Koil Energy Solutions (KLNG) 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	11-May-15
Document And Entity Information
Entity Registrant Name	Deep Down, Inc.
Entity Central Index Key	1110607
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		15,130,601
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ASSETS
Cash (including a compensating balance of $3,900) (Note 6)	$5,658	$5,312
Accounts receivable, net of allowance for doubtful accounts of $0 and $498, respectively	8,064	6,488
Inventory, net of reserve for obsolescence of $0 and $205, respectively	3,241	3,127
Costs and estimated earnings in excess of billings on uncompleted contracts	5,946	6,808
Prepaid expenses and other current assets	177	280
Total current assets	23,086	22,015
Property, plant and equipment, net	11,538	11,732
Intangibles, net	80	82
Other assets	870	891
Total assets	35,574	34,720
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	3,692	4,139
Billings in excess of costs and estimated earnings on uncompleted contracts	634	0
Current portion of long-term debt	6,453	5,615
Total current liabilities	10,779	9,754
Total liabilities	10,779	9,754
Stockholders' equity:
Preferred stock, $0.001 par value, 10,000 shares authorized, 0 shares issued and outstanding	0	0
Common stock, $0.001 par value, 24,500 shares authorized, 15,131 shares issued and outstanding	15	15
Additional paid-in capital	72,658	72,532
Accumulated deficit	-47,878	-47,581
Total stockholders' equity	24,795	24,966
Total liabilities and stockholders' equity	$35,574	$34,720

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
ASSETS
Accounts receivable allowance	$0	$498
Inventory	$0	$205
Stockholders' equity:
Preferred stock par value	$0.00	$0.00
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock par value	$0.00	$0.00
Common stock shares authorized	24,500,000	24,500,000
Common stock issued	15,131,000	15,131,000
Common stock outstanding	15,131,000	15,131,000

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Revenues	$6,839	$6,163
Cost of sales:
Cost of sales	4,263	3,528
Depreciation expense	341	367
Total cost of sales	4,604	3,895
Gross profit	2,235	2,268
Operating expenses:
Selling, general and administrative	2,427	2,156
Depreciation and amortization	38	43
Total operating expenses	2,465	2,199
Operating (loss) income	-230	69
Other income (expense):
Interest expense, net	-61	-61
Other, net	0	373
Total other income (expense)	-61	312
(Loss) income before income taxes	-291	381
Income tax expense	-6	-9
Net (loss) income	($297)	$372
Net (loss) income per share:
Basic	($0.02)	$0.02
Diluted	($0.02)	$0.02
Weighted-average shares outstanding:
Basic	15,131	15,238
Diluted	15,131	15,238

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net (loss) income	($297)	$372
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Share-based compensation	126	135
Bad debt credit	0	-44
Depreciation and amortization	379	410
Gain on sale of property, plant and equipment	0	-373
Changes in assets and liabilities:
Accounts receivable	-1,576	-1,272
Inventory	-114	-2
Costs and estimated earnings in excess of billings on uncompleted contracts	862	939
Prepaid expenses and other current assets	103	82
Other assets	9	31
Accounts payable and accrued liabilities	-448	-435
Billings in excess of costs and estimated earnings on uncompleted contracts	634	111
Net cash used in operating activities	-322	-46
Cash flows from investing activities:
Purchases of property, plant and equipment	-179	-245
Proceeds from sale of property, plant and equipment	0	900
Cash paid for deposits	0	-47
Repayments on notes receivable	9	16
Net cash (used in) provided by investing activities	-170	624
Cash flows from financing activities:
Cash paid for purchase of our common stock	0	-125
Proceeds from bank loan drawn for working capital purposes	1,000	0
Repayments of long-term debt	-162	-422
Net cash provided by (used in) financing activities	838	-547
Change in cash	346	31
Cash, beginning of period	1,412	5,260
Cash, end of period	$1,758	$5,291

1_BASIS_OF_PRESENTATION

1. BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
BASIS OF PRESENTATION	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements of Deep Down, Inc. and its directly and indirectly wholly-owned subsidiaries (“Deep Down,” “we,” “us” or the “Company”) were prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC” or the “Commission”) pertaining to interim financial information and instructions to Form 10-Q.  As permitted under those rules, certain footnotes or other financial information that are normally required by United States generally accepted accounting principles (“US GAAP”) can be condensed or omitted.  Therefore, these statements should be read in conjunction with the audited consolidated financial statements, and footnotes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed on March 31, 2015 with the Commission.
	Preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosed amounts of contingent assets and liabilities and the reported amounts of revenues and expenses. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, then the actual amounts may differ from those included in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.
	Certain previously reported amounts have been reclassified to conform to current period presentation.
	Principles of Consolidation
	The unaudited condensed consolidated financial statements presented herein include the accounts of Deep Down, Inc. and its directly and indirectly wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.
	Segments
	For the three months ended March 31, 2015 and 2014, we only had one operating and reporting segment, Deep Down Delaware.

2_LIQUIDITY_AND_FINANCIAL_COND

2. LIQUIDITY AND FINANCIAL CONDITION	3 Months Ended
	Mar. 31, 2015
Risks and Uncertainties [Abstract]
LIQUIDITY AND FINANCIAL CONDITION	During the fiscal periods ended March 31, 2015 and December 31, 2014, we supplemented our capital needs primarily through debt. Since 2008, we have maintained a credit facility with Whitney Bank, a state chartered bank (“Whitney”); see additional discussion in Note 6, “Long-Term Debt”, to the unaudited condensed consolidated financial statements.

3_INVENTORY

3. INVENTORY	3 Months Ended
	Mar. 31, 2015
Inventory Disclosure [Abstract]
INVENTORY	The components of inventory are summarized below:
		31-Mar-15		31-Dec-14
	Spare parts	$	–	$	205
	Reserve for obsolescence		–		(205	)
	Work in progress		124		10
	Finished goods		3,117		3,117
	Inventory, net	$	3,241	$	3,127
	The finished goods inventory balance of $3,117 consists of a 3,500 MT portable umbilical carousel which we fabricated and bought back from a customer in November 2013 and are currently holding for sale.

4_BILLINGS_COSTS_AND_ESTIMATED

4. BILLINGS, COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS	3 Months Ended
	Mar. 31, 2015
Billings Costs And Estimated Earnings On Uncompleted Contracts
BILLINGS, COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS	The components of billings, costs and estimated earnings on uncompleted contracts are summarized below:
		31-Mar-15			31-Dec-14
	Costs incurred on uncompleted contracts	$	12,979		$	10,500
	Estimated earnings on uncompleted contracts		4,841			3,893
			17,820			14,393
	Less: Billings to date on uncompleted contracts		(12,508	)		(7,585	)
		$	5,312		$	6,808
	Included in the accompanying consolidated balance sheets under the following captions:
	Costs and estimated earnings in excess of billings on uncompleted contracts	$	5,946		$	6,808
	Billings in excess of costs and estimated earnings on uncompleted contracts		(634	)		–
		$	5,312		$	6,808
	The balance in costs and estimated earnings in excess of billings on uncompleted contracts at March 31, 2015 and December 31, 2014 consisted of earned but unbilled revenues related to fixed-price projects.
	The balance in billings in excess of costs and estimated earnings on uncompleted contracts at March 31, 2015 and December 31, 2014 consisted of unearned billings related to fixed-price projects.

5_PROPERTY_PLANT_AND_EQUIPMENT

5. PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	The components of net property, plant and equipment are summarized below:
								Range of
		31-Mar-15			31-Dec-14			Asset Lives
	Land	$	1,582		$	1,582			–
	Buildings and improvements		1,447			1,447			7 - 36 years
	Leasehold improvements		696			696			2 - 5 years
	Equipment		14,015			14,015			2 - 30 years
	Furniture, computers and office equipment		1,290			1,289			2 - 8 years
	Construction in progress		1,592			1,413			–
	Total property, plant and equipment		20,622			20,442
	Less: Accumulated depreciation and amortization		(9,084	)		(8,710	)
	Property, plant and equipment, net	$	11,538		$	11,732

6_LONGTERM_DEBT

6. LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
LONG-TERM DEBT	Long-term debt consisted of the following:
			31-Mar-15			31-Dec-14
	Whitney credit facility		$	6,412		$	5,560
	Capital lease obligations			41			55
	Total long-term debt			6,453			5,615
	Less: Current portion of long-term debt			(6,453	)		(5,615	)
	Long-term debt, net of current portion		$	–		$	–
	Credit Facility
	Since 2008, we have maintained a credit facility (the “Facility”) with Whitney.  The Facility has been amended and restated several times, most recently effective March 30, 2015 when we entered into the seventh amendment (“Seventh Amendment”).
	The relevant terms of the Seventh Amendment include:
		·	a change to the definition of earnings before interest, taxes, depreciation and amortization (“EBITDA”) to permit in the calculation, in the quarter ended December 31, 2014, the add-back of  a non-recurring charge of $4,916 related to the impairment of our goodwill;
		·	a waiver, for the quarter ended December 31, 2014, for our noncompliance with the fixed charge coverage ratio covenant under the Facility;
		·	a requirement that we maintain a compensating balance of $3,900 in our existing interest-bearing account at Whitney, to continue until such time as we have regained compliance with all of our covenants under the Facility subsequent to the quarter ended December 31, 2014.
	Other current relevant terms of the Facility include:
		·	a committed amount of $5,000 under the revolving credit facility (“Revolving Credit Facility”), maturing June 30, 2015, subject to a borrowing base limitation based on eligible trade accounts receivable;  the Revolving Credit Facility may be used to borrow cash (at  an interest rate of 3.5 percent per annum) or to issue bank letters of credit (at a fee of 1 percent per annum);  both cash borrowings and the issuance of bank letters of credit reduce the available capacity under the commitment; the available borrowing and letter of credit capacity under the Revolving Credit Facility at March 31, 2015 was $1,585;
		·	a real estate term facility (“RE Term Facility”) of $2,000, at an interest rate of 4.0 percent per annum, maturing April 15, 2018, with the Company being obligated to make monthly increasing repayments of principal (along with accrued and unpaid interest thereon) starting at $8, beginning April 1, 2013;
		·	a carousel term facility (“Carousel Term Facility”) of $2,200, at an interest rate of 3.5 percent per annum, maturing October 15, 2016, with the Company being obligated to make monthly repayment of principal of $65 (along with accrued and unpaid interest thereon) beginning July 1, 2014;
		·	outstanding balances under the Facility are secured by all of the Company’s assets.
	As of March 31, 2015, the Company had indebtedness under the Facility consisting of the Revolving Credit Facility, the RE Term Facility, and the Carousel Term Facility, in amounts equal to $3,000, $1,797, and $ 1,615, respectively.  Additionally, a bank letter of credit issued under the Revolving Credit Facility in the amount of $415 was outstanding at March 31, 2015 and December 31, 2014.  See Note 9 “Commitments and Contingencies”, of the notes to unaudited condensed consolidated financial statements.
	As mentioned above, our Facility obligates us to comply with certain financial covenants. They are as follows:
		·	Leverage Ratio - The ratio of total debt to consolidated EBITDA must be less than 3.0 to 1.0; actual Leverage Ratio as of March 31, 2015:  4.69 to 1.0.
		·	Fixed Charge Coverage Ratio - The ratio of consolidated EBITDA to consolidated net interest expense, plus principal payments on total debt, must be greater than 1.5 to 1.0; actual Fixed Charge Coverage Ratio as of March 31, 2015:  1.15 to 1.0.
		·	Tangible Net Worth - Our consolidated net worth, after deducting other assets as are properly classified as “intangible assets,” plus 50 percent of net income, after provision for taxes, must be in excess of $16,700; actual Tangible Net Worth as of March 31, 2015:  $24,715.
		·	Moreover, we continue to have obligations for other covenants, including, among others, limitations on issuance of common stock, liens, transactions with affiliates, additional indebtedness and permitted investments.
	As of March 31, 2015, we were in partial compliance with our financial covenants, except for the Leverage Ratio and Fixed Charge Coverage Ratio requirements. Whitney has provided us with a waiver for our noncompliance with these covenants. Because we do not believe that it is probable that we will be in compliance with all of our covenants under the Facility for the fiscal quarter ending June 30, 2015, we have classified all of our debt under the Facility as current as of March 31, 2015.

7_SHAREBASED_COMPENSATION

7. SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	We have a share-based compensation plan, the “2003 Directors, Officers and Consultants Stock Option, Stock Warrant and Stock Award Plan” (the “Plan”). Awards of common stock and options to purchase common stock granted under the Plan have vesting periods of three years and options are exercisable for two years once fully vested. Share-based compensation expense related to awards is based on the fair value at the date of grant, and is recognized over the requisite expected service period, net of estimated forfeitures. Under the Plan, the total number of options permitted is 15 percent of issued and outstanding common shares.
	Summary of Nonvested Shares of Restricted Stock
	For the three months ended March 31, 2015 and 2014, we recognized a total of $126 and $110, respectively, of share-based compensation expense related to restricted stock awards, which is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. The unamortized estimated fair value of nonvested shares of restricted stock awards was $618 at March 31, 2015. These costs are expected to be recognized as expense over a weighted average period of 1.23 years.
	Summary of Stock Options
	For the three months ended March 31, 2015 and 2014, we recognized a total of $0 and $25, respectively, of share-based compensation expense related to outstanding stock option awards, which is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. The unamortized portion of the estimated fair value of non-vested stock options was $0 at March 31, 2015.

8_INCOME_TAXES

8. INCOME TAXES	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	Income tax expense during interim periods is based on applying the estimated annual effective income tax rate to interim period operations. The estimated annual effective income tax rate may vary from the statutory rate due to the impact of permanent items relative to our pre-tax income, as well as by any valuation allowance recorded.  We employ an asset and liability approach that results in the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial basis and the tax basis of those assets and liabilities. A valuation allowance is established when it is more likely than not that some of the deferred tax assets will not be realized. Although our future projections indicate that we may be able to realize some of these deferred tax assets, due to the degree of uncertainty of these projections, at March 31, 2015 and December 31, 2014 management has recorded a full deferred tax asset valuation allowance.

9_COMMITMENTS_AND_CONTINGENCIE

9. COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Litigation
	From time to time we are involved in legal proceedings arising in the normal course of business. As of the date of this Report, we were not involved in any material actual or pending legal proceedings.
	Operating Leases
	We lease certain offices, facilities, equipment and vehicles under non-cancellable operating and capital leases expiring at various dates through 2023.
	Letters of Credit
	Certain of our customers could require us to issue a standby letter of credit (“LC”) in the ordinary course of business to ensure performance under terms of a contract or as a form of product warranty. The beneficiary could demand payment from the issuing bank for the amount of the outstanding letter of credit. There was $415 in LC’s outstanding at March 31, 2015 and December 31, 2014.

10_EARNINGS_PER_COMMON_SHARE

10. EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2015
Net (loss) income per share:
EARNINGS PER COMMON SHARE	Basic earnings per share (“EPS”) is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing net income (loss) by the weighted-average number of common shares and dilutive common stock equivalents (warrants, stock awards and stock options) outstanding during the period. Diluted EPS reflects the potential dilution that could occur if options to purchase common stock were exercised for shares of common stock.
	At March 31, 2015 and 2014, there were outstanding stock options convertible to 325 and 825 shares of common stock, respectively, all of which were anti-dilutive.

1_BASIS_OF_PRESENTATION_Polici

1. BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements of Deep Down, Inc. and its directly and indirectly wholly-owned subsidiaries (“Deep Down,” “we,” “us” or the “Company”) were prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC” or the “Commission”) pertaining to interim financial information and instructions to Form 10-Q.  As permitted under those rules, certain footnotes or other financial information that are normally required by United States generally accepted accounting principles (“US GAAP”) can be condensed or omitted.  Therefore, these statements should be read in conjunction with the audited consolidated financial statements, and footnotes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed on March 31, 2015 with the Commission.
	Preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosed amounts of contingent assets and liabilities and the reported amounts of revenues and expenses. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, then the actual amounts may differ from those included in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.
	Certain previously reported amounts have been reclassified to conform to current period presentation.
Principles of Consolidation	Principles of Consolidation
	The unaudited condensed consolidated financial statements presented herein include the accounts of Deep Down, Inc. and its directly and indirectly wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.
Segments	Segments
	For the three months ended March 31, 2015 and 2014, we only had one operating and reporting segment, Deep Down Delaware.

3_INVENTORY_Tables

3. INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2015
Inventory Disclosure [Abstract]
Inventory		31-Mar-15		31-Dec-14
	Spare parts	$	–	$	205
	Reserve for obsolescence		–		(205	)
	Work in progress		124		10
	Finished goods		3,117		3,117
	Inventory, net	$	3,241	$	3,127

4_BILLINGS_COSTS_AND_ESTIMATED1

4. BILLINGS, COSTS AND ESTIMATED EARNINGS (Tables)	3 Months Ended
	Mar. 31, 2015
Billings Costs And Estimated Earnings On Uncompleted Contracts
COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS		31-Mar-15			31-Dec-14
	Costs incurred on uncompleted contracts	$	12,979		$	10,500
	Estimated earnings on uncompleted contracts		4,841			3,893
			17,820			14,393
	Less: Billings to date on uncompleted contracts		(12,508	)		(7,585	)
		$	5,312		$	6,808
	Included in the accompanying consolidated balance sheets under the following captions:
	Costs and estimated earnings in excess of billings on uncompleted contracts	$	5,946		$	6,808
	Billings in excess of costs and estimated earnings on uncompleted contracts		(634	)		–
		$	5,312		$	6,808

5_PROPERTY_PLANT_AND_EQUIPMENT1

5. PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Net Property, plant and equipment								Range of
		31-Mar-15			31-Dec-14			Asset Lives
	Land	$	1,582		$	1,582			–
	Buildings and improvements		1,447			1,447			7 - 36 years
	Leasehold improvements		696			696			2 - 5 years
	Equipment		14,015			14,015			2 - 30 years
	Furniture, computers and office equipment		1,290			1,289			2 - 8 years
	Construction in progress		1,592			1,413			–
	Total property, plant and equipment		20,622			20,442
	Less: Accumulated depreciation and amortization		(9,084	)		(8,710	)
	Property, plant and equipment, net	$	11,538		$	11,732

6_LONGTERM_DEBT_Tables

6. LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Long-term Debt		31-Mar-15			31-Dec-14
	Whitney credit facility	$	6,412		$	5,560
	Capital lease obligations		41			55
	Total long-term debt		6,453			5,615
	Less: Current portion of long-term debt		(6,453	)		(5,615	)
	Long-term debt, net of current portion	$	–		$	–

3_INVENTORY_Details

3. INVENTORY (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]
Spare parts	$0	$205
Reserve for obsolescence	0	-205
Work in progress	124	10
Finished goods	3,117	3,117
Inventory, net	$3,241	$3,127

4_BILLINGS_COSTS_AND_ESTIMATED2

4. BILLINGS, COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Billings In Excess Of Costs And Estimated Earnings On Uncompleted Contracts And Deferred Revenues
Costs incurred on uncompleted contracts	$12,979	$10,500
Estimated earnings on uncompleted contracts	4,841	3,893
Gross costs and estimated earnings	17,820	14,393
Less: Billings to date on uncompleted contracts	-12,508	-7,585
Costs incurred plus estimated earning less billings on uncompleted contracts	5,312	6,808
Included in the accompanying condensed consolidated balance sheets under the following captions:
Costs and estimated earnings in excess of billings on uncompleted contracts	5,946	6,808
Billings in excess of costs and estimated earnings on uncompleted contracts	-634	0
Total costs and estimated earnings and billings in excess of cost on uncompleted contracts	$5,312	$6,808

5_PROPERTY_PLANT_AND_EQUIPMENT2

5. PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Total property, plant and equipment	$60,622	$20,442
Less: Accumulated depreciation and amortization	-9,084	-8,710
Property, plant and equipment,Net	11,538	11,732
Land
Total property, plant and equipment	1,582	1,582
Building and improvements
Total property, plant and equipment	1,447	1,447
Range of Asset lives	7-36 years
Leasehold Improvements
Total property, plant and equipment	696	696
Range of Asset lives	2-5 years
Equipment
Total property, plant and equipment	14,015	14,015
Range of Asset lives	2-30 years
Furniture, computers and office equipment
Total property, plant and equipment	1,290	1,289
Range of Asset lives	2-8 years
Construction in Progress
Total property, plant and equipment	$1,592	$1,413

6_LONGTERM_DEBT_Details

6. LONG-TERM DEBT (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]
Whitney credit facility	$6,412	$5,560
Capital lease obligations	41	55
Total long-term debt	6,453	5,615
Less: Current portion of long-term debt	-6,453	-5,615
Long-term debt, net of current portion	$0	$0

7_SHAREBASED_COMPENSATION_Deta

7. SHARE-BASED COMPENSATION (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Restricted Stock Awards
Share based compensation expense	$126	$110
Nonvested shares of restricted stock	618
Weighted average period	1 year 2 months 23 days
Stock Options
Share based compensation expense	0	25
Nonvested shares of restricted stock	$0

9_COMMITMENTS_AND_CONTINGENCIE1

9. COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]
Letters Of Credit Outstanding	$415	$415

10_EARNINGS_PER_COMMON_SHARE_D

10. EARNINGS PER COMMON SHARE (Details Narrative) (Stock Options)	Mar. 31, 2015	Mar. 31, 2014
Stock Options
Outstanding shares available to convert to common stock	325,000	825,000