Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 10, 2017 | Jun. 28, 2015 | |
Document and Entity Information | |||
Entity Registrant Name | GLOBAL POWER EQUIPMENT GROUP INC. | ||
Entity Central Index Key | 1,136,294 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 133 | ||
Entity Common Stock, Shares Outstanding | 17,487,472 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | |||||||
Cash and cash equivalents | $ 22,239 | $ 8,916 | $ 10,731 | $ 15,558 | $ 14,692 | $ 13,939 | $ 31,968 |
Restricted cash | 321 | 1 | 1 | 71 | 71 | ||
Accounts receivable, net of allowance of $1,971 and $1,027, respectively | 93,077 | 115,022 | 113,882 | 73,686 | 69,909 | ||
Raw material | 6,893 | 6,930 | 7,688 | 7,944 | 7,866 | ||
Finished goods | 1,204 | 1,194 | 1,316 | 1,168 | 1,206 | ||
Inventory reserve | (1,798) | (1,186) | (1,279) | (1,341) | (1,189) | ||
Costs and estimated earnings in excess of billings | 45,491 | 53,092 | 61,315 | 69,106 | 65,602 | ||
Other current assets | 4,608 | 6,703 | 6,752 | 8,424 | 7,512 | ||
Total current assets | 172,035 | 190,672 | 200,406 | 174,616 | 165,669 | ||
Property, plant and equipment, net | 33,822 | 22,897 | 18,584 | 19,607 | 20,168 | ||
Goodwill | 50,319 | 87,913 | 87,913 | 87,913 | 87,913 | 87,913 | |
Intangible assets, net | 44,003 | 59,070 | 60,433 | 61,833 | 63,243 | ||
Other long-term assets | 851 | 1,091 | 1,195 | 1,305 | 1,439 | ||
Total assets | 301,030 | 361,643 | 389,021 | 365,008 | 355,664 | ||
Current liabilities: | |||||||
Accounts payable | 16,861 | 14,177 | 15,625 | 14,728 | 9,364 | ||
Accrued compensation and benefits | 15,587 | 22,386 | 23,807 | 15,101 | 18,832 | ||
Billings in excess of costs and estimated earnings | 10,098 | 11,710 | 10,382 | 5,783 | 7,663 | ||
Accrued warranties | 8,050 | 6,487 | 5,197 | 4,703 | 3,475 | ||
Other current liabilities | 28,605 | 21,330 | 19,105 | 20,587 | 15,684 | ||
Total current liabilities | 79,201 | 76,090 | 74,116 | 60,902 | 55,018 | ||
Long-term debt | 70,000 | 45,000 | 45,000 | 31,000 | 25,000 | ||
Deferred tax liabilities | 14,982 | 21,697 | |||||
Other long-term liabilities | 6,080 | 6,038 | 6,388 | 6,190 | 5,908 | ||
Total liabilities | 170,263 | 148,825 | 125,504 | 98,092 | 85,926 | ||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Common stock, $0.01 par value, 170,000,000 shares authorized and 18,571,411 and 18,395,472 shares issued, respectively, and 17,261,276 and 17,129,119 shares outstanding, respectively | 186 | 184 | 184 | 184 | 184 | ||
Paid-in capital | 74,841 | 71,528 | 71,294 | 70,228 | 69,201 | ||
Accumulated other comprehensive loss | (7,618) | (2,543) | (25) | 2,813 | 3,126 | ||
Retained earnings | 63,371 | 143,662 | 192,077 | 193,703 | 197,239 | ||
Treasury stock, at par (1,310,135 and 1,266,353 common shares, respectively) | (13) | (13) | (13) | (12) | (12) | ||
Total stockholders' equity | 130,767 | 212,818 | 263,517 | 266,916 | 269,738 | $ 269,712 | $ 262,617 |
Total liabilities and stockholders' equity | $ 301,030 | $ 361,643 | $ 389,021 | $ 365,008 | $ 355,664 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
Accounts receivable allowance for doubtful accounts | $ 1,971 | $ 1,027 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 170,000,000 | 170,000,000 | 170,000,000 | 170,000,000 | 170,000,000 |
Common stock, shares issued | 18,571,411 | 18,395,472 | 18,387,686 | 18,386,443 | 18,381,931 |
Common stock, shares outstanding | 17,261,276 | 17,129,119 | 17,123,608 | 17,071,780 | 17,121,812 |
Treasury stock at par | 1,310,135 | 1,266,353 | 1,264,078 | 1,263,708 | 1,260,119 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Revenues | ||||||||||||||||
Total revenue | $ 144,424 | $ 124,162 | $ 174,276 | $ 146,141 | $ 149,979 | $ 139,791 | $ 123,287 | $ 125,996 | $ 589,003 | $ 539,053 | $ 465,914 | |||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 121,187 | 107,258 | 104,660 | 536,406 | 465,719 | 385,104 | ||||||||||
Gross profit | 8,945 | 14,932 | 17,948 | 10,772 | 17,365 | 18,604 | 16,029 | 21,336 | 52,597 | 73,334 | 80,810 | |||||
Operating expenses | ||||||||||||||||
Selling and marketing expenses | 3,008 | 2,479 | 1,940 | 12,130 | 10,045 | 9,226 | ||||||||||
General and administrative expenses | 13,990 | 14,037 | 14,109 | 69,471 | 58,747 | 56,770 | ||||||||||
Impairment expense | 47,755 | |||||||||||||||
Bargain purchase gain | (3,168) | |||||||||||||||
Depreciation and amortization expense | 1,992 | 2,142 | 2,084 | 8,602 | [1] | 8,326 | [1] | 6,829 | [1] | |||||||
Total operating expenses | 18,990 | 18,658 | 18,133 | 134,790 | 77,118 | 72,825 | ||||||||||
Operating (loss) income | (386) | (2,629) | 3,203 | (82,193) | (3,784) | 7,985 | ||||||||||
Other expense (income) | ||||||||||||||||
Interest expense, net | 469 | 354 | 461 | 4,484 | 1,820 | 893 | ||||||||||
Foreign currency gain | (700) | (33) | (111) | (1,014) | (65) | (199) | ||||||||||
Other (income) expense, net | (128) | 138 | 58 | 12 | 34 | (28) | ||||||||||
Total other expense (income) | (359) | 459 | 408 | 3,482 | 1,789 | 666 | ||||||||||
(Loss) income from continuing operations before income tax | (27) | (3,088) | 2,795 | (85,675) | (5,573) | 7,319 | ||||||||||
Income tax expense (benefit) | 63 | (1,178) | 1,017 | (6,946) | 41,661 | (1,840) | ||||||||||
(Loss) income from continuing operations | $ (17,992) | $ (51,805) | $ (3,898) | $ (5,034) | $ (47,012) | (90) | (1,910) | 1,778 | (78,729) | (47,234) | 9,159 | |||||
Discontinued operations: | ||||||||||||||||
(Loss) income from discontinued operations, net of tax | 96 | (90) | (7) | (1) | 279 | |||||||||||
(Loss) income from discontinued operations | 96 | (90) | (7) | (1) | 279 | |||||||||||
Net (loss) income | $ 6 | $ (2,000) | $ 1,771 | $ (229) | $ (223) | $ (78,729) | $ (47,235) | $ 9,438 | ||||||||
(Loss) earnings per common share: | ||||||||||||||||
Basic (loss) earnings per common share from continuing operations (in dollars per share) | $ (1.05) | $ (3.02) | $ (0.23) | $ (0.29) | $ (2.75) | $ (0.01) | $ (0.11) | $ 0.10 | $ (4.59) | $ (2.78) | $ 0.54 | |||||
Basic (loss) earnings per common share from discontinued operations (in dollars per share) | 0.02 | |||||||||||||||
Basic (loss) earnings per common share (in dollars per share) | (4.59) | (2.78) | 0.56 | |||||||||||||
Diluted (loss) earnings per weighted average common share: | ||||||||||||||||
Diluted (loss) earnings per common share from continuing operations (in dollars per share) | $ (1.05) | $ (3.02) | $ (0.23) | $ (0.29) | $ (2.75) | $ (0.01) | $ (0.11) | $ 0.10 | (4.59) | (2.78) | 0.54 | |||||
Diluted (loss) earnings per common share from discontinued operations (in dollars per share) | 0.01 | |||||||||||||||
Diluted (loss) earnings per common share (in dollars per share) | $ (4.59) | $ (2.78) | $ 0.55 | |||||||||||||
Mechanical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | $ 36,452 | $ 44,770 | $ 37,754 | $ 122,593 | $ 145,910 | $ 141,060 | ||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 30,979 | 38,858 | 28,869 | 113,853 | 122,769 | 106,735 | ||||||||||
Electrical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | 16,221 | 22,949 | 22,291 | 93,057 | 77,280 | 48,830 | ||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 15,936 | 20,579 | 19,378 | 94,042 | 72,297 | 40,038 | ||||||||||
Services | ||||||||||||||||
Revenues | ||||||||||||||||
Services revenue | 87,118 | 55,568 | 65,951 | 373,353 | 315,863 | 276,024 | ||||||||||
Cost of revenues | ||||||||||||||||
Services cost of revenue | $ 74,272 | $ 47,821 | $ 56,413 | $ 328,511 | $ 270,653 | $ 238,331 | ||||||||||
[1] | Excludes depreciation and amortization expense for the years ended December 31, 2015, 2014 and 2013 of $2,470, $1,609 and $1,435 included in cost of revenue, respectively. |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Depreciation and amortization included in cost of sales | $ 2,470 | $ 1,609 | $ 1,435 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net (loss) income | $ (78,729) | $ (47,235) | $ 9,438 |
Foreign currency translation adjustment | (5,075) | (6,015) | 1,511 |
Comprehensive (loss) income | $ (83,804) | $ (53,250) | $ 10,949 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Shares $0.01 Per Share | Paid-in Capital | Accumulated Other Comprehensive Income | Retained Earnings | Treasury Shares | Total |
Balance (Previously reported) at Dec. 31, 2012 | $ 179 | $ 66,660 | $ 1,812 | $ 201,358 | $ (11) | $ 269,998 |
Balance (Prior period adjustments, Accumulated Error Corrections) | 149 | (7,530) | (7,381) | |||
Balance at Dec. 31, 2012 | $ 179 | 66,660 | 1,961 | 193,828 | $ (11) | 262,617 |
Balance (in shares) (Previously reported) at Dec. 31, 2012 | 17,941,529 | (1,136,703) | ||||
Balance (in shares) at Dec. 31, 2012 | 17,941,529 | (1,136,703) | ||||
Increase (Decrease) in Shareholders' Equity | ||||||
Issuance of restricted stock units | $ 4 | (4) | ||||
Issuance of restricted stock units (in shares) | 353,469 | |||||
Tax withholding on restricted stock units | (1,752) | $ (1) | (1,753) | |||
Tax withholding on restricted stock units(in shares) | (98,352) | |||||
Share-based compensation | 4,145 | 4,145 | ||||
Dividends | (6,246) | (6,246) | ||||
Net (loss) income | Previously reported | 11,785 | |||||
Net (loss) income | 9,438 | 9,438 | ||||
Foreign currency translation adjustment | 1,511 | 1,511 | ||||
Balance at Dec. 31, 2013 | $ 183 | 69,049 | 3,472 | 197,020 | $ (12) | 269,712 |
Balance (in shares) at Dec. 31, 2013 | 18,294,998 | (1,235,055) | ||||
Increase (Decrease) in Shareholders' Equity | ||||||
Net (loss) income | Previously reported | (79) | |||||
Net (loss) income | 1,771 | |||||
Balance (Previously reported) at Mar. 31, 2014 | 278,024 | |||||
Balance at Mar. 31, 2014 | $ 269,738 | |||||
Balance (in shares) at Mar. 31, 2014 | 18,381,931 | |||||
Balance at Dec. 31, 2013 | $ 183 | 69,049 | 3,472 | 197,020 | $ (12) | $ 269,712 |
Balance (in shares) at Dec. 31, 2013 | 18,294,998 | (1,235,055) | ||||
Increase (Decrease) in Shareholders' Equity | ||||||
Net (loss) income | Previously reported | 695 | |||||
Net (loss) income | (229) | |||||
Balance (Previously reported) at Jun. 30, 2014 | 277,943 | |||||
Balance at Jun. 30, 2014 | $ 266,916 | |||||
Balance (in shares) at Jun. 30, 2014 | 18,386,443 | |||||
Balance at Dec. 31, 2013 | $ 183 | 69,049 | 3,472 | 197,020 | $ (12) | $ 269,712 |
Balance (in shares) at Dec. 31, 2013 | 18,294,998 | (1,235,055) | ||||
Increase (Decrease) in Shareholders' Equity | ||||||
Net (loss) income | Previously reported | 5,219 | |||||
Net (loss) income | (223) | |||||
Balance (Previously reported) at Sep. 30, 2014 | 279,212 | |||||
Balance at Sep. 30, 2014 | $ 263,517 | |||||
Balance (in shares) at Sep. 30, 2014 | 18,387,686 | |||||
Balance at Dec. 31, 2013 | $ 183 | 69,049 | 3,472 | 197,020 | $ (12) | $ 269,712 |
Balance (in shares) at Dec. 31, 2013 | 18,294,998 | (1,235,055) | ||||
Increase (Decrease) in Shareholders' Equity | ||||||
Issuance of restricted stock units | $ 1 | (1) | ||||
Issuance of restricted stock units (in shares) | 100,474 | |||||
Tax withholding on restricted stock units | (601) | $ (1) | (602) | |||
Tax withholding on restricted stock units(in shares) | (31,298) | |||||
Share-based compensation | 3,081 | 3,081 | ||||
Dividends | (6,123) | (6,123) | ||||
Net (loss) income | Previously reported | 11,149 | |||||
Net (loss) income | (47,235) | (47,235) | ||||
Foreign currency translation adjustment | (6,015) | (6,015) | ||||
Balance (Previously reported) at Dec. 31, 2014 | 281,203 | |||||
Balance at Dec. 31, 2014 | $ 184 | 71,528 | (2,543) | 143,662 | $ (13) | $ 212,818 |
Balance (in shares) at Dec. 31, 2014 | 18,395,472 | (1,266,353) | 18,395,472 | |||
Balance (Previously reported) at Mar. 31, 2014 | $ 278,024 | |||||
Balance at Mar. 31, 2014 | $ 269,738 | |||||
Balance (in shares) at Mar. 31, 2014 | 18,381,931 | |||||
Increase (Decrease) in Shareholders' Equity | ||||||
Net (loss) income | Previously reported | $ 774 | |||||
Net (loss) income | (2,000) | |||||
Balance (Previously reported) at Jun. 30, 2014 | 277,943 | |||||
Balance at Jun. 30, 2014 | $ 266,916 | |||||
Balance (in shares) at Jun. 30, 2014 | 18,386,443 | |||||
Increase (Decrease) in Shareholders' Equity | ||||||
Net (loss) income | Previously reported | $ 4,524 | |||||
Net (loss) income | 6 | |||||
Balance (Previously reported) at Sep. 30, 2014 | 279,212 | |||||
Balance at Sep. 30, 2014 | $ 263,517 | |||||
Balance (in shares) at Sep. 30, 2014 | 18,387,686 | |||||
Balance (Previously reported) at Dec. 31, 2014 | $ 281,203 | |||||
Balance at Dec. 31, 2014 | $ 184 | 71,528 | (2,543) | 143,662 | $ (13) | $ 212,818 |
Balance (in shares) at Dec. 31, 2014 | 18,395,472 | (1,266,353) | 18,395,472 | |||
Increase (Decrease) in Shareholders' Equity | ||||||
Issuance of restricted stock units | $ 2 | (2) | ||||
Issuance of restricted stock units (in shares) | 175,939 | |||||
Tax withholding on restricted stock units | (429) | $ (429) | ||||
Tax withholding on restricted stock units(in shares) | (43,782) | |||||
Share-based compensation | 3,744 | 3,744 | ||||
Dividends | (1,562) | (1,562) | ||||
Net (loss) income | (78,729) | (78,729) | ||||
Foreign currency translation adjustment | (5,075) | (5,075) | ||||
Balance at Dec. 31, 2015 | $ 186 | $ 74,841 | $ (7,618) | $ 63,371 | $ (13) | $ 130,767 |
Balance (in shares) at Dec. 31, 2015 | 18,571,411 | (1,310,135) | 18,571,411 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | ||||||
Net (loss) income | $ 1,771 | $ (229) | $ (223) | $ (78,729) | $ (47,235) | $ 9,438 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||
Deferred income tax expense (benefit) | 753 | (1,748) | (2,504) | (8,670) | 39,682 | (3,513) |
Depreciation and amortization on plant, property and equipment and intangible assets | 2,423 | 4,825 | 7,503 | 11,072 | 9,935 | 8,264 |
Amortization of deferred financing costs | 56 | 113 | 171 | 253 | 229 | 184 |
Impairment expense | 47,755 | |||||
Loss on disposals of equipment | (52) | (77) | 301 | 19 | 752 | 15 |
Bad debt expense | 106 | 8 | 72 | 865 | 364 | 103 |
Gain on bargain purchase | (3,168) | |||||
Stock-based compensation | 651 | 1,744 | 2,754 | 3,744 | 3,081 | 4,145 |
Changes in operating assets and liabilities, net of businesses acquired and sold: | ||||||
(Increase) decrease in accounts receivable | 23,280 | 19,474 | (21,840) | 20,132 | (23,764) | 9,871 |
(Increase) decrease in inventories | (2,153) | (2,048) | (2,098) | 467 | (1,428) | 1,358 |
(Increase) decrease in costs and estimated earnings in excess of billings | (16,954) | (20,546) | (13,628) | 8,050 | (6,331) | 2,460 |
(Increase) decrease in other current assets | 415 | (515) | 927 | 2,600 | 699 | (2,258) |
(Increase) decrease in other assets | (68) | (47) | (234) | (950) | (608) | (165) |
(Decrease) increase in accounts payable | (11,797) | (6,409) | (5,298) | 2,029 | (6,864) | (14,415) |
Increase (decrease) in accrued and other liabilities | 11,456 | 12,912 | 20,533 | 1,225 | 21,362 | (4,451) |
Increase (decrease) in accrued warranties | (315) | 914 | 1,430 | 1,573 | 2,739 | (968) |
Increase (decrease) in billings in excess of costs and estimated earnings | (7,270) | (9,155) | (4,521) | (1,486) | (3,181) | 10,450 |
Net cash (used in) provided by operating activities | 2,302 | (784) | (16,655) | 6,781 | (10,568) | 20,518 |
Investing activities: | ||||||
Acquisitions, net of cash acquired | (725) | (725) | (725) | (7,629) | (725) | (49,451) |
Proceeds from sale of business, net of restricted cash and transaction costs | 306 | |||||
Net transfers of restricted cash | 49 | 49 | 120 | (321) | 120 | |
Proceeds from sale of equipment | 7 | 171 | 2 | |||
Purchase of property, plant and equipment | (753) | (1,139) | (1,932) | (7,316) | (8,087) | (4,934) |
Net cash used in investing activities | (1,429) | (1,815) | (2,537) | (15,259) | (8,521) | (54,077) |
Financing activities: | ||||||
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | (490) | (562) | (593) | (429) | (601) | (1,752) |
Debt issuance costs | 8 | 8 | 8 | 8 | (172) | |
Dividends paid | (1,551) | (3,089) | (4,721) | (1,589) | (6,141) | (6,246) |
Proceeds from long-term debt | 12,000 | 30,000 | 66,000 | 58,000 | 99,000 | 67,000 |
Payments of long-term debt | (10,000) | (22,000) | (44,000) | (33,000) | (77,000) | (44,000) |
Net cash provided by financing activities | (33) | 4,357 | 16,694 | 22,982 | 15,266 | 14,830 |
Effect of exchange rate changes on cash | (87) | (139) | (710) | (1,181) | (1,200) | 700 |
Net change in cash and cash equivalents | 753 | 1,619 | (3,208) | 13,323 | (5,023) | (18,029) |
Cash and cash equivalents, beginning of year | 13,939 | 13,939 | 13,939 | 8,916 | 13,939 | 31,968 |
Cash and cash equivalents, end of year | $ 14,692 | $ 15,558 | $ 10,731 | 22,239 | 8,916 | 13,939 |
Supplemental Disclosures: | ||||||
Cash paid for interest | 3,486 | 1,170 | 566 | |||
Cash paid (refunds) for income taxes, net of refunds | $ 643 | $ (195) | $ 3,378 |
BUSINESS AND ORGANIZATION
BUSINESS AND ORGANIZATION | 12 Months Ended |
Dec. 31, 2015 | |
BUSINESS AND ORGANIZATION | |
BUSINESS AND ORGANIZATION | NOTE 1—BUSINESS AND ORGANIZATION Global Power Equipment Group Inc. and its wholly owned subsidiaries ("Global Power", "we", "us", "our", or "the Company") are comprehensive providers of custom-engineered solutions and modification and maintenance services for customers in the power generation and process and industrial markets. We operate within three reportable segments: Mechanical Solutions, Electrical Solutions and Services. Through our Mechanical Solutions segment, we design, engineer and manufacture gas turbine auxiliary products for customers throughout the world. Through our Electical Solutions segment, we focus on custom engineering and manufacturing of integrated control house systems, engine generator packages and enclosures, industrial tanks and custom-engineered equipment skids for the energy, oil and gas, digital data storage and electrical industries. Through our Services segment, we provide on-site specialty modification and maintenance services, outage management, facility upgrade services, specialty maintenance and other industrial services to nuclear, fossil-fuel and hydroelectric power plants and other industrial operations in the United States ("U.S."). Our corporate headquarters are located in Irving, Texas, with various facilities around the U.S. and internationally in The Netherlands, Mexico and the People's Republic of China. We report on a fiscal quarter basis utilizing a "modified" 4-4-5 calendar (modified in that the fiscal year always begins on January 1 and ends on December 31). However, we have continued to label our quarterly information using a calendar convention. The effects of this practice are modest and only exist when comparing interim period results. The reporting periods and corresponding fiscal interim periods are as follows: Fiscal Interim Period Reporting Interim Period 2015 2014 Three Months Ended March 31 January 1, 2015 to March 29, 2015 January 1, 2014 to March 30, 2014 Three Months Ended June 30 March 30, 2015 to June 28, 2015 March 31, 2014 to June 29, 2014 Three Months Ended September 30 June 29, 2015 to September 27, 2015 June 30, 2014 to September 28, 2014 Acquisitions: During 2015 and 2013, we completed the following acquisitions: Business Acquired Date of Closing Cash paid Primary Form of Siemens eHouse manufacturing operations February 27, 2015 $ Cash IBI, LLC July 9, 2013 $ Cash Hetsco Holdings, Inc April 30, 2013 $ Cash Each of the acquired businesses has been included in our results of operations since the date of closing. Due to the timing of these acquisitions and related operating results, our operating results for the reported periods are not entirely comparable. See Note 5— Acquisition . Seasonality: Our Services segment is materially impacted by seasonality, resulting in fluctuations in revenue and gross profit during our fiscal year. Generally, the second and fourth quarters are the peak periods for our Services segment as those are periods of low electricity demand during which our customers schedule planned outages. Our Mechancial Solutions and Electrical Solutions segments are not materially impacted by seasonality but are more impacted by the cyclicality of, and fluctuations in, the U.S. and international economies that we serve. |
RESTATEMENT
RESTATEMENT | 12 Months Ended |
Dec. 31, 2015 | |
RESTATEMENT | |
RESTATEMENT | NOTE 2—RESTATEMENT In May 2015, prior to the filing of our Quarterly Report on Form 10-Q for the three months ended March 31, 2015, we determined that certain material errors were included in our previously reported financial statements. Those errors resulted in an understatement of our cost of sales in the quarterly and annual periods ended December 31, 2014. We subsequently discovered additional accounting errors affecting the quarterly and annual periods ended December 31, 2014, as well as our financial statements for the years ended December 31, 2013, 2012 and 2011. The following summarizes the errors that have been corrected: (A) Conversion to Percentage-of-Completion Accounting: GAAP specifies the criteria for companies to use in determining whether to utilize the percentage-of-completion or completed contract methods of accounting for revenue recognition. During the period from 2011 through 2014, we historically recognized revenue from virtually all of our contracts in the Mechanical Solutions segment under the completed contract method of accounting. We determined in late 2015 that although we had the requisite information available, for certain of our business units, to have historically utilized the percentage-of-completion method of accounting, we erroneously utilized the completed contract method. Concurrently, we did not reduce recognized revenue in a timely manner for contractual liquidated damages that we incurred on certain projects as a result of late delivery and/or performance issues. We have recorded the necessary adjustments to retrospectively apply percentage-of-completion accounting to our Mechanical Solutions segment for the period 2011-2014. (B) Completed Contract Revenue Recognition: In our Electrical Solutions segment, for which we utilized completed contract accounting because we lacked the requisite information to utilize percentage-of-completion accounting, we discovered various errors involving recognizing revenues before the contract was completed and/or before units were shipped/delivered and title transferred. Additionally, we failed to reduce recognized revenue in a timely manner for contractual liquidated damages that we incurred on certain projects as a result of late delivery and/or performance issues. We have recorded the necessary adjustments to record revenue in the proper period. (C) Job Cost Capitalization, Estimation and Expensing: We identified various errors in our job cost accounting practices, including errors in the capitalization of manufacturing overhead, failing to accrue for subcontractor liabilities while the work was in progress, failing to estimate and recognize loss contracts in a timely manner and failing to properly match the cost of goods sold with the related revenue in the proper period. Additionally, as noted in the revenue recognition discussion above, our Mechanical Solutions segment were erroneously not utilizing the percentage-of-completion method of accounting. These errors resulted in misstatements in our reported cost of goods sold, costs and estimated earnings in excess of billings, billings in excess of costs and estimated earnings, and accrued liabilities. (D) Warranty Reserves : We improperly interpreted the accounting requirements for recording and reporting warranty reserves and failed to properly incorporate into our warranty estimates information available to us during the various subsequent events periods in our original filings, which resulted in errors in our reported warranty reserve and warranty expense amounts. (E) Other: a. At the time of the sale of Deltak L.L.C ("Deltak"), our former subsidiary, in 2011, we erroneously concluded that Deltak was not a separate reporting unit for evaluation of the carrying value compared to fair value of goodwill. As a consequence of that conclusion, we allocated $18.8 million of goodwill from Deltak's books to Mechanical Solutions, which resulted in an $18.8 million overstatement of the 2011 pre-tax gain on the sale of Deltak and our erroneously carrying the related $18.8 million of goodwill on our balance sheet since that time. The after tax effect of this change totaled $11.5 million at December 31, 2011 and was reflected as a decrease to the December 31, 2012 opening balance of retained earnings. b. We did not properly accrue for various operating expenses in the period in which they were incurred, resulting in expenses being recognized in the wrong period. c. We did not identify and reserve for obsolete inventory in a timely manner, resulting in expenses being recognized in the wrong period. d. We did not properly adjust dividends payable on restricted stock units ("RSUs") for dividend equivalents for RSUs deemed not likely to vest. e. We identified errors in the preparation and application of GAAP to the statements of cash flows including presentation of changes in other comprehensive income for entities with functional currency other than the U.S. dollar and scheduling of changes in property, plant and equipment. f. Upon finalization of purchase accounting, we did not recast our financial statements for the year of acquisition and, instead, made the change in the year of finalization. g. We did not properly eliminate intercompany transactions between reportable segments and certain product groups within our Mechanical Solutions segment. We also had errors in certain consolidated elimination entries, primarily due to intercompany transactions not denominated in the entity's functional currency. Finally as a result of these consolidation restatement entries and the other entries discussed above, we recorded changes to our other comprehensive income from the translation of non-U.S. entities from their functional currencies to the U.S. dollar reporting currency. h. As a result of the effect of the restatement errors, we recorded adjustments to our provision for income taxes and the deferred tax positions for all periods restated. In addition based on the negative evidence from the restated pre-tax losses generated in the two fiscal periods ending December 31, 2014, a valuation allowance against all of our U.S. and certain foreign deferred tax assets was recorded resulting in additional valuation allowances of $44.9 million against the gross deferred tax assets as of December 31, 2014. See Note 10 for further discussion on income taxes as restated. In addition to the restatement errors, we made certain reclassifications to conform the presentation of previously reported balances to current year presentation. The significant reclassifications include presentation of revenue and cost of revenue by reportable segment on the statements of operations, detailed breakout of components of inventory, presenting accrued payables, including accrued fabricator expenses, as part of other current liabilities rather than accounts payable and separately presenting the consolidated foreign currency (gain) loss as non-operating expense on statements of operations. The accompanying financial statements for 2014 and 2013 have been restated to reflect the corrections. The accumulated retained earnings as of December 31, 2012 decreased by $7.5 million as a result of adjustments to the categories described above in years prior to 2013. The following table details the amounts of the adjustments related to the respective categories: Common Shares Treasury Shares Paid-in Accumulated Other Retained (in thousands, except share data) Shares Amount Shares Amount Total Balance, December 31, 2012 as previously reported $ $ $ $ ) $ ) $ Revenue Recognition Percent Complete — — — — — Revenue Recognition Completed Contract — — — — ) — — ) Job Costing — — — ) — — ) Warranty — — — ) — — Other — — — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, December 31, 2012, restated $ $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following tables present the impact of the restatement on our previously issued consolidated balance sheet as of December 31, 2014, and our consolidated statements of operations and cash flows for the years ended December 31, 2014 and 2013: December 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Warranty Other As ASSETS Current assets: Cash and cash equivalents $ $ — $ — $ — $ — $ — $ $ Restricted cash — — — — — — Accounts receivable, net — — ) ) — ) Inventories: Raw material ) ) — ) — — Finished goods — — — — — Inventory reserve ) — — — — — ) ) Costs and estimated earnings in excess of billings — — ) Deferred tax assets — — — — — ) — Other current assets — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ) ) ) Property, plant and equipment, net — — — ) Goodwill — — — — — ) Intangible assets, net — — — — — — Deferred tax assets — — — — — ) — Other long-term assets — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ $ ) $ — $ ) $ $ — $ $ Accrued compensation and benefits — — — — Billings in excess of costs and estimated earnings — — ) ) — Accrued warranties — — — — — Other current liabilities — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ) — Long-term debt — — — — — — Deferred tax liabilities — — — — — — Other long-term liabilities — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities — Commitments and contingencies (Note 15) Stockholders' equity: Common stock, $0.01 par value, 170,000,000 shares authorized and 18,395,472 shares issued, and 17,129,119 and shares outstanding — — — — — — Paid-in capital — — — — — — Accumulated other comprehensive income ) — ) — ) ) Retained earnings — ) ) ) ) Treasury stock, at par (1,266,353 common shares) ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity — ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ ) $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments to correct the as previously reported consolidated balance sheet as of December 31, 2014 primarily consist of the allocation of Deltak goodwill as detailed earlier in this note in "(E) Other a.," the tax consequences of the restatement entries and the determination to record valuation allowance against all of our U.S. and certain foreign deferred tax assets, $1.2 million of additional accruals to correct unrecorded severance and bonuses and other adjustments including foreign currency translation and inventory reserves. Year Ended December 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Warranty Other As Revenues Mechanical Solutions $ $ ) $ ) $ — $ — $ — $ ) $ Electrical Solutions — — — — Services — — — ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — ) ) — ) Cost of revenue Mechanical Solutions ) — ) ) Electrical Solutions — — ) Services — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) ) ) ) Selling and marketing expenses ) — — — — General and administrative expenses — — — — Depreciation and amortization expense(1) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — — — Operating income (loss) ) ) ) ) ) ) Interest expense, net — — — — — Foreign currency (gain) loss — ) — — — — ) Other (income) expense, net ) — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense ) — — — — Income (loss) from continuing operations before income tax — ) ) ) ) ) Income tax expense — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations — ) ) ) ) ) Discontinued operations: Loss from discontinued operations, net of tax ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss from discontinued operations ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ — $ ) $ $ ) $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Details of other restatement adjustments included in the consolidated statement of operations for the year ended December 31, 2014 are as follows: Year Ended December 31, 2014 ($ in thousands) Accrual Income Tax Consolidation Other Total Other Revenues Mechanical Solutions $ — $ — $ ) $ — $ ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — ) — ) Cost of revenue Mechanical Solutions — ) ) Electrical Solutions — — — ) ) Services — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) — — ) ) Selling and marketing expenses — — General and administrative expenses — Depreciation and amortization expense(1) — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — Operating loss ) ) — ) ) Interest expense, net ) — Foreign currency loss — — — Other (income) expense, net — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense ) Loss from continuing operations before income tax ) ) ) ) ) Income tax expense — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss from continuing operations ) ) ) ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss $ ) $ ) $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Warranty Other As Operating activities: Net income $ $ — $ ) $ $ ) $ ) $ ) $ ) Adjustments to reconcile net income to net cash provided by operating activities: Deferred income tax provision (benefit) — — — — — Depreciation and amortization on plant, property and equipment and intangible assets — — — — — ) Amortization on deferred financing costs — — — — — — Loss on disposals of equipment — — — — — Bad debt expense — — — — — — Stock-based compensation — — — — — — Changes in operating assets and liabilities, net of businesses acquired and sold: (Increase) decrease in accounts receivable ) ) — — ) ) (Increase) decrease in inventories ) — — — ) (Increase) decrease in costs and estimated earnings in excess of billings ) — — ) (Increase) decrease in other current assets ) ) — — (Increase) decrease in other assets ) — — — — ) (Decrease) increase in accounts payable ) ) — ) ) Increase (decrease) in accrued and other liabilities — ) — Decrease in accrued warranties ) — — — — Increase (decrease) in billings in excess of costs and estimated earnings — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in by operating activities ) — — — — — ) ) Investing activities: Acquisitions, net of cash acquired ) — — — — — — ) Net transfers of restricted cash — — — — — Proceeds from sale of equipment — — — — — ) Purchase of property, plant and equipment ) — — — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) — — — — — ) ) Financing activities: Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation ) — — — — — ) Debt issuance costs — — — — — — Dividends paid ) — — — — — ) ) Proceeds from long-term debt — — — — — — Payments of long-term debt ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by financing activities — — — — — Effect of exchange rate changes on cash ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ) — — — — — ) Cash and cash equivalents, beginning of year — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents, end of year $ $ — $ — $ — $ — $ — $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments required to correct the as previously reported statement of cash flows for the year ended December 31, 2014, include the tax effects related to the correction of the restatement errors, the valuation allowance on all U.S. and certain foreign tax assets of $44.9 million, correction of errors of the previously reported cash flow statement including a $1.8 million reclassification from changes in accrued and other liabilities to other current assets, translation of foreign currency effects of entities in functional currency other than the U.S. dollar including a $1.3 million change in the effect of exchange rates on cash and failure to properly account for cash activity in the changes in property, plant and equipment. Year Ended December 31, 2013 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Warranty Other As Revenues Mechanical Solutions $ $ ) $ ) $ — $ — $ — $ ) $ Electrical Solutions — — ) — — — Services — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — ) ) — — ) Cost of revenue Mechanical Solutions ) ) — ) ) Electrical Solutions — — ) ) — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) ) ) ) Selling and marketing expenses — — — — — ) General and administrative expenses ) — — — — Depreciation and amortization expense(1) — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ) — — — — Operating income (loss) ) ) ) Interest expense, net — — — — — — Foreign currency (gain) loss — — — — — ) ) Other expense (income), net ) — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — — — — ) Income (loss) from continuing operations before income tax — ) ) ) Income tax benefit ) — — — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations — ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ — $ $ ) $ $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Details of other restatement adjustments included in the consolidated statement of operations for the year ended December 31, 2013 are as follows: Year Ended December 31, 2013 ($ in thousands) Accrual Income Consolidation Other Total Revenues Mechanical Solutions $ — $ — $ ) $ — $ ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — ) — ) Cost of revenue Mechanical Solutions ) — ) ) Electrical Solutions — — — — — Services — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue ) — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit — — ) ) Selling and marketing expenses ) — — — ) General and administrative expenses — — Depreciation and amortization expense(1) — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — Operating income (loss) — — ) ) Interest expense, net — — — — — Foreign currency gain — — ) — ) Other expense (income), net — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — — ) — ) Income (loss) from continuing operations before income tax — ) ) Income tax benefit — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations ) Discontinued operations: Income from discontinued operations, net of tax — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2013 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Warranty Other As Operating activities: Net income (loss) $ $ — $ $ ) $ $ ) $ $ Adjustments to reconcile net income (loss) to net cash provided by operating activities: Deferred income tax provision (benefit) ) — — — — — ) ) Depreciation and amortization on plant, property and equipment and intangible assets — — — — — Amortization on deferred financing costs — — — — — — Loss on disposals of equipment — — — — — — Bad debt expense — — — — — Stock-based compensation — — — — — — Changes in operating assets and liabilities, net of businesses acquired and sold: (Increase) decrease in accounts receivable ) — ) — — (Increase) decrease in inventories — — — — — (Increase) decrease in costs and estimated earnings in excess of billings — ) — ) (Increase) decrease in other current assets ) ) — ) — — ) (Increase) decrease in other assets ) — — — — ) ) (Decrease) increase in accounts payable ) — ) ) ) ) ) Increase (decrease) in accrued and other liabilities ) ) — — — ) Decrease in accrued warranties ) — — — — ) ) Increase (decrease) in billings in excess of costs and estimated earnings ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities — — — — — Investing activities: Acquisitions, net of cash acquired ) — — — — — — ) Proceeds from sale of business, net of restricted cash and transaction costs — — — — — — Proceeds from sale of equipment — — — — — ) Purchase of property, plant and equipment ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in (provided by) investing activities ) — — — — — ) Financing activities: Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation ) — — — — — — ) Debt issuance costs ) — — — — — ) ) Dividends paid ) — — — — — ) ) Proceeds from long-term debt — — — — — Payments of long-term debt ) — — — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities — — — — — ) Effect of exchange rate changes on cash — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ) — — — — — ) ) Cash and cash equivalents, beginning of year — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents, end of year $ $ — $ — $ — $ — $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments required to correct the as previously reported statement of cash flows for the year ended December 31, 2013, include the tax effects related to the correction of the restatement errors, correction of errors of the previously reported cash flow statement including an error in gross presentation of financing activities of our revolving credit facility of $2.0 million, correction of purchase price allocations to reflect a $(1.2) million use of cash to exclude the effect of acquired accounts payable, translation of foreign currency effects of entities in functional currency other than the U.S. dollar including a $1.0 million change in the effect of exchange rates on cash and failure to properly account for cash activity in the changes in property, plant and equipment. Financial information in the accompanying footnotes to the consolidated financial statements reflects the effects of the preceding discussions and tables. |
LIQUIDITY
LIQUIDITY | 12 Months Ended |
Dec. 31, 2015 | |
LIQUIDITY | |
LIQUIDITY | NOTE 3—LIQUIDITY Our consolidated financial statements have been prepared on a going concern basis, which assumes that we will be able to meet our obligations and continue our operations during the next year. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should we be unable to continue as a going concern. As the Company did not early adopt ASU 2014-15 , "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern", our evaluation period in regards to going concern considerations was one year from the December 31, 2015 balance sheet date. Due to the prolonged period of time it has taken to restate the various financial statements and related information prior to 2015, we know that we were able to meet our obligations and continue our operations during fiscal 2016. Historically, we have funded our operations through net cash flows from operating activities along with draws against our Revolving Credit Facility, as necessary. During the first four months of 2015, we made incremental borrowings of $25 million on the Revolving Credit Facility. However, our announcement in May 2015 that we would have to restate our previously filed 2014 Form 10-K and would not be able to file our first quarter 2015 Form 10-Q in a timely manner, caused us not to be in compliance with various covenants under our Revolving Credit Facility. As a result, we were unable to make incremental borrowings against the Revolving Credit Facility since that time. In addition, since July 22, 2016, the administrative agent under our Revolving Credit Facility has been exercising its rights that permit it to control certain of our accounts by implementing a cash dominion process to use receipts of collateral to directly pay down debt, while allowing us to borrow subject to certain restrictions. Since May 2015, we have funded our operations from our net cash flows from operating activities, although that is not sustainable, particularly due to the upcoming maturity of our Revolving Credit Facility on May 15, 2017. Beginning in mid-2015, management, in conjunction with the Board of Directors, developed a multi-step plan to address our severely constrained liquidity. The plan consists of the following items: • Focus on shortening the collection cycle time on our accounts receivables and lengthening the payment cycle time on our accounts payables; • Reducing ongoing operating expenses wherever possible; • Assessing the potential for asset sales in order to pay down a portion of our outstanding debt; • Repatriating cash held by our foreign subsidiaries as needed; and • Refinancing our Revolving Credit Facility. Our implementation of the components of the plan has included the following results: • Since 2015, we have reduced our ongoing operating expenses through facility consolidations or closures and employee reductions. We consolidated our facilities at CFI and Braden Tulsa, and closed our plants in Monterrey, Mexico and Chattanooga, TN. • We successfully negotiated and closed the following asset sales: • In July 2016, we sold the stock of TOG Holdings, Inc., our wholly-owned subsidiary, for $6 million in cash, subject to customary post-closing working capital adjustments, an escrow withholding of $0.8 million and disposition expenses. The net proceeds of $4.8 million from this sale were used to reduce the outstanding balance of the Revolving Credit Facility. In addition, as a result of the sale, we no longer have liability associated with TOG Holdings, Inc.'s leased property. • In December 2016, we completed a $14.8 million sale-leaseback transaction of our facilities in Franklin, Indiana, Auburn, Massachusetts and Houston, Texas, in which we simultaneously sold and entered into 10-year leases of the three facilities. The net proceeds of $12.2 million from this sale were used to reduce the outstanding balance of the Revolving Credit Facility. We expect a net increase in our operating expenses in 2017. As a result of the leaseback of the facilities, we expect operating expenses to increase approximately $0.9 million per year, excluding the Franklin, Indiana facility, which as discussed below, was later sold and the lease assumed by the purchaser. • In January 2017, we sold the stock of Hetsco, Inc. for approximately $23.2 million in cash inclusive of working capital adjustments. After transaction costs and an escrow withholding of $1.5 million, the net proceeds of $20.6 million were used to reduce the outstanding balance of the Revolving Credit Facility. • We repatriated $8 million in cash from our Netherlands subsidiary in February 2017. During 2016 and into early 2017, we reduced our indebtedness on our borrowings under the Revolving Credit Facility by approximately $40.8 million, to our balance as of month-end February 2017 of $29.2 million. The critical outstanding component of our liquidity plan is the refinancing of our Revolving Credit Facility prior to its maturity on May 15, 2017. We have engaged an investment banking firm to facilitate a process to refinance the Revolving Credit Facility and provide additional debt capacity to fund our ongoing operations. Under the Fifteenth Amendment to Credit Agreement and Ninth Amendment to Limited Waiver Agreement which, among other things, extended the maturity date to May 15, 2017, there are numerous covenants and three interim milestone dates, the earliest of which is March 20, 2017. If we default on any of those covenants or fail to achieve the milestones, we will need to seek (i) a further extension of the maturity date beyond May 15, 2017, (ii) a waiver of any defaults that arise or (iii) a forbearance agreement pursuant to which the lenders under the Revolving Credit Facility will forbear in the exercise of remedies against our assets when and if our borrowings under our Revolving Credit Facility become due and payable. Our lenders are under no obligation to grant such an accommodation. If they do not, the amount of the outstanding principal balance on the facility will become immediately due and payable. We do not currently have sufficient cash on hand to repay the balance, and a failure to do so would constitute a default. Upon a default under the Revolving Credit Facility, our senior secured lenders would have the right to accelerate the then-outstanding amounts under the Revolving Credit Facility and to exercise their rights and remedies to collect such amounts, which would include foreclosing on collateral constituting substantially all of our assets and those of our subsidiaries. Accordingly, a default could have a material adverse effect on our business. If our lenders under the Revolving Credit Facility exercise their rights and remedies, to the extent permitted by our Revolving Credit Facility and applicable law, we would likely be forced to seek bankruptcy protection and our investors could lose the full value of their investment in our common stock. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 4—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Global Power and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates: The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying footnotes. Actual results could vary materially from those estimates. Discontinued Operations Presentation: In August 2011, we completed the sale of substantially all of the operating assets of our Deltak business unit. Discontinued operations are presented net of tax. The following notes relate to our continuing operations only unless otherwise noted. Dollar Amounts: All dollar amounts (except share and per share amounts) presented in the tabulations within the notes to our consolidated financial statements are stated in thousands of dollars, unless otherwise noted. Revenue Recognition: Substantially all of our Mechanical Solutions and Electrical Solutions segment revenue is derived from fixed-priced contracts. Revenue for gas turbine auxiliary equipment contracts exceeding 175,000 in local currency units from our Braden business unit is recognized under the percentage-of-completion method based on efforts expended input measures. Revenue for gas turbine auxiliary equipment and control house equipment from certain of our business units that lack the ability to estimate and contracts for a de minimis amount are recognized on the completed contract method, typically when the unit is shipped. Certain of these contracts specify separate delivery dates of individual equipment units or require customer acceptance of a product. In circumstances where separate delivery dates of individual equipment units exists, we recognize revenue when the customer assumes the risk of loss and title for the equipment, which is generally the date the unit is shipped, and corresponding costs previously deferred are charged to expense. In circumstances where the contract requires customer acceptance of a product in addition to transfer of title and risk of loss to the customer, revenue is either recognized (i) upon shipment when we are able to demonstrate that the customer specific objective criteria have been met or (ii) upon customer acceptance. Once title and risk of loss have transferred and, where applicable, customer acceptance is complete, we have no further performance obligations. Within our Services segment, we enter into a variety of contract structures including cost plus reimbursements, time and material contracts and fixed-price contracts. The determination of the contract structure is based on the scope of work, complexity and project length, and customer preference of contract terms. Cost plus and time and material contracts represent the majority of the contracts in our Services segment. For these contract types, we recognize revenue when services are performed based on an agreed-upon price for the completed services or based upon the hours incurred and agreed-upon hourly rates. Some of our contracts include provisions that adjust contract revenue for safety, schedule or other performance measures. On cost reimbursable contracts, revenue is recognized as costs are incurred and includes applicable mark-up earned through the date services are provided. Revenue on fixed price contracts is recognized under the percentage-of-completion method based on cost-to-cost input measures. The percentage-of-completion method generally results in the recognition of reasonably consistent profit margins over the life of a contract because management has the ability to produce reasonably dependable estimates of contract billings and contract costs. We use the level of profit margin that is most likely to occur on a contract. If the most likely profit margin cannot be precisely determined, the lowest probable level of profit in the range of estimates is used until the results can be estimated more precisely. Our estimate of the total contract costs to be incurred at any particular time has a significant impact on the revenue recognized for the respective period. Changes in job performance, job conditions, estimated profitability, final contract settlements and resolution of claims may result in revisions to contract revenues and costs, and the effects of such revisions are recognized in the period that the revisions are determined. Under percentage-of-completion accounting, management must also make key judgments in areas such as the percentage-of-completion, estimates of project revenue, costs and margin, estimates of total and remaining project hours and liquidated damages assessments. Any deviations from estimates could have a significant positive or negative impact on our results of operations. Estimated losses on uncompleted contracts, regardless of whether we account for the contract under the completed contract or percentage-of-completion method, are recognized in the period in which they first become known. We may incur costs subject to change orders, whether approved or unapproved by the customer, and/or claims related to certain contracts. We determine the probability that such costs will be recovered based upon evidence such as past practices with the customer, specific discussions or preliminary negotiations with the customer or verbal approvals. We treat items as a cost of contract performance in the period incurred and will recognize revenue if it is probable that the contract price will be adjusted and can be reliably estimated. Pre-contract costs are expensed as incurred. Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and on deposit with initial maturities of three months or less. As of December 31, 2015, $9.6 million of cash and cash equivalents was held outside the U.S. Accounts Receivable: Accounts receivables are reported net of allowance for doubtful accounts and discounts. The allowance is based on numerous factors including but not limited to (i) current market conditions, (ii) review of specific customer economics and (iii) other estimates based on the judgment of management. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not generally charge interest on outstanding amounts. Inventories: Inventories consist primarily of raw materials and are stated at the lower of first-in, first-out cost or market, net of applicable reserves. Property, Plant and Equipment: Property, plant and equipment are stated at historical cost, less accumulated depreciation. For financial reporting purposes, depreciation is calculated using the straight-line method over the estimated useful lives. Costs of significant additions, renewals and betterments are capitalized. When an asset is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss on disposition is reflected in the accompanying consolidated statements of operations. Depreciation expense related to capital equipment used in production is included in cost of revenue. Maintenance and repairs are charged to operations when incurred. Long-Lived Assets: Long-lived assets, such as property, plant, and equipment, and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. We group long-lived assets by legal entity for purposes of recognition and measurement of an impairment loss as this is the lowest level for which cash flows are independent. Goodwill and Indefinite-Lived Intangible Assets: Goodwill and indefinite-lived intangible assets are not amortized to expense, but rather are annually tested for impairment as of October 1 and more frequently if circumstances warrant. Our indefinite lived intangible assets consist of various trade names used in our businesses. Our testing of goodwill for potential impairment involves the comparison of each reporting unit's carrying value to its estimated fair value, which is determined using a combination of income and market approaches. Similarly, the testing of our trade names for potential impairment involves the comparison of the carrying value for each trade name to its estimated fair value, which is determined using the relief from royalty method. Impairment write-downs are charged to results of operations in the period in which the impairment is determined. Cost of Revenue: Cost of revenue primarily includes charges for materials, direct labor and related benefits, freight (inbound and outbound), direct supplies and tools, purchasing and receiving costs, inspection costs and internal transfer costs. Cost of revenue for the Mechancial Solutions and Electrial Solutions segments also includes warehousing costs and utilities related to production facilities and, where appropriate, an allocation of overhead. Warranty Costs: We estimate costs based upon past warranty claims, sales history, the applicable contract terms and the remaining warranty periods. Warranty terms vary by contract but generally provide for a term of three years or less. We manage our exposure to warranty claims by having our field service and quality assurance personnel regularly monitor projects and maintain ongoing and regular communications with our customers. Insurance. We self-insure a portion of our risk for health benefits and workers' compensation. We maintain insurance coverage for other business risks including general liability insurance. We accrue for incurred but not reported claims by utilizing lag studies. Shipping and Handling Costs: We account for shipping and handling costs in accordance with ASC 605-45 —Principal Agent Considerations . Amounts billed to customers in sale transactions related to shipping and handling costs are recorded as revenue. Shipping and handling costs incurred are included in cost of revenue in the accompanying consolidated statements of operations. Advertising Costs: We account for advertising costs in accordance with ASC 720-35— Advertising Costs . Generally, advertising costs are immaterial and are expensed as incurred and included in selling and marketing expense. General and Administrative Expense: General and administrative expense is primarily comprised of indirect labor and related benefits, legal and professional fees, indirect utilities, office rent, bad debt expense, indirect travel and related expenses. Stock-Based Compensation Expense: We measure and recognize stock-based compensation expense based on estimated fair values of the stock awards on the date of grant. Vesting of stock awards is based on certain service, performance and market conditions or service only conditions over a one to four year period. For all awards with graded vesting other than awards with performance- based vesting conditions, we record compensation expense for the entire award on a straight-line basis over the requisite service period, net of forfeitures. For graded-vesting awards with performance-based vesting conditions, total compensation expense is recognized over the requisite service period for each separately vesting tranche of the award as if the award is, in substance, multiple awards once performance criteria are set. We recognize stock-based compensation expense related to performance awards based upon our determination of the potential likelihood of achievement of the performance target at each reporting date, net of estimated forfeitures. Stock-based compensation expense is included in operating expenses in the accompanying consolidated statements of operations. We estimate expected forfeitures of stock-based awards at the grant date and recognize compensation cost only for those awards expected to vest. We estimate our forfeiture rate based on several factors including historical forfeiture activity, expected future employee turnover, and other qualitative factors. We ultimately adjust this forfeiture assumption to actual forfeitures. Foreign Currency: The functional currency of each of our foreign subsidiaries is the applicable local currency. Assets and liabilities of the foreign subsidiary are translated to U.S. dollars using the exchange rate in effect at the balance sheet date, and results of operations are translated using an average rate during the period. Translation adjustments are accumulated and reported as a component of accumulated other comprehensive income. Income Taxes: We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to be applied to taxable income in the years in which those differences are expected to be recovered or settled. Under ASC 740, Income Taxes ("ASC 740"), FASB requires companies to assess whether valuation allowances should be established against their deferred tax assets based on the consideration of all available positive and negative evidence, using a "more likely than not" standard. In making such assessments, significant weight is given to evidence that can be objectively verified. A company's current or previous operating history are given more weight than its future outlook, although we do consider future taxable income projections, ongoing tax planning strategies and the limitation on the use of carryforward losses in determining valuation allowance needs. We establish valuation allowances for our deferred tax assets if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. We recognize the tax benefit from uncertain tax positions only if it is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. We believe that our benefits and accruals recognized are appropriate for all open audit years based on our assessment of many factors including past experience and interpretation of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. To the extent that the final tax outcome of these matters is determined to be different than the amounts recorded, those differences will impact income tax expense in the period in which the determination is made. Derivative Financial Instruments: See Note 9 for discussion of the Company's policies related to derivative financial instruments. Adoption of New Accounting Pronouncements: In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). Prior to ASU 2015-17, GAAP required an entity to separate deferred income tax assets and liabilities into current and noncurrent amounts on the balance sheet. ASU 2015-17 requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. ASU 2015-17 may be applied either prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. We adopted ASU 2015-17 in 2015 and applied the guidance retrospectively which resulted in the reclassification of $10.0 million of net current deferred income tax assets to noncurrent as of December 31, 2014. The requirement that deferred tax liabilities and assets be offset and presented as a single amount was not affected by this amendment. See "Note 10 Income taxes" for further discussion and application of ASU 2015-17 to prior period information. Recently Issued Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers," which provides new guidance for revenues recognized from contracts with customers, and will replace the existing revenue recognition guidance. ASU No. 2014-09 requires that revenue is recognized at an amount the company is entitled to upon transferring control of goods or services to customers, as opposed to when risks and rewards transfer to a customer. In July 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU No. 2014-09 by one year, making it effective for the interim reporting periods within the annual reporting period beginning after December 15, 2017, or January 1, 2018. This standard may be applied retrospectively to all prior periods presented, or retrospectively with a cumulative adjustment to retained earnings in the year of adoption. We are currently evaluating the adoption method and the impact that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The FASB has issued several additional ASUs to provide implementation guidance on ASU No. 2015-14, including ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" issued in March 2016 and ASU No. 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing" issued in April 2016. We will consider this guidance in evaluating the impact of ASU 2014-09. In June 2014, the FASB issued ASU 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period" ("ASU 2014-12"). The FASB issued ASU 2014-12 to clarify that a performance target in a share-based compensation award that could be achieved after an employee completes the requisite service period should be treated as a performance condition that affects the vesting of the award. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for the Company for fiscal year 2016, and early adoption is permitted. We do not believe the adoption of this update will have a material impact on our financial statements. In August 2014, the FASB issued ASU 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"). ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). When conditions or events raise substantial doubts about an entity's ability to continue as a going concern, management shall disclose: (i) the principal conditions or events that raise substantial doubt about the entity's ability to continue as a going concern; (ii) management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations; and (iii) management's plans that are intended to mitigate the conditions or events and whether or not those plans alleviate the substantial doubt about the entity's ability to continue as a going concern. ASU 2014-15 is effective for the Company for fiscal year 2016. We did not elect to early adopt. We are currently evaluating the impact of this update will have on our financial statement disclosures. In April 2015, the FASB issued ASU 2015-03, "Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Prior to the adoption of ASU 2015-03, debt issuance costs were recognized as assets on the balance sheet. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 and early adoption is permitted. In August 2015, the FASB issued ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("ASU 2015-15"). ASU 2015-15 clarifies that the SEC would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset on the balance sheet. The adoption of ASU 2015-03 and ASU 2015-15 will not impact our financial statements, as our current debt is a line-of-credit. In July 2015, the FASB issued ASU No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." The new guidance requires inventory accounted for using the average cost or first-in first-out method ("FIFO") to be measured at the lower of cost or net realizable value, replacing the current requirement to value inventory at the lower of cost or market. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective beginning with the Company's fiscal year 2018 and should be applied prospectively, with earlier application permitted. We have no plans for early adoption. The Company does not expect that ASU No. 2015-11 will have a material impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). The main difference between the current requirement under GAAP and ASU 2016-02 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. ASU 2016-02 requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018 and early adoption is permitted. ASU 2016-02 must be adopted using a modified retrospective transition, and provides for certain practical expedients. We are currently assessing the potential impact of ASU 2016-02 on our consolidated financial condition and results of operations upon adoption. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). This update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. If early adopted, an entity must adopt all of the amendments during the same period. We are evaluating the potential impact of ASU 2016-09 on our consolidated financial statements. |
ACQUISITION
ACQUISITION | 12 Months Ended |
Dec. 31, 2015 | |
ACQUISITION | |
ACQUISITION | NOTE 5—ACQUISITION In February 2015, we acquired all the assets of Siemens eHouse manufacturing operations, a manufacturer and integrator of engineered packaged control house solutions for a variety of industries, including energy, oil and gas, and electrical. This acquisition allow us to expand our products and service offerings internationally and in the U.S. A summary of the acquisitions is as follows: Business Acquired Date of Closing Net Cash Paid Segment Primary Form of Siemans eHouse manufacturing operations February 27, 2015 $ Electrical Solutions Cash This acquired business has been included in our results of operations since the date of closing. Due to the timing of this acquisition and related operating results, our 2015 and 2014 operating results are not entirely comparable. The fair values of these acquired assets are determined based on valuation techniques using cost and sales comparison approaches. The fair value of the net assets acquired exceeded the purchase consideration by $3.2 million, resulting in a bargain purchase gain at acquisition, which is included in bargain purchase gain in our statement of operations. We reassessed the recognition and measurement of identifiable assets and labilities acquired and concluded that all acquired assets and liabilities were recognized and that the valuation procedures and resulting estimates of fair values were appropriate. The bargain purchase was primarily the result of divesture by Siemens eHouse manufacturing operations outside their core business. A summary of the purchase consideration and allocation of the purchase consideration is as follows: ($ in thousands) Current assets $ Property, plant and equipment Identifiable intangible assets ​ ​ ​ ​ ​ Total assets acquired Long-term deferred tax liability ) ​ ​ ​ ​ ​ Fair value of net assets acquired Bargain purchase gain ) ​ ​ ​ ​ ​ Cash paid $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired intangible assets of $0.3 million consisted of customer projects currently in backlog. We are amortizing this acquired intangible asset over two years. Amortization expense related to this intangible assets was $0.1 million during 2015. We have not disclosed the pro-forma impact of the Siemens eHouse manufacturing operations acquisition, as such impact was not material to our consolidated financial position or results of operations. We incurred $0.4 million of transaction, due diligence and integration costs related to the acquisition of the Siemens eHouse manufacturing operations that are reflected in general and administrative expenses in our consolidated statements of operations for the year ended December 31, 2015. |
DISCONTINUED OPERATIONS AND SAL
DISCONTINUED OPERATIONS AND SALE OF DELTAK ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
DISCONTINUED OPERATIONS AND SALE OF DELTAK ASSETS | |
DISCONTINUED OPERATIONS AND SALE OF DELTAK ASSETS | NOTE 6—DISCONTINUED OPERATIONS AND SALE OF DELTAK ASSETS In August 2011, we completed the sale of substantially all of the operating net assets of our Deltak business unit, which was part of the Mechanical Solutions segment. All open contracts not assigned to the buyer were completed by the fourth quarter of 2012; however, warranty periods remained open until the third quarter of 2014. We have reported the disposition of the Deltak business unit as discontinued operations in accordance with the guidance of ASC 205-20— Discontinued Operations through 2014. We earned income and incurred expenses during 2014 and 2013 from discontinued operations due to (i) the expiration of warranty periods partially offset by costs incurred on the wind-down of in-process contracts, settlement of claims and legal and professional fee expenses related to the sale of Deltak. The following table presents selected information regarding the results of our discontinued operations: Years Ended ($ in thousands) 2014 2013 Revenue $ — $ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income before income taxes Income tax expense Loss on disposal of assets, net of tax — — ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income from discontinued operations $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
PROPERTY, PLANT AND EQUIPMENT | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 7—PROPERTY, PLANT AND EQUIPMENT Our property, plant and equipment balances, by significant asset category, are as follows: December 31, Estimated ($ in thousands) 2015 2014 Land(1) — $ $ Buildings and improvements(1) 5 - 39 years Machinery and equipment 3 - 12 years Furniture and fixtures 2 - 10 years Construction-in-progress — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) See Note 21, Subsequent Events for discussion of the three properties that we sold and immediately leased back in December of 2016. Construction-in-progress primarily included building improvements and machinery and equipment as of December 31, 2015 and December 31, 2014. Depreciation expense related to continuing operations was approximately $5.3 million, $4.3 million and $3.8 million during the years ended December 31, 2015, 2014 and 2013, respectively. During 2015, we recognized impairment charges of $0.6 million related to an impairment of a building in our Mechanical Solutions segment. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 8—GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2015 and 2014 are as follows: ($ in thousands) Mechanical Electrical Services Total Balance as of January 1, 2014 $ $ $ $ Adjustments to Goodwill during 2014 — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2015 Impairment ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2015 $ $ — $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The balances for other intangible assets as of December 31, 2015 are as follows: December 31, 2015 ($ in thousands) Weighted Average Gross Carrying Accumulated Net Asset Intangible Assets Customer Relationships 7.7 $ $ ) $ Non-compete agreements 5 ) Backlog 1.1 ) Trade Names Indefinite — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Intangible Assets $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The balances for other intangible assets as of December 31, 2014 are as follows: December 31, 2014 ($ in thousands) Weighted Average Gross Carrying Accumulated Net Asset Intangible Assets Customer Relationships 7.7 $ $ ) $ Non-compete agreement 5 ) Trade Names Indefinite — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Intangible Assets $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization expense during 2015, 2014 and 2013 was $5.8 million, $5.6 million and $4.4 million, respectively. The estimated future aggregate amortization expense of other intangible assets as of December 31, 2015 is as follows: ($ in thousands) December 31, 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ We test goodwill and trade names for impairment on an annual basis, as of October 1, and when events or changes in circumstances indicate the fair value of a reporting unit with goodwill has been reduced below the carrying value of the net assets of the reporting unit in accordance with ASC 350, Intangibles—Goodwill and Other. During the second quarter of 2015, our stock price declined, which we believe was due to the announcement of the inability to rely upon our previously reported financial statements. At the time, we believed this to be a temporary decline in our market capitalization that would rebound upon the issuance of the restated financial statements. During the third quarter of 2015, we lost a significant customer in our Services segment and the forecast for our Mechanical Solutions segment began to deteriorate. Our restatement efforts continued during the third quarter of 2015, and our stock price further declined. As a result, we performed goodwill impairment testing using the required two-step process as of September 30, 2015. Given that our annual impairment testing date is October 1, we did not perform the quantitative impairment test at October 1, as we did not believe that there would be a material change from the September 30 test. We determine the fair value of each reporting unit using a combination of income and market approaches. For purposes of the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. We use our internal forecasts to estimate future cash flows and include an estimate of long-term future growth rates based on our most recent views of the long-term outlook for each reporting unit, which falls within Level 3 of the fair value hierarchy. We also use three market approaches to estimate the fair value of our reporting units utilizing comparative market multiples in the valuation estimates. While the income approach has the advantage of utilizing more company specific information, the market approaches have the advantage of capturing market based transaction pricing. Estimated fair value of all of our reporting units from each approach resulted in a premium over our market capitalization, commonly referred to as a control premium. Assessing the acceptable control premium percentage requires judgment and is impacted by external factors such as observed control premiums from comparable transactions derived from the prices paid on recent publicly disclosed acquisitions in our industry. Our indefinite-lived intangible assets consist of our Williams Industrial Services Group, Koontz-Wagner Custom Control, TOG, Hetsco and IBI Power trade names. We determine the fair value of our trade names using the relief from royalty method. Under that method, the fair value of each trade name is determined by calculating the present value of the after tax cost savings associated with owning the assets and therefore not having to pay royalties for its use for the remainder of its estimated useful life. The results of our step one test indicated that the carrying value of all reporting units except William Industrial Services, LLC. exceeded their fair values. Accordingly, we performed the second step test and concluded that the associated goodwill and trade names were impaired. Impairment of $47.2 million was recorded, consisting of $37.6 million of goodwill impairment and $9.6 million of impairment of trade names. We had no impairment losses on our goodwill or intangible assets prior to 2015. Estimating the fair value of reporting units and trade names requires the use of estimates and significant judgments that are based on a number of factors including current and historical actual operating results, balance sheet carrying values, our most recent forecasts, and other relevant quantitative and qualitative information. If current or expected conditions deteriorate, it is reasonably possible that the judgments and estimates described above could change in future periods and result in impairment charges. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
FINANCIAL INSTRUMENTS | |
FINANCIAL INSTRUMENTS | NOTE 9—FINANCIAL INSTRUMENTS Our financial instruments as of December 31, 2015 and 2014 consisted primarily of cash and cash equivalents, receivables, payables and debt instruments. The carrying values of these financial instruments approximate their respective fair values, as they are either short-term in nature or carry interest rates that are periodically adjusted to market rates. ASC 820, Fair Value Measurement, establishes a three-tier fair value hierarchy, which categorizes the inputs used in measuring fair value. As discussed below, we held two foreign currency forward exchange contracts at December 31, 2014. We measured fair value and recorded the associated losses in value using available market rates for forward contracts of the same duration to mark the contracts to market. As of December 31, 2015, there were no derivative contracts outstanding, and there was no impact of derivatives designated as hedging instruments on our consolidated statement of operations for the year then ended. Derivative Financial Instruments We selectively use financial instruments in the management of our foreign currency exchange exposures. These financial instruments are considered derivatives under ASC 815, Derivatives and Hedging , and are analyzed at the individual contract level to determine whether or not a contract qualifies for hedge accounting. During 2014, we entered into two foreign currency forward contracts, both of which remained open as of December 31, 2014. One of the contracts qualified for hedge accounting while the other did not. In August 2014, we entered into a one-year foreign currency forward exchange contract as a fair value hedge on a firm commitment (a U.S. dollar denominated contract being performed by our European operations). Under this contract, in August 2015, we received €3.2 million in exchange for $4.3 million (1.3266 $/€). We use the change in the forward contract rates to assess the hedge effectiveness and determine the periodic changes in value. The hedge is deemed to be 100% effective and, therefore, we have offsetting $0.4 million amounts which we recorded in foreign currency gain on our 2014 consolidated statement of operations related to the gain in the value of the firm commitment offset against the unrealized loss on the forward contract. In October 2014, we entered into a three-month foreign currency forward exchange contract to hedge the foreign currency transaction gains we had recorded on the books of our European operations through the third quarter. Those gains resulted primarily from our European operations holding U.S. dollar denominated cash balances. Although this derivative acted as a hedge, it did not qualify for hedge accounting. Under the net settlement contract, which settled in January 2015, we sold $19.1 million and bought €15.0 million (1.2743 $/€). We recorded in foreign currency gain on our 2014 consolidated statement of operations an unrealized foreign currency transaction loss related to this contract of $1.0 million—which was partially offset by the foreign currency transaction gains recognized by our European operations which continued to hold the U.S. dollar denominated bank balances. The following table summarizes the forward contracts at December 31, 2014, all of which matured during 2015: ($ in thousands) Currency Number Hedged Foreign Notional Amount of Notional Amount of U.S. Dollar Euro $ $ $ — Euro U.S. Dollar — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table shows the impact of derivatives designated as hedging instruments on the Company's consolidated balance sheets: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives 2015 2014 2015 2014 As of December 31, Balance Fair Balance Fair Balance Fair Balance Fair Designated: Foreign exchange contracts N/A $ — N/A $ — N/A $ — Other current liabilities $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table shows the impact of derivatives not designated as hedging instruments on the Company's consolidated balance sheets: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives 2015 2014 2015 2014 As of December 31, Balance Fair Balance Fair Balance Fair Balance Fair Not Designated: Foreign exchange contracts N/A $ — N/A $ — N/A $ — Other current liabilities $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table shows the impact of derivatives on the Company's consolidated statements of operations: Amount of (Income) Location of Loss Recognized in ($ in thousands) 2015 2014 2013 Foreign exchange contracts designated as hedging instruments Other (income) expense, net $ ) $ $ — Foreign exchange contracts not designated as hedging instruments Other (income) expense, net $ $ $ — Fair Value of Financial Instruments ASC 820, Fair Value Measurements and Disclosures defines fair value as the exit price, which is the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants at the measurement date. ASC 820 also establishes a three-tier fair value hierarchy, which categorizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in the active markets for identical assets and liabilities and the lowest priority to unobservable inputs. The following table shows our liabilities measured at fair value on our consolidated balance sheet as of December 31, 2014, and the related fair value input categories: Fair Value Measurements at Reporting Date Using ($ in thousands) Total Fair Value Quoted Prices in Significant Other Significant Foreign exchange contracts $ $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES | |
INCOME TAXES | NOTE 10—INCOME TAXES Income (loss) before income taxes was as follows: Years Ended December 31, ($ in thousands) 2015 2014 2013 Domestic $ ) $ ) $ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations ) ) Income (loss) from discontinued operations — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table summarizes the income tax expense (benefit) by jurisdiction: Years Ended December 31, ($ in thousands) 2015 2014 2013 Current: Federal $ — $ — $ State ) ) Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current Deferred: Federal ) ) State ) Foreign ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit) is allocated between continuing operations and discontinued operations as follows: Years Ended December 31, ($ in thousands) 2015 2014 2013 Continuing operations $ ) $ $ ) Discontinued operations — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Tax Rate Reconciliation The amount of the income tax provision for continuing operations during the years ended December 31, 2015, 2014 and 2013 differs from the statutory federal income tax rate of 35% as follows: Years Ended December 31, 2015 2014 2013 ($ in thousands) Amount Percent Amount Percent Amount Percent Tax (benefit) expense computed at the maximum U.S. statutory rate $ ) % $ ) % $ % Difference resulting from state income taxes, net of federal income tax benefits ) % ) % % Foreign tax rate differences )% ) % ) )% Non-deductible business acquisition costs — % — % % Non-deductible expenses, other ) % )% % Goodwill Impairment )% — % — % Deemed foreign dividends )% — % % Change in net operating loss carryforward )% ) % — % Change in valuation allowance )% )% ) )% Change in accrual for uncertain tax positions ) % )% % Change in foreign tax credits ) % )% % Change in unremitted foreign earnings )% — % — % Other, net ) % ) % ) )% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ) % $ )% $ ) )% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Taxes The significant components of deferred income tax assets and liabilities consist of the following: December 31, ($ in thousands) 2015 2014 Assets: Cost in excess of identifiable net assets of business acquired Reserves and other accruals Tax credit carryforwards Accrued compensation and benefits State net operating loss carryforwards Federal net operating loss carryforwards Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: Undistributed foreign earnings ) — Indefinite-lived intangibles ) ) Property and equipment ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets Valuation allowance for net deferred tax assets ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax liability after valuation allowance $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ We have a net deferred tax liability of $15.0 million and $21.7 million as of December 31, 2015 and December 31, 2014, respectively. The net deferred tax liabilities for the years ended December 31, 2015 and 2014 predominantly related to indefinite-lived intangibles deferred tax liabilities that cannot be used to offset deferred tax assets subject to valuation allowances. Additional valuation allowances of $21.9 million and $44.9 million were recorded against the gross deferred tax asset balances as of December 31, 2015 and December 31, 2014, respectively. As of December 31, 2015, we would need to generate approximately $165.9 million of future U.S. pre-tax income to realize our deferred tax assets. The income tax benefit of the Company's excess tax benefit relating to restricted stock awards amounts to $3.4 million as of December 31, 2015. The income tax benefit relating to excess tax benefits will be credited to paid-in-capital upon the adoption of ASU 2016-09. Net Operating Losses and Tax Credit Carryforwards As of December 31, 2015, we have approximately $130.9 million of federal net operating loss carryforwards expiring between 2026 and 2035. We have state net operating loss carryforwards of approximately $161.0 million expiring between 2016 and 2035. We have approximately $1.2 million of foreign net operating loss carryforwards that will begin expiring in 2017. We have approximately $9.6 million in foreign tax credit carryforwards expiring between 2016 and 2025. Under the Internal Revenue Code, the amount of and the benefits from net operating loss and tax credit carryforwards may be limited or permanently impaired in certain circumstances. Valuation Allowances We review, at least annually, the components of our deferred tax assets. This review is to ascertain that, based upon all of the information available at the time of the preparation of the financial statements, it is more likely than not, that we expect to utilize these deferred tax assets in the future. In the event that we determine that is more likely than not that these deferred tax assets will not be utilized, a valuation allowance is recorded, reducing the deferred tax asset to the amount expected to be realized. Many factors are considered in the determination that the deferred tax assets are more likely than not will be realized, including recent cumulative earnings, expectations regarding future taxable income, length of carryforward periods, and other relevant quantitative and qualitative factors. The recoverability of the deferred tax assets is determined by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings, and tax planning strategies. As of December 31, 2013, we had remaining valuation allowances of $0.6 million for certain state net operating loss ("NOL") carryforwards which we do not believe are realizable as we do not anticipate future operations in those states. We also had valuation allowances against foreign tax credit carryforwards of $2.2 million as of December 31, 2013. For the year ending December 31, 2013, we recorded a reduction of our valuation allowance of $4.6 million on our foreign tax credit carryforwards on the basis of management's evaluation of its deferred tax assets meeting the more likely than not standard at that time. As of December 31, 2014, we placed a signification amount of weight on the negative evidence regarding the Company's recent history of restated cumulative pre-tax losses from its U.S. and certain foreign business operations, i.e., the operations which must generate the future taxable income in order to realize the benefits from the deferred tax assets. The rationale for us placing a significant amount of weight on the Company's recent history of cumulative restated pre-tax losses is that this represents both clearly objective and verifiable negative evidence of the Company's ability to use its deferred tax assets. Additionally, the accounting standards indicate that a recent history of cumulative losses is a difficult burden to overcome. Because of the Company's history of U.S. Federal, state, and certain foreign net operating losses, no significant cash tax refund carryback opportunities are available to the Company. Therefore, as of December 31, 2014, with the restated pre-tax losses generated by the U.S. and certain foreign business operations, specifically, the pre-tax losses generated in the current and preceding two years, we determined the weight of the objective and verifiable negative evidence clearly indicated in the fourth fiscal quarter that a valuation allowance against all of its U.S. and certain foreign deferred tax assets was necessary. As a result, additional valuation allowances of $44.9 million were recorded against the gross deferred tax asset balances as of December 31, 2014. No additional valuation allowances prior to the fourth quarter of 2014 were required to be placed on the Company's deferred tax assets because restated pre-tax income (loss) generated in the current quarter and prior eleven quarters of each measurement period resulted in cumulative net income. Our valuation allowances for deferred tax assets are $69.6 million and $47.7 million as of December 31, 2015 and December 31, 2014, respectively. Unremitted Earnings Our foreign subsidiaries generate earnings that are not subject to U.S. income taxes so long as they are permanently reinvested in our operations outside of the U.S. Pursuant to ASC Topic No. 740-30, undistributed earnings of foreign subsidiaries that are no longer permanently reinvested would become subject to deferred income taxes. Prior to fiscal year 2015, we asserted that the undistributed earnings of our foreign subsidiaries were permanently reinvested. In the third quarter of 2015 our European operations loaned $5.0 million to our U.S. operations in order to provide additional working capital. Primarily due to this intercompany loan and the increase in our U.S. revolver and working capital needs, we concluded that the ability to access certain amounts of foreign earnings from our Netherlands-based operations would provide greater flexibility to meet domestic cash flow needs without constraining foreign objectives. Accordingly, in the third quarter of fiscal year 2015, we withdrew the permanent reinvestment assertion on $14.3 million of earnings generated by our Netherlands-based foreign subsidiaries through fiscal year 2015. We provided for U.S. income taxes on the $14.3 million of undistributed foreign earnings, resulting in the recognition of a deferred tax liability of approximately $2.3 million. The Company is continuing to assert that it is permanently reinvesting the undistributed earnings of its other foreign subsidiaries. As of December 31, 2015, we have $2.4 million of undistributed foreign earnings. Consequently, we have not provided for the federal and foreign withholding taxes on the foreign undistributed earnings which management asserts is permanently reinvested. Uncertain Tax Positions A reconciliation of the beginning and ending amount of total unrecognized tax benefits is as follows (in thousands): Years Ended December 31, ($ in thousands) 2015 2014 2013 Unrecognized tax benefits at January 1 $ $ $ Change in unrecognized tax benefits taken during a prior period — Change in unrecognized tax benefits during the current period ) Decreases in unrecognized tax benefits from settlements with taxing authorities — — — Reductions to unrecognized tax benefits from lapse of statutes of limitations ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized tax benefits at December 31 $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2015 we provided for a liability of $4.5 million for unrecognized tax benefits related to various federal, foreign and state income tax matters, which was included in long-term deferred tax liabilities and other long-term liabilities, as compared to a liability of $4.6 million for unrecognized tax benefits as of December 31, 2014. We have elected to classify interest and penalties related to uncertain income tax positions in income tax expense. As of December 31, 2015, we have accrued approximately $2.5 million for potential payment of interest and penalties, as compared to an accrual of approximately $2.5 million as of December 31, 2014. As of December 31, 2015, 2014 and 2013, the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate are approximately $0.5 million, $0.7 million and $0.6 million, respectively. In 2016, we anticipate we will release less than $0.3 million of accruals of uncertain tax positions as the statute of limitations related to these liabilities will lapse in 2016. The Company files a consolidated U.S. federal income tax return. Currently, we are not under examination for income tax purposes by any taxing jurisdiction. A presentation of open tax years by jurisdiction is as follows: Tax Jurisdiction Examination in Progress Open Tax Years for Examination United States None 2006 to Present Mexico None 2010 to Present China None 2007 to Present The Netherlands None 2012 to Present |
UNCOMPLETED CONTRACTS
UNCOMPLETED CONTRACTS | 12 Months Ended |
Dec. 31, 2015 | |
UNCOMPLETED CONTRACTS | |
UNCOMPLETED CONTRACTS | NOTE 11—UNCOMPLETED CONTRACTS We enter into contracts that allow for periodic billings over the contract term. At any point in time, each project under construction could have either costs and estimated earnings in excess of billings or billings in excess of costs and estimated earnings. December 31, ($ in thousands) 2015 2014 Costs incurred on uncompleted contracts $ $ Earnings recognized on uncompleted contracts ​ ​ ​ ​ ​ ​ ​ ​ Total Less—billings to date ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and estimated earnings in excess of billings $ $ Billings in excess of costs and estimated earnings ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
DEBT | |
DEBT | NOTE 12—DEBT Revolving Credit Facilities: On February 21, 2012, we terminated the Previous Credit Facility and entered into a new $100.0 million Credit Facility (as amended or supplemented from time to time, the "Revolving Credit Facility") with Wells Fargo Bank, National Association, as Administrative Agent, U.S. Bank National Association, as Syndication Agent and the various lending institutions party thereto. Effective December 17, 2013, we exercised our rights under the accordion feature pursuant to and in accordance with the terms of the Revolving Credit Facility, and increased the revolving credit commitments available to us under the Revolving Credit Facility from $100.0 million to $150.0 million. We have given a first priority lien on substantially all of our assets as security for our Revolving Credit Facility, which has a maturity date of May 15, 2017. As of December 31, 2015, we had $70.0 million of revolving credit loans outstanding under our Revolving Credit Facility and we were not in compliance with the financial and certain other covenants under the Revolving Credit Facility, and we did not have any available borrowing capacity under our Revolving Credit Facility. As a result of our non-compliance under the Revolving Credit Facility, on a number of occasions in 2015, we entered into amendments and limited waivers with respect to the Revolving Credit Facility. These amendments and limited waivers were in effect as of December 31, 2015. Pursuant to the terms of such amendments and limited waivers, the Revolving Credit Facility provides total commitments available to us of $85.0 million and, only allows for borrowings up to a maximum of $70.0 million, exclusive of outstanding standby letters of credit and includes other restrictions. The facility has a reduced revolving letter of credit facility of up to $15.0 million and it no longer provides access to multi-currency funds. The Revolving Credit Facility includes affirmative and negative covenants, including customary limitations on securing additional debt and liens and restrictions on transactions and payments, as well as the following two financial covenants: • Our maximum consolidated leverage ratio cannot exceed specified limits. For these purposes, our consolidated leverage ratio on any date is the ratio of our consolidated funded indebtedness to our consolidated EBITDA for the four most recent quarters. The agreement defines EBITDA as net income (loss) plus interest expense, net of interest income, income taxes, stock-based compensation, and depreciation and amortization. • Our consolidated interest coverage ratio must be maintained at least at specified minimum levels. For these purposes, our consolidated interest coverage ratio is the ratio of (a) our consolidated EBITDA for the four most recent quarters to (b) our cash from consolidated interest expense (consisting of all Global Power interest) for that period. The following are considered defaults under the Revolving Credit Facility: • failure to comply with any of these financial covenants; • failure to comply with certain other customary affirmative or negative covenants; • failure to make payments when due; • becoming subject to insolvency proceedings; or • experiencing a change of control. For these purposes, a change of control will occur if any one person or group obtains control of more than 25% ownership, unless they were an investor on February 21, 2012, in which case the ownership percentage would need to be more than 40% for a change of control to occur, or if continuing directors cease to constitute at least a majority of the members of our Board of Directors. Currently, based on the Fifteenth Amendment to the Credit Agreement and Ninth Amendment to Limited Waiver Agreement, we are subject to the following additional covenants: • Cash collateralizing extended letters of credit; • Filing the 2015 Form 10-K by March 20, 2017; • Providing weekly cash flow forecasts with certain restrictions on budgeted versus actual weekly cash disbursements; and • Meeting specified milestones relating to the refinancing of our Revolving Credit Facility. In the event of any such additional defaults, the participating banks have the right to restrict our ability to borrow additional funds under the Revolving Credit Facility, require that we immediately repay all outstanding loans with interest and require the cash collateralization of outstanding letter of credit obligations. We have given a first priority lien on substantially all of our assets as security for the Revolving Credit Facility. As of December 31, 2015, we required a waiver from our lenders for a breach of certain financial and non-financial covenants. The current waiver is effective through May 15, 2017, subject to certain milestones. We are subject to interest rate changes on our LIBOR-based variable interest rate under our Revolving Credit Facility. During 2015, we borrowed $58.0 million on our Revolving Credit Facility, and we repaid $33.0 million. As of December 31, 2015, the outstanding principal balance of revolving credit loans on our Revolving Credit Facility was $70.0 million, which was recorded as a long-term liability on our consolidated balance sheets. The weighted-average interest rate on those borrowings was 5.0% during 2015. As of December 31, 2015, there was $5.2 million available under our Revolving Credit Facility. Our ability to access the maximum amount of availability is dependent upon certain conditions as defined in the Revolving Credit Facility. We pay an unused line fee of 0.75% pursuant to the terms of our Revolving Credit Facility. On June 13, 2008, Braden-Europe B.V., Global Power Professional Services Netherlands B.V. and Global Power Netherlands B.V. (collectively, the " Borrower ") entered into a new EUR 14,000,000 Credit Facility (as continued, amended or supplemented from time to time, the " ABN AMRO Credit Facility ") with ABN AMRO Bank N.V. (" Original ABN AMRO "). In 2010, Original ABN AMRO transferred its claims, rights and obligations under the ABN AMRO Credit Facility to a new entity also known as ABN AMRO Bank N.V. (" New ABN AMRO "), as confirmed by the Amendment to Existing Credit Agreement (the " Credit Agreement Amendment "), dated July 25, 2011, among the Borrower and New ABN AMRO. The Credit Agreement Amendment incorporated the standard ABN AMRO General Credit Provisions. The ABN AMRO Credit Facility is a Euro-denominated facility with an overdraft facility of EUR 1,000,000 and a contingent liability facility of EUR 13,000,000. The Borrower's current interest rate is 5.95% per annum. The Borrower pays a facility fee of 0.25% per quarter. Proceeds of borrowings under the ABN AMRO Credit Facility may be used for the Borrower's business activities. The Borrower has, by a right of pledge, given a first priority lien on substantially all of its assets as security for the ABN AMRO Credit Facility. The three entities that comprise the Borrower are jointly and severally liable under the ABN AMRO Credit Facility. The ABN AMRO Credit Facility imposes a number of covenant requirements on the Borrower. The Borrower's tangible net worth must at all times represent at least 35% of Borrower's adjusted balance sheet total. The adjusted balance sheet total is defined as total assets minus the sum of intangible assets, deferred tax assets, participating interests, receivables from shareholders and/or directors and shares held in the own company, as shown in the annual accounts, as well as any off-balance sheet guarantee exposure. The Borrower may not make profit distributions without the prior written consent of New ABN AMRO or if the Borrower's tangible net worth is less than 35% of the Borrower's adjusted balance sheet total. The Borrower will have no current account with its mother or sister companies. The Borrower will inform New ABN AMRO in advance of any future guarantees. The Borrower's annual accounts shall be prepared in accordance with IASB standards. New ABN AMRO retains the right to revise the Credit Facility and related security package if Global Power Professional Services Netherlands B.V. and Global Power Netherlands B.V. begin to conduct business outside the Netherlands. The Borrower shall not grant any second-ranking right of pledge to other parties. As of December 31, 2015, no amounts were outstanding under this facility and we were in compliance with all covenants under the ABN AMRO Credit Facility. Letters of Credit and Bonds. In line with industry practice, we are often required to provide letters of credit, surety and performance bonds to customers. These letters of credit and bonds provide credit support and security for the customer if we fail to perform our obligations under the applicable contract with such customer. The interest rate on letters of credit issued under the Revolving Credit Facility letter of credit sublimit was 8.5% per annum as of December 31, 2015. Should we need to borrow additional amounts against the Revolving Credit Facility, we would incur an interest rate of LIBOR or a specified base rate, plus in each case, an additional margin based on our consolidated leverage ratio. As of December 31, 2015, our outstanding stand-by letters of credit totaled approximately $9.8 million for our U.S. entities and $10.8 million (U.S. dollars) for non-U.S. entities. Currently, there are no amounts drawn upon these letters of credit. In addition, as of December 31, 2015, we had outstanding surety bonds on projects of approximately $23.8 million. Deferred Financing Costs: Deferred financing costs are amortized over the terms of the related debt facilities using the effective yield method. Total interest expense associated with the amortization of deferred financing costs was approximately $0.3 million during 2015, $0.2 million during 2014 and $0.2 million during 2013. As of December 31, 2015 and December 31, 2014, we had unamortized deferred financing fees on our Revolving Credit Facility of $0.3 and $0.5 million, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | NOTE 13—EARNINGS PER SHARE As of December 31, 2015, our 17,261,276 shares outstanding include certain shares totaling 68,501 of contingently issued but unvested restricted stock. As of December 31, 2014, our 17,129,119 shares outstanding include certain shares totaling 50,954 of contingently issued but unvested restricted stock. Restricted stock is excluded from our calculations of basic weighted average shares outstanding, but their dilutive impact is included in the calculations of diluted weighted average shares outstanding. Basic earnings per common share are calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per common share are based on the weighted average common shares outstanding during the period, adjusted to include the incremental effect of common shares that would be issued upon the vesting and release of restricted stock awards and units. Basic and diluted (loss) earnings per common share are calculated as follows: Years Ended December 31, ($ in thousands, except per share data) 2015 2014 2013 (as restated) (as restated) (as restated) Net Loss (basic and diluted): (Loss) income from continuing operations $ ) $ ) $ (Loss) income from discontinued operations — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common shareholders $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic (Loss) Earnings Per Common Share: Weighted Average Common Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic (loss) earnings per common share from continuing operations $ ) $ ) $ Basic (loss) earnings per common share from discontinued operations — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic (loss) earnings per common share $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted (Loss) Earnings Per Common Share: Weighted Average Common Shares Outstanding Effect of Dilutive Securities: Unvested portion of restricted stock awards — — Warrants to purchase common stock — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Common Shares Outstanding Assuming Dilution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted (loss) earnings per common share from continuing operations $ ) $ ) $ Diluted (loss) earnings per common share from discontinued operations — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted (loss) earnings per common share $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The weighted-average number of shares outstanding used in the computation of basic and diluted earnings/loss per share does not include the effect of the following potential outstanding common stock. The effects of these potentially outstanding shares were not included in the calculation of diluted earnings/loss per share because the effect would have been anti-dilutive: Fiscal Year Ended December 31, 2015 2014 2013 Unvested service-based restricted stock awards Unvested performance and market based restricted stock awards Stock options — — |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | NOTE 14—STOCK-BASED COMPENSATION Description of the plans We have two equity incentive plans: The 2011 Equity Incentive Plan (the "2011 Plan") and the 2015 Equity Incentive Plan (the "2015 Plan"). In May 2015, the 2011 Plan terminated upon receiving shareholder approval for the 2015 Plan. The remaining authorized, but unissued shares from the 2011 Plan will be available to service the outstanding awards from the 2011 Plan. The 2015 Plan allows for the issuance of up to 1,000,000 shares of stock awards to our employees and directors in the form of a variety of instruments including, stock options, restricted stock, restricted share units, stock appreciation rights and other share-based awards. The 2015 Plan also allows for cash-based awards. Generally, all participants who voluntarily terminate their employment with the Company forfeit 100% of all unvested equity awards. Persons whom are terminated without cause, or in some cases leave for good reason, are entitled to proportionate vesting. Time-based proportionate vested shares are accelerated and distributed upon their termination date. Proportionate performance-based and market-based restricted shares remain categorized as unvested pending final conclusion on the achievement of the related awards. As of December 31, 2015, we had 857,500 shares available for grant under the 2015 Plan. Additionally, we granted 140,000 restricted stock units to certain executives during 2015 outside of the 2015 Plan. The terms and conditions of these grants are similar in terms and conditions of those under the equity incentive plans described above. All amounts and units described below include these awards. Total stock-based compensation expense during the years ended December 31, 2015, 2014 and 2013 was $3.7 million, $3.1 million, and $4.1 million, respectively, with no related excess tax benefit recognized. As of December 31, 2015, total unrecognized compensation expense related to all unvested restricted stock and unit awards for which terms and conditions are known totaled $3.3 million, which is expected to be recognized over a weighted average period of 1.91 years. The fair value of shares that vested during 2015, 2014 and 2013 based on the stock price at the applicable vesting date was $2.6 million, $2.0 million and $6.0 million, respectively. The weighted average grant date fair value of our restricted stock units was $9.06, $20.94 and $18.05 for the years ended December 31, 2015, 2014 and 2013, respectively. Service-Based Restricted Stock and Unit Awards: Our service-based restricted stock and unit awards are valued at the quoted market price of our common stock as of the date of grant and vest over a range of two to four years. In December 2015, the Board of Directors approved a modification to all performance-based awards granted in 2015 to convert them to service-based awards, that vest in equal installments over a three year period. These awards had previously been determined to not be likely to vest in Management's assessment at June 2015. The impact of this modification was not material, given the short period of time between the grant and the modification date. A summary of the service-based restricted stock and unit activity for the year ended December 31, 2015 is as follows: Shares Weighted-Average Unvested restricted stock units at December 31, 2014 $ Granted Converted to service-based Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested restricted stock units at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance-Based Restricted Stock and Unit Awards: We grant restricted stock and unit awards that vest upon certain performance targets, which have historically been Company operating income and other financial metrics. Such awards generally cliff vest at the end of a three-year period from the date of grant. As such, all awards will be considered unvested until the end of the three-year period. If the minimum target set in the agreement is not met, none of the shares will vest and any compensation expense previously recognized will be reversed. The actual number of shares that will ultimately vest is dependent on achieving fixed thresholds between the minimum and maximum performance conditions and ranges between 0% and 200% of the number of units originally granted. We recognize stock-based compensation expense related to performance awards based upon our determination of the potential likelihood of achievement of the performance target at each reporting date, net of estimated forfeitures. A summary of the performance-based restricted stock and unit activity for the year ended December 31, 2015 is as follows: Shares Weighted-Average Unvested restricted stock units at December 31, 2014 $ Granted Vested ) Converted to service-based ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested restricted stock units at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2015, we included 98,605 shares of unvested performance-based restricted stock unit awards that we deemed not probable to vest at the end of their performance periods in the unvested restricted stock units above. Market-Based Restricted Stock Unit Awards: We granted 83,957 market-based restricted stock unit awards during the year ended December 31, 2014. These restricted stock unit awards were granted to cliff vest on March 31, 2017, subject to the achievement of specified levels of the Company's total shareholder return ("TSR") as compared to the Russell 2000 for the period January 1, 2014 through December 31, 2016. We reverse previously recognized compensation cost for market-based restricted stock unit awards only if the requisite service is not rendered. The actual number of shares that will ultimately vest is dependent on achieving fixed thresholds between the minimum and maximum performance conditions and ranges between 0% and 200% of the number of units originally granted. No such awards were granted in 2015. The following table summarizes the activity for the year ended December 31, 2015: Shares Weighted-Average Unvested restricted stock at December 31, 2014 $ Granted — — Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested restricted stock at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ We estimate the fair value of our market-based restricted stock unit awards on the date of grant using a Monte Carlo simulation valuation model. This pricing model uses multiple simulations to evaluate our probability of achieving various stock price levels to determine our expected TSR performance ranking. Expense is only recorded for the number of market-based restricted stock unit awards granted, net of estimated forfeitures. The assumptions used to estimate the fair value of market-based restricted stock unit awards granted during 2014 were as follows: Expected term (years) 2.35 - 2.75 Expected volatility 31.60% - 34.74% Expected dividend yield 0.00% Risk-free interest rate 0.69% - 0.79% Weighted-average grant date fair value $25.32 Stock Options: During 2015, we granted a stock option to purchase 122,000 shares of our common stock to our Chief Executive Officer at an exercise price of $13.85 per share. The option provides for immediate vesting of 32,000 shares, with the remaining 90,000 vesting ratable over a ten month period beginning in June 2015 and has a five year term. This is the only stock option grant we have made to date. The following table summarizes stock option activity for the years ended December 31, 2015: Options Weighted-Average Weighted-Average Outstanding at December 31, 2014 — Granted $ Excercised — Forfeited — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2015 $ 4.625 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2015 $ 4.625 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The weighted average fair value of the stock option on the date of the grant was $2.58. The fair value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model. The exercise price of the options is based on the fair market value of the common shares on the date of grant. No options were granted during 2014 or 2013. The following assumptions were used for the options included in the table above: December 31, Expected Life 2.7 years Volatility % Dividend yield % Risk-free interest rate % Expected life was determined based on an analysis of historical exercise activity. Risk-free rate of return is a rate of a similar term U.S. Treasury zero coupon bond. Volatility was determined based on the weighted average of historical volatility of our common shares and the daily closing prices from comparable public companies. Dividend yield was determined based on our expected annual dividend and the market price of our common stock on the date of grant. Cash flows resulting from excess tax benefits are classified as part of cash flows from financing activities. Excess tax benefits are realized tax benefits from tax deductions for vested restricted stock and unit awards, and exercised options in excess of the deferred tax asset attributable to stock compensation costs for such equity awards. The Company realized no excess tax benefits for the years ended December 31 2015, 2014, and 2013 due to the use of net operating loss carryforwards. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2015 | |
EMPLOYEE BENEFIT PLANS | |
EMPLOYEE BENEFIT PLANS | NOTE 15—EMPLOYEE BENEFIT PLANS Defined Contribution Plan: We maintain a 401(k) plan covering substantially all of our U.S. employees. Expense for our 401(k) plan during the years ended December 31, 2015, 2014 and 2013 was approximately $2.0 million, $1.4 million and $1.3 million, respectively. Multiemployer Pension Plans: We contribute to over 150 union sponsored multiemployer pension plans throughout the U.S. under the terms of collective- bargaining agreements that cover our union-represented employees. The risks of participating in these multiemployer pension plans are different from single- employer pension plans primarily in the following aspects: 1. Assets contributed to the multiemployer pension plan by one employer may be used to provide benefits to employees of other participating employers. 2. If a participating employer stops contributing to the multiemployer pension plan, the unfunded obligations of the multiemployer pension plan may be borne by the remaining participating employers. 3. If we choose to stop participating in some of our multiemployer pension plans, we may be required to pay those plans an amount based on the underfunded status of the multiemployer pension plan, referred to as a withdrawal liability. Our participation in these multiemployer pension plans during the year ended December 31, 2015 is outlined in the following table. All information in the tables is as of December 31, of the relevant year, or 2015, unless otherwise stated. The "EIN/Pension Plan Number" column provides the Employer Identification Number ("EIN") and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status available during 2015 and 2014 is for the plans' fiscal year-ends as of 2015 and 2014, respectively. The zone status is based on information that we received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are greater than 65 percent funded and less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plans are subject. Certain plans have been aggregated in the "All Others" line in the following table, as the contributions to each of these individual plans are not material. Pension ($ in thousands) Expiration Rehab Plan EIN/Pension Surcharge Pension Fund 2015 2014 2015 2014 2013 Notes AFL-AGC Building Trades Pension Fund 63-6055108 Green Green No No Varies through 07/31/20 2 Asbestos Workers Local No. 55 Pension Fund (1) 63-0474674 Green Yellow No No Varies through 07/31/20 2 Boilermaker-Blacksmith National Pension Trust 48-6168020 Yellow Yellow Implemented No Multiple Agreements 1,5 Bricklayers and Allied Craftworkers Local #2 Albany, NY Pension Fund 14-6075802 Green Green No No 08/17/16—Automatic Renewal 1 Carpenters Pension Trust Fund—Detroit & Vicinity 38-6242188 Red Red Implemented No 11 Central New York Laborers Pension Fund 15-6016579 Red Red Implemented No 08/17/16—Automatic Renewal 1 Central New York Painters & Allied Trades Pension Fund 51-6079700 Red Red Implemented No 08/17/16—Automatic Renewal 1 Central Pension Fund of the IUOE and Participating Employers 36-6052390 Green Green No No Multiple Agreements 5 Central States, Southeast, and Southwest Pension Fund 36-6044243 Critical & Declining Red Implemented No Multiple Agreements 5 Chicago Painters & Decorators Pension Fund 51-6030238 Green Green No No 10/02/16—Automatic Renewal 7 Empire State Carpenters Pension Plan 11-1991772 Green Green No No 08/17/16—Automatic Renewal 1 Excavators Union Local 731 Pension Fund 13-1809825 Green Green No No 06/30/16 10 IBEW Local 1579 Pension Plan (1) 58-1254974 Green Green No No Varies through 07/31/20 2 IBEW Local 43 & Electrical Contractors Pension 16-6153389 Yellow Yellow Implemented No 08/17/16—Automatic Renewal 1 IBEW Local Union No. 1392 Pension Fund 35-6244875 Green Green No No 6 Insulators Local No. 96 Pension Plan (1) 58-6110889 Yellow Yellow Implemented No Varies through 07/31/20 2 Iron Workers District Council of Tennessee Valley & Vicinity Pension Plan 62-6098036 Green Green No No 11/30/16—Automatic Renewal 3 Iron Workers Local No. 16 Pension Fund 52-6148924 Critical & Declining Red Implemented No 10/02/16—Automatic Renewal 3 Pension ($ in thousands) Expiration Rehab Plan EIN/Pension Surcharge Pension Fund 2015 2014 2015 2014 2013 Notes IUPAT Industry Pension Plan 52-6073909 Yellow Yellow Implemented No Multiple Agreements 5 Laborers National Pension Fund 75-1280827 Green Green No No Multiple Agreements 5 Local 73 Retirement Fund 15-6016577 Red Red Implemented No 08/17/16—Automatic Renewal 1 National Asbestos Workers Pension Plan 52-6038497 Red Red Implemented No Multiple Agreements 5 National Electrical Benefits Fund 53-0181657 Green Green No No Multiple Agreements 5 New York State Teamsters Conference Pension & Retirement Fund 16-6063585 Red Red Implemented No 08/17/16—Automatic Renewal 1 Northwest Sheet Metal Workers Pension Trust 91-6061344 Green Green No No 11/01/16—Automatic Renewal 4 Plumbers & Pipefitters National Pension Fund 52-6152779 Yellow Yellow Implemented No Multiple Agreements 5 Plumbers & Steamfitters Local No. 150 Pension Fund 58-6116699 Green Yellow No No Varies through 07/31/20 2 Plumbers & Steamfitters Local Union No. 43 Pension Fund 62-6101288 Green Green No No 11/30/16—Automatic Renewal 3 Sheet Metal Workers Local No. 177 Pension Fund 62-6093256 Green Green No No 11/30/16—Automatic Renewal 5 Sheet Metal Workers' National Pension Fund 52-6112463 Yellow Yellow Implemented No Multiple Agreements 5 Southern Ironworkers Pension Plan 59-6227091 Green Green No No Varies through 07/31/20 2 Tri-State Carpenters & Joiners Pension Trust Fund 62-0976048 Yellow Red Implemented No 11/30/16—Automatic Renewal 3 Pipe Trades Services of MN Pension Plan 41-6131800 Green Green No No 08/01/16—Automatic Renewal 8 Upstate New York Engineers Benefit Funds 15-0614642 Red Red Implemented No 08/17/16—Automatic Renewal 1 Washington State Plumbing & Pipefitting Industry Pension Plan 91-6029141 Green Green No No 11/01/16—Automatic Renewal 4 Washington-Idaho Laborers-Employers Pension Trust 91-6123988 Green Green No No 11/01/16—Automatic Renewal 4 Washington-Idaho-Montana Carpenters-Employers Retirement Fund 91-6123987 Yellow Yellow Implemented No 11/01/16—Automatic Renewal 4 Western States Insulators and Allied Workers Pension 51-0155190 Green Green No No 11/01/16—Automatic Renewal 4 All Others N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) We were listed in the multiemployer plan's Form 5500 as providing more than 5% of total contributions for the plan year ended in 2015. (2) Defined Benefit Plans for Unions employed through the Southern Company Power House Maintenance Agreement. The Southern Company PHMA expires 07/31/2020. The individual Union CBA range from 1 to 3 years in duration. (3) Defined Benefit Plans for Unions employed through the TVA PMMA and Other Agreements. The TVA Labor Agreements are annual agreements that automatically renew each year. (4) Defined Benefit Plans for Unions employed through the GPPMA agreement for Columbia Generating Station. The GPPMA Agreements are annual agreements that automatically renew each year. (5) Regional and National Defined Benefit Funds for multiple unions employed under different labor agreements. (6) IBEW Local 1392 Pension is listed because Koontz-Wagner is responsible for more that 5.00% of the Funds payments. WPS / WSS do not employ members of Local 1392. (7) The reduction in Pension contributions for the Chicago Painters & Decorators Pension is a result of the loss of the Exelon Nuclear contract that included the Braidwood and Dresden Nuclear Plants. (8) Defined Benefit Plan for Union employed at Monticello Nuclear Plant through the Excel Contract. (9) Defined Benefit Plan for Union employed under GPPMA agreement at Peach Bottom Nuclear Plant. (10) Defined Benefit Plan for Union employed at Con Ed sites. (11) Defined Benefit Plan for Individual working outside of plan jurisdiction. (12) We did not pay a surcharge for any fund last year that was in Critical Status and had not negotiated a preferred schedule. We do pay a surcharge/assessment on some funds under the CBA preferred schedule. These funds include the National Asbestos Workers Pension, the Southern Ironworkers Pension and the Asbestos Workers Local 55 Pension listed above. Employees covered by multiemployer pension plans are hired for project-based building and construction purposes. Our participation level in these plans varies as a result. We believe that our responsibility for potential withdrawal liabilities associated with participating in multiemployer plans is limited because the building and construction trades exemption should apply to the substantial majority of our plan contributions. However, pursuant to the Pension Protection Act of 2006 and other applicable laws, we are also exposed to other potential liabilities associated with plans that are underfunded. As of December 31, 2015, we had been notified that certain pension plans were in critical funding status. Currently, certain plans are developing, or have developed, a rehabilitation plan that may call for a reduction in participant benefits or an increase in future employer contributions. Therefore, in the future, we could be responsible for potential surcharges, excise taxes and/or additional contributions related to these plans. Additionally, market conditions and the number of participating employers remaining in each plan may result in a reorganization, insolvency or mass withdrawal that could materially affect the funded status of multiemployer plans and our potential withdrawal liability, if applicable. We continue to actively monitor, assess and take steps to limit our potential exposure to any surcharges, excise taxes, additional contributions and/or withdrawal liabilities. However, we cannot, at this time, estimate the full amount, or even the range, of this potential exposure. |
COMMITMENTS AND CONTIGENCIES
COMMITMENTS AND CONTIGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES. | |
COMMITMENTS AND CONTINGENCIES | NOTE 16—COMMITMENTS AND CONTINGENCIES Litigation and Claims: We are from time to time party to various lawsuits, claims and other proceedings that arise in the ordinary course of our business. With respect to all such lawsuits, claims and proceedings, we record a reserve when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that the resolution of any currently pending lawsuits, claims and proceedings, either individually or in the aggregate, will have a material adverse effect on our financial position, results of operations or liquidity. However, the outcomes of any currently pending lawsuits, claims and proceedings cannot be predicted, and therefore, there can be no assurance that this will be the case. A putative shareholder class action, captioned Budde v. Global Power Equipment Group Inc., is pending in the U.S. District Court for the Northern District of Texas naming Global Power Equipment Group Inc. and certain former officers as defendants. This action and another action were filed in May and June of 2015, and in July of 2015 the court consolidated the two actions. On March 1, 2017, the lead plantiff filed a consolidated amended complaint that names the Company and two of our former officers as defendants. It alleges violations of the federal securities laws arising out of matters related to the Company's restatement of certain financial periods and claim that the Company and certain former officers made material misrepresentations and omissions of material fact in the Company's public disclosures concerning those periods in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5, as promulgated thereunder. The plaintiffs seek class certification on behalf of persons who acquired our stock between May 1, 2012 and March 30, 2016, more than $150 million of monetary damages on behalf of the putative class and an award of costs and expenses, including attorneys' fees and experts' fees. We intend to defend against this action, but litigation is subject to many uncertainties and the outcome of this action is not predictable with assurance. At this time, we are unable to predict the possible loss or range of loss, if any, associated with the resolution of this litigation, or any potential effect such may have on the Company or its business or operations. A former operating unit of Global Power has been named as a defendant in a limited number of asbestos personal injury lawsuits. Neither we nor our predecessors ever mined, manufactured, produced or distributed asbestos fiber, the material that allegedly caused the injury underlying these actions. The bankruptcy court's discharge order issued upon emergence from bankruptcy extinguished the claims made by all plaintiffs who had filed asbestos claims against us before that time. We also believe the bankruptcy court's discharge order should serve as a bar against any later claim filed against us, including any of our subsidiaries, based on alleged injury from asbestos at any time before emergence from bankruptcy. In any event, in all of the asbestos cases finalized post-bankruptcy, we have been successful in having such cases dismissed without liability. Moreover, during 2012, we secured insurance coverage that will help to reimburse the defense costs and potential indemnity obligations of our former operating unit relating to these claims. We intend to vigorously defend all currently active actions, all without liability, and we do not anticipate that any of these actions will have a material adverse effect on our financial position, results of operations or liquidity. However, the outcomes of any legal action cannot be predicted and, therefore, there can be no assurance that this will be the case. The Division of Enforcement of the SEC is conducting a formal investigation into possible securities law violations by Global Power relating to disclosures we made concerning certain financial information, including our cost of sales and revenue recognition, as well as related accounting issues. We are cooperating with the SEC in its investigation, including through the production of documents to, and the sharing of information with, the SEC Enforcement Staff. At this time, we cannot predict the outcome or the duration of the SEC investigation or any other legal proceedings or any enforcement actions or other remedies that may be imposed on us arising out of the SEC investigation. Contingency: During 2014, we entered into an agreement with a partner in connection with a power plant equipment installation project. The agreement contains certain performance liquidated damage clauses in favor of the customer. While we believe our performance in the project met our direct contractual obligations, we nonetheless have joint and several liability for other aspects of the overall project performance. Therefore, it is possible, though unlikely, that we will not incur any liability for performance related issues under the contract. We currently estimate that the most likely range of potential liability arising from the contractual provisions described above will be between $4.9 million to $31.3 million. The maximum liability under the terms of the agreement is $33.0 million less the $1.7 million in liquidated damages that we have already incurred. The minimum liability per the agreement is 20 percent of the total contract value less the $1.7 million in liquidated damages that we have already incurred. Because we do not believe any amount in that $4.9 million to $31.3 million range is a better estimate that any other amount, we have accrued the minimum amount in the range for the year ended December 31, 2015. Warranty: A reconciliation of the changes to our warranty reserve is as follows: Years Ended ($ in thousands) 2015 2014 Balance at the beginning of the period $ $ Provision for the period Settlements made (in cash or in kind) for the period ) ) ​ ​ ​ ​ ​ ​ ​ ​ Balance at the end of the period $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leases: We lease equipment and facilities, which are noncancellable and expire at various dates. Total rental expense for all operating leases during the years ended December 31, 2015, 2014 and 2013 was approximately $9.5 million, $7.7 million and $7.5 million, respectively. Future minimum annual lease payments under these noncancellable operating leases as of December 31, 2015 are as follows: ($ in thousands) December 31, 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ None of the leases include contingent rental provisions. Our annual lease expense differs from our future minimum rental payments as a result of month to month equipment leases to support our operations. Insurance: Certain of our subsidiaries are self-insured for health, general liability and workers' compensation up to certain policy limits. Amounts charged to expense for continuing operations amounted to approximately $8.6 million, $10.0 million and $7.8 million during the years ended December 31, 2015, 2014 and 2013, respectively, and include insurance premiums related to the excess claim coverage and claims incurred for continuing operations. The reserves as of December 31, 2015 and 2014 consist of estimated amounts unpaid for reported and unreported claims incurred. We have provided $2.6 million and $2.9 million in letters of credit as of December 31, 2015 and 2014, respectively, as security for possible workers' compensation claims. Executive Severance: At December 31, 2015, we had outstanding severance arrangements with officers and senior management. Our maximum commitment under all such arrangements, which would apply if the employees covered by these arrangements were each terminated without cause, was approximately $3.0 million at December 31, 2015. |
MAJOR CUSTOMERS AND CONCENTRATI
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2015 | |
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK | |
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK | NOTE 17—MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK We have certain customers that represent more than 10 percent of consolidated accounts receivable. The balance for these customers as a percentage of the consolidated accounts receivable is as follows: December 31, Customer 2015 2014 Siemens Energy, Inc. % % General Electric Company % % Southern Nuclear Operating Company % % We have certain customers that represent more than 10 percent of consolidated revenue. The revenue for these customers as a percentage of the consolidated revenue is as follows: Years Ended Customer 2015 2014 2013 Southern Nuclear Operating Company % % % Tennessee Valley Authority % % % General Electric Company % % % Siemens Energy, Inc. % % % All others % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customers for the Mechanical Solutions segment include original equipment manufacturers ("OEMs"), engineering, procurement and construction contractors, , operators of power generation facilities and firms engaged across several process-related industries. Customers for the Electrical Solutions segment include OEMs, engineering, procurement and construction contractors, owners and operators of oil and gas pipelines and digitial data storage and electrical industries. General Electric Company and Siemens Energy, Inc. are major customers for both our Mechanical Solutions and Electrical Solutions segments. Customers for the Services segment are varied, but include some major utility companies within the U.S. Our major customers vary over time due to the relative size and duration of our projects and customer outages. The Services segment customers include Southern Nuclear Operating Company ("Southern Nuclear") and Tennessee Valley Authority ("TVA"). In August of 2015, we were informed that Southern Nuclear would not extend the term of its existing maintenance and modification contract with our Services segment. We recognized $89.0 million in revenues in 2015 from Southern Nuclear, of which $44.1 million was from this maintenance and modification contract. Additionally, we completed a construction support project for TVA related to a nuclear reactor in 2015 that will not be recurring in 2016. Revenues recognized in 2015 related to this project were $92.8 million. |
OTHER SUPPLEMENTAL INFORMATION
OTHER SUPPLEMENTAL INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
OTHER SUPPLEMENTAL INFORMATION | |
OTHER SUPPLEMENTAL INFORMATION | NOTE 18—OTHER SUPPLEMENTAL INFORMATION Other current liabilities consist of the following: December 31, ($ in thousands) 2015 2014 Accrued workers compensation $ $ Accrued taxes Accrued fabricator expense Accrued liquidated damages Contract loss provision Accrued legal and professional fees Accrued interest expense Other accrued expenses ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other long-term liabilities consist of the following: December 31, ($ in thousands) 2015 2014 Uncertain tax liabilities $ $ Other ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development costs of $0.3 million, $0.4 million and $0.4 million during the years ended December 31, 2015, 2014 and 2013, respectively, are included in general and administrative expenses in the accompanying consolidated statements of operations. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | NOTE 19—SEGMENT INFORMATION We follow ASC 280— Segment Reporting in determining our reportable segments. We concluded that, until January 2015, we operated in three reportable segments: Product Solutions, Nuclear Services and Energy Services. In January 2015, we integrated our four operating segments into two reportable segments, structured around products and services, as part of our ongoing streamlining efforts. However, in re-evaluating our reportable segments as of the end of 2015, we determined that, while we continue to believe the projected long-term economic similarities between our Mechanical Solutions and Electrical Solutions operating units support aggregation into a single reportable segment, there has been disparity in the historical operating results to date between those two operating units. As such, we believe it is currently more meaningful to the reader to report segment information on those operating units separately and, therefore, concluded we have three reportable segments: Mechanical Solutions, Electrical Solutions and Services. The segment information for prior periods has been adjusted retrospectively to conform to the current period presentation.. For all periods presented, we have excluded the results of operations of our discontinued operations. As a result of our 2011 disposal of the Deltak business unit, certain corporate and other operating costs were reallocated for all periods presented to our continuing operations. Management also reevaluated our primary measure of segment performance and determined that operating income should be used as the best measure of segment performance. The change in performance measure was the result of the relocation of corporate headquarters and subsequent reorganization of functional responsibilities. The following table presents a reconciliation of revenue from segments to consolidated: Year ended December 31, ($ in thousands) 2015 2014 2013 Revenues: Mechanical Solutions—3rd Party $ $ $ Mechanical Solutions—Intersegment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mechanical Solutions—Total Electrical Solutions—3rd Party Electrical Solutions—Intersegment — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electrical Solutions—Total Services—3rd Party Services—Intersegment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services—Total Intersegment Revenue Eliminations ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents reconciliation of depreciation and amortization from segments to consolidated: Years Ended December 31, ($ in thousands) 2015 2014 2013 Depreciation and Amortization: Mechanical Solutions $ $ $ Electrical Solutions Services Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents a reconciliation of operating profit (loss) from segments to consolidated: Years Ended December 31, ($ in thousands) 2015 2014 2013 Operating Income (Loss): Mechanical Solutions $ ) $ $ Electrical Solutions ) ) ) Services Corporate ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Operating (Loss) Income ) ) Interest expense, net Foreign currency (gain) loss ) ) ) Other (income) expense, net ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated (loss) income from continuing operations before income tax $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents a reconciliation of assets from segments to consolidated: As of December 31, ($ in thousands) 2015 2014 Assets: Mechanical Solutions $ $ Electrical Solutions Services Non allocated corporate headquarters assets(1) ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) While corporate headquarters assets are not allocated to our reportable segments, the related depreciation expense is included in our allocation of selling, general and administrative expenses to our reportable segments. The following presents the Mechanical Solutions segment revenue by geographical region based on our operating locations. Products are often shipped to other geographical areas but revenue is listed in the region in which the revenue is recognized: Years Ended December 31, 2015 2014 2013 ($ in thousands) Revenue Product Revenue Product Revenue Product United States $ $ $ $ $ $ Canada — — — Europe Mexico — Asia Middle East — — — South America — — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following presents the Electrical Solutions segment revenue by geographical region based on our operating locations. Products are often shipped to other geographical areas but revenue is listed in the region in which the revenue is recognized: Years Ended December 31, 2015 2014 2013 ($ in thousands) Revenue Product Revenue Product Revenue Product United States $ $ $ $ $ $ Canada — — — Europe — — — — — Mexico — — — Asia — — — Middle East — — — South America — — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following presents the Services segment revenue by geographical region based on our operating locations. Services are sometimes performed in other geographical areas but revenue is listed in the region in which the revenue is recognized: Years Ended December 31, 2015 2014 2013 ($ in thousands) Revenue Service Revenue Service Revenue Service United States $ $ $ $ $ $ Canada — — — Mexico — — — — — Asia — — — Middle East — — — South America — — — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 20—SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) A summary of the quarterly operating results during 2015 and 2014 follows: ($ in thousands, except per share data) First Second Third Fourth 2015 Total revenue $ $ $ $ $ Gross profit (Loss) income from continuing operations ) ) ) ) ) Loss per common share from continuing operations: Basic ) ) ) ) ) Diluted ) ) ) ) ) ($ in thousands, except per share data) First Second Third Fourth 2014 Total revenue $ $ $ $ $ Gross profit (Loss) income from continuing operations ) ) ) ) Earnings (loss) per common share from continuing operations: Basic ) ) ) ) Diluted ) ) ) ) A portion of our business, primarily in our Services segment, is seasonal, resulting in fluctuations in revenue and gross profit during our fiscal year. Generally, the second and fourth quarters are the peak periods for our Services segment as those are periods of low electricity demand during which our customers schedule planned outages. Our Mechanical Solutions and Electrial Solutions segments are less affected by seasons but rather are more impacted by the cyclicality of and fluctuations in the U.S. and international economies that we serve. Amounts presented on a quarterly basis in the 2014 tables differ from amounts included in the Company's Form 10-Q filings related to the applicable periods due to amounts that have been restated for reasons described in Note 2. The following tables present the effects of the restatements on the Company's quarterly consolidated balance sheets as of March 31, 2014, June 30, 2014, and September 30, 2014, respectively: March 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Costing Warranty Other As restated ASSETS Current assets: Cash and cash equivalents $ $ — $ — $ — $ — $ — $ ) $ Restricted cash — — — — — — Accounts receivable, net — — — — ) Inventories: Raw material ) — — — — — Finished goods — — — — — — Inventory reserve — ) — — — — ) ) Costs and estimated earnings in excess of billings — — ) — Deferred tax assets — — — — — ) — Other current assets ) — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ) ) Property, plant and equipment, net — — — — — ) Goodwill — — — — — ) Intangible assets, net — — — — — — Deferred tax assets — — — — — Other long-term assets — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ $ ) $ — $ ) $ $ — $ ) $ Accrued compensation and benefits ) — — — — ) Billings in excess of costs and estimated earnings — — ) ) — Accrued warranties — — — — — Other current liabilities — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ) — ) ) Long-term debt — — — — — — Deferred tax liabilities — — — — — — — — Other long-term liabilities — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities — ) ) Commitments and contingencies (Note 15) Stockholders' equity: Common stock, $0.01 par value, 170,000,000 shares authorized and 18,381,931 shares issued, and 17,121,812 shares outstanding — — — — — — Paid-in capital — — — — — — Accumulated other comprehensive income — — ) ) Retained earnings — ) ) ) Treasury stock, at par (1,260,119 common shares) ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments to the as reported consolidated balance sheet as of March 31, 2014 primarily consist of the allocation of Deltak goodwill as detailed in Note 2, the tax consequences of the restatement entries, $1.0 million to correct unrecorded severance and bonuses and other adjustments including foreign currency translation and inventory reserves. June 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Costing Warranty Other As restated ASSETS Current assets: Cash and cash equivalents $ $ — $ — $ — $ — $ — $ ) $ Restricted cash — — — — — — Accounts receivable, net — — — — ) Inventories: Raw material ) — — — — — Finished goods — — — — — — Inventory reserve — ) — — — — ) ) Costs and estimated earnings in excess of billings — — ) — Deferred tax assets — — — — — ) — Other current assets — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ) ) Property, plant and equipment, net — — — — — ) Goodwill — — — — — ) Intangible assets, net — — — — — — Deferred tax assets — — — — — Other long-term assets — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ $ ) $ — $ ) $ $ — $ ) $ Accrued compensation and benefits ) — — — — ) Billings in excess of costs and estimated earnings — — ) ) — Accrued warranties — — — — — Other current liabilities — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ) — ) ) Long-term debt — — — — — — Deferred tax liabilities — — — — — — — — Other long-term liabilities — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities — ) ) Commitments and contingencies (Note 15) Stockholders' equity: Common stock, $0.01 par value, 170,000,000 shares authorized and 18,386,443 shares issued, and 17,071,780 shares outstanding — — — — — — Paid-in capital — — — — — — Accumulated other comprehensive income — — ) ) Retained earnings — ) ) ) Treasury stock, at par (1,263,708 common shares) ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ ) $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other adjustments as reported consolidated balance sheet as of June 30, 2014 primarily consist of the allocation of Deltak goodwill as detailed in Note 2, the tax consequences of the restatement entries, $1.0 million to correct unrecorded severance and bonuses and other adjustments including foreign currency translation and inventory reserves. September 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Costing Warranty Other As restated ASSETS Current assets: Cash and cash equivalents $ $ — $ — $ — $ — $ — $ ) $ Restricted cash — — — — — — Accounts receivable, net — — ) — ) Inventories: Raw material — — — — — — Finished goods — — — — — — Inventory reserve ) — — — — — ) ) Costs and estimated earnings in excess of billings — — ) ) — Deferred tax assets — — — — — ) — Other current assets — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ) ) Property, plant and equipment, net — — — — — ) Goodwill — — — — — ) Intangible assets, net — — — — — — Deferred tax assets — — — — — Other long-term assets — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ $ ) $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ $ ) $ — $ ) $ $ — $ $ Accrued compensation and benefits ) — — — — ) Billings in excess of costs and estimated earnings — — ) ) — Accrued warranties — — — — — Other current liabilities — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ) — ) Long-term debt — — — — — — Deferred tax liabilities — — — — — — — — Other long-term liabilities — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities — ) Commitments and contingencies (Note 15) Stockholders' equity: Common stock, $0.01 par value, 170,000,000 shares authorized and 18,387,686 shares issued, and 17,123,608 shares outstanding — — — — — — Paid-in capital — — — — — — Accumulated other comprehensive income — ) — ) ) ) Retained earnings — ) ) ) ) Treasury stock, at par (1,264,078 common shares) ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity — ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ $ ) $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments to the as reported consolidated balance sheet as of September 30, 2014 primarily consist of the allocation of Deltak goodwill as detailed in Note 2, the tax consequences of the restatement entries, $1.0 million to correct unrecorded severance and bonuses and other adjustments including foreign currency translation and inventory reserves. The following tables present the effects of the restatements on the Company's quarterly statements of operations for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014, respectively: Three Months Ended March 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Warranty Other As restated Revenues Mechanical Solutions $ $ ) $ $ — $ — $ — $ ) $ Electrical Solutions — — — — — Services — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — — ) Cost of revenue Mechanical Solutions ) — ) Electrical Solutions — — — — Services — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) ) ) ) Selling and marketing expenses — — — — — General and administrative expenses — — — — Depreciation and amortization expense(1) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — — — Operating income (loss) ) ) ) ) Interest expense, net — — — — — Foreign currency gain — ) — — — — ) ) Other (income) expense, net ) — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense ) — — — — ) (Loss) income from continuing operations before income tax ) — ) ) Income tax expense (benefit) ) — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income from continuing operations ) — ) ) ) Discontinued operations: Loss from discontinued operations, net of tax ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss from discontinued operations ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income $ ) $ — $ ) $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Warranty Other As restated Revenues Mechanical Solutions $ $ ) $ $ — $ — $ — $ ) $ Electrical Solutions — — — — — Services — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — — ) Cost of revenue Mechanical Solutions ) — ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) ) ) Selling and marketing expenses — — — — — General and administrative expenses — — — — ) Depreciation and amortization expense(1) — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — — — ) Operating income (loss) — ) ) ) ) Interest expense, net — — — — — Foreign currency (gain) loss — ) — — — — ) Other (income) expense, net ) — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — — — — — Income (loss) from continuing operations before income tax — ) ) ) ) Income tax expense — — — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations — ) ) ) Discontinued operations: Loss from discontinued operations, net of tax ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss from discontinued operations ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ — $ $ $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Warranty Other As restated Revenues Mechanical Solutions $ $ ) $ ) $ — $ — $ — $ ) $ Electrical Solutions — — ) — — Services — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — ) ) — ) Cost of revenue Mechanical Solutions ) ) — ) Electrical Solutions — — — ) — Services — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) ) ) ) Selling and marketing expenses — — — — — — General and administrative expenses — — — — Depreciation and amortization expense(1) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — — — Operating income (loss) — ) ) ) ) ) Interest expense, net — — — — — Foreign currency (gain) loss — ) — — — — ) Other (income) expense, net ) — — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense ) — — — — — ) Income (loss) from continuing operations before income tax — ) ) ) ) ) Income tax expense (benefit) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations — ) ) ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ — $ $ ) $ ) $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Details of other restatement adjustments included in the consolidated statement of operations for the three month periods ended March 31, 2014, June 30, 2014 and September 30, 2014 are as follows: Three Months Ended March 31, 2014 ($ in thousands) Accrual Income Tax Consolidation Other Total Other Revenues Mechanical Solutions $ — $ — $ ) $ — $ ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — ) — ) Cost of revenue Mechanical Solutions — ) Electrical Solutions — — — — — Services — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) — — ) Selling and marketing expenses — — General and administrative expenses — — Depreciation and amortization expense(1) — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — ) Operating (loss) income ) — — ) Interest expense, net — — — Foreign currency gain — — ) — ) Other (income) expense, net — — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — ) ) ) (Loss) income from continuing operations before income tax ) — Income tax expense — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income from continuing operations ) ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income $ ) $ ) $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2014 ($ in thousands) Accrual Income Tax Consolidation Other Total Other Revenues Mechanical Solutions $ — $ — $ ) $ — $ ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — ) — ) Cost of revenue Mechanical Solutions — ) ) Electrical Solutions — — — — — Services — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) — — ) ) Selling and marketing expenses — — — General and administrative expenses ) — — ) ) Depreciation and amortization expense(1) — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ) — — ) ) Operating income (loss) — — ) ) Interest expense, net — — — Foreign currency loss — — — Other (income) expense, net — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — Income (loss) from continuing operations before income tax — ) ) ) Income tax (benefit) expense — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2014 ($ in thousands) Accrual Income Consolidation Other Total Revenues Mechanical Solutions $ — $ — $ ) $ — $ ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — ) — ) Cost of revenue Mechanical Solutions — ) ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) — — ) ) Selling and marketing expenses — — — — — General and administrative expenses — — Depreciation and amortization expense(1) — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — Operating (loss) income ) — — ) ) Interest expense, net — — — Foreign currency loss — — — Other income — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — — Loss from continuing operations before income tax ) — ) ) ) Income tax expense — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income from continuing operations ) ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income $ ) $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following tables present the effects of the restatements on the Company's consolidated statements of cash flows for the periods ended March 31, 2014, June 30, 2014 and September 30, 2014, respectively: Quarter Ended March 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Complete Completed Contract Job Costing Warranty Other As restated Operating activities: Net (loss) income $ ) $ — $ ) $ $ $ ) $ ) $ Adjustments to reconcile net (loss) income to net cash provided by operating activities: — — — — — Deferred income tax provision (benefit) ) — — — — — Depreciation and amortization on plant, property and equipment and intangible assets — — — — — ) Amortization on deferred financing costs — — — — — — Loss on disposals of equipment — — — — — — ) ) Bad debt expense — — — — — — Stock-based compensation — — — — — — Changes in operating assets and liabilities, net of businesses acquired and sold: (Increase) decrease in accounts receivable ) — ) — — ) (Increase) decrease in inventories ) — — — — — ) ) (Increase) decrease in costs and estimated earnings in excess of billings ) — — ) ) ) (Increase) decrease in other current assets ) — — — ) (Increase) decrease in other assets — — — — ) ) (Decrease) increase in accounts payable ) ) — — ) ) Increase (decrease) in accrued and other liabilities — — — ) Decrease in accrued warranties ) — — — — ) Increase (decrease) in billings in excess of costs and estimated earnings ) — — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities — — — — — Investing activities: Acquisitions, net of cash acquired — — — — — — ) ) Net transfers of restricted cash — — — — — — Proceeds from sale of equipment — — — — — — — — Purchase of property, plant and equipment ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) — — — — — ) ) Financing activities: Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation ) — — — — — ) Debt issuance costs — — — — — — Dividends paid ) — — — — — ) ) Proceeds from long-term debt — — — — — — Payments of long-term debt ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in financing activities ) — — — — — ) ) Effect of exchange rate changes on cash ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents — — — — — Cash and cash equivalents, beginning of year — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents, end of period $ $ — $ — $ — $ — $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments required to correct the as previously reported statement of cash flows for the three months ended March 31, 2014, include the tax effects related to the correction of the restatement errors, correction of errors of the previously reported cash flow statement including reclassification of an $1.1 million error from deferred tax expense to change in accounts payable and $0.7 million error related to purchase accounting increasing cash used in investing activities and increasing cash flow from operations from changes in accounts payable, translation of foreign currency effects of entities in functional currency other than the U.S. and failure to properly account for cash activity in the changes in property, plant and equipment. For the Six Months Ended June 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Complete Completed Contract Job Costing Warranty Other As restated Operating activities: Net income (loss) $ $ — $ ) $ $ ) $ ) $ $ ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: — — — — — Deferred income tax provision (benefit) ) — — — — — ) ) Depreciation and amortization on plant, property and equipment and intangible assets — — — — — ) Amortization on deferred financing costs — — — — — — Loss on disposals of equipment — — — — — — ) ) Bad debt expense — — — — — — Stock-based compensation — — — — — — Changes in operating assets and liabilities, net of businesses acquired and sold: (Increase) decrease in accounts receivable ) — ) — — ) (Increase) decrease in inventories ) — — — — — ) ) (Increase) decrease in costs and estimated earnings in excess of billings ) — — ) ) ) (Increase) decrease in other current assets ) ) — — — ) ) (Increase) decrease in other assets — — — — ) ) (Decrease) increase in accounts payable ) ) — — ) Increase (decrease) in accrued and other liabilities ) — — — ) Decrease in accrued warranties ) — — — — Increase (decrease) in billings in excess of costs and estimated earnings ) — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash (used in) provided by operating activities ) — — — — — ) Investing activities: Acquisitions, net of cash acquired — — — — — — ) ) Net transfers of restricted cash — — — — — — Proceeds from sale of equipment — — — — — — — — Purchase of property, plant and equipment ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) — — — — — ) ) Financing activities: Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation ) — — — — — ) Debt issuance costs — — — — — ) Dividends paid ) — — — — — ) ) Proceeds from long-term debt — — — — — — Payments of long-term debt ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by financing activities — — — — — Effect of exchange rate changes on cash ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents — — — — — Cash and cash equivalents, beginning of year — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents, end of period $ $ — $ — $ — $ — $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments required to correct the as previously reported statement of cash flows for the six months ended June 30, 2014, include the tax effects related to the correction of the restatement errors, correction of errors of the previously reported cash flow statement including reclassification of an $1.1 million error from deferred tax expense to change in accounts payable and a $0.7 million error related to purchase accounting increasing cash used in investing activities and increasing cash flow from operations from changes in accounts payable, translation of foreign currency effects of entities in functional currency other than the U.S. dollar including a $0.3 million change in the effect of exchange rates on cash and failure to properly account for cash activity in the changes in property, plant and equipment. For the Nine Months Ended September 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Costing Warranty Other As restated Operating activities: Net income (loss) $ $ — $ ) $ $ ) $ ) $ $ ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Deferred income tax provision (benefit) — — — — — ) ) Depreciation and amortization on plant, property and equipment and intangible assets — — — — — ) Amortization on deferred financing costs — — — — — — Loss on disposals of equipment — — — — — Bad debt expense — — — — — — Stock-based compensation — — — — — ) Changes in operating assets and liabilities, net of businesses acquired and sold: (Increase) decrease in accounts receivable ) ) — ) — ) ) (Increase) decrease in inventories ) — — — — — ) (Increase) decrease in costs and estimated earnings in excess of billings ) — — ) (Increase) decrease in other current assets ) — — — ) (Increase) decrease in other assets — — — — ) ) (Decrease) increase in accounts payable ) — ) ) Increase (decrease) in accrued and other liabilities — ) — Decrease in accrued warranties ) — — — — Increase (decrease) in billings in excess of costs and estimated earnings — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in by operating activities ) — — — — — ) ) Investing activities: Acquisitions, net of cash acquired — — — — — — ) ) Net transfers of restricted cash — — — — — — Proceeds from sale of equipment — — — — — ) — Purchase of property, plant and equipment ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) — — — — — ) ) Financing activities: Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation ) — — — — — ) ) Debt issuance costs — — — — — — Dividends paid ) — — — — — ) Proceeds from long-term debt — — — — — — Payments of long-term debt ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities — — — — — ) Effect of exchange rate changes on cash ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ) — — — — — ) Cash and cash equivalents, beginning of year — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents, end of period $ $ — $ — $ — $ — $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments required to correct the as previously reported statement of cash flows for the nine months ended September 30, 2014, include the tax effects related to the correction of the restatement errors, correction of errors of the previously reported cash flow statement including reclassification of an $1.1 million error from deferred tax expense to change in accounts payable and a $0.7 million error related to purchase accounting increasing cash used in investing activities and increasing cash flow from operations from changes in accounts payable, translation of foreign currency effects of entities in functional currency other than the U.S. dollar including a $0.8 million change in the effect of exchange rates on cash and failure to properly account for cash activity in the changes in property, plant and equipment. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
SUBSEQUENT EVENTS. | |
SUBSEQUENT EVENTS | NOTE 21—SUBSEQUENT EVENTS On July 29, 2016, we sold the stock of TOG Holdings, Inc., our wholly-owned subsidiary, for $6 million in cash, subject to customary post-closing working capital adjustments, an escrow withholding of $0.8 million and disposition expenses. We used the net proceeds of $4.8 million from the sale of TOG Holdings, Inc. to reduce indebtedness. In addition, as a result of the sale, we no longer have liability associated with TOG Holdings, Inc.'s leased property. In 2016 we began the process of selling the Braden Mexico manufacturing facility. The Braden Mexico facility is a manufacturing facility for fabrication of equipment for utility-scale natural gas turbines. In the fourth quarter of 2016, we ceased manufacturing operations at the Braden Mexico facility. The manufacturing that had historically been performed at Braden Mexico will be consolidated into our global network of outsource manufacturing partners. In August 2016, we granted 789,000 market-based restricted stock units. Subsequent to this grant, there were only 68,500 shares available under the 2015 Plan. We also granted service based restricted stock units with a notional value of approximately $1.4 million under the 2015 Plan. These grants will be converted to shares on the thirtieth day after filing our 2015 Annual Report on Form 10-K, based on an average closing price for the last five trading days during the period of 30 calendar days. The service based awards have the potential to settle in cash or other assets, if our shareholders do not approve additional shares under our equity plan. Therefore, these units are being accounted for using liability accounting. We also issued 81,000 market-based restricted stock units and service based restricted stock units with a notional value of approximately $0.2 million outside the 2015 Plan with the same terms as the ones granted under the 2015 Plan, except for the settlement in cash or other assets. In December 2016, we issued 44,200 market-based restricted stock units and service-based restricted stock units with a notional value of approximately $0.1 million outside the 2015 Plan with the same terms as the ones granted under the 2015 Plan, except for the settlement in cash or other assets. Additionally, in December 2016, we issued 2,500 RSU's that vest, in full, on March 30, 2018. On December 22, 2016, we sold three of our manufacturing facilities in Franklin, Indiana, Auburn, Massachusetts and Houston, Texas for approximately $14.8 million and immediately leased them back (the "sale-leaseback") for a term of ten years. The net proceeds of approximately $12.2 million were used to pay down our debt. We expect a net increase in our operating expenses in 2017. As a result of the leaseback of the facilities, we expect operating expenses to increase approximately $0.9 million per year, excluding the Franklin, Indiana facility, which, as discussed below, was later sold and the lease assumed by the purchaser. As discussed in Note 17—Major Customers and Concentration of Credit Risk, we lost a significant customer in 2015. As such, we expect a material decrease in revenues for the year ended December 31 2016. On January 13, 2017, we sold the stock of Hetsco, Inc., a wholly-owned subsidiary, for approximately $23.2 million in cash, inclusive of working capital adjustments. After transaction costs and an escrow withholding of $1.5 million, the net proceeds of $20.6 million were used to reduce debt. On March 3, 2017, we amended our revolving credit facility, which among other things, extended the maturity date to May 15, 2017. See Note 3—Liquidity and Note 12—Debt for further discussion. |
Schedule II VALUATION AND QUALI
Schedule II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Schedule II VALUATION AND QUALIFYING ACCOUNTS | |
Schedule II VALUATION AND QUALIFYING ACCOUNTS | Schedule II Additions ($ in thousands) Balance at Charged to Charged to Deductions Balance at 2015 Allowance for doubtful accounts $ $ $ — $ ) $ Accrued warranty reserves — ) Valuation allowance for deferred tax assets — — Reserve for Inventory — 2014 Allowance for doubtful accounts $ $ $ — $ ) $ Accrued warranty reserves — ) Valuation allowance for deferred tax assets — — Reserve for Inventory — ) 2013 Allowance for doubtful accounts $ $ $ — $ ) $ Accrued warranty reserves — ) Valuation allowance for deferred tax assets ) Reserve for Inventory — ) The "additions-charged to other accounts" column for valuation allowance for deferred tax assets represents increase in valuation allowance through the 2013 acquisition of Hetsco. The "deductions" column of allowance for doubtful accounts represents write-offs of fully reserved accounts receivable net of recoveries. The "deductions" column for accrued warranties represents settlements made during the period and the expiration of warranties on contracts sold in prior years that did not utilize the related reserve balance. The "deductions" column for valuation allowance for deferred tax assets represents reversals of previously reserved amounts that are now determined to be realizable. The "deductions" column for reserve for inventory represents markdown of previously reserved amounts for obsolete inventories. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation | Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Global Power and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying footnotes. Actual results could vary materially from those estimates. |
Discontinued Operations Presentation | Discontinued Operations Presentation: In August 2011, we completed the sale of substantially all of the operating assets of our Deltak business unit. Discontinued operations are presented net of tax. The following notes relate to our continuing operations only unless otherwise noted. |
Dollar Amounts | Dollar Amounts: All dollar amounts (except share and per share amounts) presented in the tabulations within the notes to our consolidated financial statements are stated in thousands of dollars, unless otherwise noted. |
Revenue Recognition | Revenue Recognition: Substantially all of our Mechanical Solutions and Electrical Solutions segment revenue is derived from fixed-priced contracts. Revenue for gas turbine auxiliary equipment contracts exceeding 175,000 in local currency units from our Braden business unit is recognized under the percentage-of-completion method based on efforts expended input measures. Revenue for gas turbine auxiliary equipment and control house equipment from certain of our business units that lack the ability to estimate and contracts for a de minimis amount are recognized on the completed contract method, typically when the unit is shipped. Certain of these contracts specify separate delivery dates of individual equipment units or require customer acceptance of a product. In circumstances where separate delivery dates of individual equipment units exists, we recognize revenue when the customer assumes the risk of loss and title for the equipment, which is generally the date the unit is shipped, and corresponding costs previously deferred are charged to expense. In circumstances where the contract requires customer acceptance of a product in addition to transfer of title and risk of loss to the customer, revenue is either recognized (i) upon shipment when we are able to demonstrate that the customer specific objective criteria have been met or (ii) upon customer acceptance. Once title and risk of loss have transferred and, where applicable, customer acceptance is complete, we have no further performance obligations. Within our Services segment, we enter into a variety of contract structures including cost plus reimbursements, time and material contracts and fixed-price contracts. The determination of the contract structure is based on the scope of work, complexity and project length, and customer preference of contract terms. Cost plus and time and material contracts represent the majority of the contracts in our Services segment. For these contract types, we recognize revenue when services are performed based on an agreed-upon price for the completed services or based upon the hours incurred and agreed-upon hourly rates. Some of our contracts include provisions that adjust contract revenue for safety, schedule or other performance measures. On cost reimbursable contracts, revenue is recognized as costs are incurred and includes applicable mark-up earned through the date services are provided. Revenue on fixed price contracts is recognized under the percentage-of-completion method based on cost-to-cost input measures. The percentage-of-completion method generally results in the recognition of reasonably consistent profit margins over the life of a contract because management has the ability to produce reasonably dependable estimates of contract billings and contract costs. We use the level of profit margin that is most likely to occur on a contract. If the most likely profit margin cannot be precisely determined, the lowest probable level of profit in the range of estimates is used until the results can be estimated more precisely. Our estimate of the total contract costs to be incurred at any particular time has a significant impact on the revenue recognized for the respective period. Changes in job performance, job conditions, estimated profitability, final contract settlements and resolution of claims may result in revisions to contract revenues and costs, and the effects of such revisions are recognized in the period that the revisions are determined. Under percentage-of-completion accounting, management must also make key judgments in areas such as the percentage-of-completion, estimates of project revenue, costs and margin, estimates of total and remaining project hours and liquidated damages assessments. Any deviations from estimates could have a significant positive or negative impact on our results of operations. Estimated losses on uncompleted contracts, regardless of whether we account for the contract under the completed contract or percentage-of-completion method, are recognized in the period in which they first become known. We may incur costs subject to change orders, whether approved or unapproved by the customer, and/or claims related to certain contracts. We determine the probability that such costs will be recovered based upon evidence such as past practices with the customer, specific discussions or preliminary negotiations with the customer or verbal approvals. We treat items as a cost of contract performance in the period incurred and will recognize revenue if it is probable that the contract price will be adjusted and can be reliably estimated. Pre-contract costs are expensed as incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and on deposit with initial maturities of three months or less. As of December 31, 2015, $9.6 million of cash and cash equivalents was held outside the U.S. |
Accounts Receivable | Accounts Receivable: Accounts receivables are reported net of allowance for doubtful accounts and discounts. The allowance is based on numerous factors including but not limited to (i) current market conditions, (ii) review of specific customer economics and (iii) other estimates based on the judgment of management. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We do not generally charge interest on outstanding amounts. |
Inventories | Inventories: Inventories consist primarily of raw materials and are stated at the lower of first-in, first-out cost or market, net of applicable reserves. |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at historical cost, less accumulated depreciation. For financial reporting purposes, depreciation is calculated using the straight-line method over the estimated useful lives. Costs of significant additions, renewals and betterments are capitalized. When an asset is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss on disposition is reflected in the accompanying consolidated statements of operations. Depreciation expense related to capital equipment used in production is included in cost of revenue. Maintenance and repairs are charged to operations when incurred. |
Long-Lived Assets | Long-Lived Assets: Long-lived assets, such as property, plant, and equipment, and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. We group long-lived assets by legal entity for purposes of recognition and measurement of an impairment loss as this is the lowest level for which cash flows are independent. |
Goodwill and Other Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets: Goodwill and indefinite-lived intangible assets are not amortized to expense, but rather are annually tested for impairment as of October 1 and more frequently if circumstances warrant. Our indefinite lived intangible assets consist of various trade names used in our businesses. Our testing of goodwill for potential impairment involves the comparison of each reporting unit's carrying value to its estimated fair value, which is determined using a combination of income and market approaches. Similarly, the testing of our trade names for potential impairment involves the comparison of the carrying value for each trade name to its estimated fair value, which is determined using the relief from royalty method. Impairment write-downs are charged to results of operations in the period in which the impairment is determined. |
Cost of Revenue | Cost of Revenue: Cost of revenue primarily includes charges for materials, direct labor and related benefits, freight (inbound and outbound), direct supplies and tools, purchasing and receiving costs, inspection costs and internal transfer costs. Cost of revenue for the Mechancial Solutions and Electrial Solutions segments also includes warehousing costs and utilities related to production facilities and, where appropriate, an allocation of overhead. |
Warranty Costs | Warranty Costs: We estimate costs based upon past warranty claims, sales history, the applicable contract terms and the remaining warranty periods. Warranty terms vary by contract but generally provide for a term of three years or less. We manage our exposure to warranty claims by having our field service and quality assurance personnel regularly monitor projects and maintain ongoing and regular communications with our customers. |
Insurance | Insurance. We self-insure a portion of our risk for health benefits and workers' compensation. We maintain insurance coverage for other business risks including general liability insurance. We accrue for incurred but not reported claims by utilizing lag studies. |
Shipping and Handling Cost | Shipping and Handling Costs: We account for shipping and handling costs in accordance with ASC 605-45 —Principal Agent Considerations . Amounts billed to customers in sale transactions related to shipping and handling costs are recorded as revenue. Shipping and handling costs incurred are included in cost of revenue in the accompanying consolidated statements of operations. |
Advertising Costs | Advertising Costs: We account for advertising costs in accordance with ASC 720-35— Advertising Costs . Generally, advertising costs are immaterial and are expensed as incurred and included in selling and marketing expense. |
General and Administrative Expense | General and Administrative Expense: General and administrative expense is primarily comprised of indirect labor and related benefits, legal and professional fees, indirect utilities, office rent, bad debt expense, indirect travel and related expenses. |
Stock-based Compensation Expense | Stock-Based Compensation Expense: We measure and recognize stock-based compensation expense based on estimated fair values of the stock awards on the date of grant. Vesting of stock awards is based on certain service, performance and market conditions or service only conditions over a one to four year period. For all awards with graded vesting other than awards with performance- based vesting conditions, we record compensation expense for the entire award on a straight-line basis over the requisite service period, net of forfeitures. For graded-vesting awards with performance-based vesting conditions, total compensation expense is recognized over the requisite service period for each separately vesting tranche of the award as if the award is, in substance, multiple awards once performance criteria are set. We recognize stock-based compensation expense related to performance awards based upon our determination of the potential likelihood of achievement of the performance target at each reporting date, net of estimated forfeitures. Stock-based compensation expense is included in operating expenses in the accompanying consolidated statements of operations. We estimate expected forfeitures of stock-based awards at the grant date and recognize compensation cost only for those awards expected to vest. We estimate our forfeiture rate based on several factors including historical forfeiture activity, expected future employee turnover, and other qualitative factors. We ultimately adjust this forfeiture assumption to actual forfeitures. |
Foreign Currency | Foreign Currency: The functional currency of each of our foreign subsidiaries is the applicable local currency. Assets and liabilities of the foreign subsidiary are translated to U.S. dollars using the exchange rate in effect at the balance sheet date, and results of operations are translated using an average rate during the period. Translation adjustments are accumulated and reported as a component of accumulated other comprehensive income. |
Income Taxes | Income Taxes: We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to be applied to taxable income in the years in which those differences are expected to be recovered or settled. Under ASC 740, Income Taxes ("ASC 740"), FASB requires companies to assess whether valuation allowances should be established against their deferred tax assets based on the consideration of all available positive and negative evidence, using a "more likely than not" standard. In making such assessments, significant weight is given to evidence that can be objectively verified. A company's current or previous operating history are given more weight than its future outlook, although we do consider future taxable income projections, ongoing tax planning strategies and the limitation on the use of carryforward losses in determining valuation allowance needs. We establish valuation allowances for our deferred tax assets if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. We recognize the tax benefit from uncertain tax positions only if it is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. We believe that our benefits and accruals recognized are appropriate for all open audit years based on our assessment of many factors including past experience and interpretation of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. To the extent that the final tax outcome of these matters is determined to be different than the amounts recorded, those differences will impact income tax expense in the period in which the determination is made. |
Derivative Financial Instruments | Derivative Financial Instruments: See Note 9 for discussion of the Company's policies related to derivative financial instruments. |
Adoption of New Accounting Pronouncements | Adoption of New Accounting Pronouncements: In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). Prior to ASU 2015-17, GAAP required an entity to separate deferred income tax assets and liabilities into current and noncurrent amounts on the balance sheet. ASU 2015-17 requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. ASU 2015-17 may be applied either prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. We adopted ASU 2015-17 in 2015 and applied the guidance retrospectively which resulted in the reclassification of $10.0 million of net current deferred income tax assets to noncurrent as of December 31, 2014. The requirement that deferred tax liabilities and assets be offset and presented as a single amount was not affected by this amendment. See "Note 10 Income taxes" for further discussion and application of ASU 2015-17 to prior period information. Recently Issued Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers," which provides new guidance for revenues recognized from contracts with customers, and will replace the existing revenue recognition guidance. ASU No. 2014-09 requires that revenue is recognized at an amount the company is entitled to upon transferring control of goods or services to customers, as opposed to when risks and rewards transfer to a customer. In July 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU No. 2014-09 by one year, making it effective for the interim reporting periods within the annual reporting period beginning after December 15, 2017, or January 1, 2018. This standard may be applied retrospectively to all prior periods presented, or retrospectively with a cumulative adjustment to retained earnings in the year of adoption. We are currently evaluating the adoption method and the impact that ASU 2014-09 will have on our consolidated financial statements and related disclosures. The FASB has issued several additional ASUs to provide implementation guidance on ASU No. 2015-14, including ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" issued in March 2016 and ASU No. 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing" issued in April 2016. We will consider this guidance in evaluating the impact of ASU 2014-09. In June 2014, the FASB issued ASU 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period" ("ASU 2014-12"). The FASB issued ASU 2014-12 to clarify that a performance target in a share-based compensation award that could be achieved after an employee completes the requisite service period should be treated as a performance condition that affects the vesting of the award. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for the Company for fiscal year 2016, and early adoption is permitted. We do not believe the adoption of this update will have a material impact on our financial statements. In August 2014, the FASB issued ASU 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"). ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). When conditions or events raise substantial doubts about an entity's ability to continue as a going concern, management shall disclose: (i) the principal conditions or events that raise substantial doubt about the entity's ability to continue as a going concern; (ii) management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations; and (iii) management's plans that are intended to mitigate the conditions or events and whether or not those plans alleviate the substantial doubt about the entity's ability to continue as a going concern. ASU 2014-15 is effective for the Company for fiscal year 2016. We did not elect to early adopt. We are currently evaluating the impact of this update will have on our financial statement disclosures. In April 2015, the FASB issued ASU 2015-03, "Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Prior to the adoption of ASU 2015-03, debt issuance costs were recognized as assets on the balance sheet. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 and early adoption is permitted. In August 2015, the FASB issued ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("ASU 2015-15"). ASU 2015-15 clarifies that the SEC would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset on the balance sheet. The adoption of ASU 2015-03 and ASU 2015-15 will not impact our financial statements, as our current debt is a line-of-credit. In July 2015, the FASB issued ASU No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." The new guidance requires inventory accounted for using the average cost or first-in first-out method ("FIFO") to be measured at the lower of cost or net realizable value, replacing the current requirement to value inventory at the lower of cost or market. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective beginning with the Company's fiscal year 2018 and should be applied prospectively, with earlier application permitted. We have no plans for early adoption. The Company does not expect that ASU No. 2015-11 will have a material impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). The main difference between the current requirement under GAAP and ASU 2016-02 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. ASU 2016-02 requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018 and early adoption is permitted. ASU 2016-02 must be adopted using a modified retrospective transition, and provides for certain practical expedients. We are currently assessing the potential impact of ASU 2016-02 on our consolidated financial condition and results of operations upon adoption. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). This update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. If early adopted, an entity must adopt all of the amendments during the same period. We are evaluating the potential impact of ASU 2016-09 on our consolidated financial statements. |
BUSINESS AND ORGANIZATION (Tabl
BUSINESS AND ORGANIZATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
BUSINESS AND ORGANIZATION | |
Reporting periods and applicable reports | The reporting periods and corresponding fiscal interim periods are as follows: Fiscal Interim Period Reporting Interim Period 2015 2014 Three Months Ended March 31 January 1, 2015 to March 29, 2015 January 1, 2014 to March 30, 2014 Three Months Ended June 30 March 30, 2015 to June 28, 2015 March 31, 2014 to June 29, 2014 Three Months Ended September 30 June 29, 2015 to September 27, 2015 June 30, 2014 to September 28, 2014 |
Acquisitions completed | During 2015 and 2013, we completed the following acquisitions: Business Acquired Date of Closing Cash paid Primary Form of Siemens eHouse manufacturing operations February 27, 2015 $ Cash IBI, LLC July 9, 2013 $ Cash Hetsco Holdings, Inc April 30, 2013 $ Cash |
RESTATEMENT (Tables)
RESTATEMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
RESTATEMENT | |
Schedule of adjustment and previously issued financial statements | The following table details the amounts of the adjustments related to the respective categories: Common Shares Treasury Shares Paid-in Accumulated Other Retained (in thousands, except share data) Shares Amount Shares Amount Total Balance, December 31, 2012 as previously reported $ $ $ $ ) $ ) $ Revenue Recognition Percent Complete — — — — — Revenue Recognition Completed Contract — — — — ) — — ) Job Costing — — — ) — — ) Warranty — — — ) — — Other — — — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, December 31, 2012, restated $ $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following tables present the impact of the restatement on our previously issued consolidated balance sheet as of December 31, 2014, and our consolidated statements of operations and cash flows for the years ended December 31, 2014 and 2013: December 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Warranty Other As ASSETS Current assets: Cash and cash equivalents $ $ — $ — $ — $ — $ — $ $ Restricted cash — — — — — — Accounts receivable, net — — ) ) — ) Inventories: Raw material ) ) — ) — — Finished goods — — — — — Inventory reserve ) — — — — — ) ) Costs and estimated earnings in excess of billings — — ) Deferred tax assets — — — — — ) — Other current assets — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ) ) ) Property, plant and equipment, net — — — ) Goodwill — — — — — ) Intangible assets, net — — — — — — Deferred tax assets — — — — — ) — Other long-term assets — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ $ ) $ — $ ) $ $ — $ $ Accrued compensation and benefits — — — — Billings in excess of costs and estimated earnings — — ) ) — Accrued warranties — — — — — Other current liabilities — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ) — Long-term debt — — — — — — Deferred tax liabilities — — — — — — Other long-term liabilities — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities — Commitments and contingencies (Note 15) Stockholders' equity: Common stock, $0.01 par value, 170,000,000 shares authorized and 18,395,472 shares issued, and 17,129,119 and shares outstanding — — — — — — Paid-in capital — — — — — — Accumulated other comprehensive income ) — ) — ) ) Retained earnings — ) ) ) ) Treasury stock, at par (1,266,353 common shares) ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity — ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ ) $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments to correct the as previously reported consolidated balance sheet as of December 31, 2014 primarily consist of the allocation of Deltak goodwill as detailed earlier in this note in "(E) Other a.," the tax consequences of the restatement entries and the determination to record valuation allowance against all of our U.S. and certain foreign deferred tax assets, $1.2 million of additional accruals to correct unrecorded severance and bonuses and other adjustments including foreign currency translation and inventory reserves. Year Ended December 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Warranty Other As Revenues Mechanical Solutions $ $ ) $ ) $ — $ — $ — $ ) $ Electrical Solutions — — — — Services — — — ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — ) ) — ) Cost of revenue Mechanical Solutions ) — ) ) Electrical Solutions — — ) Services — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) ) ) ) Selling and marketing expenses ) — — — — General and administrative expenses — — — — Depreciation and amortization expense(1) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — — — Operating income (loss) ) ) ) ) ) ) Interest expense, net — — — — — Foreign currency (gain) loss — ) — — — — ) Other (income) expense, net ) — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense ) — — — — Income (loss) from continuing operations before income tax — ) ) ) ) ) Income tax expense — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations — ) ) ) ) ) Discontinued operations: Loss from discontinued operations, net of tax ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss from discontinued operations ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ — $ ) $ $ ) $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Details of other restatement adjustments included in the consolidated statement of operations for the year ended December 31, 2014 are as follows: Year Ended December 31, 2014 ($ in thousands) Accrual Income Tax Consolidation Other Total Other Revenues Mechanical Solutions $ — $ — $ ) $ — $ ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — ) — ) Cost of revenue Mechanical Solutions — ) ) Electrical Solutions — — — ) ) Services — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) — — ) ) Selling and marketing expenses — — General and administrative expenses — Depreciation and amortization expense(1) — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — Operating loss ) ) — ) ) Interest expense, net ) — Foreign currency loss — — — Other (income) expense, net — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense ) Loss from continuing operations before income tax ) ) ) ) ) Income tax expense — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss from continuing operations ) ) ) ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss $ ) $ ) $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Warranty Other As Operating activities: Net income $ $ — $ ) $ $ ) $ ) $ ) $ ) Adjustments to reconcile net income to net cash provided by operating activities: Deferred income tax provision (benefit) — — — — — Depreciation and amortization on plant, property and equipment and intangible assets — — — — — ) Amortization on deferred financing costs — — — — — — Loss on disposals of equipment — — — — — Bad debt expense — — — — — — Stock-based compensation — — — — — — Changes in operating assets and liabilities, net of businesses acquired and sold: (Increase) decrease in accounts receivable ) ) — — ) ) (Increase) decrease in inventories ) — — — ) (Increase) decrease in costs and estimated earnings in excess of billings ) — — ) (Increase) decrease in other current assets ) ) — — (Increase) decrease in other assets ) — — — — ) (Decrease) increase in accounts payable ) ) — ) ) Increase (decrease) in accrued and other liabilities — ) — Decrease in accrued warranties ) — — — — Increase (decrease) in billings in excess of costs and estimated earnings — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in by operating activities ) — — — — — ) ) Investing activities: Acquisitions, net of cash acquired ) — — — — — — ) Net transfers of restricted cash — — — — — Proceeds from sale of equipment — — — — — ) Purchase of property, plant and equipment ) — — — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) — — — — — ) ) Financing activities: Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation ) — — — — — ) Debt issuance costs — — — — — — Dividends paid ) — — — — — ) ) Proceeds from long-term debt — — — — — — Payments of long-term debt ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by financing activities — — — — — Effect of exchange rate changes on cash ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ) — — — — — ) Cash and cash equivalents, beginning of year — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents, end of year $ $ — $ — $ — $ — $ — $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments required to correct the as previously reported statement of cash flows for the year ended December 31, 2014, include the tax effects related to the correction of the restatement errors, the valuation allowance on all U.S. and certain foreign tax assets of $44.9 million, correction of errors of the previously reported cash flow statement including a $1.8 million reclassification from changes in accrued and other liabilities to other current assets, translation of foreign currency effects of entities in functional currency other than the U.S. dollar including a $1.3 million change in the effect of exchange rates on cash and failure to properly account for cash activity in the changes in property, plant and equipment. Year Ended December 31, 2013 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Warranty Other As Revenues Mechanical Solutions $ $ ) $ ) $ — $ — $ — $ ) $ Electrical Solutions — — ) — — — Services — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — ) ) — — ) Cost of revenue Mechanical Solutions ) ) — ) ) Electrical Solutions — — ) ) — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) ) ) ) Selling and marketing expenses — — — — — ) General and administrative expenses ) — — — — Depreciation and amortization expense(1) — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ) — — — — Operating income (loss) ) ) ) Interest expense, net — — — — — — Foreign currency (gain) loss — — — — — ) ) Other expense (income), net ) — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — — — — ) Income (loss) from continuing operations before income tax — ) ) ) Income tax benefit ) — — — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations — ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ — $ $ ) $ $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Details of other restatement adjustments included in the consolidated statement of operations for the year ended December 31, 2013 are as follows: Year Ended December 31, 2013 ($ in thousands) Accrual Income Consolidation Other Total Revenues Mechanical Solutions $ — $ — $ ) $ — $ ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — ) — ) Cost of revenue Mechanical Solutions ) — ) ) Electrical Solutions — — — — — Services — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue ) — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit — — ) ) Selling and marketing expenses ) — — — ) General and administrative expenses — — Depreciation and amortization expense(1) — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — Operating income (loss) — — ) ) Interest expense, net — — — — — Foreign currency gain — — ) — ) Other expense (income), net — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — — ) — ) Income (loss) from continuing operations before income tax — ) ) Income tax benefit — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations ) Discontinued operations: Income from discontinued operations, net of tax — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2013 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Warranty Other As Operating activities: Net income (loss) $ $ — $ $ ) $ $ ) $ $ Adjustments to reconcile net income (loss) to net cash provided by operating activities: Deferred income tax provision (benefit) ) — — — — — ) ) Depreciation and amortization on plant, property and equipment and intangible assets — — — — — Amortization on deferred financing costs — — — — — — Loss on disposals of equipment — — — — — — Bad debt expense — — — — — Stock-based compensation — — — — — — Changes in operating assets and liabilities, net of businesses acquired and sold: (Increase) decrease in accounts receivable ) — ) — — (Increase) decrease in inventories — — — — — (Increase) decrease in costs and estimated earnings in excess of billings — ) — ) (Increase) decrease in other current assets ) ) — ) — — ) (Increase) decrease in other assets ) — — — — ) ) (Decrease) increase in accounts payable ) — ) ) ) ) ) Increase (decrease) in accrued and other liabilities ) ) — — — ) Decrease in accrued warranties ) — — — — ) ) Increase (decrease) in billings in excess of costs and estimated earnings ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities — — — — — Investing activities: Acquisitions, net of cash acquired ) — — — — — — ) Proceeds from sale of business, net of restricted cash and transaction costs — — — — — — Proceeds from sale of equipment — — — — — ) Purchase of property, plant and equipment ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in (provided by) investing activities ) — — — — — ) Financing activities: Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation ) — — — — — — ) Debt issuance costs ) — — — — — ) ) Dividends paid ) — — — — — ) ) Proceeds from long-term debt — — — — — Payments of long-term debt ) — — — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities — — — — — ) Effect of exchange rate changes on cash — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ) — — — — — ) ) Cash and cash equivalents, beginning of year — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents, end of year $ $ — $ — $ — $ — $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments required to correct the as previously reported statement of cash flows for the year ended December 31, 2013, include the tax effects related to the correction of the restatement errors, correction of errors of the previously reported cash flow statement including an error in gross presentation of financing activities of our revolving credit facility of $2.0 million, correction of purchase price allocations to reflect a $(1.2) million use of cash to exclude the effect of acquired accounts payable, translation of foreign currency effects of entities in functional currency other than the U.S. dollar including a $1.0 million change in the effect of exchange rates on cash and failure to properly account for cash activity in the changes in property, plant and equipment. |
ACQUISITION (Tables)
ACQUISITION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquisition disclosures | |
Acquisitions completed | During 2015 and 2013, we completed the following acquisitions: Business Acquired Date of Closing Cash paid Primary Form of Siemens eHouse manufacturing operations February 27, 2015 $ Cash IBI, LLC July 9, 2013 $ Cash Hetsco Holdings, Inc April 30, 2013 $ Cash |
Siemans eHouse manufacturing operations | |
Acquisition disclosures | |
Acquisitions completed | A summary of the acquisitions is as follows: Business Acquired Date of Closing Net Cash Paid Segment Primary Form of Siemans eHouse manufacturing operations February 27, 2015 $ Electrical Solutions Cash |
Allocation of consideration paid | A summary of the purchase consideration and allocation of the purchase consideration is as follows: ($ in thousands) Current assets $ Property, plant and equipment Identifiable intangible assets ​ ​ ​ ​ ​ Total assets acquired Long-term deferred tax liability ) ​ ​ ​ ​ ​ Fair value of net assets acquired Bargain purchase gain ) ​ ​ ​ ​ ​ Cash paid $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
DISCONTINUED OPERATIONS AND S35
DISCONTINUED OPERATIONS AND SALE OF DELTAK ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
DISCONTINUED OPERATIONS AND SALE OF DELTAK ASSETS | |
Schedule of results of discontinued operations related to the Deltak Business Unit | The following table presents selected information regarding the results of our discontinued operations: Years Ended ($ in thousands) 2014 2013 Revenue $ — $ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income before income taxes Income tax expense Loss on disposal of assets, net of tax — — ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income from discontinued operations $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PROPERTY, PLANT AND EQUIPMENT | |
Schedule of property, plant and equipment balances, by significant asset category | Our property, plant and equipment balances, by significant asset category, are as follows: December 31, Estimated ($ in thousands) 2015 2014 Land(1) — $ $ Buildings and improvements(1) 5 - 39 years Machinery and equipment 3 - 12 years Furniture and fixtures 2 - 10 years Construction-in-progress — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) See Note 21, Subsequent Events for discussion of the three properties that we sold and immediately leased back in December of 2016. |
GOODWILL AND OTHER INTANGIBLE37
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | |
Changes in goodwill allocated to reportable segments | The changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2015 and 2014 are as follows: ($ in thousands) Mechanical Electrical Services Total Balance as of January 1, 2014 $ $ $ $ Adjustments to Goodwill during 2014 — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2015 Impairment ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2015 $ $ — $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of other intangible assets | The balances for other intangible assets as of December 31, 2015 are as follows: December 31, 2015 ($ in thousands) Weighted Average Gross Carrying Accumulated Net Asset Intangible Assets Customer Relationships 7.7 $ $ ) $ Non-compete agreements 5 ) Backlog 1.1 ) Trade Names Indefinite — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Intangible Assets $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The balances for other intangible assets as of December 31, 2014 are as follows: December 31, 2014 ($ in thousands) Weighted Average Gross Carrying Accumulated Net Asset Intangible Assets Customer Relationships 7.7 $ $ ) $ Non-compete agreement 5 ) Trade Names Indefinite — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Intangible Assets $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of estimated future aggregate amortization expense of intangible assets | The estimated future aggregate amortization expense of other intangible assets as of December 31, 2015 is as follows: ($ in thousands) December 31, 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
FINANCIAL INSTRUMENTS | |
Summary of forward contracts | The following table summarizes the forward contracts at December 31, 2014, all of which matured during 2015: ($ in thousands) Currency Number Hedged Foreign Notional Amount of Notional Amount of U.S. Dollar Euro $ $ $ — Euro U.S. Dollar — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of impact of derivatives on the consolidated balance sheets | The following table shows the impact of derivatives designated as hedging instruments on the Company's consolidated balance sheets: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives 2015 2014 2015 2014 As of December 31, Balance Fair Balance Fair Balance Fair Balance Fair Designated: Foreign exchange contracts N/A $ — N/A $ — N/A $ — Other current liabilities $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table shows the impact of derivatives not designated as hedging instruments on the Company's consolidated balance sheets: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives 2015 2014 2015 2014 As of December 31, Balance Fair Balance Fair Balance Fair Balance Fair Not Designated: Foreign exchange contracts N/A $ — N/A $ — N/A $ — Other current liabilities $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of impact of derivatives on the consolidated statements of operations | The following table shows the impact of derivatives on the Company's consolidated statements of operations: Amount of (Income) Location of Loss Recognized in ($ in thousands) 2015 2014 2013 Foreign exchange contracts designated as hedging instruments Other (income) expense, net $ ) $ $ — Foreign exchange contracts not designated as hedging instruments Other (income) expense, net $ $ $ — |
Schedule of derivative liabilities measured at fair value | The following table shows our liabilities measured at fair value on our consolidated balance sheet as of December 31, 2014, and the related fair value input categories: Fair Value Measurements at Reporting Date Using ($ in thousands) Total Fair Value Quoted Prices in Significant Other Significant Foreign exchange contracts $ $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES | |
Income (loss) before income taxes | Income (loss) before income taxes was as follows: Years Ended December 31, ($ in thousands) 2015 2014 2013 Domestic $ ) $ ) $ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations ) ) Income (loss) from discontinued operations — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income tax $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Summary of income tax expense (benefit) | The following table summarizes the income tax expense (benefit) by jurisdiction: Years Ended December 31, ($ in thousands) 2015 2014 2013 Current: Federal $ — $ — $ State ) ) Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current Deferred: Federal ) ) State ) Foreign ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Income tax expense (benefit) allocated between continuing operations and discontinued operations | Income tax expense (benefit) is allocated between continuing operations and discontinued operations as follows: Years Ended December 31, ($ in thousands) 2015 2014 2013 Continuing operations $ ) $ $ ) Discontinued operations — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefit) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of effective income tax rate for continuing operations | The amount of the income tax provision for continuing operations during the years ended December 31, 2015, 2014 and 2013 differs from the statutory federal income tax rate of 35% as follows: Years Ended December 31, 2015 2014 2013 ($ in thousands) Amount Percent Amount Percent Amount Percent Tax (benefit) expense computed at the maximum U.S. statutory rate $ ) % $ ) % $ % Difference resulting from state income taxes, net of federal income tax benefits ) % ) % % Foreign tax rate differences )% ) % ) )% Non-deductible business acquisition costs — % — % % Non-deductible expenses, other ) % )% % Goodwill Impairment )% — % — % Deemed foreign dividends )% — % % Change in net operating loss carryforward )% ) % — % Change in valuation allowance )% )% ) )% Change in accrual for uncertain tax positions ) % )% % Change in foreign tax credits ) % )% % Change in unremitted foreign earnings )% — % — % Other, net ) % ) % ) )% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ) % $ )% $ ) )% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Components of deferred income taxes | The significant components of deferred income tax assets and liabilities consist of the following: December 31, ($ in thousands) 2015 2014 Assets: Cost in excess of identifiable net assets of business acquired Reserves and other accruals Tax credit carryforwards Accrued compensation and benefits State net operating loss carryforwards Federal net operating loss carryforwards Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: Undistributed foreign earnings ) — Indefinite-lived intangibles ) ) Property and equipment ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets Valuation allowance for net deferred tax assets ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax liability after valuation allowance $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of total unrecognized tax benefits is as follows (in thousands): Years Ended December 31, ($ in thousands) 2015 2014 2013 Unrecognized tax benefits at January 1 $ $ $ Change in unrecognized tax benefits taken during a prior period — Change in unrecognized tax benefits during the current period ) Decreases in unrecognized tax benefits from settlements with taxing authorities — — — Reductions to unrecognized tax benefits from lapse of statutes of limitations ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized tax benefits at December 31 $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Presentation of open tax years by jurisdiction | The Company files a consolidated U.S. federal income tax return. Currently, we are not under examination for income tax purposes by any taxing jurisdiction. A presentation of open tax years by jurisdiction is as follows: Tax Jurisdiction Examination in Progress Open Tax Years for Examination United States None 2006 to Present Mexico None 2010 to Present China None 2007 to Present The Netherlands None 2012 to Present |
UNCOMPLETED CONTRACTS (Tables)
UNCOMPLETED CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
UNCOMPLETED CONTRACTS | |
Costs, earnings and billings related to uncompleted contracts | We enter into contracts that allow for periodic billings over the contract term. At any point in time, each project under construction could have either costs and estimated earnings in excess of billings or billings in excess of costs and estimated earnings. December 31, ($ in thousands) 2015 2014 Costs incurred on uncompleted contracts $ $ Earnings recognized on uncompleted contracts ​ ​ ​ ​ ​ ​ ​ ​ Total Less—billings to date ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and estimated earnings in excess of billings $ $ Billings in excess of costs and estimated earnings ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
EARNINGS PER SHARE | |
Schedule of calculation of basic and diluted earnings per common share | Basic and diluted (loss) earnings per common share are calculated as follows: Years Ended December 31, ($ in thousands, except per share data) 2015 2014 2013 (as restated) (as restated) (as restated) Net Loss (basic and diluted): (Loss) income from continuing operations $ ) $ ) $ (Loss) income from discontinued operations — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common shareholders $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic (Loss) Earnings Per Common Share: Weighted Average Common Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic (loss) earnings per common share from continuing operations $ ) $ ) $ Basic (loss) earnings per common share from discontinued operations — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic (loss) earnings per common share $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted (Loss) Earnings Per Common Share: Weighted Average Common Shares Outstanding Effect of Dilutive Securities: Unvested portion of restricted stock awards — — Warrants to purchase common stock — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Common Shares Outstanding Assuming Dilution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted (loss) earnings per common share from continuing operations $ ) $ ) $ Diluted (loss) earnings per common share from discontinued operations — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted (loss) earnings per common share $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of Weighted Average Number of Shares [Table Text Block] | The effects of these potentially outstanding shares were not included in the calculation of diluted earnings/loss per share because the effect would have been anti-dilutive: Fiscal Year Ended December 31, 2015 2014 2013 Unvested service-based restricted stock awards Unvested performance and market based restricted stock awards Stock options — — |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of stock option activity | The following table summarizes stock option activity for the years ended December 31, 2015: Options Weighted-Average Weighted-Average Outstanding at December 31, 2014 — Granted $ Excercised — Forfeited — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2015 $ 4.625 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2015 $ 4.625 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of assumptions used for options | The following assumptions were used for the options included in the table above: December 31, Expected Life 2.7 years Volatility % Dividend yield % Risk-free interest rate % |
Service vesting | |
Summary of unvested restricted stock award activity | A summary of the service-based restricted stock and unit activity for the year ended December 31, 2015 is as follows: Shares Weighted-Average Unvested restricted stock units at December 31, 2014 $ Granted Converted to service-based Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested restricted stock units at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Performance Vesting | |
Summary of unvested restricted stock award activity | A summary of the performance-based restricted stock and unit activity for the year ended December 31, 2015 is as follows: Shares Weighted-Average Unvested restricted stock units at December 31, 2014 $ Granted Vested ) Converted to service-based ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested restricted stock units at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Market-based vesting | |
Summary of unvested restricted stock award activity | The following table summarizes the activity for the year ended December 31, 2015: Shares Weighted-Average Unvested restricted stock at December 31, 2014 $ Granted — — Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested restricted stock at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Assumptions used to estimate the fair value of market-based restricted stock awards granted | The assumptions used to estimate the fair value of market-based restricted stock unit awards granted during 2014 were as follows: Expected term (years) 2.35 - 2.75 Expected volatility 31.60% - 34.74% Expected dividend yield 0.00% Risk-free interest rate 0.69% - 0.79% Weighted-average grant date fair value $25.32 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
EMPLOYEE BENEFIT PLANS | |
Summary of plan information relating to participation in multiemployer pension plans | Certain plans have been aggregated in the "All Others" line in the following table, as the contributions to each of these individual plans are not material. Pension ($ in thousands) Expiration Rehab Plan EIN/Pension Surcharge Pension Fund 2015 2014 2015 2014 2013 Notes AFL-AGC Building Trades Pension Fund 63-6055108 Green Green No No Varies through 07/31/20 2 Asbestos Workers Local No. 55 Pension Fund (1) 63-0474674 Green Yellow No No Varies through 07/31/20 2 Boilermaker-Blacksmith National Pension Trust 48-6168020 Yellow Yellow Implemented No Multiple Agreements 1,5 Bricklayers and Allied Craftworkers Local #2 Albany, NY Pension Fund 14-6075802 Green Green No No 08/17/16—Automatic Renewal 1 Carpenters Pension Trust Fund—Detroit & Vicinity 38-6242188 Red Red Implemented No 11 Central New York Laborers Pension Fund 15-6016579 Red Red Implemented No 08/17/16—Automatic Renewal 1 Central New York Painters & Allied Trades Pension Fund 51-6079700 Red Red Implemented No 08/17/16—Automatic Renewal 1 Central Pension Fund of the IUOE and Participating Employers 36-6052390 Green Green No No Multiple Agreements 5 Central States, Southeast, and Southwest Pension Fund 36-6044243 Critical & Declining Red Implemented No Multiple Agreements 5 Chicago Painters & Decorators Pension Fund 51-6030238 Green Green No No 10/02/16—Automatic Renewal 7 Empire State Carpenters Pension Plan 11-1991772 Green Green No No 08/17/16—Automatic Renewal 1 Excavators Union Local 731 Pension Fund 13-1809825 Green Green No No 06/30/16 10 IBEW Local 1579 Pension Plan (1) 58-1254974 Green Green No No Varies through 07/31/20 2 IBEW Local 43 & Electrical Contractors Pension 16-6153389 Yellow Yellow Implemented No 08/17/16—Automatic Renewal 1 IBEW Local Union No. 1392 Pension Fund 35-6244875 Green Green No No 6 Insulators Local No. 96 Pension Plan (1) 58-6110889 Yellow Yellow Implemented No Varies through 07/31/20 2 Iron Workers District Council of Tennessee Valley & Vicinity Pension Plan 62-6098036 Green Green No No 11/30/16—Automatic Renewal 3 Iron Workers Local No. 16 Pension Fund 52-6148924 Critical & Declining Red Implemented No 10/02/16—Automatic Renewal 3 Pension ($ in thousands) Expiration Rehab Plan EIN/Pension Surcharge Pension Fund 2015 2014 2015 2014 2013 Notes IUPAT Industry Pension Plan 52-6073909 Yellow Yellow Implemented No Multiple Agreements 5 Laborers National Pension Fund 75-1280827 Green Green No No Multiple Agreements 5 Local 73 Retirement Fund 15-6016577 Red Red Implemented No 08/17/16—Automatic Renewal 1 National Asbestos Workers Pension Plan 52-6038497 Red Red Implemented No Multiple Agreements 5 National Electrical Benefits Fund 53-0181657 Green Green No No Multiple Agreements 5 New York State Teamsters Conference Pension & Retirement Fund 16-6063585 Red Red Implemented No 08/17/16—Automatic Renewal 1 Northwest Sheet Metal Workers Pension Trust 91-6061344 Green Green No No 11/01/16—Automatic Renewal 4 Plumbers & Pipefitters National Pension Fund 52-6152779 Yellow Yellow Implemented No Multiple Agreements 5 Plumbers & Steamfitters Local No. 150 Pension Fund 58-6116699 Green Yellow No No Varies through 07/31/20 2 Plumbers & Steamfitters Local Union No. 43 Pension Fund 62-6101288 Green Green No No 11/30/16—Automatic Renewal 3 Sheet Metal Workers Local No. 177 Pension Fund 62-6093256 Green Green No No 11/30/16—Automatic Renewal 5 Sheet Metal Workers' National Pension Fund 52-6112463 Yellow Yellow Implemented No Multiple Agreements 5 Southern Ironworkers Pension Plan 59-6227091 Green Green No No Varies through 07/31/20 2 Tri-State Carpenters & Joiners Pension Trust Fund 62-0976048 Yellow Red Implemented No 11/30/16—Automatic Renewal 3 Pipe Trades Services of MN Pension Plan 41-6131800 Green Green No No 08/01/16—Automatic Renewal 8 Upstate New York Engineers Benefit Funds 15-0614642 Red Red Implemented No 08/17/16—Automatic Renewal 1 Washington State Plumbing & Pipefitting Industry Pension Plan 91-6029141 Green Green No No 11/01/16—Automatic Renewal 4 Washington-Idaho Laborers-Employers Pension Trust 91-6123988 Green Green No No 11/01/16—Automatic Renewal 4 Washington-Idaho-Montana Carpenters-Employers Retirement Fund 91-6123987 Yellow Yellow Implemented No 11/01/16—Automatic Renewal 4 Western States Insulators and Allied Workers Pension 51-0155190 Green Green No No 11/01/16—Automatic Renewal 4 All Others N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) We were listed in the multiemployer plan's Form 5500 as providing more than 5% of total contributions for the plan year ended in 2015. (2) Defined Benefit Plans for Unions employed through the Southern Company Power House Maintenance Agreement. The Southern Company PHMA expires 07/31/2020. The individual Union CBA range from 1 to 3 years in duration. (3) Defined Benefit Plans for Unions employed through the TVA PMMA and Other Agreements. The TVA Labor Agreements are annual agreements that automatically renew each year. (4) Defined Benefit Plans for Unions employed through the GPPMA agreement for Columbia Generating Station. The GPPMA Agreements are annual agreements that automatically renew each year. (5) Regional and National Defined Benefit Funds for multiple unions employed under different labor agreements. (6) IBEW Local 1392 Pension is listed because Koontz-Wagner is responsible for more that 5.00% of the Funds payments. WPS / WSS do not employ members of Local 1392. (7) The reduction in Pension contributions for the Chicago Painters & Decorators Pension is a result of the loss of the Exelon Nuclear contract that included the Braidwood and Dresden Nuclear Plants. (8) Defined Benefit Plan for Union employed at Monticello Nuclear Plant through the Excel Contract. (9) Defined Benefit Plan for Union employed under GPPMA agreement at Peach Bottom Nuclear Plant. (10) Defined Benefit Plan for Union employed at Con Ed sites. (11) Defined Benefit Plan for Individual working outside of plan jurisdiction. (12) We did not pay a surcharge for any fund last year that was in Critical Status and had not negotiated a preferred schedule. We do pay a surcharge/assessment on some funds under the CBA preferred schedule. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES. | |
Reconciliation of the changes to warranty reserve | A reconciliation of the changes to our warranty reserve is as follows: Years Ended ($ in thousands) 2015 2014 Balance at the beginning of the period $ $ Provision for the period Settlements made (in cash or in kind) for the period ) ) ​ ​ ​ ​ ​ ​ ​ ​ Balance at the end of the period $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of future minimum annual lease payments | Future minimum annual lease payments under these noncancellable operating leases as of December 31, 2015 are as follows: ($ in thousands) December 31, 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
MAJOR CUSTOMERS AND CONCENTRA45
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts receivable | Credit Concentration Risk | |
Major customers and concentration of credit risk | |
Schedule of customers as a percentage of consolidated amounts | The balance for these customers as a percentage of the consolidated accounts receivable is as follows: December 31, Customer 2015 2014 Siemens Energy, Inc. % % General Electric Company % % Southern Nuclear Operating Company % % |
Revenue. | Customer Concentration Risk | |
Major customers and concentration of credit risk | |
Schedule of customers as a percentage of consolidated amounts | The revenue for these customers as a percentage of the consolidated revenue is as follows: Years Ended Customer 2015 2014 2013 Southern Nuclear Operating Company % % % Tennessee Valley Authority % % % General Electric Company % % % Siemens Energy, Inc. % % % All others % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
OTHER SUPPLEMENTAL INFORMATION
OTHER SUPPLEMENTAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
OTHER SUPPLEMENTAL INFORMATION | |
Schedule of other current liabilities | Other current liabilities consist of the following: December 31, ($ in thousands) 2015 2014 Accrued workers compensation $ $ Accrued taxes Accrued fabricator expense Accrued liquidated damages Contract loss provision Accrued legal and professional fees Accrued interest expense Other accrued expenses ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of other long-term liabilities | Other long-term liabilities consist of the following: December 31, ($ in thousands) 2015 2014 Uncertain tax liabilities $ $ Other ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reconciliation of Revenue from Segments to Consolidated | The following table presents a reconciliation of revenue from segments to consolidated: Year ended December 31, ($ in thousands) 2015 2014 2013 Revenues: Mechanical Solutions—3rd Party $ $ $ Mechanical Solutions—Intersegment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mechanical Solutions—Total Electrical Solutions—3rd Party Electrical Solutions—Intersegment — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electrical Solutions—Total Services—3rd Party Services—Intersegment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Services—Total Intersegment Revenue Eliminations ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Reconciliation of Depreciation and Amortization to Consolidated | The following table presents reconciliation of depreciation and amortization from segments to consolidated: Years Ended December 31, ($ in thousands) 2015 2014 2013 Depreciation and Amortization: Mechanical Solutions $ $ $ Electrical Solutions Services Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Reconciliation of Operating Income (Loss) from Segments to Consolidated | The following table presents a reconciliation of operating profit (loss) from segments to consolidated: Years Ended December 31, ($ in thousands) 2015 2014 2013 Operating Income (Loss): Mechanical Solutions $ ) $ $ Electrical Solutions ) ) ) Services Corporate ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Operating (Loss) Income ) ) Interest expense, net Foreign currency (gain) loss ) ) ) Other (income) expense, net ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated (loss) income from continuing operations before income tax $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Reconciliation of Assets from Segment to Consolidated | The following table presents a reconciliation of assets from segments to consolidated: As of December 31, ($ in thousands) 2015 2014 Assets: Mechanical Solutions $ $ Electrical Solutions Services Non allocated corporate headquarters assets(1) ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) While corporate headquarters assets are not allocated to our reportable segments, the related depreciation expense is included in our allocation of selling, general and administrative expenses to our reportable segments. |
Mechanical Solutions | |
Revenue By Geographical Region | The following presents the Mechanical Solutions segment revenue by geographical region based on our operating locations.Products are often shipped to other geographical areas but revenue is listed in the region in which the revenue is recognized: Years Ended December 31, 2015 2014 2013 ($ in thousands) Revenue Product Revenue Product Revenue Product United States $ $ $ $ $ $ Canada — — — Europe Mexico — Asia Middle East — — — South America — — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Electrical Solutions | |
Revenue By Geographical Region | The following presents the Electrical Solutions segment revenue by geographical region based on our operating locations. Products are often shipped to other geographical areas but revenue is listed in the region in which the revenue is recognized: Years Ended December 31, 2015 2014 2013 ($ in thousands) Revenue Product Revenue Product Revenue Product United States $ $ $ $ $ $ Canada — — — Europe — — — — — Mexico — — — Asia — — — Middle East — — — South America — — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Services | |
Revenue By Geographical Region | The following presents the Services segment revenue by geographical region based on our operating locations. Services are sometimes performed in other geographical areas but revenue is listed in the region in which the revenue is recognized: Years Ended December 31, 2015 2014 2013 ($ in thousands) Revenue Service Revenue Service Revenue Service United States $ $ $ $ $ $ Canada — — — Mexico — — — — — Asia — — — Middle East — — — South America — — — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
SELECTED QUARTERLY FINANCIAL 48
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of the quarterly operating results | A summary of the quarterly operating results during 2015 and 2014 follows: ($ in thousands, except per share data) First Second Third Fourth 2015 Total revenue $ $ $ $ $ Gross profit (Loss) income from continuing operations ) ) ) ) ) Loss per common share from continuing operations: Basic ) ) ) ) ) Diluted ) ) ) ) ) ($ in thousands, except per share data) First Second Third Fourth 2014 Total revenue $ $ $ $ $ Gross profit (Loss) income from continuing operations ) ) ) ) Earnings (loss) per common share from continuing operations: Basic ) ) ) ) Diluted ) ) ) ) |
Prior period adjustments | |
Summary of the quarterly operating results | The following tables present the effects of the restatements on the Company's quarterly consolidated balance sheets as of March 31, 2014, June 30, 2014, and September 30, 2014, respectively: March 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Costing Warranty Other As restated ASSETS Current assets: Cash and cash equivalents $ $ — $ — $ — $ — $ — $ ) $ Restricted cash — — — — — — Accounts receivable, net — — — — ) Inventories: Raw material ) — — — — — Finished goods — — — — — — Inventory reserve — ) — — — — ) ) Costs and estimated earnings in excess of billings — — ) — Deferred tax assets — — — — — ) — Other current assets ) — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ) ) Property, plant and equipment, net — — — — — ) Goodwill — — — — — ) Intangible assets, net — — — — — — Deferred tax assets — — — — — Other long-term assets — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ $ ) $ — $ ) $ $ — $ ) $ Accrued compensation and benefits ) — — — — ) Billings in excess of costs and estimated earnings — — ) ) — Accrued warranties — — — — — Other current liabilities — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ) — ) ) Long-term debt — — — — — — Deferred tax liabilities — — — — — — — — Other long-term liabilities — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities — ) ) Commitments and contingencies (Note 15) Stockholders' equity: Common stock, $0.01 par value, 170,000,000 shares authorized and 18,381,931 shares issued, and 17,121,812 shares outstanding — — — — — — Paid-in capital — — — — — — Accumulated other comprehensive income — — ) ) Retained earnings — ) ) ) Treasury stock, at par (1,260,119 common shares) ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments to the as reported consolidated balance sheet as of March 31, 2014 primarily consist of the allocation of Deltak goodwill as detailed in Note 2, the tax consequences of the restatement entries, $1.0 million to correct unrecorded severance and bonuses and other adjustments including foreign currency translation and inventory reserves. June 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Costing Warranty Other As restated ASSETS Current assets: Cash and cash equivalents $ $ — $ — $ — $ — $ — $ ) $ Restricted cash — — — — — — Accounts receivable, net — — — — ) Inventories: Raw material ) — — — — — Finished goods — — — — — — Inventory reserve — ) — — — — ) ) Costs and estimated earnings in excess of billings — — ) — Deferred tax assets — — — — — ) — Other current assets — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ) ) Property, plant and equipment, net — — — — — ) Goodwill — — — — — ) Intangible assets, net — — — — — — Deferred tax assets — — — — — Other long-term assets — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ $ ) $ — $ ) $ $ — $ ) $ Accrued compensation and benefits ) — — — — ) Billings in excess of costs and estimated earnings — — ) ) — Accrued warranties — — — — — Other current liabilities — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ) — ) ) Long-term debt — — — — — — Deferred tax liabilities — — — — — — — — Other long-term liabilities — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities — ) ) Commitments and contingencies (Note 15) Stockholders' equity: Common stock, $0.01 par value, 170,000,000 shares authorized and 18,386,443 shares issued, and 17,071,780 shares outstanding — — — — — — Paid-in capital — — — — — — Accumulated other comprehensive income — — ) ) Retained earnings — ) ) ) Treasury stock, at par (1,263,708 common shares) ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ ) $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other adjustments as reported consolidated balance sheet as of June 30, 2014 primarily consist of the allocation of Deltak goodwill as detailed in Note 2, the tax consequences of the restatement entries, $1.0 million to correct unrecorded severance and bonuses and other adjustments including foreign currency translation and inventory reserves. September 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Costing Warranty Other As restated ASSETS Current assets: Cash and cash equivalents $ $ — $ — $ — $ — $ — $ ) $ Restricted cash — — — — — — Accounts receivable, net — — ) — ) Inventories: Raw material — — — — — — Finished goods — — — — — — Inventory reserve ) — — — — — ) ) Costs and estimated earnings in excess of billings — — ) ) — Deferred tax assets — — — — — ) — Other current assets — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ) ) Property, plant and equipment, net — — — — — ) Goodwill — — — — — ) Intangible assets, net — — — — — — Deferred tax assets — — — — — Other long-term assets — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ $ ) $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ $ ) $ — $ ) $ $ — $ $ Accrued compensation and benefits ) — — — — ) Billings in excess of costs and estimated earnings — — ) ) — Accrued warranties — — — — — Other current liabilities — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ) — ) Long-term debt — — — — — — Deferred tax liabilities — — — — — — — — Other long-term liabilities — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities — ) Commitments and contingencies (Note 15) Stockholders' equity: Common stock, $0.01 par value, 170,000,000 shares authorized and 18,387,686 shares issued, and 17,123,608 shares outstanding — — — — — — Paid-in capital — — — — — — Accumulated other comprehensive income — ) — ) ) ) Retained earnings — ) ) ) ) Treasury stock, at par (1,264,078 common shares) ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity — ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ $ ) $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments to the as reported consolidated balance sheet as of September 30, 2014 primarily consist of the allocation of Deltak goodwill as detailed in Note 2, the tax consequences of the restatement entries, $1.0 million to correct unrecorded severance and bonuses and other adjustments including foreign currency translation and inventory reserves. The following tables present the effects of the restatements on the Company's quarterly statements of operations for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014, respectively: Three Months Ended March 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Warranty Other As restated Revenues Mechanical Solutions $ $ ) $ $ — $ — $ — $ ) $ Electrical Solutions — — — — — Services — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — — ) Cost of revenue Mechanical Solutions ) — ) Electrical Solutions — — — — Services — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) ) ) ) Selling and marketing expenses — — — — — General and administrative expenses — — — — Depreciation and amortization expense(1) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — — — Operating income (loss) ) ) ) ) Interest expense, net — — — — — Foreign currency gain — ) — — — — ) ) Other (income) expense, net ) — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense ) — — — — ) (Loss) income from continuing operations before income tax ) — ) ) Income tax expense (benefit) ) — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income from continuing operations ) — ) ) ) Discontinued operations: Loss from discontinued operations, net of tax ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss from discontinued operations ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income $ ) $ — $ ) $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Warranty Other As restated Revenues Mechanical Solutions $ $ ) $ $ — $ — $ — $ ) $ Electrical Solutions — — — — — Services — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — — ) Cost of revenue Mechanical Solutions ) — ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) ) ) Selling and marketing expenses — — — — — General and administrative expenses — — — — ) Depreciation and amortization expense(1) — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — — — ) Operating income (loss) — ) ) ) ) Interest expense, net — — — — — Foreign currency (gain) loss — ) — — — — ) Other (income) expense, net ) — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — — — — — Income (loss) from continuing operations before income tax — ) ) ) ) Income tax expense — — — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations — ) ) ) Discontinued operations: Loss from discontinued operations, net of tax ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss from discontinued operations ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ — $ $ $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Completed Job Warranty Other As restated Revenues Mechanical Solutions $ $ ) $ ) $ — $ — $ — $ ) $ Electrical Solutions — — ) — — Services — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — ) ) — ) Cost of revenue Mechanical Solutions ) ) — ) Electrical Solutions — — — ) — Services — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) ) ) ) Selling and marketing expenses — — — — — — General and administrative expenses — — — — Depreciation and amortization expense(1) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — — — Operating income (loss) — ) ) ) ) ) Interest expense, net — — — — — Foreign currency (gain) loss — ) — — — — ) Other (income) expense, net ) — — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense ) — — — — — ) Income (loss) from continuing operations before income tax — ) ) ) ) ) Income tax expense (benefit) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations — ) ) ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ — $ $ ) $ ) $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Details of other restatement adjustments included in the consolidated statement of operations for the three month periods ended March 31, 2014, June 30, 2014 and September 30, 2014 are as follows: Three Months Ended March 31, 2014 ($ in thousands) Accrual Income Tax Consolidation Other Total Other Revenues Mechanical Solutions $ — $ — $ ) $ — $ ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — ) — ) Cost of revenue Mechanical Solutions — ) Electrical Solutions — — — — — Services — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) — — ) Selling and marketing expenses — — General and administrative expenses — — Depreciation and amortization expense(1) — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — ) Operating (loss) income ) — — ) Interest expense, net — — — Foreign currency gain — — ) — ) Other (income) expense, net — — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — ) ) ) (Loss) income from continuing operations before income tax ) — Income tax expense — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income from continuing operations ) ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income $ ) $ ) $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2014 ($ in thousands) Accrual Income Tax Consolidation Other Total Other Revenues Mechanical Solutions $ — $ — $ ) $ — $ ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — ) — ) Cost of revenue Mechanical Solutions — ) ) Electrical Solutions — — — — — Services — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) — — ) ) Selling and marketing expenses — — — General and administrative expenses ) — — ) ) Depreciation and amortization expense(1) — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ) — — ) ) Operating income (loss) — — ) ) Interest expense, net — — — Foreign currency loss — — — Other (income) expense, net — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — Income (loss) from continuing operations before income tax — ) ) ) Income tax (benefit) expense — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2014 ($ in thousands) Accrual Income Consolidation Other Total Revenues Mechanical Solutions $ — $ — $ ) $ — $ ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue — — ) — ) Cost of revenue Mechanical Solutions — ) ) Electrical Solutions — — — — — Services — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total cost of revenue — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit ) — — ) ) Selling and marketing expenses — — — — — General and administrative expenses — — Depreciation and amortization expense(1) — — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses — — Operating (loss) income ) — — ) ) Interest expense, net — — — Foreign currency loss — — — Other income — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other expense — — Loss from continuing operations before income tax ) — ) ) ) Income tax expense — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) income from continuing operations ) ) ) Discontinued operations: Income from discontinued operations, net of tax — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from discontinued operations — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income $ ) $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following tables present the effects of the restatements on the Company's consolidated statements of cash flows for the periods ended March 31, 2014, June 30, 2014 and September 30, 2014, respectively: Quarter Ended March 31, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Complete Completed Contract Job Costing Warranty Other As restated Operating activities: Net (loss) income $ ) $ — $ ) $ $ $ ) $ ) $ Adjustments to reconcile net (loss) income to net cash provided by operating activities: — — — — — Deferred income tax provision (benefit) ) — — — — — Depreciation and amortization on plant, property and equipment and intangible assets — — — — — ) Amortization on deferred financing costs — — — — — — Loss on disposals of equipment — — — — — — ) ) Bad debt expense — — — — — — Stock-based compensation — — — — — — Changes in operating assets and liabilities, net of businesses acquired and sold: (Increase) decrease in accounts receivable ) — ) — — ) (Increase) decrease in inventories ) — — — — — ) ) (Increase) decrease in costs and estimated earnings in excess of billings ) — — ) ) ) (Increase) decrease in other current assets ) — — — ) (Increase) decrease in other assets — — — — ) ) (Decrease) increase in accounts payable ) ) — — ) ) Increase (decrease) in accrued and other liabilities — — — ) Decrease in accrued warranties ) — — — — ) Increase (decrease) in billings in excess of costs and estimated earnings ) — — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities — — — — — Investing activities: Acquisitions, net of cash acquired — — — — — — ) ) Net transfers of restricted cash — — — — — — Proceeds from sale of equipment — — — — — — — — Purchase of property, plant and equipment ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) — — — — — ) ) Financing activities: Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation ) — — — — — ) Debt issuance costs — — — — — — Dividends paid ) — — — — — ) ) Proceeds from long-term debt — — — — — — Payments of long-term debt ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in financing activities ) — — — — — ) ) Effect of exchange rate changes on cash ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents — — — — — Cash and cash equivalents, beginning of year — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents, end of period $ $ — $ — $ — $ — $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments required to correct the as previously reported statement of cash flows for the three months ended March 31, 2014, include the tax effects related to the correction of the restatement errors, correction of errors of the previously reported cash flow statement including reclassification of an $1.1 million error from deferred tax expense to change in accounts payable and $0.7 million error related to purchase accounting increasing cash used in investing activities and increasing cash flow from operations from changes in accounts payable, translation of foreign currency effects of entities in functional currency other than the U.S. and failure to properly account for cash activity in the changes in property, plant and equipment. For the Six Months Ended June 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As reported Reclassifications Percent Complete Completed Contract Job Costing Warranty Other As restated Operating activities: Net income (loss) $ $ — $ ) $ $ ) $ ) $ $ ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: — — — — — Deferred income tax provision (benefit) ) — — — — — ) ) Depreciation and amortization on plant, property and equipment and intangible assets — — — — — ) Amortization on deferred financing costs — — — — — — Loss on disposals of equipment — — — — — — ) ) Bad debt expense — — — — — — Stock-based compensation — — — — — — Changes in operating assets and liabilities, net of businesses acquired and sold: (Increase) decrease in accounts receivable ) — ) — — ) (Increase) decrease in inventories ) — — — — — ) ) (Increase) decrease in costs and estimated earnings in excess of billings ) — — ) ) ) (Increase) decrease in other current assets ) ) — — — ) ) (Increase) decrease in other assets — — — — ) ) (Decrease) increase in accounts payable ) ) — — ) Increase (decrease) in accrued and other liabilities ) — — — ) Decrease in accrued warranties ) — — — — Increase (decrease) in billings in excess of costs and estimated earnings ) — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash (used in) provided by operating activities ) — — — — — ) Investing activities: Acquisitions, net of cash acquired — — — — — — ) ) Net transfers of restricted cash — — — — — — Proceeds from sale of equipment — — — — — — — — Purchase of property, plant and equipment ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) — — — — — ) ) Financing activities: Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation ) — — — — — ) Debt issuance costs — — — — — ) Dividends paid ) — — — — — ) ) Proceeds from long-term debt — — — — — — Payments of long-term debt ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by financing activities — — — — — Effect of exchange rate changes on cash ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents — — — — — Cash and cash equivalents, beginning of year — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents, end of period $ $ — $ — $ — $ — $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments required to correct the as previously reported statement of cash flows for the six months ended June 30, 2014, include the tax effects related to the correction of the restatement errors, correction of errors of the previously reported cash flow statement including reclassification of an $1.1 million error from deferred tax expense to change in accounts payable and a $0.7 million error related to purchase accounting increasing cash used in investing activities and increasing cash flow from operations from changes in accounts payable, translation of foreign currency effects of entities in functional currency other than the U.S. dollar including a $0.3 million change in the effect of exchange rates on cash and failure to properly account for cash activity in the changes in property, plant and equipment. For the Nine Months Ended September 30, 2014 Restatement Adjustments Revenue Recognition ($ in thousands) As Reclassifications Percent Completed Job Costing Warranty Other As restated Operating activities: Net income (loss) $ $ — $ ) $ $ ) $ ) $ $ ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Deferred income tax provision (benefit) — — — — — ) ) Depreciation and amortization on plant, property and equipment and intangible assets — — — — — ) Amortization on deferred financing costs — — — — — — Loss on disposals of equipment — — — — — Bad debt expense — — — — — — Stock-based compensation — — — — — ) Changes in operating assets and liabilities, net of businesses acquired and sold: (Increase) decrease in accounts receivable ) ) — ) — ) ) (Increase) decrease in inventories ) — — — — — ) (Increase) decrease in costs and estimated earnings in excess of billings ) — — ) (Increase) decrease in other current assets ) — — — ) (Increase) decrease in other assets — — — — ) ) (Decrease) increase in accounts payable ) — ) ) Increase (decrease) in accrued and other liabilities — ) — Decrease in accrued warranties ) — — — — Increase (decrease) in billings in excess of costs and estimated earnings — — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in by operating activities ) — — — — — ) ) Investing activities: Acquisitions, net of cash acquired — — — — — — ) ) Net transfers of restricted cash — — — — — — Proceeds from sale of equipment — — — — — ) — Purchase of property, plant and equipment ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) — — — — — ) ) Financing activities: Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation ) — — — — — ) ) Debt issuance costs — — — — — — Dividends paid ) — — — — — ) Proceeds from long-term debt — — — — — — Payments of long-term debt ) — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities — — — — — ) Effect of exchange rate changes on cash ) — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ) — — — — — ) Cash and cash equivalents, beginning of year — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents, end of period $ $ — $ — $ — $ — $ — $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other adjustments required to correct the as previously reported statement of cash flows for the nine months ended September 30, 2014, include the tax effects related to the correction of the restatement errors, correction of errors of the previously reported cash flow statement including reclassification of an $1.1 million error from deferred tax expense to change in accounts payable and a $0.7 million error related to purchase accounting increasing cash used in investing activities and increasing cash flow from operations from changes in accounts payable, translation of foreign currency effects of entities in functional currency other than the U.S. dollar including a $0.8 million change in the effect of exchange rates on cash and failure to properly account for cash activity in the changes in property, plant and equipment. |
BUSINESS AND ORGANIZATION (Deta
BUSINESS AND ORGANIZATION (Details) $ in Thousands | Dec. 31, 2015segment | Feb. 27, 2015USD ($) | Jul. 09, 2013USD ($) | Apr. 30, 2013USD ($) | Jan. 31, 2015segment | Mar. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Acquisition disclosures | |||||||||||
Number of Reportable Segments | segment | 3 | 2 | 3 | ||||||||
Net cash paid | $ 725 | $ 725 | $ 725 | $ 7,629 | $ 725 | $ 49,451 | |||||
Siemans eHouse manufacturing operations | |||||||||||
Acquisition disclosures | |||||||||||
Net cash paid | $ 7,629 | ||||||||||
IBI, LLC | |||||||||||
Acquisition disclosures | |||||||||||
Net cash paid | $ 18,600 | ||||||||||
Hetsco Holdings, Inc. | |||||||||||
Acquisition disclosures | |||||||||||
Net cash paid | $ 32,400 |
RESTATEMENT (Details)
RESTATEMENT (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Goodwill | $ 87,913 | $ 50,319 | $ 87,913 | $ 87,913 | $ 87,913 | $ 87,913 | $ 87,913 | ||
Retained earnings | 143,662 | 63,371 | 143,662 | 192,077 | 193,703 | 197,239 | |||
Additional valuation allowances | 44,900 | $ 21,898 | 44,900 | $ (4,241) | |||||
Previously reported | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Goodwill | 106,884 | 106,884 | 106,884 | 106,884 | 106,884 | ||||
Retained earnings | $ 211,756 | 211,756 | $ 207,395 | $ 204,504 | $ 205,266 | ||||
Accumulated Error Corrections | Prior period adjustments | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Retained earnings | $ (7,530) | ||||||||
Goodwill | Prior period adjustments | Deltak L L C | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Goodwill | $ 18,800 | ||||||||
Retained earnings | $ (11,500) | ||||||||
Other error correction related to deferred tax assets valuation allowance | Prior period adjustments | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Additional valuation allowances | $ 44,900 |
RESTATEMENT (Details 2)
RESTATEMENT (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | $ 130,767 | $ 212,818 | $ 263,517 | $ 266,916 | $ 269,738 | $ 269,712 | $ 262,617 |
Balance (in shares) | 18,571,411 | 18,395,472 | 18,387,686 | 18,386,443 | 18,381,931 | ||
Common Shares $0.01 Per Share | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | $ 186 | $ 184 | $ 183 | $ 179 | |||
Balance (in shares) | 18,571,411 | 18,395,472 | 18,294,998 | 17,941,529 | |||
Paid-in Capital | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | $ 74,841 | $ 71,528 | $ 69,049 | $ 66,660 | |||
Accumulated Other Comprehensive Income | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | (7,618) | (2,543) | 3,472 | 1,961 | |||
Retained Earnings | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | 63,371 | 143,662 | 197,020 | 193,828 | |||
Treasury Shares | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | $ (13) | $ (13) | $ (12) | $ (11) | |||
Balance (in shares) | (1,310,135) | (1,266,353) | (1,235,055) | (1,136,703) | |||
Previously reported | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | $ 281,203 | $ 279,212 | $ 277,943 | $ 278,024 | $ 269,998 | ||
Previously reported | Common Shares $0.01 Per Share | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | $ 179 | ||||||
Balance (in shares) | 17,941,529 | ||||||
Previously reported | Paid-in Capital | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | $ 66,660 | ||||||
Previously reported | Accumulated Other Comprehensive Income | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | 1,812 | ||||||
Previously reported | Retained Earnings | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | 201,358 | ||||||
Previously reported | Treasury Shares | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | $ (11) | ||||||
Balance (in shares) | (1,136,703) | ||||||
Percent Complete | Prior period adjustments | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | 2,581 | 8,255 | 7,746 | 4,166 | $ 3,911 | ||
Percent Complete | Prior period adjustments | Accumulated Other Comprehensive Income | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | 49 | ||||||
Percent Complete | Prior period adjustments | Retained Earnings | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | 3,862 | ||||||
Revenue Recognition completed contract | Prior period adjustments | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | (5,037) | (2,554) | (2,027) | (4,832) | (387) | ||
Revenue Recognition completed contract | Prior period adjustments | Retained Earnings | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | (387) | ||||||
Job Costing | Prior period adjustments | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | (4,834) | (4,333) | 969 | 8,119 | (961) | ||
Job Costing | Prior period adjustments | Accumulated Other Comprehensive Income | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | 17 | ||||||
Job Costing | Prior period adjustments | Retained Earnings | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | (978) | ||||||
Warranty | Prior period adjustments | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | (10,698) | (9,071) | (8,093) | (4,815) | 322 | ||
Warranty | Prior period adjustments | Accumulated Other Comprehensive Income | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | (64) | ||||||
Warranty | Prior period adjustments | Retained Earnings | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | 386 | ||||||
Total Other | Prior period adjustments | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | $ (50,397) | $ (7,992) | $ (9,622) | $ (10,924) | (10,266) | ||
Total Other | Prior period adjustments | Accumulated Other Comprehensive Income | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | 147 | ||||||
Total Other | Prior period adjustments | Retained Earnings | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Balance | $ (10,413) |
RESTATEMENT (Details 3)
RESTATEMENT (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | |||||||
Cash and cash equivalents | $ 22,239 | $ 8,916 | $ 10,731 | $ 15,558 | $ 14,692 | $ 13,939 | $ 31,968 |
Restricted cash | 321 | 1 | 1 | 71 | 71 | ||
Accounts receivable, net of allowance of $787 | 93,077 | 115,022 | 113,882 | 73,686 | 69,909 | ||
Raw material | 6,893 | 6,930 | 7,688 | 7,944 | 7,866 | ||
Finished goods | 1,204 | 1,194 | 1,316 | 1,168 | 1,206 | ||
Inventory reserve | (1,798) | (1,186) | (1,279) | (1,341) | (1,189) | ||
Costs and estimated earnings in excess of billings | 45,491 | 53,092 | 61,315 | 69,106 | 65,602 | ||
Other current assets | 4,608 | 6,703 | 6,752 | 8,424 | 7,512 | ||
Total current assets | 172,035 | 190,672 | 200,406 | 174,616 | 165,669 | ||
Property, plant and equipment, net | 33,822 | 22,897 | 18,584 | 19,607 | 20,168 | ||
Goodwill | 50,319 | 87,913 | 87,913 | 87,913 | 87,913 | 87,913 | |
Intangible assets, net | 44,003 | 59,070 | 60,433 | 61,833 | 63,243 | ||
Deferred tax assets | 20,490 | 19,734 | 17,232 | ||||
Other long-term assets | 851 | 1,091 | 1,195 | 1,305 | 1,439 | ||
Total assets | 301,030 | 361,643 | 389,021 | 365,008 | 355,664 | ||
Current liabilities: | |||||||
Accounts payable | 16,861 | 14,177 | 15,625 | 14,728 | 9,364 | ||
Accrued compensation and benefits | 15,587 | 22,386 | 23,807 | 15,101 | 18,832 | ||
Billings in excess of costs and estimated earnings | 10,098 | 11,710 | 10,382 | 5,783 | 7,663 | ||
Accrued warranties | 8,050 | 6,487 | 5,197 | 4,703 | 3,475 | ||
Other current liabilities | 28,605 | 21,330 | 19,105 | 20,587 | 15,684 | ||
Total current liabilities | 79,201 | 76,090 | 74,116 | 60,902 | 55,018 | ||
Long-term debt | 70,000 | 45,000 | 45,000 | 31,000 | 25,000 | ||
Deferred tax liabilities | 14,982 | 21,697 | |||||
Other long-term liabilities | 6,080 | 6,038 | 6,388 | 6,190 | 5,908 | ||
Total liabilities | 170,263 | 148,825 | 125,504 | 98,092 | 85,926 | ||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Common stock | 186 | 184 | 184 | 184 | 184 | ||
Paid-in capital | 74,841 | 71,528 | 71,294 | 70,228 | 69,201 | ||
Accumulated other comprehensive income | (7,618) | (2,543) | (25) | 2,813 | 3,126 | ||
Retained earnings | 63,371 | 143,662 | 192,077 | 193,703 | 197,239 | ||
Treasury stock, at par | (13) | (13) | (13) | (12) | (12) | ||
Total stockholders' equity | 130,767 | 212,818 | 263,517 | 266,916 | 269,738 | 269,712 | 262,617 |
Total liabilities and stockholders' equity | $ 301,030 | 361,643 | 389,021 | 365,008 | 355,664 | ||
Additional accruals | 1,000 | 1,000 | 1,000 | ||||
Previously reported | |||||||
Current assets: | |||||||
Cash and cash equivalents | 8,810 | 10,733 | 15,559 | 14,693 | 13,942 | 31,951 | |
Restricted cash | 1 | 1 | 71 | 71 | |||
Accounts receivable, net of allowance of $787 | 115,351 | 113,729 | 73,761 | 69,875 | |||
Raw material | 7,528 | 7,688 | 8,456 | 8,318 | |||
Finished goods | 1,177 | 1,316 | |||||
Inventory reserve | (426) | (430) | |||||
Costs and estimated earnings in excess of billings | 57,918 | 62,948 | 61,495 | 58,509 | |||
Deferred tax assets | 5,011 | 3,301 | 3,301 | 3,301 | |||
Other current assets | 6,945 | 6,673 | 8,475 | 7,892 | |||
Total current assets | 202,315 | 205,959 | 171,118 | 162,659 | |||
Property, plant and equipment, net | 22,847 | 19,013 | 19,896 | 20,457 | |||
Goodwill | 106,884 | 106,884 | 106,884 | 106,884 | |||
Intangible assets, net | 59,070 | 60,433 | 61,833 | 63,243 | |||
Deferred tax assets | 2,590 | 5,722 | 7,471 | 6,507 | |||
Other long-term assets | 841 | 945 | 980 | 1,115 | |||
Total assets | 394,547 | 398,956 | 368,182 | 360,865 | |||
Current liabilities: | |||||||
Accounts payable | 18,856 | 20,417 | 17,233 | 13,498 | |||
Accrued compensation and benefits | 21,213 | 24,856 | 16,198 | 19,916 | |||
Billings in excess of costs and estimated earnings | 14,459 | 15,441 | 11,323 | 9,054 | |||
Accrued warranties | 1,996 | 1,413 | 1,683 | 2,290 | |||
Other current liabilities | 5,583 | 6,466 | 6,852 | 7,179 | |||
Total current liabilities | 62,107 | 68,593 | 53,289 | 51,937 | |||
Long-term debt | 45,000 | 45,000 | 31,000 | 25,000 | |||
Other long-term liabilities | 6,237 | 6,151 | 5,950 | 5,904 | |||
Total liabilities | 113,344 | 119,744 | 90,239 | 82,841 | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Common stock | 184 | 184 | 184 | 184 | |||
Paid-in capital | 71,528 | 71,294 | 70,228 | 69,201 | |||
Accumulated other comprehensive income | (2,252) | 352 | 3,039 | 3,385 | |||
Retained earnings | 211,756 | 207,395 | 204,504 | 205,266 | |||
Treasury stock, at par | (13) | (13) | (12) | (12) | |||
Total stockholders' equity | 281,203 | 279,212 | 277,943 | 278,024 | 269,998 | ||
Total liabilities and stockholders' equity | 394,547 | 398,956 | 368,182 | 360,865 | |||
Reclassification adjustment for conformity with current presentation | |||||||
Current assets: | |||||||
Raw material | (17) | (512) | (452) | ||||
Finished goods | 17 | 1,168 | 1,206 | ||||
Inventory reserve | (656) | (754) | |||||
Other current assets | 278 | 254 | 181 | (58) | |||
Total current assets | 278 | 254 | 181 | (58) | |||
Property, plant and equipment, net | 14 | ||||||
Other long-term assets | 75 | 75 | |||||
Total assets | 292 | 254 | 256 | 17 | |||
Current liabilities: | |||||||
Accounts payable | (13,789) | (11,033) | (11,978) | (5,911) | |||
Accrued compensation and benefits | 2 | (91) | (109) | (91) | |||
Other current liabilities | 13,711 | 11,002 | 11,959 | 5,879 | |||
Total current liabilities | (76) | (122) | (128) | (123) | |||
Other long-term liabilities | 368 | 376 | 384 | 140 | |||
Total liabilities | 292 | 254 | 256 | 17 | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Total liabilities and stockholders' equity | 292 | 254 | 256 | 17 | |||
Prior period adjustments | Percent Complete | |||||||
Current assets: | |||||||
Raw material | (506) | ||||||
Costs and estimated earnings in excess of billings | 3,087 | 8,255 | 7,746 | 4,166 | |||
Total current assets | 2,581 | 8,255 | 7,746 | 4,166 | |||
Total assets | 2,581 | 8,255 | 7,746 | 4,166 | |||
Current liabilities: | |||||||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Accumulated other comprehensive income | (552) | (231) | 319 | 391 | |||
Retained earnings | 3,133 | 8,486 | 7,427 | 3,775 | |||
Total stockholders' equity | 2,581 | 8,255 | 7,746 | 4,166 | 3,911 | ||
Total liabilities and stockholders' equity | 2,581 | 8,255 | 7,746 | 4,166 | |||
Prior period adjustments | Revenue Recognition completed contract | |||||||
Current assets: | |||||||
Accounts receivable, net of allowance of $787 | (81) | 417 | 175 | 284 | |||
Other current assets | (316) | (123) | (180) | (134) | |||
Total current assets | (397) | 294 | (5) | 150 | |||
Total assets | (397) | 294 | (5) | 150 | |||
Current liabilities: | |||||||
Accounts payable | (115) | (111) | (60) | (61) | |||
Billings in excess of costs and estimated earnings | 4,316 | 2,909 | 2,082 | 5,043 | |||
Other current liabilities | 439 | 50 | |||||
Total current liabilities | 4,640 | 2,848 | 2,022 | 4,982 | |||
Total liabilities | 4,640 | 2,848 | 2,022 | 4,982 | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Retained earnings | (5,037) | (2,554) | (2,027) | (4,832) | |||
Total stockholders' equity | (5,037) | (2,554) | (2,027) | (4,832) | (387) | ||
Total liabilities and stockholders' equity | (397) | 294 | (5) | 150 | |||
Prior period adjustments | Job Costing | |||||||
Current assets: | |||||||
Accounts receivable, net of allowance of $787 | (15) | (14) | |||||
Raw material | (75) | ||||||
Costs and estimated earnings in excess of billings | 54 | (1,430) | 8,955 | 10,914 | |||
Other current assets | (60) | ||||||
Total current assets | (96) | (1,444) | 8,955 | 10,914 | |||
Property, plant and equipment, net | 148 | ||||||
Total assets | 52 | (1,444) | 8,955 | 10,914 | |||
Current liabilities: | |||||||
Accounts payable | 8,842 | 6,260 | 9,542 | 1,949 | |||
Billings in excess of costs and estimated earnings | (5,304) | (4,797) | (3,605) | (2,077) | |||
Other current liabilities | 1,348 | 1,426 | 2,049 | 2,923 | |||
Total current liabilities | 4,886 | 2,889 | 7,986 | 2,795 | |||
Total liabilities | 4,886 | 2,889 | 7,986 | 2,795 | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Accumulated other comprehensive income | (295) | (138) | 72 | 93 | |||
Retained earnings | (4,539) | (4,195) | 897 | 8,026 | |||
Total stockholders' equity | (4,834) | (4,333) | 969 | 8,119 | (961) | ||
Total liabilities and stockholders' equity | 52 | (1,444) | 8,955 | 10,914 | |||
Prior period adjustments | Warranty | |||||||
Current assets: | |||||||
Costs and estimated earnings in excess of billings | (7,968) | (8,458) | (9,090) | (7,987) | |||
Total current assets | (7,968) | (8,458) | (9,090) | (7,987) | |||
Total assets | (7,968) | (8,458) | (9,090) | (7,987) | |||
Current liabilities: | |||||||
Billings in excess of costs and estimated earnings | (1,761) | (3,171) | (4,017) | (4,357) | |||
Accrued warranties | 4,491 | 3,784 | 3,020 | 1,185 | |||
Total current liabilities | 2,730 | 613 | (997) | (3,172) | |||
Total liabilities | 2,730 | 613 | (997) | (3,172) | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Accumulated other comprehensive income | 449 | 190 | (152) | (180) | |||
Retained earnings | (11,147) | (9,261) | (7,941) | (4,635) | |||
Total stockholders' equity | (10,698) | (9,071) | (8,093) | (4,815) | 322 | ||
Total liabilities and stockholders' equity | (7,968) | (8,458) | (9,090) | (7,987) | |||
Prior period adjustments | Total Other | |||||||
Current assets: | |||||||
Cash and cash equivalents | 106 | (2) | (1) | (1) | $ (3) | 17 | |
Accounts receivable, net of allowance of $787 | (233) | (250) | (250) | (250) | |||
Inventory reserve | (760) | (849) | (685) | (435) | |||
Costs and estimated earnings in excess of billings | 1 | ||||||
Deferred tax assets | (5,011) | (3,301) | (3,301) | (3,301) | |||
Other current assets | (144) | (52) | (52) | (188) | |||
Total current assets | (6,041) | (4,454) | (4,289) | (4,175) | |||
Property, plant and equipment, net | (112) | (429) | (289) | (289) | |||
Goodwill | (18,971) | (18,971) | (18,971) | (18,971) | |||
Deferred tax assets | (2,590) | 14,768 | 12,263 | 10,725 | |||
Other long-term assets | 250 | 250 | 250 | 249 | |||
Total assets | (27,464) | (8,836) | (11,036) | (12,461) | |||
Current liabilities: | |||||||
Accounts payable | 383 | 92 | (9) | (111) | |||
Accrued compensation and benefits | 1,171 | (958) | (988) | (993) | |||
Other current liabilities | 249 | 161 | (273) | (297) | |||
Total current liabilities | 1,803 | (705) | (1,270) | (1,401) | |||
Deferred tax liabilities | 21,697 | ||||||
Other long-term liabilities | (567) | (139) | (144) | (136) | |||
Total liabilities | 22,933 | (844) | (1,414) | (1,537) | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Accumulated other comprehensive income | 107 | (198) | (465) | (563) | |||
Retained earnings | (50,504) | (7,794) | (9,157) | (10,361) | |||
Total stockholders' equity | (50,397) | (7,992) | (9,622) | (10,924) | $ (10,266) | ||
Total liabilities and stockholders' equity | (27,464) | $ (8,836) | $ (11,036) | $ (12,461) | |||
Additional accruals | $ 1,200 |
RESTATEMENT (Details 4)
RESTATEMENT (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Revenues | ||||||||||||||||
Revenues | $ 144,424 | $ 124,162 | $ 174,276 | $ 146,141 | $ 149,979 | $ 139,791 | $ 123,287 | $ 125,996 | $ 589,003 | $ 539,053 | $ 465,914 | |||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 121,187 | 107,258 | 104,660 | 536,406 | 465,719 | 385,104 | ||||||||||
Gross profit | 8,945 | 14,932 | 17,948 | 10,772 | 17,365 | 18,604 | 16,029 | 21,336 | 52,597 | 73,334 | 80,810 | |||||
Selling and marketing expenses | 3,008 | 2,479 | 1,940 | 12,130 | 10,045 | 9,226 | ||||||||||
General and administrative expenses | 13,990 | 14,037 | 14,109 | 69,471 | 58,747 | 56,770 | ||||||||||
Depreciation and amortization expense | 1,992 | 2,142 | 2,084 | 8,602 | [1] | 8,326 | [1] | 6,829 | [1] | |||||||
Total operating expenses | 18,990 | 18,658 | 18,133 | 134,790 | 77,118 | 72,825 | ||||||||||
Operating (loss) income | (386) | (2,629) | 3,203 | (82,193) | (3,784) | 7,985 | ||||||||||
Interest expense, net | 469 | 354 | 461 | 4,484 | 1,820 | 893 | ||||||||||
Foreign currency gain | (700) | (33) | (111) | (1,014) | (65) | (199) | ||||||||||
Other (income) expense, net | (128) | 138 | 58 | 12 | 34 | (28) | ||||||||||
Total other expense (income) | (359) | 459 | 408 | 3,482 | 1,789 | 666 | ||||||||||
(Loss) income from continuing operations before income tax | (27) | (3,088) | 2,795 | (85,675) | (5,573) | 7,319 | ||||||||||
Income tax expense (benefit) | 63 | (1,178) | 1,017 | (6,946) | 41,661 | (1,840) | ||||||||||
(Loss) income from continuing operations | $ (17,992) | $ (51,805) | $ (3,898) | $ (5,034) | $ (47,012) | (90) | (1,910) | 1,778 | (78,729) | (47,234) | 9,159 | |||||
Discontinued operations: | ||||||||||||||||
(Loss) income from discontinued operations, net of tax | 96 | (90) | (7) | (1) | 279 | |||||||||||
(Loss) income from discontinued operations | 96 | (90) | (7) | (1) | 279 | |||||||||||
Net (loss) income | 6 | (2,000) | 1,771 | $ (229) | $ (223) | (78,729) | (47,235) | 9,438 | ||||||||
Previously reported | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | 145,128 | 114,739 | 104,882 | 538,545 | 484,218 | |||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 120,447 | 94,477 | 86,404 | 447,715 | 399,214 | |||||||||||
Gross profit | 24,681 | 20,262 | 18,478 | 90,830 | 85,004 | |||||||||||
Selling and marketing expenses | 3,008 | 2,474 | 1,823 | 9,814 | 9,319 | |||||||||||
General and administrative expenses | 13,521 | 14,179 | 13,754 | 55,892 | 57,041 | |||||||||||
Depreciation and amortization expense | 1,993 | 2,141 | 2,314 | 8,535 | 6,599 | |||||||||||
Total operating expenses | 18,522 | 18,794 | 17,891 | 74,241 | 72,959 | |||||||||||
Operating (loss) income | 6,159 | 1,468 | 587 | 16,589 | 12,045 | |||||||||||
Interest expense, net | 421 | 340 | 413 | 1,710 | 893 | |||||||||||
Other (income) expense, net | (1,200) | (94) | 270 | (288) | 83 | |||||||||||
Total other expense (income) | (779) | 246 | 683 | 1,422 | 976 | |||||||||||
(Loss) income from continuing operations before income tax | 6,938 | 1,222 | (96) | 15,167 | 11,069 | |||||||||||
Income tax expense (benefit) | 2,510 | 358 | (24) | 4,017 | (437) | |||||||||||
(Loss) income from continuing operations | 4,428 | 864 | (72) | 11,150 | 11,506 | |||||||||||
Discontinued operations: | ||||||||||||||||
(Loss) income from discontinued operations, net of tax | 96 | (90) | (7) | (1) | 279 | |||||||||||
(Loss) income from discontinued operations | 96 | (90) | (7) | (1) | 279 | |||||||||||
Net (loss) income | 4,524 | 774 | (79) | 695 | 5,219 | 11,149 | 11,785 | |||||||||
Reclassification adjustment for conformity with current presentation | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | (5) | (7) | 2 | (10) | 41 | |||||||||||
Gross profit | 5 | 7 | (2) | 10 | (41) | |||||||||||
Selling and marketing expenses | (1) | |||||||||||||||
General and administrative expenses | 5 | 7 | 226 | 692 | (419) | |||||||||||
Total operating expenses | 5 | 7 | 226 | 691 | (419) | |||||||||||
Operating (loss) income | (228) | (681) | 378 | |||||||||||||
Foreign currency gain | (1,200) | (85) | (70) | (1,073) | 535 | |||||||||||
Other (income) expense, net | 1,200 | 85 | (158) | 392 | (157) | |||||||||||
Total other expense (income) | (228) | (681) | 378 | |||||||||||||
Percent Complete | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (4,563) | 5,962 | 14,326 | (4,925) | (4,976) | |||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | (5,622) | 2,310 | 19,616 | 1,007 | (10,179) | |||||||||||
Gross profit | 1,059 | 3,652 | (5,290) | (5,932) | 5,203 | |||||||||||
Operating (loss) income | 1,059 | 3,652 | (5,290) | (5,932) | 5,203 | |||||||||||
(Loss) income from continuing operations before income tax | 1,059 | 3,652 | (5,290) | (5,932) | 5,203 | |||||||||||
(Loss) income from continuing operations | 1,059 | 3,652 | (5,290) | (5,932) | 5,203 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | 1,059 | 3,652 | (5,290) | (1,638) | (579) | (5,932) | 5,203 | |||||||||
Revenue Recognition completed contract | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (527) | 2,805 | 6,921 | 7,083 | (11,428) | |||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 366 | (62) | ||||||||||||||
Gross profit | (527) | 2,805 | 6,921 | 6,717 | (11,366) | |||||||||||
Operating (loss) income | (527) | 2,805 | 6,921 | 6,717 | (11,366) | |||||||||||
(Loss) income from continuing operations before income tax | (527) | 2,805 | 6,921 | 6,717 | (11,366) | |||||||||||
(Loss) income from continuing operations | (527) | 2,805 | 6,921 | 6,717 | (11,366) | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (527) | 2,805 | 6,921 | 9,726 | 9,199 | 6,717 | (11,366) | |||||||||
Job Costing | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | 13 | (419) | ||||||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 5,105 | 7,129 | (2,212) | 9,935 | (6,792) | |||||||||||
Gross profit | (5,092) | (7,129) | 2,212 | (10,354) | 6,792 | |||||||||||
Operating (loss) income | (5,092) | (7,129) | 2,212 | (10,354) | 6,792 | |||||||||||
(Loss) income from continuing operations before income tax | (5,092) | (7,129) | 2,212 | (10,354) | 6,792 | |||||||||||
(Loss) income from continuing operations | (5,092) | (7,129) | 2,212 | (10,354) | 6,792 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (5,092) | (7,129) | 2,212 | (4,917) | (10,009) | (10,354) | 6,792 | |||||||||
Warranty | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 1,320 | 3,306 | 978 | 7,490 | 4,043 | |||||||||||
Gross profit | (1,320) | (3,306) | (978) | (7,490) | (4,043) | |||||||||||
Operating (loss) income | (1,320) | (3,306) | (978) | (7,490) | (4,043) | |||||||||||
(Loss) income from continuing operations before income tax | (1,320) | (3,306) | (978) | (7,490) | (4,043) | |||||||||||
(Loss) income from continuing operations | (1,320) | (3,306) | (978) | (7,490) | (4,043) | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (1,320) | (3,306) | (978) | (4,284) | (5,604) | (7,490) | (4,043) | |||||||||
Total Other | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | (58) | 43 | (128) | (784) | (1,161) | |||||||||||
Gross profit | (202) | (262) | (5) | (447) | (739) | |||||||||||
Selling and marketing expenses | 5 | 117 | 232 | (93) | ||||||||||||
General and administrative expenses | 464 | (149) | 129 | 2,163 | 148 | |||||||||||
Depreciation and amortization expense | (1) | 1 | (230) | (209) | 230 | |||||||||||
Total operating expenses | 463 | (143) | 16 | 2,186 | 285 | |||||||||||
Operating (loss) income | (665) | (119) | (21) | (2,633) | (1,024) | |||||||||||
Interest expense, net | 48 | 14 | 48 | 110 | ||||||||||||
Foreign currency gain | 500 | 52 | (41) | 1,008 | (734) | |||||||||||
Other (income) expense, net | (128) | 147 | (54) | (70) | 46 | |||||||||||
Total other expense (income) | 420 | 213 | (47) | 1,048 | (688) | |||||||||||
(Loss) income from continuing operations before income tax | (1,085) | (332) | 26 | (3,681) | (336) | |||||||||||
Income tax expense (benefit) | (2,447) | (1,536) | 1,041 | 37,644 | (1,403) | |||||||||||
(Loss) income from continuing operations | 1,362 | 1,204 | (1,015) | (41,325) | 1,067 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | 1,362 | 1,204 | (1,015) | $ 189 | $ 1,551 | (41,325) | 1,067 | |||||||||
Accrual | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 12 | 11 | 110 | 318 | (40) | |||||||||||
Gross profit | (12) | (11) | (110) | (318) | 40 | |||||||||||
Selling and marketing expenses | 92 | 195 | (93) | |||||||||||||
General and administrative expenses | 348 | (130) | 18 | 1,951 | 124 | |||||||||||
Total operating expenses | 348 | (130) | 110 | 2,146 | 31 | |||||||||||
Operating (loss) income | (360) | 119 | (220) | (2,464) | 9 | |||||||||||
Interest expense, net | 48 | 14 | 48 | 125 | ||||||||||||
Total other expense (income) | 48 | 14 | 48 | 125 | ||||||||||||
(Loss) income from continuing operations before income tax | (408) | 105 | (268) | (2,589) | 9 | |||||||||||
(Loss) income from continuing operations | (408) | 105 | (268) | (2,589) | 9 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (408) | 105 | (268) | (2,589) | 9 | |||||||||||
Income Tax | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
General and administrative expenses | 19 | |||||||||||||||
Total operating expenses | 19 | |||||||||||||||
Operating (loss) income | (19) | |||||||||||||||
Interest expense, net | (17) | |||||||||||||||
Total other expense (income) | (17) | |||||||||||||||
(Loss) income from continuing operations before income tax | (2) | |||||||||||||||
Income tax expense (benefit) | (2,447) | (1,537) | 1,041 | 37,644 | (1,403) | |||||||||||
(Loss) income from continuing operations | 2,447 | 1,537 | (1,041) | (37,646) | 1,403 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | 2,447 | 1,537 | (1,041) | (37,646) | 1,403 | |||||||||||
Consolidation | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Foreign currency gain | 500 | 52 | (41) | 1,008 | (734) | |||||||||||
Other (income) expense, net | (128) | 137 | (43) | (70) | 46 | |||||||||||
Total other expense (income) | 372 | 189 | (84) | 938 | (688) | |||||||||||
(Loss) income from continuing operations before income tax | (372) | (189) | 84 | (938) | 688 | |||||||||||
(Loss) income from continuing operations | (372) | (189) | 84 | (938) | 688 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (372) | (189) | 84 | (938) | 688 | |||||||||||
Other | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 190 | 251 | (105) | 129 | 779 | |||||||||||
Gross profit | (190) | (251) | 105 | (129) | (779) | |||||||||||
Selling and marketing expenses | 5 | 25 | 37 | |||||||||||||
General and administrative expenses | 116 | (19) | 111 | 193 | 24 | |||||||||||
Depreciation and amortization expense | (1) | 1 | (230) | (209) | 230 | |||||||||||
Total operating expenses | 115 | (13) | (94) | 21 | 254 | |||||||||||
Operating (loss) income | (305) | (238) | 199 | (150) | (1,033) | |||||||||||
Interest expense, net | 2 | |||||||||||||||
Other (income) expense, net | 10 | (11) | ||||||||||||||
Total other expense (income) | 10 | (11) | 2 | |||||||||||||
(Loss) income from continuing operations before income tax | (305) | (248) | 210 | (152) | (1,033) | |||||||||||
Income tax expense (benefit) | 1 | |||||||||||||||
(Loss) income from continuing operations | (305) | (249) | 210 | (152) | (1,033) | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (305) | (249) | 210 | (152) | (1,033) | |||||||||||
Mechanical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | 36,452 | 44,770 | 37,754 | 122,593 | 145,910 | 141,060 | ||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 30,979 | 38,858 | 28,869 | 113,853 | 122,769 | 106,735 | ||||||||||
Mechanical Solutions | Previously reported | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | 58,010 | 59,171 | 38,931 | 222,250 | 208,194 | |||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 46,175 | 47,588 | 29,060 | 177,144 | 160,983 | |||||||||||
Mechanical Solutions | Reclassification adjustment for conformity with current presentation | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | (16,735) | (20,144) | (15,370) | (70,184) | (60,258) | |||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | (13,730) | (16,393) | (12,367) | (60,448) | (45,922) | |||||||||||
Mechanical Solutions | Percent Complete | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | (4,563) | 5,962 | 14,326 | (4,925) | (4,976) | |||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | (5,622) | 2,310 | 19,616 | 1,007 | (10,179) | |||||||||||
Mechanical Solutions | Job Costing | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 2,829 | 2,936 | (8,493) | (740) | (929) | |||||||||||
Mechanical Solutions | Warranty | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 1,385 | 3,306 | 250 | 6,697 | 4,043 | |||||||||||
Mechanical Solutions | Total Other | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | (58) | (889) | 803 | (891) | (1,261) | |||||||||||
Mechanical Solutions | Accrual | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 12 | 11 | 110 | 209 | (40) | |||||||||||
Mechanical Solutions | Consolidation | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | (260) | (1,151) | 798 | (1,231) | (2,000) | |||||||||||
Mechanical Solutions | Other | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 190 | 251 | (105) | 131 | 779 | |||||||||||
Electrical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | 16,221 | 22,949 | 22,291 | 93,057 | 77,280 | 48,830 | ||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 15,936 | 20,579 | 19,378 | 94,042 | 72,297 | 40,038 | ||||||||||
Electrical Solutions | Reclassification adjustment for conformity with current presentation | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | 16,735 | 20,144 | 15,370 | 70,184 | 60,258 | |||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 13,725 | 16,386 | 12,369 | 60,438 | 45,963 | |||||||||||
Electrical Solutions | Revenue Recognition completed contract | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | (527) | 2,805 | 6,921 | 7,083 | (11,428) | |||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 366 | (62) | ||||||||||||||
Electrical Solutions | Job Costing | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Products revenue | 13 | 13 | ||||||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | 2,276 | 4,193 | 6,281 | 10,414 | (5,863) | |||||||||||
Electrical Solutions | Warranty | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | (65) | 728 | 1,081 | |||||||||||||
Electrical Solutions | Total Other | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | (2) | |||||||||||||||
Electrical Solutions | Other | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Products cost of revenue | (2) | |||||||||||||||
Services | ||||||||||||||||
Revenues | ||||||||||||||||
Services revenue | 87,118 | 55,568 | 65,951 | 373,353 | 315,863 | 276,024 | ||||||||||
Cost of revenues | ||||||||||||||||
Services cost of revenue | 74,272 | 47,821 | 56,413 | $ 328,511 | 270,653 | 238,331 | ||||||||||
Services | Previously reported | ||||||||||||||||
Revenues | ||||||||||||||||
Services revenue | 87,118 | 55,568 | 65,951 | 316,295 | 276,024 | |||||||||||
Cost of revenues | ||||||||||||||||
Services cost of revenue | $ 74,272 | 46,889 | 57,344 | 270,571 | 238,231 | |||||||||||
Services | Job Costing | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Services revenue | (432) | |||||||||||||||
Cost of revenues | ||||||||||||||||
Services cost of revenue | 261 | |||||||||||||||
Services | Warranty | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Services cost of revenue | (288) | |||||||||||||||
Services | Total Other | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Services cost of revenue | 932 | (931) | 109 | 100 | ||||||||||||
Services | Accrual | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Services cost of revenue | $ 109 | |||||||||||||||
Services | Consolidation | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Services cost of revenue | $ 932 | $ (931) | $ 100 | |||||||||||||
[1] | Excludes depreciation and amortization expense for the years ended December 31, 2015, 2014 and 2013 of $2,470, $1,609 and $1,435 included in cost of revenue, respectively. |
RESTATEMENT (Details 5)
RESTATEMENT (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Apr. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | ||||||||||
Net (loss) income | $ 6 | $ (2,000) | $ 1,771 | $ (229) | $ (223) | $ (78,729) | $ (47,235) | $ 9,438 | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||
Deferred income tax expense (benefit) | 753 | (1,748) | (2,504) | (8,670) | 39,682 | (3,513) | ||||
Depreciation and amortization on plant, property and equipment and intangible assets | 2,423 | 4,825 | 7,503 | 11,072 | 9,935 | 8,264 | ||||
Amortization of deferred financing costs | 56 | 113 | 171 | 253 | 229 | 184 | ||||
Loss on disposals of equipment | (52) | (77) | 301 | 19 | 752 | 15 | ||||
Bad debt expense | 106 | 8 | 72 | 865 | 364 | 103 | ||||
Stock-based compensation | 651 | 1,744 | 2,754 | 3,744 | 3,081 | 4,145 | ||||
Changes in operating assets and liabilities, net of businesses acquired and sold: | ||||||||||
(Increase) decrease in accounts receivable | 23,280 | 19,474 | (21,840) | 20,132 | (23,764) | 9,871 | ||||
(Increase) decrease in inventories | (2,153) | (2,048) | (2,098) | 467 | (1,428) | 1,358 | ||||
(Increase) decrease in costs and estimated earnings in excess of billings | (16,954) | (20,546) | (13,628) | 8,050 | (6,331) | 2,460 | ||||
(Increase) decrease in other current assets | 415 | (515) | 927 | 2,600 | 699 | (2,258) | ||||
(Increase) decrease in other assets | (68) | (47) | (234) | (950) | (608) | (165) | ||||
(Decrease) increase in accounts payable | (11,797) | (6,409) | (5,298) | 2,029 | (6,864) | (14,415) | ||||
Increase (decrease) in accrued and other liabilities | 11,456 | 12,912 | 20,533 | 1,225 | 21,362 | (4,451) | ||||
Increase (decrease) in accrued warranties | (315) | 914 | 1,430 | 1,573 | 2,739 | (968) | ||||
Increase (decrease) in billings in excess of costs and estimated earnings | (7,270) | (9,155) | (4,521) | (1,486) | (3,181) | 10,450 | ||||
Net cash (used in) provided by operating activities | 2,302 | (784) | (16,655) | 6,781 | (10,568) | 20,518 | ||||
Investing activities: | ||||||||||
Acquisitions, net of cash acquired | (725) | (725) | (725) | (7,629) | (725) | (49,451) | ||||
Proceeds from sale of business, net of restricted cash and transaction costs | 306 | |||||||||
Net transfers of restricted cash | 49 | 49 | 120 | (321) | 120 | |||||
Proceeds from sale of equipment | 7 | 171 | 2 | |||||||
Purchase of property, plant and equipment | (753) | (1,139) | (1,932) | (7,316) | (8,087) | (4,934) | ||||
Net cash used in investing activities | (1,429) | (1,815) | (2,537) | (15,259) | (8,521) | (54,077) | ||||
Financing activities: | ||||||||||
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | (490) | (562) | (593) | (429) | (601) | (1,752) | ||||
Debt issuance costs | 8 | 8 | 8 | 8 | (172) | |||||
Dividends paid | (1,551) | (3,089) | (4,721) | (1,589) | (6,141) | (6,246) | ||||
Proceeds from long-term debt | 12,000 | $ 25,000 | 30,000 | 66,000 | 58,000 | 99,000 | 67,000 | |||
Payments of long-term debt | (10,000) | (22,000) | (44,000) | (33,000) | (77,000) | (44,000) | ||||
Net cash provided by financing activities | (33) | 4,357 | 16,694 | 22,982 | 15,266 | 14,830 | ||||
Effect of exchange rate changes on cash | (87) | (139) | (710) | (1,181) | (1,200) | 700 | ||||
Net change in cash and cash equivalents | 753 | 1,619 | (3,208) | 13,323 | (5,023) | (18,029) | ||||
Cash and cash equivalents, beginning of year | $ 10,731 | 15,558 | 14,692 | 13,939 | 8,916 | 13,939 | 13,939 | 8,916 | 13,939 | 31,968 |
Cash and cash equivalents, end of year | 8,916 | 10,731 | 15,558 | 14,692 | 15,558 | 10,731 | 22,239 | 8,916 | 13,939 | |
Cash paid for interest | 3,486 | 1,170 | 566 | |||||||
Cash paid (refunds) for income taxes, net of refunds | 643 | (195) | 3,378 | |||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 44,900 | 21,898 | 44,900 | (4,241) | ||||||
Previously reported | ||||||||||
Operating activities: | ||||||||||
Net (loss) income | 4,524 | 774 | (79) | 695 | 5,219 | 11,149 | 11,785 | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||
Deferred income tax expense (benefit) | (7) | (970) | 778 | 3,331 | (2,051) | |||||
Depreciation and amortization on plant, property and equipment and intangible assets | 2,632 | 5,044 | 7,733 | 10,271 | 8,034 | |||||
Amortization of deferred financing costs | 56 | 113 | 171 | 229 | 184 | |||||
Loss on disposals of equipment | 161 | 635 | ||||||||
Stock-based compensation | 651 | 1,744 | 2,816 | 3,081 | 4,145 | |||||
Changes in operating assets and liabilities, net of businesses acquired and sold: | ||||||||||
(Increase) decrease in accounts receivable | 23,609 | 19,722 | (21,364) | (23,215) | 9,338 | |||||
(Increase) decrease in inventories | (1,843) | (1,980) | (2,207) | (2,035) | 572 | |||||
(Increase) decrease in costs and estimated earnings in excess of billings | (16,705) | (19,691) | (21,984) | (17,797) | 10,410 | |||||
(Increase) decrease in other current assets | 322 | (261) | 1,290 | (1,091) | (2,385) | |||||
(Increase) decrease in other assets | 79 | 157 | 137 | (1,118) | 124 | |||||
(Decrease) increase in accounts payable | (6,165) | (2,431) | 1,043 | (131) | (11,037) | |||||
Increase (decrease) in accrued and other liabilities | 3,730 | (247) | 8,346 | 5,990 | (4,783) | |||||
Increase (decrease) in accrued warranties | (971) | (1,578) | (1,829) | (1,228) | (811) | |||||
Increase (decrease) in billings in excess of costs and estimated earnings | (3,703) | (1,434) | 3,064 | 2,111 | (3,787) | |||||
Net cash (used in) provided by operating activities | 1,606 | (1,117) | (16,626) | (9,818) | 19,738 | |||||
Investing activities: | ||||||||||
Acquisitions, net of cash acquired | (725) | (49,451) | ||||||||
Proceeds from sale of business, net of restricted cash and transaction costs | 306 | |||||||||
Net transfers of restricted cash | 49 | 49 | 120 | 119 | ||||||
Proceeds from sale of equipment | 264 | 174 | 71 | |||||||
Purchase of property, plant and equipment | (796) | (1,236) | (2,162) | (7,632) | (5,196) | |||||
Net cash used in investing activities | (747) | (1,187) | (1,778) | (8,064) | (54,270) | |||||
Financing activities: | ||||||||||
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | (498) | (566) | (571) | (602) | (1,752) | |||||
Debt issuance costs | 8 | 9 | (171) | |||||||
Dividends paid | (1,530) | (3,088) | (4,722) | (6,140) | (6,215) | |||||
Proceeds from long-term debt | 12,000 | 30,000 | 66,000 | 99,000 | 65,000 | |||||
Payments of long-term debt | (10,000) | (22,000) | (44,000) | (77,000) | (42,000) | |||||
Net cash provided by financing activities | (20) | 4,355 | 16,707 | 15,258 | 14,862 | |||||
Effect of exchange rate changes on cash | (88) | (434) | (1,512) | (2,508) | 1,661 | |||||
Net change in cash and cash equivalents | 751 | 1,617 | (3,209) | (5,132) | (18,009) | |||||
Cash and cash equivalents, beginning of year | 10,733 | 15,559 | 14,693 | 13,942 | 8,810 | 13,942 | 13,942 | 8,810 | 13,942 | 31,951 |
Cash and cash equivalents, end of year | 8,810 | 10,733 | 15,559 | 14,693 | 15,559 | 10,733 | 8,810 | 13,942 | ||
Reclassification adjustment for conformity with current presentation | ||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||
Bad debt expense | 106 | 8 | 72 | 364 | 83 | |||||
Changes in operating assets and liabilities, net of businesses acquired and sold: | ||||||||||
(Increase) decrease in accounts receivable | (106) | (8) | (72) | (364) | (83) | |||||
(Increase) decrease in other current assets | (1) | (240) | (314) | (337) | (15) | |||||
(Increase) decrease in other assets | 1 | 1 | 76 | 76 | (2) | |||||
(Decrease) increase in accounts payable | (6,948) | (13,015) | (12,070) | (14,840) | 1,172 | |||||
Increase (decrease) in accrued and other liabilities | 6,948 | 13,254 | 12,308 | 15,101 | (1,155) | |||||
Percent Complete | Prior period adjustments | ||||||||||
Operating activities: | ||||||||||
Net (loss) income | 1,059 | 3,652 | (5,290) | (1,638) | (579) | (5,932) | 5,203 | |||
Changes in operating assets and liabilities, net of businesses acquired and sold: | ||||||||||
(Increase) decrease in inventories | 505 | |||||||||
(Increase) decrease in costs and estimated earnings in excess of billings | 5,290 | 1,638 | 579 | 5,427 | (5,203) | |||||
Revenue Recognition completed contract | Prior period adjustments | ||||||||||
Operating activities: | ||||||||||
Net (loss) income | (527) | 2,805 | 6,921 | 9,726 | 9,199 | 6,717 | (11,366) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||
Bad debt expense | 20 | |||||||||
Changes in operating assets and liabilities, net of businesses acquired and sold: | ||||||||||
(Increase) decrease in accounts receivable | (149) | (40) | (281) | 216 | (155) | |||||
(Increase) decrease in other current assets | 167 | 214 | 156 | 349 | (34) | |||||
(Decrease) increase in accounts payable | (50) | (55) | (60) | |||||||
Increase (decrease) in accrued and other liabilities | 50 | 439 | ||||||||
Increase (decrease) in billings in excess of costs and estimated earnings | (6,939) | (9,900) | (9,074) | (7,666) | 11,595 | |||||
Job Costing | Prior period adjustments | ||||||||||
Operating activities: | ||||||||||
Net (loss) income | (5,092) | (7,129) | 2,212 | (4,917) | (10,009) | (10,354) | 6,792 | |||
Changes in operating assets and liabilities, net of businesses acquired and sold: | ||||||||||
(Increase) decrease in accounts receivable | 14 | 14 | ||||||||
(Increase) decrease in inventories | 75 | |||||||||
(Increase) decrease in costs and estimated earnings in excess of billings | (5,902) | (3,971) | 6,162 | 4,539 | (4,883) | |||||
(Increase) decrease in other current assets | 61 | |||||||||
(Decrease) increase in accounts payable | (720) | 6,872 | 3,591 | 6,169 | (2,680) | |||||
Increase (decrease) in accrued and other liabilities | 959 | 103 | (422) | (623) | 276 | |||||
Increase (decrease) in billings in excess of costs and estimated earnings | 3,451 | 1,913 | 664 | 119 | 495 | |||||
Warranty | Prior period adjustments | ||||||||||
Operating activities: | ||||||||||
Net (loss) income | (1,320) | (3,306) | (978) | (4,284) | (5,604) | (7,490) | (4,043) | |||
Changes in operating assets and liabilities, net of businesses acquired and sold: | ||||||||||
(Increase) decrease in costs and estimated earnings in excess of billings | 420 | 1,586 | 1,566 | 1,492 | 1,768 | |||||
(Decrease) increase in accounts payable | 404 | 404 | 404 | 404 | (404) | |||||
Increase (decrease) in accrued warranties | 249 | 2,084 | 2,849 | 3,556 | 274 | |||||
Increase (decrease) in billings in excess of costs and estimated earnings | (95) | 210 | 785 | 2,038 | 2,405 | |||||
Total Other | Prior period adjustments | ||||||||||
Operating activities: | ||||||||||
Net (loss) income | 1,362 | 1,204 | (1,015) | 189 | 1,551 | (41,325) | 1,067 | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||
Deferred income tax expense (benefit) | 760 | (778) | (3,282) | 36,351 | (1,462) | |||||
Depreciation and amortization on plant, property and equipment and intangible assets | (209) | (219) | (230) | (336) | 230 | |||||
Loss on disposals of equipment | (52) | (77) | 140 | 117 | 15 | |||||
Stock-based compensation | (62) | |||||||||
Changes in operating assets and liabilities, net of businesses acquired and sold: | ||||||||||
(Increase) decrease in accounts receivable | (74) | (200) | (137) | (415) | 771 | |||||
(Increase) decrease in inventories | (310) | (68) | 109 | 27 | 786 | |||||
(Increase) decrease in costs and estimated earnings in excess of billings | (57) | (108) | 49 | 8 | 368 | |||||
(Increase) decrease in other current assets | (73) | (228) | (205) | 1,717 | 176 | |||||
(Increase) decrease in other assets | (148) | (205) | (447) | 434 | (287) | |||||
(Decrease) increase in accounts payable | 1,632 | 1,761 | 1,784 | 1,589 | (1,406) | |||||
Increase (decrease) in accrued and other liabilities | (181) | (198) | 251 | 455 | 1,211 | |||||
Increase (decrease) in accrued warranties | 407 | 408 | 410 | 411 | (431) | |||||
Increase (decrease) in billings in excess of costs and estimated earnings | 16 | 56 | 40 | 217 | (258) | |||||
Net cash (used in) provided by operating activities | 696 | 333 | (29) | (750) | 780 | |||||
Investing activities: | ||||||||||
Acquisitions, net of cash acquired | (725) | (725) | (725) | |||||||
Net transfers of restricted cash | 1 | |||||||||
Proceeds from sale of equipment | (264) | (3) | (69) | |||||||
Purchase of property, plant and equipment | 43 | 97 | 230 | (455) | 262 | |||||
Net cash used in investing activities | (682) | (628) | (759) | (457) | 193 | |||||
Financing activities: | ||||||||||
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | 8 | 4 | (22) | 1 | ||||||
Debt issuance costs | (1) | 8 | 8 | (1) | ||||||
Dividends paid | (21) | (1) | 1 | (1) | (31) | |||||
Proceeds from long-term debt | 2,000 | |||||||||
Payments of long-term debt | (2,000) | |||||||||
Net cash provided by financing activities | (13) | 2 | (13) | 8 | (32) | |||||
Effect of exchange rate changes on cash | 1 | 295 | 802 | 1,308 | (961) | |||||
Net change in cash and cash equivalents | 2 | 2 | 1 | 109 | (20) | |||||
Cash and cash equivalents, beginning of year | (2) | (1) | (1) | (3) | $ 106 | (3) | (3) | $ 106 | (3) | 17 |
Cash and cash equivalents, end of year | 106 | $ (2) | $ (1) | $ (1) | $ (1) | $ (2) | 106 | $ (3) | ||
Other error correction related to deferred tax assets valuation allowance | Prior period adjustments | ||||||||||
Financing activities: | ||||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 44,900 | |||||||||
Other Error Correction Related Change In Operating Assets And Liabilities Member | Prior period adjustments | ||||||||||
Financing activities: | ||||||||||
Reclassifications from changes in accrued and other liabilities to other current assets, foreign currency translation effect and effect of exchange rates on cash | $ 1,800 | 1,800 | ||||||||
Other error correction related to effect of exchange rate | Prior period adjustments | ||||||||||
Financing activities: | ||||||||||
Effect of exchange rate changes on cash | $ 1,300 |
LIQUIDITY (Details)
LIQUIDITY (Details) $ in Thousands | Jan. 13, 2017USD ($) | Dec. 22, 2016USD ($)facility | Jul. 29, 2016USD ($) | Feb. 28, 2017USD ($) | Mar. 31, 2014USD ($) | Apr. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 31, 2017USD ($) |
Revolving credit facility, due | $ 25,000 | $ 31,000 | $ 45,000 | $ 70,000 | $ 45,000 | ||||||||
Proceeds from long-term debt | 12,000 | $ 25,000 | 30,000 | 66,000 | 58,000 | 99,000 | $ 67,000 | ||||||
Proceeds from sale of business | 306 | ||||||||||||
Repayment of debt | $ 10,000 | $ 22,000 | $ 44,000 | $ 33,000 | $ 77,000 | $ 44,000 | |||||||
Subsequent Event | |||||||||||||
Revolving credit facility, due | $ 29,200 | ||||||||||||
Repayment of debt | $ 20,600 | $ 12,200 | $ 4,800 | $ 40,800 | |||||||||
Proceeds | $ 14,800 | ||||||||||||
Sale lease back transaction lease term | 10 years | ||||||||||||
Number of manufacturing facilities sold | facility | 3 | ||||||||||||
Repatriation of cash from subsidiary | $ 8,000 | ||||||||||||
Subsequent Event | Hetsco Inc. | |||||||||||||
Proceeds from sale of business | 23,200 | ||||||||||||
Escrow deposit | $ 1,500 | ||||||||||||
Subsequent Event | TOG Holdings Inc | |||||||||||||
Proceeds from sale of business | 6,000 | ||||||||||||
Escrow deposit | $ 800 | ||||||||||||
Scenario, Forecast [Member] | Subsequent Event | |||||||||||||
Increase in operating expenses | $ 900 |
SUMMARY OF SIGNIFICANT ACCOUN56
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Revenue threshold | item | 175,000 | ||||||
Cash and cash equivalents deposited with financial institutions | $ 22,239 | $ 8,916 | $ 10,731 | $ 15,558 | $ 14,692 | $ 13,939 | $ 31,968 |
Deferred Tax Liabilities Non current | $ 14,982 | 21,697 | |||||
Minimum | |||||||
Vesting period | 1 year | ||||||
Maximum | |||||||
Product warranty term | 3 years | ||||||
Vesting period | 4 years | ||||||
ASU 2015-17 | |||||||
Deferred Tax Liabilities Non current | $ 10,000 | ||||||
Non-U.S. entities | |||||||
Cash and cash equivalents deposited with financial institutions | $ 9,600 |
ACQUISITION (Details)
ACQUISITION (Details) - USD ($) $ in Thousands | Feb. 27, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Allocation of consideration paid for acquisition | ||||
Bargain purchase gain | $ 3,168 | |||
Amortization expense | 5,800 | $ 5,600 | $ 4,400 | |
Siemans eHouse manufacturing operations | ||||
Allocation of consideration paid for acquisition | ||||
Current assets | $ 3,085 | |||
Property, plant and equipment | 9,347 | |||
Total assets acquired | 12,752 | |||
Long-term deferred tax liability | (1,955) | |||
Fair value of net assets acquired | 10,797 | |||
Bargain purchase gain | (3,168) | |||
Aggregate acquisition price | 7,629 | |||
Transaction, due diligence and Integration costs | $ 400 | |||
Siemans eHouse manufacturing operations | Backlog | ||||
Allocation of consideration paid for acquisition | ||||
Identifiable intangible assets | $ 320 | |||
Useful Life | 2 years | |||
Amortization expense | $ 100 |
DISCONTINUED OPERATIONS AND S58
DISCONTINUED OPERATIONS AND SALE OF DELTAK ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Results of discontinued operations | |||||
Revenue | $ 2 | ||||
(Loss) income before income taxes | $ 6 | 484 | |||
Income tax expense | 7 | 205 | |||
(Loss) income from discontinued operations | $ 96 | $ (90) | $ (7) | $ (1) | $ 279 |
PROPERTY, PLANT AND EQUIPMENT59
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Property, Plant and Equipment | |||||
Property, plant and equipment, gross | $ 62,285 | $ 46,738 | |||
Less accumulated depreciation | (28,463) | (23,841) | |||
Property, plant and equipment, net | 33,822 | 22,897 | $ 18,584 | $ 19,607 | $ 20,168 |
Land | |||||
Property, Plant and Equipment | |||||
Property, plant and equipment, gross | 3,122 | 687 | |||
Buildings and improvements | |||||
Property, Plant and Equipment | |||||
Property, plant and equipment, gross | $ 20,135 | 12,053 | |||
Buildings and improvements | Minimum | |||||
Property, Plant and Equipment | |||||
Estimated Useful Lives | 5 years | ||||
Buildings and improvements | Maximum | |||||
Property, Plant and Equipment | |||||
Estimated Useful Lives | 39 years | ||||
Machinery and equipment | |||||
Property, Plant and Equipment | |||||
Property, plant and equipment, gross | $ 21,371 | 17,162 | |||
Machinery and equipment | Minimum | |||||
Property, Plant and Equipment | |||||
Estimated Useful Lives | 3 years | ||||
Machinery and equipment | Maximum | |||||
Property, Plant and Equipment | |||||
Estimated Useful Lives | 12 years | ||||
Furniture and fixtures | |||||
Property, Plant and Equipment | |||||
Property, plant and equipment, gross | $ 14,136 | 11,550 | |||
Furniture and fixtures | Minimum | |||||
Property, Plant and Equipment | |||||
Estimated Useful Lives | 2 years | ||||
Furniture and fixtures | Maximum | |||||
Property, Plant and Equipment | |||||
Estimated Useful Lives | 10 years | ||||
Construction-in-Progress | |||||
Property, Plant and Equipment | |||||
Property, plant and equipment, gross | $ 3,521 | $ 5,286 |
PROPERTY, PLANT AND EQUIPMENT60
PROPERTY, PLANT AND EQUIPMENT (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PROPERTY, PLANT AND EQUIPMENT | |||
Depreciation expense | $ 5.3 | $ 4.3 | $ 3.8 |
Impairment charges | $ 0.6 |
GOODWILL AND OTHER INTANGIBLE61
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in goodwill allocated to reportable segments | ||
Goodwill, Beginning Balance | $ 87,913 | $ 87,913 |
Impairment | (37,594) | 0 |
Goodwill, Ending Balance | 50,319 | 87,913 |
Mechanical Solutions | ||
Changes in goodwill allocated to reportable segments | ||
Goodwill, Beginning Balance | 26,016 | 26,016 |
Impairment | (23,284) | |
Goodwill, Ending Balance | 2,732 | 26,016 |
Electrical Solutions | ||
Changes in goodwill allocated to reportable segments | ||
Goodwill, Beginning Balance | 13,501 | 13,501 |
Impairment | (13,501) | |
Goodwill, Ending Balance | 13,501 | |
Services | ||
Changes in goodwill allocated to reportable segments | ||
Goodwill, Beginning Balance | 48,396 | 48,396 |
Impairment | (809) | |
Goodwill, Ending Balance | $ 47,587 | $ 48,396 |
GOODWILL AND OTHER INTANGIBLE62
GOODWILL AND OTHER INTANGIBLE ASSETS (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Gross Carrying Amount | $ 60,866 | $ 70,116 | |||
Accumulated Amortization | (16,863) | (11,046) | |||
Total | 44,003 | 59,070 | $ 60,433 | $ 61,833 | $ 63,243 |
Backlog | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Gross Carrying Amount | 320 | ||||
Accumulated Amortization | (145) | ||||
Total | $ 175 | ||||
Backlog | Weighted Average | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Weighted Average Amortization Years | 1 year 1 month 6 days | ||||
Trade Names | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Indefinite lived intangible assets | $ 19,030 | 28,600 | |||
Customer Relationships | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Gross Carrying Amount | 39,570 | 39,570 | |||
Accumulated Amortization | (14,963) | (9,917) | |||
Total | $ 24,607 | $ 29,653 | |||
Customer Relationships | Weighted Average | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Weighted Average Amortization Years | 7 years 8 months 12 days | 7 years 8 months 12 days | |||
Non-compete agreements | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Gross Carrying Amount | $ 1,946 | $ 1,946 | |||
Accumulated Amortization | (1,755) | (1,129) | |||
Total | $ 191 | $ 817 | |||
Non-compete agreements | Weighted Average | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Weighted Average Amortization Years | 5 years | 5 years |
GOODWILL AND OTHER INTANGIBLE63
GOODWILL AND OTHER INTANGIBLE ASSETS (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amortization of Intangible Assets | $ 5,800 | $ 5,600 | $ 4,400 |
Estimated future aggregate amortization expense of intangible assets | |||
2,016 | 5,824 | ||
2,017 | 5,552 | ||
2,018 | 5,198 | ||
2,019 | 4,808 | ||
2,020 | 2,660 | ||
Thereafter | 931 | ||
Total | 24,973 | ||
Goodwill and Intangible Impairment | 47,200 | 0 | |
Goodwill impairment | 37,594 | 0 | |
Trade Names | |||
Estimated future aggregate amortization expense of intangible assets | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 9,600 | $ 0 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2014 | Aug. 31, 2014 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)contract | Aug. 31, 2015EUR (€) | Jan. 31, 2015EUR (€) | |
Derivative Liability [Abstract] | ||||||
Fair value liability | $ 1,331 | |||||
Level 2 | ||||||
Derivative Liability [Abstract] | ||||||
Fair value liability | $ 1,331 | |||||
Foreign Exchange Contract | ||||||
Financial instruments | ||||||
Number of contracts outstanding | contract | 2 | |||||
Notional Amount | $ 23,371 | |||||
Derivative Liability [Abstract] | ||||||
Fair value liability | 1,331 | |||||
Foreign Exchange Contract | Long | ||||||
Financial instruments | ||||||
Notional Amount | 19,071 | |||||
Foreign Exchange Contract | Short | ||||||
Financial instruments | ||||||
Notional Amount | 4,300 | |||||
Foreign Exchange Contract | Level 2 | ||||||
Derivative Liability [Abstract] | ||||||
Fair value liability | $ 1,331 | |||||
Foreign Exchange Contract | Derivatives designated as hedging instruments | ||||||
Financial instruments | ||||||
Derivative, Term of Contract | 1 year | |||||
Contracted exchange rate | 1.3266 | |||||
Percentage of hedge effectiveness | 100.00% | |||||
Hedged Foreign Currency Exposure | € | € 3.2 | |||||
Foreign Exchange Contract | Derivatives designated as hedging instruments | USD | ||||||
Financial instruments | ||||||
Number of contracts outstanding | contract | 1 | |||||
Notional Amount | $ 4,300 | |||||
Foreign Exchange Contract | Derivatives designated as hedging instruments | USD | Short | ||||||
Financial instruments | ||||||
Notional Amount | 4,300 | |||||
Foreign Exchange Contract | Derivatives designated as hedging instruments | Other (income) expense, (net) | ||||||
Derivative, Gain (Loss) on Derivative, Net [Abstract] | ||||||
Amount of (Income) Loss Recognized in Income on Derivative | $ (117) | 375 | ||||
Foreign Exchange Contract | Derivatives designated as hedging instruments | Other Current Liabilities | ||||||
Derivative Liability [Abstract] | ||||||
Fair value liability | $ 369 | |||||
Foreign Exchange Contract | Not Designated as Hedging Instruments | ||||||
Financial instruments | ||||||
Derivative, Term of Contract | 3 months | |||||
Contracted exchange rate | 1.2743 | |||||
Hedged Foreign Currency Exposure | € | € 15 | |||||
Foreign Exchange Contract | Not Designated as Hedging Instruments | EUR | ||||||
Financial instruments | ||||||
Number of contracts outstanding | contract | 1 | |||||
Notional Amount | $ 19,071 | |||||
Foreign Exchange Contract | Not Designated as Hedging Instruments | EUR | Long | ||||||
Financial instruments | ||||||
Notional Amount | 19,071 | |||||
Foreign Exchange Contract | Not Designated as Hedging Instruments | Other (income) expense, (net) | ||||||
Derivative, Gain (Loss) on Derivative, Net [Abstract] | ||||||
Amount of (Income) Loss Recognized in Income on Derivative | $ 511 | 962 | ||||
Foreign Exchange Contract | Not Designated as Hedging Instruments | Other Current Liabilities | ||||||
Derivative Liability [Abstract] | ||||||
Fair value liability | $ 962 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income before income taxes | ||||||
Domestic | $ (85,905) | $ (11,690) | $ 2,701 | |||
Foreign | 230 | 6,117 | 4,618 | |||
Income (loss) from continuing operations | $ (27) | $ (3,088) | $ 2,795 | (85,675) | (5,573) | 7,319 |
Income (loss) from discontinued operations | 6 | 484 | ||||
Income (loss) before income tax | $ (85,675) | $ (5,567) | $ 7,803 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | ||||||
Federal | ||||||
State | 54 | (391) | (294) | |||
Foreign | 1,670 | 2,377 | 2,172 | |||
Total current | 1,724 | 1,986 | 1,878 | |||
Deferred: | ||||||
Federal | (6,808) | 37,567 | (3,251) | |||
State | (636) | 2,681 | 589 | |||
Foreign | (1,226) | (566) | (851) | |||
Total deferred | $ 753 | $ (1,748) | $ (2,504) | (8,670) | 39,682 | (3,513) |
Income tax expense (benefit) | $ (6,946) | $ 41,668 | $ (1,635) |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
INCOME TAXES | ||||||
Continuing operations | $ 63 | $ (1,178) | $ 1,017 | $ (6,946) | $ 41,661 | $ (1,840) |
Discontinued operations | 7 | 205 | ||||
Income tax expense (benefit) | $ (6,946) | $ 41,668 | $ (1,635) |
INCOME TAXES (Details 4)
INCOME TAXES (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Amount | |||||||
Tax (benefit) expense computed at the maximum U.S. statutory rate, amount | $ (29,986) | $ (1,951) | $ 2,562 | ||||
Difference resulting from state income taxes, net of federal income tax benefits, amount | (2,987) | (759) | 7 | ||||
Foreign tax rate differences, amount | 162 | (599) | (459) | ||||
Non-deductible business acquisition costs, amount | 277 | ||||||
Non-deductible expenses, other, amount | (605) | 567 | 378 | ||||
Goodwill Impairment, amount | 1,882 | ||||||
Deemed foreign dividends, amount | 1,725 | 101 | |||||
Change in net operating loss carryforward | 75 | (655) | |||||
Change in valuation allowance, amount | $ 44,900 | 21,898 | 44,900 | (4,241) | |||
Change in accrual for uncertain tax positions, amount | (106) | 361 | 202 | ||||
Change in foreign tax credits, amount | (754) | 257 | 8 | ||||
Change in unremitted foreign earnings, amount | 2,299 | ||||||
Other, net, amount | (549) | (460) | (675) | ||||
Income tax expense (benefit) | $ 63 | $ (1,178) | $ 1,017 | $ (6,946) | $ 41,661 | $ (1,840) | |
Effective Income Tax Rate Reconciliation, Percent | |||||||
Tax (benefit) expense computed at the maximum U.S. statutory rate, percentage | 35.00% | 35.00% | 35.00% | ||||
Difference resulting from state income taxes, net of federal income tax benefits, percentage | 3.50% | 13.60% | 0.10% | ||||
Foreign tax rate differences, percentage | (0.20%) | 10.70% | (6.30%) | ||||
Non-deductible business acquisition costs, percentage | 0.00% | 0.00% | 3.80% | ||||
Non-deductible expenses, other, percentage | 0.70% | (10.20%) | 5.20% | ||||
Goodwill Impairment, percentage | (2.20%) | 0.00% | 0.00% | ||||
Deemed foreign dividends, percentage | (2.00%) | 0.00% | 1.40% | ||||
Change in net operating loss carryforward, percentage | (0.10%) | 11.80% | 0.00% | ||||
Change in valuation allowance, percentage | (25.60%) | (805.70%) | (57.90%) | ||||
Change in accrual for uncertain tax positions, percentage | 0.10% | (6.50%) | 2.80% | ||||
Change in foreign tax credits, percentage | 0.90% | (4.60%) | 0.10% | ||||
Change in unremitted foreign earnings, percentage | (2.70%) | 0.00% | 0.00% | ||||
Other, net, percentage | 0.70% | 8.30% | (9.30%) | ||||
Total, percentage | 8.10% | (747.60%) | (25.10%) |
INCOME TAXES (Details 5)
INCOME TAXES (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | |
Assets: | |||||
Cost in excess of identifiable net assets of business acquired | $ 1,182 | $ 5,416 | $ 1,182 | ||
Reserves and other accruals | 6,084 | 6,945 | 6,084 | ||
Tax credit carryforwards | 10,674 | 12,079 | 10,674 | ||
Accrued compensation and benefits | 5,626 | 4,297 | 5,626 | ||
State net operating loss carryforwards | 3,262 | 5,087 | 3,262 | ||
Federal net operating loss carryforwards | 21,775 | 40,705 | 21,775 | ||
Other | 623 | 985 | 623 | ||
Total | 49,226 | 75,514 | 49,226 | ||
Liabilities: | |||||
Indefinite-lived intangibles | (21,803) | (15,940) | (21,803) | ||
Undistributed foreign earnings | (2,299) | $ (2,300) | |||
Property and equipment | (1,372) | (2,611) | (1,372) | ||
Net deferred tax assets | 26,051 | 54,664 | 26,051 | ||
Valuation allowance for net deferred tax assets | (47,748) | (69,646) | (47,748) | ||
Net deferred tax liability after valuation allowance | 21,697 | 14,982 | 21,697 | ||
Additional valuation allowances | $ 44,900 | 21,898 | $ 44,900 | $ (4,241) | |
Amount of future financial taxable income needed to realize deferred tax assets | 165,900 | ||||
Excess tax benefit | $ 3,400 |
INCOME TAXES (Details 6)
INCOME TAXES (Details 6) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Federal. | |
Operating Loss Carryforwards | |
Net operating loss carryforwards | $ 130.9 |
Federal. | Minimum | |
Operating Loss Carryforwards | |
Expiration date | Jan. 1, 2026 |
Federal. | Maximum | |
Operating Loss Carryforwards | |
Expiration date | Dec. 31, 2035 |
State | |
Operating Loss Carryforwards | |
Net operating loss carryforwards | $ 161 |
State | Minimum | |
Operating Loss Carryforwards | |
Expiration date | Jan. 1, 2016 |
State | Maximum | |
Operating Loss Carryforwards | |
Expiration date | Dec. 31, 2035 |
Foreign | |
Operating Loss Carryforwards | |
Net operating loss carryforwards | $ 1.2 |
Expiration date | Jan. 1, 2017 |
Tax credit carryforward | $ 9.6 |
Foreign | Minimum | |
Operating Loss Carryforwards | |
Expiration date | Jan. 1, 2016 |
Foreign | Maximum | |
Operating Loss Carryforwards | |
Expiration date | Dec. 31, 2025 |
INCOME TAXES (Details 7)
INCOME TAXES (Details 7) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | |
Valuation Allowance | |||||
Remaining valuation allowances | $ 47,748 | $ 69,646 | $ 47,748 | ||
Additional valuation allowances | $ 44,900 | 21,898 | $ 44,900 | $ (4,241) | |
Loan from European operations | $ 5,000 | ||||
Undistributed Earnings of the Foreign Subsidiaries | 2,400 | 14,300 | |||
Deferred tax liability, undistributed foreign earnings | $ 2,299 | $ 2,300 | |||
Operating Loss Carryforward Valuation Allowance | State | |||||
Valuation Allowance | |||||
Remaining valuation allowances | 600 | ||||
Operating Loss Carryforward Valuation Allowance | Foreign | |||||
Valuation Allowance | |||||
Remaining valuation allowances | 2,200 | ||||
Potential release of valuation allowance | $ 4,600 |
INCOME TAXES (Details 8)
INCOME TAXES (Details 8) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | |
Reconciliation of the total amounts of unrecognized tax benefits | ||||
Unrecognized tax benefits at January 1 | $ 4,631 | $ 4,673 | $ 4,149 | |
Change in unrecognized tax benefits taken during a prior period | 0 | 580 | ||
Change in unrecognized tax benefits during the current period | 38 | 134 | (20) | |
Reductions to unrecognized tax benefits from lapse of statutes of limitations | (154) | (176) | (36) | |
Unrecognized tax benefits at December 31 | 4,515 | 4,631 | 4,673 | |
Unrecognized tax benefits that would affect the effective tax rate | 500 | 700 | $ 600 | |
Maximum uncertain tax positions expected to lapse in 2016 | $ 300 | |||
Interest and Penalties Related to Uncertain Income Tax Positions | $ 2,500 | $ 2,500 | ||
Federal | ||||
Reconciliation of the total amounts of unrecognized tax benefits | ||||
Open tax years for examination | 2,006 | |||
Mexico. | ||||
Reconciliation of the total amounts of unrecognized tax benefits | ||||
Open tax years for examination | 2,010 | |||
China | ||||
Reconciliation of the total amounts of unrecognized tax benefits | ||||
Open tax years for examination | 2,007 | |||
The Netherlands | ||||
Reconciliation of the total amounts of unrecognized tax benefits | ||||
Open tax years for examination | 2,012 |
UNCOMPLETED CONTRACTS (Details)
UNCOMPLETED CONTRACTS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Costs, earnings and billings related to uncompleted contracts | |||||
Costs incurred on uncompleted contracts | $ 462,886 | $ 428,084 | |||
Earnings recognized on uncompleted contracts | 55,985 | 69,482 | |||
Total | 518,871 | 497,566 | |||
Less - billings to date | (483,478) | (456,184) | |||
Net | 35,393 | 41,382 | |||
Costs and estimated earnings in excess of billings | 45,491 | 53,092 | $ 61,315 | $ 69,106 | $ 65,602 |
Billings in excess of costs and estimated earnings | $ (10,098) | $ (11,710) | $ (10,382) | $ (5,783) | $ (7,663) |
DEBT (Details)
DEBT (Details) | Jun. 13, 2008EUR (€)entity | Mar. 31, 2014USD ($) | Apr. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 17, 2013USD ($) | Feb. 21, 2012USD ($) |
Credit Facilities | ||||||||||
Long-term debt | $ 25,000,000 | $ 31,000,000 | $ 45,000,000 | $ 70,000,000 | $ 45,000,000 | |||||
Proceeds from long-term debt | 12,000,000 | $ 25,000,000 | 30,000,000 | 66,000,000 | 58,000,000 | 99,000,000 | $ 67,000,000 | |||
Repayment of revolving credit facility | 10,000,000 | 22,000,000 | 44,000,000 | 33,000,000 | 77,000,000 | 44,000,000 | ||||
Amount of interest expense associated with amortization of deferred financing costs | 300,000 | 200,000 | 200,000 | |||||||
Amortization of deferred financing costs | $ 56,000 | $ 113,000 | $ 171,000 | 253,000 | 229,000 | $ 184,000 | ||||
Unamortized deferred financing fees | 300,000 | $ 500,000 | ||||||||
Revolving Credit Facility | ||||||||||
Credit Facilities | ||||||||||
Maximum Borrowing Capacity | 85,000,000 | $ 150,000,000 | $ 100,000,000 | |||||||
Long-term debt | 70,000,000 | |||||||||
Proceeds from long-term debt | 58,000,000 | |||||||||
Repayment of revolving credit facility | $ 33,000,000 | |||||||||
Weighted-average interest rate on Revolving Credit Facility borrowings | 5.00% | |||||||||
Amount available under revolving credit facility | $ 5,200,000 | |||||||||
Unused line fee (as a percent) | 0.75% | |||||||||
Letters of credit | ||||||||||
Credit Facilities | ||||||||||
Maximum Borrowing Capacity | $ 15,000,000 | |||||||||
Interest rate on letters of credit issued under the revolving letter of credit sublimit | 8.50% | |||||||||
Stand-by letters of credit | ||||||||||
Credit Facilities | ||||||||||
Proceeds from long-term debt | $ 0 | |||||||||
Stand-by letters of credit | U.S. | ||||||||||
Credit Facilities | ||||||||||
Outstanding letter of credit | 9,800,000 | |||||||||
Stand-by letters of credit | Non-U.S. entities | ||||||||||
Credit Facilities | ||||||||||
Outstanding letter of credit | 10,800,000 | |||||||||
ABN AMRO Credit Facility [Member] | ||||||||||
Credit Facilities | ||||||||||
Maximum Borrowing Capacity | € | € 14,000,000 | |||||||||
Long-term debt | 0 | |||||||||
Unused line fee (as a percent) | 0.25% | |||||||||
Current interest rate (as a percent) | 5.95% | |||||||||
Frequency of facility fee | quarter | |||||||||
Number of entities liable under credit facility | entity | 3 | |||||||||
Threshold percentage of adjusted balance sheet total as tangible net worth | 35.00% | |||||||||
ABN AMRO credit facility, overdraft facility | ||||||||||
Credit Facilities | ||||||||||
Maximum Borrowing Capacity | € | € 1,000,000 | |||||||||
ABN AMRO credit facility, contingent liability facility | ||||||||||
Credit Facilities | ||||||||||
Maximum Borrowing Capacity | € | € 13,000,000 | |||||||||
Surety bonds | ||||||||||
Credit Facilities | ||||||||||
Outstanding surety bond | $ 23,800,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Common stock, shares outstanding | 17,261,276 | 17,129,119 | 17,123,608 | 17,071,780 | 17,121,812 | 17,071,780 | 17,123,608 | 17,261,276 | 17,129,119 | ||||
Net Loss (basic and diluted): | |||||||||||||
(Loss) income from continuing operations | $ (17,992) | $ (51,805) | $ (3,898) | $ (5,034) | $ (47,012) | $ (90) | $ (1,910) | $ 1,778 | $ (78,729) | $ (47,234) | $ 9,159 | ||
Loss from discontinued operations | 96 | (90) | (7) | (1) | 279 | ||||||||
Net (loss) income | $ 6 | $ (2,000) | $ 1,771 | $ (229) | $ (223) | $ (78,729) | $ (47,235) | $ 9,438 | |||||
Basic (Loss) Earnings Per Common Share: | |||||||||||||
Weighted Average Common Shares Outstanding | 17,151,810 | 17,005,589 | 16,919,981 | ||||||||||
Basic (loss) earnings per common share from continuing operations (in dollars per share) | $ (1.05) | $ (3.02) | $ (0.23) | $ (0.29) | $ (2.75) | $ (0.01) | $ (0.11) | $ 0.10 | $ (4.59) | $ (2.78) | $ 0.54 | ||
Basic (loss) earnings per common share from discontinued operations (in dollars per share) | 0.02 | ||||||||||||
Basic (loss) earnings per common share (in dollars per share) | $ (4.59) | $ (2.78) | $ 0.56 | ||||||||||
Diluted (Loss) Earnings Per Common Share: | |||||||||||||
Weighted Average Common Shares Outstanding | 17,151,810 | 17,005,589 | 16,919,981 | ||||||||||
Effect of Dilutive Securities: | |||||||||||||
Unvested portion of restricted stock awards (in shares) | 125,114 | ||||||||||||
Weighted Average Common Shares Outstanding Assuming Dilution | 17,151,810 | 17,005,589 | 17,045,095 | ||||||||||
Diluted earnings per common share from continuing operations (in dollars per share) | $ (1.05) | $ (3.02) | $ (0.23) | $ (0.29) | $ (2.75) | $ (0.01) | $ (0.11) | $ 0.10 | $ (4.59) | $ (2.78) | $ 0.54 | ||
Diluted loss per common share from discontinued operations (in dollars per share) | 0.01 | ||||||||||||
Diluted (loss) earnings per common share (in dollars per share) | $ (4.59) | $ (2.78) | $ 0.55 | ||||||||||
Restricted Stock | Service vesting | |||||||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Unvested restricted stock included in reportable shares | 610,756 | 185,412 | 610,756 | 185,412 | |||||||||
Restricted Stock | Service vesting | Director | |||||||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||
Unvested restricted stock included in reportable shares | 68,501 | 50,954 | 68,501 | 50,954 |
EARNINGS PER SHARE (Details 2)
EARNINGS PER SHARE (Details 2) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock | Service vesting | |||
Anti-dilutive shares | 497,371 | 185,412 | 74,210 |
Restricted Stock | Performance And Market Vesting | |||
Anti-dilutive shares | 189,429 | 271,717 | 151,130 |
Stock options | |||
Anti-dilutive shares | 122,000 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May 31, 2015 | |
Stock-based compensation | ||||
Share-based compensation expense | $ 3,700 | $ 3,100 | $ 4,100 | |
Related excess tax benefit | 0 | 0 | 0 | |
Restricted Stock | ||||
Stock-based compensation | ||||
Unrecognized compensation expense related to unvested restricted stock award | $ 3,300 | |||
Weighted average period | 1 year 10 months 28 days | |||
Fair value of share vested | $ 2,600 | $ 2,000 | $ 6,000 | |
Weighted average grant date fair value | $ 9.06 | $ 20.94 | $ 18.05 | |
2015 plan | Restricted Stock | ||||
Stock-based compensation | ||||
Shares available for future stock based award to employees and directors | 857,500 | |||
Issuance of shares of stock award to employees and directors | 1,000,000 | |||
Outside of 2015 Plan | Restricted Stock | ||||
Stock-based compensation | ||||
Granted (in shares) | 140,000 |
STOCK-BASED COMPENSATION (Det78
STOCK-BASED COMPENSATION (Details 2) - Restricted Stock - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted-Average Grant Date Fair Value per Share | ||
Unvested restricted stock at the beginning of the period (in dollars per share) | $ 20.94 | $ 18.05 |
Unvested restricted stock at the end of the period (in dollars per share) | $ 9.06 | $ 20.94 |
Service vesting | ||
Number of Shares | ||
Unvested restricted units at the beginning of the period (in shares) | 185,412 | |
Granted (in shares) | 430,071 | |
Converted to service-based | (190,312) | |
Vesting (in shares) | (132,025) | |
Forfeited (in shares) | (63,014) | |
Unvested restricted units at the end of the period (in shares) | 610,756 | 185,412 |
Weighted-Average Grant Date Fair Value per Share | ||
Unvested restricted stock at the beginning of the period (in dollars per share) | $ 19.89 | |
Granted (in dollars per share) | 9.34 | |
Vested (in dollars per share) | 17.27 | |
Converted to service-based (in dollars per share) | 8.07 | |
Forfeited (in dollars per share) | 20.07 | |
Unvested restricted stock at the end of the period (in dollars per share) | $ 9.33 | $ 19.89 |
Service vesting | Maximum | ||
Weighted-Average Grant Date Fair Value per Share | ||
Vesting period | 4 years | |
Service vesting | Minimum | ||
Weighted-Average Grant Date Fair Value per Share | ||
Vesting period | 2 years | |
Modified service vesting | ||
Weighted-Average Grant Date Fair Value per Share | ||
Vesting period | 3 years | |
Performance Vesting | ||
Number of Shares | ||
Unvested restricted units at the beginning of the period (in shares) | 141,135 | |
Granted (in shares) | 205,545 | |
Converted to service-based | (190,312) | |
Vesting (in shares) | (10,615) | |
Forfeited (in shares) | (47,148) | |
Unvested restricted units at the end of the period (in shares) | 98,605 | 141,135 |
Weighted-Average Grant Date Fair Value per Share | ||
Unvested restricted stock at the beginning of the period (in dollars per share) | $ 18.06 | |
Granted (in dollars per share) | 8.45 | |
Vested (in dollars per share) | 17.92 | |
Converted to service-based (in dollars per share) | 8.07 | |
Forfeited (in dollars per share) | 17.62 | |
Unvested restricted stock at the end of the period (in dollars per share) | $ 17.75 | $ 18.06 |
Restricted stock performance units deemed not probable to vest at the end of performance period | 98,605 | |
Vesting period | 3 years | |
Performance Vesting | Maximum | ||
Weighted-Average Grant Date Fair Value per Share | ||
Share-based threshold for shares to be granted (as a percent) | 200.00% | |
Performance Vesting | Minimum | ||
Weighted-Average Grant Date Fair Value per Share | ||
Share-based threshold for shares to be granted (as a percent) | 0.00% | |
Market-based vesting | ||
Number of Shares | ||
Unvested restricted units at the beginning of the period (in shares) | 130,582 | |
Granted (in shares) | 0 | 83,957 |
Vesting (in shares) | (5,000) | |
Forfeited (in shares) | (34,758) | |
Unvested restricted units at the end of the period (in shares) | 90,824 | 130,582 |
Weighted-Average Grant Date Fair Value per Share | ||
Unvested restricted stock at the beginning of the period (in dollars per share) | $ 20.61 | |
Granted (in dollars per share) | $ 25.32 | |
Vested (in dollars per share) | 25.71 | |
Forfeited (in dollars per share) | 20.33 | |
Unvested restricted stock at the end of the period (in dollars per share) | $ 20.43 | $ 20.61 |
Market-based vesting | Maximum | ||
Weighted-Average Grant Date Fair Value per Share | ||
Share-based threshold for shares to be granted (as a percent) | 200.00% | |
Market-based vesting | Minimum | ||
Weighted-Average Grant Date Fair Value per Share | ||
Share-based threshold for shares to be granted (as a percent) | 0.00% |
STOCK-BASED COMPENSATION (Det79
STOCK-BASED COMPENSATION (Details 3) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock | Market-based vesting | ||
Assumptions used to estimate the fair value of market-based restricted stock awards granted | ||
Expected volatility, minimum | 31.60% | |
Expected volatility, maximum | 34.74% | |
Expected dividend yield | 0.00% | |
Risk-free interest rate, minimum | 0.69% | |
Risk-free interest rate, maximum | 0.79% | |
Weighted average fair value price per share (in dollars per share) | $ 25.32 | |
Restricted Stock | Market-based vesting | Maximum | ||
Assumptions used to estimate the fair value of market-based restricted stock awards granted | ||
Expected term (years) | 2 years 9 months | |
Restricted Stock | Market-based vesting | Minimum | ||
Assumptions used to estimate the fair value of market-based restricted stock awards granted | ||
Expected term (years) | 2 years 4 months 6 days | |
Chief Executive Officer | Stock options | ||
Assumptions used to estimate the fair value of market-based restricted stock awards granted | ||
Expected term (years) | 2 years 8 months 12 days | |
Expected volatility | 33.60% | |
Expected dividend yield | 2.60% | |
Risk-free interest rate | 0.83% |
STOCK-BASED COMPENSATION (Det80
STOCK-BASED COMPENSATION (Details 4) - Stock options - Chief Executive Officer - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term | 5 years | ||
Options | |||
Granted (in shares) | 122,000 | 0 | 0 |
Outstanding at end of the year (in shares) | 122,000 | ||
Exercisable (in shares) | 102,000 | ||
Weighted-Average Exercise Price | |||
Granted (in dollars per share) | $ 13.85 | ||
Outstanding at end of the year (in dollars per share) | 13.85 | ||
Exercisable (in dollars per share) | $ 13.85 | ||
Weighted-Average Remaining Contract Term | |||
Outstanding at end of the year (in years) | 4 years 7 months 15 days | ||
Exercisable (in years) | 4 years 7 months 15 days | ||
Weighted average fair value of stock option on the date of grant | $ 2.58 | ||
Immediate vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested (in shares) | 32,000 | ||
Remaining vesting ratable over ten month | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested (in shares) | 90,000 | ||
Vesting period | 10 months |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Contribution Plan | |||
Defined Contribution Plan 401(k) | $ | $ 2 | $ 1.4 | $ 1.3 |
Minimum | |||
Multiemployer Pension Plans | |||
Number of union multiemployer pension plans | item | 150 |
EMPLOYEE BENEFIT PLANS (Detai82
EMPLOYEE BENEFIT PLANS (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Participation in the multiemployer pension plans | |||
Contributions by Global Power | $ 16,419 | $ 14,478 | $ 13,298 |
AFL-AGC Building Trades Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 636,055,108 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 224 | $ 135 | 215 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Jul. 31, 2020 | ||
Asbestos Workers Local No. 55 Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 630,474,674 | ||
Multiemployer Plans, Certified Zone Status | Green | Yellow | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 125 | $ 96 | 242 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Jul. 31, 2020 | ||
Boilermaker-Blacksmith National Pension Trust | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 486,168,020 | ||
Multiemployer Plans, Certified Zone Status | Yellow | Yellow | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 2,729 | $ 3,227 | 1,824 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2015 | ||
Bricklayers and Allied Craftworkers local #2 Albany, NY Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 146,075,802 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 0 | $ 2 | 0 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Aug. 17, 2016 | ||
Carpenters Pension Trust Fund - Detroit & Vicinity | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 386,242,188 | ||
Multiemployer Plans, Certified Zone Status | Red | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 0 | $ 13 | 17 |
Multiemployer Plans, Surcharge | No | ||
Central New York Laborers Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 156,016,579 | ||
Multiemployer Plans, Certified Zone Status | Red | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 0 | $ 224 | 6 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Aug. 17, 2016 | ||
Central New York Painters & Allied Trades Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 516,079,700 | ||
Multiemployer Plans, Certified Zone Status | Red | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 4 | $ 14 | 14 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Aug. 17, 2016 | ||
Central Pension Fund of the IUOE and Participating Employers | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 366,052,390 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 253 | $ 378 | 326 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2015 | ||
Central States, Southeast, and Southwest Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 366,044,243 | ||
Multiemployer Plans, Certified Zone Status | Other | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 252 | $ 248 | 226 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2015 | ||
Chicago Painters & Decorators Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 516,030,238 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 0 | $ 9 | 46 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Oct. 2, 2016 | ||
Empire State Carpenters Pension Plan | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 111,991,772 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 8 | $ 158 | 0 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Aug. 17, 2016 | ||
Excavators Union Local 731 Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 131,809,825 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 217 | $ 210 | 226 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Jun. 30, 2016 | ||
IBEW Local 1579 Pension Plan | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 581,254,974 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 700 | $ 710 | 470 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Jul. 31, 2020 | ||
IBEW Local 43 & Electrical Contractors Pension | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 166,153,389 | ||
Multiemployer Plans, Certified Zone Status | Yellow | Yellow | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 0 | $ 61 | 0 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Aug. 17, 2016 | ||
IBEW Local Union No. 1392 Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 356,244,875 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 0 | $ 0 | 0 |
Multiemployer Plans, Surcharge | No | ||
Insulators Local No. 96 Pension Plan | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 586,110,889 | ||
Multiemployer Plans, Certified Zone Status | Yellow | Yellow | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 170 | $ 258 | 180 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Jul. 31, 2020 | ||
Iron Workers District Council of Tennessee Valley & Vicinity Pension Plan | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 626,098,036 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 261 | $ 93 | 101 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Nov. 30, 2016 | ||
Iron Workers Local No. 16 Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 526,148,924 | ||
Multiemployer Plans, Certified Zone Status | Other | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 0 | $ 0 | 21 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Oct. 2, 2016 | ||
IUPAT Industry Pension Plan | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 526,073,909 | ||
Multiemployer Plans, Certified Zone Status | Yellow | Yellow | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 1,550 | $ 1,438 | 1,855 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2015 | ||
Laborers National Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 751,280,827 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 1,025 | $ 1,292 | 1,404 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2015 | ||
Local 73 Retirement Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 156,016,577 | ||
Multiemployer Plans, Certified Zone Status | Red | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 5 | $ 276 | 0 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Aug. 17, 2016 | ||
National Asbestos Workers Pension Plan | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 526,038,497 | ||
Multiemployer Plans, Certified Zone Status | Red | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 2,065 | $ 1,438 | 793 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2015 | ||
National Electrical Benefits Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 530,181,657 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 945 | $ 477 | 461 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2015 | ||
New York State Teamsters Conference Pension & Retirement Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 166,063,585 | ||
Multiemployer Plans, Certified Zone Status | Red | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 0 | $ 18 | 0 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Aug. 17, 2016 | ||
Northwest Sheet Metal Workers Pension Trust | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 916,061,344 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 104 | $ 30 | 93 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Nov. 1, 2016 | ||
Plumbers & Pipefitters National Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 526,152,779 | ||
Multiemployer Plans, Certified Zone Status | Yellow | Yellow | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 866 | $ 609 | 834 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2015 | ||
Plumbers & Steamfitters Local No. 150 Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 586,116,699 | ||
Multiemployer Plans, Certified Zone Status | Green | Yellow | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 168 | $ 415 | 221 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Jul. 31, 2020 | ||
Plumber & Steamfitters Local Union No. 43 Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 626,101,288 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 861 | $ 251 | 177 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Nov. 30, 2016 | ||
Sheet Metal Workers Local No. 177 Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 626,093,256 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 91 | $ 69 | 37 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Nov. 30, 2016 | ||
Sheet Metal Workers' National Pension Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 526,112,463 | ||
Multiemployer Plans, Certified Zone Status | Yellow | Yellow | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 540 | $ 423 | 511 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2015 | ||
Southern Ironworkers Pension Plan | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 596,227,091 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 211 | $ 244 | 187 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Jul. 31, 2020 | ||
Tri-State Carpenters & Joiners Pension Trust Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 620,976,048 | ||
Multiemployer Plans, Certified Zone Status | Yellow | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 1,236 | $ 1,146 | 1,065 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Nov. 30, 2016 | ||
Pipe Trades Services of MN Pension Plan | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 416,131,800 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 153 | $ 0 | 0 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Aug. 1, 2016 | ||
Upstate New York Engineers Benefit Funds | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 150,614,642 | ||
Multiemployer Plans, Certified Zone Status | Red | Red | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 0 | $ 26 | 0 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Aug. 17, 2016 | ||
Washington State Plumbing & Pipefitting Industry Pension Plan | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 916,029,141 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 251 | $ 33 | 107 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Nov. 1, 2016 | ||
Washington-Idaho Laborers-Employers Pension Trust | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 916,123,988 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 204 | $ 41 | 184 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Nov. 1, 2016 | ||
Washington-Idaho-Montana Carpenters-Employers Retirement Fund | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 916,123,987 | ||
Multiemployer Plans, Certified Zone Status | Yellow | Yellow | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Contributions by Global Power | $ 524 | $ 99 | 557 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Nov. 1, 2016 | ||
Western States Insulators and Allied Workers Pension | |||
Participation in the multiemployer pension plans | |||
EIN/Pension Plan Number | 510,155,190 | ||
Multiemployer Plans, Certified Zone Status | Green | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | ||
Contributions by Global Power | $ 143 | $ 26 | 112 |
Multiemployer Plans, Surcharge | No | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Nov. 1, 2016 | ||
All Others | |||
Participation in the multiemployer pension plans | |||
Contributions by Global Power | $ 534 | $ 291 | $ 786 |
Multiemployer Plans, Surcharge | NA | ||
Minimum | |||
Participation in the multiemployer pension plans | |||
Individual union CBA range | 1 year | ||
Percentage of contributions to plan provided by Global Power | 5.00% | ||
Minimum | IBEW Local Union No. 1392 Pension Fund | |||
Participation in the multiemployer pension plans | |||
Percentage of contributions to plan provided by Global Power | 5.00% | ||
Maximum | |||
Participation in the multiemployer pension plans | |||
Individual union CBA range | 3 years |
COMMITMENTS AND CONTINGENCIES83
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 12 Months Ended | 47 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | |
Minimum monetary damages | $ 150,000 | |||
Loss contingency, liability as percentage of contract value | 20.00% | |||
Rental expense on operating leases | $ 9,500 | $ 7,700 | $ 7,500 | |
Reconciliation of the changes to warranty reserve | ||||
Balance at the beginning of the period | 6,487 | 3,794 | ||
Provision for the period | 8,972 | 4,427 | ||
Settlements made (in cash or in kind) for the period | (7,409) | (1,734) | ||
Balance at the end of the period | 8,050 | 6,487 | 3,794 | |
Future minimum annual lease payments under these noncancellable operating leases | ||||
2,016 | 3,438 | |||
2,017 | 2,512 | |||
2,018 | 1,445 | |||
2,019 | 1,241 | |||
2,020 | 894 | |||
Thereafter | 1,622 | |||
Total | 11,152 | |||
Insurance | ||||
Health and general insurance expenses | 8,600 | $ 10,000 | $ 7,800 | |
Executive severance | 3,000 | |||
Loss Contingency, Percentage Of Liability To Contract Value | 20.00% | |||
Minimum | ||||
Loss contingency, maximum liability | 4,900 | |||
Insurance | ||||
Loss Contingency, Estimate of Possible Loss | 4,900 | |||
Maximum | ||||
Loss contingency, maximum liability | 31,300 | |||
Insurance | ||||
Loss Contingency, Estimate of Possible Loss | 31,300 | |||
Liquidated damages | Maximum | ||||
Loss contingency, maximum liability | $ 33,000 | |||
Insurance | ||||
Loss Contingency, Estimate of Possible Loss | 33,000 | |||
Possible workers compensation claim | ||||
Insurance | ||||
Outstanding letter of credit | $ 2,600 | $ 2,900 |
MAJOR CUSTOMERS AND CONCENTRA84
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK (Details) - Accounts receivable - Credit Concentration Risk | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Siemens Energy, Inc. | ||
Concentration Risk | ||
Concentration risk percentage | 20.00% | 19.00% |
General Electric Company | ||
Concentration Risk | ||
Concentration risk percentage | 14.00% | 19.00% |
Southern Nuclear Operating Company | ||
Concentration Risk | ||
Concentration risk percentage | 11.00% | 18.00% |
MAJOR CUSTOMERS AND CONCENTRA85
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Services | ||||||
Concentration Risk | ||||||
Services revenue | $ 87,118 | $ 55,568 | $ 65,951 | $ 373,353 | $ 315,863 | $ 276,024 |
Revenue. | Customer Concentration Risk | Southern Nuclear Operating Company | ||||||
Concentration Risk | ||||||
Concentration risk percentage | 15.00% | 17.00% | 16.00% | |||
Revenue. | Customer Concentration Risk | Southern Nuclear Operating Company | Services | ||||||
Concentration Risk | ||||||
Services revenue | $ 89,000 | |||||
Revenue. | Customer Concentration Risk | Southern Nuclear Operating Company | Services | Maintenance And Modification Contract | ||||||
Concentration Risk | ||||||
Services revenue | $ 44,100 | |||||
Revenue. | Customer Concentration Risk | Tennessee Valley Authority | ||||||
Concentration Risk | ||||||
Concentration risk percentage | 22.00% | 16.00% | 15.00% | |||
Revenue. | Customer Concentration Risk | Tennessee Valley Authority | Services | ||||||
Concentration Risk | ||||||
Services revenue | $ 92,800 | |||||
Revenue. | Customer Concentration Risk | General Electric Company | ||||||
Concentration Risk | ||||||
Concentration risk percentage | 13.00% | 13.00% | 18.00% | |||
Revenue. | Customer Concentration Risk | Siemens Energy, Inc. | ||||||
Concentration Risk | ||||||
Concentration risk percentage | 12.00% | 12.00% | 11.00% | |||
Revenue. | Customer Concentration Risk | All Others | ||||||
Concentration Risk | ||||||
Concentration risk percentage | 38.00% | 42.00% | 40.00% | |||
Revenue | Customer Concentration Risk | ||||||
Concentration Risk | ||||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% |
OTHER SUPPLEMENTAL INFORMATIO86
OTHER SUPPLEMENTAL INFORMATION (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
OTHER SUPPLEMENTAL INFORMATION | |||||
Accrued workers compensation | $ 1,911 | $ 1,232 | |||
Accrued taxes | 1,486 | 487 | |||
Accrued fabricator expense | 6,896 | 6,043 | |||
Accrued liquidated damages | 6,574 | 1,381 | |||
Contract loss provision | 834 | 506 | |||
Accrued legal and professional fees | 992 | 321 | |||
Accrued interest expense | 576 | 153 | |||
Other accrued expenses | 9,336 | 11,207 | |||
Total | $ 28,605 | $ 21,330 | $ 19,105 | $ 20,587 | $ 15,684 |
OTHER SUPPLEMENTAL INFORMATIO87
OTHER SUPPLEMENTAL INFORMATION (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
OTHER SUPPLEMENTAL INFORMATION | |||||
Uncertain tax liabilities | $ 4,948 | $ 5,098 | |||
Other | 1,132 | 940 | |||
Total | $ 6,080 | $ 6,038 | $ 6,388 | $ 6,190 | $ 5,908 |
OTHER SUPPLEMENTAL INFORMATIO88
OTHER SUPPLEMENTAL INFORMATION (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
General and administrative expenses | |||
Research and development costs | $ 0.3 | $ 0.4 | $ 0.4 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | Dec. 31, 2015segment | Jan. 31, 2015segment | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2015segment | Dec. 31, 2015item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Segment reporting disclosures | |||||||||||||||||
Operating segments | segment | 4 | ||||||||||||||||
Number of business units | 2 | 4 | |||||||||||||||
Number of reportable segments | segment | 3 | 2 | 3 | ||||||||||||||
Revenues | $ 144,424 | $ 124,162 | $ 174,276 | $ 146,141 | $ 149,979 | $ 139,791 | $ 123,287 | $ 125,996 | $ 589,003 | $ 539,053 | $ 465,914 | ||||||
Depreciation and amortization | 2,423 | $ 4,825 | $ 7,503 | 11,072 | 9,935 | 8,264 | |||||||||||
Operating Income (Loss): | (386) | (2,629) | 3,203 | (82,193) | (3,784) | 7,985 | |||||||||||
Interest expense, net | 469 | 354 | 461 | 4,484 | 1,820 | 893 | |||||||||||
Foreign currency (gain) loss | (700) | (33) | (111) | (1,014) | (65) | (199) | |||||||||||
Other (income) expense, net | (128) | 138 | 58 | 12 | 34 | (28) | |||||||||||
(Loss) income from continuing operations before income tax | (27) | (3,088) | 2,795 | (85,675) | (5,573) | 7,319 | |||||||||||
Mechanical Solutions | |||||||||||||||||
Segment reporting disclosures | |||||||||||||||||
Revenues | 36,452 | 44,770 | 37,754 | 122,593 | 145,910 | 141,060 | |||||||||||
Electrical Solutions | |||||||||||||||||
Segment reporting disclosures | |||||||||||||||||
Revenues | 16,221 | 22,949 | 22,291 | 93,057 | 77,280 | 48,830 | |||||||||||
Services | |||||||||||||||||
Segment reporting disclosures | |||||||||||||||||
Services revenue | $ 87,118 | $ 55,568 | $ 65,951 | 373,353 | 315,863 | 276,024 | |||||||||||
Non-allocated corp HQ | |||||||||||||||||
Segment reporting disclosures | |||||||||||||||||
Depreciation and amortization | 861 | 730 | 586 | ||||||||||||||
Operating Income (Loss): | (33,871) | (21,357) | (19,985) | ||||||||||||||
Operating segments | Mechanical Solutions | |||||||||||||||||
Segment reporting disclosures | |||||||||||||||||
Revenues | 123,710 | 149,471 | 141,060 | ||||||||||||||
Depreciation and amortization | 3,002 | 2,829 | 2,871 | ||||||||||||||
Operating Income (Loss): | (32,997) | 5,116 | 17,056 | ||||||||||||||
Operating segments | Electrical Solutions | |||||||||||||||||
Segment reporting disclosures | |||||||||||||||||
Revenues | 93,057 | 77,280 | 48,830 | ||||||||||||||
Depreciation and amortization | 4,051 | 3,228 | 2,506 | ||||||||||||||
Operating Income (Loss): | (27,542) | (3,623) | (2,711) | ||||||||||||||
Operating segments | Services | |||||||||||||||||
Segment reporting disclosures | |||||||||||||||||
Services revenue | 373,353 | 317,408 | 276,677 | ||||||||||||||
Depreciation and amortization | 3,158 | 3,148 | 2,301 | ||||||||||||||
Operating Income (Loss): | 12,217 | 16,080 | 13,625 | ||||||||||||||
Intersegment Revenue Eliminations | |||||||||||||||||
Segment reporting disclosures | |||||||||||||||||
Revenues | (1,117) | (5,106) | (653) | ||||||||||||||
Intersegment Revenue Eliminations | Mechanical Solutions | |||||||||||||||||
Segment reporting disclosures | |||||||||||||||||
Revenues | $ 1,117 | 3,561 | |||||||||||||||
Intersegment Revenue Eliminations | Services | |||||||||||||||||
Segment reporting disclosures | |||||||||||||||||
Services revenue | $ 1,545 | $ 653 |
SEGMENT INFORMATION (Details 2)
SEGMENT INFORMATION (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Segment reporting disclosures | |||||
Total consolidated assets | $ 301,030 | $ 361,643 | $ 389,021 | $ 365,008 | $ 355,664 |
Operating segments | Mechanical Solutions | |||||
Segment reporting disclosures | |||||
Total consolidated assets | 89,545 | 132,645 | |||
Operating segments | Electrical Solutions | |||||
Segment reporting disclosures | |||||
Total consolidated assets | 68,747 | 70,368 | |||
Operating segments | Services | |||||
Segment reporting disclosures | |||||
Total consolidated assets | 122,640 | 152,514 | |||
Non-allocated corp HQ | |||||
Segment reporting disclosures | |||||
Total consolidated assets | $ 20,098 | $ 6,116 |
SEGMENT INFORMATION (Details 3)
SEGMENT INFORMATION (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | $ 144,424 | $ 124,162 | $ 174,276 | $ 146,141 | $ 149,979 | $ 139,791 | $ 123,287 | $ 125,996 | $ 589,003 | $ 539,053 | $ 465,914 |
Mechanical Solutions | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 36,452 | 44,770 | 37,754 | 122,593 | 145,910 | 141,060 | |||||
Mechanical Solutions | Region Revenue Recognized [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 122,593 | 145,910 | 141,060 | ||||||||
Mechanical Solutions | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 122,593 | 145,910 | 141,060 | ||||||||
Mechanical Solutions | U.S. | Region Revenue Recognized [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 93,895 | 102,956 | 100,108 | ||||||||
Mechanical Solutions | U.S. | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 47,482 | 59,425 | 49,784 | ||||||||
Mechanical Solutions | Canada | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 3,362 | 3,239 | 1,832 | ||||||||
Mechanical Solutions | Europe | Region Revenue Recognized [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 27,789 | 39,624 | 37,470 | ||||||||
Mechanical Solutions | Europe | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 3,716 | 12,683 | 10,011 | ||||||||
Mechanical Solutions | Mexico | Region Revenue Recognized [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 895 | 2,039 | |||||||||
Mechanical Solutions | Mexico | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 3,151 | 675 | 2,491 | ||||||||
Mechanical Solutions | Asia | Region Revenue Recognized [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 14 | 3,330 | 1,443 | ||||||||
Mechanical Solutions | Asia | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 25,422 | 17,109 | 24,839 | ||||||||
Mechanical Solutions | Middle East | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 32,510 | 35,333 | 28,588 | ||||||||
Mechanical Solutions | South America | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 498 | 3,404 | 14,256 | ||||||||
Mechanical Solutions | Other | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 6,452 | 14,042 | 9,259 | ||||||||
Electrical Solutions | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 16,221 | 22,949 | 22,291 | 93,057 | 77,280 | 48,830 | |||||
Electrical Solutions | Region Revenue Recognized [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 93,057 | 77,280 | 48,830 | ||||||||
Electrical Solutions | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 93,057 | 77,280 | 48,830 | ||||||||
Electrical Solutions | U.S. | Region Revenue Recognized [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 93,057 | 77,280 | 48,830 | ||||||||
Electrical Solutions | U.S. | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 79,164 | 70,847 | 35,219 | ||||||||
Electrical Solutions | Canada | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 3,834 | 1,089 | 1,654 | ||||||||
Electrical Solutions | Europe | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 391 | ||||||||||
Electrical Solutions | Mexico | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 3,550 | 1,000 | 1,089 | ||||||||
Electrical Solutions | Asia | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 1,776 | 156 | 691 | ||||||||
Electrical Solutions | Middle East | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 2,997 | 3,136 | 5,842 | ||||||||
Electrical Solutions | South America | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 1,483 | 256 | 3,931 | ||||||||
Electrical Solutions | Other | Region Product Shipped [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 253 | 796 | 13 | ||||||||
Services | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | $ 87,118 | $ 55,568 | $ 65,951 | 373,353 | 315,863 | 276,024 | |||||
Services | U.S. | Region Revenue Recognized [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | 373,353 | 315,863 | 276,024 | ||||||||
Services | U.S. | Region Service Provided [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | 371,365 | 313,967 | 275,317 | ||||||||
Services | Canada | Region Service Provided [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | 400 | 339 | 77 | ||||||||
Services | Europe | Region Service Provided [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | 252 | ||||||||||
Services | Mexico | Region Service Provided [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | 575 | 247 | 176 | ||||||||
Services | Asia | Region Service Provided [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | 39 | 186 | 188 | ||||||||
Services | Middle East | Region Service Provided [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | 687 | 170 | |||||||||
Services | South America | Region Service Provided [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | 35 | 954 | 266 | ||||||||
Services | Other | Region Revenue Recognized [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | 373,353 | 315,863 | 276,024 | ||||||||
Services | Other | Region Service Provided [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | 373,353 | 315,863 | 276,024 | ||||||||
Operating segments | Mechanical Solutions | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 123,710 | 149,471 | 141,060 | ||||||||
Operating segments | Electrical Solutions | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Revenues | 93,057 | 77,280 | 48,830 | ||||||||
Operating segments | Services | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Services revenue | $ 373,353 | $ 317,408 | $ 276,677 |
SELECTED QUARTERLY FINANCIAL 92
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of the quarterly operating results | |||||||||||
Revenues | $ 144,424 | $ 124,162 | $ 174,276 | $ 146,141 | $ 149,979 | $ 139,791 | $ 123,287 | $ 125,996 | $ 589,003 | $ 539,053 | $ 465,914 |
Gross profit | 8,945 | 14,932 | 17,948 | 10,772 | 17,365 | 18,604 | 16,029 | 21,336 | 52,597 | 73,334 | 80,810 |
(Loss) income from continuing operations | $ (17,992) | $ (51,805) | $ (3,898) | $ (5,034) | $ (47,012) | $ (90) | $ (1,910) | $ 1,778 | $ (78,729) | $ (47,234) | $ 9,159 |
Earnings (loss) per common share from continuing operations: | |||||||||||
Basic (loss) earnings per common share from continuing operations (in dollars per share) | $ (1.05) | $ (3.02) | $ (0.23) | $ (0.29) | $ (2.75) | $ (0.01) | $ (0.11) | $ 0.10 | $ (4.59) | $ (2.78) | $ 0.54 |
Diluted (loss) earnings per common share from continuing operations (in dollars per share) | $ (1.05) | $ (3.02) | $ (0.23) | $ (0.29) | $ (2.75) | $ (0.01) | $ (0.11) | $ 0.10 | $ (4.59) | $ (2.78) | $ 0.54 |
SELECTED QUARTERLY FINANCIAL 93
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | |||||||
Cash and cash equivalents | $ 22,239 | $ 8,916 | $ 10,731 | $ 15,558 | $ 14,692 | $ 13,939 | $ 31,968 |
Restricted cash | 321 | 1 | 1 | 71 | 71 | ||
Accounts receivable, net | 93,077 | 115,022 | 113,882 | 73,686 | 69,909 | ||
Raw material | 6,893 | 6,930 | 7,688 | 7,944 | 7,866 | ||
Finished goods | 1,204 | 1,194 | 1,316 | 1,168 | 1,206 | ||
Inventory reserve | (1,798) | (1,186) | (1,279) | (1,341) | (1,189) | ||
Costs and estimated earnings in excess of billings | 45,491 | 53,092 | 61,315 | 69,106 | 65,602 | ||
Other current assets | 4,608 | 6,703 | 6,752 | 8,424 | 7,512 | ||
Total current assets | 172,035 | 190,672 | 200,406 | 174,616 | 165,669 | ||
Property, plant and equipment, net | 33,822 | 22,897 | 18,584 | 19,607 | 20,168 | ||
Goodwill | 50,319 | 87,913 | 87,913 | 87,913 | 87,913 | 87,913 | |
Intangible assets, net | 44,003 | 59,070 | 60,433 | 61,833 | 63,243 | ||
Deferred tax assets | 20,490 | 19,734 | 17,232 | ||||
Other long-term assets | 851 | 1,091 | 1,195 | 1,305 | 1,439 | ||
Total assets | 301,030 | 361,643 | 389,021 | 365,008 | 355,664 | ||
Current liabilities: | |||||||
Accounts payable | 16,861 | 14,177 | 15,625 | 14,728 | 9,364 | ||
Accrued compensation and benefits | 15,587 | 22,386 | 23,807 | 15,101 | 18,832 | ||
Billings in excess of costs and estimated earnings | 10,098 | 11,710 | 10,382 | 5,783 | 7,663 | ||
Accrued warranties | 8,050 | 6,487 | 5,197 | 4,703 | 3,475 | ||
Other current liabilities | 28,605 | 21,330 | 19,105 | 20,587 | 15,684 | ||
Total current liabilities | 79,201 | 76,090 | 74,116 | 60,902 | 55,018 | ||
Long-term debt | 70,000 | 45,000 | 45,000 | 31,000 | 25,000 | ||
Deferred tax liabilities | 14,982 | 21,697 | |||||
Other long-term liabilities | 6,080 | 6,038 | 6,388 | 6,190 | 5,908 | ||
Total liabilities | 170,263 | 148,825 | 125,504 | 98,092 | 85,926 | ||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Common stock | 186 | 184 | 184 | 184 | 184 | ||
Paid-in capital | 74,841 | 71,528 | 71,294 | 70,228 | 69,201 | ||
Accumulated other comprehensive income | (7,618) | (2,543) | (25) | 2,813 | 3,126 | ||
Retained earnings | 63,371 | 143,662 | 192,077 | 193,703 | 197,239 | ||
Treasury stock, at par | (13) | (13) | (13) | (12) | (12) | ||
Total stockholders' equity | 130,767 | 212,818 | 263,517 | 266,916 | 269,738 | 269,712 | 262,617 |
Total liabilities and stockholders' equity | $ 301,030 | 361,643 | 389,021 | 365,008 | 355,664 | ||
Additional accruals | 1,000 | 1,000 | 1,000 | ||||
Previously reported | |||||||
Current assets: | |||||||
Cash and cash equivalents | 8,810 | 10,733 | 15,559 | 14,693 | 13,942 | 31,951 | |
Restricted cash | 1 | 1 | 71 | 71 | |||
Accounts receivable, net | 115,351 | 113,729 | 73,761 | 69,875 | |||
Raw material | 7,528 | 7,688 | 8,456 | 8,318 | |||
Finished goods | 1,177 | 1,316 | |||||
Inventory reserve | (426) | (430) | |||||
Costs and estimated earnings in excess of billings | 57,918 | 62,948 | 61,495 | 58,509 | |||
Deferred tax assets | 5,011 | 3,301 | 3,301 | 3,301 | |||
Other current assets | 6,945 | 6,673 | 8,475 | 7,892 | |||
Total current assets | 202,315 | 205,959 | 171,118 | 162,659 | |||
Property, plant and equipment, net | 22,847 | 19,013 | 19,896 | 20,457 | |||
Goodwill | 106,884 | 106,884 | 106,884 | 106,884 | |||
Intangible assets, net | 59,070 | 60,433 | 61,833 | 63,243 | |||
Deferred tax assets | 2,590 | 5,722 | 7,471 | 6,507 | |||
Other long-term assets | 841 | 945 | 980 | 1,115 | |||
Total assets | 394,547 | 398,956 | 368,182 | 360,865 | |||
Current liabilities: | |||||||
Accounts payable | 18,856 | 20,417 | 17,233 | 13,498 | |||
Accrued compensation and benefits | 21,213 | 24,856 | 16,198 | 19,916 | |||
Billings in excess of costs and estimated earnings | 14,459 | 15,441 | 11,323 | 9,054 | |||
Accrued warranties | 1,996 | 1,413 | 1,683 | 2,290 | |||
Other current liabilities | 5,583 | 6,466 | 6,852 | 7,179 | |||
Total current liabilities | 62,107 | 68,593 | 53,289 | 51,937 | |||
Long-term debt | 45,000 | 45,000 | 31,000 | 25,000 | |||
Other long-term liabilities | 6,237 | 6,151 | 5,950 | 5,904 | |||
Total liabilities | 113,344 | 119,744 | 90,239 | 82,841 | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Common stock | 184 | 184 | 184 | 184 | |||
Paid-in capital | 71,528 | 71,294 | 70,228 | 69,201 | |||
Accumulated other comprehensive income | (2,252) | 352 | 3,039 | 3,385 | |||
Retained earnings | 211,756 | 207,395 | 204,504 | 205,266 | |||
Treasury stock, at par | (13) | (13) | (12) | (12) | |||
Total stockholders' equity | 281,203 | 279,212 | 277,943 | 278,024 | 269,998 | ||
Total liabilities and stockholders' equity | 394,547 | 398,956 | 368,182 | 360,865 | |||
Reclassification adjustment for conformity with current presentation | |||||||
Current assets: | |||||||
Raw material | (17) | (512) | (452) | ||||
Finished goods | 17 | 1,168 | 1,206 | ||||
Inventory reserve | (656) | (754) | |||||
Other current assets | 278 | 254 | 181 | (58) | |||
Total current assets | 278 | 254 | 181 | (58) | |||
Property, plant and equipment, net | 14 | ||||||
Other long-term assets | 75 | 75 | |||||
Total assets | 292 | 254 | 256 | 17 | |||
Current liabilities: | |||||||
Accounts payable | (13,789) | (11,033) | (11,978) | (5,911) | |||
Accrued compensation and benefits | 2 | (91) | (109) | (91) | |||
Other current liabilities | 13,711 | 11,002 | 11,959 | 5,879 | |||
Total current liabilities | (76) | (122) | (128) | (123) | |||
Other long-term liabilities | 368 | 376 | 384 | 140 | |||
Total liabilities | 292 | 254 | 256 | 17 | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Total liabilities and stockholders' equity | 292 | 254 | 256 | 17 | |||
Prior period adjustments | Percent Complete | |||||||
Current assets: | |||||||
Raw material | (506) | ||||||
Costs and estimated earnings in excess of billings | 3,087 | 8,255 | 7,746 | 4,166 | |||
Total current assets | 2,581 | 8,255 | 7,746 | 4,166 | |||
Total assets | 2,581 | 8,255 | 7,746 | 4,166 | |||
Current liabilities: | |||||||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Accumulated other comprehensive income | (552) | (231) | 319 | 391 | |||
Retained earnings | 3,133 | 8,486 | 7,427 | 3,775 | |||
Total stockholders' equity | 2,581 | 8,255 | 7,746 | 4,166 | 3,911 | ||
Total liabilities and stockholders' equity | 2,581 | 8,255 | 7,746 | 4,166 | |||
Prior period adjustments | Revenue Recognition completed contract | |||||||
Current assets: | |||||||
Accounts receivable, net | (81) | 417 | 175 | 284 | |||
Other current assets | (316) | (123) | (180) | (134) | |||
Total current assets | (397) | 294 | (5) | 150 | |||
Total assets | (397) | 294 | (5) | 150 | |||
Current liabilities: | |||||||
Accounts payable | (115) | (111) | (60) | (61) | |||
Billings in excess of costs and estimated earnings | 4,316 | 2,909 | 2,082 | 5,043 | |||
Other current liabilities | 439 | 50 | |||||
Total current liabilities | 4,640 | 2,848 | 2,022 | 4,982 | |||
Total liabilities | 4,640 | 2,848 | 2,022 | 4,982 | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Retained earnings | (5,037) | (2,554) | (2,027) | (4,832) | |||
Total stockholders' equity | (5,037) | (2,554) | (2,027) | (4,832) | (387) | ||
Total liabilities and stockholders' equity | (397) | 294 | (5) | 150 | |||
Prior period adjustments | Job Costing | |||||||
Current assets: | |||||||
Accounts receivable, net | (15) | (14) | |||||
Raw material | (75) | ||||||
Costs and estimated earnings in excess of billings | 54 | (1,430) | 8,955 | 10,914 | |||
Other current assets | (60) | ||||||
Total current assets | (96) | (1,444) | 8,955 | 10,914 | |||
Property, plant and equipment, net | 148 | ||||||
Total assets | 52 | (1,444) | 8,955 | 10,914 | |||
Current liabilities: | |||||||
Accounts payable | 8,842 | 6,260 | 9,542 | 1,949 | |||
Billings in excess of costs and estimated earnings | (5,304) | (4,797) | (3,605) | (2,077) | |||
Other current liabilities | 1,348 | 1,426 | 2,049 | 2,923 | |||
Total current liabilities | 4,886 | 2,889 | 7,986 | 2,795 | |||
Total liabilities | 4,886 | 2,889 | 7,986 | 2,795 | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Accumulated other comprehensive income | (295) | (138) | 72 | 93 | |||
Retained earnings | (4,539) | (4,195) | 897 | 8,026 | |||
Total stockholders' equity | (4,834) | (4,333) | 969 | 8,119 | (961) | ||
Total liabilities and stockholders' equity | 52 | (1,444) | 8,955 | 10,914 | |||
Prior period adjustments | Warranty | |||||||
Current assets: | |||||||
Costs and estimated earnings in excess of billings | (7,968) | (8,458) | (9,090) | (7,987) | |||
Total current assets | (7,968) | (8,458) | (9,090) | (7,987) | |||
Total assets | (7,968) | (8,458) | (9,090) | (7,987) | |||
Current liabilities: | |||||||
Billings in excess of costs and estimated earnings | (1,761) | (3,171) | (4,017) | (4,357) | |||
Accrued warranties | 4,491 | 3,784 | 3,020 | 1,185 | |||
Total current liabilities | 2,730 | 613 | (997) | (3,172) | |||
Total liabilities | 2,730 | 613 | (997) | (3,172) | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Accumulated other comprehensive income | 449 | 190 | (152) | (180) | |||
Retained earnings | (11,147) | (9,261) | (7,941) | (4,635) | |||
Total stockholders' equity | (10,698) | (9,071) | (8,093) | (4,815) | 322 | ||
Total liabilities and stockholders' equity | (7,968) | (8,458) | (9,090) | (7,987) | |||
Prior period adjustments | Total Other | |||||||
Current assets: | |||||||
Cash and cash equivalents | 106 | (2) | (1) | (1) | $ (3) | 17 | |
Accounts receivable, net | (233) | (250) | (250) | (250) | |||
Inventory reserve | (760) | (849) | (685) | (435) | |||
Costs and estimated earnings in excess of billings | 1 | ||||||
Deferred tax assets | (5,011) | (3,301) | (3,301) | (3,301) | |||
Other current assets | (144) | (52) | (52) | (188) | |||
Total current assets | (6,041) | (4,454) | (4,289) | (4,175) | |||
Property, plant and equipment, net | (112) | (429) | (289) | (289) | |||
Goodwill | (18,971) | (18,971) | (18,971) | (18,971) | |||
Deferred tax assets | (2,590) | 14,768 | 12,263 | 10,725 | |||
Other long-term assets | 250 | 250 | 250 | 249 | |||
Total assets | (27,464) | (8,836) | (11,036) | (12,461) | |||
Current liabilities: | |||||||
Accounts payable | 383 | 92 | (9) | (111) | |||
Accrued compensation and benefits | 1,171 | (958) | (988) | (993) | |||
Other current liabilities | 249 | 161 | (273) | (297) | |||
Total current liabilities | 1,803 | (705) | (1,270) | (1,401) | |||
Deferred tax liabilities | 21,697 | ||||||
Other long-term liabilities | (567) | (139) | (144) | (136) | |||
Total liabilities | 22,933 | (844) | (1,414) | (1,537) | |||
Commitments and contingencies (Notes 3, 15 and 16) | |||||||
Stockholders' equity: | |||||||
Accumulated other comprehensive income | 107 | (198) | (465) | (563) | |||
Retained earnings | (50,504) | (7,794) | (9,157) | (10,361) | |||
Total stockholders' equity | (50,397) | (7,992) | (9,622) | (10,924) | $ (10,266) | ||
Total liabilities and stockholders' equity | (27,464) | $ (8,836) | $ (11,036) | $ (12,461) | |||
Additional accruals | $ 1,200 |
SELECTED QUARTERLY FINANCIAL 94
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details 3) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||
Accounts receivable allowance for doubtful accounts | $ 1,971 | $ 1,027 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares outstanding | 17,261,276 | 17,129,119 | 17,123,608 | 17,071,780 | 17,121,812 |
Common stock, shares issued | 18,571,411 | 18,395,472 | 18,387,686 | 18,386,443 | 18,381,931 |
Common stock, shares authorized | 170,000,000 | 170,000,000 | 170,000,000 | 170,000,000 | 170,000,000 |
Treasury stock at par | 1,310,135 | 1,266,353 | 1,264,078 | 1,263,708 | 1,260,119 |
SELECTED QUARTERLY FINANCIAL 95
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Revenues | ||||||||||||||||
Revenues | $ 144,424 | $ 124,162 | $ 174,276 | $ 146,141 | $ 149,979 | $ 139,791 | $ 123,287 | $ 125,996 | $ 589,003 | $ 539,053 | $ 465,914 | |||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 121,187 | 107,258 | 104,660 | 536,406 | 465,719 | 385,104 | ||||||||||
Gross profit | 8,945 | 14,932 | 17,948 | 10,772 | 17,365 | 18,604 | 16,029 | 21,336 | 52,597 | 73,334 | 80,810 | |||||
Selling and marketing expenses | 3,008 | 2,479 | 1,940 | 12,130 | 10,045 | 9,226 | ||||||||||
General and Administrative Expense | 13,990 | 14,037 | 14,109 | 69,471 | 58,747 | 56,770 | ||||||||||
Depreciation and amortization expense | 1,992 | 2,142 | 2,084 | 8,602 | [1] | 8,326 | [1] | 6,829 | [1] | |||||||
Total operating expenses | 18,990 | 18,658 | 18,133 | 134,790 | 77,118 | 72,825 | ||||||||||
Operating (loss) income | (386) | (2,629) | 3,203 | (82,193) | (3,784) | 7,985 | ||||||||||
Interest expense, net | 469 | 354 | 461 | 4,484 | 1,820 | 893 | ||||||||||
Foreign currency gain | (700) | (33) | (111) | (1,014) | (65) | (199) | ||||||||||
Other (income) expense, net | (128) | 138 | 58 | 12 | 34 | (28) | ||||||||||
Total other expense (income) | (359) | 459 | 408 | 3,482 | 1,789 | 666 | ||||||||||
(Loss) income from continuing operations before income tax | (27) | (3,088) | 2,795 | (85,675) | (5,573) | 7,319 | ||||||||||
Income tax expense (benefit) | 63 | (1,178) | 1,017 | (6,946) | 41,661 | (1,840) | ||||||||||
(Loss) income from continuing operations | $ (17,992) | $ (51,805) | $ (3,898) | $ (5,034) | $ (47,012) | (90) | (1,910) | 1,778 | (78,729) | (47,234) | 9,159 | |||||
Discontinued operations: | ||||||||||||||||
(Loss) income from discontinued operations, net of tax | 96 | (90) | (7) | (1) | 279 | |||||||||||
(Loss) income from discontinued operations | 96 | (90) | (7) | (1) | 279 | |||||||||||
Net (loss) income | 6 | (2,000) | 1,771 | $ (229) | $ (223) | (78,729) | (47,235) | 9,438 | ||||||||
Mechanical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | 36,452 | 44,770 | 37,754 | 122,593 | 145,910 | 141,060 | ||||||||||
Sales Revenue, Goods, Net | 36,452 | 44,770 | 37,754 | 122,593 | 145,910 | 141,060 | ||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | 30,979 | 38,858 | 28,869 | 113,853 | 122,769 | 106,735 | ||||||||||
Electrical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | 16,221 | 22,949 | 22,291 | 93,057 | 77,280 | 48,830 | ||||||||||
Sales Revenue, Goods, Net | 16,221 | 22,949 | 22,291 | 93,057 | 77,280 | 48,830 | ||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | 15,936 | 20,579 | 19,378 | 94,042 | 72,297 | 40,038 | ||||||||||
Services | ||||||||||||||||
Revenues | ||||||||||||||||
Sales Revenue, Services, Net | 87,118 | 55,568 | 65,951 | 373,353 | 315,863 | 276,024 | ||||||||||
Cost of revenues | ||||||||||||||||
Cost of Services | 74,272 | 47,821 | 56,413 | $ 328,511 | 270,653 | 238,331 | ||||||||||
Previously reported | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | 145,128 | 114,739 | 104,882 | 538,545 | 484,218 | |||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 120,447 | 94,477 | 86,404 | 447,715 | 399,214 | |||||||||||
Gross profit | 24,681 | 20,262 | 18,478 | 90,830 | 85,004 | |||||||||||
Selling and marketing expenses | 3,008 | 2,474 | 1,823 | 9,814 | 9,319 | |||||||||||
General and Administrative Expense | 13,521 | 14,179 | 13,754 | 55,892 | 57,041 | |||||||||||
Depreciation and amortization expense | 1,993 | 2,141 | 2,314 | 8,535 | 6,599 | |||||||||||
Total operating expenses | 18,522 | 18,794 | 17,891 | 74,241 | 72,959 | |||||||||||
Operating (loss) income | 6,159 | 1,468 | 587 | 16,589 | 12,045 | |||||||||||
Interest expense, net | 421 | 340 | 413 | 1,710 | 893 | |||||||||||
Other (income) expense, net | (1,200) | (94) | 270 | (288) | 83 | |||||||||||
Total other expense (income) | (779) | 246 | 683 | 1,422 | 976 | |||||||||||
(Loss) income from continuing operations before income tax | 6,938 | 1,222 | (96) | 15,167 | 11,069 | |||||||||||
Income tax expense (benefit) | 2,510 | 358 | (24) | 4,017 | (437) | |||||||||||
(Loss) income from continuing operations | 4,428 | 864 | (72) | 11,150 | 11,506 | |||||||||||
Discontinued operations: | ||||||||||||||||
(Loss) income from discontinued operations, net of tax | 96 | (90) | (7) | (1) | 279 | |||||||||||
(Loss) income from discontinued operations | 96 | (90) | (7) | (1) | 279 | |||||||||||
Net (loss) income | 4,524 | 774 | (79) | 695 | 5,219 | 11,149 | 11,785 | |||||||||
Previously reported | Mechanical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | 58,010 | 59,171 | 38,931 | 222,250 | 208,194 | |||||||||||
Sales Revenue, Goods, Net | 58,010 | 59,171 | 38,931 | 222,250 | 208,194 | |||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | 46,175 | 47,588 | 29,060 | 177,144 | 160,983 | |||||||||||
Previously reported | Services | ||||||||||||||||
Revenues | ||||||||||||||||
Sales Revenue, Services, Net | 87,118 | 55,568 | 65,951 | 316,295 | 276,024 | |||||||||||
Cost of revenues | ||||||||||||||||
Cost of Services | 74,272 | 46,889 | 57,344 | 270,571 | 238,231 | |||||||||||
Reclassification adjustment for conformity with current presentation | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | (5) | (7) | 2 | (10) | 41 | |||||||||||
Gross profit | 5 | 7 | (2) | 10 | (41) | |||||||||||
Selling and marketing expenses | (1) | |||||||||||||||
General and Administrative Expense | 5 | 7 | 226 | 692 | (419) | |||||||||||
Total operating expenses | 5 | 7 | 226 | 691 | (419) | |||||||||||
Operating (loss) income | (228) | (681) | 378 | |||||||||||||
Foreign currency gain | (1,200) | (85) | (70) | (1,073) | 535 | |||||||||||
Other (income) expense, net | 1,200 | 85 | (158) | 392 | (157) | |||||||||||
Total other expense (income) | (228) | (681) | 378 | |||||||||||||
Reclassification adjustment for conformity with current presentation | Mechanical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (16,735) | (20,144) | (15,370) | (70,184) | (60,258) | |||||||||||
Sales Revenue, Goods, Net | (16,735) | (20,144) | (15,370) | (70,184) | (60,258) | |||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | (13,730) | (16,393) | (12,367) | (60,448) | (45,922) | |||||||||||
Reclassification adjustment for conformity with current presentation | Electrical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | 16,735 | 20,144 | 15,370 | 70,184 | 60,258 | |||||||||||
Sales Revenue, Goods, Net | 16,735 | 20,144 | 15,370 | 70,184 | 60,258 | |||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | 13,725 | 16,386 | 12,369 | 60,438 | 45,963 | |||||||||||
Percent Complete | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (4,563) | 5,962 | 14,326 | (4,925) | (4,976) | |||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | (5,622) | 2,310 | 19,616 | 1,007 | (10,179) | |||||||||||
Gross profit | 1,059 | 3,652 | (5,290) | (5,932) | 5,203 | |||||||||||
Operating (loss) income | 1,059 | 3,652 | (5,290) | (5,932) | 5,203 | |||||||||||
(Loss) income from continuing operations before income tax | 1,059 | 3,652 | (5,290) | (5,932) | 5,203 | |||||||||||
(Loss) income from continuing operations | 1,059 | 3,652 | (5,290) | (5,932) | 5,203 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | 1,059 | 3,652 | (5,290) | (1,638) | (579) | (5,932) | 5,203 | |||||||||
Percent Complete | Prior period adjustments | Mechanical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (4,563) | 5,962 | 14,326 | (4,925) | (4,976) | |||||||||||
Sales Revenue, Goods, Net | (4,563) | 5,962 | 14,326 | (4,925) | (4,976) | |||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | (5,622) | 2,310 | 19,616 | 1,007 | (10,179) | |||||||||||
Revenue Recognition completed contract | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (527) | 2,805 | 6,921 | 7,083 | (11,428) | |||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 366 | (62) | ||||||||||||||
Gross profit | (527) | 2,805 | 6,921 | 6,717 | (11,366) | |||||||||||
Operating (loss) income | (527) | 2,805 | 6,921 | 6,717 | (11,366) | |||||||||||
(Loss) income from continuing operations before income tax | (527) | 2,805 | 6,921 | 6,717 | (11,366) | |||||||||||
(Loss) income from continuing operations | (527) | 2,805 | 6,921 | 6,717 | (11,366) | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (527) | 2,805 | 6,921 | 9,726 | 9,199 | 6,717 | (11,366) | |||||||||
Revenue Recognition completed contract | Prior period adjustments | Electrical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (527) | 2,805 | 6,921 | 7,083 | (11,428) | |||||||||||
Sales Revenue, Goods, Net | (527) | 2,805 | 6,921 | 7,083 | (11,428) | |||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | 366 | (62) | ||||||||||||||
Job Costing | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | 13 | (419) | ||||||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 5,105 | 7,129 | (2,212) | 9,935 | (6,792) | |||||||||||
Gross profit | (5,092) | (7,129) | 2,212 | (10,354) | 6,792 | |||||||||||
Operating (loss) income | (5,092) | (7,129) | 2,212 | (10,354) | 6,792 | |||||||||||
(Loss) income from continuing operations before income tax | (5,092) | (7,129) | 2,212 | (10,354) | 6,792 | |||||||||||
(Loss) income from continuing operations | (5,092) | (7,129) | 2,212 | (10,354) | 6,792 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (5,092) | (7,129) | 2,212 | (4,917) | (10,009) | (10,354) | 6,792 | |||||||||
Job Costing | Prior period adjustments | Mechanical Solutions | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | 2,829 | 2,936 | (8,493) | (740) | (929) | |||||||||||
Job Costing | Prior period adjustments | Electrical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | 13 | 13 | ||||||||||||||
Sales Revenue, Goods, Net | 13 | 13 | ||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | 2,276 | 4,193 | 6,281 | 10,414 | (5,863) | |||||||||||
Job Costing | Prior period adjustments | Services | ||||||||||||||||
Revenues | ||||||||||||||||
Sales Revenue, Services, Net | (432) | |||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of Services | 261 | |||||||||||||||
Warranty | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 1,320 | 3,306 | 978 | 7,490 | 4,043 | |||||||||||
Gross profit | (1,320) | (3,306) | (978) | (7,490) | (4,043) | |||||||||||
Operating (loss) income | (1,320) | (3,306) | (978) | (7,490) | (4,043) | |||||||||||
(Loss) income from continuing operations before income tax | (1,320) | (3,306) | (978) | (7,490) | (4,043) | |||||||||||
(Loss) income from continuing operations | (1,320) | (3,306) | (978) | (7,490) | (4,043) | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (1,320) | (3,306) | (978) | (4,284) | (5,604) | (7,490) | (4,043) | |||||||||
Warranty | Prior period adjustments | Mechanical Solutions | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | 1,385 | 3,306 | 250 | 6,697 | 4,043 | |||||||||||
Warranty | Prior period adjustments | Electrical Solutions | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | (65) | 728 | 1,081 | |||||||||||||
Warranty | Prior period adjustments | Services | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of Services | (288) | |||||||||||||||
Total Other | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | (58) | 43 | (128) | (784) | (1,161) | |||||||||||
Gross profit | (202) | (262) | (5) | (447) | (739) | |||||||||||
Selling and marketing expenses | 5 | 117 | 232 | (93) | ||||||||||||
General and Administrative Expense | 464 | (149) | 129 | 2,163 | 148 | |||||||||||
Depreciation and amortization expense | (1) | 1 | (230) | (209) | 230 | |||||||||||
Total operating expenses | 463 | (143) | 16 | 2,186 | 285 | |||||||||||
Operating (loss) income | (665) | (119) | (21) | (2,633) | (1,024) | |||||||||||
Interest expense, net | 48 | 14 | 48 | 110 | ||||||||||||
Foreign currency gain | 500 | 52 | (41) | 1,008 | (734) | |||||||||||
Other (income) expense, net | (128) | 147 | (54) | (70) | 46 | |||||||||||
Total other expense (income) | 420 | 213 | (47) | 1,048 | (688) | |||||||||||
(Loss) income from continuing operations before income tax | (1,085) | (332) | 26 | (3,681) | (336) | |||||||||||
Income tax expense (benefit) | (2,447) | (1,536) | 1,041 | 37,644 | (1,403) | |||||||||||
(Loss) income from continuing operations | 1,362 | 1,204 | (1,015) | (41,325) | 1,067 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | 1,362 | 1,204 | (1,015) | $ 189 | $ 1,551 | (41,325) | 1,067 | |||||||||
Total Other | Prior period adjustments | Mechanical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Sales Revenue, Goods, Net | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | (58) | (889) | 803 | (891) | (1,261) | |||||||||||
Total Other | Prior period adjustments | Electrical Solutions | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | (2) | |||||||||||||||
Total Other | Prior period adjustments | Services | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of Services | 932 | (931) | 109 | 100 | ||||||||||||
Accrual | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 12 | 11 | 110 | 318 | (40) | |||||||||||
Gross profit | (12) | (11) | (110) | (318) | 40 | |||||||||||
Selling and marketing expenses | 92 | 195 | (93) | |||||||||||||
General and Administrative Expense | 348 | (130) | 18 | 1,951 | 124 | |||||||||||
Total operating expenses | 348 | (130) | 110 | 2,146 | 31 | |||||||||||
Operating (loss) income | (360) | 119 | (220) | (2,464) | 9 | |||||||||||
Interest expense, net | 48 | 14 | 48 | 125 | ||||||||||||
Total other expense (income) | 48 | 14 | 48 | 125 | ||||||||||||
(Loss) income from continuing operations before income tax | (408) | 105 | (268) | (2,589) | 9 | |||||||||||
(Loss) income from continuing operations | (408) | 105 | (268) | (2,589) | 9 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (408) | 105 | (268) | (2,589) | 9 | |||||||||||
Accrual | Prior period adjustments | Mechanical Solutions | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | 12 | 11 | 110 | 209 | (40) | |||||||||||
Accrual | Prior period adjustments | Services | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of Services | 109 | |||||||||||||||
Income Tax | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
General and Administrative Expense | 19 | |||||||||||||||
Total operating expenses | 19 | |||||||||||||||
Operating (loss) income | (19) | |||||||||||||||
Interest expense, net | (17) | |||||||||||||||
Total other expense (income) | (17) | |||||||||||||||
(Loss) income from continuing operations before income tax | (2) | |||||||||||||||
Income tax expense (benefit) | (2,447) | (1,537) | 1,041 | 37,644 | (1,403) | |||||||||||
(Loss) income from continuing operations | 2,447 | 1,537 | (1,041) | (37,646) | 1,403 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | 2,447 | 1,537 | (1,041) | (37,646) | 1,403 | |||||||||||
Consolidation | Prior period adjustments | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Foreign currency gain | 500 | 52 | (41) | 1,008 | (734) | |||||||||||
Other (income) expense, net | (128) | 137 | (43) | (70) | 46 | |||||||||||
Total other expense (income) | 372 | 189 | (84) | 938 | (688) | |||||||||||
(Loss) income from continuing operations before income tax | (372) | (189) | 84 | (938) | 688 | |||||||||||
(Loss) income from continuing operations | (372) | (189) | 84 | (938) | 688 | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (372) | (189) | 84 | (938) | 688 | |||||||||||
Consolidation | Prior period adjustments | Mechanical Solutions | ||||||||||||||||
Revenues | ||||||||||||||||
Revenues | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Sales Revenue, Goods, Net | (260) | (219) | (133) | (1,231) | (1,900) | |||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | (260) | (1,151) | 798 | (1,231) | (2,000) | |||||||||||
Consolidation | Prior period adjustments | Services | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of Services | 932 | (931) | 100 | |||||||||||||
Other | Prior period adjustments | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Total cost of revenue | 190 | 251 | (105) | 129 | 779 | |||||||||||
Gross profit | (190) | (251) | 105 | (129) | (779) | |||||||||||
Selling and marketing expenses | 5 | 25 | 37 | |||||||||||||
General and Administrative Expense | 116 | (19) | 111 | 193 | 24 | |||||||||||
Depreciation and amortization expense | (1) | 1 | (230) | (209) | 230 | |||||||||||
Total operating expenses | 115 | (13) | (94) | 21 | 254 | |||||||||||
Operating (loss) income | (305) | (238) | 199 | (150) | (1,033) | |||||||||||
Interest expense, net | 2 | |||||||||||||||
Other (income) expense, net | 10 | (11) | ||||||||||||||
Total other expense (income) | 10 | (11) | 2 | |||||||||||||
(Loss) income from continuing operations before income tax | (305) | (248) | 210 | (152) | (1,033) | |||||||||||
Income tax expense (benefit) | 1 | |||||||||||||||
(Loss) income from continuing operations | (305) | (249) | 210 | (152) | (1,033) | |||||||||||
Discontinued operations: | ||||||||||||||||
Net (loss) income | (305) | (249) | 210 | (152) | (1,033) | |||||||||||
Other | Prior period adjustments | Mechanical Solutions | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | $ 190 | $ 251 | $ (105) | 131 | $ 779 | |||||||||||
Other | Prior period adjustments | Electrical Solutions | ||||||||||||||||
Cost of revenues | ||||||||||||||||
Cost of revenue | $ (2) | |||||||||||||||
[1] | Excludes depreciation and amortization expense for the years ended December 31, 2015, 2014 and 2013 of $2,470, $1,609 and $1,435 included in cost of revenue, respectively. |
SELECTED QUARTERLY FINANCIAL 96
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Apr. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||||||||
Net income available to common shareholders | $ 6 | $ (2,000) | $ 1,771 | $ (229) | $ (223) | $ (78,729) | $ (47,235) | $ 9,438 | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||
Deferred income tax expense (benefit) | 753 | (1,748) | (2,504) | (8,670) | 39,682 | (3,513) | |||
Depreciation and amortization on plant, property and equipment and intangible assets | 2,423 | 4,825 | 7,503 | 11,072 | 9,935 | 8,264 | |||
Amortization of deferred financing costs | 56 | 113 | 171 | 253 | 229 | 184 | |||
Loss on disposals of equipment | (52) | (77) | 301 | 19 | 752 | 15 | |||
Bad debt expense | 106 | 8 | 72 | 865 | 364 | 103 | |||
Stock-based compensation | 651 | 1,744 | 2,754 | 3,744 | 3,081 | 4,145 | |||
Changes in operating assets and liabilities, net of businesses acquired and sold: | |||||||||
(Increase) decrease in accounts receivable | 23,280 | 19,474 | (21,840) | 20,132 | (23,764) | 9,871 | |||
(Increase) decrease in inventories | (2,153) | (2,048) | (2,098) | 467 | (1,428) | 1,358 | |||
(Increase) decrease in costs and estimated earnings in excess of billings | (16,954) | (20,546) | (13,628) | 8,050 | (6,331) | 2,460 | |||
(Increase) decrease in other current assets | 415 | (515) | 927 | 2,600 | 699 | (2,258) | |||
(Increase) decrease in other assets | (68) | (47) | (234) | (950) | (608) | (165) | |||
(Decrease) increase in accounts payable | (11,797) | (6,409) | (5,298) | 2,029 | (6,864) | (14,415) | |||
Increase (decrease) in accrued and other liabilities | 11,456 | 12,912 | 20,533 | 1,225 | 21,362 | (4,451) | |||
Increase (decrease) in accrued warranties | (315) | 914 | 1,430 | 1,573 | 2,739 | (968) | |||
Increase (decrease) in billings in excess of costs and estimated earnings | (7,270) | (9,155) | (4,521) | (1,486) | (3,181) | 10,450 | |||
Net cash (used in) provided by operating activities | 2,302 | (784) | (16,655) | 6,781 | (10,568) | 20,518 | |||
Investing activities: | |||||||||
Acquisitions, net of cash acquired | (725) | (725) | (725) | (7,629) | (725) | (49,451) | |||
Net transfers of restricted cash | 49 | 49 | 120 | (321) | 120 | ||||
Proceeds from sale of equipment | 7 | 171 | 2 | ||||||
Purchase of property, plant and equipment | (753) | (1,139) | (1,932) | (7,316) | (8,087) | (4,934) | |||
Net cash used in investing activities | (1,429) | (1,815) | (2,537) | (15,259) | (8,521) | (54,077) | |||
Financing activities: | |||||||||
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | (490) | (562) | (593) | (429) | (601) | (1,752) | |||
Debt issuance costs | 8 | 8 | 8 | 8 | (172) | ||||
Dividends paid | (1,551) | (3,089) | (4,721) | (1,589) | (6,141) | (6,246) | |||
Proceeds from long-term debt | 12,000 | $ 25,000 | 30,000 | 66,000 | 58,000 | 99,000 | 67,000 | ||
Payments of long-term debt | (10,000) | (22,000) | (44,000) | (33,000) | (77,000) | (44,000) | |||
Net cash provided by financing activities | (33) | 4,357 | 16,694 | 22,982 | 15,266 | 14,830 | |||
Effect of exchange rate changes on cash | (87) | (139) | (710) | (1,181) | (1,200) | 700 | |||
Net change in cash and cash equivalents | 753 | 1,619 | (3,208) | 13,323 | (5,023) | (18,029) | |||
Cash and cash equivalents, beginning of year | 15,558 | 14,692 | 13,939 | 8,916 | 13,939 | 13,939 | 8,916 | 13,939 | 31,968 |
Cash and cash equivalents, end of year | 10,731 | 15,558 | 14,692 | 15,558 | 10,731 | 22,239 | 8,916 | 13,939 | |
Previously reported | |||||||||
Operating activities: | |||||||||
Net income available to common shareholders | 4,524 | 774 | (79) | 695 | 5,219 | 11,149 | 11,785 | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||
Deferred income tax expense (benefit) | (7) | (970) | 778 | 3,331 | (2,051) | ||||
Depreciation and amortization on plant, property and equipment and intangible assets | 2,632 | 5,044 | 7,733 | 10,271 | 8,034 | ||||
Amortization of deferred financing costs | 56 | 113 | 171 | 229 | 184 | ||||
Loss on disposals of equipment | 161 | 635 | |||||||
Stock-based compensation | 651 | 1,744 | 2,816 | 3,081 | 4,145 | ||||
Changes in operating assets and liabilities, net of businesses acquired and sold: | |||||||||
(Increase) decrease in accounts receivable | 23,609 | 19,722 | (21,364) | (23,215) | 9,338 | ||||
(Increase) decrease in inventories | (1,843) | (1,980) | (2,207) | (2,035) | 572 | ||||
(Increase) decrease in costs and estimated earnings in excess of billings | (16,705) | (19,691) | (21,984) | (17,797) | 10,410 | ||||
(Increase) decrease in other current assets | 322 | (261) | 1,290 | (1,091) | (2,385) | ||||
(Increase) decrease in other assets | 79 | 157 | 137 | (1,118) | 124 | ||||
(Decrease) increase in accounts payable | (6,165) | (2,431) | 1,043 | (131) | (11,037) | ||||
Increase (decrease) in accrued and other liabilities | 3,730 | (247) | 8,346 | 5,990 | (4,783) | ||||
Increase (decrease) in accrued warranties | (971) | (1,578) | (1,829) | (1,228) | (811) | ||||
Increase (decrease) in billings in excess of costs and estimated earnings | (3,703) | (1,434) | 3,064 | 2,111 | (3,787) | ||||
Net cash (used in) provided by operating activities | 1,606 | (1,117) | (16,626) | (9,818) | 19,738 | ||||
Investing activities: | |||||||||
Acquisitions, net of cash acquired | (725) | (49,451) | |||||||
Net transfers of restricted cash | 49 | 49 | 120 | 119 | |||||
Proceeds from sale of equipment | 264 | 174 | 71 | ||||||
Purchase of property, plant and equipment | (796) | (1,236) | (2,162) | (7,632) | (5,196) | ||||
Net cash used in investing activities | (747) | (1,187) | (1,778) | (8,064) | (54,270) | ||||
Financing activities: | |||||||||
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | (498) | (566) | (571) | (602) | (1,752) | ||||
Debt issuance costs | 8 | 9 | (171) | ||||||
Dividends paid | (1,530) | (3,088) | (4,722) | (6,140) | (6,215) | ||||
Proceeds from long-term debt | 12,000 | 30,000 | 66,000 | 99,000 | 65,000 | ||||
Payments of long-term debt | (10,000) | (22,000) | (44,000) | (77,000) | (42,000) | ||||
Net cash provided by financing activities | (20) | 4,355 | 16,707 | 15,258 | 14,862 | ||||
Effect of exchange rate changes on cash | (88) | (434) | (1,512) | (2,508) | 1,661 | ||||
Net change in cash and cash equivalents | 751 | 1,617 | (3,209) | (5,132) | (18,009) | ||||
Cash and cash equivalents, beginning of year | 15,559 | 14,693 | 13,942 | 8,810 | 13,942 | 13,942 | 8,810 | 13,942 | 31,951 |
Cash and cash equivalents, end of year | 10,733 | 15,559 | 14,693 | 15,559 | 10,733 | 8,810 | 13,942 | ||
Reclassification adjustment for conformity with current presentation | |||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||
Bad debt expense | 106 | 8 | 72 | 364 | 83 | ||||
Changes in operating assets and liabilities, net of businesses acquired and sold: | |||||||||
(Increase) decrease in accounts receivable | (106) | (8) | (72) | (364) | (83) | ||||
(Increase) decrease in other current assets | (1) | (240) | (314) | (337) | (15) | ||||
(Increase) decrease in other assets | 1 | 1 | 76 | 76 | (2) | ||||
(Decrease) increase in accounts payable | (6,948) | (13,015) | (12,070) | (14,840) | 1,172 | ||||
Increase (decrease) in accrued and other liabilities | 6,948 | 13,254 | 12,308 | 15,101 | (1,155) | ||||
Percent Complete | Prior period adjustments | |||||||||
Operating activities: | |||||||||
Net income available to common shareholders | 1,059 | 3,652 | (5,290) | (1,638) | (579) | (5,932) | 5,203 | ||
Changes in operating assets and liabilities, net of businesses acquired and sold: | |||||||||
(Increase) decrease in inventories | 505 | ||||||||
(Increase) decrease in costs and estimated earnings in excess of billings | 5,290 | 1,638 | 579 | 5,427 | (5,203) | ||||
Revenue Recognition completed contract | Prior period adjustments | |||||||||
Operating activities: | |||||||||
Net income available to common shareholders | (527) | 2,805 | 6,921 | 9,726 | 9,199 | 6,717 | (11,366) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||
Bad debt expense | 20 | ||||||||
Changes in operating assets and liabilities, net of businesses acquired and sold: | |||||||||
(Increase) decrease in accounts receivable | (149) | (40) | (281) | 216 | (155) | ||||
(Increase) decrease in other current assets | 167 | 214 | 156 | 349 | (34) | ||||
(Decrease) increase in accounts payable | (50) | (55) | (60) | ||||||
Increase (decrease) in accrued and other liabilities | 50 | 439 | |||||||
Increase (decrease) in billings in excess of costs and estimated earnings | (6,939) | (9,900) | (9,074) | (7,666) | 11,595 | ||||
Job Costing | Prior period adjustments | |||||||||
Operating activities: | |||||||||
Net income available to common shareholders | (5,092) | (7,129) | 2,212 | (4,917) | (10,009) | (10,354) | 6,792 | ||
Changes in operating assets and liabilities, net of businesses acquired and sold: | |||||||||
(Increase) decrease in accounts receivable | 14 | 14 | |||||||
(Increase) decrease in inventories | 75 | ||||||||
(Increase) decrease in costs and estimated earnings in excess of billings | (5,902) | (3,971) | 6,162 | 4,539 | (4,883) | ||||
(Increase) decrease in other current assets | 61 | ||||||||
(Decrease) increase in accounts payable | (720) | 6,872 | 3,591 | 6,169 | (2,680) | ||||
Increase (decrease) in accrued and other liabilities | 959 | 103 | (422) | (623) | 276 | ||||
Increase (decrease) in billings in excess of costs and estimated earnings | 3,451 | 1,913 | 664 | 119 | 495 | ||||
Warranty | Prior period adjustments | |||||||||
Operating activities: | |||||||||
Net income available to common shareholders | (1,320) | (3,306) | (978) | (4,284) | (5,604) | (7,490) | (4,043) | ||
Changes in operating assets and liabilities, net of businesses acquired and sold: | |||||||||
(Increase) decrease in costs and estimated earnings in excess of billings | 420 | 1,586 | 1,566 | 1,492 | 1,768 | ||||
(Decrease) increase in accounts payable | 404 | 404 | 404 | 404 | (404) | ||||
Increase (decrease) in accrued warranties | 249 | 2,084 | 2,849 | 3,556 | 274 | ||||
Increase (decrease) in billings in excess of costs and estimated earnings | (95) | 210 | 785 | 2,038 | 2,405 | ||||
Total Other | Prior period adjustments | |||||||||
Operating activities: | |||||||||
Net income available to common shareholders | 1,362 | 1,204 | (1,015) | 189 | 1,551 | (41,325) | 1,067 | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||
Deferred income tax expense (benefit) | 760 | (778) | (3,282) | 36,351 | (1,462) | ||||
Depreciation and amortization on plant, property and equipment and intangible assets | (209) | (219) | (230) | (336) | 230 | ||||
Loss on disposals of equipment | (52) | (77) | 140 | 117 | 15 | ||||
Stock-based compensation | (62) | ||||||||
Changes in operating assets and liabilities, net of businesses acquired and sold: | |||||||||
(Increase) decrease in accounts receivable | (74) | (200) | (137) | (415) | 771 | ||||
(Increase) decrease in inventories | (310) | (68) | 109 | 27 | 786 | ||||
(Increase) decrease in costs and estimated earnings in excess of billings | (57) | (108) | 49 | 8 | 368 | ||||
(Increase) decrease in other current assets | (73) | (228) | (205) | 1,717 | 176 | ||||
(Increase) decrease in other assets | (148) | (205) | (447) | 434 | (287) | ||||
(Decrease) increase in accounts payable | 1,632 | 1,761 | 1,784 | 1,589 | (1,406) | ||||
Increase (decrease) in accrued and other liabilities | (181) | (198) | 251 | 455 | 1,211 | ||||
Increase (decrease) in accrued warranties | 407 | 408 | 410 | 411 | (431) | ||||
Increase (decrease) in billings in excess of costs and estimated earnings | 16 | 56 | 40 | 217 | (258) | ||||
Net cash (used in) provided by operating activities | 696 | 333 | (29) | (750) | 780 | ||||
Investing activities: | |||||||||
Acquisitions, net of cash acquired | (725) | (725) | (725) | ||||||
Net transfers of restricted cash | 1 | ||||||||
Proceeds from sale of equipment | (264) | (3) | (69) | ||||||
Purchase of property, plant and equipment | 43 | 97 | 230 | (455) | 262 | ||||
Net cash used in investing activities | (682) | (628) | (759) | (457) | 193 | ||||
Financing activities: | |||||||||
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | 8 | 4 | (22) | 1 | |||||
Debt issuance costs | (1) | 8 | 8 | (1) | |||||
Dividends paid | (21) | (1) | 1 | (1) | (31) | ||||
Proceeds from long-term debt | 2,000 | ||||||||
Payments of long-term debt | (2,000) | ||||||||
Net cash provided by financing activities | (13) | 2 | (13) | 8 | (32) | ||||
Effect of exchange rate changes on cash | 1 | 295 | 802 | 1,308 | (961) | ||||
Net change in cash and cash equivalents | 2 | 2 | 1 | 109 | (20) | ||||
Cash and cash equivalents, beginning of year | (1) | (1) | (3) | $ 106 | (3) | (3) | $ 106 | (3) | 17 |
Cash and cash equivalents, end of year | $ (2) | $ (1) | (1) | (1) | (2) | $ 106 | $ (3) | ||
Deferred tax reclassification | $ 1,100 | $ 1,100 | $ 1,100 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | Jan. 13, 2017USD ($) | Dec. 22, 2016USD ($)facility | Jul. 29, 2016USD ($) | Dec. 31, 2016USD ($)shares | Aug. 31, 2016USD ($)itemshares | Jan. 31, 2015segment | Mar. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Jan. 31, 2017USD ($) |
Subsequent events | ||||||||||||||
Operating segments | segment | 4 | |||||||||||||
Proceed from sale of subsidiary | $ 306 | |||||||||||||
Repayment of debt | $ 10,000 | $ 22,000 | $ 44,000 | $ 33,000 | $ 77,000 | $ 44,000 | ||||||||
Subsequent Event | ||||||||||||||
Subsequent events | ||||||||||||||
Number of manufacturing facilities sold | facility | 3 | |||||||||||||
Proceeds | $ 14,800 | |||||||||||||
Repayment of debt | $ 20,600 | $ 12,200 | $ 4,800 | $ 40,800 | ||||||||||
Subsequent Event | Scenario, Forecast [Member] | ||||||||||||||
Subsequent events | ||||||||||||||
Increase in operating expenses | $ 900 | |||||||||||||
Subsequent Event | 2015 plan | ||||||||||||||
Subsequent events | ||||||||||||||
Shares available for future stock based award to employees and directors | shares | 68,500 | |||||||||||||
Notional value of stock award | $ 1,400 | |||||||||||||
Number of last trading days during 30 calendar days to calculated average closing price | item | 30 | |||||||||||||
Threshold calendar days to calculate average closing price | item | 5 | |||||||||||||
Subsequent Event | Market-based vesting | ||||||||||||||
Subsequent events | ||||||||||||||
Granted (in shares) | shares | 789,000 | |||||||||||||
Subsequent Event | Market-based vesting | Outside of 2015 Plan | ||||||||||||||
Subsequent events | ||||||||||||||
Granted (in shares) | shares | 44,200 | 81,000 | ||||||||||||
Subsequent Event | Service vesting | Outside of 2015 Plan | ||||||||||||||
Subsequent events | ||||||||||||||
Notional value of stock award | $ 100 | $ 200 | ||||||||||||
Subsequent Event | Hetsco Inc. | ||||||||||||||
Subsequent events | ||||||||||||||
Proceed from sale of subsidiary | 23,200 | |||||||||||||
Escrow deposit | $ 1,500 | |||||||||||||
Subsequent Event | TOG Holdings Inc | ||||||||||||||
Subsequent events | ||||||||||||||
Proceed from sale of subsidiary | 6,000 | |||||||||||||
Escrow deposit | $ 800 | |||||||||||||
Restricted Stock | 2015 plan | ||||||||||||||
Subsequent events | ||||||||||||||
Shares available for future stock based award to employees and directors | shares | 857,500 | |||||||||||||
Restricted Stock | Outside of 2015 Plan | ||||||||||||||
Subsequent events | ||||||||||||||
Granted (in shares) | shares | 140,000 | |||||||||||||
Restricted Stock | Market-based vesting | ||||||||||||||
Subsequent events | ||||||||||||||
Granted (in shares) | shares | 0 | 83,957 | ||||||||||||
Restricted Stock | Service vesting | ||||||||||||||
Subsequent events | ||||||||||||||
Granted (in shares) | shares | 430,071 | |||||||||||||
Restricted Stock | Subsequent Event | Service vesting | ||||||||||||||
Subsequent events | ||||||||||||||
Granted (in shares) | shares | 2,500 |
Schedule II - VALUATION AND QUA
Schedule II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for doubtful accounts | |||
Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | $ 1,027 | $ 576 | $ 990 |
Charged to Costs and Expenses | 4,285 | 603 | 123 |
Deductions | (3,341) | (152) | (537) |
Balance at End of Period | 1,971 | 1,027 | 576 |
Accrued warranty reserves | |||
Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | 6,487 | 3,794 | 4,734 |
Charged to Costs and Expenses | 8,972 | 4,427 | 2,867 |
Deductions | (7,409) | (1,734) | (3,807) |
Balance at End of Period | 8,050 | 6,487 | 3,794 |
Valuation allowance for deferred tax assets | |||
Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | 47,748 | 2,848 | 6,488 |
Charged to Costs and Expenses | 21,898 | 44,900 | 381 |
Charged to Other Accounts | 601 | ||
Deductions | (4,622) | ||
Balance at End of Period | 69,646 | 47,748 | 2,848 |
Reserve for Inventory | |||
Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | 1,186 | 1,118 | 763 |
Charged to Costs and Expenses | 266 | 214 | 856 |
Deductions | 346 | (146) | (501) |
Balance at End of Period | $ 1,798 | $ 1,186 | $ 1,118 |