Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 29, 2014 | Jul. 23, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'GLOBAL POWER EQUIPMENT GROUP INC. | ' |
Entity Central Index Key | '0001136294 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 17,122,735 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $15,559 | $13,942 |
Restricted cash | 71 | 120 |
Accounts receivable, net of allowance of $573 and $557, respectively | 73,761 | 93,484 |
Inventories | 8,456 | 6,476 |
Costs and estimated earnings in excess of billings | 61,495 | 41,804 |
Deferred tax assets | 3,301 | 3,301 |
Other current assets | 8,475 | 8,215 |
Total current assets | 171,118 | 167,342 |
Property, plant and equipment, net | 19,896 | 20,644 |
Goodwill | 106,884 | 109,930 |
Intangible assets, net | 61,833 | 60,594 |
Deferred tax assets | 7,471 | 7,630 |
Other long-term assets | 980 | 1,258 |
Total assets | 368,182 | 367,398 |
Current liabilities: | ' | ' |
Accounts payable | 17,233 | 19,664 |
Accrued compensation and benefits | 16,198 | 14,798 |
Billings in excess of costs and estimated earnings | 11,323 | 12,757 |
Accrued warranties | 1,683 | 3,261 |
Other current liabilities | 6,852 | 8,483 |
Total current liabilities | 53,289 | 58,963 |
Long-term debt | 31,000 | 23,000 |
Other long-term liabilities | 5,950 | 5,844 |
Total liabilities | 90,239 | 87,807 |
Commitments and contingencies (Note 7) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.01 par value, 170,000,000 shares authorized and 18,386,443 and 18,294,998 shares issued, respectively, and 17,071,780 and 17,059,943 shares outstanding, respectively | 184 | 183 |
Paid-in capital | 70,228 | 69,049 |
Accumulated other comprehensive income | 3,039 | 3,473 |
Retained earnings | 204,504 | 206,898 |
Treasury stock, at par (1,263,708 and 1,235,055 common shares, respectively) | -12 | -12 |
Total stockholders' equity | 277,943 | 279,591 |
Total liabilities and stockholders' equity | $368,182 | $367,398 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts receivable, allowance (in dollars) | $573 | $557 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 170,000,000 | 170,000,000 |
Common stock, shares issued | 18,386,443 | 18,294,998 |
Common stock, shares outstanding | 17,071,780 | 17,059,943 |
Treasury stock, shares | 1,263,708 | 1,235,055 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Product Solutions | $59,171 | $35,930 | $98,102 | $74,824 |
Nuclear Services | 41,430 | 66,435 | 98,492 | 131,448 |
Energy Services | 14,138 | 13,600 | 23,027 | 26,403 |
Consolidated | 114,739 | 115,965 | 219,621 | 232,675 |
Cost of Sales | ' | ' | ' | ' |
Product Solutions | 47,588 | 27,368 | 76,648 | 60,305 |
Nuclear Services | 35,686 | 58,070 | 85,727 | 114,597 |
Energy Services | 11,203 | 11,724 | 18,506 | 23,004 |
Consolidated | 94,477 | 97,162 | 180,881 | 197,906 |
Gross profit | 20,262 | 18,803 | 38,740 | 34,769 |
Selling and marketing expenses | 2,474 | 2,462 | 4,297 | 4,685 |
General and administrative expenses | 14,179 | 12,812 | 27,933 | 27,366 |
Depreciation and amortization expense | 2,141 | 1,559 | 4,455 | 2,632 |
Operating income | 1,468 | 1,970 | 2,055 | 86 |
Interest expense, net | 340 | 190 | 753 | 276 |
Other expense (income), net | -94 | 154 | 176 | 4 |
Income (loss) from continuing operations before income tax | 1,222 | 1,626 | 1,126 | -194 |
Income tax expense | 358 | 884 | 334 | 265 |
Income (loss) from continuing operations | 864 | 742 | 792 | -459 |
Discontinued operations: | ' | ' | ' | ' |
Loss from discontinued operations, net of tax | -90 | -1 | -97 | -41 |
Net Income (loss) | $774 | $741 | $695 | ($500) |
Basic income (loss) per weighted average common share: | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.06 | $0.04 | $0.05 | ($0.03) |
Loss from discontinued operations (in dollars per share) | ($0.01) | ' | ($0.01) | ' |
Income (loss) per common share (in dollars per share) | $0.05 | $0.04 | $0.04 | ($0.03) |
Weighted average number of shares of common stock outstanding - basic (in shares) | 17,070,615 | 16,956,925 | 17,033,816 | 16,865,070 |
Diluted income (loss) per weighted average common share: | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.06 | $0.04 | $0.05 | ($0.03) |
Loss from discontinued operations (in dollars per share) | ($0.01) | ' | ($0.01) | ' |
Income (loss) per common share - diluted (in dollars per share) | $0.05 | $0.04 | $0.04 | ($0.03) |
Weighted average number of shares of common stock outstanding - diluted (in shares) | 17,075,189 | 16,967,356 | 17,040,130 | 16,865,070 |
Cash dividends per share (in dollars per share) | $0.09 | $0.09 | $0.18 | $0.18 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income (loss) | $774 | $741 | $695 | ($500) |
Foreign currency translation adjustment | -346 | 825 | -434 | 19 |
Comprehensive income (loss) | $428 | $1,566 | $261 | ($481) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Shares $0.01 Per Share | Paid-in Capital | Accumulated Other Comprehensive Income | Retained Earnings | Treasury Shares |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2013 | $279,591 | $184 | $69,050 | $3,473 | $206,897 | ($12) |
Balance (in shares) at Dec. 31, 2013 | 17,059,943 | 18,294,998 | ' | ' | ' | -1,235,055 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 1,178 | ' | 1,178 | ' | ' | ' |
Stock-based compensation (in shares) | ' | 91,445 | ' | ' | ' | -28,653 |
Dividends declared | -3,088 | ' | ' | ' | -3,088 | ' |
Net income | 695 | ' | ' | ' | 695 | ' |
Foreign currency translation adjustment | -434 | ' | ' | -434 | ' | ' |
Balance at Jun. 30, 2014 | $277,943 | $184 | $70,228 | $3,039 | $204,504 | ($12) |
Balance (in shares) at Jun. 30, 2014 | 17,071,780 | 18,386,443 | ' | ' | ' | -1,263,708 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net income (loss) | $695 | ($500) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Deferred income tax benefit provision | -970 | -974 |
Depreciation and amortization on plant, property and equipment and intangible assets | 5,044 | 3,281 |
Amortization on deferred financing costs | 113 | 91 |
Stock-based compensation | 1,744 | 2,504 |
Changes in operating assets and liabilities, net of businesses acquired and sold | -7,743 | 23,870 |
Net cash (used in) provided by operating activities | -1,117 | 28,272 |
Investing activities: | ' | ' |
Acquisitions, net of cash acquired | ' | -32,970 |
Net transfers of restricted cash | 49 | ' |
Proceeds from sale of equipment | ' | 66 |
Purchase of property, plant and equipment | -1,236 | -2,489 |
Net cash used in investing activities | -1,187 | -35,393 |
Financing activities: | ' | ' |
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | -566 | -1,531 |
Debt issuance costs | 9 | ' |
Dividends paid | -3,088 | -3,141 |
Proceeds from long-term debt | 30,000 | 30,000 |
Payments of long-term debt | -22,000 | -10,000 |
Net cash provided by financing activities | 4,355 | 15,328 |
Effect of exchange rate changes on cash | -434 | -31 |
Net change in cash and cash equivalents | 1,617 | 8,176 |
Cash and cash equivalents, beginning of period | 13,942 | 31,951 |
Cash and cash equivalents, end of period | $15,559 | $40,127 |
BUSINESS_AND_ORGANIZATION
BUSINESS AND ORGANIZATION | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
BUSINESS AND ORGANIZATION | ' | |||||||
BUSINESS AND ORGANIZATION | ' | |||||||
NOTE 1—BUSINESS AND ORGANIZATION | ||||||||
Global Power Equipment Group Inc. (“Global Power,” “we,” “us,” “our,” or “the Company”) is a comprehensive provider of customer-engineered equipment, and modification and maintenance services for customers in the power generation, oil & gas, natural gas, infrastructure and process and industrial markets. Our customers are in and outside the United States (“U.S.”) in both developed and emerging economies. | ||||||||
We design, engineer and manufacture a comprehensive range of gas and steam turbine auxiliary products, control houses and generator enclosures primarily used to enhance the efficiency and facilitate the operation of gas turbine power plants, sub-base and stand-alone tanks meeting UL listings UL142, UL2085 and ULC-S 601 and for other industrial pipeline compression stations, electric power transmissions and distribution systems. With a strong competitive position in our product lines due to our technology, skilled work force and experience, we benefit from a large installed base of equipment throughout the world which provides us strong brand recognition and value. | ||||||||
We provide on-site specialty modification and maintenance services, outage management, facility upgrade services, specialty repair, brazed aluminum heat exchanger repair and maintenance, and other industrial and safety services to nuclear, fossil-fuel, industrial gas, and liquefied natural gas, petrochemical and other industrial operations in the U.S. We have the capability to combine our services and equipment resources to offer turn-key solutions for aftermarket repair applications for the North American gas turbine power generation, energy infrastructure, and process and cogeneration markets. | ||||||||
Our operations are grouped into three reportable segments: Product Solutions, Nuclear Services and Energy Services. Our Product Solutions segment is comprised of two primary product categories: Electrical Solutions and Auxiliary Products. | ||||||||
· Our Electrical Solutions product category is comprised of Koontz-Wagner Custom Controls Holdings, LLC (“Koontz-Wagner”), including, following its merger with and into Koontz-Wagner (the “Merger”), the former operations of IBI, LLC (“IBI Power” or “IBI”). This product category focuses on manufacturing and integrating engineered packaged control house solutions and manufacturing custom power packaging and integration solutions, including control house systems, generator enclosures, and industrial tanks, for the energy, oil & gas and electrical industries. | ||||||||
· Our Auxiliary Products category is comprised of Braden Manufacturing, L.L.C. (“Braden”) which engineers and manufactures filter houses, inlet and exhaust systems, diverter dampers, selective catalytic emission reduction systems (commonly referred to as “SCR”) used in the power generation market. Consolidated Fabricators Inc. (“CFI”), which engineers and manufactures complex equipment to support gas turbines and other power generation equipment, and, TOG Manufacturing Company, Inc. (“TOG”), which manufactures highly-engineered precision components for critical applications across a variety of industries including: Power Generation, U.S. Defense Department and Off-Shore Drilling. | ||||||||
· Our Nuclear Services segment is comprised of the operations of Williams Plant Services, LLC and Williams Specialty Services, LLC (together, the “Williams business”). Our Nuclear Services segment is focused on the nuclear maintenance and specialty services business. | ||||||||
· Our Energy Services segment is comprised Hetsco, Inc. (“Hetsco”) and the operations of Construction & Maintenance Professionals, LLC and Williams Industrial Services, LLC. Our Energy Services segment is focused on providing mission critical brazed aluminum heat exchanger repair, maintenance, and safety services to the industrial gas, liquefied natural gas and petrochemical industries and maintenance and specialty services to the industrial and fossil business. | ||||||||
Effective as of January 1, 2013, our Board of Directors decided to change from a traditional month-end calendar close cycle to a 4-4-5 calendar close methodology during interim periods. Our fiscal year will continue to end on December 31. Under this methodology, each interim period is comprised of 13 weeks, which includes two 4-week months and one 5-week month, and begins on Monday and ends on Sunday. The 4-4-5 close methodology will change the accounting periods to month-end dates that may be different than the traditional last day of the standard month end. We will label our quarterly information using a calendar convention, that is, first quarter will be labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30. This change in methodology aligns our financial calendar to our payroll cycle, simplifying our close process. The effects of this practice are modest and only exist within a reporting year. The reporting periods and applicable reports for 2014 are: | ||||||||
Fiscal Period | Reporting Period | Report to be Filed | ||||||
First quarter of fiscal 2014 | January 1, 2014 to March 30, 2014 | Quarterly Report on Form 10-Q | ||||||
Second quarter of fiscal 2014 | March 31, 2014 to June 29, 2014 | Quarterly Report on Form 10-Q | ||||||
Third quarter of fiscal 2014 | June 30, 2014 to September 28, 2014 | Quarterly Report on Form 10-Q | ||||||
Fourth quarter of fiscal 2014 | September 29, 2014 to December 31, 2014 | Annual Report on Form 10-K | ||||||
Acquisitions: During 2013, we completed the following acquisitions: | ||||||||
Business Acquired | Date of Closing | Net Assets | Primary Form of | |||||
Acquired | Consideration | |||||||
(in millions) | ||||||||
IBI, LLC | July 9, 2013 | $ | 18.6 | Cash | ||||
Hetsco Holdings, Inc. | April 30, 2013 | $ | 32.4 | 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 2014 and 2013 operating results are not entirely comparable. See Note 3—Acquisitions. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation: These unaudited condensed consolidated financial statements have been prepared by us in accordance with accounting principles generally accepted in the U.S. The information in the condensed consolidated financial statements, in the opinion of management, includes normal recurring adjustments and reflects all adjustments that are necessary for a fair presentation of such financial statements. We believe that the disclosures presented are adequate to represent materially correct interim financial statements. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related notes for the year ended December 31, 2013 included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 17, 2014. | |
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. | |
Reclassifications: Certain reclassifications have been made to prior years’ consolidated balances to conform with the current year presentation. | |
Discontinued Operations Presentation: In August 2011, we completed the sale of substantially all of the operating assets of our Deltak L.L.C. (“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. | |
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 to 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 is not amortized to expense, but rather, we test goodwill for impairment annually and more frequently if circumstances warrant. Impairment write-downs are charged to results of operations in the period in which the impairment is determined. | |
During the three months ended September 30, 2013, we changed our annual impairment testing date from December 31 to the first day of the fourth quarter, which we label as October 1. | |
In 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02, “Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment,” which provides entities with the option to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. The Company elected to bypass the qualitative assessment option and continue performing the first step of the goodwill impairment test. | |
In connection with our reportable segments, we also assess our reporting units that are operating segments or one level below the operating segment for impairment testing. We consider the management of operating activities, discrete financial information, similarities of economic characteristics, and the nature of the products, production processes, customers, distribution and regulatory environments. For impairment testing of goodwill and other indefinite-lived assets we test TOG as a separate reporting unit from Product Solutions with the remainder tested as the Auxiliary Products and Electrical Solutions product lines. We test Hetsco as a separate reporting unit from Energy Solutions with the remainder tested as the Industrial Solutions reporting unit, and we test the Nuclear Solutions segment as a reporting unit. | |
We did not identify any impairment of our recorded goodwill from our most recent annual testing, which was performed as of October 1, 2013. If certain events occur which might indicate goodwill has been impaired, the goodwill is tested for impairment when such events occur. We have not identified any such events and, accordingly, have not tested goodwill for impairment during the six months ended June 30, 2014. | |
Adoption of New Accounting Pronouncements: | |
In March 2014, the FASB issued ASU Update 2014-06 “Technical Corrections and Improvements Related to Glossary Terms” (the “Update”). The amendments in the Update relate to glossary terms and cover a wide range of Topics in the Codification. These amendments are presented in four sections – Deletion of Master Glossary Terms (Section A), Addition of Master Glossary Term Links (Section B), Duplicate Master Glossary Terms (Section C), and Other Technical Corrections Related to Glossary Terms (Section D). The amendments in this Update represent changes to clarify the Master Glossary of the Codification, or make improvements to the Master Glossary that are not expected to result in substantive changes to the application of existing guidance or create a significant administrative cost to most entities. Additionally, the amendments will make the Master Glossary easier to understand, as well as reduce the number of terms that appear in the Master Glossary. The amendments resulting from this Update do not have transition guidance and will be effective upon issuance for both public and private companies. The immediate adoption of this standard in March 2014 did not have an impact on our consolidated financial statements, and there was no material impact to our financial statement disclosures. | |
In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 takes effect in 2017 and establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. There are three basic transition methods available: full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. We are currently evaluating the impact on our consolidated financial statements and financial statement disclosures. | |
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”). On June 29, 2014, 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. The Company has reviewed its accounting of these types of share-based payments and has determined that we are in compliance with the stated guidelines. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
ACQUISITIONS | ' | |||||||||||||
ACQUISITIONS | ' | |||||||||||||
NOTE 3—ACQUISITIONS | ||||||||||||||
During 2013, we acquired 100% equity in two businesses, which included one products company and one industrial gas services company, both based in the U.S. These acquisitions 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 Assets | Segment | Primary Form of | ||||||||||
Acquired | Consideration | |||||||||||||
(in millions) | ||||||||||||||
IBI, LLC | July 9, 2013 | $ | 18.6 | Product Solutions | Cash | |||||||||
Hetsco Holdings, Inc. | April 30, 2013 | $ | 32.4 | Energy Services | Cash | |||||||||
Each of the acquired businesses has been included in our results of operations since the date of closing. Due to the timing of each acquisition and related operating results, our 2014 and 2013 operating results are not entirely comparable. | ||||||||||||||
On July 9, 2013, we acquired IBI Power, a leading manufacturer of custom power packaging and integration solutions, including control house systems, generator enclosures and industrial tanks. The aggregate consideration paid consisted of $18.6 million in cash, after final working capital adjustments and other adjustments of which $0.7 million was paid in January, 2014. IBI merged with and into Koontz-Wagner and its financial results are included in our Product Solutions segment since the acquisition date. | ||||||||||||||
On April 30, 2013, we acquired Hetsco, a global provider of mission critical brazed aluminum heat exchanger repair, maintenance and safety services to the industrial gas, liquefied natural gas and petrochemical industries. The aggregate acquisition price consisted of $32.4 million in cash, after final working capital adjustments. The financial results of the Hetsco acquisition have been included in our Energy Services segment since the acquisition date. | ||||||||||||||
We funded the purchase of the IBI Power and Hetsco acquisitions (together, the “2013 Acquisitions”) through a combination of cash on hand and draws on our $150.0 million credit facility (as amended or supplemented from time to time, the “Revolving Credit Facility”). | ||||||||||||||
The following table summarizes the consideration paid for the 2013 Acquisitions and presents an allocation of these amounts to the net tangible and identifiable intangible assets based on the estimated fair values as of the respective acquisition dates. | ||||||||||||||
2013 Acquisition Activity | ||||||||||||||
Hetsco Inc. | IBI Power | Total | ||||||||||||
Current assets | $ | 7,733 | $ | 8,304 | $ | 16,037 | ||||||||
Property, plant and equipment | 867 | 2,822 | 3,689 | |||||||||||
Identifiable intangible assets | 22,800 | 9,300 | 32,100 | |||||||||||
Goodwill | 12,997 | 4,542 | 17,539 | |||||||||||
Total assets acquired | 44,397 | 24,968 | 69,365 | |||||||||||
Current liabilities | -2,265 | -6,327 | -8,592 | |||||||||||
Long-term deferred tax liability | -8,645 | — | -8,645 | |||||||||||
Other long-term liabilities | -1,089 | — | -1,089 | |||||||||||
Net assets acquired | $ | 32,398 | $ | 18,641 | $ | 51,039 | ||||||||
The purchase price was preliminarily allocated based on estimated fair values as of each acquisition date. These allocations require the significant use of estimates and are based on the information that was available to management at the time these consolidated financial statements were prepared. The estimated fair values and useful lives acquired have been supported by third party valuation. The IBI fair values remain subject to potential adjustments including, but not limited to, assessment of income tax related assets and liabilities. | ||||||||||||||
Acquired intangible assets in 2013 of $32.1 million consisted of customer relationships, trade names and noncompete agreements. The amortization period for these intangible assets, except trade names which are indefinite, ranges from five to seven years. We recorded $1.8 million of amortization expense related to these intangible assets during the six months ended June 30, 2014. The major classes of intangible assets are as follows: | ||||||||||||||
Weighted Average | ||||||||||||||
($ in thousands) | Amortization Years | At Date of | ||||||||||||
Acquisition | ||||||||||||||
Customer Relationships | 7 | $ | 19,200 | |||||||||||
Trade Names | Indefinite | 11,000 | ||||||||||||
Noncompetes | 5 | 1,900 | ||||||||||||
$ | 32,100 | |||||||||||||
The estimated future aggregate amortization expense of intangible assets from the 2013 Acquisitions as of June 30, 2014 is set forth below: | ||||||||||||||
($ in thousands) | ||||||||||||||
For the Fiscal Year Ending December 31 -- | ||||||||||||||
2014 (remainder of year) | $ | 1,033 | ||||||||||||
2015 | 3,123 | |||||||||||||
2016 | 3,123 | |||||||||||||
2017 | 3,123 | |||||||||||||
2018 | 2,894 | |||||||||||||
Thereafter | 3,814 | |||||||||||||
Total | $ | 17,110 | ||||||||||||
The goodwill associated with the IBI Power acquisition is deductible for tax purposes whereas the goodwill associated with the Hetsco acquisition is not deductible for tax purposes. | ||||||||||||||
The following unaudited pro forma information has been provided for illustrative purposes only and is not necessarily indicative of results if the 2013 Acquisitions of IBI Power and Hetsco occurred on January 1, 2012, nor are they necessarily indicative of future results. | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||
($ in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Consolidated revenues | $ | 114,739 | $ | 133,417 | $ | 219,621 | $ | 265,447 | ||||||
Income (loss) from continuing operations before income tax | 864 | -1,900 | 792 | -592 | ||||||||||
Earnings (loss) per share from continuing operations: | ||||||||||||||
Basic | $ | 0.06 | $ | -0.11 | $ | 0.05 | $ | -0.04 | ||||||
Diluted | $ | 0.06 | $ | -0.11 | $ | 0.05 | $ | -0.04 | ||||||
The unaudited pro forma consolidated results during the three and six months ended June 30, 2014 and 2013 have been prepared by adjusting our historical results to include the 2013 Acquisitions as if they occurred on January 1, 2012. These unaudited pro forma consolidated historical results were then adjusted for the following: | ||||||||||||||
· a net increase in interest expense during the three and six months ended June 30, 2013; | ||||||||||||||
· an increase in amortization expense due to the incremental intangible assets recorded related to the 2013 Acquisitions; | ||||||||||||||
· a change in depreciation expense relating to the net impact of adjusting acquired property and equipment to the acquisition date fair values; | ||||||||||||||
· adjustments to reflect the impact of transaction costs related to the acquisition of IBI Power and Hetsco of $0.3 million in the three months ended June 30, 2013 and $1.0 million in the six months ended June 30, 2013; | ||||||||||||||
· adjustments to tax effect the pro forma results of the acquisition of IBI Power and Hetsco at Global Power’s estimated domestic statutory tax rate of 39% for all periods and | ||||||||||||||
· a net increase in stock compensation expense associated with restricted stock granted as a part of the Hetsco acquisition offset by a reduction in stock compensation expense resulting from the cancellation of Hetsco’s previous stock grants. | ||||||||||||||
The unaudited pro forma results do not include any adjustments to eliminate the impact of cost savings or other synergies that may have resulted from the 2013 Acquisitions. As noted above, the unaudited pro forma results of operations do not purport to be indicative of the actual results that would have been achieved by the combined company for the periods presented or that may be achieved by the combined company in the future. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
NOTE 4—EARNINGS PER SHARE | |||||||||||||
Basic earnings per common share are calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per common share is based on the weighted average common shares outstanding during the period, adjusted to include the incremental effect of common shares that would be issued upon the conversion of warrants and the vesting and release of restricted stock awards. | |||||||||||||
Basic and diluted earnings per common share are calculated as follows: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
($ in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||
Net Income (Loss): | |||||||||||||
Income (loss) from continuing operations | $ | 864 | $ | 742 | $ | 792 | $ | -459 | |||||
Loss from discontinued operations | -90 | -1 | -97 | -41 | |||||||||
Income (loss) available to common shareholders | $ | 774 | $ | 741 | $ | 695 | $ | -500 | |||||
Basic Earnings (Loss) Per Common Share: | |||||||||||||
Weighted Average Common Shares Outstanding | 17,070,615 | 16,956,925 | 17,033,816 | 16,865,070 | |||||||||
Basic earnings (loss) per common share from continuing operations | $ | 0.06 | $ | 0.04 | $ | 0.05 | $ | -0.03 | |||||
Basic loss per common share from discontinued operations | -0.01 | — | -0.01 | — | |||||||||
Basic earnings (loss) per common share | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | -0.03 | |||||
Diluted Earnings (Loss) Per Common Share: | |||||||||||||
Weighted Average Common Shares Outstanding | 17,070,615 | 16,956,925 | 17,033,816 | 16,865,070 | |||||||||
Effect of Dilutive Securities: | |||||||||||||
Unvested portion of restricted stock awards | 4,574 | 10,431 | 6,314 | — | |||||||||
Warrants to purchase common stock | — | — | — | — | |||||||||
Weighted Average Common Shares Outstanding Assuming Dilution | 17,075,189 | 16,967,356 | 17,040,130 | 16,865,070 | |||||||||
Diluted earnings (loss) per common share from continuing operations | $ | 0.06 | $ | 0.04 | $ | 0.05 | $ | -0.03 | |||||
Diluted loss per common share from discontinued operations | -0.01 | — | -0.01 | — | |||||||||
Diluted earnings (loss) per common share | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | -0.03 | |||||
During the three and six months ended June 30, 2014, there were 145,525 and 116,655 outstanding stock equivalents, respectively that were anti-dilutive and excluded from the computations of diluted earnings per common share. During the three and six months ended June 30, 2013, there were 179,609 and 262,404 outstanding stock equivalents, respectively that were anti-dilutive and excluded from the computations of diluted earnings per common share. Excluded from the calculation of both basic and diluted earnings per common share are the unvested performance-based, both Operating Margin and Relative TSR Performance Objective, restricted stock awards of 317,303 for which achieving performance targets had not been determined by the Board of Directors as of June 30, 2014. There were 273,959 performance-based stock awards outstanding as of June 30, 2013. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
INCOME TAXES | ' | ||||||||||
INCOME TAXES | ' | ||||||||||
NOTE 5—INCOME TAXES | |||||||||||
The overall effective income tax rate for continuing operations during the three and six months ended June 30, 2014 and 2013 was as follows: | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||
Effective income tax rate | 29.30% | 54.40% | 29.70% | -136.60% | |||||||
The effective income tax rate differs from the statutory federal income tax rate of 35% primarily because of state and foreign income taxes and permanent differences. The amount of the income tax provision for continuing operations during the three months ended June 30, 2014 and 2013 differs from the statutory federal income tax rate of 35% as follows: | |||||||||||
Three Months Ended June 30, | |||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||
Amount | Percent | Amount | Percent | ||||||||
Tax expense computed at the maximum U.S. statutory rate | $ | 428 | 35.00% | $ | 569 | 35.00% | |||||
Difference resulting from state income taxes, net of federal income tax benefits | -73 | -5.90% | 36 | 2.20% | |||||||
Foreign tax rate differences | -56 | -4.60% | -30 | -1.70% | |||||||
Non-deductible business acquisition costs | — | — | 309 | 19.00% | |||||||
Non-deductible meals and entertainment | 24 | 1.90% | 15 | 0.90% | |||||||
Non-deductible expenses, other | 8 | 0.70% | 28 | 1.70% | |||||||
Net change in accrual for uncertain tax positions | 87 | 7.10% | -27 | -1.70% | |||||||
Tax credit carryforwards | -60 | -4.90% | — | — | |||||||
Other, net | — | — | -16 | -1.00% | |||||||
Total | $ | 358 | 29.30% | $ | 884 | 54.40% | |||||
The amount of the income tax provision for continuing operations during the six months ended June 30, 2014 and 2013 differs from the statutory federal income tax rate of 35% as follows: | |||||||||||
Six Months Ended June 30, | |||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||
Amount | Percent | Amount | Percent | ||||||||
Tax expense computed at the maximum U.S. statutory rate | $ | 394 | 35.00% | $ | -68 | 35.00% | |||||
Difference resulting from state income taxes, net of federal income tax benefits | -75 | -6.60% | -24 | 12.20% | |||||||
Foreign tax rate differences | -53 | -4.70% | 8 | -4.00% | |||||||
Non-deductible business acquisition costs | — | — | 309 | -159.30% | |||||||
Non-deductible meals and entertainment | 22 | 2.00% | -3 | 1.40% | |||||||
Non-deductible expenses, other | 8 | 0.70% | -6 | 3.10% | |||||||
Net change in accrual for uncertain tax positions | 98 | 8.60% | 42 | -21.60% | |||||||
Tax credit carryforwards | -60 | -5.30% | — | — | |||||||
Other, net | — | — | 7 | -3.40% | |||||||
Total | $ | 334 | 29.70% | $ | 265 | -136.60% | |||||
As of June 30, 2014 and June 30, 2013, we would need to generate approximately $85.8 million and $104.1 million, respectively, of future financial taxable income to realize our deferred tax assets. | |||||||||||
As of both June 30, 2014 and December 31, 2013, we provided for a liability of $4.7 million and $4.7 million, respectively, for unrecognized tax benefits related to various federal, foreign and state income tax matters, which was included in long-term deferred tax assets and other long-term liabilities. If recognized, the entire amount of the liability would affect the effective tax rate. As of June 30, 2014, we had accrued approximately $2.6 million in other long-term liabilities for potential payment of interest and penalties related to uncertain income tax positions. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2014 | |
DEBT | ' |
DEBT | ' |
NOTE 6—DEBT | |
Revolving Credit Facility. As of June 30, 2014, we had $31.0 million outstanding under our Revolving Credit Facility and we were in compliance with all financial and other covenants under the Revolving Credit Facility. During the six months ended June 30, 2014, we borrowed $30.0 million on our Revolving Credit and we repaid $22.0 million. The weighted average interest rates on borrowings were 1.49%. | |
The Revolving Credit Facility allows for borrowings up to $150.0 million, subject to outstanding standby letters of credit and other restrictions. The facility has a $75.0 million revolving letter of credit facility and provides access to multi-currency funds. The Revolving Credit Facility has a maturity date of February 21, 2017. | |
We are subject to interest rate changes on our LIBOR-based variable interest rate under our Revolving Credit Facility. As of June 30, 2014, a maximum of $107.2 million was available under our Revolving Credit Facility. Our ability to borrow this maximum amount is governed by a number of provisions of our Revolving Credit Facility, some of which have the effect of limiting the amount that we can borrow based upon such factors as the Company’s compliance with certain leverage ratios and other financial covenants or the use of the proceeds of the relevant drawdown, in each case as of a particular date or time. In practice, these provisions of our Revolving Credit Facility mean that we may not be permitted to borrow the full $150.0 million of our Revolving Credit Facility and the amount we are allowed to borrow under our Revolving Credit Facility will likely be materially less than the difference between our actual borrowings and $150.0 million for the foreseeable future. As of June 30, 2014, we pay an unused line fee of 0.20% pursuant to the terms of our Revolving 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 was 1.25% per annum as of June 30, 2014. 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. The Revolving Credit Facility includes additional margin ranges on base rate loans between 0.25% and 1.25% and between 1.25% and 2.25% on LIBOR-based loans. | |
As of June 30, 2014, our outstanding stand-by letters of credit totaled approximately $11.8 million for our U.S. entities and $11.1 million for non-U.S. entities. Currently there are no amounts drawn upon these letters of credit. In addition, as of June 30, 2014, we had outstanding surety bonds on projects of approximately $24.7 million. | |
Deferred Financing Costs. As of June 30, 2014, we had unamortized deferred financing fees on our Revolving Credit Facility of $0.6 million and interest expense associated with the amortization of $0.1 million for the six months ending June 30, 2014 and $0.1 million for the six months ended June 30, 2013. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2014 | |
COMMITMENTS AND CONTINGENCIES. | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 7—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. | |
Deltak Claims: By purchase agreement dated August 5, 2011, referred to as the 2011 Purchase Agreement, we sold substantially all of the assets of our Deltak business unit to Hamon Acquisitions, Inc. (n/k/a Hamon Deltak, Inc.) (an indirect wholly owned subsidiary of Hamon & Compagnie International SA) (the “Buyer”). Under the 2011 Purchase Agreement, we retained certain liabilities relating to the assets sold to the Buyer. The 2011 Purchase Agreement established escrow accounts totaling $7.0 million set aside for contingencies, of which $6.2 million was initially subject to a five year escrow term and $0.8 million was subject to scheduled releases. We previously recorded $3.1 million in short-term restricted cash and $3.8 million, which was subject to a five year escrow term, was previously recorded in other long-term assets. During 2013, we received two claims for indemnification from the Buyer in connection with the activities of our Deltak business unit. Under the terms of the settlement agreement, $0.1 million of the remaining escrow was classified as short-term restricted cash as of December 31, 2013. On February 4, 2014, less than $0.1 million of the purchase price held in escrow related to the sale of the assets of Deltak was released to Global Power. | |
Asbestos Cases: 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, just as we defended the other actions that have since been dismissed, 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. | |
Contingencies: On June 28, 2013, we announced a change in senior leadership in our Nuclear and Energy Services segments. We subsequently filed a Form 8-K disclosing anticipated separation costs of approximately $0.5 million pursuant to a Separation Agreement relating to this change in leadership. On July 17, 2013, we rescinded the Separation Agreement and therefore have not accrued any of the previously disclosed separation costs in the consolidated balance sheet and statement of operations as of June 30, 2014 and December 31, 2013. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
STOCKHOLDERS' EQUITY | ' | |||||||||
STOCKHOLDERS' EQUITY | ' | |||||||||
NOTE 8—STOCKHOLDERS’ EQUITY | ||||||||||
Dividends: In May 2012, our Board of Directors approved a quarterly cash dividend policy. The terms of our Revolving Credit Facility limit the amount of cash dividends we can pay and such terms are defined in the Revolving Credit Facility. The following table sets forth certain information relating to the Company’s cash dividends declared to common stockholders of the Company during the six months ended June 30, 2014: | ||||||||||
Dividend | Dividend | Date of Record for | Dividend Cash | |||||||
Declaration Date | per Share | Dividend Payment | Payment Date | |||||||
Fiscal year 2014: | May 1, 2014 | $ | 0.09 | June 13, 2014 | June 27, 2014 | |||||
March 7, 2014 | $ | 0.09 | March 18, 2014 | March 28, 2014 | ||||||
Dividend equivalents equal to the dividends payable on the same number of shares of our common stock were accrued on unvested restricted stock awards. No dividend equivalents are paid on any unvested restricted stock awards that are forfeited prior to the vesting date. Dividend equivalents are paid out in cash at the vesting date on restricted stock awards. A non-cash accrual of $0.2 million for unpaid dividend equivalents for unvested restricted stock awards was included in the accompanying consolidated balance sheet as of June 30, 2014. In addition, accumulated dividend equivalents of less than $0.1 million were paid upon the vesting and release of 86,934 restricted stock awards during the six months ended June 30, 2014. | ||||||||||
Stock Repurchase Program: In May 2012, our Board of Directors authorized a program to repurchase up to two million shares of our common stock until the earlier of June 30, 2014 or a determination by the Board of Directors to discontinue the repurchase program. We repurchased 421,731 shares of common stock during the year ended December 31, 2012 for $6.8 million under the repurchase program. During the three and six months ended June 30, 2014 and 2013, we did not repurchase any shares of common stock. As of the date of this report, the Board of Directors has not extended this program. | ||||||||||
Foreign Currency Translation: Foreign assets and liabilities are translated 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. We had foreign currency translation adjustments resulting in less than $0.4 million and $0.1 million of unrealized loss for the six months ended June 30, 2014 and 2013, respectively. Our foreign earnings are considered permanently reinvested and, therefore, we do not have any corresponding deferred taxes for our unremitted earnings. | ||||||||||
Stock-Based Compensation: During the six months ended June 30, 2014, we vested 66,167 shares of stock-based compensation to employees and recorded a $0.5 million non-cash accrual related to the payment of statutory taxes due on the awards that was paid as of June 30, 2014. | ||||||||||
We granted 110,903 shares of restricted stock awards subject only to service conditions to employees and directors during the six months ended June 30, 2014 at a weighted-average fair value price per share of $19.66. These service-based restricted stock awards will vest ratably over one, three or four years. | ||||||||||
We also granted 90,623 restricted stock awards subject to performance conditions during the six months ended June 30, 2014 at a weighted-average fair value price per share of $19.89. Of these, 10,000 performance-based restricted stock awards will vest at the end of a one-year performance period subject to meeting or exceeding a $30.0 million EBITDA target. The remaining 80,623 performance-based restricted stock awards will cliff vest at the end of a three-year performance period subject to multiple target levels of operating margin. If the minimum target set in the agreement is not met, none of the shares would vest and no compensation expense would be recognized and any previously recognized compensation expense would be reversed. The actual number of shares that will ultimately vest is dependent on achieving fixed thresholds between the minimum and maximum performance condition and ranges between 0% and 200% 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. | ||||||||||
We also granted 80,624 market-based restricted stock awards during the six months ended June 30, 2014 which, in addition to being subject to continuing employment requirements are subject to a market condition in the form of a total shareholder return (“TSR”) modifier. The actual number of shares that cliff vest at the end of the three-year vesting period is determined based on our TSR relative to the Russell 2000 over the related three-year performance period. Depending on the level of achievement, the actual number of shares that vest may range from 0% to 200% of the awards originally granted. | ||||||||||
We estimate the fair value of our market-based restricted stock 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 awards granted, net of estimated forfeitures. The assumptions used to estimate the fair value of market-based restricted stock awards granted during the six months ended June 30, 2014 were as follows: | ||||||||||
Six Months Ended | ||||||||||
June 30, | ||||||||||
2014 | ||||||||||
Expected term (years) | 2.75 | |||||||||
Expected volatility | 34.70% | |||||||||
Expected dividend yield | 0.00% | |||||||||
Risk-free interest rate | 0.79% | |||||||||
Weighted-average grant date fair value | $ | 25.71 | ||||||||
OTHER_SUPPLEMENTAL_INFORMATION
OTHER SUPPLEMENTAL INFORMATION | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
OTHER SUPPLEMENTAL INFORMATION | ' | |||||||
OTHER SUPPLEMENTAL INFORMATION | ' | |||||||
NOTE 9—OTHER SUPPLEMENTAL INFORMATION | ||||||||
Other current assets consist of the following: | ||||||||
June 30, | December 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Prepaid expenses | $ | 3,618 | $ | 2,735 | ||||
VAT receivable | 3,487 | 3,216 | ||||||
Prepaid taxes | 677 | 872 | ||||||
Other Receivables | — | 55 | ||||||
Other | 693 | 1,337 | ||||||
Total | $ | 8,475 | $ | 8,215 | ||||
Other long-term assets consist of the following: | ||||||||
June 30, | December 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Debt issuance costs, net | $ | 629 | $ | 751 | ||||
Other | 351 | 507 | ||||||
Total | $ | 980 | $ | 1,258 | ||||
Other current liabilities consist of the following: | ||||||||
June 30, | December 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Accrued workers compensation | $ | 1,451 | $ | 1,659 | ||||
Accrued taxes | 1,092 | 1,524 | ||||||
Accrued contract obligation | 801 | 1,030 | ||||||
Accrued job reserves | 622 | 1,387 | ||||||
Accrued legal and professional fees | 537 | 1,036 | ||||||
Other | 2,349 | 1,847 | ||||||
Total | $ | 6,852 | $ | 8,483 | ||||
Other long-term liabilities consist of the following: | ||||||||
June 30, | December 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Uncertain tax liabilities | $ | 5,151 | $ | 5,054 | ||||
Other | 799 | 790 | ||||||
Total | $ | 5,950 | $ | 5,844 | ||||
Supplemental cash flow disclosures are as follows: | ||||||||
Six Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Cash paid for the period for: | ||||||||
Interest | $ | 313 | $ | 233 | ||||
Income taxes | $ | 217 | $ | 2,470 | ||||
Net effect of changes in operating activities | ||||||||
Decrease in accounts receivable | $ | 19,722 | $ | 37,711 | ||||
Increase in inventories | -1,980 | -581 | ||||||
(Increase) decrease in costs and estimated earnings in excess of billings | -19,691 | 3,576 | ||||||
Increase in other current assets | -261 | -948 | ||||||
Decrease (increase) in other assets | 157 | -190 | ||||||
Decrease in accounts payable | -2,431 | -8,423 | ||||||
Decrease in accrued and other liabilities | -247 | -819 | ||||||
(Decrease) increase in accrued warranties | -1,578 | 50 | ||||||
Decrease in billings in excess of costs and estimated earnings | -1,434 | -6,506 | ||||||
Changes in operating assets and liabilities | $ | -7,743 | $ | 23,870 |
MAJOR_CUSTOMERS_AND_CONCENTRAT
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK | ' | |||||||||
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK | ' | |||||||||
NOTE 10—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: | ||||||||||
As of | As of | |||||||||
June 30, | December 31, | |||||||||
Customer | 2014 | 2013 | ||||||||
Siemens Energy, Inc. | 15% | 21% | ||||||||
General Electric Company | 14% | 25% | ||||||||
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: | ||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
Customer | 2014 | 2013 | 2014 | 2013 | ||||||
Southern Nuclear Operating Company | 10% | 13% | 19% | 21% | ||||||
Siemens Energy, Inc. | 13% | * | * | 12% | ||||||
Tennessee Valley Authority | 17% | 14% | 17% | 14% | ||||||
General Electric Company | 12% | 18% | 13% | 14% | ||||||
Energy Northwest | * | 18% | * | 10% | ||||||
All others | 48% | 37% | 51% | 29% | ||||||
Total | 100% | 100% | 100% | 100% | ||||||
* Less than 10% of revenue included in “All others” | ||||||||||
Customers for the Product Solutions segment include original equipment manufacturers, engineering, procurement and construction contractors, owners and operators of oil and gas pipelines, operators of power generation facilities and firms engaged across several process-related industries. Product Solutions segment customers include Siemens Energy, Inc. and General Electric Company. Customers for the Nuclear Services segment and Energy 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. Nuclear Services segment and Energy Services segment customers include Southern Nuclear Operating Company, Energy Northwest and Tennessee Valley Authority. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||
NOTE 11—SEGMENT INFORMATION | ||||||||||||||
We follow ASC 280—Segment Reporting, to present segment information. We considered the way our management team, most notably our chief operating decision maker, makes operating decisions and assesses performance and considered which components of our enterprise have discrete financial information available. As management makes decisions using a products and services group focus, our analysis resulted in three reportable segments: the Product Solutions segment, the Energy Services segment, and the Nuclear Services segment. The Product Solutions segment consists of two product categories: Auxiliary Products and Electrical Solutions. The financial results of the 2013 Acquisitions have been included in their respective segment as of their respective acquisition dates. | ||||||||||||||
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. In addition, management also reevaluated our primary measure of segment performance and determined that EBITDA should be used as the best measure of segment performance. | ||||||||||||||
The accounting policies for our segments are the same as those described in Note 2—Summary of Significant Accounting Policies. | ||||||||||||||
The following tables present information about segment income: | ||||||||||||||
($ in thousands) | Three months ended June 30, | Six months ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues: | ||||||||||||||
Product Solutions | $ | 59,171 | $ | 35,930 | $ | 98,102 | $ | 74,824 | ||||||
Nuclear Services | 41,430 | 66,435 | 98,492 | 131,448 | ||||||||||
Energy Services | 14,138 | 13,600 | 23,027 | 26,403 | ||||||||||
Consolidated | $ | 114,739 | $ | 115,965 | $ | 219,621 | $ | 232,675 | ||||||
($ in thousands) | Three months ended June 30, | Six months ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Depreciation and Amortization: (1) | ||||||||||||||
Product Solutions | $ | 1,684 | $ | 1,284 | $ | 3,340 | $ | 2,508 | ||||||
Nuclear Services | 175 | 192 | 389 | 389 | ||||||||||
Energy Services | 657 | 374 | 1,528 | 384 | ||||||||||
Consolidated | $ | 2,516 | $ | 1,850 | $ | 5,257 | $ | 3,281 | ||||||
($ in thousands) | Three months ended June 30, | Six months ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Operating Income (Loss): | ||||||||||||||
Product Solutions | $ | 1,799 | $ | 1,125 | $ | 2,782 | $ | -2,269 | ||||||
Nuclear Services | 343 | 2,786 | 1,738 | 4,061 | ||||||||||
Energy Services | -674 | -1,941 | -2,465 | -1,706 | ||||||||||
Consolidated | $ | 1,468 | $ | 1,970 | $ | 2,055 | $ | 86 | ||||||
(1) Depreciation and Amortization includes $0.4 million and $0.3 million in cost of sales for the three months ended June 30, 2014 and 2013, respectively. Depreciation and Amortization for the six months ended June 30, 2014 and 2013 included in cost of sales was $0.8 million and $0.6 million, respectively. | ||||||||||||||
The following table presents information which reconciles segment assets to consolidated total assets: | ||||||||||||||
As of | ||||||||||||||
June 30, | December 31, | |||||||||||||
($ in thousands) | 2014 | 2013 | ||||||||||||
Assets: | ||||||||||||||
Product Solutions | $ | 223,062 | $ | 232,070 | ||||||||||
Nuclear Services | 74,973 | 63,897 | ||||||||||||
Energy Services | 50,384 | 49,782 | ||||||||||||
Non allocated corporate headquarters assets | 19,763 | 21,649 | ||||||||||||
Total consolidated assets | $ | 368,182 | $ | 367,398 | ||||||||||
Corporate assets consist primarily of cash and deferred tax assets. | ||||||||||||||
The following presents the Product 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: | ||||||||||||||
Three Months Ended June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Revenue | Product | Revenue | Product | |||||||||||
($ in thousands) | Recognized In | Shipped To | Recognized In | Shipped To | ||||||||||
United States | $ | 37,820 | $ | 29,624 | $ | 26,663 | $ | 14,560 | ||||||
Canada | — | 284 | — | 79 | ||||||||||
Europe | 19,676 | 1,280 | 6,735 | 2,280 | ||||||||||
Mexico | 1,073 | 592 | 2,077 | 37 | ||||||||||
Asia | 602 | 3,062 | 455 | 1,315 | ||||||||||
Middle East | — | 14,021 | — | 14,615 | ||||||||||
South America | — | 1,319 | — | 1,325 | ||||||||||
Other | — | 8,989 | — | 1,719 | ||||||||||
Total | $ | 59,171 | $ | 59,171 | $ | 35,930 | $ | 35,930 | ||||||
Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Revenue | Product | Revenue | Product | |||||||||||
($ in thousands) | Recognized In | Shipped To | Recognized In | Shipped To | ||||||||||
United States | $ | 66,490 | $ | 53,850 | $ | 54,830 | $ | 35,049 | ||||||
Canada | — | 907 | — | 230 | ||||||||||
Europe | 25,674 | 3,924 | 14,554 | 3,238 | ||||||||||
Mexico | 5,190 | 592 | 4,840 | 316 | ||||||||||
Asia | 748 | 7,255 | 600 | 5,444 | ||||||||||
Middle East | — | 14,387 | — | 23,680 | ||||||||||
South America | — | 4,039 | — | 4,993 | ||||||||||
Other | — | 13,148 | — | 1,874 | ||||||||||
Total | $ | 98,102 | $ | 98,102 | $ | 74,824 | $ | 74,824 | ||||||
Our Nuclear Services segment revenue, all of which is derived in the U.S., was $41.4 million and $66.4 million during the three months ended June 30, 2014 and 2013, respectively and was $98.5 million and $131.4 million during the six months ended June 30, 2014 and 2013, respectively. Our Energy Services segment revenue, virtually all of which is derived in the U.S., was $14.1 million and $13.6 million during the three months ended June 30, 2014 and 2013, respectively and was $23.0 million and $26.4 million during the six months ended June 30, 2014 and 2013, respectively. |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Jun. 30, 2014 | |
SUBSEQUENT EVENT | ' |
SUBSEQUENT EVENT | ' |
NOTE 12—SUBSEQUENT EVENT | |
On July 31, 2014, our Board of Directors declared a cash dividend of $0.09 per share of common stock to the holders of record of our common stock as of the close of business on September 12, 2014 to be paid on or about September 26, 2014. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
Basis of Presentation | ' |
Basis of Presentation: These unaudited condensed consolidated financial statements have been prepared by us in accordance with accounting principles generally accepted in the U.S. The information in the condensed consolidated financial statements, in the opinion of management, includes normal recurring adjustments and reflects all adjustments that are necessary for a fair presentation of such financial statements. We believe that the disclosures presented are adequate to represent materially correct interim financial statements. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related notes for the year ended December 31, 2013 included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 17, 2014. | |
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. | |
Reclassifications | ' |
Reclassifications: Certain reclassifications have been made to prior years’ consolidated balances to conform with the current year presentation. | |
Discontinued Operations Presentation | ' |
Discontinued Operations Presentation: In August 2011, we completed the sale of substantially all of the operating assets of our Deltak L.L.C. (“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. | |
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 to 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 Other Intangible Assets: Goodwill is not amortized to expense, but rather, we test goodwill for impairment annually and more frequently if circumstances warrant. Impairment write-downs are charged to results of operations in the period in which the impairment is determined. | |
During the three months ended September 30, 2013, we changed our annual impairment testing date from December 31 to the first day of the fourth quarter, which we label as October 1. | |
In 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02, “Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment,” which provides entities with the option to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. The Company elected to bypass the qualitative assessment option and continue performing the first step of the goodwill impairment test. | |
In connection with our reportable segments, we also assess our reporting units that are operating segments or one level below the operating segment for impairment testing. We consider the management of operating activities, discrete financial information, similarities of economic characteristics, and the nature of the products, production processes, customers, distribution and regulatory environments. For impairment testing of goodwill and other indefinite-lived assets we test TOG as a separate reporting unit from Product Solutions with the remainder tested as the Auxiliary Products and Electrical Solutions product lines. We test Hetsco as a separate reporting unit from Energy Solutions with the remainder tested as the Industrial Solutions reporting unit, and we test the Nuclear Solutions segment as a reporting unit. | |
We did not identify any impairment of our recorded goodwill from our most recent annual testing, which was performed as of October 1, 2013. If certain events occur which might indicate goodwill has been impaired, the goodwill is tested for impairment when such events occur. We have not identified any such events and, accordingly, have not tested goodwill for impairment during the six months ended June 30, 2014. | |
Adoption of New Accounting Pronouncements | ' |
Adoption of New Accounting Pronouncements: | |
In March 2014, the FASB issued ASU Update 2014-06 “Technical Corrections and Improvements Related to Glossary Terms” (the “Update”). The amendments in the Update relate to glossary terms and cover a wide range of Topics in the Codification. These amendments are presented in four sections – Deletion of Master Glossary Terms (Section A), Addition of Master Glossary Term Links (Section B), Duplicate Master Glossary Terms (Section C), and Other Technical Corrections Related to Glossary Terms (Section D). The amendments in this Update represent changes to clarify the Master Glossary of the Codification, or make improvements to the Master Glossary that are not expected to result in substantive changes to the application of existing guidance or create a significant administrative cost to most entities. Additionally, the amendments will make the Master Glossary easier to understand, as well as reduce the number of terms that appear in the Master Glossary. The amendments resulting from this Update do not have transition guidance and will be effective upon issuance for both public and private companies. The immediate adoption of this standard in March 2014 did not have an impact on our consolidated financial statements, and there was no material impact to our financial statement disclosures. | |
In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 takes effect in 2017 and establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. There are three basic transition methods available: full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. We are currently evaluating the impact on our consolidated financial statements and financial statement disclosures. | |
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”). On June 29, 2014, 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. The Company has reviewed its accounting of these types of share-based payments and has determined that we are in compliance with the stated guidelines. |
BUSINESS_AND_ORGANIZATION_Tabl
BUSINESS AND ORGANIZATION (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
BUSINESS AND ORGANIZATION | ' | |||||||
Reporting periods and applicable reports | ' | |||||||
Fiscal Period | Reporting Period | Report to be Filed | ||||||
First quarter of fiscal 2014 | January 1, 2014 to March 30, 2014 | Quarterly Report on Form 10-Q | ||||||
Second quarter of fiscal 2014 | March 31, 2014 to June 29, 2014 | Quarterly Report on Form 10-Q | ||||||
Third quarter of fiscal 2014 | June 30, 2014 to September 28, 2014 | Quarterly Report on Form 10-Q | ||||||
Fourth quarter of fiscal 2014 | September 29, 2014 to December 31, 2014 | Annual Report on Form 10-K | ||||||
Acquisitions completed | ' | |||||||
Business Acquired | Date of Closing | Net Assets | Primary Form of | |||||
Acquired | Consideration | |||||||
(in millions) | ||||||||
IBI, LLC | July 9, 2013 | $ | 18.6 | Cash | ||||
Hetsco Holdings, Inc. | April 30, 2013 | $ | 32.4 | Cash |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Acquisition disclosures | ' | |||||||||||||
Acquisitions completed | ' | |||||||||||||
Business Acquired | Date of Closing | Net Assets | Primary Form of | |||||||||||
Acquired | Consideration | |||||||||||||
(in millions) | ||||||||||||||
IBI, LLC | July 9, 2013 | $ | 18.6 | Cash | ||||||||||
Hetsco Holdings, Inc. | April 30, 2013 | $ | 32.4 | Cash | ||||||||||
Unaudited pro forma information | ' | |||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||
($ in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Consolidated revenues | $ | 114,739 | $ | 133,417 | $ | 219,621 | $ | 265,447 | ||||||
Income (loss) from continuing operations before income tax | 864 | -1,900 | 792 | -592 | ||||||||||
Earnings (loss) per share from continuing operations: | ||||||||||||||
Basic | $ | 0.06 | $ | -0.11 | $ | 0.05 | $ | -0.04 | ||||||
Diluted | $ | 0.06 | $ | -0.11 | $ | 0.05 | $ | -0.04 | ||||||
2013 Acquisitions | ' | |||||||||||||
Acquisition disclosures | ' | |||||||||||||
Acquisitions completed | ' | |||||||||||||
Business Acquired | Date of Closing | Net Assets | Segment | Primary Form of | ||||||||||
Acquired | Consideration | |||||||||||||
(in millions) | ||||||||||||||
IBI, LLC | July 9, 2013 | $ | 18.6 | Product Solutions | Cash | |||||||||
Hetsco Holdings, Inc. | April 30, 2013 | $ | 32.4 | Energy Services | Cash | |||||||||
Allocation of consideration paid | ' | |||||||||||||
2013 Acquisition Activity | ||||||||||||||
Hetsco Inc. | IBI Power | Total | ||||||||||||
Current assets | $ | 7,733 | $ | 8,304 | $ | 16,037 | ||||||||
Property, plant and equipment | 867 | 2,822 | 3,689 | |||||||||||
Identifiable intangible assets | 22,800 | 9,300 | 32,100 | |||||||||||
Goodwill | 12,997 | 4,542 | 17,539 | |||||||||||
Total assets acquired | 44,397 | 24,968 | 69,365 | |||||||||||
Current liabilities | -2,265 | -6,327 | -8,592 | |||||||||||
Long-term deferred tax liability | -8,645 | — | -8,645 | |||||||||||
Other long-term liabilities | -1,089 | — | -1,089 | |||||||||||
Net assets acquired | $ | 32,398 | $ | 18,641 | $ | 51,039 | ||||||||
Major classes of acquired intangible assets | ' | |||||||||||||
Weighted Average | ||||||||||||||
($ in thousands) | Amortization Years | At Date of | ||||||||||||
Acquisition | ||||||||||||||
Customer Relationships | 7 | $ | 19,200 | |||||||||||
Trade Names | Indefinite | 11,000 | ||||||||||||
Noncompetes | 5 | 1,900 | ||||||||||||
$ | 32,100 | |||||||||||||
Schedule of estimated future aggregate amortization expense of intangible assets | ' | |||||||||||||
($ in thousands) | ||||||||||||||
For the Fiscal Year Ending December 31 -- | ||||||||||||||
2014 (remainder of year) | $ | 1,033 | ||||||||||||
2015 | 3,123 | |||||||||||||
2016 | 3,123 | |||||||||||||
2017 | 3,123 | |||||||||||||
2018 | 2,894 | |||||||||||||
Thereafter | 3,814 | |||||||||||||
Total | $ | 17,110 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
Schedule of calculation of basic and diluted earnings per common share | ' | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
($ in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||
Net Income (Loss): | |||||||||||||
Income (loss) from continuing operations | $ | 864 | $ | 742 | $ | 792 | $ | -459 | |||||
Loss from discontinued operations | -90 | -1 | -97 | -41 | |||||||||
Income (loss) available to common shareholders | $ | 774 | $ | 741 | $ | 695 | $ | -500 | |||||
Basic Earnings (Loss) Per Common Share: | |||||||||||||
Weighted Average Common Shares Outstanding | 17,070,615 | 16,956,925 | 17,033,816 | 16,865,070 | |||||||||
Basic earnings (loss) per common share from continuing operations | $ | 0.06 | $ | 0.04 | $ | 0.05 | $ | -0.03 | |||||
Basic loss per common share from discontinued operations | -0.01 | — | -0.01 | — | |||||||||
Basic earnings (loss) per common share | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | -0.03 | |||||
Diluted Earnings (Loss) Per Common Share: | |||||||||||||
Weighted Average Common Shares Outstanding | 17,070,615 | 16,956,925 | 17,033,816 | 16,865,070 | |||||||||
Effect of Dilutive Securities: | |||||||||||||
Unvested portion of restricted stock awards | 4,574 | 10,431 | 6,314 | — | |||||||||
Warrants to purchase common stock | — | — | — | — | |||||||||
Weighted Average Common Shares Outstanding Assuming Dilution | 17,075,189 | 16,967,356 | 17,040,130 | 16,865,070 | |||||||||
Diluted earnings (loss) per common share from continuing operations | $ | 0.06 | $ | 0.04 | $ | 0.05 | $ | -0.03 | |||||
Diluted loss per common share from discontinued operations | -0.01 | — | -0.01 | — | |||||||||
Diluted earnings (loss) per common share | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | -0.03 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
INCOME TAXES | ' | ||||||||||
Schedule of effective income tax rate for continuing operations | ' | ||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||
Effective income tax rate | 29.30% | 54.40% | 29.70% | -136.60% | |||||||
Effective income tax rate reconciliation | ' | ||||||||||
Three Months Ended June 30, | |||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||
Amount | Percent | Amount | Percent | ||||||||
Tax expense computed at the maximum U.S. statutory rate | $ | 428 | 35.00% | $ | 569 | 35.00% | |||||
Difference resulting from state income taxes, net of federal income tax benefits | -73 | -5.90% | 36 | 2.20% | |||||||
Foreign tax rate differences | -56 | -4.60% | -30 | -1.70% | |||||||
Non-deductible business acquisition costs | — | — | 309 | 19.00% | |||||||
Non-deductible meals and entertainment | 24 | 1.90% | 15 | 0.90% | |||||||
Non-deductible expenses, other | 8 | 0.70% | 28 | 1.70% | |||||||
Net change in accrual for uncertain tax positions | 87 | 7.10% | -27 | -1.70% | |||||||
Tax credit carryforwards | -60 | -4.90% | — | — | |||||||
Other, net | — | — | -16 | -1.00% | |||||||
Total | $ | 358 | 29.30% | $ | 884 | 54.40% | |||||
Six Months Ended June 30, | |||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||
Amount | Percent | Amount | Percent | ||||||||
Tax expense computed at the maximum U.S. statutory rate | $ | 394 | 35.00% | $ | -68 | 35.00% | |||||
Difference resulting from state income taxes, net of federal income tax benefits | -75 | -6.60% | -24 | 12.20% | |||||||
Foreign tax rate differences | -53 | -4.70% | 8 | -4.00% | |||||||
Non-deductible business acquisition costs | — | — | 309 | -159.30% | |||||||
Non-deductible meals and entertainment | 22 | 2.00% | -3 | 1.40% | |||||||
Non-deductible expenses, other | 8 | 0.70% | -6 | 3.10% | |||||||
Net change in accrual for uncertain tax positions | 98 | 8.60% | 42 | -21.60% | |||||||
Tax credit carryforwards | -60 | -5.30% | — | — | |||||||
Other, net | — | — | 7 | -3.40% | |||||||
Total | $ | 334 | 29.70% | $ | 265 | -136.60% |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
STOCKHOLDERS' EQUITY | ' | |||||||||
Information relating to Company's cash dividends declared to common stockholders | ' | |||||||||
Dividend | Dividend | Date of Record for | Dividend Cash | |||||||
Declaration Date | per Share | Dividend Payment | Payment Date | |||||||
Fiscal year 2014: | May 1, 2014 | $ | 0.09 | June 13, 2014 | June 27, 2014 | |||||
March 7, 2014 | $ | 0.09 | March 18, 2014 | March 28, 2014 | ||||||
Assumptions used to estimate the fair value of market-based restricted stock awards granted | ' | |||||||||
Six Months Ended | ||||||||||
June 30, | ||||||||||
2014 | ||||||||||
Expected term (years) | 2.75 | |||||||||
Expected volatility | 34.70% | |||||||||
Expected dividend yield | 0.00% | |||||||||
Risk-free interest rate | 0.79% | |||||||||
Weighted-average grant date fair value | $ | 25.71 | ||||||||
OTHER_SUPPLEMENTAL_INFORMATION1
OTHER SUPPLEMENTAL INFORMATION (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
OTHER SUPPLEMENTAL INFORMATION | ' | |||||||
Schedule of other current assets | ' | |||||||
June 30, | December 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Prepaid expenses | $ | 3,618 | $ | 2,735 | ||||
VAT receivable | 3,487 | 3,216 | ||||||
Prepaid taxes | 677 | 872 | ||||||
Other Receivables | — | 55 | ||||||
Other | 693 | 1,337 | ||||||
Total | $ | 8,475 | $ | 8,215 | ||||
Schedule of other long-term assets | ' | |||||||
June 30, | December 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Debt issuance costs, net | $ | 629 | $ | 751 | ||||
Other | 351 | 507 | ||||||
Total | $ | 980 | $ | 1,258 | ||||
Schedule of other current liabilities | ' | |||||||
June 30, | December 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Accrued workers compensation | $ | 1,451 | $ | 1,659 | ||||
Accrued taxes | 1,092 | 1,524 | ||||||
Accrued contract obligation | 801 | 1,030 | ||||||
Accrued job reserves | 622 | 1,387 | ||||||
Accrued legal and professional fees | 537 | 1,036 | ||||||
Other | 2,349 | 1,847 | ||||||
Total | $ | 6,852 | $ | 8,483 | ||||
Schedule of other long-term liabilities | ' | |||||||
June 30, | December 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Uncertain tax liabilities | $ | 5,151 | $ | 5,054 | ||||
Other | 799 | 790 | ||||||
Total | $ | 5,950 | $ | 5,844 | ||||
Schedule of supplemental cash flow disclosures | ' | |||||||
Six Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Cash paid for the period for: | ||||||||
Interest | $ | 313 | $ | 233 | ||||
Income taxes | $ | 217 | $ | 2,470 | ||||
Net effect of changes in operating activities | ||||||||
Decrease in accounts receivable | $ | 19,722 | $ | 37,711 | ||||
Increase in inventories | -1,980 | -581 | ||||||
(Increase) decrease in costs and estimated earnings in excess of billings | -19,691 | 3,576 | ||||||
Increase in other current assets | -261 | -948 | ||||||
Decrease (increase) in other assets | 157 | -190 | ||||||
Decrease in accounts payable | -2,431 | -8,423 | ||||||
Decrease in accrued and other liabilities | -247 | -819 | ||||||
(Decrease) increase in accrued warranties | -1,578 | 50 | ||||||
Decrease in billings in excess of costs and estimated earnings | -1,434 | -6,506 | ||||||
Changes in operating assets and liabilities | $ | -7,743 | $ | 23,870 |
MAJOR_CUSTOMERS_AND_CONCENTRAT1
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Accounts receivable | ' | |||||||||
Major customers and concentration of credit risk | ' | |||||||||
Schedule of customers as a percentage of consolidated amounts | ' | |||||||||
As of | As of | |||||||||
June 30, | December 31, | |||||||||
Customer | 2014 | 2013 | ||||||||
Siemens Energy, Inc. | 15% | 21% | ||||||||
General Electric Company | 14% | 25% | ||||||||
Revenue | ' | |||||||||
Major customers and concentration of credit risk | ' | |||||||||
Schedule of customers as a percentage of consolidated amounts | ' | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
Customer | 2014 | 2013 | 2014 | 2013 | ||||||
Southern Nuclear Operating Company | 10% | 13% | 19% | 21% | ||||||
Siemens Energy, Inc. | 13% | * | * | 12% | ||||||
Tennessee Valley Authority | 17% | 14% | 17% | 14% | ||||||
General Electric Company | 12% | 18% | 13% | 14% | ||||||
Energy Northwest | * | 18% | * | 10% | ||||||
All others | 48% | 37% | 51% | 29% | ||||||
Total | 100% | 100% | 100% | 100% | ||||||
* Less than 10% of revenue included in “All others” |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||
Schedule of segment income information | ' | |||||||||||||
($ in thousands) | Three months ended June 30, | Six months ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues: | ||||||||||||||
Product Solutions | $ | 59,171 | $ | 35,930 | $ | 98,102 | $ | 74,824 | ||||||
Nuclear Services | 41,430 | 66,435 | 98,492 | 131,448 | ||||||||||
Energy Services | 14,138 | 13,600 | 23,027 | 26,403 | ||||||||||
Consolidated | $ | 114,739 | $ | 115,965 | $ | 219,621 | $ | 232,675 | ||||||
($ in thousands) | Three months ended June 30, | Six months ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Depreciation and Amortization: (1) | ||||||||||||||
Product Solutions | $ | 1,684 | $ | 1,284 | $ | 3,340 | $ | 2,508 | ||||||
Nuclear Services | 175 | 192 | 389 | 389 | ||||||||||
Energy Services | 657 | 374 | 1,528 | 384 | ||||||||||
Consolidated | $ | 2,516 | $ | 1,850 | $ | 5,257 | $ | 3,281 | ||||||
($ in thousands) | Three months ended June 30, | Six months ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Operating Income (Loss): | ||||||||||||||
Product Solutions | $ | 1,799 | $ | 1,125 | $ | 2,782 | $ | -2,269 | ||||||
Nuclear Services | 343 | 2,786 | 1,738 | 4,061 | ||||||||||
Energy Services | -674 | -1,941 | -2,465 | -1,706 | ||||||||||
Consolidated | $ | 1,468 | $ | 1,970 | $ | 2,055 | $ | 86 | ||||||
(1) Depreciation and Amortization includes $0.4 million and $0.3 million in cost of sales for the three months ended June 30, 2014 and 2013, respectively. Depreciation and Amortization for the six months ended June 30, 2014 and 2013 included in cost of sales was $0.8 million and $0.6 million, respectively. | ||||||||||||||
Schedule of reconciliation of consolidated assets by segment | ' | |||||||||||||
As of | ||||||||||||||
June 30, | December 31, | |||||||||||||
($ in thousands) | 2014 | 2013 | ||||||||||||
Assets: | ||||||||||||||
Product Solutions | $ | 223,062 | $ | 232,070 | ||||||||||
Nuclear Services | 74,973 | 63,897 | ||||||||||||
Energy Services | 50,384 | 49,782 | ||||||||||||
Non allocated corporate headquarters assets | 19,763 | 21,649 | ||||||||||||
Total consolidated assets | $ | 368,182 | $ | 367,398 | ||||||||||
Schedule of Product Solutions segment revenue by geographical region based on operating locations | ' | |||||||||||||
Three Months Ended June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Revenue | Product | Revenue | Product | |||||||||||
($ in thousands) | Recognized In | Shipped To | Recognized In | Shipped To | ||||||||||
United States | $ | 37,820 | $ | 29,624 | $ | 26,663 | $ | 14,560 | ||||||
Canada | — | 284 | — | 79 | ||||||||||
Europe | 19,676 | 1,280 | 6,735 | 2,280 | ||||||||||
Mexico | 1,073 | 592 | 2,077 | 37 | ||||||||||
Asia | 602 | 3,062 | 455 | 1,315 | ||||||||||
Middle East | — | 14,021 | — | 14,615 | ||||||||||
South America | — | 1,319 | — | 1,325 | ||||||||||
Other | — | 8,989 | — | 1,719 | ||||||||||
Total | $ | 59,171 | $ | 59,171 | $ | 35,930 | $ | 35,930 | ||||||
Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Revenue | Product | Revenue | Product | |||||||||||
($ in thousands) | Recognized In | Shipped To | Recognized In | Shipped To | ||||||||||
United States | $ | 66,490 | $ | 53,850 | $ | 54,830 | $ | 35,049 | ||||||
Canada | — | 907 | — | 230 | ||||||||||
Europe | 25,674 | 3,924 | 14,554 | 3,238 | ||||||||||
Mexico | 5,190 | 592 | 4,840 | 316 | ||||||||||
Asia | 748 | 7,255 | 600 | 5,444 | ||||||||||
Middle East | — | 14,387 | — | 23,680 | ||||||||||
South America | — | 4,039 | — | 4,993 | ||||||||||
Other | — | 13,148 | — | 1,874 | ||||||||||
Total | $ | 98,102 | $ | 98,102 | $ | 74,824 | $ | 74,824 |
BUSINESS_AND_ORGANIZATION_Deta
BUSINESS AND ORGANIZATION (Details) (USD $) | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 09, 2013 | Dec. 31, 2013 | Apr. 30, 2013 |
item | IBI, LLC | IBI, LLC | Hetsco Holdings, Inc. | Hetsco Holdings, Inc. | |
segment | |||||
BUSINESS AND ORGANIZATION | ' | ' | ' | ' | ' |
Number of reportable segments | 3 | ' | ' | ' | ' |
Number of primary product categories included in the Product Solutions segment | 2 | ' | ' | ' | ' |
Number of weeks in each quarterly reporting period | '91 days | ' | ' | ' | ' |
Number of weeks in the first reporting period of each quarter | '28 days | ' | ' | ' | ' |
Number of weeks in the second reporting period of each quarter | '28 days | ' | ' | ' | ' |
Number of weeks in the third reporting period of each quarter | '35 days | ' | ' | ' | ' |
Acquisition disclosures | ' | ' | ' | ' | ' |
Net Assets Acquired | ' | $18,641 | $18,600 | $32,398 | $32,400 |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 09, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | |
item | Revolving Credit Facility | 2013 Acquisitions | 2013 Acquisitions | IBI, LLC | IBI, LLC | IBI, LLC | Hetsco Holdings, Inc. | Hetsco Holdings, Inc. | ||
Revolving Credit Facility | ||||||||||
Acquisition disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity acquired | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of businesses acquired | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of products companies acquired | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of industrial gas services company acquired | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Assets Acquired | ' | ' | ' | $51,039,000 | ' | $18,600,000 | ' | $18,641,000 | $32,400,000 | $32,398,000 |
Aggregate acquisition consideration payable | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' |
Maximum Borrowing Capacity | ' | ' | 150,000,000 | ' | 150,000,000 | ' | ' | ' | ' | ' |
Allocation of consideration paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate acquisition price | ' | ' | ' | ' | ' | 18,600,000 | ' | ' | 32,400,000 | ' |
Current assets | ' | ' | ' | 16,037,000 | ' | ' | ' | 8,304,000 | ' | 7,733,000 |
Property, plant and equipment | ' | ' | ' | 3,689,000 | ' | ' | ' | 2,822,000 | ' | 867,000 |
Identifiable intangible assets | ' | ' | ' | 32,100,000 | ' | ' | ' | 9,300,000 | ' | 22,800,000 |
Goodwill | 109,930,000 | 106,884,000 | ' | 17,539,000 | ' | ' | ' | 4,542,000 | ' | 12,997,000 |
Total assets acquired | ' | ' | ' | 69,365,000 | ' | ' | ' | 24,968,000 | ' | 44,397,000 |
Current liabilities | ' | ' | ' | -8,592,000 | ' | ' | ' | -6,327,000 | ' | -2,265,000 |
Long-term deferred tax liability | ' | ' | ' | -8,645,000 | ' | ' | ' | ' | ' | -8,645,000 |
Other long-term liabilities | ' | ' | ' | -1,089,000 | ' | ' | ' | ' | ' | -1,089,000 |
Net assets acquired | ' | ' | ' | $51,039,000 | ' | $18,600,000 | ' | $18,641,000 | $32,400,000 | $32,398,000 |
ACQUISITIONS_Details_2
ACQUISITIONS (Details 2) (2013 Acquisitions, USD $) | 6 Months Ended | 12 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Minimum | Maximum | Trade Names | Customer Relationships | Noncompetes | |||
Acquisition disclosures | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | $1,800,000 | ' | ' | ' | ' | ' | ' |
Weighted Average Amortization Years | ' | ' | '5 years | '7 years | ' | '7 years | '5 years |
Identifiable intangible assets | 32,100,000 | 32,100,000 | ' | ' | 11,000,000 | 19,200,000 | 1,900,000 |
Estimated future aggregate amortization expense of intangible assets | ' | ' | ' | ' | ' | ' | ' |
2014 (remainder of year) | 1,033,000 | ' | ' | ' | ' | ' | ' |
2015 | 3,123,000 | ' | ' | ' | ' | ' | ' |
2016 | 3,123,000 | ' | ' | ' | ' | ' | ' |
2017 | 3,123,000 | ' | ' | ' | ' | ' | ' |
2018 | 2,894,000 | ' | ' | ' | ' | ' | ' |
Thereafter | 3,814,000 | ' | ' | ' | ' | ' | ' |
Total | $17,110,000 | ' | ' | ' | ' | ' | ' |
ACQUISITIONS_Details_3
ACQUISITIONS (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Proforma information | ' | ' | ' | ' |
Consolidated revenues | $114,739,000 | $133,417,000 | $219,621,000 | $265,447,000 |
Income (loss) from continuing operations before income tax | 864,000 | -1,900,000 | 792,000 | -592,000 |
Earnings (loss) per share from continuing operations: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.06 | ($0.11) | $0.05 | ($0.04) |
Diluted (in dollars per share) | $0.06 | ($0.11) | $0.05 | ($0.04) |
Estimated domestic statutory tax rate (as a percent) | ' | ' | 39.00% | ' |
IBI Power and Hetsco | ' | ' | ' | ' |
Earnings (loss) per share from continuing operations: | ' | ' | ' | ' |
Effect of transaction costs related to the acquisition | ' | $300,000 | ' | $1,000,000 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net Income (Loss): | ' | ' | ' | ' |
Income (loss) from continuing operations | $864 | $742 | $792 | ($459) |
Loss from discontinued operations | -90 | -1 | -97 | -41 |
Income (loss) available to common shareholders | $774 | $741 | $695 | ($500) |
Basic Earnings (Loss) Earnings Per Common Share: | ' | ' | ' | ' |
Weighted Average Common Shares Outstanding | 17,070,615 | 16,956,925 | 17,033,816 | 16,865,070 |
Basic earnings (loss) per common share from continuing operations (in dollars per share) | $0.06 | $0.04 | $0.05 | ($0.03) |
Basic loss per common share from discontinued operations (in dollars per share) | ($0.01) | ' | ($0.01) | ' |
Income (loss) per common share (in dollars per share) | $0.05 | $0.04 | $0.04 | ($0.03) |
Diluted Earnings (Loss) Per Common Share: | ' | ' | ' | ' |
Weighted Average Common Shares Outstanding | 17,070,615 | 16,956,925 | 17,033,816 | 16,865,070 |
Effect of Dilutive Securities: | ' | ' | ' | ' |
Unvested portion of restricted stock awards (in shares) | 4,574 | 10,431 | 6,314 | ' |
Weighted Average Common Shares Outstanding Assuming Dilution | 17,075,189 | 16,967,356 | 17,040,130 | 16,865,070 |
Diluted earnings (loss) per common share from continuing operations (in dollars per share) | $0.06 | $0.04 | $0.05 | ($0.03) |
Diluted loss per common share from discontinued operations (in dollars per share) | ($0.01) | ' | ($0.01) | ' |
Income (loss) per common share - diluted (in dollars per share) | $0.05 | $0.04 | $0.04 | ($0.03) |
EARNINGS_PER_SHARE_Details_2
EARNINGS PER SHARE (Details 2) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
EARNINGS PER SHARE | ' | ' | ' | ' |
Outstanding stock equivalents excluded from diluted earnings per share calculations | 145,525 | 179,609 | 116,655 | 262,404 |
Unvested performance-based restricted stock awards excluded from calculation of basic and diluted earnings per common share | 317,303 | 273,959 | 317,303 | 273,959 |
INCOME_TAXES_Details
INCOME TAXES (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
INCOME TAXES | ' | ' | ' | ' |
Effective income tax rate (as a percent) | 29.30% | 54.40% | 29.70% | -136.60% |
Statutory federal income tax rate (as a percent) | 35.00% | 35.00% | 35.00% | 35.00% |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Effective Income Tax Rate Reconciliation, Amount | ' | ' | ' | ' |
Tax expense computed at the maximum U.S statutory rate, amount | $428 | $569 | $394 | ($68) |
Difference resulting from state income taxes, net of federal income tax benefits, amount | -73 | 36 | -75 | -24 |
Foreign tax rate differences, amount | -56 | -30 | -53 | 8 |
Non-deductible business acquisition costs, amount | ' | 309 | ' | 309 |
Non-deductible meals and entertainment, amount | 24 | 15 | 22 | -3 |
Non-deductible expenses, other, amount | 8 | 28 | 8 | -6 |
Net Change in accrual for uncertain tax positions, amount | 87 | -27 | 98 | 42 |
Tax credit carryforwards, amount | -60 | ' | -60 | ' |
Other, net, amount | ' | -16 | ' | 7 |
Total income tax (benefit) expense | $358 | $884 | $334 | $265 |
Effective Income Tax Rate Reconciliation, Percent | ' | ' | ' | ' |
Tax expense computed at the maximum U.S statutory rate, percentage | 35.00% | 35.00% | 35.00% | 35.00% |
Difference resulting from state income taxes, net of federal income tax benefits, percentage | -5.90% | 2.20% | -6.60% | 12.20% |
Foreign tax rate differences, percentage | -4.60% | -1.70% | -4.70% | -4.00% |
Non-deductible business acquisition costs, percentage | ' | 19.00% | ' | -159.30% |
Non-deductible meals and entertainment, percentage | 1.90% | 0.90% | 2.00% | 1.40% |
Non-deductible expenses, other, percentage | 0.70% | 1.70% | 0.70% | 3.10% |
Net change in accrual for uncertain tax positions, percentage | 7.10% | -1.70% | 8.60% | -21.60% |
Tax credit carryforwards, percentage | -4.90% | ' | -5.30% | ' |
Other, net, percentage | ' | -1.00% | ' | -3.40% |
Effective income tax rate (as a percent) | 29.30% | 54.40% | 29.70% | -136.60% |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | |||
INCOME TAXES | ' | ' | ' |
Amount of future financial taxable income needed to realize deferred tax assets | $85.80 | ' | $104.10 |
Liability for unrecognized tax benefits | 4.7 | 4.7 | ' |
Accrued interest and penalties related to uncertain income tax positions | $2.60 | ' | ' |
DEBT_Details
DEBT (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Credit Facilities | ' | ' | ' |
Repayment of revolving credit facility | $22,000,000 | $10,000,000 | ' |
Amount of interest expense associated with amortization of deferred financing costs | 100,000 | 100,000 | ' |
Unamortized deferred financing fees | 629,000 | ' | 751,000 |
Revolving Credit Facility | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Credit Facility, Maximum Borrowing Capacity | 150,000,000 | ' | ' |
Outstanding borrowings | 31,000,000 | ' | ' |
Borrowed amount | 30,000,000 | ' | ' |
Repayment of revolving credit facility | 22,000,000 | ' | ' |
Weighted-average interest rate on Revolving Credit Facility borrowings | 1.49% | ' | ' |
Unused line fee (as a percent) | 0.20% | ' | ' |
Unamortized deferred financing fees | 600,000 | ' | ' |
Revolving Credit Facility | Maximum | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Amount available under revolving credit facility | 107,200,000 | ' | ' |
Revolving Credit Facility | Base Rate loans | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Variable interest rate basis | 'Base Rate | ' | ' |
Revolving Credit Facility | Base Rate loans | Minimum | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Interest rate percentage | 0.25% | ' | ' |
Revolving Credit Facility | Base Rate loans | Maximum | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Interest rate percentage | 1.25% | ' | ' |
Revolving Credit Facility | LIBOR-based loans | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Variable interest rate basis | 'LIBOR | ' | ' |
Revolving Credit Facility | LIBOR-based loans | Minimum | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Interest rate percentage | 1.25% | ' | ' |
Revolving Credit Facility | LIBOR-based loans | Maximum | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Interest rate percentage | 2.25% | ' | ' |
Letters of credit | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Credit Facility, Maximum Borrowing Capacity | 75,000,000 | ' | ' |
Interest rate on letters of credit issued under the revolving letter of credit sublimit | 1.25% | ' | ' |
Stand-by letters of credit | U.S. | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Outstanding letter of credit | 11,800,000 | ' | ' |
Amounts drawn upon letters of credit | 0 | ' | ' |
Stand-by letters of credit | Non-U.S. entities | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Outstanding letter of credit | 11,100,000 | ' | ' |
Amounts drawn upon letters of credit | 0 | ' | ' |
Surety bonds | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Borrowed amount | $24,700,000 | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 05, 2011 | Dec. 31, 2013 | Feb. 04, 2014 |
Deltak Business Operating Net Assets | Deltak Business Operating Net Assets | Deltak Business Operating Net Assets | |||
Maximum | |||||
Commitments and contingencies | ' | ' | ' | ' | ' |
Escrow account for contingencies under 2011 Purchase Agreement | ' | ' | $7,000,000 | ' | ' |
Escrow deposit initially setup subject to a five year escrow term | ' | ' | 6,200,000 | ' | ' |
Escrow term | ' | ' | '5 years | ' | ' |
Escrow deposit subject to scheduled release | ' | ' | 800,000 | ' | ' |
Short-term restricted cash | 71,000 | 120,000 | 3,100,000 | 100,000 | ' |
Long-term restricted cash | ' | ' | 3,800,000 | ' | ' |
Escrow term | ' | ' | '5 years | ' | ' |
Claims for indemnification from the Buyer | ' | ' | ' | 2 | ' |
Cash received from escrow | ' | ' | ' | ' | $100,000 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details 2) (Change in senior leadership, rescinded, USD $) | Jul. 17, 2013 |
In Millions, unless otherwise specified | |
Change in senior leadership, rescinded | ' |
Commitments and contingencies | ' |
Unrecorded contingent liability | $0.50 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended |
Mar. 07, 2014 | Jun. 30, 2014 | 1-May-14 | Jun. 30, 2014 | |
Dividend declared March 7, 2014 | Dividend declared March 7, 2014 | Dividend declared May 1, 2014 | Dividend declared May 1, 2014 | |
Dividend Declaration | ' | ' | ' | ' |
Dividend Declaration Date | ' | 7-Mar-14 | ' | 1-May-14 |
Dividend per Share (in dollars per share) | $0.09 | ' | $0.09 | ' |
Date of Record for Dividend Payment | ' | 18-Mar-14 | ' | 13-Jun-14 |
Dividend Cash Payment Date | ' | 28-Mar-14 | ' | 27-Jun-14 |
STOCKHOLDERS_EQUITY_Details_2
STOCKHOLDERS' EQUITY (Details 2) (USD $) | 12 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | 31-May-12 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Maximum | Maximum | Maximum | Performance vesting | Performance vesting | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | ||
One Year Performance Period Awards | Three Year Performance Period Awards | Maximum | Service vesting | Service vesting | Service vesting | Service vesting | Performance vesting | Performance vesting | Performance vesting | Performance vesting | Performance vesting | Market-based vesting | Market-based vesting | Market-based vesting | ||||||
Vesting period one | Vesting period two | Vesting period three | One Year Performance Period Awards | Three Year Performance Period Awards | Three Year Performance Period Awards | Three Year Performance Period Awards | Minimum | Maximum | ||||||||||||
Minimum | Maximum | |||||||||||||||||||
Stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of dividend equivalents to be paid on forfeited unvested restricted stock awards | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash accrual for unpaid dividend equivalents for unvested restricted stock awards | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated dividend equivalents paid | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and released shares of restricted stock awards | ' | ' | ' | ' | ' | ' | 86,934 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized repurchase of shares | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchases | 421,731 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchases Value | 6.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Translation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss resulting from foreign currency adjustments | ' | 0.4 | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting shares of restricted stock awards | ' | ' | ' | ' | ' | ' | 66,167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash accrual related to the payment of statutory taxes | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | 110,903 | ' | ' | ' | 90,623 | 10,000 | 80,623 | ' | ' | 80,624 | ' | ' |
Weighted average fair value price per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $19.66 | ' | ' | ' | $19.89 | ' | ' | ' | ' | $25.71 | ' | ' |
Vesting period | ' | ' | ' | ' | '1 year | '3 years | ' | ' | ' | '1 year | '3 years | '4 years | ' | ' | ' | ' | ' | '3 years | ' | ' |
EBITDA target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' |
Percentage of shares based on actual achievement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 200.00% | ' | ' | ' |
Restricted stock performance units eligible to vest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 200.00% |
Number of shares that would vest if performance goals are not met | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Stock compensation expense if performance goals are not met | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' |
STOCKHOLDERS_EQUITY_Details_3
STOCKHOLDERS' EQUITY (Details 3) (Restricted Stock, Market-based vesting, USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Restricted Stock | Market-based vesting | ' |
Expected term (years) | '2 years 9 months |
Expected volatility | 34.70% |
Expected dividend yield | 0.00% |
Risk-free interest rate | 0.79% |
Weighted-average grant date fair value (in dollars per share) | $25.71 |
OTHER_SUPPLEMENTAL_INFORMATION2
OTHER SUPPLEMENTAL INFORMATION (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
OTHER SUPPLEMENTAL INFORMATION | ' | ' |
Prepaid expenses | $3,618 | $2,735 |
VAT receivable | 3,487 | 3,216 |
Prepaid taxes | 677 | 872 |
Other Receivables | ' | 55 |
Other | 693 | 1,337 |
Total | $8,475 | $8,215 |
OTHER_SUPPLEMENTAL_INFORMATION3
OTHER SUPPLEMENTAL INFORMATION (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
OTHER SUPPLEMENTAL INFORMATION | ' | ' |
Debt issuance costs, net | $629 | $751 |
Other | 351 | 507 |
Total | $980 | $1,258 |
OTHER_SUPPLEMENTAL_INFORMATION4
OTHER SUPPLEMENTAL INFORMATION (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
OTHER SUPPLEMENTAL INFORMATION | ' | ' |
Accrued workers compensation | $1,451 | $1,659 |
Accrued taxes | 1,092 | 1,524 |
Accrued contract obligation | 801 | 1,030 |
Accrued job reserves | 622 | 1,387 |
Accrued legal and professional fees | 537 | 1,036 |
Other | 2,349 | 1,847 |
Total | $6,852 | $8,483 |
OTHER_SUPPLEMENTAL_INFORMATION5
OTHER SUPPLEMENTAL INFORMATION (Details 4) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
OTHER SUPPLEMENTAL INFORMATION | ' | ' |
Uncertain tax liabilities | $5,151 | $5,054 |
Other | 799 | 790 |
Total | $5,950 | $5,844 |
OTHER_SUPPLEMENTAL_INFORMATION6
OTHER SUPPLEMENTAL INFORMATION (Details 5) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash paid for the period for: | ' | ' |
Interest | $313 | $233 |
Income taxes | 217 | 2,470 |
Net effect of changes in operating activities | ' | ' |
Decrease in accounts receivable | 19,722 | 37,711 |
Increase in inventories | -1,980 | -581 |
(Increase) decrease in costs and estimated earnings in excess of billings | -19,691 | 3,576 |
Increase in other current assets | -261 | -948 |
(Decrease) increase in other assets | 157 | -190 |
Decrease in accounts payable | -2,431 | -8,423 |
Decrease in accrued and other liabilities | -247 | -819 |
(Decrease) increase in accrued warranties | -1,578 | 50 |
Decrease in billings in excess of costs and estimated earnings | -1,434 | -6,506 |
Changes in operating assets and liabilities | ($7,743) | $23,870 |
MAJOR_CUSTOMERS_AND_CONCENTRAT2
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK (Details) (Accounts receivable) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Siemens Energy Inc | ' | ' |
Concentration Risk | ' | ' |
Concentration risk percentage | 15.00% | 21.00% |
General Electric Company | ' | ' |
Concentration Risk | ' | ' |
Concentration risk percentage | 14.00% | 25.00% |
MAJOR_CUSTOMERS_AND_CONCENTRAT3
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK (Details 2) (Revenue) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Concentration Risk | ' | ' | ' | ' |
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Southern Nuclear Operating Company | ' | ' | ' | ' |
Concentration Risk | ' | ' | ' | ' |
Concentration risk percentage | 10.00% | 13.00% | 19.00% | 21.00% |
Siemens Energy Inc | ' | ' | ' | ' |
Concentration Risk | ' | ' | ' | ' |
Concentration risk percentage | 13.00% | ' | ' | 12.00% |
Tennessee Valley Authority | ' | ' | ' | ' |
Concentration Risk | ' | ' | ' | ' |
Concentration risk percentage | 17.00% | 14.00% | 17.00% | 14.00% |
General Electric Company | ' | ' | ' | ' |
Concentration Risk | ' | ' | ' | ' |
Concentration risk percentage | 12.00% | 18.00% | 13.00% | 14.00% |
Energy Northwest | ' | ' | ' | ' |
Concentration Risk | ' | ' | ' | ' |
Concentration risk percentage | ' | 18.00% | ' | 10.00% |
All Others | ' | ' | ' | ' |
Concentration Risk | ' | ' | ' | ' |
Concentration risk percentage | 48.00% | 37.00% | 51.00% | 29.00% |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
segment | ||||
item | ||||
SEGMENT INFORMATION | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 3 | ' |
Segment reporting disclosures | ' | ' | ' | ' |
Number of product categories included in the segment | ' | ' | 2 | ' |
Revenues: | $114,739 | $115,965 | $219,621 | $232,675 |
Depreciation and Amortization: | 2,516 | 1,850 | 5,257 | 3,281 |
Operating Income (Loss): | 1,468 | 1,970 | 2,055 | 86 |
Cost of Sales | ' | ' | ' | ' |
Segment reporting disclosures | ' | ' | ' | ' |
Depreciation and Amortization: | 400 | 300 | 800 | 600 |
Product Solutions Segment | ' | ' | ' | ' |
Segment reporting disclosures | ' | ' | ' | ' |
Number of product categories included in the segment | ' | ' | 2 | ' |
Revenues: | 59,171 | 35,930 | 98,102 | 74,824 |
Depreciation and Amortization: | 1,684 | 1,284 | 3,340 | 2,508 |
Operating Income (Loss): | 1,799 | 1,125 | 2,782 | -2,269 |
Nuclear Services Segment | ' | ' | ' | ' |
Segment reporting disclosures | ' | ' | ' | ' |
Revenues: | 41,430 | 66,435 | 98,492 | 131,448 |
Depreciation and Amortization: | 175 | 192 | 389 | 389 |
Operating Income (Loss): | 343 | 2,786 | 1,738 | 4,061 |
Energy Services Segment | ' | ' | ' | ' |
Segment reporting disclosures | ' | ' | ' | ' |
Revenues: | 14,138 | 13,600 | 23,027 | 26,403 |
Depreciation and Amortization: | 657 | 374 | 1,528 | 384 |
Operating Income (Loss): | ($674) | ($1,941) | ($2,465) | ($1,706) |
SEGMENT_INFORMATION_Details_2
SEGMENT INFORMATION (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment reporting disclosures | ' | ' |
Total consolidated assets | $368,182 | $367,398 |
Operating segments | Product Solutions Segment | ' | ' |
Segment reporting disclosures | ' | ' |
Total consolidated assets | 223,062 | 232,070 |
Operating segments | Nuclear Services Segment | ' | ' |
Segment reporting disclosures | ' | ' |
Total consolidated assets | 74,973 | 63,897 |
Operating segments | Energy Services Segment | ' | ' |
Segment reporting disclosures | ' | ' |
Total consolidated assets | 50,384 | 49,782 |
Non allocated corporate headquarters assets | ' | ' |
Segment reporting disclosures | ' | ' |
Total consolidated assets | $19,763 | $21,649 |
SEGMENT_INFORMATION_Details_3
SEGMENT INFORMATION (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | $114,739 | $115,965 | $219,621 | $232,675 |
Product Solutions Segment | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 59,171 | 35,930 | 98,102 | 74,824 |
Product Solutions Segment | Revenue Recognized In | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 59,171 | 35,930 | 98,102 | 74,824 |
Product Solutions Segment | Product Shipped To | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 59,171 | 35,930 | 98,102 | 74,824 |
Product Solutions Segment | United States | Revenue Recognized In | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 37,820 | 26,663 | 66,490 | 54,830 |
Product Solutions Segment | United States | Product Shipped To | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 29,624 | 14,560 | 53,850 | 35,049 |
Product Solutions Segment | Canada | Product Shipped To | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 284 | 79 | 907 | 230 |
Product Solutions Segment | Europe | Revenue Recognized In | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 19,676 | 6,735 | 25,674 | 14,554 |
Product Solutions Segment | Europe | Product Shipped To | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 1,280 | 2,280 | 3,924 | 3,238 |
Product Solutions Segment | Mexico | Revenue Recognized In | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 1,073 | 2,077 | 5,190 | 4,840 |
Product Solutions Segment | Mexico | Product Shipped To | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 592 | 37 | 592 | 316 |
Product Solutions Segment | Asia | Revenue Recognized In | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 602 | 455 | 748 | 600 |
Product Solutions Segment | Asia | Product Shipped To | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 3,062 | 1,315 | 7,255 | 5,444 |
Product Solutions Segment | Middle East | Product Shipped To | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 14,021 | 14,615 | 14,387 | 23,680 |
Product Solutions Segment | South America | Product Shipped To | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | 1,319 | 1,325 | 4,039 | 4,993 |
Product Solutions Segment | Other | Product Shipped To | ' | ' | ' | ' |
Schedule Of Revenue And Product Shipped By Geographical Segment | ' | ' | ' | ' |
Revenue | $8,989 | $1,719 | $13,148 | $1,874 |
SEGMENT_INFORMATION_Details_4
SEGMENT INFORMATION (Details 4) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment information | ' | ' | ' | ' |
Revenue | $114,739 | $115,965 | $219,621 | $232,675 |
Nuclear Services Segment | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' |
Revenue | 41,430 | 66,435 | 98,492 | 131,448 |
Nuclear Services Segment | U.S. | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' |
Revenue | 41,400 | 66,400 | 98,500 | 131,400 |
Energy Services Segment | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' |
Revenue | 14,138 | 13,600 | 23,027 | 26,403 |
Energy Services Segment | U.S. | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' |
Revenue | $14,100 | $13,600 | $23,000 | $26,400 |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (Subsequent Event, USD $) | 0 Months Ended | 6 Months Ended |
Jul. 31, 2014 | Jun. 30, 2014 | |
Subsequent Event | ' | ' |
Subsequent events | ' | ' |
Cash dividend declared (in dollars per share) | $0.09 | ' |
Dividend declared date | ' | 31-Jul-14 |
Date of record for dividend payment | ' | 12-Sep-14 |
Date of cash payment of dividend | ' | 26-Sep-14 |