Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 04, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | BROADWIND, INC. | |
Entity Central Index Key | 0001120370 | |
Trading Symbol | bwen | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 18,488,971 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock, $0.001 par value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash | $ 2,929 | $ 3,372 |
Accounts receivable, net | 14,326 | 15,337 |
Employee retention credit receivable | 3,372 | |
Contract assets | 2,522 | 2,253 |
Inventories, net | 40,276 | 26,724 |
Prepaid expenses and other current assets | 2,204 | 2,909 |
Total current assets | 65,629 | 50,595 |
LONG-TERM ASSETS: | ||
Property and equipment, net | 44,766 | 45,195 |
Operating lease right-of-use assets | 19,401 | 19,321 |
Intangible assets, net | 4,003 | 4,186 |
Other assets | 422 | 385 |
TOTAL ASSETS | 134,221 | 119,682 |
CURRENT LIABILITIES: | ||
Line of credit and other notes payable | 5,076 | 1,406 |
Current portion of finance lease obligations | 1,456 | 1,427 |
Current portion of operating lease obligations | 1,743 | 1,832 |
Accounts payable | 25,836 | 18,180 |
Accrued liabilities | 6,731 | 6,307 |
Customer deposits | 17,055 | 18,819 |
Total current liabilities | 57,897 | 47,971 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net of current maturities | 9,380 | 9,381 |
Long-term finance lease obligations, net of current portion | 1,891 | 1,996 |
Long-term operating lease obligations, net of current portion | 19,748 | 19,569 |
Other | 123 | 104 |
Total long-term liabilities | 31,142 | 31,050 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding | ||
Common stock, $0.001 par value; 30,000,000 shares authorized; 18,474,170 and 17,211,498 shares issued as of March 31, 2021, and December 31, 2020, respectively | 18 | 17 |
Treasury stock, at cost, 273,937 shares as of March 31, 2021 and December 31, 2020 | (1,842) | (1,842) |
Additional paid-in capital | 390,479 | 384,749 |
Accumulated deficit | (343,473) | (342,263) |
Total stockholders’ equity | 45,182 | 40,661 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 134,221 | $ 119,682 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 18,474,170 | 17,211,498 |
Treasury stock, common shares (in shares) | 273,937 | 273,937 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 32,728 | $ 48,634 |
Cost of sales | 32,446 | 42,462 |
Gross profit | 282 | 6,172 |
OPERATING EXPENSES: | ||
Selling, general and administrative | 4,410 | 4,309 |
Intangible amortization | 183 | 183 |
Total operating expenses | 4,593 | 4,492 |
Operating (loss) income | (4,311) | 1,680 |
OTHER INCOME (EXPENSE), net: | ||
Interest expense, net | (229) | (673) |
Other, net | 3,362 | (1) |
Total other income (expense), net | 3,133 | (674) |
Net (loss) income before provision for income taxes | (1,178) | 1,006 |
Provision for income taxes | 32 | 52 |
NET (LOSS) INCOME | $ (1,210) | $ 954 |
NET (LOSS) INCOME PER COMMON SHARE—BASIC: | ||
Net (loss) income (in dollars per share) | $ (0.07) | $ 0.06 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—BASIC (in shares) | 17,178,136 | 16,596,236 |
NET (LOSS) INCOME PER COMMON SHARE—DILUTED: | ||
Net (loss) income (in dollars per share) | $ (0.07) | $ 0.06 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—DILUTED (in shares) | 17,178,136 | 16,733,274 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
BALANCE (in shares) at Dec. 31, 2019 | 16,830,930 | (273,937) | |||
BALANCE at Dec. 31, 2019 | $ 17 | $ (1,842) | $ 383,361 | $ (340,776) | $ 40,760 |
Stock issued for restricted stock (in shares) | 83,050 | ||||
Stock issued for restricted stock | |||||
Share-based compensation | 308 | 308 | |||
Net (loss) income | 954 | 954 | |||
BALANCE (in shares) at Mar. 31, 2020 | 16,913,980 | (273,937) | |||
BALANCE at Mar. 31, 2020 | $ 17 | $ (1,842) | 383,669 | (339,822) | 42,022 |
BALANCE (in shares) at Dec. 31, 2020 | 17,211,498 | (273,937) | |||
BALANCE at Dec. 31, 2020 | $ 17 | $ (1,842) | 384,749 | (342,263) | 40,661 |
Stock issued for restricted stock (in shares) | 241,806 | ||||
Stock issued for restricted stock | |||||
Share-based compensation | 219 | 219 | |||
Net (loss) income | (1,210) | (1,210) | |||
Stock issued under defined contribution 401(k) retirement savings plan (in shares) | 26,265 | ||||
Stock issued under defined contribution 401(k) retirement savings plan | 258 | $ 258 | |||
Shares withheld for taxes in connection with issuance of restricted stock (in shares) | (105,399) | (105,399) | |||
Shares withheld for taxes in connection with issuance of restricted stock | (847) | $ (847) | |||
Sale of common stock, net (in shares) | 1,100,000 | ||||
Sale of common stock, net | $ 1 | 6,100 | 6,101 | ||
BALANCE (in shares) at Mar. 31, 2021 | 18,474,170 | (273,937) | |||
BALANCE at Mar. 31, 2021 | $ 18 | $ (1,842) | $ 390,479 | $ (343,473) | $ 45,182 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (1,210) | $ 954 |
Adjustments to reconcile net cash used in operating activities: | ||
Depreciation and amortization expense | 1,553 | 1,612 |
Deferred income taxes | (5) | 22 |
Change in fair value of interest rate swap agreements | 5 | 138 |
Stock-based compensation | 219 | 308 |
Allowance for doubtful accounts | (218) | 29 |
Common stock issued under defined contribution 401(k) plan | 258 | |
Gain on disposal of assets | (23) | |
Changes in operating assets and liabilities, net of acquisition: | ||
Accounts receivable | 1,229 | 2,037 |
Employee retention credit receivable | (3,372) | |
Contract assets | (269) | |
Inventories | (13,552) | (8,891) |
Prepaid expenses and other current assets | 699 | (476) |
Accounts payable | 7,591 | 3,545 |
Accrued liabilities | 419 | (657) |
Customer deposits | (1,764) | 305 |
Other non-current assets and liabilities | 3 | 49 |
Net cash used in operating activities | (8,437) | (1,025) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (612) | (670) |
Proceeds from disposals of property and equipment | 23 | |
Net cash used in investing activities | (589) | (670) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from line of credit | 5,673 | 51,552 |
Payments on line of credit | (2,450) | (49,070) |
Proceeds from long-term debt | 595 | |
Payments on long-term debt | (150) | (242) |
Principal payments on finance leases | (339) | (218) |
Shares withheld for taxes in connection with issuance of restricted stock | (847) | |
Proceeds from sale of common stock, net | 6,101 | |
Net cash provided by financing activities | 8,583 | 2,022 |
NET (DECREASE) INCREASE IN CASH | (443) | 327 |
CASH beginning of the period | 3,372 | 2,416 |
CASH end of the period | $ 2,929 | $ 2,743 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1 The unaudited condensed consolidated financial statements presented herein include the accounts of Broadwind, Inc. (the “Company”) and its wholly-owned subsidiaries Broadwind Heavy Fabrications, Inc. (“Broadwind Heavy Fabrications”), Brad Foote Gear Works, Inc. (“Brad Foote”) and Broadwind Industrial Solutions, LLC (“Broadwind Industrial Solutions”). All intercompany transactions and balances have been eliminated. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10 10 X. not Operating results for the three March 31, 2021 not may twelve December 31, 2021, may 10 December 31, 2020 The December 31, 2020 not 10 December 31, 2020 There have been no three March 31, 2021 10 December 31, 2020 Company Description Through its subsidiaries, the Company is a precision manufacturer of structures, equipment and components for clean technology and other specialized applications. The Company provides technologically advanced high value products to customers with complex systems and stringent quality standards that operate in energy, mining and infrastructure sectors, primarily in the United States of America (the “U.S.”). The Company's capabilities include, but are not 63% 74% first three 2021 2020, Liquidity The Company meets its short term liquidity needs through cash generated from operations, its available cash balances, the Credit Facility (as defined below), equipment financing, and access to the public or private debt and/or equity markets, including the option to raise capital from the sale of our securities under the Form S- 3 See Note 7, Total debt and finance lease obligations at March 31, 2021 $17,803, $6,532. $4,468 $9,151 may 7, On August 18, 2020, 3, October 13, 2020 ( 3” October 12, 2023. one On March 9, 2021, may $0.001 $10,000. 2.75% March 31, 2021, 1,100,000 $6,436 $182 $335. On March 27, 2020, 2020 2021 December 31, 2021 70% 2021, $10,000 2021 $7,000 first 2021 20% first 2019, 500 2019, not three March 31, 2021, $3,372 March 31, 2021. The Company anticipates that current cash resources (which includes proceeds from the PPP Loans), expected receipts under the ERC, amounts available under the Credit Facility, cash to be generated from operations and any potential proceeds from the sale of further Company securities under the Form S- 3 twelve If assumptions regarding the Company's production, sales and subsequent collections from certain of the Company's large customers, as well as customer deposits and revenues generated from new customer orders, are materially inconsistent with management's expectations, particularly in light of the COVID- 19 may may may no Management's Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reported period. Significant estimates, among others, include revenue recognition, future cash flows, inventory reserves, warranty reserves, impairment of long-lived assets, allowance for doubtful accounts and health insurance reserves. Although these estimates are based upon management's best knowledge of current events and actions that the Company may 19 |
Note 2 - Revenues
Note 2 - Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 2 Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The following table presents the Company's revenues disaggregated by revenue source for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Heavy Fabrications $ 22,777 $ 38,368 Gearing 5,349 6,227 Industrial Solutions 4,604 4,039 Eliminations (2 ) - Consolidated $ 32,728 $ 48,634 Revenue within the Company's Gearing and Industrial Solutions segments, as well as industrial fabrication product line revenues within the Heavy Fabrications segment, are generally recognized at a point in time, typically when the promised goods or services are transferred to its customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. The Company measures revenue based on the consideration specified in the purchase order and revenue is recognized when the performance obligations are satisfied. If applicable, the transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation. For tower sales within the Company's Heavy Fabrications segment, products are sold under terms included in bill and hold sales arrangements that result in different timing for revenue recognition. The Company recognizes revenue under these arrangements only when there is a substantive reason for the agreement, the ordered goods are identified separately as belonging to the customer and not not During the three March 31, 2021, $172 $1,153 no not $269 first not not March 31, 2020. The Company generally expenses sales commissions when incurred. These costs are recorded within selling, general and administrative expenses. Customer deposits, deferred revenue and other receipts are deferred and recognized when the revenue is realized and earned. Cash payments to customers are classified as reductions of revenue in the Company's statement of operations. The Company does not one |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 The following table presents a reconciliation of basic and diluted earnings per share for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Basic earnings per share calculation: Net (loss) income $ (1,210 ) $ 954 Weighted average number of common shares outstanding 17,178,136 16,596,236 Basic net (loss) income per share $ (0.07 ) $ 0.06 Diluted earnings per share calculation: Net (loss) income $ (1,210 ) $ 954 Weighted average number of common shares outstanding 17,178,136 16,596,236 Common stock equivalents: Non-vested stock awards (1) — 137,038 Weighted average number of common shares outstanding 17,178,136 16,733,274 Diluted net (loss) income per share $ (0.07 ) $ 0.06 ( 1 Restricted stock units granted and outstanding of 1,171,093 March 31, 2021, three March 31, 2021. |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 The components of inventories as of March 31, 2021 December 31, 2020 March 31, December 31, 2021 2020 Raw materials $ 25,406 $ 14,586 Work-in-process 14,272 12,634 Finished goods 2,843 2,704 42,521 29,924 Less: Reserve for excess and obsolete inventory (2,245 ) (3,200 ) Net inventories $ 40,276 $ 26,724 |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 5 Intangible assets represent the fair value assigned to definite-lived assets such as trade names and customer relationships as part of the Company's acquisition of Brad Foote completed in 2007 2017. 2 7 As of March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Remaining Remaining Weighted Weighted Accumulated Net Average Accumulated Net Average Cost Accumulated Impairment Book Amortization Accumulated Impairment Book Amortization Basis Amortization Charges Value Period Cost Amortization Charges Value Period Intangible assets: Noncompete agreements $ 170 $ (118 ) $ — $ 52 1.8 $ 170 $ (111 ) $ — $ 59 2.1 Customer relationships 15,979 (7,055 ) (7,592 ) 1,332 4.7 15,979 (6,979 ) (7,592 ) 1,408 4.9 Trade names 9,099 (6,480 ) — 2,619 6.5 9,099 (6,380 ) — 2,719 6.8 Intangible assets $ 25,248 $ (13,653 ) $ (7,592 ) $ 4,003 4.4 $ 25,248 $ (13,470 ) $ (7,592 ) $ 4,186 4.6 As of March 31, 2021 2021 $ 550 2022 725 2023 664 2024 661 2025 661 2026 and thereafter 742 Total $ 4,003 |
Note 6 - Accrued Liabilities
Note 6 - Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6 Accrued liabilities as of March 31, 2021 December 31, 2020 March 31, December 31, 2021 2020 Accrued payroll and benefits $ 5,296 $ 5,320 Fair value of interest rate swap 118 148 Accrued property taxes 186 — Income taxes payable 115 78 Accrued professional fees 505 176 Accrued warranty liability 40 33 Self-insured workers compensation reserve 140 74 Accrued other 331 478 Total accrued liabilities $ 6,731 $ 6,307 |
Note 7 - Debt and Credit Agreem
Note 7 - Debt and Credit Agreements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 The Company's outstanding debt balances as of March 31, 2021 December 31, 2020 March 31, December 31, 2021 2020 Line of credit $ 4,468 $ 1,245 PPP Loans 9,151 9,151 Other notes payable 609 163 Long-term debt 228 228 Less: Current portion (5,076 ) (1,406 ) Long-term debt, net of current maturities $ 9,380 $ 9,381 Credit Facility On October 26, 2016, three February 25, 2019, three “2016 $35,000 first On October 29, 2020, 2016 twelve 2.25% 2.75% 0.00% 0.75% July 31, 2023. The Credit Facility is an asset-based revolving credit facility, pursuant to which the CIBC advances funds against a borrowing base consisting of approximately (a) 85% 50% 85% $12.5 75% 50% $12 2016 $35 $10 two three 0.50% The Credit Facility contains customary representations and warranties applicable to the Company and the subsidiaries. It also contains a requirement that the Company, on a consolidated basis, maintain a minimum quarterly fixed charge coverage ratio, along with other customary restrictive covenants, certain of which are subject to materiality thresholds, baskets and customary exceptions and qualifications. The Company was in compliance with all covenants under the Credit Facility as of March 31, 2021. On February 23, 2021, 2016 March 31, 2021 June 30, 2021, March 31, 2021, March 31, 2021 June 30 2021. In conjunction with the 2016 June 2019, $6,000 2.13%, may March 31, 2021 December 31, 2020 As of March 31, 2021 $4,468 $18,640, Other In 2016, $570 March 31, 2021 December 31, 2020 2020, 2019, 2018, $114 March 31, 2021 $228. $609 $163 March 31, 2021 December 31, 2020 $609 $161 March 31, 2021 December 31, 2020 $1 $36 5%. May 2021 August 2022. On April 15, 2020, March 27, 2020 19 $9,530 $379 May 13, 2020. 2020 June 5, 2020 ( may twenty-four 60% two 1.00%, no 10 not, 10 60% first 2021. not not |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee Operating and Finance Leases [Text Block] | NOTE 8 The Company leases certain facilities and equipment. On January 1, 2019, 2016 02, 842” 2018 11 842 $19,508 $17,613 842 842 The Company has elected to apply the short-term lease exception to all leases of one three March 31, 2021 March 31, 2020, $907 $4,380, three March 31, 2021 $263. Some of the Company's facility leases include options to renew. The exercise of the renewal options is typically at the Company's discretion. The Company regularly evaluates the renewal options and includes them in the lease term when the Company is reasonably certain to exercise them. Quantitative information regarding the Company's leases is as follows: Three Months Ended March 31, 2021 2020 Components of lease cost Finance lease cost components: Amortization of finance lease assets $ 186 $ 129 Interest on finance lease liabilities 68 26 Total finance lease costs 254 155 Operating lease cost components: Operating lease cost 759 765 Short-term lease cost 196 132 Variable lease cost (1) 230 195 Sublease income (46 ) (45 ) Total operating lease costs 1,139 1,047 Total lease cost $ 1,393 $ 1,202 Supplemental cash flow information related to our operating leases is as follows for the three months ended March 31, 2021 and 2020: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 887 888 Weighted-average remaining lease term-finance leases at end of period (in years) 1.9 1.2 Weighted-average remaining lease term-operating leases at end of period (in years) 9.5 10.5 Weighted-average discount rate-finance leases at end of period 9.0 % 9.2 % Weighted-average discount rate-operating leases at end of period 8.5 % 8.8 % ( 1 Variable lease costs consist primarily of taxes, insurance, utilities, and common area or other maintenance costs for the Company's leased facilities and equipment. As of March 31, 2021 Finance Operating Leases Leases Total 2021 $ 1,317 $ 2,668 $ 3,985 2022 1,400 3,474 4,874 2023 732 3,388 4,120 2024 151 2,933 3,084 2025 84 3,015 3,099 2026 and thereafter — 17,103 17,103 Total lease payments 3,684 32,581 36,265 Less—portion representing interest (337 ) (11,090 ) (11,427 ) Present value of lease obligations 3,347 21,491 24,838 Less—current portion of lease obligations (1,456 ) (1,743 ) (3,199 ) Long-term portion of lease obligations $ 1,891 $ 19,748 $ 21,639 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9 Fair Value of Financial Instruments The carrying amounts of the Company's financial instruments, which include cash, accounts receivable, accounts payable and customer deposits, approximate their respective fair values due to the relatively short-term nature of these instruments. Based upon interest rates currently available to the Company for debt with similar terms, the carrying value of the Company's long-term debt is approximately equal to its fair value. The Company entered into an interest rate swap in June 2019 7, The Company is required to provide disclosure and categorize assets and liabilities measured at fair value into one three 1 3 Level 1 Level 2 not Level 3 The following tables represent the fair values of the Company's financial liabilities as of March 31, 2021 December 31, 2020 March 31, 2021 Level 1 Level 2 Level 3 Total Liabilities measured on a recurring basis: Interest rate swap $ — $ 118 $ — $ 118 Total liabilities at fair value $ — $ 118 $ — $ 118 December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities measured on a recurring basis: Interest rate swap $ — $ 148 $ — $ 148 Total liabilities at fair value $ — $ 148 $ — $ 148 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 Effective tax rates differ from federal statutory income tax rates primarily due to changes in the Company's valuation allowance, permanent differences and provisions for state and local income taxes. As of March 31, 2021 three March 31, 2021 $32, $52 three March 31, 2020 The Company files income tax returns in U.S. federal and state jurisdictions. As of March 31, 2021 1996 December 31, 2020 $260,598 $227,781 2026. 2028 2037. January 1, 2018 not Since the Company has no not twelve 382 1986, may may 382 382 2010, $14,284 may In February 2013, February 2016 February 2019 ( 382. 2019 three The Rights Plan is intended to act as a deterrent to any person or group, together with its affiliates and associates, becoming the beneficial owner of 4.9% one February 22, 2013. one one $4.25 4.9% 4.9% February 12, 2013 not As of March 31, 2021 no no March 31, 2021 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 11 There was no three March 31, 2021 no March 31, 2021. The following table summarizes the Company's restricted stock unit and performance award activity during the three March 31, 2021 Weighted Average Number of Grant-Date Fair Value Shares Per Share Unvested as of December 31, 2020 1,332,884 $ 1.86 Granted 80,014 $ 2.06 Vested (241,805 ) $ 2.14 Unvested as of March 31, 2021 1,171,093 $ 1.84 Under certain situations, shares are withheld from issuance to cover taxes for the vesting of restricted stock units and performance awards. For the three March 31, 2021, 105,399 $847 The following table summarizes share-based compensation expense included in the Company's condensed consolidated statements of operations for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Share-based compensation expense: Cost of sales $ 26 $ 22 Selling, general and administrative 193 286 Net effect of share-based compensation expense on net income $ 219 $ 308 Reduction in earnings per share: Basic earnings per share $ 0.01 $ 0.02 Diluted earnings per share $ 0.01 $ 0.02 |
Note 12 - Legal Proceedings
Note 12 - Legal Proceedings | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 12 The Company is party to a variety of legal proceedings that arise in the normal course of its business. While the results of these legal proceedings cannot be predicted with certainty, management believes that the final outcome of these proceedings will not no not one |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 13 The Company reviews new accounting standards as issued. Although some of the accounting standards issued or effective in the current fiscal year may none |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 14— The Company is organized into reporting segments based on the nature of the products offered and business activities from which it earns revenues and incurs expenses for which discrete financial information is available and regularly reviewed by the Company's chief operating decision maker. The Company's segments and their product and service offerings are summarized below: Heavy Fabrications The Company provides large, complex and precision fabrications to customers in a broad range of industrial markets. The Company's most significant presence is within the U.S. wind energy industry, although it has diversified into other industrial markets in order to improve capacity utilization, reduce customer concentrations, and reduce exposure to uncertainty related to governmental policies currently impacting the U.S. wind energy industry. Within the U.S. wind energy industry, the Company provides steel towers and adapters primarily to wind turbine manufacturers. Production facilities, located in Manitowoc, Wisconsin and Abilene, Texas, are situated in close proximity to the primary U.S. domestic wind energy and equipment manufacturing hubs. The two 550 1,650 1,100 Gearing The Company provides gearing and gearboxes to a broad set of customers in diverse markets including; onshore and offshore O&G fracking and drilling, surface and underground mining, wind energy, steel, material handling and other infrastructure markets. The Company has manufactured loose gearing, gearboxes and systems, and provided heat treat services for aftermarket and OEM applications for nearly a century. The Company uses an integrated manufacturing process, which includes machining and finishing processes in Cicero, Illinois, and heat treatment in Neville Island, Pennsylvania. Industrial Solutions The Company provides supply chain solutions, inventory management, kitting and assembly services, primarily serving the combined cycle natural gas turbine market. Corporate “Corporate” includes the assets and selling, general and administrative expenses of the Company's corporate office. “Eliminations” comprises adjustments to reconcile segment results to consolidated results. The accounting policies of the reportable segments are the same as those referenced in Note 1, three March 31, 2021 2020 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended March 31, 2021 Revenues from external customers $ 22,777 5,349 4,602 — — $ 32,728 Intersegment revenues — — 2 — (2 ) — Net revenues 22,777 5,349 4,604 — (2 ) 32,728 Operating loss (1,700 ) (989 ) (14 ) (1,608 ) — (4,311 ) Depreciation and amortization 945 458 106 44 — 1,553 Capital expenditures 563 — 20 29 — 612 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended March 31, 2020 Revenues from external customers $ 38,368 6,227 4,039 — — $ 48,634 Operating profit (loss) 3,541 (261 ) 192 (1,792 ) — 1,680 Depreciation and amortization 963 512 104 33 — 1,612 Capital expenditures 381 168 120 1 — 670 Total Assets as of March 31, December 31, Segments: 2021 2020 Heavy Fabrications $ 55,689 $ 40,438 Gearing 43,181 43,319 Industrial Solutions 8,222 10,244 Corporate 227,891 220,428 Eliminations (200,762 ) (194,747 ) $ 134,221 $ 119,682 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 15 Environmental Compliance and Remediation Liabilities The Company's operations and products are subject to a variety of environmental laws and regulations in the jurisdictions in which the Company operates and sells products governing, among other things, air emissions, wastewater discharges, the use, handling and disposal of hazardous materials, soil and groundwater contamination, employee health and safety, and product content, performance and packaging. Certain environmental laws may one may Allowance for Doubtful Accounts Based upon past experience and judgment, the Company establishes an allowance for doubtful accounts with respect to accounts receivable. The Company's standard allowance estimation methodology considers a number of factors that, based on its collections experience, the Company believes will have an impact on its credit risk and the collectability of its accounts receivable. These factors include individual customer circumstances, history with the Company, the length of the time period during which the account receivable has been past due and other relevant criteria. The Company monitors its collections and write-off experience to assess whether or not may may three March 31, 2021 2020 For the Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 473 $ 127 Bad debt expense 5 55 Write-offs (222 ) (19 ) Other adjustments (1 ) (7 ) Balance at end of period $ 255 $ 156 Collateral In select instances, the Company has pledged specific inventory and machinery and equipment assets to serve as collateral on related payable or financing obligations. Liquidated Damages In certain customer contracts, the Company has agreed to pay liquidated damages in the event of qualifying delivery or production delays. These damages are typically limited to a specific percentage of the value of the product in question and/or are dependent on actual losses sustained by the customer. The Company does not no March 31, 2021 December 31, 2020. |
Note 2 - Revenues (Tables)
Note 2 - Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2021 2020 Heavy Fabrications $ 22,777 $ 38,368 Gearing 5,349 6,227 Industrial Solutions 4,604 4,039 Eliminations (2 ) - Consolidated $ 32,728 $ 48,634 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Basic earnings per share calculation: Net (loss) income $ (1,210 ) $ 954 Weighted average number of common shares outstanding 17,178,136 16,596,236 Basic net (loss) income per share $ (0.07 ) $ 0.06 Diluted earnings per share calculation: Net (loss) income $ (1,210 ) $ 954 Weighted average number of common shares outstanding 17,178,136 16,596,236 Common stock equivalents: Non-vested stock awards (1) — 137,038 Weighted average number of common shares outstanding 17,178,136 16,733,274 Diluted net (loss) income per share $ (0.07 ) $ 0.06 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2021 2020 Raw materials $ 25,406 $ 14,586 Work-in-process 14,272 12,634 Finished goods 2,843 2,704 42,521 29,924 Less: Reserve for excess and obsolete inventory (2,245 ) (3,200 ) Net inventories $ 40,276 $ 26,724 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2021 December 31, 2020 Remaining Remaining Weighted Weighted Accumulated Net Average Accumulated Net Average Cost Accumulated Impairment Book Amortization Accumulated Impairment Book Amortization Basis Amortization Charges Value Period Cost Amortization Charges Value Period Intangible assets: Noncompete agreements $ 170 $ (118 ) $ — $ 52 1.8 $ 170 $ (111 ) $ — $ 59 2.1 Customer relationships 15,979 (7,055 ) (7,592 ) 1,332 4.7 15,979 (6,979 ) (7,592 ) 1,408 4.9 Trade names 9,099 (6,480 ) — 2,619 6.5 9,099 (6,380 ) — 2,719 6.8 Intangible assets $ 25,248 $ (13,653 ) $ (7,592 ) $ 4,003 4.4 $ 25,248 $ (13,470 ) $ (7,592 ) $ 4,186 4.6 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | 2021 $ 550 2022 725 2023 664 2024 661 2025 661 2026 and thereafter 742 Total $ 4,003 |
Note 6 - Accrued Liabilities (T
Note 6 - Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2021 2020 Accrued payroll and benefits $ 5,296 $ 5,320 Fair value of interest rate swap 118 148 Accrued property taxes 186 — Income taxes payable 115 78 Accrued professional fees 505 176 Accrued warranty liability 40 33 Self-insured workers compensation reserve 140 74 Accrued other 331 478 Total accrued liabilities $ 6,731 $ 6,307 |
Note 7 - Debt and Credit Agre_2
Note 7 - Debt and Credit Agreements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, December 31, 2021 2020 Line of credit $ 4,468 $ 1,245 PPP Loans 9,151 9,151 Other notes payable 609 163 Long-term debt 228 228 Less: Current portion (5,076 ) (1,406 ) Long-term debt, net of current maturities $ 9,380 $ 9,381 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Lease Quantitative Disclosure [Table Text Block] | Three Months Ended March 31, 2021 2020 Components of lease cost Finance lease cost components: Amortization of finance lease assets $ 186 $ 129 Interest on finance lease liabilities 68 26 Total finance lease costs 254 155 Operating lease cost components: Operating lease cost 759 765 Short-term lease cost 196 132 Variable lease cost (1) 230 195 Sublease income (46 ) (45 ) Total operating lease costs 1,139 1,047 Total lease cost $ 1,393 $ 1,202 Supplemental cash flow information related to our operating leases is as follows for the three months ended March 31, 2021 and 2020: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 887 888 Weighted-average remaining lease term-finance leases at end of period (in years) 1.9 1.2 Weighted-average remaining lease term-operating leases at end of period (in years) 9.5 10.5 Weighted-average discount rate-finance leases at end of period 9.0 % 9.2 % Weighted-average discount rate-operating leases at end of period 8.5 % 8.8 % |
Finance and Operating Lease Liability Maturity [Table Tex tBlock] | Finance Operating Leases Leases Total 2021 $ 1,317 $ 2,668 $ 3,985 2022 1,400 3,474 4,874 2023 732 3,388 4,120 2024 151 2,933 3,084 2025 84 3,015 3,099 2026 and thereafter — 17,103 17,103 Total lease payments 3,684 32,581 36,265 Less—portion representing interest (337 ) (11,090 ) (11,427 ) Present value of lease obligations 3,347 21,491 24,838 Less—current portion of lease obligations (1,456 ) (1,743 ) (3,199 ) Long-term portion of lease obligations $ 1,891 $ 19,748 $ 21,639 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2021 Level 1 Level 2 Level 3 Total Liabilities measured on a recurring basis: Interest rate swap $ — $ 118 $ — $ 118 Total liabilities at fair value $ — $ 118 $ — $ 118 December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities measured on a recurring basis: Interest rate swap $ — $ 148 $ — $ 148 Total liabilities at fair value $ — $ 148 $ — $ 148 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Number of Grant-Date Fair Value Shares Per Share Unvested as of December 31, 2020 1,332,884 $ 1.86 Granted 80,014 $ 2.06 Vested (241,805 ) $ 2.14 Unvested as of March 31, 2021 1,171,093 $ 1.84 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2021 2020 Share-based compensation expense: Cost of sales $ 26 $ 22 Selling, general and administrative 193 286 Net effect of share-based compensation expense on net income $ 219 $ 308 Reduction in earnings per share: Basic earnings per share $ 0.01 $ 0.02 Diluted earnings per share $ 0.01 $ 0.02 |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended March 31, 2021 Revenues from external customers $ 22,777 5,349 4,602 — — $ 32,728 Intersegment revenues — — 2 — (2 ) — Net revenues 22,777 5,349 4,604 — (2 ) 32,728 Operating loss (1,700 ) (989 ) (14 ) (1,608 ) — (4,311 ) Depreciation and amortization 945 458 106 44 — 1,553 Capital expenditures 563 — 20 29 — 612 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended March 31, 2020 Revenues from external customers $ 38,368 6,227 4,039 — — $ 48,634 Operating profit (loss) 3,541 (261 ) 192 (1,792 ) — 1,680 Depreciation and amortization 963 512 104 33 — 1,612 Capital expenditures 381 168 120 1 — 670 Total Assets as of March 31, December 31, Segments: 2021 2020 Heavy Fabrications $ 55,689 $ 40,438 Gearing 43,181 43,319 Industrial Solutions 8,222 10,244 Corporate 227,891 220,428 Eliminations (200,762 ) (194,747 ) $ 134,221 $ 119,682 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 473 $ 127 Bad debt expense 5 55 Write-offs (222 ) (19 ) Other adjustments (1 ) (7 ) Balance at end of period $ 255 $ 156 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 09, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Revenue as Percentage of Sales Associated with New Wind Turbine Installations | 63.00% | 74.00% | ||
Debt and Lease Obligation, Total | $ 17,803 | |||
Debt, Current, Total | 6,532 | |||
Line of Credit, Current | 4,468 | |||
Long-term Debt, Excluding Current Maturities, Total | $ 9,380 | $ 9,381 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Proceeds from Issuance of Common Stock, Net | $ 6,101 | |||
Employee Retention Credit Receivable, Current | 3,372 | |||
Nonoperating Income (Expense) [Member] | ||||
Employee Retention Credit Benefit | 3,372 | |||
The ATM Agreement [Member] | ||||
Value of Shares Issuable, Maximum | $ 10,000 | |||
Sales Agent Commission Percentage | 2.75% | |||
Stock Issued During Period, Shares, New Issues (in shares) | 1,100,000 | |||
Proceeds from Issuance of Common Stock, Net | $ 6,436 | |||
Payments of Stock Issuance Costs | $ 182 | |||
Other Stock Issuance Expenses | 335 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Long-term Debt, Excluding Current Maturities, Total | $ 9,151 |
Note 2 - Revenues (Details Text
Note 2 - Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 32,728 | $ 48,634 |
Transferred over Time [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 269 | |
Transferred over Time [Member] | Gearing [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 172 | |
Transferred over Time [Member] | Heavy Fabrications [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,153 |
Note 2 - Revenues - Disaggregat
Note 2 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 32,728 | $ 48,634 |
Consolidation, Eliminations [Member] | ||
Revenues | (2) | |
Heavy Fabrications [Member] | Operating Segments [Member] | ||
Revenues | 22,777 | 38,368 |
Gearing [Member] | Operating Segments [Member] | ||
Revenues | 5,349 | 6,227 |
Industrial Solutions [Member] | Operating Segments [Member] | ||
Revenues | $ 4,604 | $ 4,039 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) | 3 Months Ended |
Mar. 31, 2021shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,171,093 |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net (loss) income | $ (1,210) | $ 954 | |
Weighted average number of common shares outstanding (in shares) | 17,178,136 | 16,596,236 | |
Basic net (loss) income per share (in dollars per share) | $ (0.07) | $ 0.06 | |
Non-vested stock awards (in shares) | [1] | 137,038 | |
Weighted average number of common shares outstanding (in shares) | 17,178,136 | 16,733,274 | |
Diluted net (loss) income per share (in dollars per share) | $ (0.07) | $ 0.06 | |
[1] | Restricted stock units granted and outstanding of 1,171,093 as of March 31, 2021, are excluded from the computation of diluted earnings due to the anti-dilutive effect as a result of the Company's net loss for the three months ended March 31, 2021. |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Raw materials | $ 25,406 | $ 14,586 |
Work-in-process | 14,272 | 12,634 |
Finished goods | 2,843 | 2,704 |
Inventory, Gross, Total | 42,521 | 29,924 |
Less: Reserve for excess and obsolete inventory | (2,245) | (3,200) |
Net inventories | $ 40,276 | $ 26,724 |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 4 years 146 days | 4 years 219 days |
Minimum [Member] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 2 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 7 years |
Note 5 - Intangible Assets - In
Note 5 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Cost Basis | $ 25,248 | $ 25,248 |
Accumulated Amortization | (13,653) | (13,470) |
Accumulated Impairment Charges | (7,592) | (7,592) |
Intangible assets, net | $ 4,003 | $ 4,186 |
Remaining Average Amortization Period (Year) | 4 years 146 days | 4 years 219 days |
Noncompete Agreements [Member] | ||
Cost Basis | $ 170 | $ 170 |
Accumulated Amortization | (118) | (111) |
Accumulated Impairment Charges | ||
Intangible assets, net | $ 52 | $ 59 |
Remaining Average Amortization Period (Year) | 1 year 292 days | 2 years 36 days |
Customer Relationships [Member] | ||
Cost Basis | $ 15,979 | $ 15,979 |
Accumulated Amortization | (7,055) | (6,979) |
Accumulated Impairment Charges | (7,592) | (7,592) |
Intangible assets, net | $ 1,332 | $ 1,408 |
Remaining Average Amortization Period (Year) | 4 years 255 days | 4 years 328 days |
Trade Names [Member] | ||
Cost Basis | $ 9,099 | $ 9,099 |
Accumulated Amortization | (6,480) | (6,380) |
Accumulated Impairment Charges | ||
Intangible assets, net | $ 2,619 | $ 2,719 |
Remaining Average Amortization Period (Year) | 6 years 182 days | 6 years 292 days |
Note 5 - Intangible Assets - Es
Note 5 - Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
2021 | $ 550 | |
2022 | 725 | |
2023 | 664 | |
2024 | 661 | |
2025 | 661 | |
2026 and thereafter | 742 | |
Total | $ 4,003 | $ 4,186 |
Note 6 - Accrued Liabilities -
Note 6 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued payroll and benefits | $ 5,296 | $ 5,320 |
Fair value of interest rate swap | 118 | 148 |
Accrued property taxes | 186 | |
Income taxes payable | 115 | 78 |
Accrued professional fees | 505 | 176 |
Accrued warranty liability | 40 | 33 |
Self-insured workers compensation reserve | 140 | 74 |
Accrued other | 331 | 478 |
Total accrued liabilities | $ 6,731 | $ 6,307 |
Note 7 - Debt and Credit Agre_3
Note 7 - Debt and Credit Agreements (Details Textual) - USD ($) $ in Thousands | Oct. 29, 2020 | May 13, 2020 | Apr. 15, 2020 | Feb. 25, 2019 | Oct. 26, 2016 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2016 |
Long-term Debt, Total | $ 228 | $ 228 | ||||||||||
Long-term Debt, Current Maturities, Total | 5,076 | 1,406 | ||||||||||
Proceeds from Issuance of Other Long-term Debt | 595 | |||||||||||
Repayments of Other Long-term Debt | 150 | $ 242 | ||||||||||
Development Corporation of Abilene Loan [Member] | ||||||||||||
Long-term Debt, Total | 228 | $ 570 | ||||||||||
Debt Instrument, Decrease, Forgiveness | 114 | $ 114 | $ 114 | |||||||||
Notes Payable, Other Payables [Member] | ||||||||||||
Long-term Debt, Total | 609 | 163 | ||||||||||
Long-term Debt, Current Maturities, Total | $ 609 | 161 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||
Paycheck Protection Program CARES Act [Member] | ||||||||||||
Long-term Debt, Total | $ 9,151 | $ 9,151 | ||||||||||
Proceeds from Issuance of Other Long-term Debt | $ 9,530 | |||||||||||
Repayments of Other Long-term Debt | $ 379 | |||||||||||
Interest Rate Swap [Member] | ||||||||||||
Derivative Liability, Notional Amount | $ 6,000 | |||||||||||
Derivative, Fixed Interest Rate | 2.13% | |||||||||||
Minimum [Member] | Notes Payable, Other Payables [Member] | ||||||||||||
Debt Instrument, Periodic Payment, Total | 1 | |||||||||||
Maximum [Member] | Notes Payable, Other Payables [Member] | ||||||||||||
Debt Instrument, Periodic Payment, Total | 36 | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument, Term (Year) | 3 years | |||||||||||
Long Term Debt Extended Term (Year) | 3 years | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | |||||||||||
Line of Credit Facility Borrowing Restriction Percentage of Receivables | 85.00% | |||||||||||
Line of Credit Facility Borrowing Restriction Percentage of Inventories | 50.00% | |||||||||||
Line of Credit Facility Borrowing Restriction Percentage of Orderly Liquidation Value of Inventories | 85.00% | |||||||||||
Line of Credit Facility Borrowing Minimum Restriction Value | $ 12,500 | |||||||||||
Line of Credit Facility Borrowing Restriction Percentage of Orderly Liquidation Value of Machinery and Equipment | 75.00% | |||||||||||
Line of Credit Facility Borrowing Restriction Percentage of Mortgaged Property | 50.00% | |||||||||||
Line of Credit Facility Borrowing Restriction Value | $ 12,000 | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||||||||
Long-term Line of Credit, Total | 4,468 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 18,640 | |||||||||||
Letter of Credit [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |||||||||||
Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||
Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||
Letter of Credit [Member] | Base Rate [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||||||||||
Letter of Credit [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Note 7 - Debt and Credit Agre_4
Note 7 - Debt and Credit Agreements - Outstanding Debt Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Total | $ 228 | $ 228 |
Less: Current portion | (5,076) | (1,406) |
Long-term Debt, Excluding Current Maturities, Total | 9,380 | 9,381 |
Line of Credit [Member] | ||
Long-term Debt, Total | 4,468 | 1,245 |
Paycheck Protection Program CARES Act [Member] | ||
Long-term Debt, Total | 9,151 | 9,151 |
Long-term Debt, Excluding Current Maturities, Total | 9,151 | |
Notes Payable, Other Payables [Member] | ||
Long-term Debt, Total | 609 | 163 |
Less: Current portion | $ (609) | $ (161) |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 01, 2019 | |
Operating Lease, Liability, Total | $ 21,491 | $ 19,508 | ||
Operating Lease, Right-of-Use Asset | 19,401 | $ 19,321 | $ 17,613 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 907 | $ 4,380 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 263 |
Note 8 - Leases - Leases Inform
Note 8 - Leases - Leases Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Amortization of finance lease assets | $ 186 | $ 129 | |
Interest on finance lease liabilities | 68 | 26 | |
Total finance lease costs | 254 | 155 | |
Operating lease cost | 759 | 765 | |
Short-term lease cost | 196 | 132 | |
Variable lease cost | [1] | 230 | 195 |
Sublease income | (46) | (45) | |
Total operating lease costs | 1,139 | 1,047 | |
Total lease cost | 1,393 | 1,202 | |
Operating cash outflow from operating leases | $ 887 | $ 888 | |
Weighted-average remaining lease term-finance leases at end of period (in years) (Year) | 1 year 328 days | 1 year 73 days | |
Weighted-average remaining lease term-operating leases at end of period (in years) (Year) | 9 years 182 days | 10 years 182 days | |
Weighted-average discount rate-finance leases at end of period | 9.00% | 9.20% | |
Weighted-average discount rate-operating leases at end of period | 8.50% | 8.80% | |
[1] | Variable lease costs consist primarily of taxes, insurance, utilities, and common area or other maintenance costs for the Company's leased facilities and equipment. |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
2021, finance leases | $ 1,317 | ||
2021, operating leases | 2,668 | ||
2021, total | 3,985 | ||
2022, finance leases | 1,400 | ||
2022, operating leases | 3,474 | ||
2022, total | 4,874 | ||
2023, finance leases | 732 | ||
2023, operating leases | 3,388 | ||
2023, total | 4,120 | ||
2024, finance leases | 151 | ||
2024, operating leases | 2,933 | ||
2024, total | 3,084 | ||
2025, finance leases | 84 | ||
2025, operating leases | 3,015 | ||
2025, total | 3,099 | ||
2026 and thereafter, finance leases | |||
2026 and thereafter, operating leases | 17,103 | ||
2026 and thereafter, total | 17,103 | ||
Total lease payments, finance leases | 3,684 | ||
Total lease payments, operating leases | 32,581 | ||
Total lease payments, total | 36,265 | ||
Less—portion representing interest, finance leases | (337) | ||
Less—portion representing interest, operating leases | (11,090) | ||
Less—portion representing interest, total | (11,427) | ||
Present value of lease obligations, finance leases | 3,347 | ||
Present value of lease obligations, operating leases | 21,491 | $ 19,508 | |
Present value of lease obligations, total | 24,838 | ||
Less—current portion of lease obligations, finance leases | (1,456) | $ (1,427) | |
Less—current portion of lease obligations, operating leases | (1,743) | (1,832) | |
Less—current portion of lease obligations, total | (3,199) | ||
Long-term portion of lease obligations, finance leases | 1,891 | 1,996 | |
Long-term portion of lease obligations, operating leases | 19,748 | $ 19,569 | |
Long-term portion of lease obligations, total | $ 21,639 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements - Fair Value of Financial Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Interest rate swap | $ 118 | $ 148 |
Fair Value, Recurring [Member] | ||
Total liabilities at fair value | 118 | 148 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total liabilities at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total liabilities at fair value | 118 | 148 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total liabilities at fair value | ||
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 118 | 148 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swap | ||
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap | 118 | 148 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swap |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ 32 | $ 52 | |
Operating Loss Carryforwards, Total | $ 260,598 | ||
Operating Loss Carryforwards, Subject to Expiration | $ 227,781 | ||
Operating Loss Carry Forwards Annual Limit | 14,284 | ||
Unrecognized Tax Benefits, Ending Balance | 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | ||
Rights [Member] | |||
Term of Extended Rights Plan (Year) | 3 years | ||
Threshold Percentage of Beneficial Ownership for Significant Dilution in Ownership Interest | 4.90% | ||
Class of Warrant or Right Number of Rights Per Common Stock Share | 1 | ||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.001 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.25 | ||
Class of Warrant or Right Current Beneficial Ownership Percentage That Will Not Trigger Preferred Share Purchase Rights | 4.90% |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | |
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 105,399 | |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 847 |
Note 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Restricted Stock Unit and Performance Award Activity (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Unvested, number of shares (in shares) | shares | 1,332,884 |
Unvested, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 1.86 |
Granted, number of shares (in shares) | shares | 80,014 |
Granted, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 2.06 |
Vested, number of shares (in shares) | shares | (241,805) |
Vested, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 2.14 |
Unvested, number of shares (in shares) | shares | 1,171,093 |
Unvested, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 1.84 |
Note 11 - Share-based Compens_5
Note 11 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based compensation expense | $ 219 | $ 308 |
Basic earnings per share (in dollars per share) | $ 0.01 | $ 0.02 |
Diluted earnings per share (in dollars per share) | $ 0.01 | $ 0.02 |
Cost of Sales [Member] | ||
Share-based compensation expense | $ 26 | $ 22 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | $ 193 | $ 286 |
Note 14 - Segment Reporting (De
Note 14 - Segment Reporting (Details Textual) - Heavy Fabrications [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Number of Facilities | 2 |
Number of Tower Sections in Production Capacity of Turbines Total | 1,650 |
Maximum [Member] | |
Annual Tower Production Capacity | 550 |
Minimum [Member] | |
Power Generating Capacity of Turbines | 1,100 |
Note 14 - Segment Reporting - S
Note 14 - Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenues from external customers | $ 32,728 | $ 48,634 | |
Revenue from Contract with Customer, Including Assessed Tax | 32,728 | 48,634 | |
Operating loss | (4,311) | 1,680 | |
Depreciation and amortization | 1,553 | 1,612 | |
Capital expenditures | 612 | 670 | |
Total assets | 134,221 | $ 119,682 | |
Consolidation, Eliminations [Member] | |||
Revenues from external customers | |||
Revenue from Contract with Customer, Including Assessed Tax | (2) | ||
Operating loss | |||
Depreciation and amortization | |||
Capital expenditures | |||
Total assets | (200,762) | (194,747) | |
Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | |||
Heavy Fabrications [Member] | |||
Operating loss | (1,700) | ||
Heavy Fabrications [Member] | Operating Segments [Member] | |||
Revenues from external customers | 22,777 | 38,368 | |
Revenue from Contract with Customer, Including Assessed Tax | 22,777 | 38,368 | |
Operating loss | 3,541 | ||
Depreciation and amortization | 945 | 963 | |
Capital expenditures | 563 | 381 | |
Total assets | 55,689 | 40,438 | |
Heavy Fabrications [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | |||
Gearing [Member] | |||
Operating loss | (989) | ||
Gearing [Member] | Operating Segments [Member] | |||
Revenues from external customers | 5,349 | 6,227 | |
Revenue from Contract with Customer, Including Assessed Tax | 5,349 | 6,227 | |
Operating loss | (261) | ||
Depreciation and amortization | 458 | 512 | |
Capital expenditures | 168 | ||
Total assets | 43,181 | 43,319 | |
Gearing [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | |||
Industrial Solutions [Member] | |||
Operating loss | (14) | ||
Industrial Solutions [Member] | Operating Segments [Member] | |||
Revenues from external customers | 4,602 | 4,039 | |
Revenue from Contract with Customer, Including Assessed Tax | 4,604 | 4,039 | |
Operating loss | 192 | ||
Depreciation and amortization | 106 | 104 | |
Capital expenditures | 20 | 120 | |
Total assets | 8,222 | 10,244 | |
Industrial Solutions [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 2 | ||
Corporate Segment [Member] | |||
Operating loss | (1,608) | ||
Corporate Segment [Member] | Operating Segments [Member] | |||
Revenues from external customers | |||
Revenue from Contract with Customer, Including Assessed Tax | |||
Operating loss | (1,792) | ||
Depreciation and amortization | 44 | 33 | |
Capital expenditures | 29 | $ 1 | |
Total assets | 227,891 | $ 220,428 | |
Corporate Segment [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies - Allowance of Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance at beginning of period | $ 473 | $ 127 |
Bad debt expense | 5 | 55 |
Write-offs | (222) | (19) |
Other adjustments | (1) | (7) |
Balance at end of period | $ 255 | $ 156 |