Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2014 | Oct. 27, 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 | 28-Sep-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 | ' | 17,123,608 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $10,733 | $13,942 |
Restricted cash | 1 | 120 |
Accounts receivable, net of allowance of $616 and $557, respectively | 113,729 | 93,484 |
Raw Materials | 7,688 | 6,133 |
Finished Goods | 1,316 | 985 |
Inventory Reserve | -430 | -642 |
Costs and estimated earnings in excess of billings | 62,948 | 41,804 |
Deferred tax assets | 3,301 | 3,301 |
Other current assets | 6,673 | 8,215 |
Total current assets | 205,959 | 167,342 |
Property, plant and equipment, net | 19,013 | 20,644 |
Goodwill | 106,884 | 109,930 |
Intangible assets, net | 60,433 | 60,594 |
Deferred tax assets | 5,722 | 7,630 |
Other long-term assets | 945 | 1,258 |
Total assets | 398,956 | 367,398 |
Current liabilities: | ' | ' |
Accounts payable | 20,417 | 19,664 |
Accrued compensation and benefits | 24,856 | 14,798 |
Billings in excess of costs and estimated earnings | 15,441 | 12,757 |
Accrued warranties | 1,413 | 3,261 |
Other current liabilities | 6,466 | 8,483 |
Total current liabilities | 68,593 | 58,963 |
Long-term debt | 45,000 | 23,000 |
Other long-term liabilities | 6,151 | 5,844 |
Total liabilities | 119,744 | 87,807 |
Commitments and contingencies (Note 7) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.01 par value, 170,000,000 shares authorized and 18,387,686 and 18,294,998 shares issued, respectively, and 17,123,608 and 17,059,943 shares outstanding, respectively | 184 | 183 |
Paid-in capital | 71,294 | 69,049 |
Accumulated other comprehensive income | 352 | 3,473 |
Retained earnings | 207,395 | 206,898 |
Treasury stock, at par (1,264,078 and 1,235,055 common shares, respectively) | -13 | -12 |
Total stockholders' equity | 279,212 | 279,591 |
Total liabilities and stockholders' equity | $398,956 | $367,398 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts receivable, allowance (in dollars) | $616 | $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 | 18,387,686 | 18,294,998 |
Common stock, shares outstanding | 17,123,608 | 17,059,943 |
Treasury stock, shares | 1,264,078 | 1,235,055 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' | ' | ||||
Revenue | $145,128 | $109,998 | $364,749 | $342,673 | ||||
Cost of Sales | 120,447 | 89,272 | 301,328 | 287,178 | ||||
Gross profit | 24,681 | 20,726 | 63,421 | 55,495 | ||||
Selling and marketing expenses | 3,008 | 2,272 | 7,305 | 6,957 | ||||
General and administrative expenses | 13,521 | 14,806 | 41,454 | 42,172 | ||||
Depreciation and amortization expense | 1,993 | [1] | 1,936 | [1] | 6,448 | [1] | 4,568 | [1] |
Operating income (loss) | 6,159 | 1,712 | 8,214 | 1,798 | ||||
Interest expense, net | 421 | 207 | 1,174 | 483 | ||||
Other (income) expense, net | -1,200 | 164 | -1,024 | 168 | ||||
Income from continuing operations before income tax | 6,938 | 1,341 | 8,064 | 1,147 | ||||
Income tax expense | 2,510 | 312 | 2,844 | 577 | ||||
Income from continuing operations | 4,428 | 1,029 | 5,220 | 570 | ||||
Discontinued operations: | ' | ' | ' | ' | ||||
Income (loss) from discontinued operations, net of tax | 96 | 273 | -1 | 232 | ||||
Net Income | 4,524 | 1,302 | 5,219 | 802 | ||||
Basic loss per weighted average common share: | ' | ' | ' | ' | ||||
Basic earnings per common share from continuing operations (in dollars per share) | $0.26 | $0.06 | $0.31 | $0.03 | ||||
Basic earnings per common share from discontinued operations (in dollars per share) | ' | $0.02 | ' | $0.02 | ||||
Basic earnings per common share - basic (in dollars per share) | $0.26 | $0.08 | $0.31 | $0.05 | ||||
Weighted average number of shares of common stock outstanding - basic (in shares) | 17,072,317 | 16,958,138 | 16,982,990 | 16,896,434 | ||||
Diluted loss per weighted average common share: | ' | ' | ' | ' | ||||
Diluted earnings per common share from continuing operations (in dollars per share) | $0.26 | $0.06 | $0.31 | $0.03 | ||||
Diluted earnings per common share from discontinued operations (in dollars per share) | ' | $0.02 | ' | $0.02 | ||||
Diluted earnings per common share - diluted (in dollars per share) | $0.26 | $0.08 | $0.31 | $0.05 | ||||
Weighted average number of shares of common stock outstanding - diluted (in shares) | 17,078,990 | 16,995,373 | 17,022,665 | 17,020,334 | ||||
Depreciation and amortization included in cost of sales | $484 | $399 | $1,285 | $1,048 | ||||
[1] | Excludes depreciation and amortization expense for the three months ended September 30, 2014 and 2013 of $484 and $399 included in cost of sales, respectively. Excludes depreciation and amortization expense for the nine months ended September 30, 2014 and 2013 of $1,285 and $1,048 included in cost of sales, respectively. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net Income | $4,524 | $1,302 | $5,219 | $802 |
Foreign currency translation adjustment | -2,687 | 830 | -3,121 | 849 |
Comprehensive Income | $1,837 | $2,132 | $2,098 | $1,651 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Shares $0.01 Per Share | Paid-in Capital | Accumulated Other Comprehensive Income | Retained Earnings | Treasury Shares | Total |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2013 | $183 | $69,049 | $3,473 | $206,898 | ($12) | $279,591 |
Balance (in shares) at Dec. 31, 2013 | 18,294,998 | ' | ' | ' | -1,235,055 | 17,059,943 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 1 | 2,245 | ' | ' | -1 | 2,245 |
Stock-based compensation (in shares) | 92,688 | ' | ' | ' | -29,023 | ' |
Dividends declared | ' | ' | ' | -4,722 | ' | -4,722 |
Net Income | ' | ' | ' | 5,219 | ' | 5,219 |
Foreign currency translation adjustment | ' | ' | -3,121 | ' | ' | -3,121 |
Balance at Sep. 30, 2014 | $184 | $71,294 | $352 | $207,395 | ($13) | $279,212 |
Balance (in shares) at Sep. 30, 2014 | 18,387,686 | ' | ' | ' | -1,264,078 | 17,123,608 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities: | ' | ' |
Net income | $5,219 | $802 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Deferred income tax expense (benefit) provision | 778 | -900 |
Depreciation and amortization on plant, property and equipment and intangible assets | 7,733 | 5,616 |
Amortization on deferred financing costs | 171 | 137 |
Loss on disposals of equipment | 161 | 13 |
Stock-based compensation | 2,816 | 3,429 |
Changes in operating assets and liabilities, net of businesses acquired and sold: | ' | ' |
(Increase) decrease in accounts receivable | -21,364 | 23,785 |
(Increase) decrease in inventories | -2,207 | -670 |
(Increase) decrease in costs and estimated earnings in excess of billings | -21,984 | -532 |
(Increase) decrease in other current assets | 1,290 | -756 |
(Increase) decrease in other assets | 137 | 36 |
Increase (decrease) in accounts payable | 1,043 | -8,140 |
Increase (decrease) in accrued and other liabilities | 8,346 | 2,758 |
Increase (decrease) in accrued warranties | -1,829 | -745 |
Increase (decrease) in billings in excess of costs and estimated earnings | 3,064 | -5,037 |
Net cash (used in) provided by operating activities | -16,626 | 19,796 |
Investing activities: | ' | ' |
Acquisitions, net of cash acquired | ' | -50,328 |
Proceeds from sale of business, net of restricted cash and transaction costs | ' | 267 |
Net transfers of restricted cash | 120 | ' |
Proceeds from sale of equipment | 264 | 62 |
Purchase of property, plant and equipment | -2,162 | -3,927 |
Net cash used in investing activities | -1,778 | -53,926 |
Financing activities: | ' | ' |
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | -571 | -1,542 |
Dividends paid | -4,722 | -4,668 |
Proceeds from long-term debt | 66,000 | 50,000 |
Payments of long-term debt | -44,000 | -10,000 |
Net cash provided by financing activities | 16,707 | 33,790 |
Effect of exchange rate changes on cash | -1,512 | 731 |
Net change in cash and cash equivalents | -3,209 | 391 |
Cash and cash equivalents, beginning of period | 13,942 | 31,951 |
Cash and cash equivalents, end of period | 10,733 | 32,342 |
Cash paid for interest | 326 | 313 |
Cash paid for income taxes, net of refunds | $483 | $1,108 |
BASIS_OF_PRESENTATION_AND_SIGN
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' | ||||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' | ||||
NOTE 1—BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |||||
Global Power Equipment Group Inc. and its wholly owned subsidiaries (“Global Power,” “we,” “us,” “our,” or “the Company”), is a comprehensive provider of custom 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 have three operating segments as defined in our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (the “SEC”) on March 17, 2014: Product Solutions, Nuclear Services and Energy Services. | |||||
Presentation | |||||
The accompanying unaudited condensed consolidated financial statements of Global Power and its subsidiaries have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2014, the results of operations for the three-month and nine-month periods ended September 30, 2014 and 2013, and cash flows for the nine month periods ended September 30, 2014 and 2013. The balance sheet as of December 31, 2013 has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||
These interim results are not necessarily indicative of the results to be expected for the full year and the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||
All dollar amounts (except share and per share amounts) presented in the tables within the notes to our unaudited condensed consolidated financial statements are stated in thousands of dollars, unless otherwise noted. | |||||
As of January 1, 2013, we changed from reporting on a calendar quarter basis to a fiscal quarter basis utilizing a “modified” 4-4-5 calendar (modified in that the fiscal year always begins on January 1 and ends on December 31). However, we have continued to label our quarterly information using a calendar convention. The effects of this practice are modest and only exist when comparing interim period results. The reporting periods and corresponding fiscal interim periods are as follows: | |||||
Reporting Interim Period | Fiscal Interim Period | ||||
2014 | 2013 | ||||
Three Months Ended March 31 | January 1, 2014 to March 30, 2014 | January 1, 2013 to March 31, 2013 | |||
Three Months Ended June 30 | March 31, 2014 to June 29, 2014 | April 1, 2013 to June 30, 2013 | |||
Three Months Ended September 30 | June 30, 2014 to September 28, 2014 | July 1, 2013 to September 29, 2013 | |||
Summary of Significant Accounting Policies | |||||
See Note 2 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 for a summary of our significant accounting policies. There have been no significant changes to our accounting policies during the nine-month period ended September 30, 2014. | |||||
NEW_FINANCIAL_ACCOUNTING_PRONO
NEW FINANCIAL ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2014 | |
NEW FINANCIAL ACCOUNTING PRONOUNCEMENTS | ' |
NEW FINANCIAL ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 2—NEW FINANCIAL ACCOUNTING PRONOUNCEMENTS | |
Adoption of New Accounting Pronouncements: | |
In March 2014, the Financial Accounting Standards Board (“FASB”) issued ASU Update 2014-06, “Technical Corrections and Improvements Related to Glossary Terms” (“ASU 2014-06”). 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 ASU 2014-06 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 ASU 2014-06 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 the implementation of ASU 2014-09 will have on our consolidated financial statements and financial statement disclosures in addition to the implementation methodology we will utilize. | |
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 for these types of share-based payments and has determined that we are in compliance with the stated guidelines. | |
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). When conditions or events raise substantial doubts about an entity’s ability to continue as a going concern, management shall disclose: (i) the principal conditions or events that raise substantial doubt about the entity's ability to continue as a going concern; (ii) management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations; and (iii) management's plans that are intended to mitigate the conditions or events and whether or not those plans alleviate the substantial doubt about the entity's ability to continue as a going concern. ASU 2014-15 is effective for the Company for fiscal year 2016, and early application is permitted. We do not currently anticipate that ASU 2014-15 will have any impact on the Company’s financial statement disclosures. | |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended | |||||||||||
Sep. 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 allowed us to expand our products and service offerings internationally and in the U.S. A summary of the acquisitions is as follows: | ||||||||||||
Net Assets | ||||||||||||
Acquired | Primary Form of | |||||||||||
Business Acquired | Date of Closing | (in millions) | Segment | Consideration | ||||||||
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, LLC (“IBI”), 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 our wholly-owned subsidiary, Koontz-Wagner Custom Controls, LLC, and its financial results have been included in our Product Solutions segment since the acquisition date. | ||||||||||||
On April 30, 2013, we acquired Hetsco Holdings, Inc. (“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 and Hetsco acquisitions (together, the “2013 Acquisitions”) through a combination of cash on hand and draws on our $150.0 million revolving 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. The fair values and useful lives were supported by third party valuations. | ||||||||||||
2013 Acquisition Activity | ||||||||||||
Hetsco | IBI | 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 | ||||||
Acquired intangible assets in 2013 of $32.1 million consisted of customer relationships, trade names and noncompete agreements. The amortization periods for these intangible assets, except trade names which are indefinite, range from five to seven years. We recorded $2.6 million and $1.0 million of amortization expense related to these intangible assets during the nine months ended September 30, 2014 and 2013, respectively. The major classes of intangible assets are as follows: | ||||||||||||
Weighted Average | At Date of | |||||||||||
Amortization Years | 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 September 30, 2014 is set forth below: | ||||||||||||
For the Fiscal Year Ending December 31 – | ||||||||||||
2014 (remainder of year) | $ | 781 | ||||||||||
2015 | 3,123 | |||||||||||
2016 | 3,123 | |||||||||||
2017 | 3,123 | |||||||||||
2018 | 2,894 | |||||||||||
Thereafter | 3,814 | |||||||||||
Total | $ | 16,858 | ||||||||||
The goodwill associated with the IBI 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 occurred on January 1, 2013, nor are they necessarily indicative of future results. | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(unaudited) | (unaudited) | |||||||||||
($ in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||
Consolidated revenues | $ | 145,128 | $ | 110,512 | $ | 364,749 | $ | 375,958 | ||||
Income from continuing operations | 4,428 | 895 | 5,220 | 637 | ||||||||
Earnings per share from continuing operations: | ||||||||||||
Basic | $ | 0.26 | $ | 0.05 | $ | 0.31 | $ | 0.04 | ||||
Diluted | $ | 0.26 | $ | 0.05 | $ | 0.31 | $ | 0.04 | ||||
The unaudited pro forma consolidated results during the three months and nine months ended September 30, 2014 and 2013 have been prepared by adjusting our historical results to include the 2013 Acquisitions as if they occurred on January 1, 2013. These adjustments for unaudited pro forma consolidated historical results included the following: | ||||||||||||
· | a net increase in interest expense during the three and nine months ended September 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 remove the impact of transaction costs related to the acquisitions of IBI and Hetsco; | |||||||||||
· | adjustments to tax effect the pro forma results of the acquisitions of IBI 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 | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
EARNINGS PER SHARE | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
NOTE 4—EARNINGS PER SHARE | ||||||||||||
As of September 30, 2014, our 17,123,608 shares outstanding include shares of unvested restricted stock. Unvested restricted stock included in reportable shares outstanding was 50,954 shares as of September 30, 2014 and 56,802 shares as of September 30, 2013. Shares of unvested restricted stock are excluded from our calculation of basic weighted average shares outstanding, but their dilutive impact is included in the calculation of diluted weighted average shares outstanding. | ||||||||||||
Basic earnings per common share are calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per common share 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 vesting and release of restricted stock awards. The dilutive effect of all outstanding restricted stock is reflected in diluted earnings per share by application of the treasury stock method. | ||||||||||||
Basic and diluted earnings per common share are calculated as follows: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
($ in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||
Net Income: | ||||||||||||
Income from continuing operations | $ | 4,428 | $ | 1,029 | $ | 5,220 | $ | 570 | ||||
Income (loss) from discontinued operations | 96 | 273 | -1 | 232 | ||||||||
Income available to common shareholders | $ | 4,524 | $ | 1,302 | $ | 5,219 | $ | 802 | ||||
Basic Earnings Per Common Share: | ||||||||||||
Weighted Average Common Shares Outstanding | 17,072,317 | 16,958,138 | 16,982,990 | 16,896,434 | ||||||||
Basic earnings per common share from continuing operations | $ | 0.26 | $ | 0.06 | $ | 0.31 | $ | 0.03 | ||||
Basic earnings per common share from discontinued operations | — | 0.02 | — | 0.02 | ||||||||
Basic earnings per common share | $ | 0.26 | $ | 0.08 | $ | 0.31 | $ | 0.05 | ||||
Diluted Earnings Per Common Share: | ||||||||||||
Weighted Average Common Shares Outstanding | 17,072,317 | 16,958,138 | 16,982,990 | 16,896,434 | ||||||||
Effect of Dilutive Securities: | ||||||||||||
Unvested portion of restricted stock awards | 6,673 | 37,235 | 39,675 | 123,900 | ||||||||
Weighted Average Common Shares Outstanding Assuming Dilution | 17,078,990 | 16,995,373 | 17,022,665 | 17,020,334 | ||||||||
Diluted earnings per common share from continuing operations | $ | 0.26 | $ | 0.06 | $ | 0.31 | $ | 0.03 | ||||
Diluted earnings per common share from discontinued operations | — | 0.02 | — | 0.02 | ||||||||
Diluted earnings per common share | $ | 0.26 | $ | 0.08 | $ | 0.31 | $ | 0.05 | ||||
For the three and nine months ended September 30, 2014, there were 194,822 and 169,185, respectively, weighted average unvested service-based restricted stock awards that were not included in the computation of diluted earnings per share because their effect was antidilutive. For the three and nine months ended September 30, 2013, there were 224,863 and 192,220, respectively, weighted average unvested service-based restricted stock awards that were not included in the computation of diluted earnings per share because their effect was antidilutive. For the three and nine months ended September 30, 2014, there were 305,500 and 227,960, respectively, weighted average unvested performance-based restricted stock awards for which related targets had not been met which were excluded from the calculation of both basic and diluted earnings per common share. For the three and nine months ended September 30, 2013, there were 277,159 and 247,446, respectively, weighted average unvested performance-based restricted stock awards for which related targets had not been met which were excluded from the calculation of both basic and diluted earnings per common share. | ||||||||||||
INCOME_TAXES
INCOME TAXES | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
INCOME TAXES | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
NOTE 5—INCOME TAXES | |||||||||||||
The overall effective income tax rate for continuing operations during the three and nine months ended September 30, 2014 and 2013 was as follows: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Effective income tax rate | 36.20% | 23.30% | 35.30% | 50.30% | |||||||||
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 September 30, 2014 and 2013 differs from the statutory federal income tax rate of 35% as follows: | |||||||||||||
Three Months Ended September 30, | |||||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Tax expense computed at the maximum U.S. statutory rate | $ | 2,428 | 35.0 | % | $ | 469 | 35.0 | % | |||||
Difference resulting from state income taxes, net of federal income tax benefits | 144 | 2.1 | % | 9 | 0.7 | % | |||||||
Foreign tax rate differences | -280 | -4 | % | -115 | -8.6 | % | |||||||
Non-deductible business acquisition costs | — | — | % | — | — | % | |||||||
Non-deductible meals and entertainment | 140 | 2.0 | % | 31 | 2.3 | % | |||||||
Non-deductible expenses, other | 58 | 0.8 | % | 15 | 1.1 | % | |||||||
Net change in accrual for uncertain tax positions | 60 | 0.9 | % | 47 | 3.5 | % | |||||||
Tax credit carryforwards | — | 0.0 | % | — | — | % | |||||||
Impact of change to state blended rate | — | — | % | -144 | -10.7 | % | |||||||
Other, net | -40 | -0.6 | % | — | — | % | |||||||
Total | $ | 2,510 | 36.2 | % | $ | 312 | 23.3 | % | |||||
The amount of the income tax provision for continuing operations during the nine months ended September 30, 2014 and 2013 differs from the statutory federal income tax rate of 35% as follows: | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Tax expense computed at the maximum U.S. statutory rate | $ | 2,822 | 35.0 | % | $ | 402 | 35.0 | % | |||||
Difference resulting from state income taxes, net of federal income tax benefits | 69 | 0.9 | % | -15 | -1.3 | % | |||||||
Foreign tax rate differences | -333 | -4.2 | % | -107 | -9.3 | % | |||||||
Non-deductible business acquisition costs | — | — | % | 309 | 26.9 | % | |||||||
Non-deductible meals and entertainment | 162 | 2.0 | % | 29 | 2.5 | % | |||||||
Non-deductible expenses, other | 66 | 0.8 | % | 8 | 0.8 | % | |||||||
Net change in accrual for uncertain tax positions | 158 | 2.0 | % | 90 | 7.8 | % | |||||||
Tax credit carryforwards | -60 | -0.7 | % | — | — | % | |||||||
Impact of change to state blended rate | — | — | % | -144 | -12.6 | % | |||||||
Other, net | -40 | -0.5 | % | 5 | 0.5 | % | |||||||
Total | $ | 2,844 | 35.3 | % | $ | 577 | 50.3 | % | |||||
Our foreign earnings are considered permanently reinvested and, therefore, we do not have any corresponding deferred taxes for our unremitted earnings. As of September 30, 2014 and September 30, 2013, we would need to generate approximately $82.5 million and $107.1 million, respectively, of future financial taxable income to realize our deferred tax assets. | |||||||||||||
As of both September 30, 2014 and December 31, 2013, we provided for a liability of $4.7 million 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 September 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 | 9 Months Ended |
Sep. 30, 2014 | |
DEBT | ' |
DEBT | ' |
NOTE 6—DEBT | |
Revolving Credit Facility. As of September 30, 2014, we had $45.0 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 nine months ended September 30, 2014, we borrowed $66.0 million on our Revolving Credit Facility and we repaid $44.0 million. The weighted average interest rates on borrowings were 1.75%. | |
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 September 30, 2014, a maximum of $93.7 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 September 30, 2014, we pay an unused line fee of 0.25% 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 was 1.50% per annum as of September 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 September 30, 2014, our outstanding stand-by letters of credit under the facility totaled approximately $11.3 million for our U.S. entities. Currently, there are no amounts drawn upon these letters of credit. | |
As of September 30, 2014, we also had outstanding stand-by letters of credit totaling $10.2 million for our non-U.S. entities which were not issued under the Revolving Credit Facility. Currently there are no amounts drawn upon these letters of credit. | |
In addition, as of September 30, 2014, we had outstanding surety bonds on projects of approximately $46.3 million. | |
Deferred Financing Costs. As of September 30, 2014, we had unamortized deferred financing fees on our Revolving Credit Facility of $1.1 million. We recognized interest expense associated with deferred fee amortization of $0.2 million for the nine months ended September 30, 2014 and $0.1 million for the nine months ended September 30, 2013. | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 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 (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. As of September 30, 2014, we no longer have any escrow amounts or warranty reserves on our balance sheet related to the sale of Deltak. | |
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 any of the periods presented. | |
On October 10, 2014, the counterparty to the rescinded Separation Agreement filed a complaint in the U.S. District Court for the Northern District of Georgia against the Company challenging the rescission and seeking the separation payments that the counterparty asserts remain due under the Separation Agreement, plus legal fees and interest. We believe the complaint is without merit and will take all appropriate steps to protect our interests. | |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended | ||||||||||||||
Sep. 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 nine months ended September 30, 2014: | |||||||||||||||
Dividend | Dividend | Date of Record for | Dividend Cash | ||||||||||||
Declaration Date | per Share | Dividend Payment | Payment Date | ||||||||||||
Fiscal year 2014: | March 7, 2014 | $ | 0.09 | March 18, 2014 | March 28, 2014 | ||||||||||
May 1, 2014 | $ | 0.09 | June 13, 2014 | June 27, 2014 | |||||||||||
31-Jul-14 | $ | 0.09 | September 12, 2014 | September 26, 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 unaudited condensed consolidated balance sheet as of September 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. Under this program we repurchased 421,731 shares of common stock. No shares were repurchased during 2013 or 2014 and the program expired on June 30, 2014. | |||||||||||||||
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 for the period. Translation adjustments are accumulated and reported as a component of accumulated other comprehensive income. We had foreign currency translation adjustments resulting in unrealized losses of $2.7 million and $3.1million, respectively, for the three months and nine months ended September 30, 2014. We had foreign currency translation adjustments resulting in $0.8 million of unrealized gains for both the three months and nine months ended September 30, 2013. | |||||||||||||||
Stock-Based Compensation: During the three months ended September 30, 2014, we vested 1,243 shares of restricted stock units to employees of which 370 shares were withheld for employee tax liabilities. During the nine months ended September 30, 2014, we vested 92,688 shares of restricted stock units to employees, of which 29,023 shares were withheld for employee tax liabilities. | |||||||||||||||
We granted 3,333 and 114,235 shares of restricted stock awards subject only to service conditions to employees and directors during the three months and nine months ended September 30, 2014, at weighted-average fair value prices per share of $16.48 and $19.57, respectively. Of the shares granted, 5,000 will vest on December 31, 2014 and 25,278 will vest in equal installments in January 2015, 2016, 2017 and 2018. The remaining 83,957 will vest in equal installments in March 2015, 2016 and 2017. | |||||||||||||||
We granted 3,334 and 93,957 restricted stock awards subject to performance conditions during the three months and nine months ended September 30, 2014, at weighted-average fair value prices per share of $16.48 and $19.77, respectively. Of these, 10,000 performance-based restricted stock awards will vest on December 31, 2014, subject to meeting or exceeding a specified EBITDA target for 2014. The remaining 83,957 performance-based restricted stock awards will cliff vest on March 31, 2017, subject to the achievement of specified levels of operating margin for the period January 1, 2014 through December 31, 2016. If the minimum target set in the agreement is not met, none of the shares will vest and any compensation expense previously recognized will be reversed. The actual number of shares that will ultimately vest is dependent on achieving fixed thresholds between the minimum and maximum performance conditions and ranges between 0% and 200% of the number of units originally granted. We recognize stock-based compensation expense related to performance awards based upon our determination of the potential likelihood of achievement of the performance target at each reporting date, net of estimated forfeitures. | |||||||||||||||
We also granted 3,333 and 83,957 market-based restricted stock awards during the three and nine months ended September 30, 2014, respectively, at the weighted average values shown below. These restricted stock awards will cliff vest on March 31, 2017, subject to the achievement of specified levels of the Company’s total shareholder return (“TSR”) as compared to the Russell 2000 for the period January 1, 2014 through December 31, 2016. If the minimum target set in the agreement is not met, none of the shares will vest and any compensation expense previously recognized will be reversed. The actual number of shares that will ultimately vest is dependent on achieving fixed thresholds between the minimum and maximum performance conditions and ranges between 0% and 200% of the number of units originally granted. We recognize stock-based compensation expense related to market based awards based upon our determination of the potential likelihood of achievement of the performance target at each reporting date, net of estimated forfeitures. | |||||||||||||||
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 2014 were as follows: | |||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||
September 30, | June 30, | March 31, | |||||||||||||
2014 | 2014 | 2014 | |||||||||||||
Expected term (years) | 2.35 | 2.75 | NA | ||||||||||||
Expected volatility | 31.60 | % | 34.74 | % | NA | ||||||||||
Expected dividend yield | 0.00 | % | 0.00 | % | NA | ||||||||||
Risk-free interest rate | 0.69 | % | 0.79 | % | NA | ||||||||||
Weighted-average grant date fair value | $ | 15.85 | $ | 25.71 | NA | ||||||||||
Number of Shares Granted | 3,333 | 80,624 | — | ||||||||||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
SEGMENT INFORMATION | ' | |||||||||||
SEGMENT INFORMATION | ' | |||||||||||
NOTE 9—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 Nuclear Services segment, and the Energy Services segment. The Product Solutions segment consists of two product categories: Auxiliary Products and Electrical Solutions. Management determined that operating income 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 to our audited consolidated financial statements as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2013. The financial results of the 2013 Acquisitions have been included in their respective segment since their respective acquisition dates. For all periods presented, we have excluded the results of operations of our discontinued operations. | ||||||||||||
The following tables present information about segment income: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | ||||||||||||
Product Solutions - 3rd Party | $ | 58,010 | $ | 54,577 | $ | 156,112 | $ | 129,401 | ||||
Product Solutions - Intersegment | 366 | — | 366 | — | ||||||||
Product Solutions - Total | 58,376 | 54,577 | 156,478 | 129,401 | ||||||||
Nuclear Services - 3rd Party | 69,188 | 49,854 | 167,680 | 181,302 | ||||||||
Nuclear Services - Intersegment | — | 483 | — | 483 | ||||||||
Nuclear Services - Total | 69,188 | 50,337 | 167,680 | 181,785 | ||||||||
Energy Services - 3rd Party | 17,930 | 5,567 | 40,957 | 31,970 | ||||||||
Energy Services - Intersegment | -15 | -11 | 1,328 | — | ||||||||
Energy Services - Total | 17,915 | 5,556 | 42,285 | 31,970 | ||||||||
Intersegment Revenue Eliminations | -351 | -472 | -1,694 | -483 | ||||||||
Consolidated | $ | 145,128 | $ | 109,998 | $ | 364,749 | $ | 342,673 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Depreciation and Amortization: (1) | ||||||||||||
Product Solutions | $ | 1,580 | $ | 1,527 | $ | 4,919 | $ | 4,035 | ||||
Nuclear Services | 274 | 235 | 663 | 624 | ||||||||
Energy Services | 623 | 573 | 2,151 | 957 | ||||||||
Consolidated | $ | 2,477 | $ | 2,335 | $ | 7,733 | $ | 5,616 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Operating Income (Loss): | ||||||||||||
Product Solutions | $ | 2,829 | $ | 2,214 | $ | 5,611 | $ | -55 | ||||
Nuclear Services | 4,095 | 1,404 | 5,833 | 5,465 | ||||||||
Energy Services | -765 | -1,906 | -3,230 | -3,612 | ||||||||
Consolidated | $ | 6,159 | $ | 1,712 | $ | 8,214 | $ | 1,798 | ||||
(1) Depreciation and Amortization for the three months ended September 30, 2014 and 2013 included in cost of sales was $0.5 million and $0.4 million, respectively. Depreciation and Amortization for the nine months ended September 30, 2014 and 2013 included in cost of sales was $1.3 million and $1.0 million, respectively. | ||||||||||||
The following table presents information which reconciles segment assets to consolidated total assets: | ||||||||||||
As of | ||||||||||||
September 30, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Assets: | ||||||||||||
Product Solutions | $ | 228,919 | $ | 232,070 | ||||||||
Nuclear Services | 95,214 | 63,897 | ||||||||||
Energy Services | 59,696 | 49,782 | ||||||||||
Non allocated corporate headquarters assets | 15,127 | 21,649 | ||||||||||
Total consolidated assets | $ | 398,956 | $ | 367,398 | ||||||||
Corporate assets consist primarily of cash and deferred tax assets. | ||||||||||||
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2014 | |
SUBSEQUENT EVENT | ' |
SUBSEQUENT EVENT | ' |
NOTE 10—SUBSEQUENT EVENT | |
On October 30, 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 December 12, 2014 to be paid on or about December 26, 2014. | |
NEW_FINANCIAL_ACCOUNTING_PRONO1
NEW FINANCIAL ACCOUNTING PRONOUNCEMENTS (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
NEW FINANCIAL ACCOUNTING PRONOUNCEMENTS | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Adoption of New Accounting Pronouncements: | |
In March 2014, the Financial Accounting Standards Board (“FASB”) issued ASU Update 2014-06, “Technical Corrections and Improvements Related to Glossary Terms” (“ASU 2014-06”). 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 ASU 2014-06 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 ASU 2014-06 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 the implementation of ASU 2014-09 will have on our consolidated financial statements and financial statement disclosures in addition to the implementation methodology we will utilize. | |
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 for these types of share-based payments and has determined that we are in compliance with the stated guidelines. | |
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). When conditions or events raise substantial doubts about an entity’s ability to continue as a going concern, management shall disclose: (i) the principal conditions or events that raise substantial doubt about the entity's ability to continue as a going concern; (ii) management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations; and (iii) management's plans that are intended to mitigate the conditions or events and whether or not those plans alleviate the substantial doubt about the entity's ability to continue as a going concern. ASU 2014-15 is effective for the Company for fiscal year 2016, and early application is permitted. We do not currently anticipate that ASU 2014-15 will have any impact on the Company’s financial statement disclosures. | |
BASIS_OF_PRESENTATION_AND_SIGN1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' | ||||
Reporting periods and applicable reports | ' | ||||
Reporting Interim Period | Fiscal Interim Period | ||||
2014 | 2013 | ||||
Three Months Ended March 31 | January 1, 2014 to March 30, 2014 | January 1, 2013 to March 31, 2013 | |||
Three Months Ended June 30 | March 31, 2014 to June 29, 2014 | April 1, 2013 to June 30, 2013 | |||
Three Months Ended September 30 | June 30, 2014 to September 28, 2014 | July 1, 2013 to September 29, 2013 | |||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Acquisition disclosures | ' | |||||||||||
Unaudited pro forma information | ' | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(unaudited) | (unaudited) | |||||||||||
($ in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||
Consolidated revenues | $ | 145,128 | $ | 110,512 | $ | 364,749 | $ | 375,958 | ||||
Income from continuing operations | 4,428 | 895 | 5,220 | 637 | ||||||||
Earnings per share from continuing operations: | ||||||||||||
Basic | $ | 0.26 | $ | 0.05 | $ | 0.31 | $ | 0.04 | ||||
Diluted | $ | 0.26 | $ | 0.05 | $ | 0.31 | $ | 0.04 | ||||
2013 Acquisitions | ' | |||||||||||
Acquisition disclosures | ' | |||||||||||
Acquisitions completed | ' | |||||||||||
Net Assets | ||||||||||||
Acquired | Primary Form of | |||||||||||
Business Acquired | Date of Closing | (in millions) | Segment | Consideration | ||||||||
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 | IBI | 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 | At Date of | |||||||||||
Amortization Years | 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 | ' | |||||||||||
For the Fiscal Year Ending December 31 – | ||||||||||||
2014 (remainder of year) | $ | 781 | ||||||||||
2015 | 3,123 | |||||||||||
2016 | 3,123 | |||||||||||
2017 | 3,123 | |||||||||||
2018 | 2,894 | |||||||||||
Thereafter | 3,814 | |||||||||||
Total | $ | 16,858 | ||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
EARNINGS PER SHARE | ' | |||||||||||
Schedule of calculation of basic and diluted earnings per common share | ' | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
($ in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||
Net Income: | ||||||||||||
Income from continuing operations | $ | 4,428 | $ | 1,029 | $ | 5,220 | $ | 570 | ||||
Income (loss) from discontinued operations | 96 | 273 | -1 | 232 | ||||||||
Income available to common shareholders | $ | 4,524 | $ | 1,302 | $ | 5,219 | $ | 802 | ||||
Basic Earnings Per Common Share: | ||||||||||||
Weighted Average Common Shares Outstanding | 17,072,317 | 16,958,138 | 16,982,990 | 16,896,434 | ||||||||
Basic earnings per common share from continuing operations | $ | 0.26 | $ | 0.06 | $ | 0.31 | $ | 0.03 | ||||
Basic earnings per common share from discontinued operations | — | 0.02 | — | 0.02 | ||||||||
Basic earnings per common share | $ | 0.26 | $ | 0.08 | $ | 0.31 | $ | 0.05 | ||||
Diluted Earnings Per Common Share: | ||||||||||||
Weighted Average Common Shares Outstanding | 17,072,317 | 16,958,138 | 16,982,990 | 16,896,434 | ||||||||
Effect of Dilutive Securities: | ||||||||||||
Unvested portion of restricted stock awards | 6,673 | 37,235 | 39,675 | 123,900 | ||||||||
Weighted Average Common Shares Outstanding Assuming Dilution | 17,078,990 | 16,995,373 | 17,022,665 | 17,020,334 | ||||||||
Diluted earnings per common share from continuing operations | $ | 0.26 | $ | 0.06 | $ | 0.31 | $ | 0.03 | ||||
Diluted earnings per common share from discontinued operations | — | 0.02 | — | 0.02 | ||||||||
Diluted earnings per common share | $ | 0.26 | $ | 0.08 | $ | 0.31 | $ | 0.05 | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
INCOME TAXES | ' | ||||||||||||
Schedule of effective income tax rate for continuing operations | ' | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Effective income tax rate | 36.20% | 23.30% | 35.30% | 50.30% | |||||||||
Effective income tax rate reconciliation | ' | ||||||||||||
The amount of the income tax provision for continuing operations during the three months ended September 30, 2014 and 2013 differs from the statutory federal income tax rate of 35% as follows: | |||||||||||||
Three Months Ended September 30, | |||||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Tax expense computed at the maximum U.S. statutory rate | $ | 2,428 | 35.0 | % | $ | 469 | 35.0 | % | |||||
Difference resulting from state income taxes, net of federal income tax benefits | 144 | 2.1 | % | 9 | 0.7 | % | |||||||
Foreign tax rate differences | -280 | -4 | % | -115 | -8.6 | % | |||||||
Non-deductible business acquisition costs | — | — | % | — | — | % | |||||||
Non-deductible meals and entertainment | 140 | 2.0 | % | 31 | 2.3 | % | |||||||
Non-deductible expenses, other | 58 | 0.8 | % | 15 | 1.1 | % | |||||||
Net change in accrual for uncertain tax positions | 60 | 0.9 | % | 47 | 3.5 | % | |||||||
Tax credit carryforwards | — | 0.0 | % | — | — | % | |||||||
Impact of change to state blended rate | — | — | % | -144 | -10.7 | % | |||||||
Other, net | -40 | -0.6 | % | — | — | % | |||||||
Total | $ | 2,510 | 36.2 | % | $ | 312 | 23.3 | % | |||||
The amount of the income tax provision for continuing operations during the nine months ended September 30, 2014 and 2013 differs from the statutory federal income tax rate of 35% as follows: | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Tax expense computed at the maximum U.S. statutory rate | $ | 2,822 | 35.0 | % | $ | 402 | 35.0 | % | |||||
Difference resulting from state income taxes, net of federal income tax benefits | 69 | 0.9 | % | -15 | -1.3 | % | |||||||
Foreign tax rate differences | -333 | -4.2 | % | -107 | -9.3 | % | |||||||
Non-deductible business acquisition costs | — | — | % | 309 | 26.9 | % | |||||||
Non-deductible meals and entertainment | 162 | 2.0 | % | 29 | 2.5 | % | |||||||
Non-deductible expenses, other | 66 | 0.8 | % | 8 | 0.8 | % | |||||||
Net change in accrual for uncertain tax positions | 158 | 2.0 | % | 90 | 7.8 | % | |||||||
Tax credit carryforwards | -60 | -0.7 | % | — | — | % | |||||||
Impact of change to state blended rate | — | — | % | -144 | -12.6 | % | |||||||
Other, net | -40 | -0.5 | % | 5 | 0.5 | % | |||||||
Total | $ | 2,844 | 35.3 | % | $ | 577 | 50.3 | % | |||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended | ||||||||||||||
Sep. 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: | March 7, 2014 | $ | 0.09 | March 18, 2014 | March 28, 2014 | ||||||||||
May 1, 2014 | $ | 0.09 | June 13, 2014 | June 27, 2014 | |||||||||||
31-Jul-14 | $ | 0.09 | September 12, 2014 | September 26, 2014 | |||||||||||
Assumptions used to estimate the fair value of market-based restricted stock awards granted | ' | ||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||
September 30, | June 30, | March 31, | |||||||||||||
2014 | 2014 | 2014 | |||||||||||||
Expected term (years) | 2.35 | 2.75 | NA | ||||||||||||
Expected volatility | 31.60 | % | 34.74 | % | NA | ||||||||||
Expected dividend yield | 0.00 | % | 0.00 | % | NA | ||||||||||
Risk-free interest rate | 0.69 | % | 0.79 | % | NA | ||||||||||
Weighted-average grant date fair value | $ | 15.85 | $ | 25.71 | NA | ||||||||||
Number of Shares Granted | 3,333 | 80,624 | — | ||||||||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
SEGMENT INFORMATION | ' | |||||||||||
Schedule of segment income information | ' | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | ||||||||||||
Product Solutions - 3rd Party | $ | 58,010 | $ | 54,577 | $ | 156,112 | $ | 129,401 | ||||
Product Solutions - Intersegment | 366 | — | 366 | — | ||||||||
Product Solutions - Total | 58,376 | 54,577 | 156,478 | 129,401 | ||||||||
Nuclear Services - 3rd Party | 69,188 | 49,854 | 167,680 | 181,302 | ||||||||
Nuclear Services - Intersegment | — | 483 | — | 483 | ||||||||
Nuclear Services - Total | 69,188 | 50,337 | 167,680 | 181,785 | ||||||||
Energy Services - 3rd Party | 17,930 | 5,567 | 40,957 | 31,970 | ||||||||
Energy Services - Intersegment | -15 | -11 | 1,328 | — | ||||||||
Energy Services - Total | 17,915 | 5,556 | 42,285 | 31,970 | ||||||||
Intersegment Revenue Eliminations | -351 | -472 | -1,694 | -483 | ||||||||
Consolidated | $ | 145,128 | $ | 109,998 | $ | 364,749 | $ | 342,673 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Depreciation and Amortization: (1) | ||||||||||||
Product Solutions | $ | 1,580 | $ | 1,527 | $ | 4,919 | $ | 4,035 | ||||
Nuclear Services | 274 | 235 | 663 | 624 | ||||||||
Energy Services | 623 | 573 | 2,151 | 957 | ||||||||
Consolidated | $ | 2,477 | $ | 2,335 | $ | 7,733 | $ | 5,616 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Operating Income (Loss): | ||||||||||||
Product Solutions | $ | 2,829 | $ | 2,214 | $ | 5,611 | $ | -55 | ||||
Nuclear Services | 4,095 | 1,404 | 5,833 | 5,465 | ||||||||
Energy Services | -765 | -1,906 | -3,230 | -3,612 | ||||||||
Consolidated | $ | 6,159 | $ | 1,712 | $ | 8,214 | $ | 1,798 | ||||
(1) Depreciation and Amortization for the three months ended September 30, 2014 and 2013 included in cost of sales was $0.5 million and $0.4 million, respectively. Depreciation and Amortization for the nine months ended September 30, 2014 and 2013 included in cost of sales was $1.3 million and $1.0 million, respectively. | ||||||||||||
Schedule of reconciliation of consolidated assets by segment | ' | |||||||||||
As of | ||||||||||||
September 30, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Assets: | ||||||||||||
Product Solutions | $ | 228,919 | $ | 232,070 | ||||||||
Nuclear Services | 95,214 | 63,897 | ||||||||||
Energy Services | 59,696 | 49,782 | ||||||||||
Non allocated corporate headquarters assets | 15,127 | 21,649 | ||||||||||
Total consolidated assets | $ | 398,956 | $ | 367,398 | ||||||||
BUSINESS_AND_ORGANIZATION_Deta
BUSINESS AND ORGANIZATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 09, 2013 | Dec. 31, 2013 | Apr. 30, 2013 |
segment | IBI, LLC | IBI, LLC | Hetsco Holdings, Inc. | Hetsco Holdings, Inc. | ||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | 3 | ' | ' | ' | ' |
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 | 1 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2013 | Sep. 30, 2014 | Sep. 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 |
Amount paid in January, 2014 | ' | ' | ' | ' | ' | ' | 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 | ' | ' | 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_Intangibles_Detai
ACQUISITIONS - Intangibles (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
2013 Acquisitions | 2013 Acquisitions | 2013 Acquisitions | 2013 Acquisitions | 2013 Acquisitions | 2013 Acquisitions | 2013 Acquisitions | 2013 Acquisitions | ||
Minimum | Maximum | Trade Names | Customer Relationships | Noncompetes | |||||
Acquisition disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | ' | $2,600,000 | $1,000,000 | ' | ' | ' | ' | ' | ' |
Weighted Average Amortization Years | ' | ' | ' | ' | '5 years | '7 years | ' | '7 years | '5 years |
Identifiable intangible assets | ' | ' | ' | 32,100,000 | ' | ' | 11,000,000 | 19,200,000 | 1,900,000 |
Estimated future aggregate amortization expense of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 (remainder of year) | 781,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 3,123,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 3,123,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 3,123,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 2,894,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 3,814,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $16,858,000 | ' | ' | ' | ' | ' | ' | ' | ' |
ACQUISITIONS_Proforma_Details
ACQUISITIONS - Proforma (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Proforma information | ' | ' | ' | ' |
Consolidated revenues | $145,128 | $110,512 | $364,749 | $375,958 |
Income from continuing operations | $4,428 | $895 | $5,220 | $637 |
Earnings per share from continuing operations: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.26 | $0.05 | $0.31 | $0.04 |
Diluted (in dollars per share) | $0.26 | $0.05 | $0.31 | $0.04 |
Estimated domestic statutory tax rate (as a percent) | ' | ' | 39.00% | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 17,123,608 | ' | 17,123,608 | ' | 17,059,943 |
Unvested restricted stock included in reportable shares | $50,954 | $56,802 | $50,954 | $56,802 | ' |
Net loss: | ' | ' | ' | ' | ' |
Income from continuing operations | 4,428,000 | 1,029,000 | 5,220,000 | 570,000 | ' |
Income (loss) from discontinued operations | 96,000 | 273,000 | -1,000 | 232,000 | ' |
Income available to common shareholders | $4,524,000 | $1,302,000 | $5,219,000 | $802,000 | ' |
Basic (Loss) Earnings Per Common Share: | ' | ' | ' | ' | ' |
Weighted Average Common Shares Outstanding | 17,072,317 | 16,958,138 | 16,982,990 | 16,896,434 | ' |
Basic earnings per common share from continuing operations (in dollars per share) | $0.26 | $0.06 | $0.31 | $0.03 | ' |
Basic earnings per common share from discontinued operations (in dollars per share) | ' | $0.02 | ' | $0.02 | ' |
Basic earnings per common share - basic (in dollars per share) | $0.26 | $0.08 | $0.31 | $0.05 | ' |
Diluted (Loss) Earnings Per Common Share: | ' | ' | ' | ' | ' |
Weighted Average Common Shares Outstanding | 17,072,317 | 16,958,138 | 16,982,990 | 16,896,434 | ' |
Effect of Dilutive Securities: | ' | ' | ' | ' | ' |
Unvested portion of restricted stock awards (in shares) | 6,673 | 37,235 | 39,675 | 123,900 | ' |
Weighted Average Common Shares Outstanding Assuming Dilution | 17,078,990 | 16,995,373 | 17,022,665 | 17,020,334 | ' |
Diluted earnings per common share from continuing operations (in dollars per share) | $0.26 | $0.06 | $0.31 | $0.03 | ' |
Diluted loss per common share from discontinued operations (in dollars per share) | ' | $0.02 | ' | $0.02 | ' |
Diluted earnings per common share - diluted (in dollars per share) | $0.26 | $0.08 | $0.31 | $0.05 | ' |
EARNINGS_PER_SHARE_Details_2
EARNINGS PER SHARE (Details 2) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
EARNINGS PER SHARE | ' | ' | ' | ' |
Weighted average unvested service based restricted stock awards excluded from diluted earnings per share | 194,822 | 224,863 | 169,185 | 192,220 |
Weighted average unvested performance based restricted stock awards excluded from basic and diluted earnings per share | 305,500 | 277,159 | 227,960 | 247,446 |
INCOME_TAXES_Details
INCOME TAXES (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
INCOME TAXES | ' | ' | ' | ' |
Effective income tax rate (as a percent) | 36.20% | 23.30% | 35.30% | 50.30% |
Tax expense computed at the maximum U.S. statutory rate, percentage | 35.00% | 35.00% | 35.00% | 35.00% |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
INCOME TAXES | ' | ' |
Amount of future financial taxable income needed to realize deferred tax assets | $82.50 | $107.10 |
Liability for unrecognized tax benefits | 4.7 | ' |
Accrued interest and penalties related to uncertain income tax positions | $2.60 | ' |
INCOME_TAXES_Tax_rate_reconcil
INCOME TAXES - Tax rate reconciliations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Effective Income Tax Rate Reconciliation, Amount | ' | ' | ' | ' |
Tax expense computed at the maximum U.S statutory rate, amount | $2,428 | $469 | $2,822 | $402 |
Difference resulting from state income taxes, net of federal income tax benefits, amount | 144 | 9 | 69 | -15 |
Foreign tax rate differences, amount | -280 | -115 | -333 | -107 |
Non-deductible business acquisition costs, amount | ' | ' | ' | 309 |
Non-deductible meals and entertainment | 140 | 31 | 162 | 29 |
Non-deductible expenses, other, amount | 58 | 15 | 66 | 8 |
Net Change in accrual for uncertain tax positions, amount | 60 | 47 | 158 | 90 |
Tax credit carryforwards | ' | ' | -60 | ' |
Impact of change to state blended rate, amount | ' | -144 | ' | -144 |
Other, net, amount | -40 | ' | -40 | 5 |
Total | $2,510 | $312 | $2,844 | $577 |
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 | 2.10% | 0.70% | 0.90% | -1.30% |
Foreign tax rate differences, percentage | -4.00% | -8.60% | -4.20% | -9.30% |
Non-deductible business acquisition costs, percentage | ' | 0.00% | ' | 26.90% |
Non-deductible meals and entertainment, percentage | 2.00% | 2.30% | 2.00% | 2.50% |
Non-deductible expenses, other, percentage | 0.80% | 1.10% | 0.80% | 0.80% |
Net change in accrual for uncertain tax positions, percentage | 0.90% | 3.50% | 2.00% | 7.80% |
Tax credit carryforwards, percentage | 0.00% | ' | -0.70% | ' |
Impact of change to state blended rate, percentage | ' | -10.70% | ' | -12.60% |
Other, net, percentage | -0.60% | ' | -0.50% | 0.50% |
Effective income tax rate, as a percent | 36.20% | 23.30% | 35.30% | 50.30% |
DEBT_Details
DEBT (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Credit Facilities | ' | ' |
Repayment of revolving credit facility | $44,000,000 | $10,000,000 |
Amount of interest expense associated with amortization of deferred financing costs | 200,000 | 100,000 |
Revolving Credit Facility | ' | ' |
Credit Facilities | ' | ' |
Credit Facility, Maximum Borrowing Capacity | 150,000,000 | ' |
Outstanding borrowings | 45,000,000 | ' |
Borrowed amount | 66,000,000 | ' |
Repayment of revolving credit facility | 44,000,000 | ' |
Weighted-average interest rate on Revolving Credit Facility borrowings | 1.75% | ' |
Unused line fee (as a percent) | 0.25% | ' |
Unamortized deferred financing fees | 1,100,000 | ' |
Revolving Credit Facility | Maximum | ' | ' |
Credit Facilities | ' | ' |
Amount available under revolving credit facility | 93,700,000 | ' |
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 | 1.50% | ' |
Stand-by letters of credit | U.S. | ' | ' |
Credit Facilities | ' | ' |
Outstanding letter of credit | 11,300,000 | ' |
Amounts drawn upon letters of credit | 0 | ' |
Stand-by letters of credit | Non-U.S. entities | ' | ' |
Credit Facilities | ' | ' |
Outstanding letter of credit | 10,200,000 | ' |
Amounts drawn upon letters of credit | 0 | ' |
Surety bonds | ' | ' |
Credit Facilities | ' | ' |
Borrowed amount | $46,300,000 | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 05, 2011 | Dec. 31, 2013 |
Deltak Business Operating Net Assets | Deltak Business Operating Net Assets | |||
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 | 1,000 | 120,000 | 3,100,000 | 100,000 |
Long-term restricted cash | ' | ' | 3,800,000 | ' |
Claims for indemnification from the Buyer | ' | ' | ' | $2 |
Escrow term | ' | ' | '5 years | ' |
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 $) | 9 Months Ended |
Sep. 30, 2014 | |
Dividend declared July 31, 2014 | ' |
Dividend Declaration | ' |
Dividend Declaration Date | 31-Jul-14 |
Dividend per Share (in dollars per share) | $0.09 |
Date of Record for Dividend Payment | 12-Sep-14 |
Dividend Cash Payment Date | 26-Sep-14 |
Dividend declared May 1, 2014 | ' |
Dividend Declaration | ' |
Dividend Declaration Date | 1-May-14 |
Dividend per Share (in dollars per share) | $0.09 |
Date of Record for Dividend Payment | 13-Jun-14 |
Dividend Cash Payment Date | 27-Jun-14 |
Dividend declared March 7, 2014 | ' |
Dividend Declaration | ' |
Dividend Declaration Date | 7-Mar-14 |
Dividend per Share (in dollars per share) | $0.09 |
Date of Record for Dividend Payment | 18-Mar-14 |
Dividend Cash Payment Date | 28-Mar-14 |
STOCKHOLDERS_EQUITY_Details_2
STOCKHOLDERS' EQUITY (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 |
Stock Repurchase Program: | ' | ' | ' | ' | ' | ' |
Authorized repurchase of shares | ' | ' | ' | ' | ' | 2,000,000 |
Stock repurchases | ' | 0 | ' | 0 | 421,731 | ' |
Foreign Currency Translation: | ' | ' | ' | ' | ' | ' |
Unrealized loss resulting from foreign currency adjustments | $2.70 | $3 | ($0.80) | ' | ' | ' |
Restricted Stock | ' | ' | ' | ' | ' | ' |
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 | $0.20 | $0.20 | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Vesting shares of restricted stock awards | 1,243 | 92,688 | ' | ' | ' | ' |
Number of vested shares withheld for employee tax liabilities | 370 | 29,023 | ' | ' | ' | ' |
Restricted Stock | Service vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | 3,333 | 114,235 | ' | ' | ' | ' |
Weighted average fair value price per share (in dollars per share) | $16.48 | $19.57 | ' | ' | ' | ' |
Restricted Stock | Performance vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | 3,334 | 93,957 | ' | ' | ' | ' |
Weighted average fair value price per share (in dollars per share) | $16.48 | $19.77 | ' | ' | ' | ' |
Restricted Stock | Market-based vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | 3,333 | 83,957 | ' | ' | ' | ' |
Restricted Stock | One Year Performance Period Awards | Performance vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | ' | 10,000 | ' | ' | ' | ' |
Restricted Stock | Three Year Performance Period Awards | Performance vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | ' | 83,957 | ' | ' | ' | ' |
Number of shares that would vest if performance goals are not met | 0 | 0 | ' | ' | ' | ' |
Restricted Stock | Three Year Performance Period Awards | Market-based vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Number of shares that would vest if performance goals are not met | 0 | 0 | ' | ' | ' | ' |
Restricted Stock | Three Year Performance Period Awards | Minimum | Performance vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Percentage of shares based on actual achievement | 0.00% | 0.00% | ' | ' | ' | ' |
Restricted Stock | Three Year Performance Period Awards | Maximum | Performance vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Percentage of shares based on actual achievement | 200.00% | 200.00% | ' | ' | ' | ' |
Restricted Stock | Share-based Compensation Award, Tranche One [Member] | Service vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | 5,000 | ' | ' | ' | ' | ' |
Restricted Stock | Share-based Compensation Award, Tranche Two [Member] | Service vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | 6,420 | ' | ' | ' | ' | ' |
Restricted Stock | Share-based Compensation Award, Tranche Three [Member] | Service vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | 6,420 | ' | ' | ' | ' | ' |
Restricted Stock | Share-based Compensation Award, Tranche Four [Member] | Service vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | 6,419 | ' | ' | ' | ' | ' |
Restricted Stock | Share-based Compensation Award, Tranche Five [Member] | Service vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | 6,419 | ' | ' | ' | ' | ' |
Restricted Stock | Share-based Compensation Award, Tranche Six [Member] | Service vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | 27,986 | ' | ' | ' | ' | ' |
Restricted Stock | Share-based Compensation Award, Tranche Seven [Member] | Service vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | 27,986 | ' | ' | ' | ' | ' |
Restricted Stock | Share-based Compensation Award, Tranche Eight [Member] | Service vesting | ' | ' | ' | ' | ' | ' |
Stock-based Compensation: | ' | ' | ' | ' | ' | ' |
Granted shares of restricted stock awards | 27,985 | ' | ' | ' | ' | ' |
STOCKHOLDERS_EQUITY_Details_3
STOCKHOLDERS' EQUITY (Details 3) (Market-based vesting, USD $) | 3 Months Ended | ||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Expected term (years) | '2 years 4 months 6 days | '2 years 9 months | '0 years |
Expected volatility | 31.60% | 34.74% | ' |
Expected dividend yield | 0.00% | 0.00% | ' |
Risk-free interest rate | 0.69% | 0.79% | ' |
Weighted-average grant date fair value (in dollars per share) | $15.85 | $25.71 | ' |
Number of Shares Granted | 3,333 | 80,624 | ' |
Restricted Stock | ' | ' | ' |
Number of Shares Granted | 3,333 | ' | ' |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
segment | ||||||||
SEGMENT INFORMATION | ' | ' | ' | ' | ||||
Number of reportable segments | ' | ' | 3 | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | $145,128 | $109,998 | $364,749 | $342,673 | ||||
Depreciation and Amortization: | 2,477 | [1] | 2,335 | [1] | 7,733 | [1] | 5,616 | [1] |
Cost of Goods Sold, Depreciation and Amortization | 484 | 399 | 1,285 | 1,048 | ||||
Operating Income (Loss): | 6,159 | 1,712 | 8,214 | 1,798 | ||||
Product Solutions Segment | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Number of product categories included in the segment | ' | ' | 2 | ' | ||||
Depreciation and Amortization: | 1,580 | 1,527 | 4,919 | 4,035 | ||||
Operating Income (Loss): | 2,829 | 2,214 | 5,611 | -55 | ||||
Nuclear Services Segment | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Depreciation and Amortization: | 274 | 235 | 663 | 624 | ||||
Operating Income (Loss): | 4,095 | 1,404 | 5,833 | 5,465 | ||||
Energy Services Segment | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Depreciation and Amortization: | 623 | 573 | 2,151 | 957 | ||||
Operating Income (Loss): | -765 | -1,906 | -3,230 | -3,612 | ||||
Operating segments | Product Solutions Segment | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | 58,376 | 54,577 | 156,478 | 129,401 | ||||
Operating segments | Product Solutions Third Party [Member] | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | 58,010 | 54,577 | 156,112 | 129,401 | ||||
Operating segments | Product Solutions - Intersegment [Member] | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | 366 | ' | 366 | ' | ||||
Operating segments | Nuclear Services Segment | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | 69,188 | 50,337 | 167,680 | 181,785 | ||||
Operating segments | Nuclear Services Third Party Member | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | 69,188 | 49,854 | 167,680 | 181,302 | ||||
Operating segments | Nuclear Services -Intersegment | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | ' | 483 | ' | 483 | ||||
Operating segments | Energy Services Segment | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | 17,915 | 5,556 | 42,285 | 31,970 | ||||
Operating segments | Energy Services - Third Party | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | 17,930 | 5,567 | 40,957 | 31,970 | ||||
Operating segments | Energy Services - Intersegment Member | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | -15 | -11 | 1,328 | ' | ||||
Intersegment Eliminations [Member] | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | -351 | -472 | -1,694 | -483 | ||||
Intersegment Eliminations [Member] | Energy Services Segment | ' | ' | ' | ' | ||||
Segment reporting disclosures | ' | ' | ' | ' | ||||
Revenues: | $145,128 | $109,998 | $364,749 | $342,673 | ||||
[1] | Depreciation and Amortization for the three months ended September 30, 2014 and 2013 included in cost of sales was $0.5 million and $0.4 million, respectively. Depreciation and Amortization for the nine months ended September 30, 2014 and 2013 included in cost of sales was $1.3 million and $1.0 million, respectively. |
SEGMENT_INFORMATION_Details_2
SEGMENT INFORMATION (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment reporting disclosures | ' | ' |
Total consolidated assets | $398,956 | $367,398 |
Operating segments | Product Solutions Segment | ' | ' |
Segment reporting disclosures | ' | ' |
Total consolidated assets | 228,919 | 232,070 |
Operating segments | Nuclear Services Segment | ' | ' |
Segment reporting disclosures | ' | ' |
Total consolidated assets | 95,214 | 63,897 |
Operating segments | Energy Services Segment | ' | ' |
Segment reporting disclosures | ' | ' |
Total consolidated assets | 59,696 | 49,782 |
Non-allocated corp HQ | ' | ' |
Segment reporting disclosures | ' | ' |
Total consolidated assets | $15,127 | $21,649 |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | 9 Months Ended |
Oct. 30, 2014 | Sep. 30, 2014 | |
Subsequent Event [Member] | ' | ' |
Subsequent events | ' | ' |
Cash dividend declared (in dollars per share) | $0.09 | ' |
Dividend declared date | ' | 30-Oct-14 |
Date of record for dividend payment | ' | 12-Dec-14 |
Date of cash payment of dividend | ' | 26-Dec-14 |