API Technologies (ATNY) 10-Q 13 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Feb. 29, 2016	Apr. 01, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 29, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	ATNY
Entity Registrant Name	API TECHNOLOGIES CORP.
Entity Central Index Key	1,081,078
Current Fiscal Year End Date	--11-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		55,855,800

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Current
Cash and cash equivalents	$ 4,519	$ 7,207
Accounts receivable, less allowance for doubtful accounts of $739 and $756 at February 29, 2016 and November 30, 2015, respectively	40,428	41,684
Inventories, net (note 5)	63,985	65,243
Prepaid expenses and other current assets	2,247	1,980
Total current assets	111,179	116,114
Fixed assets, net	29,324	30,246
Goodwill	149,239	149,239
Intangible assets, net	43,968	46,928
Other non-current assets	1,102	2,498
Total assets	334,812	345,025
Current
Accounts payable and accrued expenses	37,744	41,795
Deferred revenue	4,323	3,694
Current portion of long-term debt (note 8)	27,200	21,816
Total current liabilities	69,267	67,305
Deferred income taxes	4,683	4,373
Other long-term liabilities	1,640	1,601
Long-term debt, net of current portion and discount of $2,161 and $2,480 at February 29, 2016 and November 30, 2015, respectively (note 8)	170,554	175,730
Deferred gain (note 8c)	7,044	7,193
Total liabilities	$ 253,188	$ 256,202
Commitments and contingencies (note 13)
Shareholders' Equity
Common shares ($0.001 par value, 250,000,000 authorized shares, 55,850,736 and 55,850,736 shares issued and outstanding at February 29, 2016 and November 30, 2015, respectively)	$ 56	$ 56
Special voting stock ($0.01 par value, 1 share authorized, issued and outstanding at February 28, 2016 and November 30, 2015, respectively)	0	0
Additional paid-in capital	331,492	331,144
Accumulated deficit	(248,827)	(242,401)
Accumulated other comprehensive income (loss)	(1,097)	24
Total Shareholders' Equity	81,624	88,823
Total Liabilities and Shareholders' Equity	$ 334,812	$ 345,025

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Allowance for doubtful accounts	$ 739	$ 756
Long-term debt discount	$ 2,161	$ 2,480
Common shares, par value	$ 0.001	$ 0.001
Common shares, shares authorized	250,000,000	250,000,000
Common shares, shares issued	55,850,736	55,850,736
Common shares, shares outstanding	55,850,736	55,850,736
Special voting stock, par value	$ 0.01	$ 0.01
Special voting stock, share authorized	1	1
Special voting stock, Share Issued	1	1
Special voting stock, Share Outstanding	1	1

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Revenue, net	$ 54,427	$ 50,850
Cost of revenues
Cost of revenues	40,063	37,859
Restructuring charges	527	42
Total cost of revenues	40,590	37,901
Gross profit	13,837	12,949
Operating expenses
General and administrative	8,430	5,279
Selling expenses	3,896	3,655
Research and development	871	2,000
Business acquisition and related charges	183	62
Restructuring charges	69	830
Total operating expenses	13,449	11,826
Operating income	388	1,123
Other expense (income), net
Interest expense, net	5,326	3,127
Amortization of note discounts and deferred financing costs	343	23
Other expense (income), net	456	(120)
Total other expenses (income), net	6,125	3,030
Loss before income taxes	(5,737)	(1,907)
Expense for income taxes	689	272
Net loss	$ (6,426)	$ (2,179)
Net loss per share-Basic and diluted	$ (0.11)	$ (0.04)
Weighted average shares outstanding
Basic	55,914,633	55,461,217
Diluted	55,914,633	55,461,217
Comprehensive loss
Unrealized foreign currency translation adjustment	$ (1,121)	$ (428)
Other comprehensive loss	(1,121)	(428)
Comprehensive loss	$ (7,547)	$ (2,607)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - 3 months ended Feb. 29, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Nov. 30, 2015		55,850,736
Balance at Nov. 30, 2015	$ 88,823	$ 56	$ 331,144	$ (242,401)	$ 24
Stock-based compensation expense	348		348
Net loss for the period	(6,426)			(6,426)
Other comprehensive loss	(1,121)				(1,121)
Balance (in shares) at Feb. 29, 2016		55,850,736
Balance at Feb. 29, 2016	$ 81,624	$ 56	$ 331,492	$ (248,827)	$ (1,097)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Cash flows from operating activities
Net loss	$ (6,426)	$ (2,179)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,322	3,459
Amortization of note discounts and deferred financing costs	343	23
Stock based compensation	348	79
Gain on sale of fixed assets	(149)	(149)
Deferred income taxes	311	98
Changes in operating asset and liabilities, net of business acquisitions
Accounts receivable	674	2,410
Inventories	438	(3,830)
Prepaid expenses and other current assets	(309)	39
Accounts payable and accrued expenses	(2,379)	560
Deferred revenue	857	153
Net cash (used for) provided by operating activities	(1,970)	663
Cash flows from investing activities
Purchase of fixed assets	(271)	(159)
Purchase of intangible assets	(61)	(107)
Net cash used by investing activities	(332)	(266)
Cash flows from financing activities
Repayments of long-term debt (note 8)	(41)	(2,500)
Net cash used by financing activities	(41)	(2,500)
Effect of exchange rate on cash and cash equivalents	(345)	44
Net decrease in cash and cash equivalents	(2,688)	(2,059)
Cash and cash equivalents, beginning of period	7,207	8,258
Cash and cash equivalents, end of period	$ 4,519	$ 6,199

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Feb. 29, 2016
NATURE OF BUSINESS AND BASIS OF PRESENTATION	1. NATURE OF BUSINESS AND BASIS OF PRESENTATION Nature of Business API Technologies Corp. (“API”, and together with its subsidiaries, the “Company”) designs, develops, and manufactures systems, subsystems, modules, and components for RF microwave, millimeterwave, electromagnetic, power, and security applications, as well as provides electronics manufacturing for technically demanding, high-reliability applications. On February 28, 2016, API entered into an Agreement and Plan of Merger (the “Merger Agreement”) with RF1 Holding Company (“Parent”) and RF Acquisition Sub, Inc., a wholly owned subsidiary of Parent (“Merger Sub”), providing for the merger of Merger Sub with and into the Company (the “Merger”), with API surviving the Merger as a wholly owned subsidiary of Parent (see Note17). On June 8, 2015 API completed the acquisition of Aeroflex / Inmet, Inc. (“Inmet”) and Aeroflex / Weinschel, Inc. (“Weinschel”) from Cobham plc for a total purchase price of approximately $80,000. Inmet and Weinschel have each been in business for more than 40 years, and each manufactures and sells RF and microwave products for defense, space, avionics, wireless, and test and measurement applications. The acquisitions of Inmet and Weinschel add breadth to API’s RF, microwave, and microelectronics product portfolio, extend the Company’s subsystems offering, and further API’s reach in key end markets, including defense, space, commercial aviation, and wireless. API financed the acquisition with an $85,000 add-on to its existing term loan with Guggenheim Corporate Funding LLC (see Note 4 and Note 8a). The unaudited consolidated financial statements include the accounts of API and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. There are no other entities controlled by the Company, either directly or indirectly. The financial statements have been prepared in accordance with the requirements of Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures required in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for the fair presentation of the Company’s consolidated financial position as of February 29, 2016 and the results of its operations and cash flows for the three month period ended February 29, 2016. Results for the interim period are not necessarily indicative of results that may be expected for the entire year or for any other interim periods. The unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company and the notes thereto as of and for the year ended November 30, 2015 included in the Company’s Form 10-K filed with the SEC on March 2, 2016.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Feb. 29, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements, and the disclosures made in the accompanying notes. Examples of estimates include the provisions made for bad debts and obsolete inventory, estimates associated with annual goodwill impairment tests, and estimates of deferred income tax and liabilities. The Company also uses estimates when assessing fair values of assets and liabilities acquired in business acquisitions as well as any fair value and any related impairment charges related to the carrying value of machinery and equipment, other long-lived assets, fixed assets held for sale and discontinued operations. The Company also uses estimates in determining the remaining economic lives of long-lived assets. In addition, the Company uses assumptions when employing the Black-Scholes valuation model to estimate the fair value of share options. Despite the Company’s intention to establish accurate estimates and use reasonable assumptions, actual results may differ from these estimates. Inventories Inventories, which include materials, labor, and manufacturing overhead, are stated at the lower of cost (on a first-in, first-out basis) or net realizable value. On a quarterly basis, the Company evaluates inventories for potential write-down for identifiable obsolescence and slow moving items. The evaluation includes analysis of future demand, product mix and possible alternative uses. The Company records a provision that includes excess and obsolete inventory when write-downs or write-offs are identified. Any write-down of inventory at the close of a fiscal period creates a new cost basis that subsequently would not be marked up based on changes in underlying facts and circumstances. The Company periodically reviews and analyzes its inventory management systems, and conducts inventory impairment testing on a quarterly basis. Fixed Assets Fixed assets are recorded at cost less accumulated depreciation and are depreciated using the straight-line method over the following periods: Straight line basis Buildings and leasehold improvements 5-40 years Computer equipment 3-5 years Furniture and fixtures 5-8 years Machinery and equipment 5-10 years Vehicles 3 years Betterments are capitalized and amortized by the Company, using the same amortization basis as the underlying assets over the remaining useful life of the original asset. Betterments include renovations, major repairs and upgrades that increase the service of a fixed asset and extend the useful life. Gains and losses on depreciable assets retired or sold are recognized in the consolidated statements of operations in the year of disposal. Repairs and maintenance expenditures are expensed as incurred. Goodwill and Intangible Assets Goodwill and intangible assets result primarily from business acquisitions accounted for under the purchase method. Goodwill and intangible assets with indefinite lives are not amortized but are subject to impairment by applying a fair value based test. The Company completes an annual (or more often if impairment indicators arise under the applicable accounting guidance) impairment assessment of its goodwill on a reporting unit level. The Company’s annual impairment test for goodwill is September 1st. Intangible assets that have a finite life are amortized using the following basis over the following periods: Non-compete agreements Straight line over 5 years Computer software Straight line over 3-5 years Customer related intangibles Straight line or the pattern in which the economic benefits are expected to be realized, over an estimated life of 4-15 years Marketing related intangibles The pattern in which the economic benefits are expected to be realized, over an estimated life of 3-10 years Technology related intangibles The pattern in which the economic benefits are expected to be realized, over an estimated life of 10 years Long-Lived Assets The Company periodically evaluates the net realizable values of long-lived assets, principally identifiable intangibles and capital assets, for potential impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable, as determined based on the estimated future undiscounted cash flows. If such assets were considered to be impaired, the carrying value of the related assets would be reduced to their estimated fair value. Income Taxes Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial reporting and tax bases of assets and liabilities and available net operating loss carry forwards. A valuation allowance is established to reduce tax assets if it is more likely than not that all or some portions of such tax assets will not be realized. The Company’s valuation allowance was recorded on the deferred tax assets to reduce deferred tax assets to the amounts that we estimate are probable to be realized. In determining the adequacy of the valuation allowance, the Company applied the authoritative guidance, and considered such factors as (i) the reversal of existing temporary differences; (ii) future taxable income exclusive of reversing temporary differences and carryforwards; (iii) taxable income in prior carryback years where carryback is permitted; and (iv) prudent and feasible tax planning strategies. The Company follows the guidance concerning accounting for uncertainty in income taxes, which clarifies the accounting and disclosure for uncertainty in tax positions. The guidance requires that the Company determine whether it is more likely than not that a tax position will not be sustained upon examination by the appropriate taxing authority. If a tax position does not meet the more likely than not recognition criterion, the guidance requires that the tax position be measured at the largest amount of benefit greater than 50 percent not likely of being sustained upon ultimate settlement. Based on the Company’s evaluation, management has concluded that there are no significant uncertain tax positions requiring recognition in the consolidated financial statements. Open tax years include the tax years ended January 21, 2011 through November 30, 2015. The Company from time to time has been assessed interest or penalties by major tax jurisdictions, however such assessments historically have been minimal and immaterial to our financial results. If the Company receives an assessment for interest and/or penalties, it would be classified in the consolidated financial statements as general and administrative expense. Revenue Recognition The Company recognizes non-contract revenue when it is realized and earned. The Company considers non-contract revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until products have been shipped and risk of loss and ownership has transferred to the client. Revenue from production-type contracts, which represents less than one per cent of total revenue, is recognized using the percentage of completion method. The degree of completion is determined based on costs incurred, excluding costs that are not representative of progress to completion, as a percentage of total costs anticipated for each contract. A provision is made for losses on contracts in progress when such losses first become known. Revisions in cost and profit estimates, which can be significant, are reflected in the accounting period in which the relevant facts become known. Revenue from contracts under the percentage of completion method is not significant to the financial statements. Deferred Revenue The Company defers revenue when payment is received in advance of the service or product being shipped or delivered. Research and Development Research and development costs are expensed when incurred. Stock-Based Compensation The Company follows the authoritative guidance for accounting for stock-based compensation. The guidance requires that new, modified and unvested stock-based payment transactions with employees, such as grants of stock options, restricted stock units (“RSUs”) and restricted stock, be recognized in the financial statements based on their fair value at the grant date and recognized as compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award. Stock-based compensation cost for RSUs is measured based on the closing fair market value of the Company’s common stock on the date of grant. The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing model which takes into account as of the grant date the exercise price and expected life of the option, the current price of the underlying shares and its expected volatility, expected dividends on the shares and the risk-free interest rate for the term of the option. Foreign Currency Translation and Transactions The Company’s functional currency is U.S. dollars and the consolidated financial statements are stated in U.S. dollars, “the reporting currency.” Integrated operations have been translated from various foreign currencies (British Pounds Sterling, Canadian dollars, Chinese Yuan, Euros, and Mexican Pesos) into U.S. dollars at the period-end exchange rate for monetary balance sheet items, the historical rate for fixed assets and shareholders’ equity, and the average exchange rate for the year for revenues, expenses, gains and losses. The gains or losses on translation are included as a component of other comprehensive income (loss) for the period. Financial Instruments The fair values of financial instruments including cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings approximate their carrying values due to the short-term nature of these instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest rate, currency or credit risks arising from its financial instruments. The recorded value of long-term debt approximates the fair value of the debt as the terms and rates approximate market rates. In the ordinary course of business, the Company carries out transactions in various foreign currencies (British Pounds Sterling, Canadian Dollars, Chinese Yuan, Euros, and Mexican Pesos) included in the Company’s cash, accounts receivable, accounts payable, bank indebtedness, as well as a mortgage loan. The translation adjustments related to these accounts have been reflected as a component of comprehensive loss. Currently, the Company does not maintain a foreign currency hedging program. Debt Issuance Costs and Long-term Debt Discounts Fees paid to obtain debt financing or amendments under such debt financing are treated as debt issuance costs and are capitalized and amortized over the life of the debt using the effective interest method. These payments are shown as a financing activity on the consolidated statement of cash flows and are shown as net against long-term debt in the consolidated balance sheets. The Company may record debt and equity discounts in connection with raising funds through the issuance of convertible notes or equity instruments. These discounts may arise from (i) the receipt of proceeds less than the face value of convertible notes or equity instruments, (ii) beneficial conversion features and/or (iii) recording derivative liabilities related to embedded features. These costs are amortized over the life of the debt to interest expense utilizing the effective interest method. If a conversion of the underlying debt occurs, a proportionate share of the unamortized discount is immediately expensed. Concentration of Credit Risk The Company maintains cash balances, at times, with financial institutions, which are in excess of amounts insured by the Federal Deposit Insurance Corporation (FDIC), Canadian Deposit Insurance Corporation (CDIC) and Financial Services Compensation Scheme (FSCS in the United Kingdom). Management monitors the soundness of these institutions and has not experienced any collection losses with these institutions. The U.S., U.K. and Canadian Governments’ Departments of Defense (directly and through subcontractors) accounts for approximately 41%, 12% and 3% of the Company’s revenues for the three months ended February 29, 2016 (41%, 11% and 1% for the three months ended February 28, 2015), respectively. A loss of a significant customer could adversely impact the future operations of the Company. Earnings (Loss) per Share of Common Stock Basic earnings per share of common stock is computed by dividing income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share of common stock gives effect to all dilutive potential shares of common stock outstanding during the period. The computation of diluted earnings per share does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on earnings per share (Note 12). Comprehensive Income (Loss) Comprehensive income (loss), which includes foreign currency translation adjustments, is shown in the Consolidated Statement of Operations and Comprehensive Income (Loss).

EFFECTS OF RECENT ACCOUNTING PR

EFFECTS OF RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Feb. 29, 2016
EFFECTS OF RECENT ACCOUNTING PRONOUNCEMENTS	3. EFFECTS OF RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Pronouncements In May 2014, the FASB issued guidance which affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). The new guidance will supersede the existing revenue recognition requirements, and most industry-specific guidance. Following the announcement of a one year deferral in July 2015, for a public entity, the amendments in this guidance are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented or apply the requirements in the year of adoption, through a cumulative adjustment. The Company has not yet selected a transition method nor has it determined the impact of adoption on its consolidated financial statements. In February 2016, the FASB issued guidance, which replaces the existing guidance for leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and requires retrospective application. The Company will adopt in fiscal 2020 and is currently evaluating the impact of the guidance on its consolidated financial statements. In July 2015, the FASB issued guidance that requires an entity to measure inventory at the lower of cost and net realizable value when the FIFO or average cost method is used. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and should be applied prospectively. Earlier adoption is permitted. The Company is currently assessing the impact the adoption of the amended guidance will have on its consolidated financial statements but the adoption is not expected to have a significant impact on the Company’s consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Feb. 29, 2016
ACQUISITIONS	4. ACQUISITIONS Inmet and Weinschel On June 8, 2015 API completed the acquisition of Inmet and Weinschel for a total purchase price of $79,392, which included a payment of $80,000 partially offset by a working capital adjustment of $608. Inmet and Weinschel have each been in business for more than 40 years, and each manufactures and sells RF and microwave products for defense, space, avionics, wireless, and test and measurement applications. The acquisitions of Inmet and Weinschel add breadth to API’s RF, microwave, and microelectronics product portfolio, extend the Company’s subsystems offering, and further API’s reach in key end markets, including defense, space, commercial aviation, and wireless. API financed the acquisition with an $85,000 add-on to its existing term loan with Guggenheim Corporate Funding LLC (see Note 8). The acquisition expands the Company’s RF and Microwave capabilities and the Company believes that additional revenue opportunities will be generated through cross selling. These factors contributed to a purchase price resulting in the recognition of goodwill. The Company has accounted for the acquisition using the purchase method of accounting in accordance with the guidance on business combinations. The Company also incurred legal costs, reorganization charges and professional fees in connection with the acquisition of approximately $1,129 as of November 30, 2015. These expenses have been accounted for as operating expenses. The results of operations of Inmet and Weinschel have been included in the Company’s results of operations beginning on June 8, 2015 in the Systems, Subsystems & Components (SSC) segment. Accounting guidance requires that identifiable assets acquired and liabilities assumed be reported at fair value as of the acquisition date of a business combination. The purchase consideration was preliminarily allocated to assets acquired and liabilities assumed as follows: (in thousands) Accounts receivable and other current assets $ 6,854 Inventory 12,655 Fixed assets 5,365 Customer, marketing and technology related intangible assets 28,179 Goodwill 32,469 Current liabilities (6,130 ) Total purchase consideration $ 79,392 The purchase consideration for Inmet and Weinschel exceeded the underlying fair value of the net assets acquired, giving rise to the goodwill. The resulting goodwill will be deductible for tax purposes. Customer, marketing and technology related intangibles are amortized based on the pattern in which the economic benefits are expected to be realized, over estimated lives of four to twelve years. The purchase accounting is preliminary subject to the completion of the fair value assessment of the accounting for income taxes. Material adjustments, if any, to provisional amounts in subsequent periods, will be reflected as required. Revenues and net loss of Inmet and Weinschel combined, for the three month period ended February 29, 2016 were approximately $10,583 and $632, respectively. Fixed assets acquired in this transaction consist of the following: (in thousands) Land $ 385 Buildings and leasehold improvements 3,397 Computer equipment 15 Furniture and fixtures 207 Machinery and equipment 1,361 Total fixed assets acquired $ 5,365 The following unaudited pro forma summary presents the combined results of operations as if the Inmet and Weinschel acquisitions described above had occurred at the beginning of the three month period ended February 28, 2015. Three months ended 2015 Revenues $ 62,045 Net loss $ 130 Net loss per share—basic and diluted $ 0.00

INVENTORIES

INVENTORIES	3 Months Ended
	Feb. 29, 2016
INVENTORIES	5. INVENTORIES Inventories consisted of the following: (in thousands) February 29, November 30, Raw materials $ 34,624 $ 34,222 Work in progress 19,257 19,355 Finished goods 10,104 11,666 Total $ 63,985 $ 65,243 At February 29, 2016 and November 30, 2015, inventories are presented net of inventory reserves of $8,169 and $9,343, respectively.

SHORT-TERM DEBT

SHORT-TERM DEBT	3 Months Ended
	Feb. 29, 2016
SHORT-TERM DEBT	6. SHORT-TERM DEBT The Company has a credit facility in place for certain of its U.K. subsidiaries for approximately $347 (250 GBP), which renews in July 2016. This line of credit is tied to the prime rate in the United Kingdom and is secured by the subsidiaries’ assets. This facility was undrawn as of February 29, 2016 and November 30, 2015.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Feb. 29, 2016
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following: (in thousands) February 29, November 30, Trade accounts payable $ 19,843 $ 22,493 Accrued expenses 13,204 12,551 Wage and vacation accrual 4,697 6,751 Total $ 37,744 $ 41,795

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Feb. 29, 2016
LONG-TERM DEBT	8. LONG-TERM DEBT The Company had the following long-term debt obligations: (in thousands) February 29, November 30, Term loans, due February 6, 2018, base rate plus 7.50% interest or LIBOR plus 8.50%, (a) $ 193,690 $ 193,690 Mortgage loan, due 2027, 1.35% above Barclays fixed bank rate (b) 864 956 Capital leases payable (c) 5,361 5,380 $ 199,915 $ 200,026 Less: Current portion of long-term debt (27,200 ) (21,816 ) Discount and deferred financing charges on term loans (2,161 ) (2,480 ) Long-term portion $ 170,554 $ 175,730 a) On February 6, 2013, the Company refinanced its credit facilities and entered into (i) a credit agreement (the “Term Loan Agreement”) with various lenders and Guggenheim Corporate Funding, LLC, as agent (the “Agent”) that provided for a $165,000 term loan facility and (ii) a credit agreement with various lenders and Wells Fargo Bank, National Association (the “Revolving Loan Agreement”) that provided for a $50,000 asset-based revolving borrowing base credit facility, with a $10,000 subfacility (or the Sterling equivalent) for certain of our United Kingdom subsidiaries, a $10,000 subfacility for letters of credit and a $5,000 subfacility for swingline loans. On March 21, 2014, the Company entered into Amendment No. 2 to the Term Loan Agreement (the “Amendment No. 2”), to provide for an incremental term loan facility in an aggregate principal amount equal to $55,000 (the “Incremental Term Loan Facility”), which Incremental Term Loan Facility is subject to substantially the same terms and conditions, including the applicable interest rate and the maturity date of February 6, 2018, as the $165,000 term loan facility provided upon the initial closing of the Term Loan Agreement. In addition, Amendment No. 2 amended the Term Loan Agreement to reduce the minimum interest coverage ratio and increase the maximum leverage ratio, among other things. The proceeds of the Incremental Term Loan Facility were used (i) to pay in full and terminate the Company’s Revolving Loan Agreement; (ii) to redeem all 26,000 shares of the Company’s Series A Preferred Stock that were outstanding; (iii) to pay fees, costs and expenses associated with the Incremental Term Loan Facility and related transactions; and (iv) for general corporate purposes. This resulted in the write-off of approximately $10,212 of deferred financing costs and note discounts in the quarter ended May 31, 2014. On June 8, 2015, the Company entered into Amendment No. 3 to the Term Loan Agreement (the “Amendment No. 3”), to provide for an incremental term loan facility in an aggregate principal amount equal to $85,000 (the “Second Incremental Term Loan Facility”), increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015, amended the prepayment premiums that the Company is required to pay upon voluntary prepayments or certain mandatory prepayments of the term loans, permitted certain additional adjustments to the Company’s consolidated EBITDA for cost savings in connection with the acquisition Inmet and Weinschel and reduced the minimum interest coverage ratio and increased the maximum leverage ratio for certain compliance periods. The proceeds of the Second Incremental Term Loan Facility were primarily used to fund the purchase price for the Inmet and Weinschel acquisition. On February 28, 2016, the Company entered into Amendment No. 4 to the Term Loan Agreement ( “Amendment No. 4”), by and among the Company, the lenders party thereto and the Agent. Term Loan Agreement The term loans incurred pursuant to the Term Loan Agreement, as amended through Amendment No. 2, bore interest, at the Company’s option, at the base rate plus 6.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 7.50% for the first year and at the base rate plus 7.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 10.75% thereafter, with a LIBOR floor of 1.50%. Amendment No. 3 increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015. For purposes of the Term Loan Agreement, the “base rate” means the highest of Wells Fargo Bank, National Association’s prime rate, the federal funds rate plus a margin equal to 0.50% and the adjusted LIBOR rate for a 3-month interest period plus a margin equal to 1.00%. Interest is due and payable in arrears monthly for term loans bearing interest at the base rate and at the end of an interest period (or at each three month interval in the case of term loans with interest periods greater than three months) in the case of term loans bearing interest at the adjusted LIBOR rate. Principal payments of the term loans are paid at the end of each of the Company’s fiscal quarters, with the balance of any outstanding term loans due and payable in full on February 6, 2018. The quarterly principal payments amortized at 1.25% for the fiscal quarters through the end of the Company’s 2014 fiscal year, at 1.875% for the fiscal quarters through the end of the Company’s 2015 fiscal year and will amortize at 2.50% for each of the fiscal quarters thereafter. Under certain circumstances, the Company is required to prepay the term loans upon the receipt of cash proceeds of certain asset sales, cash proceeds of certain extraordinary receipts and cash proceeds of certain debt or equity financings, and based on a calculation of annual excess cash flow. Mandatory prepayments resulting from assets sales or certain debt financings may require the payment of certain prepayment premiums. The term loans are secured by a first priority security interest in accounts receivable, inventory, machinery, equipment and certain other personal property relating to the foregoing, and any proceeds from any of the foregoing, subject to certain exceptions and liens, and a first priority security position on substantially all other real and personal property, in each case that are owned by the Company and the subsidiary guarantors. The Term Loan Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, dispose of assets and pay dividends or make distributions to stockholders. The Term Loan Agreement has the financial covenants of a minimum interest coverage ratio and maximum leverage ratio. On February 28, 2016, in connection with transactions contemplated by the Merger Agreement (see Note 17), the Company entered into Amendment No. 4. Amendment No. 4 amends the Term Loan Agreement to add additional mandatory prepayment events upon the occurrence of a change of control (as defined in the Term Loan Agreement) and/or receipt of any termination fees under the Merger Agreement and decreases the prepayment premiums that the Company is required to pay upon a voluntary or mandatory prepayment of any of the outstanding term loans. Upon consummation of the transactions contemplated by the Merger Agreement, the Company will be required to pay a prepayment premium in an amount equal to 1% of the amount of the term loans prepaid. Amendment No. 4 also amends the amortization schedule applicable to future term loan payments made by the Company by removing the Company’s obligation to make an amortization payment for the fiscal quarters ending February 29, 2016 and May 31, 2016 and requiring the Company to make an amortization payment in an amount equal to 5.0% of the original aggregate term loan amount on the earlier of (a) May 27, 2016 and (b) the date of termination of the Merger Agreement. Amendment No. 4 reduces the minimum interest coverage ratio and increases the maximum leverage ratio for the November 30, 2015 compliance period and the fiscal 2016 compliance periods, and adds additional events of default upon either (a) the termination of the Merger Agreement or (b) the Company’s failure to consummate the transactions contemplated by the Merger Agreement on or prior to May 27, 2016. At February 29, 2016, the Company was in compliance with these amended financial covenants. Pursuant to the Term Loan Agreement, the Company is also required to limit its annual capital expenditures to $4,000 per fiscal year (subject to carry-over rights). Revolving Loan Agreement On March 21, 2014, approximately $25,136 of the proceeds of the Incremental Term Loan Facility was used to pay in full and terminate the Company’s Revolving Loan Agreement. b) A subsidiary of the Company in the United Kingdom entered into a 20 year term mortgage agreement in 2007, under which interest is charged at a margin of 1.35% over Barclays Fixed Base Rate of 0.5% at November 30, 2015. The mortgage is secured by the subsidiary’s assets. c) On December 31, 2013, the Company completed the sale and leaseback (the “Sale/Leaseback”) of the Company’s facility located in State College, Pennsylvania. The Company sold the facility to an unaffiliated third party for a gross purchase price of approximately $15,500 and will lease the property from the buyer for approximately $1,279 per year, subject to annual adjustments. As a result of this transaction the Company initially recorded a capital lease obligation of $5,225. The gain on the sale has been deferred and is being recognized over the 15 year lease term.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Feb. 29, 2016
SHAREHOLDERS' EQUITY	9. SHAREHOLDERS’ EQUITY On January 20, 2010 the Company agreed to issue 800,000 shares of API common stock payable as part of the compensation to Kuchera Defense Systems, Inc. (“KDS”), KII, Inc. (“KII”) and Kuchera Industries, LLC (“KI Industries” and collectively with KDS and KII, the “KGC Companies”) or their designees. 250,000 shares were issued and delivered at closing, an additional 250,000 shares were to be issued and delivered on the first anniversary of the closing and 300,000 shares were to be issued and delivered on the second anniversary of the closing. The Company issued 126,250 shares in escrow from the originally deferred 550,000 shares. The unissued shares were initially accounted for as common shares subscribed but not issued. Following the Kuchera settlement in October 2015, the Company issued the remaining 423,750 shares. In addition, on January 20, 2010 and January 22, 2010, we issued warrants to purchase an aggregate of 892,862 shares of common stock with an exercise price of $5.60 per share, which expired on January 20, 2015 and January 22, 2015. In connection with the Plan of Arrangement that occurred on November 6, 2006, the Company was obligated to issue 2,354,505 shares of either API common stock or exchangeable shares of API Nanotronics Sub, Inc. in exchange for the API Electronics Group Corp. common shares previously outstanding. As of February 29, 2016, API is obligated to issue a remaining approximately 63,886 shares of its common stock under the Plan of Arrangement either directly for API common shares or in exchange for API Nanotronics Sub, Inc. exchangeable shares not held by API or its affiliates. There are 22,617 exchangeable shares outstanding (excluding exchangeable shares held by the Company) as of February 29, 2016. Exchangeable shares are substantially equivalent to our common shares. On November 6, 2006, API amended its certificate of incorporation to allow it to issue one special voting share. This special voting share was issued to a trustee in connection with a Plan of Arrangement and allows the trustee to have at meetings of stockholders of API the number of votes equal to the number of exchangeable shares not held by API or subsidiaries of API. (The trustee is charged with obtaining the direction of the holders of exchangeable shares on how to vote at meetings of API stockholders.) The API Nanotronics Sub, Inc. exchangeable shares are convertible into shares of API common stock at any time at the option of the holder. API may force the conversion of API Nanotronics Sub., Inc. exchangeable shares into shares of API common stock on the tenth anniversary of the date of the Plan of Arrangement or sooner upon the happening of certain events. The Company issued 661,250 options and 217,500 RSUs during the three months ended February 29, 2016 (no options or RSUs during three months ended February 28, 2015) (Note 10). The Company values its option grants using the Black-Scholes option-pricing model.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Feb. 29, 2016
STOCK-BASED COMPENSATION	10. STOCK-BASED COMPENSATION Of the 5,875,000 shares authorized under the Equity Incentive Plan, 2,341,534 shares are available for issuance pursuant to options, RSUs, or stock as of February 29, 2016. Under the Company’s Equity Incentive Plan, incentive options and non-statutory options may have a term of up to ten years from the date of grant. The stock option exercise prices are equal to at least 100 percent of the fair market value of the underlying shares on the date the options are granted. As of February 29, 2016 there was $641 of total unrecognized compensation related to non-vested stock options, which are not contingent upon attainment of certain milestones. The cost is expected to be recognized over the remaining periods of the options, which are expected to vest from 2015 to 2019. During the three months ended February 29, 2016 and February 28, 2015, $348 and $79, respectively, has been recognized as stock-based compensation expense in general and administrative expense. The fair value of each option grant is estimated at the grant date using the Black-Scholes option-pricing model based on the assumptions detailed below: Year ended Expected volatility 70.8 % Expected dividends 0 % Expected term 9.3 years Risk-free rate 1.7 % The summary of the common stock options granted, cancelled, exchanged or exercised under the Plan: Options Weighted Stock Options outstanding—November 30, 2014 1,328,310 $ 4.52 Less forfeited (33,183 ) $ 4.60 Issued 707,500 $ 1.98 Stock Options outstanding—November 30, 2015 2,002,627 $ 3.62 Less forfeited (414,925 ) $ 3.21 Issued 661,250 $ 1.15 Stock Options outstanding—February 29, 2016 2,248,952 $ 2.97 Stock Options exercisable—February 29, 2016 850,202 $ 5.24 Restricted stock unit activity under the 2006 Equity Compensation Plan is presented below: Units Weighted RSUs outstanding—November 30, 2014 48,334 $ 3.30 Issued 273,381 $ 1.96 Vested—Stock issued (43,334 ) $ 3.72 RSUs outstanding—November 30, 2015 278,381 $ 1.96 Issued 217,500 $ 1.15 RSUs outstanding—February 29, 2016 495,881 $ 1.61 RSUs vested—February 29, 2016 5,000 $ 2.37 RSUs and Options Outstanding RSUs Vested and Options Exercisable Range of Exercise Price Number of Weighted Weighted Aggregate Number Weighted Aggregate $0.00 – $3.55 2,149,631 $ 1.45 7.92 $ 1,530 260,000 $ 3.41 $ 10 $3.56 – $4.99 17,084 $ 3.56 4.65 $ — 17,084 $ 3.56 $ — $5.00 – $6.99 572,284 $ 5.98 4.73 $ — 572,284 $ 5.98 $ — $7.00 – $20.00 5,834 $ 14.07 1.24 $ — 5,834 $ 14.07 $ — 2,744,833 7.22 $ 1,530 855,202 $ 10 The price of the RSUs for purposes of Weighted Average Exercise Price is zero. The intrinsic value is calculated as the excess of the market value as of February 29, 2016 over the exercise price of the options and over an amount of zero with respect to the RSUs. The market value as of February 29, 2016 was $1.95 as reported by the NASDAQ Stock Market.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Feb. 29, 2016
SUPPLEMENTAL CASH FLOW INFORMATION	11. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information: (in thousands) Three months ended February 29, February 28, Supplemental Cash Flow Information Cash paid for income taxes $ 636 $ 220 Cash paid for interest $ 4,627 $ 2,792

EARNINGS PER SHARE OF COMMON ST

EARNINGS PER SHARE OF COMMON STOCK	3 Months Ended
	Feb. 29, 2016
EARNINGS PER SHARE OF COMMON STOCK	12. EARNINGS PER SHARE OF COMMON STOCK The following table sets forth the computation of weighted-average shares outstanding for calculating basic and diluted earnings per share (EPS): Three months ended 2016 2015 Weighted average shares-basic 55,914,633 55,461,217 Effect of dilutive securities * * Weighted average shares—diluted 55,914,633 55,461,217 Basic EPS and diluted EPS for the three months ended February 29, 2016 and February 28, 2015 have been computed by dividing the net income (loss) by the weighted average shares outstanding. The weighted average numbers of shares of common stock outstanding includes exchangeable shares and shares to be issued under the Plan of Arrangement. * Outstanding options and RSUs aggregating 2,744,833 – February 29, 2016 (1,363,961 – February 28, 2015) incremental shares have been excluded from the February 29, 2016 and February 28, 2015 computation of diluted EPS as they are anti-dilutive due to the losses generated in each respective period.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Feb. 29, 2016
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES On September 15, 2011, Currency, Inc., KII Inc., Kuchera Industries, LLC, William Kuchera and Ronald Kuchera (the “Plaintiffs”) filed a lawsuit against API and three API subsidiaries (the “API Pennsylvania Subsidiaries”) in the Court of Chancery of the State of Delaware in relation to the Asset Purchase Agreement by and among API, the API Pennsylvania Subsidiaries, the KGC Companies, William Kuchera, and Ronald Kuchera dated January 20, 2010. Plaintiffs’ complaint alleges claims for breach of contract and unjust enrichment based on their contention that API and the API Pennsylvania Subsidiaries violated the Agreement by failing to issue certain shares of stock to Plaintiffs and by failing to cooperate with Plaintiffs in the filing of a final general and administrative overhead rate with the Defense Contracting Audit Agency. API and the API Pennsylvania Subsidiaries filed an answer to the complaint denying all liability and a counterclaim for breach of contract against Plaintiffs. Of the 550,000 shares that had not been delivered under the Asset Purchase Agreement, 126,250 were placed in escrow and the remaining 423,750 shares were previously accounted for as common shares subscribed but not issued with a value of $2,373. In October 2015, the Company settled the Kuchera litigation described above for a $2,500 note payable to the plaintiffs and the delivery of the remaining 550,000 shares under the Asset Purchase Agreement to the plaintiffs. If the net proceeds resulting from the sale of the 550,000 shares do not, in the aggregate, yield at least $1,000, API will issue additional shares of common stock until the net proceeds of all such shares is $1,000. To the extent net proceeds from the sale of the 550,000 shares exceed $1,000, such excess will be credited against amounts due under the note. As of February 29, 2016 the shares have been issued and delivered, but have not been sold. The closing price of the Company’s stock as of February 29, 2016 was $1.95 per share, as reported by the NASDAQ Stock Market. The note (recorded in Accounts payable and accrued expenses) will bear interest at the rate of 12% until April 1, 2016 and 18% thereafter. Monthly payments of interest only are required until April 1, 2016, and thereafter equal monthly payments of interest and principal will be amortized and payable over a 48 month period. All amounts due under the note will accelerate and become due and payable if the Term Loan Agreement is refinanced. There is no prepayment penalty. In connection with the Merger, three purported class action complaints have been filed on behalf of the stockholders against the Company, members of the board of directors, J.F. Lehman & Company, Parent and Merger Sub in the Circuit Court for the Ninth Judicial Circuit in and for Orange County, Florida. The three complaints are captioned as follows: Smith v. API Technologies Corp. et. al., Marcus v. API Technologies Corp. et. al. Strougo v. API Technologies Corp. et. al. The Company is also a party to lawsuits in the normal course of its business. Litigation can be unforeseeable, expensive, lengthy and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict. An unfavorable resolution of a particular lawsuit could have a material adverse effect on the Company’s business, operating results, or financial condition. In accordance with required guidance, the Company accrues for litigation matters when losses become probable and reasonably estimable. The Company has no recorded accrual relating to its outstanding legal matters as of February 29, 2016 (November 30, 2015—$0). As of the end of each applicable reporting period, or more frequently, as necessary, the Company reviews each outstanding matter and, where it is probable that a liability has been incurred, it accrues for all probable and reasonably estimable losses. Where the Company is able to reasonably estimate a range of losses with respect to such a matter, it records an accrual for the amount within the range that constitutes its best estimate. If the Company can reasonably estimate a range but no amount within the range appears to be a better estimate than any other, it will use the amount that is the low end of such range. Because of the uncertainty, the complexity and the many variables involved in litigation, the actual costs to the Company with respect to its legal matters may differ from our estimates, could result in a significant difference and could have a material adverse effect on the Company’s financial position, liquidity, or results of operations. If we determine that an additional loss in excess of our accrual is probable but not estimable, the Company will provide disclosure to that effect. The Company expenses legal costs as they are incurred. Upon closing the contemplated Merger as referenced in Note 17, the Company is liable to pay fees and expenses to its investment banking firm in the amount of approximately $4,300. Other Merger related costs yet to be incurred, such as additional legal, accounting and certain investment banking fees, must be paid even if the Merger is not completed. Under certain circumstances specified in the Merger Agreement, the Company may be required to pay Parent a termination fee of approximately $3,500.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Feb. 29, 2016
INCOME TAXES	14. INCOME TAXES For the three month periods ended February 29, 2016 and February 28, 2015, the Company’s effective income tax rates were (12.0)% and (14.3)% for continuing operations, respectively compared to an applicable U.S. federal statutory income tax rate of 34%. The difference between the effective tax rate and U.S. statutory tax as of February 29, 2016 and February 28, 2015 is primarily due to the existence of a valuation allowance recorded against deferred tax assets including net operating losses, as well as, the income of foreign subsidiaries being taxed at rates lower than the U.S. statutory rate. For the three months ended February 29, 2016, the Company recorded valuation allowances on deferred tax assets relating to current year losses. The Company also recorded non-cash deferred tax expense in connection with the tax amortization of indefinite-lived intangible assets, which cannot be used as a source of future taxable income in calculating the current year valuation allowance. As of February 29, 2016, the Company had no significant unrecognized tax benefits. The Company records interest and penalties related to tax matters within general and administrative expenses on the accompanying Consolidated Statement of Operations. These amounts are not material to the consolidated financial statements for the periods presented. The Company’s U.S. tax returns are subject to examination by federal and state taxing authorities. Generally, tax years 2011-2015 remain open to examination by the Internal Revenue Service or other tax jurisdictions to which the Company is subject. The Company’s Canadian tax returns are subject to examination by federal and provincial taxing authorities in Canada. Generally, tax years 2011-2015 remain open to examination by Canada Revenue Agency or other tax jurisdictions to which the Company is subject.

RESTRUCTURING CHARGES RELATED T

RESTRUCTURING CHARGES RELATED TO CONSOLIDATION OF OPERATIONS	3 Months Ended
	Feb. 29, 2016
RESTRUCTURING CHARGES RELATED TO CONSOLIDATION OF OPERATIONS	15. RESTRUCTURING CHARGES RELATED TO CONSOLIDATION OF OPERATIONS In accordance with accounting guidance for costs associated with asset exit or disposal activities, restructuring costs are recorded as incurred. Restructuring charges for employee workforce reductions are recorded upon employee notification. During the three months ended February 29, 2016 and February 28, 2015 the Company has reflected within the consolidated statement of operations restructuring charges of $596 and $872, respectively. These restructuring charges included lease impairment and legal charges, workforce reductions and other expenses related to consolidating certain operations, and costs related to the change in the Company’s Chief Executive Officer. The actions taken as part of these restructuring activities are intended to realize synergies from our combined SSC operations, contain costs and streamline our operations. Management continues to evaluate whether other related assets have been impaired, and has concluded that there should be no additional impairment charges as of February 29, 2016. As of February 29, 2016, the Company has also recorded a lease impairment accrual of approximately $1,516 related to one of the facilities of its EMS business and $241 related to one of the facilities of its SSC business.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Feb. 29, 2016
SEGMENT INFORMATION	16. SEGMENT INFORMATION The Company follows the authoritative guidance on the required disclosures for segments which establish standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in financial reports. The guidance also establishes standards for related disclosures about products, geographic areas and major customers. The Company’s operations are conducted in three principal business segments: Systems, Subsystems & Components (SSC), Secure Systems & Information Assurance (SSIA) and Electronic Manufacturing Services (EMS). Inter-segment sales are presented at their market value for disclosure purposes. Corporate includes general and administrative functions and unallocated costs of our shared service operations/management, administrative and other shared corporate services functions such as information technology, legal, finance, human resources, and marketing. These administrative and other shared services costs have been allocated in the adjusted EBITDA measure based on a percent of revenue for each respective operating segment. The Company’s chief operating decision maker evaluates segment performance based primarily on revenues and Adjusted EBITDA. The accounting policies of each of the operating segments are the same as those described in the summary of significant accounting policies in Note 2. Adjusted EBITDA represents income from continuing operations excluding depreciation and amortization, stock-based compensation expense and other items as described below. Management views adjusted EBITDA as an important measure of segment performance because it removes from operating results the impact of items that management believes do not reflect the Company’s core operating performance. Adjusted EBITDA is a measure which is also used in calculating financial ratios in material debt covenants in the Company’s credit facilities. Management does not evaluate the performance of its operating segments using asset measures. The identifiable assets by segment disclosed in this note are those assets specifically identifiable within each segment and include cash, accounts receivable, inventory, goodwill and intangible assets. Three months ended February 29, 2016 (in thousands) SSC SSIA EMS Corporate Inter Total Revenue from external customers $ 42,701 $ 5,261 $ 6,465 $ — $ — $ 54,427 Adjusted EBITDA: 5,142 1,528 (475 ) — — 6,195 Acquisition related charges 183 Restructuring 596 Depreciation and amortization 4,322 Interest expense, net 5,326 Amortization of note discounts and deferred financing costs 343 Other adjustments * 1,162 Loss before income taxes $ (5,737 ) Segment assets—as at February 29, 2016 $ 296,168 $ 12,017 $ 20,793 $ 5,834 $ — $ 334,812 Goodwill included in assets—as at Feb. 29, 2016 $ 146,770 $ — $ 2,469 $ — $ — $ 149,239 Purchase of fixed assets, to February 29, 2016 $ 255 $ 1 $ 15 $ — $ — $ 271 Three months ended February 28, 2015 (in thousands) SSC SSIA EMS Corporate Inter Total Revenue from external customers $ 38,386 $ 4,258 $ 8,206 $ — $ — $ 50,850 Adjusted EBITDA: 5,242 755 50 — — 6,047 Acquisition related charges 62 Restructuring 872 Depreciation and amortization 3,459 Interest expense, net 3,127 Amortization of note discounts and deferred financing costs 23 Other adjustments * 411 Loss before income taxes $ (1,907 ) Segment assets—as at November 30, 2015 $ 305,267 $ 11,089 $ 21,024 $ 7,645 $ — $ 345,025 Goodwill included in assets—as at Nov. 30, 2015 $ 146,770 $ — $ 2,469 $ — $ — $ 149,239 Purchase of fixed assets, to February 28, 2015 $ 144 $ 12 $ 3 $ — $ — $ 159 * Other adjustments primarily include non-cash inventory provisions, stock based compensation, franchise taxes, financing and other adjustments, lease payments for the State College, Pennsylvania facility, and foreign exchange losses.

AGREEMENT AND PLAN OF MERGER

AGREEMENT AND PLAN OF MERGER	3 Months Ended
	Feb. 29, 2016
AGREEMENT AND PLAN OF MERGER	17. AGREEMENT AND PLAN OF MERGER On February 28, 2016, API entered into the Merger Agreement with Parent and Merger Sub, providing for the merger of Merger Sub with and into API, with API surviving the Merger as a wholly owned subsidiary of Parent. At the effective time of the Merger, each share of common stock, par value $0.001 per share, of API (the “API Common Stock”) issued and outstanding as of immediately prior to the effective time, other than certain excluded shares, will be cancelled and automatically converted into the right to receive $2.00 cash, without interest (the “Per Share Price”). API RSUs and API options will be cancelled and converted into the right to receive the Per Share Price, less, with respect to API options, the exercise price per share underlying such API options, if any. Consummation of the Merger is subject to certain conditions, including, without limitation, (i) the receipt of the necessary approval of the Merger from API’s stockholders, which was obtained by written consent on February 29, 2016; (ii) the absence of any law or order restraining, enjoining or otherwise prohibiting the Merger; and (iii) the expiration or termination of any waiting periods applicable to the consummation of the Merger under applicable antitrust and competition laws. API has made customary representations and warranties in the Merger Agreement and has agreed to customary covenants regarding the operation of the business of API prior to the consummation of the Merger. The Merger Agreement contains certain termination rights for API and Parent. Upon termination of the Merger Agreement under specified circumstances (principally in connection with terminating the Merger Agreement to accept a superior proposal, as defined in the Merger Agreement), API will be required to pay Parent a termination fee of $3,500. Upon termination of the Merger Agreement under specified circumstances, Parent will be required to pay API a termination fee of $5,000. This reverse termination fee is payable if the Merger Agreement is terminated by API if Parent and Merger Sub fail to consummate the Merger under certain circumstances or if Parent or Merger Sub have willfully breached their respective representations, warranties, covenants or other agreements in the Merger Agreement in certain circumstances and have failed to cure such breach within a certain period. A private equity fund affiliated with J.F. Lehman & Company has provided API with a limited guaranty guaranteeing the payment of the reverse termination fee and certain other monetary obligations that may be owed by Parent pursuant to the Merger Agreement. The Merger Agreement also provides that either party may, under certain circumstances, specifically enforce the other party’s obligations under the Merger Agreement. In addition to the foregoing termination rights, and subject to certain limitations, API or Parent may terminate the Merger Agreement if the Merger is not consummated by May 27, 2016. On February 29, 2016, Vintage Albany Acquisition, LLC (“Vintage”), the record and beneficial owner of 22,000,000 shares of API Common Stock, and Steel Excel Inc. (“Steel”), the record and beneficial owner of 11,377,192 shares of API Common Stock, approved the Merger and adopted the Merger Agreement by written consent. Together, Vintage and Steel hold over a majority of the outstanding shares of API Common Stock. The approval by Vintage and Steel constitutes the required approval of the Merger and adoption of the Merger Agreement by API’s stockholders under Delaware General Corporation Law and the charter.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Feb. 29, 2016
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements, and the disclosures made in the accompanying notes. Examples of estimates include the provisions made for bad debts and obsolete inventory, estimates associated with annual goodwill impairment tests, and estimates of deferred income tax and liabilities. The Company also uses estimates when assessing fair values of assets and liabilities acquired in business acquisitions as well as any fair value and any related impairment charges related to the carrying value of machinery and equipment, other long-lived assets, fixed assets held for sale and discontinued operations. The Company also uses estimates in determining the remaining economic lives of long-lived assets. In addition, the Company uses assumptions when employing the Black-Scholes valuation model to estimate the fair value of share options. Despite the Company’s intention to establish accurate estimates and use reasonable assumptions, actual results may differ from these estimates.
Inventories	Inventories Inventories, which include materials, labor, and manufacturing overhead, are stated at the lower of cost (on a first-in, first-out basis) or net realizable value. On a quarterly basis, the Company evaluates inventories for potential write-down for identifiable obsolescence and slow moving items. The evaluation includes analysis of future demand, product mix and possible alternative uses. The Company records a provision that includes excess and obsolete inventory when write-downs or write-offs are identified. Any write-down of inventory at the close of a fiscal period creates a new cost basis that subsequently would not be marked up based on changes in underlying facts and circumstances. The Company periodically reviews and analyzes its inventory management systems, and conducts inventory impairment testing on a quarterly basis.
Fixed Assets	Fixed Assets Fixed assets are recorded at cost less accumulated depreciation and are depreciated using the straight-line method over the following periods: Straight line basis Buildings and leasehold improvements 5-40 years Computer equipment 3-5 years Furniture and fixtures 5-8 years Machinery and equipment 5-10 years Vehicles 3 years Betterments are capitalized and amortized by the Company, using the same amortization basis as the underlying assets over the remaining useful life of the original asset. Betterments include renovations, major repairs and upgrades that increase the service of a fixed asset and extend the useful life. Gains and losses on depreciable assets retired or sold are recognized in the consolidated statements of operations in the year of disposal. Repairs and maintenance expenditures are expensed as incurred.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and intangible assets result primarily from business acquisitions accounted for under the purchase method. Goodwill and intangible assets with indefinite lives are not amortized but are subject to impairment by applying a fair value based test. The Company completes an annual (or more often if impairment indicators arise under the applicable accounting guidance) impairment assessment of its goodwill on a reporting unit level. The Company’s annual impairment test for goodwill is September 1st. Intangible assets that have a finite life are amortized using the following basis over the following periods: Non-compete agreements Straight line over 5 years Computer software Straight line over 3-5 years Customer related intangibles Straight line or the pattern in which the economic benefits are expected to be realized, over an estimated life of 4-15 years Marketing related intangibles The pattern in which the economic benefits are expected to be realized, over an estimated life of 3-10 years Technology related intangibles The pattern in which the economic benefits are expected to be realized, over an estimated life of 10 years
Long-Lived Assets	Long-Lived Assets The Company periodically evaluates the net realizable values of long-lived assets, principally identifiable intangibles and capital assets, for potential impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable, as determined based on the estimated future undiscounted cash flows. If such assets were considered to be impaired, the carrying value of the related assets would be reduced to their estimated fair value.
Income Taxes	Income Taxes Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial reporting and tax bases of assets and liabilities and available net operating loss carry forwards. A valuation allowance is established to reduce tax assets if it is more likely than not that all or some portions of such tax assets will not be realized. The Company’s valuation allowance was recorded on the deferred tax assets to reduce deferred tax assets to the amounts that we estimate are probable to be realized. In determining the adequacy of the valuation allowance, the Company applied the authoritative guidance, and considered such factors as (i) the reversal of existing temporary differences; (ii) future taxable income exclusive of reversing temporary differences and carryforwards; (iii) taxable income in prior carryback years where carryback is permitted; and (iv) prudent and feasible tax planning strategies. The Company follows the guidance concerning accounting for uncertainty in income taxes, which clarifies the accounting and disclosure for uncertainty in tax positions. The guidance requires that the Company determine whether it is more likely than not that a tax position will not be sustained upon examination by the appropriate taxing authority. If a tax position does not meet the more likely than not recognition criterion, the guidance requires that the tax position be measured at the largest amount of benefit greater than 50 percent not likely of being sustained upon ultimate settlement. Based on the Company’s evaluation, management has concluded that there are no significant uncertain tax positions requiring recognition in the consolidated financial statements. Open tax years include the tax years ended January 21, 2011 through November 30, 2015. The Company from time to time has been assessed interest or penalties by major tax jurisdictions, however such assessments historically have been minimal and immaterial to our financial results. If the Company receives an assessment for interest and/or penalties, it would be classified in the consolidated financial statements as general and administrative expense.
Revenue Recognition	Revenue Recognition The Company recognizes non-contract revenue when it is realized and earned. The Company considers non-contract revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until products have been shipped and risk of loss and ownership has transferred to the client. Revenue from production-type contracts, which represents less than one per cent of total revenue, is recognized using the percentage of completion method. The degree of completion is determined based on costs incurred, excluding costs that are not representative of progress to completion, as a percentage of total costs anticipated for each contract. A provision is made for losses on contracts in progress when such losses first become known. Revisions in cost and profit estimates, which can be significant, are reflected in the accounting period in which the relevant facts become known. Revenue from contracts under the percentage of completion method is not significant to the financial statements.
Deferred Revenue	Deferred Revenue The Company defers revenue when payment is received in advance of the service or product being shipped or delivered.
Research and Development	Research and Development Research and development costs are expensed when incurred.
Stock-Based Compensation	Stock-Based Compensation The Company follows the authoritative guidance for accounting for stock-based compensation. The guidance requires that new, modified and unvested stock-based payment transactions with employees, such as grants of stock options, restricted stock units (“RSUs”) and restricted stock, be recognized in the financial statements based on their fair value at the grant date and recognized as compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award. Stock-based compensation cost for RSUs is measured based on the closing fair market value of the Company’s common stock on the date of grant. The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing model which takes into account as of the grant date the exercise price and expected life of the option, the current price of the underlying shares and its expected volatility, expected dividends on the shares and the risk-free interest rate for the term of the option.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The Company’s functional currency is U.S. dollars and the consolidated financial statements are stated in U.S. dollars, “the reporting currency.” Integrated operations have been translated from various foreign currencies (British Pounds Sterling, Canadian dollars, Chinese Yuan, Euros, and Mexican Pesos) into U.S. dollars at the period-end exchange rate for monetary balance sheet items, the historical rate for fixed assets and shareholders’ equity, and the average exchange rate for the year for revenues, expenses, gains and losses. The gains or losses on translation are included as a component of other comprehensive income (loss) for the period.
Financial Instruments	Financial Instruments The fair values of financial instruments including cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings approximate their carrying values due to the short-term nature of these instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest rate, currency or credit risks arising from its financial instruments. The recorded value of long-term debt approximates the fair value of the debt as the terms and rates approximate market rates. In the ordinary course of business, the Company carries out transactions in various foreign currencies (British Pounds Sterling, Canadian Dollars, Chinese Yuan, Euros, and Mexican Pesos) included in the Company’s cash, accounts receivable, accounts payable, bank indebtedness, as well as a mortgage loan. The translation adjustments related to these accounts have been reflected as a component of comprehensive loss. Currently, the Company does not maintain a foreign currency hedging program.
Debt Issuance Costs and Long-term Debt Discount	Debt Issuance Costs and Long-term Debt Discounts Fees paid to obtain debt financing or amendments under such debt financing are treated as debt issuance costs and are capitalized and amortized over the life of the debt using the effective interest method. These payments are shown as a financing activity on the consolidated statement of cash flows and are shown as net against long-term debt in the consolidated balance sheets. The Company may record debt and equity discounts in connection with raising funds through the issuance of convertible notes or equity instruments. These discounts may arise from (i) the receipt of proceeds less than the face value of convertible notes or equity instruments, (ii) beneficial conversion features and/or (iii) recording derivative liabilities related to embedded features. These costs are amortized over the life of the debt to interest expense utilizing the effective interest method. If a conversion of the underlying debt occurs, a proportionate share of the unamortized discount is immediately expensed.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash balances, at times, with financial institutions, which are in excess of amounts insured by the Federal Deposit Insurance Corporation (FDIC), Canadian Deposit Insurance Corporation (CDIC) and Financial Services Compensation Scheme (FSCS in the United Kingdom). Management monitors the soundness of these institutions and has not experienced any collection losses with these institutions. The U.S., U.K. and Canadian Governments’ Departments of Defense (directly and through subcontractors) accounts for approximately 41%, 12% and 3% of the Company’s revenues for the three months ended February 29, 2016 (41%, 11% and 1% for the three months ended February 28, 2015), respectively. A loss of a significant customer could adversely impact the future operations of the Company.
Earnings (Loss) per Share of Common Stock	Earnings (Loss) per Share of Common Stock Basic earnings per share of common stock is computed by dividing income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share of common stock gives effect to all dilutive potential shares of common stock outstanding during the period. The computation of diluted earnings per share does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on earnings per share (Note 12).
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss), which includes foreign currency translation adjustments, is shown in the Consolidated Statement of Operations and Comprehensive Income (Loss).

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Feb. 29, 2016
Useful Life	Fixed assets are recorded at cost less accumulated depreciation and are depreciated using the straight-line method over the following periods: Straight line basis Buildings and leasehold improvements 5-40 years Computer equipment 3-5 years Furniture and fixtures 5-8 years Machinery and equipment 5-10 years Vehicles 3 years
Intangible Assets Finite Life	Intangible assets that have a finite life are amortized using the following basis over the following periods: Non-compete agreements Straight line over 5 years Computer software Straight line over 3-5 years Customer related intangibles Straight line or the pattern in which the economic benefits are expected to be realized, over an estimated life of 4-15 years Marketing related intangibles The pattern in which the economic benefits are expected to be realized, over an estimated life of 3-10 years Technology related intangibles The pattern in which the economic benefits are expected to be realized, over an estimated life of 10 years

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Feb. 29, 2016
Summary of Combined Results of Operations	The following unaudited pro forma summary presents the combined results of operations as if the Inmet and Weinschel acquisitions described above had occurred at the beginning of the three month period ended February 28, 2015. Three months ended 2015 Revenues $ 62,045 Net loss $ 130 Net loss per share—basic and diluted $ 0.00
Inmet And Weinschel
Assets and Liabilities Acquired	Accounting guidance requires that identifiable assets acquired and liabilities assumed be reported at fair value as of the acquisition date of a business combination. The purchase consideration was preliminarily allocated to assets acquired and liabilities assumed as follows: (in thousands) Accounts receivable and other current assets $ 6,854 Inventory 12,655 Fixed assets 5,365 Customer, marketing and technology related intangible assets 28,179 Goodwill 32,469 Current liabilities (6,130 ) Total purchase consideration $ 79,392
Fixed Assets Acquired in Acquisition	Fixed assets acquired in this transaction consist of the following: (in thousands) Land $ 385 Buildings and leasehold improvements 3,397 Computer equipment 15 Furniture and fixtures 207 Machinery and equipment 1,361 Total fixed assets acquired $ 5,365

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Feb. 29, 2016
Summary of Inventories	Inventories consisted of the following: (in thousands) February 29, November 30, Raw materials $ 34,624 $ 34,222 Work in progress 19,257 19,355 Finished goods 10,104 11,666 Total $ 63,985 $ 65,243

ACCOUNTS PAYABLE AND ACCRUED 28

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Feb. 29, 2016
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: (in thousands) February 29, November 30, Trade accounts payable $ 19,843 $ 22,493 Accrued expenses 13,204 12,551 Wage and vacation accrual 4,697 6,751 Total $ 37,744 $ 41,795

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Feb. 29, 2016
Long-Term Debt Obligations	The Company had the following long-term debt obligations: (in thousands) February 29, November 30, Term loans, due February 6, 2018, base rate plus 7.50% interest or LIBOR plus 8.50%, (a) $ 193,690 $ 193,690 Mortgage loan, due 2027, 1.35% above Barclays fixed bank rate (b) 864 956 Capital leases payable (c) 5,361 5,380 $ 199,915 $ 200,026 Less: Current portion of long-term debt (27,200 ) (21,816 ) Discount and deferred financing charges on term loans (2,161 ) (2,480 ) Long-term portion $ 170,554 $ 175,730 a) On February 6, 2013, the Company refinanced its credit facilities and entered into (i) a credit agreement (the “Term Loan Agreement”) with various lenders and Guggenheim Corporate Funding, LLC, as agent (the “Agent”) that provided for a $165,000 term loan facility and (ii) a credit agreement with various lenders and Wells Fargo Bank, National Association (the “Revolving Loan Agreement”) that provided for a $50,000 asset-based revolving borrowing base credit facility, with a $10,000 subfacility (or the Sterling equivalent) for certain of our United Kingdom subsidiaries, a $10,000 subfacility for letters of credit and a $5,000 subfacility for swingline loans. On March 21, 2014, the Company entered into Amendment No. 2 to the Term Loan Agreement (the “Amendment No. 2”), to provide for an incremental term loan facility in an aggregate principal amount equal to $55,000 (the “Incremental Term Loan Facility”), which Incremental Term Loan Facility is subject to substantially the same terms and conditions, including the applicable interest rate and the maturity date of February 6, 2018, as the $165,000 term loan facility provided upon the initial closing of the Term Loan Agreement. In addition, Amendment No. 2 amended the Term Loan Agreement to reduce the minimum interest coverage ratio and increase the maximum leverage ratio, among other things. The proceeds of the Incremental Term Loan Facility were used (i) to pay in full and terminate the Company’s Revolving Loan Agreement; (ii) to redeem all 26,000 shares of the Company’s Series A Preferred Stock that were outstanding; (iii) to pay fees, costs and expenses associated with the Incremental Term Loan Facility and related transactions; and (iv) for general corporate purposes. This resulted in the write-off of approximately $10,212 of deferred financing costs and note discounts in the quarter ended May 31, 2014. On June 8, 2015, the Company entered into Amendment No. 3 to the Term Loan Agreement (the “Amendment No. 3”), to provide for an incremental term loan facility in an aggregate principal amount equal to $85,000 (the “Second Incremental Term Loan Facility”), increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015, amended the prepayment premiums that the Company is required to pay upon voluntary prepayments or certain mandatory prepayments of the term loans, permitted certain additional adjustments to the Company’s consolidated EBITDA for cost savings in connection with the acquisition Inmet and Weinschel and reduced the minimum interest coverage ratio and increased the maximum leverage ratio for certain compliance periods. The proceeds of the Second Incremental Term Loan Facility were primarily used to fund the purchase price for the Inmet and Weinschel acquisition. On February 28, 2016, the Company entered into Amendment No. 4 to the Term Loan Agreement ( “Amendment No. 4”), by and among the Company, the lenders party thereto and the Agent. Term Loan Agreement The term loans incurred pursuant to the Term Loan Agreement, as amended through Amendment No. 2, bore interest, at the Company’s option, at the base rate plus 6.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 7.50% for the first year and at the base rate plus 7.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 10.75% thereafter, with a LIBOR floor of 1.50%. Amendment No. 3 increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015. For purposes of the Term Loan Agreement, the “base rate” means the highest of Wells Fargo Bank, National Association’s prime rate, the federal funds rate plus a margin equal to 0.50% and the adjusted LIBOR rate for a 3-month interest period plus a margin equal to 1.00%. Interest is due and payable in arrears monthly for term loans bearing interest at the base rate and at the end of an interest period (or at each three month interval in the case of term loans with interest periods greater than three months) in the case of term loans bearing interest at the adjusted LIBOR rate. Principal payments of the term loans are paid at the end of each of the Company’s fiscal quarters, with the balance of any outstanding term loans due and payable in full on February 6, 2018. The quarterly principal payments amortized at 1.25% for the fiscal quarters through the end of the Company’s 2014 fiscal year, at 1.875% for the fiscal quarters through the end of the Company’s 2015 fiscal year and will amortize at 2.50% for each of the fiscal quarters thereafter. Under certain circumstances, the Company is required to prepay the term loans upon the receipt of cash proceeds of certain asset sales, cash proceeds of certain extraordinary receipts and cash proceeds of certain debt or equity financings, and based on a calculation of annual excess cash flow. Mandatory prepayments resulting from assets sales or certain debt financings may require the payment of certain prepayment premiums. The term loans are secured by a first priority security interest in accounts receivable, inventory, machinery, equipment and certain other personal property relating to the foregoing, and any proceeds from any of the foregoing, subject to certain exceptions and liens, and a first priority security position on substantially all other real and personal property, in each case that are owned by the Company and the subsidiary guarantors. The Term Loan Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, dispose of assets and pay dividends or make distributions to stockholders. The Term Loan Agreement has the financial covenants of a minimum interest coverage ratio and maximum leverage ratio. On February 28, 2016, in connection with transactions contemplated by the Merger Agreement (see Note 17), the Company entered into Amendment No. 4. Amendment No. 4 amends the Term Loan Agreement to add additional mandatory prepayment events upon the occurrence of a change of control (as defined in the Term Loan Agreement) and/or receipt of any termination fees under the Merger Agreement and decreases the prepayment premiums that the Company is required to pay upon a voluntary or mandatory prepayment of any of the outstanding term loans. Upon consummation of the transactions contemplated by the Merger Agreement, the Company will be required to pay a prepayment premium in an amount equal to 1% of the amount of the term loans prepaid. Amendment No. 4 also amends the amortization schedule applicable to future term loan payments made by the Company by removing the Company’s obligation to make an amortization payment for the fiscal quarters ending February 29, 2016 and May 31, 2016 and requiring the Company to make an amortization payment in an amount equal to 5.0% of the original aggregate term loan amount on the earlier of (a) May 27, 2016 and (b) the date of termination of the Merger Agreement. Amendment No. 4 reduces the minimum interest coverage ratio and increases the maximum leverage ratio for the November 30, 2015 compliance period and the fiscal 2016 compliance periods, and adds additional events of default upon either (a) the termination of the Merger Agreement or (b) the Company’s failure to consummate the transactions contemplated by the Merger Agreement on or prior to May 27, 2016. At February 29, 2016, the Company was in compliance with these amended financial covenants. Pursuant to the Term Loan Agreement, the Company is also required to limit its annual capital expenditures to $4,000 per fiscal year (subject to carry-over rights). Revolving Loan Agreement On March 21, 2014, approximately $25,136 of the proceeds of the Incremental Term Loan Facility was used to pay in full and terminate the Company’s Revolving Loan Agreement. b) A subsidiary of the Company in the United Kingdom entered into a 20 year term mortgage agreement in 2007, under which interest is charged at a margin of 1.35% over Barclays Fixed Base Rate of 0.5% at November 30, 2015. The mortgage is secured by the subsidiary’s assets. c) On December 31, 2013, the Company completed the sale and leaseback (the “Sale/Leaseback”) of the Company’s facility located in State College, Pennsylvania. The Company sold the facility to an unaffiliated third party for a gross purchase price of approximately $15,500 and will lease the property from the buyer for approximately $1,279 per year, subject to annual adjustments. As a result of this transaction the Company initially recorded a capital lease obligation of $5,225. The gain on the sale has been deferred and is being recognized over the 15 year lease term.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Feb. 29, 2016
Fair Value of Options Granted Using Black-Scholes Option Pricing Model	The fair value of each option grant is estimated at the grant date using the Black-Scholes option-pricing model based on the assumptions detailed below: Year ended Expected volatility 70.8 % Expected dividends 0 % Expected term 9.3 years Risk-free rate 1.7 %
Summary of Common Stock Option Activity	The summary of the common stock options granted, cancelled, exchanged or exercised under the Plan: Options Weighted Stock Options outstanding—November 30, 2014 1,328,310 $ 4.52 Less forfeited (33,183 ) $ 4.60 Issued 707,500 $ 1.98 Stock Options outstanding—November 30, 2015 2,002,627 $ 3.62 Less forfeited (414,925 ) $ 3.21 Issued 661,250 $ 1.15 Stock Options outstanding—February 29, 2016 2,248,952 $ 2.97 Stock Options exercisable—February 29, 2016 850,202 $ 5.24
Restricted Stock Unit Activity	Restricted stock unit activity under the 2006 Equity Compensation Plan is presented below: Units Weighted RSUs outstanding—November 30, 2014 48,334 $ 3.30 Issued 273,381 $ 1.96 Vested—Stock issued (43,334 ) $ 3.72 RSUs outstanding—November 30, 2015 278,381 $ 1.96 Issued 217,500 $ 1.15 RSUs outstanding—February 29, 2016 495,881 $ 1.61 RSUs vested—February 29, 2016 5,000 $ 2.37
Restricted Stock Units and Options Activity Range of Exercise Price	RSUs and Options Outstanding RSUs Vested and Options Exercisable Range of Exercise Price Number of Weighted Weighted Aggregate Number Weighted Aggregate $0.00 – $3.55 2,149,631 $ 1.45 7.92 $ 1,530 260,000 $ 3.41 $ 10 $3.56 – $4.99 17,084 $ 3.56 4.65 $ — 17,084 $ 3.56 $ — $5.00 – $6.99 572,284 $ 5.98 4.73 $ — 572,284 $ 5.98 $ — $7.00 – $20.00 5,834 $ 14.07 1.24 $ — 5,834 $ 14.07 $ — 2,744,833 7.22 $ 1,530 855,202 $ 10

SUPPLEMENTAL CASH FLOW INFORM31

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Feb. 29, 2016
Supplemental Cash Flow Information	Supplemental cash flow information: (in thousands) Three months ended February 29, February 28, Supplemental Cash Flow Information Cash paid for income taxes $ 636 $ 220 Cash paid for interest $ 4,627 $ 2,792

EARNINGS PER SHARE OF COMMON 32

EARNINGS PER SHARE OF COMMON STOCK (Tables)	3 Months Ended
	Feb. 29, 2016
Computation of Weighted Average Shares Outstanding	The following table sets forth the computation of weighted-average shares outstanding for calculating basic and diluted earnings per share (EPS): Three months ended 2016 2015 Weighted average shares-basic 55,914,633 55,461,217 Effect of dilutive securities * * Weighted average shares—diluted 55,914,633 55,461,217 * Outstanding options and RSUs aggregating 2,744,833 – February 29, 2016 (1,363,961 – February 28, 2015) incremental shares have been excluded from the February 29, 2016 and February 28, 2015 computation of diluted EPS as they are anti-dilutive due to the losses generated in each respective period.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Feb. 29, 2016
Schedule of Segment Reporting Information, by Segment	Three months ended February 29, 2016 (in thousands) SSC SSIA EMS Corporate Inter Total Revenue from external customers $ 42,701 $ 5,261 $ 6,465 $ — $ — $ 54,427 Adjusted EBITDA: 5,142 1,528 (475 ) — — 6,195 Acquisition related charges 183 Restructuring 596 Depreciation and amortization 4,322 Interest expense, net 5,326 Amortization of note discounts and deferred financing costs 343 Other adjustments * 1,162 Loss before income taxes $ (5,737 ) Segment assets—as at February 29, 2016 $ 296,168 $ 12,017 $ 20,793 $ 5,834 $ — $ 334,812 Goodwill included in assets—as at Feb. 29, 2016 $ 146,770 $ — $ 2,469 $ — $ — $ 149,239 Purchase of fixed assets, to February 29, 2016 $ 255 $ 1 $ 15 $ — $ — $ 271 Three months ended February 28, 2015 (in thousands) SSC SSIA EMS Corporate Inter Total Revenue from external customers $ 38,386 $ 4,258 $ 8,206 $ — $ — $ 50,850 Adjusted EBITDA: 5,242 755 50 — — 6,047 Acquisition related charges 62 Restructuring 872 Depreciation and amortization 3,459 Interest expense, net 3,127 Amortization of note discounts and deferred financing costs 23 Other adjustments * 411 Loss before income taxes $ (1,907 ) Segment assets—as at November 30, 2015 $ 305,267 $ 11,089 $ 21,024 $ 7,645 $ — $ 345,025 Goodwill included in assets—as at Nov. 30, 2015 $ 146,770 $ — $ 2,469 $ — $ — $ 149,239 Purchase of fixed assets, to February 28, 2015 $ 144 $ 12 $ 3 $ — $ — $ 159 * Other adjustments primarily include non-cash inventory provisions, stock based compensation, franchise taxes, financing and other adjustments, lease payments for the State College, Pennsylvania facility, and foreign exchange losses.

Nature of Business and Basis 34

Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands		Jun. 08, 2015	Feb. 29, 2016	Nov. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Acquisition of term loan	[1]		$ 193,690	$ 193,690
Inmet And Weinschel
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Total purchase price		$ 80,000
Business years of service		40 years
Acquisition of term loan		$ 85,000
[1]	On February 6, 2013, the Company refinanced its credit facilities and entered into (i) a credit agreement (the "Term Loan Agreement") with various lenders and Guggenheim Corporate Funding, LLC, as agent (the "Agent") that provided for a $165,000 term loan facility and (ii) a credit agreement with various lenders and Wells Fargo Bank, National Association (the "Revolving Loan Agreement") that provided for a $50,000 asset-based revolving borrowing base credit facility, with a $10,000 subfacility (or the Sterling equivalent) for certain of our United Kingdom subsidiaries, a $10,000 subfacility for letters of credit and a $5,000 subfacility for swingline loans. On March 21, 2014, the Company entered into Amendment No. 2 to the Term Loan Agreement (the "Amendment No. 2"), to provide for an incremental term loan facility in an aggregate principal amount equal to $55,000 (the "Incremental Term Loan Facility"), which Incremental Term Loan Facility is subject to substantially the same terms and conditions, including the applicable interest rate and the maturity date of February 6, 2018, as the $165,000 term loan facility provided upon the initial closing of the Term Loan Agreement. In addition, Amendment No. 2 amended the Term Loan Agreement to reduce the minimum interest coverage ratio and increase the maximum leverage ratio, among other things. The proceeds of the Incremental Term Loan Facility were used (i) to pay in full and terminate the Company's Revolving Loan Agreement; (ii) to redeem all 26,000 shares of the Company's Series A Preferred Stock that were outstanding; (iii) to pay fees, costs and expenses associated with the Incremental Term Loan Facility and related transactions; and (iv) for general corporate purposes. This resulted in the write-off of approximately $10,212 of deferred financing costs and note discounts in the quarter ended May 31, 2014. On June 8, 2015, the Company entered into Amendment No. 3 to the Term Loan Agreement (the "Amendment No. 3"), to provide for an incremental term loan facility in an aggregate principal amount equal to $85,000 (the "Second Incremental Term Loan Facility"), increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015, amended the prepayment premiums that the Company is required to pay upon voluntary prepayments or certain mandatory prepayments of the term loans, permitted certain additional adjustments to the Company's consolidated EBITDA for cost savings in connection with the acquisition Inmet and Weinschel and reduced the minimum interest coverage ratio and increased the maximum leverage ratio for certain compliance periods. The proceeds of the Second Incremental Term Loan Facility were primarily used to fund the purchase price for the Inmet and Weinschel acquisition. On February 28, 2016, the Company entered into Amendment No. 4 to the Term Loan Agreement ( "Amendment No. 4"), by and among the Company, the lenders party thereto and the Agent. Term Loan Agreement The term loans incurred pursuant to the Term Loan Agreement, as amended through Amendment No. 2, bore interest, at the Company's option, at the base rate plus 6.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 7.50% for the first year and at the base rate plus 7.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 10.75% thereafter, with a LIBOR floor of 1.50%. Amendment No. 3 increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015. For purposes of the Term Loan Agreement, the "base rate" means the highest of Wells Fargo Bank, National Association's prime rate, the federal funds rate plus a margin equal to 0.50% and the adjusted LIBOR rate for a 3-month interest period plus a margin equal to 1.00%. Interest is due and payable in arrears monthly for term loans bearing interest at the base rate and at the end of an interest period (or at each three month interval in the case of term loans with interest periods greater than three months) in the case of term loans bearing interest at the adjusted LIBOR rate. Principal payments of the term loans are paid at the end of each of the Company's fiscal quarters, with the balance of any outstanding term loans due and payable in full on February 6, 2018. The quarterly principal payments amortized at 1.25% for the fiscal quarters through the end of the Company's 2014 fiscal year, at 1.875% for the fiscal quarters through the end of the Company's 2015 fiscal year and will amortize at 2.50% for each of the fiscal quarters thereafter. Under certain circumstances, the Company is required to prepay the term loans upon the receipt of cash proceeds of certain asset sales, cash proceeds of certain extraordinary receipts and cash proceeds of certain debt or equity financings, and based on a calculation of annual excess cash flow. Mandatory prepayments resulting from assets sales or certain debt financings may require the payment of certain prepayment premiums. The term loans are secured by a first priority security interest in accounts receivable, inventory, machinery, equipment and certain other personal property relating to the foregoing, and any proceeds from any of the foregoing, subject to certain exceptions and liens, and a first priority security position on substantially all other real and personal property, in each case that are owned by the Company and the subsidiary guarantors. The Term Loan Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries' ability to, among other things, incur indebtedness, grant liens, dispose of assets and pay dividends or make distributions to stockholders. The Term Loan Agreement has the financial covenants of a minimum interest coverage ratio and maximum leverage ratio. On February 28, 2016, in connection with transactions contemplated by the Merger Agreement (see Note 17), the Company entered into Amendment No. 4. Amendment No. 4 amends the Term Loan Agreement to add additional mandatory prepayment events upon the occurrence of a change of control (as defined in the Term Loan Agreement) and/or receipt of any termination fees under the Merger Agreement and decreases the prepayment premiums that the Company is required to pay upon a voluntary or mandatory prepayment of any of the outstanding term loans. Upon consummation of the transactions contemplated by the Merger Agreement, the Company will be required to pay a prepayment premium in an amount equal to 1% of the amount of the term loans prepaid. Amendment No. 4 also amends the amortization schedule applicable to future term loan payments made by the Company by removing the Company's obligation to make an amortization payment for the fiscal quarters ending February 29, 2016 and May 31, 2016 and requiring the Company to make an amortization payment in an amount equal to 5.0% of the original aggregate term loan amount on the earlier of (a) May 27, 2016 and (b) the date of termination of the Merger Agreement. Amendment No. 4 reduces the minimum interest coverage ratio and increases the maximum leverage ratio for the November 30, 2015 compliance period and the fiscal 2016 compliance periods, and adds additional events of default upon either (a) the termination of the Merger Agreement or (b) the Company's failure to consummate the transactions contemplated by the Merger Agreement on or prior to May 27, 2016. At February 29, 2016, the Company was in compliance with these amended financial covenants. Pursuant to the Term Loan Agreement, the Company is also required to limit its annual capital expenditures to $4,000 per fiscal year (subject to carry-over rights). Revolving Loan Agreement On March 21, 2014, approximately $25,136 of the proceeds of the Incremental Term Loan Facility was used to pay in full and terminate the Company's Revolving Loan Agreement.

Fixed Assets Depreciation Perio

Fixed Assets Depreciation Period (Detail)	3 Months Ended
	Feb. 29, 2016
Minimum | Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Useful life	5 years
Minimum | Computer equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years
Minimum | Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	5 years
Minimum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Useful life	5 years
Maximum | Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Useful life	40 years
Maximum | Computer equipment
Property, Plant and Equipment [Line Items]
Useful life	5 years
Maximum | Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	8 years
Maximum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Useful life	10 years
Maximum | Vehicles
Property, Plant and Equipment [Line Items]
Useful life	3 years

Amortization Period of Finite L

Amortization Period of Finite Lived Intangible Assets (Detail)	3 Months Ended
	Feb. 29, 2016
Noncompete Agreements
Finite-Lived Intangible Assets [Line Items]
Amortization period of finite lived intangible assets	5 years
Finite lived intangible assets amortization method	Straight line over 5 years
Computer Software, Intangible Asset
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets amortization method	Straight line over 3-5 years
Computer Software, Intangible Asset | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period of finite lived intangible assets	3 years
Computer Software, Intangible Asset | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period of finite lived intangible assets	5 years
Customer Related Intangibles
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets amortization method	Straight line or the pattern in which the economic benefits are expected to be realized, over an estimated life of 4-15 years
Customer Related Intangibles | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period of finite lived intangible assets	4 years
Customer Related Intangibles | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period of finite lived intangible assets	15 years
Marketing Related Intangibles
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets amortization method	The pattern in which the economic benefits are expected to be realized, over an estimated life of 3-10 years
Marketing Related Intangibles | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period of finite lived intangible assets	3 years
Marketing Related Intangibles | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period of finite lived intangible assets	10 years
Technology Related Intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization period of finite lived intangible assets	10 years
Finite lived intangible assets amortization method	The pattern in which the economic benefits are expected to be realized, over an estimated life of 10 years

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Summary Of Significant Accounting Policies [Line Items]
Income tax position rate	50.00%
Customer Concentration Risk | Revenues | UNITED STATES
Summary Of Significant Accounting Policies [Line Items]
Concentration risk	41.00%	41.00%
Customer Concentration Risk | Revenues | CANADA
Summary Of Significant Accounting Policies [Line Items]
Concentration risk	3.00%	1.00%
Customer Concentration Risk | Revenues | UNITED KINGDOM
Summary Of Significant Accounting Policies [Line Items]
Concentration risk	12.00%	11.00%

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands		Jun. 08, 2015	Feb. 29, 2016	Nov. 30, 2015
Business Acquisition [Line Items]
Acquisition of term loan	[1]		$ 193,690	$ 193,690
Inmet And Weinschel
Business Acquisition [Line Items]
Net purchase price		$ 79,392
Total purchase price		80,000
Working capital adjustment in acquisition		$ 608
Business years of service		40 years
Acquisition of term loan		$ 85,000
Cost incurred in acquisition				$ 1,129
Revenue			10,583
Net income (loss)			$ 632
Inmet And Weinschel | Minimum
Business Acquisition [Line Items]
Intangible assets, estimated lives			4 years
Inmet And Weinschel | Maximum
Business Acquisition [Line Items]
Intangible assets, estimated lives			12 years
[1]	On February 6, 2013, the Company refinanced its credit facilities and entered into (i) a credit agreement (the "Term Loan Agreement") with various lenders and Guggenheim Corporate Funding, LLC, as agent (the "Agent") that provided for a $165,000 term loan facility and (ii) a credit agreement with various lenders and Wells Fargo Bank, National Association (the "Revolving Loan Agreement") that provided for a $50,000 asset-based revolving borrowing base credit facility, with a $10,000 subfacility (or the Sterling equivalent) for certain of our United Kingdom subsidiaries, a $10,000 subfacility for letters of credit and a $5,000 subfacility for swingline loans. On March 21, 2014, the Company entered into Amendment No. 2 to the Term Loan Agreement (the "Amendment No. 2"), to provide for an incremental term loan facility in an aggregate principal amount equal to $55,000 (the "Incremental Term Loan Facility"), which Incremental Term Loan Facility is subject to substantially the same terms and conditions, including the applicable interest rate and the maturity date of February 6, 2018, as the $165,000 term loan facility provided upon the initial closing of the Term Loan Agreement. In addition, Amendment No. 2 amended the Term Loan Agreement to reduce the minimum interest coverage ratio and increase the maximum leverage ratio, among other things. The proceeds of the Incremental Term Loan Facility were used (i) to pay in full and terminate the Company's Revolving Loan Agreement; (ii) to redeem all 26,000 shares of the Company's Series A Preferred Stock that were outstanding; (iii) to pay fees, costs and expenses associated with the Incremental Term Loan Facility and related transactions; and (iv) for general corporate purposes. This resulted in the write-off of approximately $10,212 of deferred financing costs and note discounts in the quarter ended May 31, 2014. On June 8, 2015, the Company entered into Amendment No. 3 to the Term Loan Agreement (the "Amendment No. 3"), to provide for an incremental term loan facility in an aggregate principal amount equal to $85,000 (the "Second Incremental Term Loan Facility"), increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015, amended the prepayment premiums that the Company is required to pay upon voluntary prepayments or certain mandatory prepayments of the term loans, permitted certain additional adjustments to the Company's consolidated EBITDA for cost savings in connection with the acquisition Inmet and Weinschel and reduced the minimum interest coverage ratio and increased the maximum leverage ratio for certain compliance periods. The proceeds of the Second Incremental Term Loan Facility were primarily used to fund the purchase price for the Inmet and Weinschel acquisition. On February 28, 2016, the Company entered into Amendment No. 4 to the Term Loan Agreement ( "Amendment No. 4"), by and among the Company, the lenders party thereto and the Agent. Term Loan Agreement The term loans incurred pursuant to the Term Loan Agreement, as amended through Amendment No. 2, bore interest, at the Company's option, at the base rate plus 6.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 7.50% for the first year and at the base rate plus 7.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 10.75% thereafter, with a LIBOR floor of 1.50%. Amendment No. 3 increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015. For purposes of the Term Loan Agreement, the "base rate" means the highest of Wells Fargo Bank, National Association's prime rate, the federal funds rate plus a margin equal to 0.50% and the adjusted LIBOR rate for a 3-month interest period plus a margin equal to 1.00%. Interest is due and payable in arrears monthly for term loans bearing interest at the base rate and at the end of an interest period (or at each three month interval in the case of term loans with interest periods greater than three months) in the case of term loans bearing interest at the adjusted LIBOR rate. Principal payments of the term loans are paid at the end of each of the Company's fiscal quarters, with the balance of any outstanding term loans due and payable in full on February 6, 2018. The quarterly principal payments amortized at 1.25% for the fiscal quarters through the end of the Company's 2014 fiscal year, at 1.875% for the fiscal quarters through the end of the Company's 2015 fiscal year and will amortize at 2.50% for each of the fiscal quarters thereafter. Under certain circumstances, the Company is required to prepay the term loans upon the receipt of cash proceeds of certain asset sales, cash proceeds of certain extraordinary receipts and cash proceeds of certain debt or equity financings, and based on a calculation of annual excess cash flow. Mandatory prepayments resulting from assets sales or certain debt financings may require the payment of certain prepayment premiums. The term loans are secured by a first priority security interest in accounts receivable, inventory, machinery, equipment and certain other personal property relating to the foregoing, and any proceeds from any of the foregoing, subject to certain exceptions and liens, and a first priority security position on substantially all other real and personal property, in each case that are owned by the Company and the subsidiary guarantors. The Term Loan Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries' ability to, among other things, incur indebtedness, grant liens, dispose of assets and pay dividends or make distributions to stockholders. The Term Loan Agreement has the financial covenants of a minimum interest coverage ratio and maximum leverage ratio. On February 28, 2016, in connection with transactions contemplated by the Merger Agreement (see Note 17), the Company entered into Amendment No. 4. Amendment No. 4 amends the Term Loan Agreement to add additional mandatory prepayment events upon the occurrence of a change of control (as defined in the Term Loan Agreement) and/or receipt of any termination fees under the Merger Agreement and decreases the prepayment premiums that the Company is required to pay upon a voluntary or mandatory prepayment of any of the outstanding term loans. Upon consummation of the transactions contemplated by the Merger Agreement, the Company will be required to pay a prepayment premium in an amount equal to 1% of the amount of the term loans prepaid. Amendment No. 4 also amends the amortization schedule applicable to future term loan payments made by the Company by removing the Company's obligation to make an amortization payment for the fiscal quarters ending February 29, 2016 and May 31, 2016 and requiring the Company to make an amortization payment in an amount equal to 5.0% of the original aggregate term loan amount on the earlier of (a) May 27, 2016 and (b) the date of termination of the Merger Agreement. Amendment No. 4 reduces the minimum interest coverage ratio and increases the maximum leverage ratio for the November 30, 2015 compliance period and the fiscal 2016 compliance periods, and adds additional events of default upon either (a) the termination of the Merger Agreement or (b) the Company's failure to consummate the transactions contemplated by the Merger Agreement on or prior to May 27, 2016. At February 29, 2016, the Company was in compliance with these amended financial covenants. Pursuant to the Term Loan Agreement, the Company is also required to limit its annual capital expenditures to $4,000 per fiscal year (subject to carry-over rights). Revolving Loan Agreement On March 21, 2014, approximately $25,136 of the proceeds of the Incremental Term Loan Facility was used to pay in full and terminate the Company's Revolving Loan Agreement.

Assets and Liabilities Acquired

Assets and Liabilities Acquired (Detail) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015	Feb. 28, 2015	Mar. 22, 2012
Business Acquisition [Line Items]
Goodwill	$ 149,239	$ 149,239	$ 149,239
Inmet And Weinschel
Business Acquisition [Line Items]
Accounts receivable and other current assets				$ 6,854
Inventory				12,655
Fixed assets				5,365
Customer, marketing and technology related intangible assets				28,179
Goodwill				32,469
Current liabilities				(6,130)
Total purchase consideration				$ 79,392

Fixed Assets Acquired in Acquis

Fixed Assets Acquired in Acquisition (Detail) - Inmet And Weinschel $ in Thousands	Mar. 22, 2012USD ($)
Business Acquisition [Line Items]
Land	$ 385
Buildings and leasehold improvements	3,397
Total fixed assets acquired	5,365
Computer equipment
Business Acquisition [Line Items]
Business equipment	15
Furniture and fixtures
Business Acquisition [Line Items]
Business equipment	207
Machinery and equipment
Business Acquisition [Line Items]
Business equipment	$ 1,361

Summary of Combined Result of O

Summary of Combined Result of Operations Due to Business Acquisitions (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 28, 2015USD ($)$ / shares
Business Acquisition [Line Items]
Revenues	$ 62,045
Net loss	$ 130
Net loss per share-basic and diluted | $ / shares	$ 0

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Inventory [Line Items]
Raw materials	$ 34,624	$ 34,222
Work in progress	19,257	19,355
Finished goods	10,104	11,666
Total	$ 63,985	$ 65,243

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Inventory [Line Items]
Inventory reserves	$ 8,169	$ 9,343

Short-Term Debt - Additional In

Short-Term Debt - Additional Information (Detail) £ in Thousands, $ in Thousands	Feb. 29, 2016USD ($)	Nov. 30, 2015GBP (£)
UNITED KINGDOM
Debt [Line Items]
Credit facility for subsidiary	$ 347	£ 250

Accounts Payable and Accrued 45

Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Accounts Payable [Line Items]
Trade accounts payable	$ 19,843	$ 22,493
Accrued expenses	13,204	12,551
Wage and vacation accrual	4,697	6,751
Total	$ 37,744	$ 41,795

Long-Term Debt Obligations (Det

Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands		Feb. 29, 2016	Nov. 30, 2015
Debt Instrument [Line Items]
Term loans, due February 6, 2018, base rate plus 7.50% interest or LIBOR plus 8.50%,	[1]	$ 193,690	$ 193,690
Mortgage loan, due 2027, 1.35% above Barclays fixed bank rate	[2]	864	956
Capital leases payable	[3]	5,361	5,380
Total Loans		199,915	200,026
Less: Current portion of long-term debt		(27,200)	(21,816)
Discount and deferred financing charges on term loans		(2,161)	(2,480)
Long-term portion		$ 170,554	$ 175,730
[1]	On February 6, 2013, the Company refinanced its credit facilities and entered into (i) a credit agreement (the "Term Loan Agreement") with various lenders and Guggenheim Corporate Funding, LLC, as agent (the "Agent") that provided for a $165,000 term loan facility and (ii) a credit agreement with various lenders and Wells Fargo Bank, National Association (the "Revolving Loan Agreement") that provided for a $50,000 asset-based revolving borrowing base credit facility, with a $10,000 subfacility (or the Sterling equivalent) for certain of our United Kingdom subsidiaries, a $10,000 subfacility for letters of credit and a $5,000 subfacility for swingline loans. On March 21, 2014, the Company entered into Amendment No. 2 to the Term Loan Agreement (the "Amendment No. 2"), to provide for an incremental term loan facility in an aggregate principal amount equal to $55,000 (the "Incremental Term Loan Facility"), which Incremental Term Loan Facility is subject to substantially the same terms and conditions, including the applicable interest rate and the maturity date of February 6, 2018, as the $165,000 term loan facility provided upon the initial closing of the Term Loan Agreement. In addition, Amendment No. 2 amended the Term Loan Agreement to reduce the minimum interest coverage ratio and increase the maximum leverage ratio, among other things. The proceeds of the Incremental Term Loan Facility were used (i) to pay in full and terminate the Company's Revolving Loan Agreement; (ii) to redeem all 26,000 shares of the Company's Series A Preferred Stock that were outstanding; (iii) to pay fees, costs and expenses associated with the Incremental Term Loan Facility and related transactions; and (iv) for general corporate purposes. This resulted in the write-off of approximately $10,212 of deferred financing costs and note discounts in the quarter ended May 31, 2014. On June 8, 2015, the Company entered into Amendment No. 3 to the Term Loan Agreement (the "Amendment No. 3"), to provide for an incremental term loan facility in an aggregate principal amount equal to $85,000 (the "Second Incremental Term Loan Facility"), increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015, amended the prepayment premiums that the Company is required to pay upon voluntary prepayments or certain mandatory prepayments of the term loans, permitted certain additional adjustments to the Company's consolidated EBITDA for cost savings in connection with the acquisition Inmet and Weinschel and reduced the minimum interest coverage ratio and increased the maximum leverage ratio for certain compliance periods. The proceeds of the Second Incremental Term Loan Facility were primarily used to fund the purchase price for the Inmet and Weinschel acquisition. On February 28, 2016, the Company entered into Amendment No. 4 to the Term Loan Agreement ( "Amendment No. 4"), by and among the Company, the lenders party thereto and the Agent. Term Loan Agreement The term loans incurred pursuant to the Term Loan Agreement, as amended through Amendment No. 2, bore interest, at the Company's option, at the base rate plus 6.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 7.50% for the first year and at the base rate plus 7.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 10.75% thereafter, with a LIBOR floor of 1.50%. Amendment No. 3 increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015. For purposes of the Term Loan Agreement, the "base rate" means the highest of Wells Fargo Bank, National Association's prime rate, the federal funds rate plus a margin equal to 0.50% and the adjusted LIBOR rate for a 3-month interest period plus a margin equal to 1.00%. Interest is due and payable in arrears monthly for term loans bearing interest at the base rate and at the end of an interest period (or at each three month interval in the case of term loans with interest periods greater than three months) in the case of term loans bearing interest at the adjusted LIBOR rate. Principal payments of the term loans are paid at the end of each of the Company's fiscal quarters, with the balance of any outstanding term loans due and payable in full on February 6, 2018. The quarterly principal payments amortized at 1.25% for the fiscal quarters through the end of the Company's 2014 fiscal year, at 1.875% for the fiscal quarters through the end of the Company's 2015 fiscal year and will amortize at 2.50% for each of the fiscal quarters thereafter. Under certain circumstances, the Company is required to prepay the term loans upon the receipt of cash proceeds of certain asset sales, cash proceeds of certain extraordinary receipts and cash proceeds of certain debt or equity financings, and based on a calculation of annual excess cash flow. Mandatory prepayments resulting from assets sales or certain debt financings may require the payment of certain prepayment premiums. The term loans are secured by a first priority security interest in accounts receivable, inventory, machinery, equipment and certain other personal property relating to the foregoing, and any proceeds from any of the foregoing, subject to certain exceptions and liens, and a first priority security position on substantially all other real and personal property, in each case that are owned by the Company and the subsidiary guarantors. The Term Loan Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries' ability to, among other things, incur indebtedness, grant liens, dispose of assets and pay dividends or make distributions to stockholders. The Term Loan Agreement has the financial covenants of a minimum interest coverage ratio and maximum leverage ratio. On February 28, 2016, in connection with transactions contemplated by the Merger Agreement (see Note 17), the Company entered into Amendment No. 4. Amendment No. 4 amends the Term Loan Agreement to add additional mandatory prepayment events upon the occurrence of a change of control (as defined in the Term Loan Agreement) and/or receipt of any termination fees under the Merger Agreement and decreases the prepayment premiums that the Company is required to pay upon a voluntary or mandatory prepayment of any of the outstanding term loans. Upon consummation of the transactions contemplated by the Merger Agreement, the Company will be required to pay a prepayment premium in an amount equal to 1% of the amount of the term loans prepaid. Amendment No. 4 also amends the amortization schedule applicable to future term loan payments made by the Company by removing the Company's obligation to make an amortization payment for the fiscal quarters ending February 29, 2016 and May 31, 2016 and requiring the Company to make an amortization payment in an amount equal to 5.0% of the original aggregate term loan amount on the earlier of (a) May 27, 2016 and (b) the date of termination of the Merger Agreement. Amendment No. 4 reduces the minimum interest coverage ratio and increases the maximum leverage ratio for the November 30, 2015 compliance period and the fiscal 2016 compliance periods, and adds additional events of default upon either (a) the termination of the Merger Agreement or (b) the Company's failure to consummate the transactions contemplated by the Merger Agreement on or prior to May 27, 2016. At February 29, 2016, the Company was in compliance with these amended financial covenants. Pursuant to the Term Loan Agreement, the Company is also required to limit its annual capital expenditures to $4,000 per fiscal year (subject to carry-over rights). Revolving Loan Agreement On March 21, 2014, approximately $25,136 of the proceeds of the Incremental Term Loan Facility was used to pay in full and terminate the Company's Revolving Loan Agreement.
[2]	A subsidiary of the Company in the United Kingdom entered into a 20 year term mortgage agreement in 2007, under which interest is charged at a margin of 1.35% over Barclays Fixed Base Rate of 0.5% at November 30, 2015. The mortgage is secured by the subsidiary's assets.
[3]	On December 31, 2013, the Company completed the sale and leaseback (the "Sale/Leaseback") of the Company's facility located in State College, Pennsylvania. The Company sold the facility to an unaffiliated third party for a gross purchase price of approximately $15,500 and will lease the property from the buyer for approximately $1,279 per year, subject to annual adjustments. As a result of this transaction the Company initially recorded a capital lease obligation of $5,225. The gain on the sale has been deferred and is being recognized over the 15 year lease term.

Long-Term Debt Obligations (Par

Long-Term Debt Obligations (Parenthetical) (Detail) - USD ($) $ in Thousands		Jun. 08, 2015	Feb. 29, 2016	May. 31, 2014	Nov. 30, 2015	Mar. 21, 2014	Feb. 06, 2013
Debt Instrument [Line Items]
Long Term Loans Payable	[1]		$ 193,690		$ 193,690
Term Loan A
Debt Instrument [Line Items]
Long Term Loans Payable							$ 165,000
Debt instrument maturity date			Feb. 6, 2018
Incremental Term Loan Facility
Debt Instrument [Line Items]
Long Term Loans Payable		$ 85,000				$ 55,000
Debt instrument maturity date			Feb. 6, 2018
Base Rate | Incremental Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, margin plus rate		7.50%
London Interbank Offered Rate (LIBOR) | Incremental Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, margin plus rate		8.50%
Series A Preferred Stock
Debt Instrument [Line Items]
Series A Mandatorily Redeemable Preferred Stock redeemed, shares				26,000
Write-off of deferred financing cost				$ 10,212
Asset Based Revolving Credit Facility
Debt Instrument [Line Items]
Secured revolving credit facility							50,000
Credit Sub Facility
Debt Instrument [Line Items]
Secured revolving credit facility							10,000
Letter Of Credit Sub Facility
Debt Instrument [Line Items]
Secured revolving credit facility							10,000
Swing Line Loan Subfacility
Debt Instrument [Line Items]
Secured revolving credit facility							$ 5,000
UNITED KINGDOM | Two Thousand Seven Mortgage Agreement [Member]
Debt Instrument [Line Items]
Mortgage agreement term			20 years
Mortgage agreement due date			2,027
Mortgage loan interest charges			1.35%
UNITED KINGDOM | Two Thousand Seven Mortgage Agreement [Member] | Barclays
Debt Instrument [Line Items]
Barclays Fixed Base Rate			0.50%
[1]	On February 6, 2013, the Company refinanced its credit facilities and entered into (i) a credit agreement (the "Term Loan Agreement") with various lenders and Guggenheim Corporate Funding, LLC, as agent (the "Agent") that provided for a $165,000 term loan facility and (ii) a credit agreement with various lenders and Wells Fargo Bank, National Association (the "Revolving Loan Agreement") that provided for a $50,000 asset-based revolving borrowing base credit facility, with a $10,000 subfacility (or the Sterling equivalent) for certain of our United Kingdom subsidiaries, a $10,000 subfacility for letters of credit and a $5,000 subfacility for swingline loans. On March 21, 2014, the Company entered into Amendment No. 2 to the Term Loan Agreement (the "Amendment No. 2"), to provide for an incremental term loan facility in an aggregate principal amount equal to $55,000 (the "Incremental Term Loan Facility"), which Incremental Term Loan Facility is subject to substantially the same terms and conditions, including the applicable interest rate and the maturity date of February 6, 2018, as the $165,000 term loan facility provided upon the initial closing of the Term Loan Agreement. In addition, Amendment No. 2 amended the Term Loan Agreement to reduce the minimum interest coverage ratio and increase the maximum leverage ratio, among other things. The proceeds of the Incremental Term Loan Facility were used (i) to pay in full and terminate the Company's Revolving Loan Agreement; (ii) to redeem all 26,000 shares of the Company's Series A Preferred Stock that were outstanding; (iii) to pay fees, costs and expenses associated with the Incremental Term Loan Facility and related transactions; and (iv) for general corporate purposes. This resulted in the write-off of approximately $10,212 of deferred financing costs and note discounts in the quarter ended May 31, 2014. On June 8, 2015, the Company entered into Amendment No. 3 to the Term Loan Agreement (the "Amendment No. 3"), to provide for an incremental term loan facility in an aggregate principal amount equal to $85,000 (the "Second Incremental Term Loan Facility"), increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015, amended the prepayment premiums that the Company is required to pay upon voluntary prepayments or certain mandatory prepayments of the term loans, permitted certain additional adjustments to the Company's consolidated EBITDA for cost savings in connection with the acquisition Inmet and Weinschel and reduced the minimum interest coverage ratio and increased the maximum leverage ratio for certain compliance periods. The proceeds of the Second Incremental Term Loan Facility were primarily used to fund the purchase price for the Inmet and Weinschel acquisition. On February 28, 2016, the Company entered into Amendment No. 4 to the Term Loan Agreement ( "Amendment No. 4"), by and among the Company, the lenders party thereto and the Agent. Term Loan Agreement The term loans incurred pursuant to the Term Loan Agreement, as amended through Amendment No. 2, bore interest, at the Company's option, at the base rate plus 6.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 7.50% for the first year and at the base rate plus 7.50% or an adjusted LIBOR rate (based on one, two or three-month interest periods) plus 10.75% thereafter, with a LIBOR floor of 1.50%. Amendment No. 3 increased the margins applicable to the outstanding term loans to 7.50% in the case of base rate loans and 8.50% in the case of LIBOR loans, beginning December 2015. For purposes of the Term Loan Agreement, the "base rate" means the highest of Wells Fargo Bank, National Association's prime rate, the federal funds rate plus a margin equal to 0.50% and the adjusted LIBOR rate for a 3-month interest period plus a margin equal to 1.00%. Interest is due and payable in arrears monthly for term loans bearing interest at the base rate and at the end of an interest period (or at each three month interval in the case of term loans with interest periods greater than three months) in the case of term loans bearing interest at the adjusted LIBOR rate. Principal payments of the term loans are paid at the end of each of the Company's fiscal quarters, with the balance of any outstanding term loans due and payable in full on February 6, 2018. The quarterly principal payments amortized at 1.25% for the fiscal quarters through the end of the Company's 2014 fiscal year, at 1.875% for the fiscal quarters through the end of the Company's 2015 fiscal year and will amortize at 2.50% for each of the fiscal quarters thereafter. Under certain circumstances, the Company is required to prepay the term loans upon the receipt of cash proceeds of certain asset sales, cash proceeds of certain extraordinary receipts and cash proceeds of certain debt or equity financings, and based on a calculation of annual excess cash flow. Mandatory prepayments resulting from assets sales or certain debt financings may require the payment of certain prepayment premiums. The term loans are secured by a first priority security interest in accounts receivable, inventory, machinery, equipment and certain other personal property relating to the foregoing, and any proceeds from any of the foregoing, subject to certain exceptions and liens, and a first priority security position on substantially all other real and personal property, in each case that are owned by the Company and the subsidiary guarantors. The Term Loan Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries' ability to, among other things, incur indebtedness, grant liens, dispose of assets and pay dividends or make distributions to stockholders. The Term Loan Agreement has the financial covenants of a minimum interest coverage ratio and maximum leverage ratio. On February 28, 2016, in connection with transactions contemplated by the Merger Agreement (see Note 17), the Company entered into Amendment No. 4. Amendment No. 4 amends the Term Loan Agreement to add additional mandatory prepayment events upon the occurrence of a change of control (as defined in the Term Loan Agreement) and/or receipt of any termination fees under the Merger Agreement and decreases the prepayment premiums that the Company is required to pay upon a voluntary or mandatory prepayment of any of the outstanding term loans. Upon consummation of the transactions contemplated by the Merger Agreement, the Company will be required to pay a prepayment premium in an amount equal to 1% of the amount of the term loans prepaid. Amendment No. 4 also amends the amortization schedule applicable to future term loan payments made by the Company by removing the Company's obligation to make an amortization payment for the fiscal quarters ending February 29, 2016 and May 31, 2016 and requiring the Company to make an amortization payment in an amount equal to 5.0% of the original aggregate term loan amount on the earlier of (a) May 27, 2016 and (b) the date of termination of the Merger Agreement. Amendment No. 4 reduces the minimum interest coverage ratio and increases the maximum leverage ratio for the November 30, 2015 compliance period and the fiscal 2016 compliance periods, and adds additional events of default upon either (a) the termination of the Merger Agreement or (b) the Company's failure to consummate the transactions contemplated by the Merger Agreement on or prior to May 27, 2016. At February 29, 2016, the Company was in compliance with these amended financial covenants. Pursuant to the Term Loan Agreement, the Company is also required to limit its annual capital expenditures to $4,000 per fiscal year (subject to carry-over rights). Revolving Loan Agreement On March 21, 2014, approximately $25,136 of the proceeds of the Incremental Term Loan Facility was used to pay in full and terminate the Company's Revolving Loan Agreement.

Long-Term Debt Obligations - Te

Long-Term Debt Obligations - Term Loan Agreement (Parenthetical) (Detail) - Term Loan A $ in Thousands	Feb. 29, 2016	Feb. 29, 2016USD ($)
Debt Instrument [Line Items]
Term loan, fully payable date		Feb. 6, 2018
Term loan, amortization percentage for principal payments, 2014 fiscal year		1.25%
Term loan, amortization percentage for principal payments, 2015 fiscal year		1.875%
Term loan, amortization percentage for principal payments, thereafter		2.50%
Amortization payment percentage of original face amount of debt instrument	5.00%	5.00%
Debt amortization payment term	Earlier of (a) May 27, 2016 and (b) the date of termination of the Merger Agreement.
Percentage of prepayment premium to be paid on current outstanding principal amount of debt	1.00%	1.00%
Deb instrument, annual capital expenditure		$ 4,000
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt instrument, margin plus rate		1.50%
Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, margin plus rate		0.50%
2014 | Base Rate
Debt Instrument [Line Items]
Debt instrument, margin plus rate		6.50%
2014 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, margin plus rate		7.50%
2015 | Base Rate
Debt Instrument [Line Items]
Debt instrument, margin plus rate		7.50%
2015 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, margin plus rate		10.75%
Thereafter | Base Rate
Debt Instrument [Line Items]
Debt instrument, margin plus rate		7.50%
Thereafter | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, margin plus rate		8.50%
Three Month LIBOR Rate Plus | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, margin plus rate		1.00%

Long-Term Debt Obligations - Ca

Long-Term Debt Obligations - Capital Leases (Parenthetical) (Detail) - USD ($) $ in Thousands		Dec. 31, 2013	Feb. 29, 2016	Nov. 30, 2015
Debt Instrument [Line Items]
Capital lease obligation	[1]		$ 5,361	$ 5,380
Pennsylvania
Debt Instrument [Line Items]
Proceeds from sale and leaseback facility		$ 15,500
Sale and leaseback transaction annual rental payments		1,279
Capital lease obligation		$ 5,225
Lease term		15 years
[1]	On December 31, 2013, the Company completed the sale and leaseback (the "Sale/Leaseback") of the Company's facility located in State College, Pennsylvania. The Company sold the facility to an unaffiliated third party for a gross purchase price of approximately $15,500 and will lease the property from the buyer for approximately $1,279 per year, subject to annual adjustments. As a result of this transaction the Company initially recorded a capital lease obligation of $5,225. The gain on the sale has been deferred and is being recognized over the 15 year lease term.

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - $ / shares	Jan. 22, 2010	Jan. 20, 2010	Oct. 31, 2015	Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015	Nov. 06, 2006
Equity [Line Items]
Common shares, shares authorized				250,000,000		250,000,000
Common shares, shares outstanding				55,850,736		55,850,736
Stock Option
Equity [Line Items]
Stock issued, options and RSUs				661,250	0
Restricted Stock Units (RSUs)
Equity [Line Items]
Stock issued, options and RSUs				217,500	0
Equity Based Compensation
Equity [Line Items]
Share authorized		800,000
Shares available for issuance		550,000
Common stock issued		250,000
Common shares issued in escrow		126,250
Common shares issued			423,750
Equity Based Compensation | Common Stock
Equity [Line Items]
Warrants issued, shares of common stock to purchase by warrant	892,862	892,862
Warrants issued, exercise price	$ 5.60	$ 5.60
Warrants expiry date	Jan. 22, 2015	Jan. 20, 2015
API Nanotronics Sub Inc
Equity [Line Items]
Common shares, shares outstanding				63,886
Exchangeable share outstanding				22,617
API Nanotronics Sub Inc | Exchangeable Shares
Equity [Line Items]
Common shares, shares authorized							2,354,505
First Anniversary | Equity Based Compensation
Equity [Line Items]
Shares available for issuance		250,000
Second Anniversary | Equity Based Compensation
Equity [Line Items]
Shares available for issuance		300,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Equity incentive plan under common stock	5,875,000
Available for issuance pursuant to option, RSUs, or Stock	2,341,534
Maximum award term	10 years
Stock option exercise price	100.00%
Total unrecognized compensation related non-vested stock options	$ 641
Stock based compensation	$ 348	$ 79
Market value per share	$ 1.95
Restricted Stock Units (RSUs)
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price	$ 0

Fair Value of Options Granted U

Fair Value of Options Granted Using Black-Scholes Option Pricing Model (Detail)	3 Months Ended
	Feb. 29, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	70.80%
Expected dividends	0.00%
Expected term	9 years 3 months 18 days
Risk-free rate	1.70%

Summary of Common Stock Option

Summary of Common Stock Option Activity (Detail) - $ / shares	3 Months Ended	12 Months Ended
	Feb. 29, 2016	Nov. 30, 2015
Options
Beginning Balance	2,002,627	1,328,310
Less forfeited	(414,925)	(33,183)
Issued	661,250	707,500
Ending Balance	2,248,952	2,002,627
Stock Options exercisable	850,202
Weighted Average Exercise Price
Beginning Balance	$ 3.62	$ 4.52
Less forfeited	3.21	4.60
Weighted Average Exercise Price, Issued	1.15	1.98
Ending Balance	2.97	$ 3.62
Stock Options exercisable	$ 5.24

Restricted Stock Unit Activity

Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares	3 Months Ended	12 Months Ended
	Feb. 29, 2016	Nov. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs Outstanding, Beginning Balance	278,381	48,334
RSUs Issued	217,500	273,381
Vested-Stock issued		(43,334)
RSUs Outstanding, Ending Balance	495,881	278,381
Weighted Average Grant Date Fair Value, Beginning Balance	$ 1.96	$ 3.30
Vested	5,000
RSUs Issued	$ 1.15	1.96
Vested-Stock issued		3.72
Weighted Average Grant Date Fair Value, Ending Balance	1.61	$ 1.96
Vested	$ 2.37

Restricted Stock Unit Activit55

Restricted Stock Unit Activity Range of Exercise Price (Detail) - RSUs and Options $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 29, 2016USD ($)$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number of Outstanding Shares | shares	2,744,833
Options Outstanding, Weighted Average Remaining Life (Years)	7 years 2 months 19 days
Options Outstanding, Aggregate Intrinsic Value | $	$ 1,530
Options Exercisable, Number Vested or Exercisable Shares | shares	855,202
Options Exercisable, Aggregate Intrinsic Value | $	$ 10
$0.00 - $ 3.55
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price, Lower Range Limit	$ 0
Exercise Price, Upper Range Limit	$ 3.55
Options Outstanding, Number of Outstanding Shares | shares	2,149,631
Options Outstanding, Weighted Average Exercise Price	$ 1.45
Options Outstanding, Weighted Average Remaining Life (Years)	7 years 11 months 1 day
Options Outstanding, Aggregate Intrinsic Value | $	$ 1,530
Options Exercisable, Number Vested or Exercisable Shares | shares	260,000
Options Exercisable, Weighted Average Exercise Price	$ 3.41
Options Exercisable, Aggregate Intrinsic Value | $	$ 10
$3.56 - $ 4.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price, Lower Range Limit	$ 3.56
Exercise Price, Upper Range Limit	$ 4.99
Options Outstanding, Number of Outstanding Shares | shares	17,084
Options Outstanding, Weighted Average Exercise Price	$ 3.56
Options Outstanding, Weighted Average Remaining Life (Years)	4 years 7 months 24 days
Options Exercisable, Number Vested or Exercisable Shares | shares	17,084
Options Exercisable, Weighted Average Exercise Price	$ 3.56
$5.00 - $ 6.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price, Lower Range Limit	5
Exercise Price, Upper Range Limit	$ 6.99
Options Outstanding, Number of Outstanding Shares | shares	572,284
Options Outstanding, Weighted Average Exercise Price	$ 5.98
Options Outstanding, Weighted Average Remaining Life (Years)	4 years 8 months 23 days
Options Exercisable, Number Vested or Exercisable Shares | shares	572,284
Options Exercisable, Weighted Average Exercise Price	$ 5.98
$7.00 - $ 20.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price, Lower Range Limit	7
Exercise Price, Upper Range Limit	$ 20
Options Outstanding, Number of Outstanding Shares | shares	5,834
Options Outstanding, Weighted Average Exercise Price	$ 14.07
Options Outstanding, Weighted Average Remaining Life (Years)	1 year 2 months 27 days
Options Exercisable, Number Vested or Exercisable Shares | shares	5,834
Options Exercisable, Weighted Average Exercise Price	$ 14.07

Supplemental Cash Flow Inform56

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Supplemental Cash Flow Information
Cash paid for income taxes	$ 636	$ 220
Cash paid for interest	$ 4,627	$ 2,792

Earnings Per Share Table (Detai

Earnings Per Share Table (Detail) - shares		3 Months Ended
		Feb. 29, 2016	Feb. 28, 2015
Earnings Per Share [Line Items]
Weighted average shares-basic		55,914,633	55,461,217
Effect of dilutive securities	[1]
Weighted average shares-diluted		55,914,633	55,461,217
[1]	Outstanding options and RSUs aggregating 2,744,833 - February 29, 2016 (1,363,961 - February 28, 2015) incremental shares have been excluded from the February 29, 2016 and February 28, 2015 computation of diluted EPS as they are anti-dilutive due to the losses generated in each respective period.

Earnings Per Share Table (Paren

Earnings Per Share Table (Parenthetical) (Detail) - shares	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Options and RSUs
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,744,833	1,363,961

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2016	Oct. 08, 2015	Jan. 20, 2010	Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015
Long-term Purchase Commitment [Line Items]
Common shares subscribed but not issued			423,750
Common shares subscribed but not issued value			$ 2,373
Note payable to plaintiffs		$ 2,500
Shares issued under Asset Purchase Agreement to plaintiffs		550,000
Expected proceeds from shares issued before issuance of additional shares		$ 1,000
Loan amortization period		48 months
Note, prepayment penalty		$ 0
Closing price per share				$ 1.95
Accrual for outstanding legal matters				$ 0		$ 0
Fees and expenses payable to investment banking firm				$ 183	$ 62
Merger Agreement with RF1 Holding Company and RF Acquisition Sub, Inc.
Long-term Purchase Commitment [Line Items]
Fees and expenses payable to investment banking firm	$ 4,300
Termination fee payable if Merger Agreement is canceled	$ 3,500
Until April 1, 2016
Long-term Purchase Commitment [Line Items]
Note, interest rate		12.00%
Thereafter
Long-term Purchase Commitment [Line Items]
Note, interest rate		18.00%
Equity Based Compensation
Long-term Purchase Commitment [Line Items]
Shares available for issuance			550,000
Common shares issued in escrow			126,250

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Income Taxes [Line Items]
Effective income tax rates	(12.00%)	(14.30%)
U.S. federal statutory income tax rate	34.00%	34.00%
Unrecognized tax benefits	$ 0
UNITED STATES | Minimum
Income Taxes [Line Items]
Tax years open to examination	2,011
UNITED STATES | Maximum
Income Taxes [Line Items]
Tax years open to examination	2,015
CANADA | Minimum
Income Taxes [Line Items]
Tax years open to examination	2,011
CANADA | Maximum
Income Taxes [Line Items]
Tax years open to examination	2,015

Restructuring Charges Related61

Restructuring Charges Related to Consolidation of Operations - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 596	$ 872
Systems, Subsystems and Components
Restructuring Cost and Reserve [Line Items]
Lease impairment accrual	241
Electronic Manufacturing Services
Restructuring Cost and Reserve [Line Items]
Lease impairment accrual	$ 1,516

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Feb. 29, 2016Segment
Number of operating segments	3

Segment Reporting Information b

Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands		3 Months Ended
		Feb. 29, 2016	Feb. 28, 2015	Nov. 30, 2015
Operating Statistics [Line Items ]
Revenue from external customers		$ 54,427	$ 50,850
Adjusted EBITDA:		6,195	6,047
Acquisition related charges		183	62
Restructuring		596	872
Depreciation and amortization		4,322	3,459
Interest expense, net		5,326	3,127
Amortization of note discounts and deferred financing costs		343	23
Other adjustments	[1]	1,162	411
Loss before income taxes		(5,737)	(1,907)
Segment assets		334,812	345,025	$ 345,025
Goodwill included in assets		149,239	149,239	$ 149,239
Purchase of fixed assets		271	159
Operating Segments | Systems, Subsystems and Components
Operating Statistics [Line Items ]
Revenue from external customers		42,701	38,386
Adjusted EBITDA:		5,142	5,242
Segment assets		296,168	305,267
Goodwill included in assets		146,770	146,770
Purchase of fixed assets		255	144
Operating Segments | Secure Systems And Information Assurance
Operating Statistics [Line Items ]
Revenue from external customers		5,261	4,258
Adjusted EBITDA:		1,528	755
Segment assets		12,017	11,089
Purchase of fixed assets		1	12
Operating Segments | Electronic Manufacturing Services
Operating Statistics [Line Items ]
Revenue from external customers		6,465	8,206
Adjusted EBITDA:		(475)	50
Segment assets		20,793	21,024
Goodwill included in assets		2,469	2,469
Purchase of fixed assets		15	3
Corporate
Operating Statistics [Line Items ]
Segment assets		$ 5,834	$ 7,645
[1]	Other adjustments primarily include non-cash inventory provisions, stock based compensation, franchise taxes, financing and other adjustments, lease payments for the State College, Pennsylvania facility, and foreign exchange losses.

Agreement and Plan of Merger -

Agreement and Plan of Merger - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2016	Feb. 29, 2016	Nov. 30, 2015
Business Merger [Line Items]
Common shares, par value		$ 0.001	$ 0.001
Common shares, shares outstanding		55,850,736	55,850,736
Merger Agreement with RF1 Holding Company and RF Acquisition Sub, Inc.
Business Merger [Line Items]
Date of agreement	Feb. 28, 2016
Common shares, par value	$ 0.001
Cash price per share	$ 2
Merger related conditions	(i) the receipt of the necessary approval of the Merger from API's stockholders, which was obtained by written consent on February 29, 2016; (ii) the absence of any law or order restraining, enjoining or otherwise prohibiting the Merger; and (iii) the expiration or termination of any waiting periods applicable to the consummation of the Merger under applicable antitrust and competition laws.
Termination fee payable if Merger Agreement is canceled	$ 3,500
Merger agreement consumption expiration date	May 27, 2016
Merger Agreement with RF1 Holding Company and RF Acquisition Sub, Inc. | RF1 Holding Company
Business Merger [Line Items]
Termination fee receivable if Merger Agreement is canceled	$ 5,000
Merger Agreement with RF1 Holding Company and RF Acquisition Sub, Inc. | Vintage Albany Acquisition, LLC
Business Merger [Line Items]
Common shares, shares outstanding		22,000,000
Merger Agreement with RF1 Holding Company and RF Acquisition Sub, Inc. | Steel Excel Inc.
Business Merger [Line Items]
Common shares, shares outstanding		11,377,192