ 4,518 | |
LossContingencyAccrualInsuranceRelatedAssessmentDiscountRate | 1.10% | 1.40% | |
Deferred Tax Assets (Liabilities), Net | $ 93,549 | $ 202 | |
Number Of Single Customers Comprising More Than Ten Percent Of Consolidated Net Sales | 0 | ||
Other Commitments [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 6,944 | ||
Insurance Related [Member] | |||
Other Commitments [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 6,126 |
Summary of Significant Accoun44
Summary of Significant Accounting - Future Undiscounted Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | ||
EstimatedUndiscountedUltimateLossesInNextTwelveMonths | $ 1,827 | |
EstimatedUndiscountedUltimateLossesInYearTwo | 1,183 | |
EstimatedUndiscountedUltimateLossesInYearThree | 625 | |
EstimatedUndiscountedUltimateLossesInYearFour | 403 | |
EstimatedUndiscountedUltimateLossesInYearFive | 216 | |
EstimatedUndiscountedUltimateLossesThereafter | 969 | |
Loss Contingency, Undiscounted Amount of Insurance-related Assessment Liability | $ 5,223 | $ 4,465 |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Property And Equipment [Abstract] | |||
Depreciation | $ 5,664 | $ 2,509 | $ 2,526 |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 40,821 | 34,866 | |
Accumulated Depreciation | (25,307) | (23,212) | |
Construction in Progress | 180 | 29 | |
Property, Plant and Equipment, Net, Total | 15,694 | 11,683 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 876 | 936 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 3,825 | 4,120 | |
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 | $ 2,395 | 1,320 | |
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 | $ 14,049 | 9,586 | |
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 | $ 2,632 | 2,314 | |
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 | $ 16,072 | 15,800 | |
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 | $ 972 | $ 790 | |
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 ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Continuing operations | |||||||||||
Net Income (Loss) from Available to Common Stockholders, Basic | $ 119,722 | $ 16,792 | $ 5,500 | ||||||||
ContinuingNetIncomeLossAvailableToCommonStockholdersDiluted | 1,056 | 85 | 22 | ||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 120,778 | 16,877 | 5,522 | ||||||||
Discontinued operations | |||||||||||
DiscontinuedNetIncomeLossAvailableToCommonStockholdersBasic | 0 | (339) | (198) | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | (339) | (198) | ||||||||
Net Income (Loss) Available to Common Stockholders | 119,722 | 16,453 | 5,302 | ||||||||
Net income (loss) attributable to restricted shareholders | 1,056 | 85 | 22 | ||||||||
Net Income Attributable to IES Holdings | $ 101,980 | $ 10,805 | $ 2,194 | $ 5,799 | $ 120,778 | $ 16,538 | $ 5,324 | ||||
Weighted Average Number of Shares Outstanding, Basic | 21,279,342 | 21,480,622 | 18,417,564 | ||||||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 212,997 | 45,566 | 55,856 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted, Total | 21,492,339 | 21,526,188 | 18,473,420 | ||||||||
Earnings Per Share, Basic [Abstract] | |||||||||||
Continuing operations | $ 0.36 | $ 0.19 | $ 0.08 | $ 0.16 | $ 5.63 | $ 0.79 | $ 0.3 | ||||
Discontinued operations | (0.01) | 0 | 0 | (0.01) | 0 | (0.02) | (0.01) | ||||
Earnings Per Share, Basic | $ 4.75 | $ 0.5 | $ 0.1 | $ 0.27 | 0.35 | 0.19 | 0.08 | 0.15 | 5.63 | 0.77 | 0.29 |
Earnings Per Share, Diluted [Abstract] | |||||||||||
Continuing operations | 0.36 | 0.19 | 0.08 | 0.16 | 5.62 | 0.79 | 0.3 | ||||
Discontinued operations | (0.01) | 0 | 0 | (0.01) | 0 | (0.02) | (0.01) | ||||
Earnings Per Share, Diluted | $ 4.74 | $ 0.5 | $ 0.1 | $ 0.27 | $ 0.35 | $ 0.19 | $ 0.08 | $ 0.15 | $ 5.62 | $ 0.77 | $ 0.29 |
Detail of Certain Balance She47
Detail of Certain Balance Sheet Accounts (Details) - EnerTech [Member] | 12 Months Ended |
Sep. 30, 2016 | |
Schedule of Equity Cost Investments [Line Items] | |
Cost Method Investments Additional Information | we held an investment in EnerTech Capital Partners II L.P. (“EnerTech), a private investment fund |
Equity Method Investment, Ownership Percentage | 2.21% |
Detail of Certain Balance She48
Detail of Certain Balance Sheet Accounts - AR (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Allowance For Doubtful Accounts Receivable [Abstract] | ||
Allowance for Doubtful Accounts Receivable Beginning Balance | $ 842 | $ 780 |
Additions to costs and expenses | 360 | 416 |
Allowance For Doubtful Accounts Receivable Charge Offs | (466) | (354) |
Allowance for Doubtful Accounts Receivable Ending Balance | $ 736 | $ 842 |
Detail of Certain Balance She49
Detail of Certain Balance Sheet Accounts - AP (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts Payable, Trade | $ 64,963 | $ 47,033 |
Accrued Employee Benefits | 26,827 | 22,527 |
Accrued Insurance | 5,464 | 4,518 |
Other Accrued Liabilities | 11,568 | 8,832 |
Accounts Payable and Accrued Liabilities, Current, Total | $ 108,822 | $ 82,910 |
Detail of Certain Balance She50
Detail of Certain Balance Sheet Accounts - CIP (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Contracts in Progress [Abstract] | ||
Costs Incurred Contract In Progress | $ 409,075 | $ 329,942 |
Estimated Earnings on Contracts In Progress | 48,618 | 37,576 |
Estimated Profit On Contract In Progress | 457,693 | 367,518 |
Billings To Date | (466,368) | (380,365) |
Contracts In Process Net | (8,675) | (12,847) |
Costs in Excess of Billings on Uncompleted Contracts or Programs | 15,554 | 12,318 |
Billings in Excess of Cost | 24,229 | 25,165 |
Contracts In Process Net (From Balance Sheet) | $ (8,675) | $ (12,847) |
Detail of Certain Balance She51
Detail of Certain Balance Sheet Accounts - Other Non Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Other Assets, Noncurrent [Abstract] | ||
Deposits | $ 0 | $ 0 |
Deferred Tax Assets, Noncurrent | 0 | 147 |
Deferred Compensation Plan Assets | 599 | 617 |
Investments | 919 | 919 |
Other, Other Noncurrent Assets | 2,192 | 1,301 |
Other Assets, Noncurrent, Total | $ 3,710 | $ 2,984 |
Detail of Certain Balance She52
Detail of Certain Balance Sheet Accounts - FairValue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Investments, All Other Investments [Abstract] | ||
Carrying Value | $ 919 | $ 919 |
Unrealized Gain (Loss) on Investments | 159 | 66 |
Fair Value | $ 1,078 | $ 985 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Debt [Abstract] | |||
Interest expense | $ 1,282 | $ 1,130 | $ 1,574 |
Letters of Credit Outstanding | $ 6,944 | ||
Revolving Loan [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of Credit Facility, Description | We maintain a revolving credit facility with Wells Fargo Bank, N.A. (the “Credit Facility”), which is evidenced by an Amended and Restated Credit and Security Agreement (as amended, the “Credit Agreement”). During fiscal 2016, we amended the maximum revolver amount under the Credit Facility from $60,000 to $70,000 and extended the maturity date by one year to August 9, 2019. In addition, as further described below, we amended the Credit Facility to reduce the interest rate charged, modify the calculation of amounts available, resulting in an increase in available borrowing capacity, create new minimum thresholds for Liquidity and Excess Availability (as defined in the Credit Agreement), and modify the thresholds of Liquidity (which, as defined in the Credit Agreement, is the aggregate amount of unrestricted cash and cash equivalents on hand plus Excess Availability) and Excess Availability below which the Company must maintain a specified Fixed Charge Coverage Ratio (as defined in the Credit Agreement). | ||
Line Of Credit Facility, Expiration Date | Aug. 9, 2019 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 70,000 | ||
Line Of Credit Facility Covenant Terms | at any time that our Liquidity is less than $14,000 or our Excess Availability is less than $7,000, that we maintain a Fixed Charge Coverage Ratio of not less than 1.0:1.0 | ||
Line of Credit Facility, Interest Rate Description | 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 | ||
Liquidity | $ 66,291 | ||
Excess Availability | $ 33,070 | ||
Unused commitment fee | 0.375% | ||
Line Of Credit Facility Collateral Fees | a collateral monitoring fee ranging from $1 to $2, based on the then-applicable interest rate margin |
Debt - Debt Reconciliation (Det
Debt - Debt Reconciliation (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Debt Instrument [Line Items] | ||
Debt, Current | $ 0 | $ 4 |
Long-term Debt | 30,233 | 10,234 |
Debt Issuance Costs | 976 | 1,031 |
Total debt | 29,257 | 9,207 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Current | 0 | 4 |
Revolving Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 30,233 | $ 10,234 |
Debt - Borrowing Thresholds (De
Debt - Borrowing Thresholds (Details) | 12 Months Ended |
Sep. 30, 2016 | |
Level I | |
Debt Instrument [Line Items] | |
Liquidity is less than at any time during the period | If Liquidity is less than $24,500 at any time during the period |
Percentage Points | 2.25 percentage points |
Level II | |
Debt Instrument [Line Items] | |
Liquidity is greater than or equal to at all times and less than at any time. | If Liquidity is greater than or equal to $24,500 at all times during the period and less than $35,000 at any time during the period |
Percentage Points | 2.00 percentage points |
Level III | |
Debt Instrument [Line Items] | |
Liquidity is greater than or equal to at all times during the period | If Liquidity is greater than or equal to $35,000 at all times during the period |
Percentage Points | 1.75 percentage points |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 5,868 | $ 5,295 | $ 5,300 |
Leases - Furture Payments (Deta
Leases - Furture Payments (Details) - Facilities, Vehciles, and Equipment [Member] $ in Thousands | Sep. 30, 2016USD ($) |
Operating Leased Assets [Line Items] | |
Operating Leases, Future Minimum Payments Due, Current | $ 6,617 |
Operating Leases, Future Minimum Payments, Due in Two Years | 5,008 |
Operating Leases, Future Minimum Payments, Due in Three Years | 3,811 |
Operating Leases, Future Minimum Payments, Due in Four Years | 2,574 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,282 |
Operating Leases, Future Minimum Payments, Due Thereafter | 2,345 |
Operating Leases, Future Minimum Payments Due | $ 21,637 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Income Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | |
Reorganization Of Goodwill Excess Tax Basis | $ 24,190 | |
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleEstimatedRangeOfChangeUpperBound | 3,745 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 11 | $ 18 |
Deferred Tax Assets, Net | 101,094 | 2,228 |
Uncertain Tax Benefit Net Opertating Loss From Goodwill | 50,581 | $ 50,581 |
Internal Revenue Service (IRS) [Member] | ||
Income Taxes [Line Items] | ||
Cash Tax Reduction Attributable To Additional Goodwill Amortization | 11,487 | |
Operating Loss Carryforwards Attributable To Additional Goodwill Amortization | 142,052 | |
Operating Loss Carryforwards | $ 404,032 | |
Tax Credit Carryforward, Limitations on Use | 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. | |
Carryforward Amount Excluded From Limitations on Use | $ 299,904 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 326 | |
DeferredTaxAssetOffsetByDeferredTaxLiability | 7,157 | |
State and Local Jurisdiction [Member] | ||
Income Taxes [Line Items] | ||
Operating Loss Carryforwards Attributable To Additional Goodwill Amortization | 11,227 | |
Operating Loss Carryforwards | 85,929 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 1,898 | |
DeferredTaxAssetOffsetByDeferredTaxLiability | 388 | |
Deferred Tax Assets, Net | $ 550 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes [Abstract] | |||
Current Federal Tax Expense | $ 762 | $ 417 | $ 183 |
Deferred Federal Income Tax Expense | (97,093) | (564) | 182 |
Current State and Local Tax Expense | 952 | 729 | 554 |
Deferred State and Local Income Tax Expense (Benefit) | (1,738) | 79 | (171) |
Income Tax Expense (Benefit), Total | $ (97,117) | $ 661 | $ 748 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Effective Income Tax Rate Reconciliation [Line Items] | |||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $ 8,316 | $ 6,139 | $ 2,195 |
Income Tax Expense (Benefit) | (97,117) | 661 | 748 |
Increase Resulting From [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | |||
Alternative Minimum Tax | 0 | 417 | 0 |
Income Tax Reconciliation, Nondeductible Expense | 1,557 | 753 | 563 |
Long-lived Assets | 0 | 69 | 0 |
Income Tax Reconciliation, State and Local Income Taxes | 1,105 | 937 | 544 |
Contingent Tax Liabilities | 0 | 51 | 0 |
Effective Income Tax Rate Rec Other | 0 | 54 | 0 |
Decrease Resulting From [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | |||
Contingent Tax Liabilities | (96) | 0 | (1) |
Effective Income Tax Rate Rec Other | 988 | 0 | (6) |
Change in valuation allowance | (108,987) | (7,034) | (2,547) |
Valuation Allowance Adjustment Acquisition | $ 0 | $ (725) | $ 0 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Deferred Tax Assets: | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $ 280 | $ 322 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 10,729 | 9,186 |
Deferred Tax Assets, Operating Loss Carryforwards | 86,280 | 99,610 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 1,410 | 1,169 |
Deferred Tax Assets Investments | 84 | 200 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 1,012 | 573 |
Deferred Tax Assets, Capital Loss Carryforwards | 338 | 222 |
Deferred Tax Assets Goodwill And Intangible Assets | 0 | 413 |
Deferred Tax Assets, Other | 3,185 | 1,744 |
Deferred Tax Assets, Gross | 103,318 | 113,439 |
Deferred Tax Assets, Valuation Allowance | 2,224 | 111,211 |
Deferred Tax Assets, Net | 101,094 | 2,228 |
Deferred Tax Liabilities: | ||
Deferred Tax Liabilities, Property, Plant and Equipment | 1,517 | 599 |
Deferred Tax Liabilities Goodwill And Intangible Assets | 5,629 | 1,084 |
Deferred Tax Liabilities, Other | 399 | 343 |
Deferred Income Tax Liabilities, total | 7,545 | 2,026 |
Deferred Tax Assets (Liabilities), Net | $ 93,549 | $ 202 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Income Taxes [Abstract] | ||
Unrecognized Tax Benefits Beginning Balance | $ 55,963 | $ 56,079 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 0 | 98 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 0 | 1 |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | 27 | 198 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 69 | 0 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | 17 |
Unrecognized Tax Benefits Ending Balance | $ 55,867 | $ 55,963 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 205,647 | $ 179,599 | $ 159,981 | $ 150,766 | $ 159,687 | $ 144,082 | $ 133,752 | $ 136,336 | $ 695,993 | $ 573,857 | $ 512,395 |
Cost of Services | 569,013 | 473,966 | 429,269 | ||||||||
Gross Profit | 37,538 | $ 33,997 | $ 27,812 | $ 27,633 | 30,427 | $ 25,052 | $ 21,708 | $ 22,704 | 126,980 | 99,891 | 83,126 |
Selling, General and Administrative Expense | 100,558 | 81,416 | 75,571 | ||||||||
Contingent Consideration Expense | 652 | 0 | 0 | ||||||||
Loss (gain) on sale of assets | 810 | (13) | (86) | ||||||||
Operating Income (Loss) | 24,960 | 18,488 | 7,641 | ||||||||
Depreciation and amortization | 5,664 | 2,509 | 2,526 | ||||||||
Capital Expenditures | 3,417 | 2,779 | 1,982 | ||||||||
Assets | 394,340 | 225,679 | 394,340 | 225,679 | 199,950 | ||||||
Communications [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 189,635 | 141,858 | 116,073 | ||||||||
Cost of Services | 157,104 | 116,015 | 94,904 | ||||||||
Gross Profit | 32,531 | 25,843 | 21,169 | ||||||||
Selling, General and Administrative Expense | 20,839 | 15,735 | 13,481 | ||||||||
Loss (gain) on sale of assets | 0 | (18) | 6 | ||||||||
Operating Income (Loss) | 11,692 | 10,126 | 7,682 | ||||||||
Depreciation and amortization | 577 | 512 | 414 | ||||||||
Capital Expenditures | 1,102 | 675 | 331 | ||||||||
Assets | 68,018 | 49,500 | 68,018 | 49,500 | 30,415 | ||||||
Residential | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 225,889 | 206,307 | 182,514 | ||||||||
Cost of Services | 171,874 | 164,435 | 148,685 | ||||||||
Gross Profit | 54,015 | 41,872 | 33,829 | ||||||||
Selling, General and Administrative Expense | 37,585 | 31,877 | 27,947 | ||||||||
Loss (gain) on sale of assets | 1 | 4 | 4 | ||||||||
Operating Income (Loss) | 16,429 | 9,991 | 5,878 | ||||||||
Depreciation and amortization | 509 | 485 | 491 | ||||||||
Capital Expenditures | 704 | 352 | 420 | ||||||||
Assets | 43,195 | 37,755 | 43,195 | 37,755 | 40,555 | ||||||
Commercial & Industrial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 222,466 | 178,865 | 166,249 | ||||||||
Cost of Services | 197,679 | 157,322 | 148,081 | ||||||||
Gross Profit | 24,787 | 21,543 | 18,168 | ||||||||
Selling, General and Administrative Expense | 17,169 | 15,027 | 14,479 | ||||||||
Loss (gain) on sale of assets | (17) | (11) | (46) | ||||||||
Operating Income (Loss) | 7,635 | 6,527 | 3,735 | ||||||||
Depreciation and amortization | 1,234 | 283 | 270 | ||||||||
Capital Expenditures | 795 | 391 | 266 | ||||||||
Assets | 59,763 | 44,156 | 59,763 | 44,156 | 43,937 | ||||||
MISCOR [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 58,003 | 46,827 | 47,559 | ||||||||
Cost of Services | 42,356 | 36,194 | 37,599 | ||||||||
Gross Profit | 15,647 | 10,633 | 9,960 | ||||||||
Selling, General and Administrative Expense | 12,404 | 9,498 | 9,346 | ||||||||
Contingent Consideration Expense | 652 | ||||||||||
Loss (gain) on sale of assets | 826 | 12 | (50) | ||||||||
Operating Income (Loss) | 1,765 | 1,123 | 664 | ||||||||
Depreciation and amortization | 3,072 | 952 | 980 | ||||||||
Capital Expenditures | 721 | 1,197 | 828 | ||||||||
Assets | 89,447 | 30,112 | 89,447 | 30,112 | 27,272 | ||||||
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 | 12,561 | 9,279 | 10,318 | ||||||||
Loss (gain) on sale of assets | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | (12,561) | (9,279) | (10,318) | ||||||||
Depreciation and amortization | 272 | 277 | 371 | ||||||||
Capital Expenditures | 95 | 164 | 137 | ||||||||
Assets | $ 133,917 | $ 64,156 | $ 133,917 | $ 64,156 | $ 57,771 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||
Common stock, shares outstanding | 21,456,539 | 21,475,741 | |||
Unvested shares forfeited | 7,500 | 0 | 0 | ||
Equity Class Of Treasury Stock [Line Items] | |||||
Treasury Stock Value Acquired Cost Method | $ 590 | $ 3,622 | $ 179 | ||
Residual Shares Related To Acquisition Returned To Treasury Stock | 6,859 | ||||
The 2006 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Available Common Stock Authorized Shares | 1,056,574 | ||||
Common stock, shares authorized | 3,000,000 | 3,000,000 | |||
Common shares repurchased for tax withholding | 6,084 | 17,677 | |||
Shares issued under share based compensation program | 199,565 | ||||
The2015StockRepurchaseProgram [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Treasury Stock Shares Acquired | 482,156 | ||||
Treasury Stock Value Acquired Cost Method | $ 3,500 | ||||
Restricted Stock [Member] | The 2006 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Recognized compensation expense | $ 522 | 290 | 201 | ||
Unamortized compensation cost | 763 | ||||
Fair Value of Restricted Stock Vesting | $ 304 | 353 | 571 | ||
Weighted Avg Grant Date Fair Value of Unvested Restricted Stock | $ 8.48 | ||||
Restricted Stock [Member] | The 2006 Equity Incentive Plan [Member] | Scenario Forecast [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense to be recognized | $ 258 | $ 505 | |||
Phantom Share Units PSU's | The 2006 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Recognized compensation expense | $ 136 | 224 | 243 | ||
Stock Option [Member] | The 2006 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Recognized compensation expense | 70 | (45) | $ 267 | ||
Unamortized compensation cost | 23 | ||||
Intrinsic Value | $ 286 | $ 88 | |||
Stock Option [Member] | The 2006 Equity Incentive Plan [Member] | Scenario Forecast [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense to be recognized | $ 23 | ||||
Performance Cash Units [Member] | The 2006 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued under share based compensation program | 420,000 | ||||
Recognized compensation expense | $ 808 |
Stockholders' Equity RS Rollfor
Stockholders' Equity RS Rollforward (Details) - shares | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Unvested at beginning of year | 207,166 | 57,666 | 159,246 |
Shares Granted | 0 | 194,000 | 13,500 |
Vested | 25,332 | 44,500 | 115,080 |
Unvested shares forfeited | 7,500 | 0 | 0 |
Unvested at end of year | 174,334 | 207,166 | 57,666 |
Stockholders' Equity Stock Valu
Stockholders' Equity Stock Valuations (Details) | 12 Months Ended |
Sep. 30, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Weighted average value per option granted during the period | $ 3.87 |
Stock price volatility minimum | 55.60% |
Stock price volatility maximum | 57.81% |
Risk-free rate of return minimum | 1.34% |
Risk-free rate of return maximum | 1.48% |
Option term | 10 years |
Expected life | 6 years |
Forfeiture rate | 10.00% |
Stockholders' Equity Stock Opt
Stockholders' Equity Stock Opt Rollforward (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share Based Compensation Arrangement by Share Based Payment Award, Options, Outstanding Roll Forward | |||
Outstanding (Shares) | 133,000 | 170,000 | 170,000 |
Options granted (Shares) | 0 | 37,000 | 0 |
Options Exercised, shares | 42,500 | ||
Forfeited and Cancelled (Shares) | 11,000 | 74,000 | 0 |
Outstanding (Shares) | 79,500 | 133,000 | 170,000 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price Rollforward [Abstract] | |||
Outstanding (Weighted Average Price) | $ 5.79 | $ 5.46 | $ 5.46 |
Options granted (Weighted Average Price) | 0 | 7.25 | 0 |
Exercised (Weighted Average Price) | 5.17 | 0 | 0 |
Forfeited and Cancelled (Weighted Average Price) | 3.6 | 5.76 | 0 |
Outstanding (Weighted Average Price) | $ 6.43 | $ 5.79 | $ 5.46 |
Stockholders' Equity Options Ou
Stockholders' Equity Options Outstanding (Details) | 12 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding | shares | 79,500 |
Weighted-Average Exercise Price | $ 6.43 |
Share Exercisable | shares | 43,500 |
Exercisable Weighted Average Exercise Price | $ 5.76 |
$5.76 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Lower Limit | 5.76 |
Range of Exercise Prices Upper Limit | $ 5.76 |
Shares Outstanding | shares | 43,500 |
Remaining Contractual Term | 6 years 6 months 29 days |
Weighted-Average Exercise Price | $ 5.76 |
Share Exercisable | shares | 43,500 |
Exercisable Weighted Average Exercise Price | $ 5.76 |
$7.27 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Lower Limit | 7.27 |
Range of Exercise Prices Upper Limit | $ 7.27 |
Shares Outstanding | shares | 22,000 |
Remaining Contractual Term | 8 years 3 months 15 days |
Weighted-Average Exercise Price | $ 7.27 |
Share Exercisable | shares | 0 |
Exercisable Weighted Average Exercise Price | $ 0 |
$7.21 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Lower Limit | 7.21 |
Range of Exercise Prices Upper Limit | $ 7.21 |
Shares Outstanding | shares | 14,000 |
Remaining Contractual Term | 8 years 4 months 2 days |
Weighted-Average Exercise Price | $ 7.21 |
Share Exercisable | shares | 0 |
Exercisable Weighted Average Exercise Price | $ 0 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - Tontine Associates [Member] $ in Thousands | 12 Months Ended |
Sep. 30, 2016USD ($) | |
Related Party Transaction [Line Items] | |
Lease Inception Date | Apr. 1, 2016 |
Lease Expiration Date 1 | Mar. 31, 2019 |
Monthly Lease Payments | $ 8 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016USD ($)years | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Executive Saving Plan [Abstract] | |||
Maximum percentage of salary permitted for deferral | 75.00% | ||
Post Retirement Benefit Plan [Abstract] | |||
Defined Benefit Plan, Percentage Vest After Ten Years Of Service | 50.00% | ||
Denfied Benefits Plan, Annual Percentage Vested | 10.00% | ||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | $ 875 | $ 871 | |
Expense Related to Post Retirement Benefit Plan | $ 65 | 11 | $ 15 |
Multiemployer Plans [Abstract] | |||
Percentage of Plan Funded | 83.91% | ||
IES 401(k) Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Benefit Plan Plans Fully Vested Number Of Years | years | 3 | ||
Defined Benefit Plan Minimum Age | years | 21 | ||
Minimum Employment Term For Eligibility | 60 days | ||
401(k) Matching Expense | $ 616 | 288 | 276 |
Infrastructure Solutions 401(k) Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Matching Expense | $ 121 | $ 99 | $ 74 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Executive Savings Plan - Assets | $ 599 | $ 617 |
Executive Savings Plan - Liabilities | (504) | |
Fair Value, Net Asset (Liability) | (987) | 113 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Executive Savings Plan - Assets | 599 | 617 |
Executive Savings Plan - Liabilities | (504) | |
Fair Value, Net Asset (Liability) | $ 113 | $ 113 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
InventoryDisclosureAbstract | ||
Raw Materials | $ 2,538 | $ 1,641 |
Work in Process | 4,158 | 2,641 |
Finished Goods | 1,558 | 1,199 |
Parts and Supplies | 4,982 | 8,496 |
Inventory, Net, Total | $ 13,236 | $ 13,977 |
Goodwill and Intangible Asset73
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization Expense | $ 2,936 | $ 381 | $ 635 |
Goodwill and Intangible Asset74
Goodwill and Intangible Assets - Goodwill RollForward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
GoodwillRollForward | ||
Goodwill, Beginning Balance | $ 17,249 | $ 14,993 |
Acquisitions | 23,264 | 2,256 |
Divestitures | 577 | |
Goodwill, Ending Balance | 39,936 | 17,249 |
Residential [Member] | ||
GoodwillRollForward | ||
Goodwill, Beginning Balance | 8,631 | 8,631 |
Acquisitions | 0 | 0 |
Goodwill, Ending Balance | 8,631 | 8,631 |
Commercial & Industrial [Member] | ||
GoodwillRollForward | ||
Goodwill, Beginning Balance | 0 | 0 |
Acquisitions | 3,806 | 0 |
Goodwill, Ending Balance | 3,806 | 0 |
Infrastructure Solutions [Member] | ||
GoodwillRollForward | ||
Goodwill, Beginning Balance | 8,618 | 6,362 |
Acquisitions | 19,458 | 2,256 |
Divestitures | 577 | |
Goodwill, Ending Balance | $ 27,499 | $ 8,618 |
Goodwill and Intangible Asset75
Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
IntangibleAssets [Line Items] | ||
Gross Carrying Amount | $ 35,871 | $ 5,940 |
Accumulated Amortization | 4,148 | 1,217 |
INTANGIBLE ASSETS, net of amortization | 31,723 | 4,723 |
Trademarks And Trade Names - Indefinite [Member] | ||
IntangibleAssets [Line Items] | ||
Gross Carrying Amount | 1,200 | |
Accumulated Amortization | 0 | |
INTANGIBLE ASSETS, net of amortization | 1,200 | |
Trademarks And Trade Names - Indefinite [Member] | ||
IntangibleAssets [Line Items] | ||
Gross Carrying Amount | 3,845 | 200 |
Accumulated Amortization | 139 | 9 |
INTANGIBLE ASSETS, net of amortization | $ 3,706 | $ 191 |
Trademarks And Trade Names - Indefinite [Member] | Minimum [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 5 years | 8 years |
Trademarks And Trade Names - Indefinite [Member] | Maximum [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 20 years | |
Technical Library [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 20 years | 20 years |
Gross Carrying Amount | $ 400 | $ 400 |
Accumulated Amortization | 61 | 41 |
INTANGIBLE ASSETS, net of amortization | 339 | 359 |
Customer Relationships [Member] | ||
IntangibleAssets [Line Items] | ||
Gross Carrying Amount | 27,414 | 3,600 |
Accumulated Amortization | 2,003 | 788 |
INTANGIBLE ASSETS, net of amortization | $ 25,411 | $ 2,812 |
Customer Relationships [Member] | Minimum [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 6 years | 8 years |
Customer Relationships [Member] | Maximum [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 15 years | 12 years |
Covenants Not to Compete [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 3 years | 3 years |
Gross Carrying Amount | $ 140 | |
Accumulated Amortization | 121 | |
INTANGIBLE ASSETS, net of amortization | $ 19 | |
Develeoped Technology [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 4 years | 4 years |
Gross Carrying Amount | $ 400 | $ 400 |
Accumulated Amortization | 358 | 258 |
INTANGIBLE ASSETS, net of amortization | $ 42 | $ 142 |
Order Backlog [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 1 year | |
Gross Carrying Amount | $ 1,621 | |
Accumulated Amortization | 545 | |
INTANGIBLE ASSETS, net of amortization | $ 1,076 | |
Construction Contract Value [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 1 year | |
Gross Carrying Amount | $ 2,191 | |
Accumulated Amortization | 1,042 | |
INTANGIBLE ASSETS, net of amortization | $ 1,149 |
Goodwill and Intangible Asset76
Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2016USD ($) |
FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract | |
Amortization Expense Year 1 | $ 5,050 |
Amortization Expense Year 2 | 3,154 |
Amortization Expense Year 3 | 2,903 |
Amortization Expense Year 4 | 2,818 |
Amortization Expense Year 5 | 2,714 |
Amortization Expense After Year 5 | 15,084 |
FiniteLivedIntangibleAssetsNet | $ 31,723 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Commitments And Contingencies [Abstract] | ||
Accrued Insurance | $ 5,464 | $ 4,518 |
Liability for Claims and Claims Adjustment Expense | 235 | $ 464 |
Estimated cost of completion of bonded project | 54,287 | |
Other Commitments [Line Items] | ||
Letters of Credit Outstanding, Amount | 6,944 | |
Insurance Related [Member] | ||
Other Commitments [Line Items] | ||
Letters of Credit Outstanding, Amount | 6,126 | |
Vendor Related [Member] | ||
Other Commitments [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 818 | |
Capstone [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Name Of Plaintiff | Capstone Building Corporation (“Capstone”) | |
Loss Contingency, Damages Sought, Value | $ 10,406 | |
Loss Contingency Opinion Of Counsel | To date, the Company has not established a reserve with respect to this matter, as we believe the likelihood of our responsibility for damages is not probable and a potential range of exposure is not reasonably estimable. |
Business Combination (Details)
Business Combination (Details) $ in Thousands | May 21, 2015USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Apr. 15, 2016USD ($) |
Business Acquisition [Line Items] | ||||||
Cash Paid for Acquisition | $ 59,544 | $ 3,113 | $ 0 | |||
Goodwill Tax Basis | 39,936 | $ 17,249 | $ 14,993 | |||
Amount From Credit Facility Used For Acquisitions | $ 20,000 | |||||
Interest Rate During Period | 2.50% | |||||
Goodwill Written Off Related To Sale Of Business Unit | $ 577 | |||||
Infrastructure Solutions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill Written Off Related To Sale Of Business Unit | 577 | |||||
Loss on Sale of Assets From Divestiture | 821 | |||||
Assets held for sale | $ 2,200 | |||||
AcquisitionRelatedCostsMember | ||||||
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | ||||||
Business Combination Acquisition Related Costs | $ 681 | |||||
Business Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Number of Businesses Acquired | 4 | |||||
Total Consideration Transferred | $ 59,592 | |||||
Cash Purchase Consideration | 59,144 | |||||
Cash Paid for Acquisition | 58,448 | |||||
Additional Consideration To Be Paid | 696 | |||||
Business Combination Acquired Receivables | 9,000 | |||||
Business Combination Acquired Receivables Estimated Uncollectible | 518 | |||||
Revenues From Acquisitions | 34,367 | |||||
Operating Income From Acquisitions | $ 3,527 | |||||
Business Acquisition Southern Rewinding [Member] | Infrastructure Solutions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Name of Acquired Business | Southern Industrial Sales and Services, Inc. (“Southern Rewinding”) | |||||
Description of Acquired Business | a Columbus, Georgia-based motor repair and related field services company | |||||
Date of Acquisition Agreement | May 21, 2015 | |||||
Total Consideration Transferred | $ 3,937 | |||||
Cash Purchase Consideration | 3,137 | |||||
Cash Paid for Acquisition | $ 400 | |||||
Working Capital Transfer | $ 1,065 | |||||
Business Acquisition Southern Rewinding [Member] | Infrastructure Solutions [Member] | Scenario Forecast [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Additional Consideration To Be Paid | $ 400 | |||||
Business Acquisition Technibus [Member] | Infrastructure Solutions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Name of Acquired Business | Technibus, Inc. (“Technibus”) | |||||
Description of Acquired Business | a Canton, Ohio based provider of custom engineered, metal enclosed bus duct solutions | |||||
Date of Acquisition Agreement | Jun. 15, 2016 | |||||
Goodwill Tax Basis | $ 15,305 | |||||
Businessacquisition Str [Member] | Commercial & Industrial [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Name of Acquired Business | STR Mechanical, LLC (“STR”) | |||||
Description of Acquired Business | We acquired 80% of the membership interests in STR, a Charlotte, North Carolina-based provider of commercial and industrial mechanical services, including maintenance, repair, and replacement services, and temperature control system installations | |||||
Minority Interest Ownership Percentage By Parent | 80.00% | |||||
Date of Acquisition Agreement | Apr. 27, 2016 | |||||
Business Acquisition Calumet [Member] | Infrastructure Solutions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Name of Acquired Business | Calumet Armature & Electric, LLC (“Calumet”) | |||||
Description of Acquired Business | an Illinois-based provider of design, manufacturing, assembly, and repair services of electric motors for the industrial and mass transit markets | |||||
Date of Acquisition Agreement | Oct. 30, 2015 | |||||
Minimum Contingent Consideration Value | $ 448 | |||||
Contingent Consideration Fair Value | 1,100 | |||||
Maximum Contingent Consideration Value | $ 2,250 | |||||
Business Acquisition Shanahan [Member] | Commercial & Industrial [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Name of Acquired Business | Shanahan Mechanical and Electrical, Inc. (“Shanahan”) | |||||
Description of Acquired Business | a Nebraska-based provider of mechanical and electrical contracting services | |||||
Date of Acquisition Agreement | Nov. 20, 2015 |
Business Combination - Assets A
Business Combination - Assets And Liabilities Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 | May 21, 2015 | Sep. 30, 2014 |
Business Acquisition [Line Items] | ||||
GOODWILL | $ 39,936 | $ 17,249 | $ 14,993 | |
Business Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Current Assets | 14,903 | |||
Property and Equipment | 4,572 | |||
Intangible Assets | 30,071 | |||
GOODWILL | 23,264 | |||
Current Liabilities | (6,192) | |||
Deferred Tax Liability | (5,331) | |||
Noncontrolling interest | (1,695) | |||
Net Assets Acquired, less controlling interests | $ 59,592 | |||
Business Acquisition Southern Rewinding [Member] | ||||
Business Acquisition [Line Items] | ||||
Current Assets | $ 1,225 | |||
Property and Equipment | 911 | |||
Intangible Assets | 1,700 | |||
GOODWILL | 2,256 | |||
Current Liabilities | (1,431) | |||
Deferred Tax Liability | (724) | |||
Net Assets Acquired, less controlling interests | $ 3,937 |
Business Combination - Pro Form
Business Combination - Pro Forma (Details) - Business Acquisitions - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | ||
Pro Forma Revenue | $ 721,254 | $ 634,760 |
Pro Forma Net Income | $ 117,134 | $ 16,430 |
Quarterly Results Of Operatio81
Quarterly Results Of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Quarterly Results Of Operations (Unaudited) [Abstract] | |||||||||||
Revenues | $ 205,647 | $ 179,599 | $ 159,981 | $ 150,766 | $ 159,687 | $ 144,082 | $ 133,752 | $ 136,336 | $ 695,993 | $ 573,857 | $ 512,395 |
Cost of Services | 569,013 | 473,966 | 429,269 | ||||||||
Gross Profit | 37,538 | 33,997 | 27,812 | 27,633 | 30,427 | 25,052 | 21,708 | 22,704 | 126,980 | 99,891 | 83,126 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 7,588 | 3,962 | 1,854 | 3,473 | 120,878 | 16,877 | 5,522 | ||||
Income (loss) from discontinued operations | $ (109) | $ (5) | $ (44) | $ (181) | 0 | (339) | (198) | ||||
Net Income Attributable to IES Holdings | $ 101,980 | $ 10,805 | $ 2,194 | $ 5,799 | $ 120,778 | $ 16,538 | $ 5,324 | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.36 | $ 0.19 | $ 0.08 | $ 0.16 | $ 5.63 | $ 0.79 | $ 0.3 | ||||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.36 | 0.19 | 0.08 | 0.16 | 5.62 | 0.79 | 0.3 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | (0.01) | 0 | 0 | (0.01) | 0 | (0.02) | (0.01) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | (0.01) | 0 | 0 | (0.01) | 0 | (0.02) | (0.01) | ||||
Earnings Per Share, Basic | $ 4.75 | $ 0.5 | $ 0.1 | $ 0.27 | 0.35 | 0.19 | 0.08 | 0.15 | 5.63 | 0.77 | 0.29 |
Earnings Per Share, Diluted | $ 4.74 | $ 0.5 | $ 0.1 | $ 0.27 | $ 0.35 | $ 0.19 | $ 0.08 | $ 0.15 | $ 5.62 | $ 0.77 | $ 0.29 |
Subsequent Event (Details)
Subsequent Event (Details) - Series A Preferred Stock [Member] | 12 Months Ended |
Sep. 30, 2016$ / shares | |
Subsequent Event [Line Items] | |
Subsequent Event Description | Board of Directors declared and paid a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock. The dividend was payable to the stockholders of record as of the close of business on November 18, 2016. Each Right represents a right to purchase one one-thousandth of a share of Series A Junior Participating Preferred Stock of the Company |
Share Price | $ 79.3 |