Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 31, 2013 | Jan. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'Pike Corp | ' |
Entity Central Index Key | '0001317577 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 31,866,262 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $2,432 | $2,578 |
Accounts receivable, net | 95,988 | 104,585 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 76,963 | 71,248 |
Inventories | 16,124 | 14,396 |
Prepaid expenses and other | 9,211 | 9,914 |
Deferred income taxes | 5,652 | 8,720 |
Total current assets | 206,370 | 211,441 |
Property and equipment, net | 186,029 | 179,928 |
Goodwill | 153,668 | 153,668 |
Other intangibles, net | 71,155 | 74,841 |
Deferred loan costs, net | 1,599 | 1,561 |
Other assets | 2,977 | 2,335 |
Total assets | 621,798 | 623,774 |
Current liabilities: | ' | ' |
Accounts payable | 28,383 | 33,500 |
Accrued compensation | 23,698 | 30,468 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 12,255 | 6,235 |
Accrued expenses and other | 10,363 | 5,908 |
Current portion of insurance and claim accruals | 6,154 | 12,121 |
Total current liabilities | 80,853 | 88,232 |
Revolving credit facility | 220,500 | 221,000 |
Insurance and claim accruals, net of current portion | 4,529 | 4,958 |
Deferred compensation | 7,205 | 6,431 |
Deferred income taxes | 54,536 | 58,402 |
Other liabilities | 3,552 | 2,916 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, par value $0.001 per share; 100,000 authorized shares; no shares issued and outstanding | ' | ' |
Common stock, par value $0.001 per share; 100,000 authorized shares; 31,811 and 31,719 shares issued and outstanding at December 31, 2013 and June 30, 2013, respectively | 6,425 | 6,424 |
Additional paid-in capital | 179,222 | 176,988 |
Accumulated other comprehensive loss, net of taxes | -113 | -47 |
Retained earnings | 65,089 | 58,470 |
Total shareholders' equity | 250,623 | 241,835 |
Total liabilities and shareholders' equity | $621,798 | $623,774 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 31,811 | 31,719 |
Common stock, shares outstanding | 31,811 | 31,719 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $210,859 | $273,668 | $404,166 | $518,281 |
Cost of operations | 179,947 | 214,434 | 353,358 | 422,125 |
Gross profit | 30,912 | 59,234 | 50,808 | 96,156 |
General and administrative expenses | 19,820 | 19,891 | 37,228 | 39,359 |
Gain on sale of property and equipment | -86 | -68 | -401 | -198 |
Income from operations | 11,178 | 39,411 | 13,981 | 56,995 |
Other expense (income): | ' | ' | ' | ' |
Interest expense | 1,911 | 1,884 | 3,718 | 4,007 |
Other, net | -235 | -4 | -244 | -25 |
Total other expense | 1,676 | 1,880 | 3,474 | 3,982 |
Income before income taxes | 9,502 | 37,531 | 10,507 | 53,013 |
Income tax expense | 3,842 | 13,929 | 3,888 | 20,129 |
Net income | $5,660 | $23,602 | $6,619 | $32,884 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.18 | $0.67 | $0.21 | $0.94 |
Diluted | $0.18 | $0.67 | $0.21 | $0.93 |
Weighted average shares used in computing earnings per share: | ' | ' | ' | ' |
Basic | 31,785 | 35,129 | 31,769 | 35,089 |
Diluted | 32,207 | 35,423 | 32,207 | 35,360 |
Dividends per share: | ' | $1 | ' | $1 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $5,660 | $23,602 | $6,619 | $32,884 |
Interest rate cash flow hedges: | ' | ' | ' | ' |
Change in fair value arising during the period, net of income taxes of ($22), ($37), ($87) and ($87), respectively | -35 | -58 | -136 | -137 |
Less: reclassification adjustments included in net income, net of income taxes of $23, $10, $45 and $10, respectively | 36 | 16 | 70 | 16 |
Total other comprehensive income (loss) | 1 | -42 | -66 | -121 |
Comprehensive income | $5,661 | $23,560 | $6,553 | $32,763 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Income taxes related to change in fair value | ($22) | ($37) | ($87) | ($87) |
Income taxes related to reclassification adjustments included in net income | $23 | $10 | $45 | $10 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $6,619 | $32,884 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 20,082 | 21,452 |
Non-cash interest expense | 508 | 500 |
Deferred income taxes | -756 | -2,433 |
Gain on sale of property and equipment | -401 | -198 |
Equity compensation expense | 1,938 | 1,671 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts | 2,882 | -44,098 |
Inventories, prepaid expenses and other | -2,342 | 6,559 |
Insurance and claim accruals | -6,396 | 3,704 |
Accounts payable and other | -501 | 16,858 |
Net cash provided by operating activities | 21,633 | 36,899 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -23,378 | -17,704 |
Business acquisition, net | ' | -69,654 |
Net proceeds from sale of property and equipment | 1,956 | 1,789 |
Net cash used in investing activities | -21,422 | -85,569 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving credit facility | 69,500 | 224,500 |
Repayments under revolving credit facility | -70,000 | -140,000 |
Stock option and employee stock purchase activity, net | 562 | 387 |
Special cash dividend declared and paid | ' | -35,164 |
Deferred loan costs | -419 | -137 |
Net cash (used in) provided by financing activities | -357 | 49,586 |
Net (decrease) increase in cash and cash equivalents | -146 | 916 |
Cash and cash equivalents beginning of year | 2,578 | 1,601 |
Cash and cash equivalents end of period | $2,432 | $2,517 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
On November 5, 2013, Pike Electric Corporation changed its state of incorporation from Delaware to North Carolina (the “Reincorporation”). The Reincorporation was effected by merging Pike Electric Corporation, a Delaware corporation, with and into Pike Corporation, a North Carolina corporation and its wholly-owned subsidiary. In connection with the Reincorporation, Pike Electric Corporation changed its name to “Pike Corporation.” The Reincorporation did not result in any change in the business, management, fiscal year, accounting, location of the principal executive offices or other facilities, capitalization, assets or liabilities of Pike Electric Corporation. | |
The accompanying condensed consolidated financial statements of Pike Corporation and its wholly-owned subsidiaries (the “Company,” “Pike,” “we,” “us” and “our”) are unaudited and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position, results of operations and cash flows for the periods indicated. Such adjustments, other than nonrecurring adjustments that have been separately disclosed, are of a normal, recurring nature. The operating results for interim periods are not necessarily indicative of results to be expected for a full year or future interim periods. The condensed consolidated balance sheet at June 30, 2013 has been derived from our audited financial statements but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These financial statements should be read in conjunction with our financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2013. |
Business
Business | 6 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
Business | ' | ||||||||||||||||||||||||||||||||
2. Business | |||||||||||||||||||||||||||||||||
We are one of the largest providers of construction and engineering services for investor-owned, municipal and co-operative electric utilities in the United States. Since our founding in 1945, we have evolved from a specialty non-unionized contractor for electric utilities focused on the distribution sector in the southeastern United States to one of the nation’s largest specialty construction and engineering firms servicing over 300 customers. Our comprehensive suite of energy and communication solutions includes facilities planning and siting, permitting, engineering, design, installation, maintenance and repair of power delivery systems, including utility-grade solar construction projects and storm-related services. As a result of the acquisition of Synergetic Design Holdings, Inc. and its subsidiary UC Synergetic, Inc. (“UCS”) expanding the size and scope of our engineering business, we decided in the first quarter of fiscal 2013 to change our reportable segments. As a result of these changes, we operated our business as two reportable segments: Construction and All Other Operations. On January 1, 2014, as part of the integration of our engineering businesses, Synergetic Design Holdings, Inc. merged with and into Pike Enterprises, Inc., a wholly-owned subsidiary of the Company, and UCS merged with and into Pike Energy Solutions, LLC (“PES”), the surviving entity of which was named UC Synergetic, LLC. In order to properly align our segments with our current financial reporting structure, we changed the name of our All Other Operations segment to Engineering. Prior year segment information has been revised to conform to the current-year presentation. See Note 14 for further information on our segments. | |||||||||||||||||||||||||||||||||
We are pursuing additional international opportunities. We believe that there will be large and financially attractive projects to pursue in international markets over the next few years as developing regions install or develop their electric infrastructure. We believe that our reputation and experience combined with our broad platform of service offerings allow us to opportunistically bid on attractive international projects. | |||||||||||||||||||||||||||||||||
We monitor revenue by two categories of services: core and storm-related. We use this breakdown because core services represent ongoing service revenues, most of which are generated by our customers’ recurring maintenance and planning needs, and storm-related revenues represent additional revenue opportunities that depend on weather conditions. | |||||||||||||||||||||||||||||||||
The table below sets forth our revenues by category of service for the periods indicated: | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Core services | $ | 188,291 | 89.3 | % | $ | 190,663 | 69.7 | % | $ | 377,963 | 93.5 | % | $ | 385,080 | 74.3 | % | |||||||||||||||||
Storm-related services | 22,568 | 10.7 | % | 83,005 | 30.3 | % | 26,203 | 6.5 | % | 133,201 | 25.7 | % | |||||||||||||||||||||
Total | $ | 210,859 | 100 | % | $ | 273,668 | 100 | % | $ | 404,166 | 100 | % | $ | 518,281 | 100 | % | |||||||||||||||||
Acquisitions
Acquisitions | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Acquisitions | ' | ||||
3. Acquisitions | |||||
UC Synergetic | |||||
On July 2, 2012, we completed the acquisition of UCS, a privately-held company headquartered in Charlotte, North Carolina, for $69,654, net of cash acquired of $666. The funding for the acquisition consisted of cash borrowed from the $75,000 accordion loan feature of our revolving credit facility that was finalized on June 27, 2012. UCS provides engineering and consulting services focusing on (i) energy distribution, transmission and substation infrastructure, including storm assessment and inspection, and (ii) wireline and wireless communications. This acquisition extended our footprint in the Northeast and Midwest and resulted in our being one of the largest utility infrastructure engineering and design firms in the United States. | |||||
We completed our analysis of the valuation of the assets acquired and liabilities assumed of UCS during the year ended June 30, 2013. In June 2013, we recorded additional adjustments increasing goodwill and deferred income taken totaling $11 to accurately reflect the amounts recognized as of the acquisition date. The purchase price of $69,654 has been allocated to the assets acquired and liabilities assumed at the effective date of the acquisition based on estimated fair values as summarized in the following table: | |||||
Current assets | $ | 13,632 | |||
Property and equipment | 1,760 | ||||
Intangible assets | 39,800 | ||||
Goodwill | 30,736 | ||||
Other | 100 | ||||
Total assets acquired | 86,028 | ||||
Current liabilities | (3,009 | ) | |||
Deferred income taxes | (13,365 | ) | |||
Total liabilities assumed | (16,374 | ) | |||
Net assets | $ | 69,654 | |||
The intangible assets recognized are attributable to customer relationships totaling $34,000, non-compete agreements with the seller totaling $1,800, and a trademark totaling $4,000, and are being amortized over twelve, three and twenty years, respectively. The allocation of the purchase price, which primarily used a discounted cash flow approach with respect to identified intangible assets, was based upon Level 3 fair value inputs and a discount rate consistent with the inherent risk of each of the acquired assets. The goodwill recognized is attributable primarily to expected synergies and $5,357 is deductible for tax purposes. | |||||
The financial results of the operations of UCS have been included in our consolidated financial statements since the date of its acquisition, July 2, 2012. |
Assets_Held_for_Sale
Assets Held for Sale | 6 Months Ended | |
Dec. 31, 2013 | ||
Property Plant And Equipment [Abstract] | ' | |
Assets Held for Sale | ' | |
4 | Assets Held For Sale | |
Assets held for sale are recorded at the lower of carrying value or fair value, less selling costs. Fair value for this purpose is generally determined based on prices in the used equipment market. Assets held for sale totaled $82 and $175 at December 31, 2013 and June 30, 2013, respectively, and are included in prepaid expenses and other in the condensed consolidated balance sheets. All of the assets held for sale at December 31, 2013 are expected to be sold in the next 12 months. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 6 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||||
5 | Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||||
All derivative instruments are recorded on the condensed consolidated balance sheets at their respective fair values. Changes in fair value are recognized either in income (loss) or other comprehensive income (loss) (“OCI”), depending on whether the transaction qualifies for hedge accounting and, if so, the nature of the underlying exposure being hedged and how effective the derivatives are at offsetting price movements in the underlying exposure. The effective portions recorded in OCI are recognized in the condensed consolidated statements of income when the hedged item affects earnings. | |||||||||||||||||||||||||||
We have used certain derivative instruments to manage risk relating to diesel fuel and interest rate exposure. Derivative instruments are not entered into for trading or speculative purposes. We document all relationships between derivative instruments and related items, as well as our risk-management objectives and strategies for undertaking various derivative transactions. | |||||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||||
We are exposed to market risk related to changes in interest rates on borrowings under our revolving credit facility, which bears interest based on LIBOR, plus an applicable margin dependent upon our total leverage ratio. We use derivative financial instruments to manage exposure to fluctuations in interest rates on our revolving credit facility. | |||||||||||||||||||||||||||
Effective January 2013, we entered into an interest rate swap agreement (the “January 2013 Swap”) with a notional amount of $10,000 to help manage a portion of our interest risk related to our floating-rate debt. Under the January 2013 Swap, we pay a fixed rate of 0.42% and receive a rate equivalent to the 30-day LIBOR, adjusted monthly. The January 2013 Swap qualified for hedge accounting and is designated as a cash flow hedge. There was no hedge ineffectiveness for the January 2013 Swap for the three and six months ended December 31, 2013. The swap will expire in June 2015. | |||||||||||||||||||||||||||
Effective December 2012, we entered into two interest rate swap agreements (the “December 2012 Swaps”), with notional amounts of $10,000 and $25,000, respectively, to help manage a portion of our interest risk related to our floating-rate debt. Under the December 2012 Swaps, we pay fixed rates of 0.42% and 0.45%, respectively, and receive a rate equivalent to the 30-day LIBOR, adjusted monthly. The December 2012 Swaps qualified for hedge accounting and are designated as cash flow hedges. There was no hedge ineffectiveness for the December 2012 Swaps for the three and six months ended December 31, 2013 and 2012. These swaps will expire in June 2015. | |||||||||||||||||||||||||||
Effective September 2012, we entered into two interest rate swap agreements (the “September 2012 Swaps”), each with notional amounts of $25,000, to help manage a portion of our interest risk related to our floating-rate debt. Under the September 2012 Swaps, we pay fixed rates of 0.40% and 0.42%, respectively, and receive a rate equivalent to the 30-day LIBOR, adjusted monthly. The September 2012 Swaps qualified for hedge accounting and are designated as cash flow hedges. There was no hedge ineffectiveness for the September 2012 Swaps for the three and six months ended December 31, 2013 and 2012. These swaps will expire in February and March 2015, respectively. | |||||||||||||||||||||||||||
The net derivative income (loss) recorded in OCI will be reclassified into earnings over the term of the underlying cash flow hedge. The amount that will be reclassified into earnings will vary depending upon the movement of the underlying interest rates. As interest rates decrease, the charge to earnings will increase. Conversely, as interest rates increase, the charge to earnings will decrease. | |||||||||||||||||||||||||||
Diesel Fuel Risk | |||||||||||||||||||||||||||
We have a large fleet of vehicles and equipment that primarily uses diesel fuel. As a result, we have market risk for changes in diesel fuel prices. If diesel prices rise, our gross profit and operating income could be negatively affected due to additional costs that may not be fully recovered through increases in prices to customers. | |||||||||||||||||||||||||||
We periodically enter into diesel fuel swaps to manage our exposure to diesel price volatility. At December 31, 2013, we had economically hedged approximately 49% of our next 12 months of projected diesel fuel purchases at prices ranging from $3.80 to $3.99 per gallon at a weighted-average price of $3.91 per gallon. We are not currently utilizing hedge accounting for any active diesel fuel derivatives and, accordingly, changes in the fair value of the diesel fuel swaps are recognized in the condensed consolidated statements of income. | |||||||||||||||||||||||||||
Balance Sheet and Statement of Income Information | |||||||||||||||||||||||||||
The fair value of derivatives at December 31, 2013 and June 30, 2013 is summarized below: | |||||||||||||||||||||||||||
Asset Derivatives at December 31, 2013 | Liability Derivatives at December 31, 2013 | ||||||||||||||||||||||||||
Balance Sheet Location | Gross Fair | Gross Fair | Net Fair | Gross Fair | Gross Fair | Net Fair | |||||||||||||||||||||
Value of | Value Offset | Value | Value of | Value Offset | Value | ||||||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||
Interest rate swaps | Accrued expenses and other | $ | — | $ | — | $ | — | $ | (186 | ) | $ | — | $ | (186 | ) | ||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | (186 | ) | $ | — | $ | (186 | ) | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||
Diesel fuel swaps | Prepaid expenses and other | $ | 245 | $ | (14 | ) | $ | 231 | $ | (14 | ) | $ | 14 | $ | — | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 245 | $ | (14 | ) | $ | 231 | $ | (14 | ) | $ | 14 | $ | — | |||||||||||||
Total derivatives | $ | 245 | $ | (14 | ) | $ | 231 | $ | (200 | ) | $ | 14 | $ | (186 | ) | ||||||||||||
Asset Derivatives at June 30, 2013 | Liability Derivatives at June 30, 2013 | ||||||||||||||||||||||||||
Balance Sheet Location | Gross Fair | Gross Fair | Net Fair | Gross Fair | Gross Fair | Net Fair | |||||||||||||||||||||
Value of | Value Offset | Value | Value of | Value Offset | Value | ||||||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||
Interest rate swaps | Accrued expenses and other | $ | — | $ | — | $ | — | $ | (77 | ) | $ | — | $ | (77 | ) | ||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | (77 | ) | $ | — | $ | (77 | ) | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||
Diesel fuel swaps | Accrued expenses and other | $ | 22 | $ | (22 | ) | $ | — | $ | (316 | ) | $ | 22 | $ | (294 | ) | |||||||||||
Total derivatives not designated as hedging instruments | $ | 22 | $ | (22 | ) | $ | — | $ | (316 | ) | $ | 22 | $ | (294 | ) | ||||||||||||
Total derivatives | $ | 22 | $ | (22 | ) | $ | — | $ | (393 | ) | $ | 22 | $ | (371 | ) | ||||||||||||
The effects of derivative instruments on the condensed consolidated statements of income for the three and six months ended December 31, 2013 and 2012 are summarized in the following tables: | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedging instruments: | |||||||||||||||||||||||||||
Location of Loss | Amount of Loss | ||||||||||||||||||||||||||
Amount of Gain (Loss) | Reclassified from | Reclassified from | |||||||||||||||||||||||||
Recognized in OCI | Accumulated OCI into | Accumulated OCI into | |||||||||||||||||||||||||
(Effective Portion) | Earnings | Earnings | |||||||||||||||||||||||||
Three Months Ended December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate swaps (1) | $ | 1 | $ | (42 | ) | Interest expense | $ | (36 | ) | $ | (16 | ) | |||||||||||||||
Totals | $ | 1 | $ | (42 | ) | $ | (36 | ) | $ | (16 | ) | ||||||||||||||||
Six Months Ended December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate swaps (1) | $ | (66 | ) | $ | (121 | ) | Interest expense | $ | (70 | ) | $ | (16 | ) | ||||||||||||||
Totals | $ | (66 | ) | $ | (121 | ) | $ | (70 | ) | $ | (16 | ) | |||||||||||||||
-1 | Net of income tax. | ||||||||||||||||||||||||||
Derivatives not designated as cash flow hedging instruments: | |||||||||||||||||||||||||||
Location of Gain | |||||||||||||||||||||||||||
(Loss) Recognized | Amount of Gain (Loss) | ||||||||||||||||||||||||||
in Earnings | Recognized in Earnings | ||||||||||||||||||||||||||
Three Months Ended December 31, | 2013 | 2012 | |||||||||||||||||||||||||
Diesel fuel swaps | Cost of operations | $ | 302 | $ | (263 | ) | |||||||||||||||||||||
Total | $ | 302 | $ | (263 | ) | ||||||||||||||||||||||
Six Months Ended December 31, | 2013 | 2012 | |||||||||||||||||||||||||
Diesel fuel swaps | Cost of operations | $ | 525 | $ | 1,461 | ||||||||||||||||||||||
Total | $ | 525 | $ | 1,461 | |||||||||||||||||||||||
Accumulated OCI | |||||||||||||||||||||||||||
For the interest rate swaps, the following table summarizes the net derivative losses, net of taxes, deferred into accumulated OCI and reclassified to income for the periods indicated below. | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Net accumulated derivative loss deferred at beginning of period | $ | (114 | ) | $ | (79 | ) | $ | (47 | ) | $ | — | ||||||||||||||||
Changes in fair value | (35 | ) | (58 | ) | (136 | ) | (137 | ) | |||||||||||||||||||
Reclassification to net income | 36 | 16 | 70 | 16 | |||||||||||||||||||||||
Net accumulated derivative loss deferred at end of period | $ | (113 | ) | $ | (121 | ) | $ | (113 | ) | $ | (121 | ) | |||||||||||||||
The estimated net amount of the existing losses in OCI at December 31, 2013 expected to be reclassified into net income over the next 12 months is approximately $75. This amount was computed using the fair value of the cash flow hedges at December 31, 2013 and will differ from actual reclassifications from OCI to net income during the next 12 months. |
Debt
Debt | 6 Months Ended | |
Dec. 31, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Debt | ' | |
6 | Debt | |
On August 24, 2011, we entered into a $200,000 revolving credit facility that replaced our prior credit facility. Our revolving credit facility matures in August 2015. We repaid outstanding term loans and borrowings on the revolver of our prior credit facility upon entering into our revolving credit facility. The obligations under our revolving credit facility are unconditionally guaranteed by us and each of our existing and subsequently acquired or organized domestic and first-tier foreign subsidiaries and secured on a first-priority basis by security interests (subject to permitted liens) in substantially all assets owned by us and each of our subsidiaries, subject to limited exceptions. Total costs associated with entering into our revolving credit facility were approximately $1,800, including the commitment fee, which are capitalized and being amortized over the term of the debt using the effective interest method. | ||
Borrowings under our revolving credit facility bear interest at a variable rate at our option of either (i) the Base Rate, defined as the greater of the Prime Rate, the Federal Funds Effective Rate plus 0.50% or LIBOR plus 1.00%, plus a margin ranging from 0.50% to 1.50% or (ii) LIBOR plus a margin ranging from 2.00% to 3.00%. The margins are applied based on our leverage ratio, which is computed quarterly. We are subject to a commitment fee ranging from 0.375% to 0.625% and letter of credit fees between 2.00% and 3.00% based on our leverage ratio. We are also subject to letter of credit fronting fees of 0.125% per annum for amounts available to be withdrawn. | ||
Our revolving credit facility contains a number of other affirmative and restrictive covenants, including limitations on dissolutions, sales of assets, investments, and indebtedness and liens. Our revolving credit facility also includes a requirement that we maintain (i) a leverage ratio, which is the ratio of total debt to adjusted EBITDA (as defined in our revolving credit facility; measured on a trailing four-quarter basis), of no more than 4.00 to 1.00 as of the last day of each fiscal quarter, declining to 3.75 on June 30, 2014 and declining to 3.50 on September 30, 2014 and thereafter, and (ii) a consolidated fixed charge coverage ratio (as defined in our revolving credit facility) of at least 1.25 to 1.00. On December 17, 2013, we entered into an amendment to our revolving credit facility to restate the leverage covenant ratio to that set forth in the preceding sentence. Total costs associated with this amendment were approximately $419, which are capitalized and being amortized over the term of the debt using the effective interest method. | ||
On June 27, 2012, we exercised the accordion feature of our revolving credit facility and entered into a commitment increase agreement with our lenders thereby increasing the lenders’ commitments by $75,000, from $200,000 to $275,000. Total costs associated with the new accordion commitment were approximately $800, which are capitalized and being amortized over the term of the debt using the effective interest method. | ||
At December 31, 2013, we had $220,500 in borrowings and our availability under our revolving credit facility was $50,500 (after giving effect to $4,000 of outstanding standby letters of credit). |
Shareholders_Equity
Shareholders' Equity | 6 Months Ended | |
Dec. 31, 2013 | ||
Equity [Abstract] | ' | |
Shareholders' Equity | ' | |
7 | Shareholders’ Equity | |
Special Dividend | ||
On December 4, 2012, we announced that our Board of Directors declared a special cash dividend of $1.00 per share on our common stock totaling $35,164. The dividend was payable to shareholders of record as of December 14, 2012 and was paid on December 21, 2012. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
8 | Fair Value of Financial Instruments | ||||||||||||||||
Fair value rules currently apply to all financial assets and liabilities and for certain nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value. For this purpose, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||||||||
U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: | |||||||||||||||||
• | Level 1 - Valuations based on quoted prices in active markets for identical instruments that we are able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. | ||||||||||||||||
• | Level 2 - Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | ||||||||||||||||
• | Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. | ||||||||||||||||
At December 31, 2013, we held certain items that are required to be measured at fair value on a recurring basis. These included interest rate derivative instruments and diesel fuel derivative instruments. Derivative instruments are used to hedge our exposure to interest rate fluctuations and a portion of our diesel fuel costs. These derivative instruments currently consist of swaps only. See Note 5 for further information on our derivative instruments and hedging activities. | |||||||||||||||||
Our interest rate derivative instruments and diesel fuel derivative instruments consist of over-the-counter contracts, which are not traded on a public exchange. The fair values for our interest rate swaps and diesel fuel swaps are based on current settlement values and represent the estimated amount we would have received or paid upon termination of these agreements. The fair values are derived using pricing models that rely on market observable inputs such as yield curves and commodity forward prices, and therefore are classified as Level 2. We also consider counterparty credit risk in our determination of all estimated fair values. We have consistently applied these valuation techniques in all periods presented. | |||||||||||||||||
At December 31, 2013 and June 30, 2013, the carrying amounts and fair values for our interest rate swaps and diesel fuel swaps were as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
Description | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Asset: | |||||||||||||||||
Diesel fuel swap agreements | $ | 231 | $ | — | $ | 231 | $ | — | |||||||||
Liability: | |||||||||||||||||
Interest rate swap agreements | (186 | ) | — | (186 | ) | — | |||||||||||
Total | $ | 45 | $ | — | $ | 45 | $ | — | |||||||||
Description | June 30, 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Liability: | |||||||||||||||||
Diesel fuel swap agreements | $ | (294 | ) | $ | — | $ | (294 | ) | $ | — | |||||||
Interest rate swap agreements | (77 | ) | — | (77 | ) | — | |||||||||||
Total | $ | (371 | ) | $ | — | $ | (371 | ) | $ | — | |||||||
The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair values due to the short-term nature of these instruments. The carrying value of our debt approximates fair value based on the market-determined, variable interest rates. | |||||||||||||||||
Assets that are measured at fair value on a nonrecurring basis include assets held for sale. Assets held for sale are valued using Level 2 inputs, primarily observed prices for similar assets in the used equipment market. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | |
Dec. 31, 2013 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |
Stock-Based Compensation | ' | |
9 | Stock-Based Compensation | |
Compensation expense related to stock-based compensation plans was $986 and $757 for the three months ended December 31, 2013 and 2012, respectively, and $1,938 and $1,671 for the six months ended December 31, 2013 and 2012, respectively. The income tax benefit recognized for stock-based compensation arrangements was $385 and $296 for the three months ended December 31, 2013 and 2012, respectively, and $756 and $653 for the six months ended December 31, 2013 and 2012, respectively. There were 43 stock option exercises related to stock-based compensation plans for the six months ended December 31, 2013. There were no stock option exercises related to stock-based compensation plans for the three months ended December 31, 2013 and the three and six months ended December 31, 2012. |
Income_Taxes
Income Taxes | 6 Months Ended | |
Dec. 31, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
10 | Income Taxes | |
The liability method is used in accounting for income taxes as required by U.S. GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. | ||
In assessing the value of deferred tax assets, we consider whether it was more likely than not that some or all of the deferred tax assets would not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon these considerations, we provide a valuation allowance to reduce the carrying value of certain of its deferred tax assets to their net expected realizable value, if applicable. We have concluded that no valuation allowance is required for deferred tax assets at December 31, 2013 and June 30, 2013, respectively. | ||
Effective income tax rates of 40.4% and 37.1% for the three months ended December 31, 2013 and 2012, respectively, and 37.0% and 38.0% for the six months ended December 31, 2013 and 2012, respectively, varied from the statutory federal income tax rate of 35% due to several factors, including changes in permanent differences primarily related to the Internal Revenue Code Section 199 deduction and Internal Revenue Code Section 162(m) deduction limitations for compensation, meals and entertainment, state income and gross margin taxes and the relative size of our consolidated income before income taxes. In addition, North Carolina enacted new legislation on July 23, 2013, which will lower its corporate tax rate in 2014 and again in 2015. Accordingly, we recognized the income tax accounting effects of the changes in North Carolina’s tax rates during the six months ended December 31, 2013. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
11 | Earnings Per Share | ||||||||||||||||
The following table sets forth the calculations of basic and diluted earnings per share: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic: | |||||||||||||||||
Net income | $ | 5,660 | $ | 23,602 | $ | 6,619 | $ | 32,884 | |||||||||
Weighted average common shares | 31,785 | 35,129 | 31,769 | 35,089 | |||||||||||||
Basic earnings per share | $ | 0.18 | $ | 0.67 | $ | 0.21 | $ | 0.94 | |||||||||
Diluted: | |||||||||||||||||
Net income | $ | 5,660 | $ | 23,602 | $ | 6,619 | $ | 32,884 | |||||||||
Weighted average common shares | 31,785 | 35,129 | 31,769 | 35,089 | |||||||||||||
Potential common stock arising from stock options and restricted stock | 422 | 294 | 438 | 271 | |||||||||||||
Weighted average common shares - diluted | 32,207 | 35,423 | 32,207 | 35,360 | |||||||||||||
Diluted earnings per share | $ | 0.18 | $ | 0.67 | $ | 0.21 | $ | 0.93 | |||||||||
Outstanding options and restricted stock awards equivalent to 1,588 and 2,451 shares of common stock were excluded from the calculation of diluted earnings per share for the three months ended December 31, 2013 and 2012, respectively, and 1,584 and 2,456 shares of common stock were excluded from the calculation of diluted earnings per share for the six months ended December 31, 2013 and 2012, respectively, because their effect would have been anti-dilutive. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended | |
Dec. 31, 2013 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
12 | Recent Accounting Pronouncements | |
Presentation of Comprehensive Income | ||
In February 2013, the FASB issued final guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income that requires entities to report, either on their income statement or in a footnote to their financial statements, the effects on earnings from items that are reclassified out of accumulated other comprehensive income. The guidance was effective prospectively for our interim period ended September 30, 2013. The adoption of this guidance only affected presentation and did not have an impact on our financial position, results of operations or cash flows. | ||
Disclosures about Offsetting Assets and Liabilities | ||
In December 2011, the FASB issued an accounting standards update regarding disclosures about offsetting assets and liabilities, which requires entities to disclose information about offsetting and related arrangements of financial instruments and derivative instruments. The amendment was effective retrospectively for our interim period ended September 30, 2013. The adoption of this guidance only affected presentation and did not have an impact on our financial position, results of operations or cash flows. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |
Dec. 31, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
13 | Commitments and Contingencies | |
Legal Proceedings | ||
We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, (i) compensation for alleged personal injury, workers’ compensation, employment discrimination, breach of contract or property damages, (ii) punitive damages, civil penalties or other damages, or (iii) injunctive or declaratory relief. With respect to all such lawsuits, claims and proceedings, we accrue reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our financial position, results of operations or cash flows. | ||
Performance Bonds and Parent Guarantees | ||
In the ordinary course of business, we are required by certain customers to post surety or performance bonds in connection with services that we provide to them. These bonds provide a guarantee to the customer that we will perform under the terms of a contract and that we will pay subcontractors and vendors. If we fail to perform under a contract or to pay subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. We must reimburse the surety for any expenses or outlays it incurs. At December 31, 2013, we had $124,772 in surety bonds outstanding. To date, we have not been required to make any reimbursements to our sureties for bond-related costs. We believe that it is unlikely that we will have to fund significant claims under our surety arrangements in the foreseeable future. Pike Corporation, from time to time, guarantees the obligations of its wholly-owned subsidiaries, including obligations under certain contracts with customers. | ||
Collective Bargaining Agreements | ||
Several of our subsidiaries are party to collective bargaining agreements with unions representing craftworkers performing field construction operations. The collective bargaining agreements expire at various times and have typically been renegotiated and renewed on terms similar to the ones contained in the expiring agreements. The agreements require those subsidiaries to pay specified wages, provide certain benefits to their respective union employees and contribute certain amounts to multi-employer pension plans and employee benefit trusts. A subsidiary’s multi-employer pension plan contribution rates generally are specified in the collective bargaining agreements (usually on an annual basis), and contributions are made to the plans on a “pay-as-you-go” basis based on its union employee payrolls, which cannot be determined for future periods because the location and number of union employees that any such subsidiary employs at any given time and the plans in which it may participate vary depending on the projects it has ongoing at any time and the need for union resources in connection with those projects. If any of these subsidiaries withdrew from, or otherwise terminated its participation in, one or more multi-employer pension plans or if the plans were to otherwise become underfunded, such subsidiary could be assessed liabilities for additional contributions related to the underfunding of these plans. We are not aware of any amounts of withdrawal liability that have been incurred as a result of a withdrawal by any of our subsidiaries from any multi-employer defined benefit pension plans. | ||
Indemnities | ||
We generally indemnify our customers for the services we provide under our contracts, as well as other specified liabilities, which may subject us to indemnity claims and liabilities and related litigation. As of December 31, 2013, we do not believe that any future indemnity claims against us would have a material adverse effect on our financial position, results of operations or cash flows. |
Business_Segment_Information
Business Segment Information | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segment Information | ' | ||||||||||||||||
14 | Business Segment Information | ||||||||||||||||
As a result of the acquisition of UCS expanding the size and scope of our engineering business, we decided in the first quarter of fiscal 2013 to change our reportable segments. Prior to December 31, 2013, our operations were managed in four business units, which were shown as two reportable segments for financial reporting purposes: Construction and All Other Operations. These segments were organized principally by service category. Each segment had its own management that was responsible for the operations of the segment’s businesses. On January 1, 2014, as a result of the merger of UCS into PES discussed in Note 2, changes in management reflecting sole leadership over the combined engineering entity, and in order to properly align our segments with our current financial reporting structure, we changed the name of our All Other Operations segment to Engineering and will manage our operations as two business units. Prior year segment information has been revised to conform to the current-year presentation. | |||||||||||||||||
The types of services from which each reportable segment derives its revenues are as follows: | |||||||||||||||||
• | Construction includes installation, maintenance and repair of power delivery systems, including storm restoration services. The Construction segment accounted for 83% of consolidated revenue for the three and six months ended December 31, 2013 and 2012. | ||||||||||||||||
• | Engineering includes siting, permitting, engineering and design of power and communication delivery systems, including storm assessment and inspection services. | ||||||||||||||||
We evaluate the operating performance of our segments based upon segment income from operations. The Other column below represents certain corporate general and administrative costs not allocated to the segments. We review total assets at the consolidated level and, accordingly, those amounts have not been disclosed for each reportable segment. The accounting policies of the segments are consistent with those described in Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2013. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Construction | Engineering | Other | Total | ||||||||||||||
Core services | $ | 156,718 | $ | 38,724 | $ | — | $ | 195,442 | |||||||||
Less: Intersegment revenues | (18 | ) | (7,133 | ) | — | (7,151 | ) | ||||||||||
Core services, net | 156,700 | 31,591 | — | 188,291 | |||||||||||||
Storm-related services | 22,039 | 529 | — | 22,568 | |||||||||||||
Revenues, net | $ | 178,739 | $ | 32,120 | $ | — | $ | 210,859 | |||||||||
Income (loss) from operations | $ | 11,684 | $ | (395 | ) | $ | (111 | ) | $ | 11,178 | |||||||
Depreciation and amortization | $ | 8,789 | $ | 1,295 | $ | — | $ | 10,084 | |||||||||
Purchases of property and equipment | $ | 11,000 | $ | 127 | $ | — | $ | 11,127 | |||||||||
Three Months Ended | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Construction | Engineering | Other | Total | ||||||||||||||
Core services | $ | 149,941 | $ | 51,310 | $ | — | $ | 201,251 | |||||||||
Less: Intersegment revenues | (211 | ) | (10,377 | ) | — | (10,588 | ) | ||||||||||
Core services, net | 149,730 | 40,933 | — | 190,663 | |||||||||||||
Storm-related services | 78,622 | 4,383 | — | 83,005 | |||||||||||||
Revenues, net | $ | 228,352 | $ | 45,316 | $ | — | $ | 273,668 | |||||||||
Income (loss) from operations | $ | 38,327 | $ | 1,888 | $ | (804 | ) | $ | 39,411 | ||||||||
Depreciation and amortization | $ | 9,678 | $ | 1,389 | $ | — | $ | 11,067 | |||||||||
Purchases of property and equipment | $ | 9,398 | $ | 199 | $ | — | $ | 9,597 | |||||||||
Six Months Ended | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Construction | Engineering | Other | Total | ||||||||||||||
Core services | $ | 310,889 | $ | 87,696 | $ | — | $ | 398,585 | |||||||||
Less: Intersegment revenues | (130 | ) | (20,492 | ) | — | (20,622 | ) | ||||||||||
Core services, net | 310,759 | 67,204 | — | 377,963 | |||||||||||||
Storm-related services | 25,453 | 750 | — | 26,203 | |||||||||||||
Revenues, net | $ | 336,212 | $ | 67,954 | $ | — | $ | 404,166 | |||||||||
Income (loss) from operations | $ | 12,998 | $ | 1,176 | $ | (193 | ) | $ | 13,981 | ||||||||
Depreciation and amortization | $ | 17,475 | $ | 2,607 | $ | — | $ | 20,082 | |||||||||
Purchases of property and equipment | $ | 23,127 | $ | 251 | $ | — | $ | 23,378 | |||||||||
Six Months Ended | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Construction | Engineering | Other | Total | ||||||||||||||
Core services | $ | 306,419 | $ | 100,313 | $ | — | $ | 406,732 | |||||||||
Less: Intersegment revenues | (238 | ) | (21,414 | ) | — | (21,652 | ) | ||||||||||
Core services, net | 306,181 | 78,899 | — | 385,080 | |||||||||||||
Storm-related services | 125,595 | 7,606 | — | 133,201 | |||||||||||||
Revenues, net | $ | 431,776 | $ | 86,505 | $ | — | $ | 518,281 | |||||||||
Income (loss) from operations | $ | 54,907 | $ | 3,962 | $ | (1,874 | ) | $ | 56,995 | ||||||||
Depreciation and amortization | $ | 18,749 | $ | 2,703 | $ | — | $ | 21,452 | |||||||||
Purchases of property and equipment | $ | 17,157 | $ | 547 | $ | — | $ | 17,704 |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Dec. 31, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Presentation of Comprehensive Income | ' |
Presentation of Comprehensive Income | |
In February 2013, the FASB issued final guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income that requires entities to report, either on their income statement or in a footnote to their financial statements, the effects on earnings from items that are reclassified out of accumulated other comprehensive income. The guidance was effective prospectively for our interim period ended September 30, 2013. The adoption of this guidance only affected presentation and did not have an impact on our financial position, results of operations or cash flows. | |
Disclosures about Offsetting Assets and Liabilities | ' |
Disclosures about Offsetting Assets and Liabilities | |
In December 2011, the FASB issued an accounting standards update regarding disclosures about offsetting assets and liabilities, which requires entities to disclose information about offsetting and related arrangements of financial instruments and derivative instruments. The amendment was effective retrospectively for our interim period ended September 30, 2013. The adoption of this guidance only affected presentation and did not have an impact on our financial position, results of operations or cash flows. |
Business_Tables
Business (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
Revenues by Category of Service | ' | ||||||||||||||||||||||||||||||||
The table below sets forth our revenues by category of service for the periods indicated: | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Core services | $ | 188,291 | 89.3 | % | $ | 190,663 | 69.7 | % | $ | 377,963 | 93.5 | % | $ | 385,080 | 74.3 | % | |||||||||||||||||
Storm-related services | 22,568 | 10.7 | % | 83,005 | 30.3 | % | 26,203 | 6.5 | % | 133,201 | 25.7 | % | |||||||||||||||||||||
Total | $ | 210,859 | 100 | % | $ | 273,668 | 100 | % | $ | 404,166 | 100 | % | $ | 518,281 | 100 | % | |||||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) (UC Synergetic [Member]) | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
UC Synergetic [Member] | ' | ||||
Summary of Purchase Price Allocated to Assets Liabilities on Effective Date of Acquisition Based on Estimated Fair Value | ' | ||||
The purchase price of $69,654 has been allocated to the assets acquired and liabilities assumed at the effective date of the acquisition based on estimated fair values as summarized in the following table: | |||||
Current assets | $ | 13,632 | |||
Property and equipment | 1,760 | ||||
Intangible assets | 39,800 | ||||
Goodwill | 30,736 | ||||
Other | 100 | ||||
Total assets acquired | 86,028 | ||||
Current liabilities | (3,009 | ) | |||
Deferred income taxes | (13,365 | ) | |||
Total liabilities assumed | (16,374 | ) | |||
Net assets | $ | 69,654 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Fair Value of Derivatives | ' | ||||||||||||||||||||||||||
The fair value of derivatives at December 31, 2013 and June 30, 2013 is summarized below: | |||||||||||||||||||||||||||
Asset Derivatives at December 31, 2013 | Liability Derivatives at December 31, 2013 | ||||||||||||||||||||||||||
Balance Sheet Location | Gross Fair | Gross Fair | Net Fair | Gross Fair | Gross Fair | Net Fair | |||||||||||||||||||||
Value of | Value Offset | Value | Value of | Value Offset | Value | ||||||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||
Interest rate swaps | Accrued expenses and other | $ | — | $ | — | $ | — | $ | (186 | ) | $ | — | $ | (186 | ) | ||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | (186 | ) | $ | — | $ | (186 | ) | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||
Diesel fuel swaps | Prepaid expenses and other | $ | 245 | $ | (14 | ) | $ | 231 | $ | (14 | ) | $ | 14 | $ | — | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 245 | $ | (14 | ) | $ | 231 | $ | (14 | ) | $ | 14 | $ | — | |||||||||||||
Total derivatives | $ | 245 | $ | (14 | ) | $ | 231 | $ | (200 | ) | $ | 14 | $ | (186 | ) | ||||||||||||
Asset Derivatives at June 30, 2013 | Liability Derivatives at June 30, 2013 | ||||||||||||||||||||||||||
Balance Sheet Location | Gross Fair | Gross Fair | Net Fair | Gross Fair | Gross Fair | Net Fair | |||||||||||||||||||||
Value of | Value Offset | Value | Value of | Value Offset | Value | ||||||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||
Interest rate swaps | Accrued expenses and other | $ | — | $ | — | $ | — | $ | (77 | ) | $ | — | $ | (77 | ) | ||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | (77 | ) | $ | — | $ | (77 | ) | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||
Diesel fuel swaps | Accrued expenses and other | $ | 22 | $ | (22 | ) | $ | — | $ | (316 | ) | $ | 22 | $ | (294 | ) | |||||||||||
Total derivatives not designated as hedging instruments | $ | 22 | $ | (22 | ) | $ | — | $ | (316 | ) | $ | 22 | $ | (294 | ) | ||||||||||||
Total derivatives | $ | 22 | $ | (22 | ) | $ | — | $ | (393 | ) | $ | 22 | $ | (371 | ) | ||||||||||||
Effects of Derivative Instruments on Condensed Consolidated Statements of Income | ' | ||||||||||||||||||||||||||
The effects of derivative instruments on the condensed consolidated statements of income for the three and six months ended December 31, 2013 and 2012 are summarized in the following tables: | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedging instruments: | |||||||||||||||||||||||||||
Location of Loss | Amount of Loss | ||||||||||||||||||||||||||
Amount of Gain (Loss) | Reclassified from | Reclassified from | |||||||||||||||||||||||||
Recognized in OCI | Accumulated OCI into | Accumulated OCI into | |||||||||||||||||||||||||
(Effective Portion) | Earnings | Earnings | |||||||||||||||||||||||||
Three Months Ended December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate swaps (1) | $ | 1 | $ | (42 | ) | Interest expense | $ | (36 | ) | $ | (16 | ) | |||||||||||||||
Totals | $ | 1 | $ | (42 | ) | $ | (36 | ) | $ | (16 | ) | ||||||||||||||||
Six Months Ended December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate swaps (1) | $ | (66 | ) | $ | (121 | ) | Interest expense | $ | (70 | ) | $ | (16 | ) | ||||||||||||||
Totals | $ | (66 | ) | $ | (121 | ) | $ | (70 | ) | $ | (16 | ) | |||||||||||||||
-1 | Net of income tax. | ||||||||||||||||||||||||||
Derivatives not designated as cash flow hedging instruments: | |||||||||||||||||||||||||||
Location of Gain | |||||||||||||||||||||||||||
(Loss) Recognized | Amount of Gain (Loss) | ||||||||||||||||||||||||||
in Earnings | Recognized in Earnings | ||||||||||||||||||||||||||
Three Months Ended December 31, | 2013 | 2012 | |||||||||||||||||||||||||
Diesel fuel swaps | Cost of operations | $ | 302 | $ | (263 | ) | |||||||||||||||||||||
Total | $ | 302 | $ | (263 | ) | ||||||||||||||||||||||
Six Months Ended December 31, | 2013 | 2012 | |||||||||||||||||||||||||
Diesel fuel swaps | Cost of operations | $ | 525 | $ | 1,461 | ||||||||||||||||||||||
Total | $ | 525 | $ | 1,461 | |||||||||||||||||||||||
Net Derivative Losses, Net of Taxes, Recorded into Accumulated OCI and Reclassified to Income | ' | ||||||||||||||||||||||||||
For the interest rate swaps, the following table summarizes the net derivative losses, net of taxes, deferred into accumulated OCI and reclassified to income for the periods indicated below. | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Net accumulated derivative loss deferred at beginning of period | $ | (114 | ) | $ | (79 | ) | $ | (47 | ) | $ | — | ||||||||||||||||
Changes in fair value | (35 | ) | (58 | ) | (136 | ) | (137 | ) | |||||||||||||||||||
Reclassification to net income | 36 | 16 | 70 | 16 | |||||||||||||||||||||||
Net accumulated derivative loss deferred at end of period | $ | (113 | ) | $ | (121 | ) | $ | (113 | ) | $ | (121 | ) | |||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Carrying Amounts and Fair Values for Interest Rate Swaps and Diesel Fuel Swaps | ' | ||||||||||||||||
At December 31, 2013 and June 30, 2013, the carrying amounts and fair values for our interest rate swaps and diesel fuel swaps were as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
Description | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Asset: | |||||||||||||||||
Diesel fuel swap agreements | $ | 231 | $ | — | $ | 231 | $ | — | |||||||||
Liability: | |||||||||||||||||
Interest rate swap agreements | (186 | ) | — | (186 | ) | — | |||||||||||
Total | $ | 45 | $ | — | $ | 45 | $ | — | |||||||||
Description | June 30, 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Liability: | |||||||||||||||||
Diesel fuel swap agreements | $ | (294 | ) | $ | — | $ | (294 | ) | $ | — | |||||||
Interest rate swap agreements | (77 | ) | — | (77 | ) | — | |||||||||||
Total | $ | (371 | ) | $ | — | $ | (371 | ) | $ | — |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the calculations of basic and diluted earnings per share: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic: | |||||||||||||||||
Net income | $ | 5,660 | $ | 23,602 | $ | 6,619 | $ | 32,884 | |||||||||
Weighted average common shares | 31,785 | 35,129 | 31,769 | 35,089 | |||||||||||||
Basic earnings per share | $ | 0.18 | $ | 0.67 | $ | 0.21 | $ | 0.94 | |||||||||
Diluted: | |||||||||||||||||
Net income | $ | 5,660 | $ | 23,602 | $ | 6,619 | $ | 32,884 | |||||||||
Weighted average common shares | 31,785 | 35,129 | 31,769 | 35,089 | |||||||||||||
Potential common stock arising from stock options and restricted stock | 422 | 294 | 438 | 271 | |||||||||||||
Weighted average common shares - diluted | 32,207 | 35,423 | 32,207 | 35,360 | |||||||||||||
Diluted earnings per share | $ | 0.18 | $ | 0.67 | $ | 0.21 | $ | 0.93 |
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Segment Information | ' | ||||||||||||||||
The accounting policies of the segments are consistent with those described in Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2013. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Construction | Engineering | Other | Total | ||||||||||||||
Core services | $ | 156,718 | $ | 38,724 | $ | — | $ | 195,442 | |||||||||
Less: Intersegment revenues | (18 | ) | (7,133 | ) | — | (7,151 | ) | ||||||||||
Core services, net | 156,700 | 31,591 | — | 188,291 | |||||||||||||
Storm-related services | 22,039 | 529 | — | 22,568 | |||||||||||||
Revenues, net | $ | 178,739 | $ | 32,120 | $ | — | $ | 210,859 | |||||||||
Income (loss) from operations | $ | 11,684 | $ | (395 | ) | $ | (111 | ) | $ | 11,178 | |||||||
Depreciation and amortization | $ | 8,789 | $ | 1,295 | $ | — | $ | 10,084 | |||||||||
Purchases of property and equipment | $ | 11,000 | $ | 127 | $ | — | $ | 11,127 | |||||||||
Three Months Ended | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Construction | Engineering | Other | Total | ||||||||||||||
Core services | $ | 149,941 | $ | 51,310 | $ | — | $ | 201,251 | |||||||||
Less: Intersegment revenues | (211 | ) | (10,377 | ) | — | (10,588 | ) | ||||||||||
Core services, net | 149,730 | 40,933 | — | 190,663 | |||||||||||||
Storm-related services | 78,622 | 4,383 | — | 83,005 | |||||||||||||
Revenues, net | $ | 228,352 | $ | 45,316 | $ | — | $ | 273,668 | |||||||||
Income (loss) from operations | $ | 38,327 | $ | 1,888 | $ | (804 | ) | $ | 39,411 | ||||||||
Depreciation and amortization | $ | 9,678 | $ | 1,389 | $ | — | $ | 11,067 | |||||||||
Purchases of property and equipment | $ | 9,398 | $ | 199 | $ | — | $ | 9,597 | |||||||||
Six Months Ended | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Construction | Engineering | Other | Total | ||||||||||||||
Core services | $ | 310,889 | $ | 87,696 | $ | — | $ | 398,585 | |||||||||
Less: Intersegment revenues | (130 | ) | (20,492 | ) | — | (20,622 | ) | ||||||||||
Core services, net | 310,759 | 67,204 | — | 377,963 | |||||||||||||
Storm-related services | 25,453 | 750 | — | 26,203 | |||||||||||||
Revenues, net | $ | 336,212 | $ | 67,954 | $ | — | $ | 404,166 | |||||||||
Income (loss) from operations | $ | 12,998 | $ | 1,176 | $ | (193 | ) | $ | 13,981 | ||||||||
Depreciation and amortization | $ | 17,475 | $ | 2,607 | $ | — | $ | 20,082 | |||||||||
Purchases of property and equipment | $ | 23,127 | $ | 251 | $ | — | $ | 23,378 | |||||||||
Six Months Ended | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Construction | Engineering | Other | Total | ||||||||||||||
Core services | $ | 306,419 | $ | 100,313 | $ | — | $ | 406,732 | |||||||||
Less: Intersegment revenues | (238 | ) | (21,414 | ) | — | (21,652 | ) | ||||||||||
Core services, net | 306,181 | 78,899 | — | 385,080 | |||||||||||||
Storm-related services | 125,595 | 7,606 | — | 133,201 | |||||||||||||
Revenues, net | $ | 431,776 | $ | 86,505 | $ | — | $ | 518,281 | |||||||||
Income (loss) from operations | $ | 54,907 | $ | 3,962 | $ | (1,874 | ) | $ | 56,995 | ||||||||
Depreciation and amortization | $ | 18,749 | $ | 2,703 | $ | — | $ | 21,452 | |||||||||
Purchases of property and equipment | $ | 17,157 | $ | 547 | $ | — | $ | 17,704 |
Business_Additional_Informatio
Business - Additional Information (Detail) | 6 Months Ended |
Dec. 31, 2013 | |
Segment | |
Services | |
Customer | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Year of founding | '1945 |
Servicing numbers of customer | 300 |
Number of reportable segments | 2 |
Number of service categories | 2 |
Business_Revenues_by_Category_
Business - Revenues by Category of Service (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' |
Core services | $188,291 | $190,663 | $377,963 | $385,080 |
Storm-related services | 22,568 | 83,005 | 26,203 | 133,201 |
Total | $210,859 | $273,668 | $404,166 | $518,281 |
Core services | 89.30% | 69.70% | 93.50% | 74.30% |
Storm-related services | 10.70% | 30.30% | 6.50% | 25.70% |
Total | 100.00% | 100.00% | 100.00% | 100.00% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (UC Synergetic [Member], USD $) | 0 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jul. 02, 2012 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ' | ' |
Acquisition of UC Synergetic, net of cash acquired | $69,654 | ' |
Cash acquired from acquisition | 666 | ' |
Additional adjustments increasing goodwill and deferred income taxes | ' | 11 |
Purchase price allocated to assets and liabilities | ' | 69,654 |
Intangible assets | ' | 39,800 |
Goodwill amortizable for income tax purposes | ' | 5,357 |
Revolving Credit Facility [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash borrowed for the funding of acquisition | 75,000 | ' |
Customer Relationships [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible assets | ' | 34,000 |
Estimated useful life of intangible assets being amortized | ' | '12 years |
Non-Compete Agreements [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible assets | ' | 1,800 |
Estimated useful life of intangible assets being amortized | ' | '3 years |
Trademarks [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible assets | ' | $4,000 |
Estimated useful life of intangible assets being amortized | ' | '20 years |
Acquisitions_Summary_of_Purcha
Acquisitions - Summary of Purchase Price Allocated to Assets Liabilities on Effective Date of Acquisition Based on Estimated Fair Value (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | ' | ' |
Goodwill | $153,668 | $153,668 |
UC Synergetic [Member] | ' | ' |
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | ' | ' |
Current assets | 13,632 | ' |
Property and equipment | 1,760 | ' |
Intangible assets | 39,800 | ' |
Goodwill | 30,736 | ' |
Other | 100 | ' |
Total assets acquired | 86,028 | ' |
Current liabilities | -3,009 | ' |
Deferred income taxes | -13,365 | ' |
Total liabilities assumed | -16,374 | ' |
Net assets | $69,654 | ' |
Assets_Held_for_Sale_Additiona
Assets Held for Sale - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 |
Assets Held For Sale Long Lived [Abstract] | ' | ' |
Carrying value of assets held for sale | $82 | $175 |
Long lived assets expected selling period | '12 months | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2012 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Maximum [Member] | Minimum [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swap One [Member] | Interest Rate Swap One [Member] | Interest Rate Swap One [Member] | Interest Rate Swap Two [Member] | Interest Rate Swap Two [Member] | Interest Rate Swap Two [Member] | |||||
Interest_Rate_Swaps | Libor Rate Adjustment [Member] | Interest_Rate_Swaps | |||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amounts of interest rate swap agreements | ' | ' | ' | ' | ' | ' | $10,000 | $25,000 | ' | ' | $10,000 | ' | ' | $25,000 | ' |
Fixed prices under swap agreements | ' | ' | ' | ' | ' | ' | ' | ' | 0.42% | ' | 0.42% | 0.40% | ' | 0.45% | 0.42% |
LIBOR rate period | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' |
Swap expiration date | ' | ' | 'June 2015 | ' | ' | ' | ' | ' | ' | 'February 2015 | ' | ' | 'March 2015 | ' | ' |
Number of interest rate swap agreements | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | 2 | ' | ' | ' | ' |
Cash flow hedge ineffectiveness | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of next twelve month diesel fuel purchases hedged | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diesel fuel hedges fixed price | ' | ' | ' | ' | 3.99 | 3.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diesel fuel hedges weighted-average price | ' | ' | ' | ' | ' | 3.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net amount of the existing losses in OCI expected to be reclassified into net income over the next 12 months | ' | ' | $75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Fair Value of Derivatives (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Fair Value of Recognized Assets | $245 | $22 |
Gross Fair Value Offset | -14 | -22 |
Net Fair Value | 231 | ' |
Gross Fair Value of Recognized Liabilities | -200 | -393 |
Gross Fair Value Offset | 14 | 22 |
Net Fair Value | -186 | -371 |
Derivatives Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Fair Value of Recognized Assets | ' | ' |
Gross Fair Value Offset | ' | ' |
Net Fair Value | ' | ' |
Gross Fair Value of Recognized Liabilities | -186 | -77 |
Gross Fair Value Offset | ' | ' |
Net Fair Value | -186 | -77 |
Derivatives Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Fair Value of Recognized Assets | 245 | 22 |
Gross Fair Value Offset | -14 | -22 |
Net Fair Value | 231 | ' |
Gross Fair Value of Recognized Liabilities | -14 | -316 |
Gross Fair Value Offset | 14 | 22 |
Net Fair Value | ' | -294 |
Accrued Expenses and Other [Member] | Derivatives Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Fair Value of Recognized Assets | ' | ' |
Gross Fair Value Offset | ' | ' |
Net Fair Value | ' | ' |
Gross Fair Value of Recognized Liabilities | -186 | -77 |
Gross Fair Value Offset | ' | ' |
Net Fair Value | -186 | -77 |
Accrued Expenses and Other [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Diesel Fuel Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Fair Value of Recognized Assets | ' | 22 |
Gross Fair Value Offset | ' | -22 |
Net Fair Value | ' | ' |
Gross Fair Value of Recognized Liabilities | ' | -316 |
Gross Fair Value Offset | ' | 22 |
Net Fair Value | ' | -294 |
Prepaid Expenses and Other [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Diesel Fuel Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Fair Value of Recognized Assets | 245 | ' |
Gross Fair Value Offset | -14 | ' |
Net Fair Value | 231 | ' |
Gross Fair Value of Recognized Liabilities | -14 | ' |
Gross Fair Value Offset | 14 | ' |
Net Fair Value | ' | ' |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on Condensed Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Loss Reclassified from Accumulated OCI into Earnings | ($36) | ($16) | ($70) | ($16) |
Derivatives Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | 1 | -42 | -66 | -121 |
Amount of Loss Reclassified from Accumulated OCI into Earnings | -36 | -16 | -70 | -16 |
Derivatives Designated as Hedging Instrument [Member] | Interest Expense [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Loss Reclassified from Accumulated OCI into Earnings | -36 | -16 | -70 | -16 |
Derivatives Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Earnings | 302 | -263 | 525 | 1,461 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | 1 | -42 | -66 | -121 |
Diesel Fuel Swaps [Member] | Derivatives Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Earnings | $302 | ($263) | $525 | $1,461 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Net Derivative Losses, Net of Taxes, Recorded into Accumulated OCI and Reclassified to Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
Net accumulated derivative loss deferred at beginning of period | ($114) | ($79) | ($47) | ' |
Changes in fair value | -35 | -58 | -136 | -137 |
Reclassification to net income | 36 | 16 | 70 | 16 |
Net accumulated derivative loss deferred at end of period | ($113) | ($121) | ($113) | ($121) |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 17, 2013 | Dec. 31, 2013 | Jun. 27, 2012 | Aug. 24, 2011 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 27, 2012 | Dec. 31, 2013 |
Scenario, Forecast [Member] | Scenario, Forecast [Member] | Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment under revolving credit facility | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' |
Maturity of revolving credit facility | ' | 'August 2015 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred loan costs associated with existing revolving credit facility | ' | ' | ' | 1,800 | ' | ' | ' | ' | ' | ' |
Percentage rate add on to federal funds effective rate for existing revolving credit facility | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage rate add on to LIBOR rate for existing revolving credit facility | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Margin on Federal Funds Effective Rate for existing revolving credit facility | ' | ' | ' | ' | ' | ' | 0.50% | 1.50% | ' | ' |
Margin of LIBOR loans under existing revolving credit facility | ' | ' | ' | ' | ' | ' | 2.00% | 3.00% | ' | ' |
Commitment fee under existing revolving credit facility | ' | ' | ' | ' | ' | ' | 0.38% | 0.63% | ' | ' |
Letter of credit fees under existing revolving credit facility | ' | ' | ' | ' | ' | ' | 2.00% | 3.00% | ' | ' |
Letter of credit fronting fees on existing revolving credit facility | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio limit under existing revolving credit facility | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Declining leverage ratio | ' | ' | ' | ' | 3.50% | 3.75% | ' | ' | ' | ' |
Consolidated fixed charge coverage ratio under existing revolving credit facility | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs associated with the new accordion commitment | 419 | ' | ' | ' | ' | ' | ' | ' | 800 | ' |
Commitment increase under existing revolving credit facility | ' | ' | 275,000 | 200,000 | ' | ' | ' | ' | ' | 75,000 |
Borrowings under existing revolving credit facility | ' | 220,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Availability under existing revolving credit facility | ' | 50,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding standby letters of credit under existing revolving credit facility | ' | $4,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 21, 2012 | Dec. 31, 2012 | Dec. 04, 2012 |
Equity [Abstract] | ' | ' | ' |
Special cash dividend per share on common stock | ' | $1 | $1 |
Special cash dividend declared | ' | ' | $35,164 |
Special cash dividend Payment | $35,164 | ' | ' |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts and Fair Values for Interest Rate Swaps and Diesel Fuel Swaps (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Asset: | ' | ' |
Fair value of swap agreements, net asset | $45 | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | ' | -371 |
Interest Rate Swaps [Member] | ' | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | -186 | -77 |
Diesel Fuel Swap [Member] | ' | ' |
Asset: | ' | ' |
Fair value of swap agreements, asset | 231 | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | ' | -294 |
Level 1 [Member] | ' | ' |
Asset: | ' | ' |
Fair value of swap agreements, net asset | ' | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | ' | ' |
Level 1 [Member] | Interest Rate Swaps [Member] | ' | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | ' | ' |
Level 1 [Member] | Diesel Fuel Swap [Member] | ' | ' |
Asset: | ' | ' |
Fair value of swap agreements, asset | ' | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | ' | ' |
Level 2 [Member] | ' | ' |
Asset: | ' | ' |
Fair value of swap agreements, net asset | 45 | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | ' | -371 |
Level 2 [Member] | Interest Rate Swaps [Member] | ' | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | -186 | -77 |
Level 2 [Member] | Diesel Fuel Swap [Member] | ' | ' |
Asset: | ' | ' |
Fair value of swap agreements, asset | 231 | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | ' | -294 |
Level 3 [Member] | ' | ' |
Asset: | ' | ' |
Fair value of swap agreements, net asset | ' | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | ' | ' |
Level 3 [Member] | Interest Rate Swaps [Member] | ' | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | ' | ' |
Level 3 [Member] | Diesel Fuel Swap [Member] | ' | ' |
Asset: | ' | ' |
Fair value of swap agreements, asset | ' | ' |
Liability: | ' | ' |
Fair value of swap agreements, liability | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Compensation expense related to stock-based compensation plans | $986 | $757 | $1,938 | $1,671 |
Income tax benefit for stock-based compensation arrangements | $385 | $296 | $756 | $653 |
Stock option exercises related to stock-based compensation plans | 0 | 0 | 43 | 0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Valuation allowance required for deferred tax assets | $0 | ' | $0 | ' | $0 |
Effective income tax rates | 40.40% | 37.10% | 37.00% | 38.00% | ' |
Statutory federal income tax rate | ' | ' | 35.00% | ' | ' |
Earnings_Per_Share_Basic_and_D
Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic: | ' | ' | ' | ' |
Net income | $5,660 | $23,602 | $6,619 | $32,884 |
Weighted average common shares | 31,785 | 35,129 | 31,769 | 35,089 |
Basic earnings per share | $0.18 | $0.67 | $0.21 | $0.94 |
Diluted: | ' | ' | ' | ' |
Net income | $5,660 | $23,602 | $6,619 | $32,884 |
Weighted average common shares | 31,785 | 35,129 | 31,769 | 35,089 |
Potential common stock arising from stock options and restricted stock | 422 | 294 | 438 | 271 |
Weighted average common shares - diluted | 32,207 | 35,423 | 32,207 | 35,360 |
Diluted earnings per share | $0.18 | $0.67 | $0.21 | $0.93 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Outstanding options and restricted stock awards equivalent to common stock shares that are anti-dilutive | 1,588 | 2,451 | 1,584 | 2,456 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Performance Bonds and Parent Guarantees, Surety bonds outstanding | $124,772 |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business_Unit | Segment | |||
Business_Unit | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of business units | 4 | ' | 4 | ' |
Number of reportable segments | ' | ' | 2 | ' |
Consolidated revenue of construction segment | 83.00% | 83.00% | 83.00% | 83.00% |
Engineering [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of business units | 2 | ' | 2 | ' |
Business_Segment_Information_S
Business Segment Information - Summary of Segment Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Core services | $195,442 | $201,251 | $398,585 | $406,732 |
Less: Intersegment revenues | -7,151 | -10,588 | -20,622 | -21,652 |
Core services, net | 188,291 | 190,663 | 377,963 | 385,080 |
Storm-related services | 22,568 | 83,005 | 26,203 | 133,201 |
Revenues, net | 210,859 | 273,668 | 404,166 | 518,281 |
Income (loss) from operations | 11,178 | 39,411 | 13,981 | 56,995 |
Depreciation and amortization | 10,084 | 11,067 | 20,082 | 21,452 |
Purchases of property and equipment | 11,127 | 9,597 | 23,378 | 17,704 |
Operating Segments [Member] | Construction [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Core services | 156,718 | 149,941 | 310,889 | 306,419 |
Less: Intersegment revenues | -18 | -211 | -130 | -238 |
Core services, net | 156,700 | 149,730 | 310,759 | 306,181 |
Storm-related services | 22,039 | 78,622 | 25,453 | 125,595 |
Revenues, net | 178,739 | 228,352 | 336,212 | 431,776 |
Income (loss) from operations | 11,684 | 38,327 | 12,998 | 54,907 |
Depreciation and amortization | 8,789 | 9,678 | 17,475 | 18,749 |
Purchases of property and equipment | 11,000 | 9,398 | 23,127 | 17,157 |
Operating Segments [Member] | Engineering [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Core services | 38,724 | 51,310 | 87,696 | 100,313 |
Less: Intersegment revenues | -7,133 | -10,377 | -20,492 | -21,414 |
Core services, net | 31,591 | 40,933 | 67,204 | 78,899 |
Storm-related services | 529 | 4,383 | 750 | 7,606 |
Revenues, net | 32,120 | 45,316 | 67,954 | 86,505 |
Income (loss) from operations | -395 | 1,888 | 1,176 | 3,962 |
Depreciation and amortization | 1,295 | 1,389 | 2,607 | 2,703 |
Purchases of property and equipment | 127 | 199 | 251 | 547 |
Corporate Non-segment [Member] | Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income (loss) from operations | ($111) | ($804) | ($193) | ($1,874) |