DEI_Document
DEI Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 03, 2015 | Mar. 10, 2015 | Jun. 13, 2014 |
Entity [Abstract] | |||
Entity Registrant Name | Heritage-Crystal Clean, Inc. | ||
Entity Central Index Key | 1403431 | ||
Current Fiscal Year End Date | -2 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 3-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 22,262,722 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $162.10 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | |
In Thousands, unless otherwise specified | |||
Current Assets: | |||
Cash and cash equivalents | $21,555 | $22,632 | |
Accounts receivable - net | 49,857 | 31,172 | |
Inventory - net | 30,798 | 27,307 | |
Deferred income taxes | 2,549 | 1,004 | |
Other current assets | 11,776 | 3,661 | |
Total Current Assets | 116,535 | 85,776 | |
Property, plant and equipment - net | 137,137 | 85,116 | |
Equipment at customers - net | 22,039 | 19,358 | |
Software and intangible assets - net | 24,775 | 16,054 | |
Goodwill | 19,333 | 9,654 | |
Total Assets | 319,819 | [1] | 215,958 |
Current Liabilities: | |||
Accounts payable | 32,466 | 18,291 | |
Current maturities of long-term debt and term loan | 5,259 | 2,906 | |
Accrued salaries, wages, and benefits | 5,212 | 4,145 | |
Taxes payable | 4,080 | 1,292 | |
Other current liabilities | 6,010 | 2,730 | |
Total Current Liabilities | 53,027 | 29,364 | |
Term loan, less current maturities | 73,854 | 17,500 | |
Long-term debt, less current maturities | 40 | 552 | |
Deferred income taxes | 5,484 | 9,238 | |
Total Liabilities | 132,405 | 56,654 | |
STOCKHOLDERS' EQUITY: | |||
Common stock - 26,000,000 shares authorized at $0.01 par value, 22,109,875 and 18,360,282 shares issued and outstanding at January 3, 2015 and December 28, 2013, respectively | 221 | 184 | |
Additional paid-in capital | 181,140 | 146,043 | |
Retained earnings | 5,135 | 12,143 | |
Total Heritage-Crystal Clean, Inc. Stockholders' Equity | 186,496 | 158,370 | |
Noncontrolling Interest | 918 | 934 | |
Total Equity | 187,414 | 159,304 | |
Total Liabilities and Stockholders' Equity | $319,819 | $215,958 | |
[1] | Fiscal 2014 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet - (Parentheticals) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 26,000,000 | 26,000,000 |
Common stock, par value (dollars per share) | $0.01 | $0.01 |
Common stock, shares issued | 22,109,875 | 18,360,282 |
Common stock, shares outstanding | 22,109,875 | 18,360,282 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 06, 2014 | Jun. 14, 2014 | Mar. 22, 2014 | Sep. 07, 2013 | Jun. 15, 2013 | Mar. 23, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | ||
Revenues | |||||||||||||
Product revenues | $38,532 | $38,614 | $29,303 | $32,302 | $28,906 | $26,558 | $53,630 | [1] | $44,643 | [2] | $160,079 | $132,409 | $119,470 |
Service revenues | 39,384 | 39,467 | 36,662 | 35,301 | 34,644 | 33,449 | 63,460 | [1] | 47,333 | [2] | 178,973 | 150,727 | 133,021 |
Total revenues | 77,916 | 78,081 | 65,965 | 67,603 | 63,550 | 60,007 | 117,090 | [1] | 91,976 | [2] | 339,052 | 283,136 | 252,491 |
Operating expenses | |||||||||||||
Operating costs | 62,588 | 63,525 | 57,365 | 55,698 | 52,201 | 52,286 | 107,144 | [1] | 74,453 | [2] | 290,622 | 234,638 | 213,568 |
Selling, general, and administrative expenses | 8,183 | 8,306 | 8,843 | 7,051 | 7,049 | 6,591 | 20,314 | [1] | 9,583 | [2] | 45,646 | 30,274 | 26,194 |
Depreciation and amortization | 2,593 | 2,692 | 2,626 | 2,224 | 2,163 | 1,859 | 4,966 | [1] | 3,278 | [2] | 12,877 | 9,524 | 8,141 |
Other (income) expense - net | 172 | 236 | -51 | 138 | 101 | -8 | -791 | [1] | -21 | [2] | -434 | 210 | 6 |
Operating (loss) income | 4,380 | 3,322 | -2,818 | 2,492 | 2,036 | -721 | -14,543 | [1] | 4,683 | [2] | -9,659 | 8,490 | 4,582 |
Interest expense b net | 24 | 33 | 53 | 97 | 107 | 106 | 579 | [1] | 107 | [2] | 689 | 417 | 585 |
(Loss) income before income taxes | 4,356 | 3,289 | -2,871 | 2,395 | 1,929 | -827 | -15,122 | [1] | 4,576 | [2] | -10,348 | 8,073 | 3,997 |
(Benefit of) provision for income taxes | 1,942 | 1,304 | -1,235 | 1,061 | 872 | -407 | -5,494 | [1] | 1,902 | [2] | -3,483 | 3,428 | 1,743 |
Net (loss) income | 2,414 | 1,985 | -1,636 | 1,334 | 1,057 | -420 | -9,628 | [1] | 2,674 | [2] | -6,865 | 4,645 | 2,254 |
Income attributable to noncontrolling interest | 3 | 56 | 23 | 26 | 26 | 20 | 61 | [1] | 28 | [2] | 143 | 100 | 0 |
(Loss) income attributable to Heritage-Crystal Clean, Inc. common stockholders | $2,411 | $1,929 | ($1,659) | $1,308 | $1,031 | ($440) | ($9,689) | [1] | $2,646 | [2] | ($7,008) | $4,545 | $2,254 |
Net income per share: basic (in dollars per share) | $0.13 | $0.10 | ($0.09) | $0.07 | $0.06 | ($0.02) | ($0.51) | $0.15 | ($0.38) | $0.25 | $0.13 | ||
Net income per share: diluted (in dollars per share) | $0.13 | $0.10 | ($0.09) | $0.07 | $0.06 | ($0.02) | ($0.51) | $0.14 | ($0.38) | $0.24 | $0.13 | ||
Number of weighted average shares outstanding: basic | 18,446 | 18,423 | 18,402 | 18,272 | 18,138 | 18,113 | 18,985 | [1] | 18,335 | [2] | 18,604 | 18,224 | 16,921 |
Number of weighted average shares outstanding: diluted | 18,810 | 18,781 | 18,402 | 18,585 | 18,456 | 18,113 | 18,985 | [1] | 18,677 | [2] | 18,604 | 18,552 | 17,363 |
[1] | Reflects a seventeen week quarter. | ||||||||||||
[2] | Reflects a sixteen week quarter. |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total Heritage-Crystal Clean, Inc. Stockholders' Equity [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Stockholders' Equity, beginning at Dec. 31, 2011 | $78,553 | $144 | $73,065 | $5,344 | $78,553 | $0 |
Shares, beginning at Dec. 31, 2011 | 14,448,331 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | 2,254 | 2,254 | 2,254 | |||
Business acquisitions, common stock issued | 0 | |||||
Issuance of common stock b net of issuance costs, shares | 3,400,000 | |||||
Issuance of common stock - net of issuance costs | 65,482 | 34 | 65,448 | 65,482 | ||
Issuance of common stock b ESPP, shares | 25,561 | |||||
Issuance of common stock b ESPP | 449 | 449 | 449 | |||
Exercise of stock options, shares | 142,289 | |||||
Exercise of stock options | 1,587 | 2 | 1,585 | 1,587 | ||
Share-based compensation, shares | 52,671 | |||||
Share-based compensation | 1,066 | 1 | 1,065 | 1,066 | ||
Stockholders' Equity, ending at Dec. 29, 2012 | 149,391 | 181 | 141,612 | 7,598 | 149,391 | 0 |
Shares, ending at Dec. 29, 2012 | 18,068,852 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Mirachem Acquisition | 834 | 834 | ||||
Net (loss) income | 4,645 | 4,545 | 4,545 | 100 | ||
Issuance of common stock b acquisitions, shares | 151,322 | |||||
Business acquisitions, common stock issued | 2,231 | 2 | 2,229 | 2,231 | ||
Issuance of common stock b ESPP, shares | 29,350 | |||||
Issuance of common stock b ESPP | 438 | 438 | 438 | |||
Exercise of stock options, shares | 49,434 | |||||
Exercise of stock options | 398 | 398 | 398 | |||
Share-based compensation, shares | 61,324 | |||||
Share-based compensation | 1,367 | 1 | 1,366 | 1,367 | ||
Stockholders' Equity, ending at Dec. 28, 2013 | 159,304 | 184 | 146,043 | 12,143 | 158,370 | 934 |
Shares, ending at Dec. 28, 2013 | 18,360,282 | 18,360,282 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | -6,865 | -7,008 | -7,008 | 143 | ||
Distribution | -159 | -159 | ||||
Issuance of common stock b acquisitions, shares | 12,005 | |||||
Business acquisitions, common stock issued | 193 | 0 | 193 | 193 | ||
Issuance of common stock b net of issuance costs, shares | 3,565,000 | |||||
Issuance of common stock - net of issuance costs | 33,372 | 36 | 33,336 | 33,372 | ||
Issuance of common stock b ESPP, shares | 27,082 | |||||
Issuance of common stock b ESPP | 436 | 436 | 436 | |||
Exercise of stock options, shares | 45,186 | |||||
Exercise of stock options | 506 | 0 | 506 | 506 | ||
Share-based compensation, shares | 100,320 | |||||
Share-based compensation | 627 | 1 | 626 | 627 | ||
Stockholders' Equity, ending at Jan. 03, 2015 | $187,414 | $221 | $181,140 | $5,135 | $186,496 | $918 |
Shares, ending at Jan. 03, 2015 | 22,109,875 | 22,109,875 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Cash flows from Operating Activities: | |||
Net (loss) income | ($6,865) | $4,645 | $2,254 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 12,877 | 9,524 | 8,141 |
Non-cash inventory impairment | 6,112 | 0 | 0 |
Bad debt provision | 1,053 | 444 | 1,122 |
Share-based compensation | 627 | 1,367 | 1,066 |
Deferred taxes | -3,551 | 3,236 | 1,278 |
Other, net | 638 | 59 | 124 |
Changes in operating assets and liabilities: | |||
Decrease (increase) in accounts receivable | 3,755 | -7,794 | -7,413 |
(Increase) decrease in inventory | -1,685 | 1,670 | -5,970 |
Increase in prepaid and other current assets | -1,329 | -90 | -220 |
Increase in accounts payable | 1,587 | 189 | 2,894 |
Increase (decrease) in accrued expenses | 1,458 | 2,133 | -631 |
Cash provided by operating activities | 14,677 | 15,383 | 2,645 |
Cash flows from Investing Activities: | |||
Capital expenditures | -19,726 | -17,804 | -22,351 |
Software and intangible asset expenditures | -632 | -600 | -835 |
Proceeds from the disposal of property, plant, and equipment | 118 | 0 | 130 |
Business acquisitions, net of cash acquired | -86,865 | -21,165 | 0 |
Cash used in investing activities | -107,105 | -39,569 | -23,056 |
Cash flows from Financing Activities: | |||
Proceeds from issuance of common stock | 33,808 | 438 | 65,932 |
Proceeds from the exercise of stock options | 506 | 398 | 1,587 |
Proceeds from Term Loan | 62,125 | 750 | 0 |
Repayments of Term Loan | -2,527 | -1,000 | -500 |
Borrowings under revolving credit facility | 31,000 | 0 | 28,180 |
Repayments of revolving credit facility | -31,000 | 0 | -28,180 |
Repayments of contingent consideration | -393 | -551 | -475 |
Distributions to noncontrolling interest | -159 | 0 | 0 |
Repayments of capital lease obligations | -344 | 0 | 0 |
Repayments of notes payable | -1,665 | -983 | -553 |
Cash provided by (used in) financing activities | 91,351 | -948 | 65,991 |
Net (decrease) increase in cash and cash equivalents | -1,077 | -25,134 | 45,580 |
Cash and cash equivalents, beginning of period | 22,632 | 47,766 | 2,186 |
Cash and cash equivalents, end of period | 21,555 | 22,632 | 47,766 |
Supplemental disclosure of cash flow information: | |||
Income taxes paid | 262 | 285 | 284 |
Cash paid for interest, net of capitalized interest of $363, $143, and $104, respectively | 524 | 366 | 549 |
Supplemental disclosure of non-cash information: | |||
Payables for construction in progress | 2,054 | 1,333 | 451 |
Business acquisitions, liabilities assumed | 24,115 | 230 | 0 |
Business acquisitions, notes issued | 203 | 1,265 | 0 |
Business acquisitions, common stock issued | $193 | $2,231 | $0 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows - (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Statement of Cash Flows [Abstract] | |||
Capitalized interest | $363 | $143 | $104 |
Organization_and_Nature_of_Ope
Organization and Nature of Operations | 12 Months Ended |
Jan. 03, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | ORGANIZATION AND NATURE OF OPERATIONS |
Heritage-Crystal Clean, Inc., a Delaware corporation and its subsidiaries (collectively the “Company”), provides parts cleaning and hazardous and non-hazardous waste services to small and mid-sized customers in both the manufacturing and vehicle maintenance sectors. The Company's service programs include parts cleaning, containerized waste management, used oil collection, vacuum truck services, waste antifreeze collection and recycling, and field services. The Company owns and operates a used oil re-refinery where it re-refines used oils and sells high quality base oil for lubricants as well as other re-refinery by-products. The Company also has multiple locations here it dehydrates used oil. The oil processed at these locations is eventually sold as recycled fuel oil. The Company's locations are in the United States and Ontario, Canada. The Company conducts its primary business operations through Heritage-Crystal Clean, LLC, its wholly owned subsidiary, and all intercompany balances have been eliminated in consolidation. | |
The Company’s fiscal year ends on the Saturday closest to December 31. "Fiscal 2014" represents the 53-week period ended January 3, 2015. "Fiscal 2013" represents the 52-week period ended December 28, 2013. "Fiscal 2012" represents the 52-week period ended December 29, 2012. The most recent fiscal year ended on January 3, 2015. Each of the Company's first three fiscal quarters consists of twelve weeks while the last fiscal quarter consists of sixteen or seventeen weeks. | |
In the Company's Environmental Services segment, product revenues include sales of solvent, machines, absorbent, accessories, and antifreeze; service revenues include drum waste removal services, servicing of parts cleaning machines, vacuum truck services, field services, and other services. In the Company's Oil Business segment, product revenues include sales of re-refined base oil, by-products, recycled fuel oil, and used oil; service revenues include revenues from collecting and disposing of waste water. Due to the Company's integrated business model, it is impracticable to separately present costs of tangible products and costs of services. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires the use of certain estimates by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions are the allowance for doubtful accounts receivable, valuation of inventory at lower of cost or market, valuation of goodwill and other intangible assets, and income taxes. Actual results could differ from those estimates. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company derives its revenues primarily from the services it performs and from the sale of processed oil from its used oil re-refinery. Parts cleaning and other service revenues are recognized as the service is performed. Product revenues are recognized at the time risk of loss passes to the customer. The risk of loss passes to customers at various times depending on the particular terms of the sales agreement in force with each individual customer. Common thresholds for when risk of loss passes to the customer are at the time that product is loaded onto the shipping vessel or at the time that product is offloaded at the customer’s receiving location. Revenues are recognized only if collection of the relevant receivable is probable, persuasive evidence of an arrangement exists, and the sales price is fixed or determinable. | |||||||||||||
Sales Tax | |||||||||||||
Amounts billed for sales tax, value added tax, or other transactional taxes imposed on revenue producing transactions are presented on a net basis and are not recognized as revenues. | |||||||||||||
Operating Costs | |||||||||||||
Within operating costs are cost of sales. Cost of sales in the Environmental Services segment includes the cost of the materials the Company sells and provides in its services, such as solvents and other chemicals, transportation of inventory and waste, and payments to third parties to recycle or dispose of the waste materials that the Company collects. Parts cleaning machines are either sold to a customer or continue to be owned by the Company but placed offsite at a customer location to be used in parts cleaning services. When sold to a customer, machines are removed from inventory, and the costs are recognized under operating costs. The used solvent that the Company retrieves from customers in its product reuse program is accounted for as a reduction in net cost of solvent under cost of sales, whether placed in inventory or sold to a purchaser for reuse. If the used solvent is placed in inventory it is recorded at lower of cost or net realizable value. Cost of sales in the Oil Business include the costs paid to customers for used oil, transportation out to customers, and costs to operate the used oil re-refinery, including personnel costs and utilities. | |||||||||||||
Operating costs also include the Company's costs of operating its branch system and hubs. These costs include personnel costs (including commissions), facility rent and utilities, truck leases, fuel, transportation, and maintenance. Operating costs are not presented separately for products and services. | |||||||||||||
Selling, General, and Administrative Expenses | |||||||||||||
Selling, general, and administrative expenses include costs of performing centralized business functions, including sales management at or above the regional level, billing, receivables management, accounting and finance, information technology, environmental health and safety, and legal. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers investments in highly liquid debt instruments, purchased with an original maturity of ninety days or less, to be cash equivalents. | |||||||||||||
Concentration Risk | |||||||||||||
The Company maintains its cash in bank deposit accounts at financial institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC"). Cash balances may exceed FDIC limits. The Company has not experienced any losses in such accounts. The Company has a broad customer base and believes it is not exposed to any significant concentration of credit risk. | |||||||||||||
Accounts Receivable | |||||||||||||
Trade accounts receivable represent amounts due from customers. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on analysis of customer credit worthiness, historical losses, and general economic trends and conditions. Accounts receivable are written off once the Company determines the account to be uncollectible. The Company does not have any off-balance-sheet credit exposure related to its customers. | |||||||||||||
Inventory | |||||||||||||
Inventory consists primarily of used oil, processed oil, catalyst, new and used solvents, new and refurbished parts cleaning machines, new and used antifreeze products, drums, and other items. Inventories are valued at the lower of first-in, first-out ("FIFO") cost or market, net of any reserves for excess, obsolete, or unsalable inventory. The Company performs a physical inventory count on a periodic basis and uses the results of these counts to determine inventory quantities. These quantities are used to help determine the value of the inventory. | |||||||||||||
Processed oil inventory consists of the costs of feedstock, transportation, labor, conversion costs, and re-refining overhead costs incurred in bringing the inventory to its existing condition and location. Fixed production overhead costs are capitalized in processed oil inventory based on the normal capacity of the production facility. In periods of abnormal production levels, excess overhead costs are recognized as expense in the period they are incurred. | |||||||||||||
The Company continually monitors its inventory levels at each of its distribution locations and evaluates inventories for excess or slow-moving items. If circumstances indicate the cost of inventories exceed their recoverable value, inventories are reduced to net realizable value. In the fourth quarter of 2014, the Company wrote down $6.1 million in inventory due to sharply declining prices of oil and oil products. | |||||||||||||
Prepaid and Other Current Assets | |||||||||||||
Prepaid and other current assets include, but are not limited to, insurance and vehicle license contract costs, which are expensed over the term of the underlying contract. Prepaid and other current assets at January 3, 2015 also include $5.2 million in restricted cash which is held as security for standby letters of credit. | |||||||||||||
Property, Plant, and Equipment | |||||||||||||
Property, plant, and equipment are stated at cost. Expenditures for major renewals and betterments are capitalized, while expenditures for repair and maintenance charges are expensed as incurred. Property, plant, & equipment acquired in business combinations is stated at fair value as of the date of the acquisition. | |||||||||||||
Depreciation of property, plant, and equipment is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of buildings and storage tanks range from 10 to 39 years. The estimated useful lives of machinery, vehicles, and equipment range from 3 to 25 years. Leasehold improvements are amortized over the shorter of the lease terms or five years using the straight-line method. | |||||||||||||
The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets once the assets are placed into service. The interest rate used to capitalize interest is based upon the borrowing rate on the Company's bank debt outstanding. In fiscal 2014, 2013, and 2012, the Company capitalized interest of $0.4 million, $0.1 million, and $0.1 million, respectively, for capital projects. | |||||||||||||
Equipment at Customers | |||||||||||||
The Company records purchases of new parts cleaning machines as Inventory. Parts cleaning machines are either sold to a customer or continue to be owned by the Company but placed off-site at a customer location to be used in parts cleaning services. When sold to a customer, machines are removed from inventory, and the appropriate revenues and costs are recognized in the Income Statement. When the Company retains title to a machine that is placed off-site at a customer location to be used in parts cleaning services, the Company capitalizes the machine as a productive non-current asset under the Balance Sheet caption “Equipment at Customers” at the time the machine is placed at the customer’s site. Machines capitalized as Equipment at Customers are depreciated over their estimated useful lives of 7 to 15 years, depending on the model. Depreciation of in-service equipment commences when equipment is placed in service at a customer location. Expenditures for machines that are sold to a customer are treated as a cash outflow from operating activities on the Statement of Cash Flows. Expenditures for machines that are placed at a customer’s site to be used in parts cleaning services are treated as a cash outflow from investing activities. | |||||||||||||
Acquisitions | |||||||||||||
The Company accounts for acquired businesses using the purchase method of accounting, which requires that the assets acquired, liabilities assumed, and contingent consideration be recorded as of the date of acquisition at their respective fair values. It further requires that acquisition-related costs be recognized separately from the acquisition and expensed as incurred and that restructuring costs be expensed in periods subsequent to the acquisition date. The Company engaged third party valuation appraisal firms to assist the Company in determining the fair values and useful lives of the assets acquired and liabilities assumed. The Company records a preliminary purchase price allocation for its acquisitions and finalizes purchase price allocations as additional information relative to the fair values of the assets acquired becomes known. | |||||||||||||
Identifiable Intangible Assets | |||||||||||||
The fair value of identifiable intangible assets is based on significant judgments made by management. The Company engaged third party valuation appraisal firms to assist the Company in determining the fair values and useful lives of the assets acquired. Such valuations and useful life determinations require the Company to make significant estimates and assumptions. These estimates and assumptions are based on historical experience and information obtained from the management of the acquired companies and include, but are not limited to, future expected cash flows to be earned from the continued operation of the acquired business and discount rates applied in determining the present value of those cash flows. Unanticipated events and circumstances may occur that could affect the accuracy or validity of such assumptions, estimates, or actual results. Acquisition-related finite lived intangible assets are amortized on a straight-line basis over their estimated economic lives. The Company evaluates the estimated benefit periods and recoverability of its intangible assets when facts and circumstances indicate that the lives may not be appropriate and/or the carrying value of the asset may not be recoverable. If the carrying value is not recoverable, impairment is measured as the amount by which the carrying value exceeds its estimated fair value. | |||||||||||||
Software Costs | |||||||||||||
The Company expenses costs incurred in the research stage of developing or acquiring internal use software, such as research and feasibility studies, as well as costs incurred in the post-implementation/operational stage, such as maintenance and training. Capitalization of software costs occurs only after the research stage is complete and after the development stage begins. The capitalized costs are amortized on a straight-line basis over the estimated useful lives of the software, ranging from 5 to 10 years. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
Long-lived assets, such as property and equipment and intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized as the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The Company has evaluated and concluded that no triggering events occurred that would indicate potential impairment during the periods presented. | |||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. The Company estimates and reserves for any material uncertain tax position that is unlikely to withstand an audit by the taxing authorities. These estimates are based on judgments made with currently available information. The Company reviews these estimates and makes changes to recorded amounts of any uncertain tax positions as facts and circumstances warrant. For additional information about income taxes, see Note 14. | |||||||||||||
Shipping Costs | |||||||||||||
For all periods presented, amounts billed to customers related to shipping and handling are classified as revenue, and the Company's shipping and handling costs are included in operating costs. | |||||||||||||
Research and Development | |||||||||||||
Research and development costs are expensed as incurred within general, selling, and administrative expenses. Such costs incurred during fiscal 2014 and 2013 were $0.2 million and $0.3 million, respectively. For fiscal 2012, research and development costs were less than $0.1 million. | |||||||||||||
Advertising Costs | |||||||||||||
Advertising costs are expensed as incurred. Advertising expense was $0.6 million, $0.6 million, and $0.5 million for fiscal 2014, 2013, and 2012, respectively. | |||||||||||||
Share-Based Compensation | |||||||||||||
When a future restricted grant is approved, the Company evaluates the probability that the award will be granted, based on certain performance conditions. If the performance criteria are deemed probable, the Company accrues compensation expense related to these awards prior to the grant date. The Company accrues compensation expense based on the fair value of the performance awards at each reporting period when the performance criteria are deemed probable. Once the performance awards have been granted, the Company values the awards at fair value on the date of grant and amortizes the expense through the end of the vesting period, or requisite service period, on a straight-line basis. See Note 15 “Share-Based Compensation” for more details. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. | |||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, notes payable, and term debt. As of January 3, 2015 and December 28, 2013, the carrying values of cash and cash equivalents, trade receivables, trade payables, and notes payable are considered to be representative of their respective fair values due to the short maturity of these instruments. Term debt is representative of its fair value due to the interest rates being applied. | |||||||||||||
Insurance and Self-Insurance Policy | |||||||||||||
The Company purchases insurance providing financial protection from a range of risks; as of the end of fiscal 2014, the Company's insurance policies provided coverage for general liability, vehicle liability, and pollution liability, among other exposures. Each of these policies contains exclusions and limitations such that they would not cover all related exposures and each of these policies have maximum coverage limits and deductibles such that even in the event of an insured claim, the Company's net exposure could still have a material adverse effect on its financial results. | |||||||||||||
The Company is self-insured for certain healthcare benefits provided to its legacy HCC employees and fully insured for healthcare benefits provided to its legacy FCC employees. The liability for the self-insured benefits is limited by the purchase of stop-loss insurance. The stop-loss coverage provides payment for medical and prescription claims exceeding $130,000 per covered person, as well as an aggregate, cumulative claims cap for any given year. Accruals for losses are made based on the Company's claim experience and actuarial estimates based on historical data. Actual losses may differ from accrued amounts. At January 3, 2015 and December 28, 2013, the Company's liability for its self-insured benefits was $1.0 million and $0.8 million, respectively. Should actual losses exceed the amounts expected and the recorded liabilities be insufficient, additional expense will be recorded. Expenses incurred for healthcare benefits in fiscal 2014, 2013, and 2012 were $10.3 million, $6.2 million, and $6.0 million, respectively. | |||||||||||||
Goodwill | |||||||||||||
Goodwill is measured as a residual amount as of the acquisition date, which in most cases results in measuring goodwill as an excess of the purchase consideration transferred plus the fair value of any noncontrolling interest in the acquiree over the fair value of the net assets acquired, including any contingent consideration. The Company tests goodwill for impairment annually in the fourth quarter and in interim periods if changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. The Company's determination of fair value requires certain assumptions and estimates, such as margin expectations, growth expectations, expected changes in working capital, etc., regarding future profitability and cash flows of acquired businesses and market conditions. In the fourth quarter of fiscal 2014, the Company tested goodwill for impairment on a quantitative basis and determined that the fair value of each reporting unit exceeded the carrying value of the assets, and therefore no impairment existed as of January 3, 2015. However, due to the inherent uncertainties associated with using these assumptions, impairment charges could occur in future periods. | |||||||||||||
The change in the carrying amount of goodwill by segment from December 29, 2012 to January 3, 2015 is as follows (in thousands): | |||||||||||||
Oil Business | Environmental Services | Total | |||||||||||
Balance at December 29, 2012 | $ | 1,801 | $ | — | $ | 1,801 | |||||||
Mirachem Acquisition | — | 809 | 809 | ||||||||||
RFTI Acquisition | — | 3,027 | 3,027 | ||||||||||
RTI Acquisition | — | 1,917 | 1,917 | ||||||||||
ULNT/RS Acquisition | 2,100 | — | 2,100 | ||||||||||
Balance at December 28, 2013 | $ | 3,901 | $ | 5,753 | $ | 9,654 | |||||||
Sav-Tech Acquisition | — | 96 | 96 | ||||||||||
FCC Environmental Acquisition | 3,929 | 5,599 | 9,528 | ||||||||||
Purchase price adjustments for previous acquisitions | 50 | 14 | 64 | ||||||||||
Currency translation adjustments | — | (9 | ) | (9 | ) | ||||||||
Balance at January 3, 2015 | $ | 7,880 | $ | 11,453 | $ | 19,333 | |||||||
Recently Issued Accounting Pronouncements | |||||||||||||
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016; early adoption is not permitted. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance. This update could impact the timing and amounts of revenue recognized. The Company is currently evaluating the effect that implementation of this update will have on its consolidated financial position and results of operations upon adoption. | |||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have an impact on the Company’s consolidated financial statements. |
Business_Combinations
Business Combinations | 12 Months Ended | |||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||
Business Combinations | BUSINESS COMBINATIONS | |||||||||||||||||||||||
On October 16, 2014, the Company purchased the outstanding stock of FCC Environmental LLC, a Delaware limited liability company, and International Petroleum Corp. of Delaware, a Delaware corporation (together "FCC Environmental"), pursuant to a Stock Purchase Agreement entered into with Dédalo Patrimonial S.L.U., a sociedad limitadad unipersonal formed under the laws of Spain ("Seller"). Prior to the purchase, FCC Environmental was an environmental services provider and substantial collector of used oil in the United States and operated 34 facilities in the eastern half of the United States. The purchase price for FCC Environmental was set at $90.0 million subject to certain adjustments, including, without limitation, a working capital adjustment and indemnification rights and obligations. Based on the initial working capital calculations, the Company initially paid $88.8 million. The Company is in the process of determining the final purchase price, which is based on the final working capital calculations and must be agreed upon by the Seller and the Company. The outcome of the calculation of the working capital adjustment may significantly impact the purchase price and purchase price allocation. The results of FCC Environmental are consolidated into both of the Company's operating segments subsequent to the closing date. The Company incurred $4.5 million in due diligence, legal, and other expenses related to the acquisition, which are recorded in Selling, general, & administrative expenses in fiscal 2014. | ||||||||||||||||||||||||
On May 14, 2014, the Company, through a new subsidiary, Heritage-Crystal Clean, Ltd., acquired the outstanding stock of Sav-Tech Solvent, Inc. ("Sav-Tech"), which is based in Ontario, Canada. Sav-Tech's services included parts cleaning and containerized waste management. The Company purchased the stock of Sav-Tech in order to expand operations into Canada. The Company paid $1.4 million consisting of $1.0 million in cash at the time of closing, $0.2 million in the form of notes payable, and $0.2 million of the Company's common stock, or 12,005 shares. The results of Sav-Tech are consolidated into the Company's Environmental Services segment subsequent to the closing date. | ||||||||||||||||||||||||
On November 1, 2013, the Company acquired certain assets and liabilities of the northern territory of RS Used Oil Services, Inc., a subsidiary of Universal Lubricants, LLC ("ULNT/RS"), in exchange for $11.0 million in cash. The Company purchased these service routes in order to add used oil collection volume in Indiana, Ohio, Wisconsin, and parts of Illinois. The operating results of this acquisition are included in the Company's consolidated results of operations, as part of the Oil Business segment, from the date of the acquisition. | ||||||||||||||||||||||||
On June 26, 2013, the Company purchased substantially all of the operating assets of Recycling Fluid Technologies, Inc. ("RFTI"), which was based in Battle Creek, Michigan. RFTI's business consisted of collecting waste antifreeze and recycling the waste antifreeze, producing a line of high quality antifreeze products which were sold for use in vehicle engine applications. The Company purchased RFTI for $4.9 million in cash and $1.2 million of the Company's common stock, or 82,000 shares. | ||||||||||||||||||||||||
On July 19, 2013, the Company purchased substantially all of the operating assets of Recycle Technologies, Inc. ("RTI"), which was based in Wood Dale, Illinois. RTI's business and operations were very similar to the business and operations of the former RFTI, which is described above. The Company purchased RTI for $2.9 million in cash at the time of closing, $0.4 million in the form of a note payable, and $1.0 million of the Company's common stock or 69,322 shares. | ||||||||||||||||||||||||
The acquisitions of RFTI and RTI allowed the Company to establish a presence in the antifreeze recycling market. | ||||||||||||||||||||||||
On December 31, 2012, the Company, through a new Delaware subsidiary, Mirachem, LLC, purchased substantially all of the operating assets of Mirachem Corporation. Since 2004, Mirachem Corporation had provided the Company with cleaning chemistry used in the Company's aqueous parts cleaning service. The Company made an initial payment of approximately $2.5 million in cash at the time of closing and provided a note payable for an additional $0.8 million over two years. In a separate transaction, the Company acquired from a third party additional aqueous technologies in exchange for a 20% interest in Mirachem, LLC. The Company has an option to repurchase this 20% interest, and the holder of this 20% interest has a right to sell the interest to the Company after January 1, 2016, at a price based on the trailing EBITDA of Mirachem, LLC, subject to potential modifications. The Company completed these transactions in order to secure the supply of its aqueous parts cleaning chemistry. | ||||||||||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, net of cash acquired, related to each acquisition (in thousands): | ||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2014 | |||||||||||||||||||||||
Mirachem | RFTI | RTI | ULNT/RS | Sav-Tech(a) | FCC Environmental(a)(c) | |||||||||||||||||||
Accounts receivable | $ | — | $ | 348 | $ | 136 | $ | — | $ | 196 | $ | 22,020 | ||||||||||||
Inventory | 476 | 211 | 106 | 955 | 19 | 7,899 | ||||||||||||||||||
Other current assets | — | — | — | 101 | 7 | 6,778 | ||||||||||||||||||
Deferred taxes | — | — | — | — | — | 1,748 | ||||||||||||||||||
Property, plant, & equipment (b) | 218 | 1,283 | 793 | 1,540 | 691 | 51,708 | ||||||||||||||||||
Equipment at customers | — | — | — | — | — | 420 | ||||||||||||||||||
Intangible assets | 2,710 | 1,590 | 1,340 | 6,274 | 458 | 9,808 | ||||||||||||||||||
Goodwill | 809 | 3,027 | 1,917 | 2,100 | 96 | 9,528 | ||||||||||||||||||
Accounts payable | (139 | ) | (91 | ) | — | — | (81 | ) | (12,453 | ) | ||||||||||||||
Accrued salaries, wages, and benefits | — | — | — | — | — | (2,039 | ) | |||||||||||||||||
Taxes payable | — | — | — | — | — | (2,209 | ) | |||||||||||||||||
Other current liabilities | — | — | — | — | (36 | ) | (1,379 | ) | ||||||||||||||||
Capital lease obligations (b) | — | — | — | — | — | (5,918 | ) | |||||||||||||||||
Non-controlling interest | (834 | ) | — | — | — | — | — | |||||||||||||||||
Total purchase price, net of cash acquired | $ | 3,240 | $ | 6,368 | $ | 4,292 | $ | 10,970 | $ | 1,350 | $ | 85,911 | ||||||||||||
Less: common stock issued | — | (1,230 | ) | (1,001 | ) | — | (193 | ) | — | |||||||||||||||
Less: note issued | (835 | ) | — | (430 | ) | — | (203 | ) | — | |||||||||||||||
Working capital adjustment | — | (218 | ) | 9 | — | — | — | |||||||||||||||||
Net cash paid | $ | 2,405 | $ | 4,920 | $ | 2,870 | $ | 10,970 | $ | 954 | $ | 85,911 | ||||||||||||
_______________ | ||||||||||||||||||||||||
(a) The Company is continuing to evaluate the purchase price allocations. Preliminary purchase price allocations are tentative and subject to revision as the Company finalizes appraisals working capital adjustments, and other analyses. Final determination of the fair values may result in further adjustments to the values presented above. | ||||||||||||||||||||||||
(b) Subsequent to the closing date, the Company renewed the leases acquired from FCC Environmental, resulting in the classification of the leases as Operating leases under the new lease terms. The change in lease terms decreased both Property, plant, & equipment and Capital lease obligations by $5.9 million. | ||||||||||||||||||||||||
(c) According to the terms of the FCC Environmental purchase agreement, the Company is in the process with negotiating with the Seller for the final working capital adjustment. The result of these negotiations may result in a material change to the initial purchase price allocation. For further information, please see Item 3 - Legal Proceedings elsewhere in this document. | ||||||||||||||||||||||||
Subsequent to the closing date, the Company has consolidated each acquisition into its financial statements. The Company has included revenues of approximately $19.5 million and pre-tax loss of approximately $7.3 million in its fiscal 2014 financial results as a result of its acquisition of FCC Environmental. The Company has included revenues of approximately $5.2 million and pre-tax income of approximately $0.4 million in its fiscal 2013 financial results from various acquisitions in fiscal 2013. In fiscal 2014 and 2013 the Company incurred $4.5 million and $0.3 million in acquisition costs, respectively. The results of the Sav-Tech acquisition are not material to the Company's consolidated financial results. | ||||||||||||||||||||||||
Unaudited Pro Forma Financial Information | ||||||||||||||||||||||||
The pro forma financial information in the table below presents the combined results of the Company as if the FCC Environmental acquisition that occurred in fiscal 2014 had occurred December 30, 2012 (in thousands, except per share data). The pro forma information is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transactions been in effect for the periods presented. Nor is it intended to represent or be indicative of actual results had the acquisition occurred as of the beginning of each period. Additionally, certain one-time transaction expenses that are a direct result of the acquisitions have been excluded from years ended January 3, 2015 and December 28, 2013. Included in the pro forma results for fiscal 2013 are impairment charges for goodwill and intangible assets at FCC Environmental of $80.6 million. For more information on the pro forma operating results for fiscal 2013, refer to the Company's form 8-K/A filed with the SEC on December 2, 2014. | ||||||||||||||||||||||||
Fiscal Year Ended, | ||||||||||||||||||||||||
January 3, 2015 | 28-Dec-13 | |||||||||||||||||||||||
Total revenues | $ | 455,542 | $ | 445,617 | ||||||||||||||||||||
Net loss | (14,045 | ) | (51,998 | ) | ||||||||||||||||||||
Loss per share | $ | (0.75 | ) | $ | (2.85 | ) |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Accounts Receivable | ACCOUNTS RECEIVABLE | |||||||
Accounts receivable consisted of the following (in thousands): | ||||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Trade | $ | 49,407 | $ | 29,663 | ||||
Less: allowance for doubtful accounts | 3,927 | 1,121 | ||||||
Trade - net | 45,480 | 28,542 | ||||||
Related parties | 1,452 | 2,045 | ||||||
Other | 2,925 | 585 | ||||||
Total accounts receivable - net | $ | 49,857 | $ | 31,172 | ||||
The following table provides the changes in the Company’s allowance for doubtful accounts for the fiscal year ended January 3, 2015 and the fiscal year ended December 28, 2013 (in thousands): | ||||||||
Fiscal Year Ended, | ||||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Balance at beginning of period | $ | 1,121 | $ | 1,244 | ||||
Balance acquired from FCC Environmental | 2,353 | — | ||||||
Provision for bad debts | 1,053 | 444 | ||||||
Accounts written off, net of recoveries | (600 | ) | (567 | ) | ||||
Balance at end of period | $ | 3,927 | $ | 1,121 | ||||
Inventory
Inventory | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory | INVENTORY | |||||||
Inventory consists primarily of used oil and processed oil, solvents and solutions, new and refurbished parts cleaning machines, drums and supplies, and other items. Inventories are valued at the lower of FIFO cost or market, net of any reserves for excess, obsolete, or unsalable inventory. | ||||||||
The carrying value of inventory consisted of the following (in thousands): | ||||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Used oil and processed oil | $ | 14,153 | $ | 12,112 | ||||
Solvents and solutions | 8,859 | 8,235 | ||||||
Machines | 3,659 | 2,934 | ||||||
Drums and supplies | 2,756 | 2,629 | ||||||
Other | 1,617 | 1,614 | ||||||
Total inventory | 31,044 | 27,524 | ||||||
Less: Machine refurbishing reserve | 246 | 217 | ||||||
Total inventory - net | $ | 30,798 | $ | 27,307 | ||||
The Company continually monitors its inventory levels at each of its locations and evaluates inventories for excess or slow-moving items. If circumstances indicate the cost of inventories exceed their recoverable value, inventories are reduced to net realizable value. In the fourth quarter of fiscal 2014, the Company recorded an inventory impairment charge of $6.1 million due to a sharp decline in crude oil prices, which resulted in the market value for the Company's oil-based inventory declining below the historic FIFO values. | ||||||||
The following table provides the changes in the Company's machine refurbishing reserve related to inventory for fiscal years 2014 and 2013 (in thousands): | ||||||||
Fiscal Year Ended, | ||||||||
January 3, 2015 | December 28, 2013 | |||||||
Balance at beginning of period | $ | 217 | $ | 241 | ||||
Net change in reserve | 29 | (24 | ) | |||||
Balance at end of period | $ | 246 | $ | 217 | ||||
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant, and Equipment | PROPERTY, PLANT, AND EQUIPMENT | |||||||
Property, plant, and equipment consisted of the following (in thousands): | ||||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Buildings and storage tanks (a) | $ | 70,375 | $ | 53,106 | ||||
Machinery, vehicles, and equipment (a) | 52,200 | 33,738 | ||||||
Land (a) | 12,576 | 835 | ||||||
Leasehold improvements (a) | 5,842 | 2,875 | ||||||
Construction in progress | 18,822 | 11,047 | ||||||
Total property, plant, and equipment | 159,815 | 101,601 | ||||||
Less: accumulated depreciation | (22,678 | ) | (16,485 | ) | ||||
Property, plant, and equipment - net | $ | 137,137 | $ | 85,116 | ||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Equipment at customers | $ | 53,781 | $ | 47,078 | ||||
Less: accumulated depreciation | (31,742 | ) | (27,720 | ) | ||||
Equipment at customers - net | $ | 22,039 | $ | 19,358 | ||||
_______________ | ||||||||
(a) Fiscal 2014 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. |
Software_and_Other_Intangible_
Software and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Software and Other Intangible Assets | SOFTWARE AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||
Following is a summary of software and other intangible assets (in thousands): | ||||||||||||||||||||||||
3-Jan-15 | 28-Dec-13 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Customer & supplier relationships(a) | $ | 20,361 | $ | 2,007 | $ | 18,354 | $ | 10,489 | $ | 826 | $ | 9,663 | ||||||||||||
Non-compete agreements | 2,973 | 1,221 | 1,752 | 2,794 | 713 | 2,081 | ||||||||||||||||||
Software | 5,199 | 3,074 | 2,125 | 4,799 | 2,815 | 1,984 | ||||||||||||||||||
Patents, formulae, and licenses | 1,829 | 443 | 1,386 | 1,825 | 370 | 1,455 | ||||||||||||||||||
Other(a) | 1,406 | 248 | 1,158 | 1,008 | 137 | 871 | ||||||||||||||||||
Total software and intangible assets | $ | 31,768 | $ | 6,993 | $ | 24,775 | $ | 20,915 | $ | 4,861 | $ | 16,054 | ||||||||||||
_______________ | ||||||||||||||||||||||||
(a) Fiscal 2014 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. | ||||||||||||||||||||||||
Amortization expense was $2.1 million, $1.1 million, and $0.7 million for fiscal 2014, 2013, and 2012, respectively. The weighted average useful lives of software; customer and supplier relationships; patents, formulae, and licenses; non-compete agreements, and other intangibles were 10 years, 11 years, 15 years, 5 years, and 7 years, respectively. | ||||||||||||||||||||||||
The expected amortization expense for fiscal years 2015, 2016, 2017, 2018, and 2019 is $3.0 million, $2.8 million, $2.7 million, $2.5 million, and $2.2 million, respectively. The preceding expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, disposal of intangible assets, accelerated amortization of intangible assets, adjustment to purchase price allocations for assets acquired, and other events. |
Accounts_Payable
Accounts Payable | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accounts Payable | ACCOUNTS PAYABLE | |||||||
Accounts payable consisted of the following (in thousands): | ||||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Accounts payable | $ | 32,014 | $ | 17,908 | ||||
Accounts payable - related parties | 452 | 383 | ||||||
Total accounts payable | $ | 32,466 | $ | 18,291 | ||||
Debt_an_Financing_Arrangements
Debt an Financing Arrangements | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt and Financing Arrangements | DEBT AND FINANCING ARRANGEMENTS | ||||||||||||
Bank Credit Facility | |||||||||||||
On October 16, 2014, the Company entered into a First and Second Amendment (collectively the "Amendments") to its Amended and Restated Credit Agreement ("Credit Agreement"). The Credit Agreement, as amended, provides for borrowings of up to $140.0 million, subject to the satisfaction of certain terms and conditions. The actual amount available under the revolving loan portion of the Credit Agreement is limited by the Company's total leverage ratio. The amount available to draw at any point in time would be further reduced by any standby letters of credit issued. | |||||||||||||
Loans made under the Credit Agreement may be Base Rate Loans or LIBOR Rate Loans, at the election of the Company subject to certain exceptions. Base Rate Loans have an interest rate equal to (i) the higher of (a) the federal funds rate plus 0.5%, (b) the British Bankers Association LIBOR rate plus 1%, or (c) Bank of America's prime rate, plus (ii) a variable margin of between 1.0% and 2.0% depending on the Company's total leverage ratio, calculated on a consolidated basis. LIBOR rate loans have an interest rate equal to the (i) British Bankers Association LIBOR Rate plus (ii) a variable margin of between 2.0% and 3.0% depending on the Company's total leverage ratio. Amounts borrowed under the Credit Agreement are secured by a security interest in substantially all of the Company's tangible and intangible assets. | |||||||||||||
The Credit Agreement requires the Company to consult with the bank on certain acquisitions and includes a prohibition on the payment of dividends. It also contains a number of financial covenants, including: | |||||||||||||
• | An interest coverage ratio (based on interest expense and EBITDA) of at least 3.5 to 1.0; | ||||||||||||
• | A total leverage ratio no greater than 4.0 to1.0 through the first quarter of fiscal 2015, no greater than 3.75 to 1.0 in the second quarter of fiscal 2015, no greater than 3.5 to 1.0 for the third quarter of fiscal 2015, no greater than 3.25 to 1.0 for the fourth quarter of fiscal 2015, and no greater than 3.0 to 1.0 thereafter; and | ||||||||||||
• | A capital expenditures covenant limiting capital expenditures to $15.0 million in fiscal 2015 and each fiscal year thereafter. In addition, the Company is restricted from making capital expenditures for the expansion of its re-refinery to 75 million gallons of nameplate capacity if its leverage ratio is above 3.5 to 1.0. | ||||||||||||
The Company's secured bank credit facility as of January 3, 2015 allowed for up to $138.8 million in borrowings. As of January 3, 2015 and December 28, 2013, the Company's total borrowings were $78.8 million and $19.3 million, respectively, under the term loan having a maturity date of February 5, 2018. The remaining portion of the credit facility was a revolving loan which was to expire on February 5, 2018 under which up to an additional $14.2 million was available. There were no amounts outstanding under the revolver at January 3, 2015 and December 28, 2013. | |||||||||||||
As of January 3, 2015 and December 28, 2013, the Company was in compliance with all covenants under the credit facility then in effect. As of January 3, 2015, and December 28, 2013, the Company had $0.4 million and $0.3 million of standby letters of credit issued, respectively, and $13.8 million and $19.7 million was available for borrowing under the bank credit facility, respectively. The Company also had $5.2 million in restricted cash as of January 3, 2015, which is held as security for standby letters of credit for former FCCE operations. | |||||||||||||
During fiscal 2014, the Company recorded interest of $0.9 million on the term loan, of which $0.4 million was capitalized for various capital projects. | |||||||||||||
The Company's weighted average interest rate as of January 3, 2015, December 28, 2013, and December 29, 2012 was 3.2%, 2.5%, and 2.8%, respectively. The Company's effective interest rate as of January 3, 2015, December 28, 2013, and December 29, 2012 was 2.7%, 2.5%, and 2.9%, respectively. | |||||||||||||
Notes Payable | |||||||||||||
At January 3, 2015, the Company had short-term notes payable related to acquisitions of approximately $0.3 million. At December 28, 2013, the Company had notes payable related to acquisitions of approximately $1.7 million, of which $1.2 million, were recorded as current maturities. | |||||||||||||
Future Maturities | |||||||||||||
The aggregate contractual annual maturities for debt as of January 3, 2015 are as follows (in thousands): | |||||||||||||
Fiscal Year: | Notes Payable | Term Loan | Total | ||||||||||
2015 | $ | 265 | $ | 4,994 | $ | 5,259 | |||||||
2016 | 40 | 6,659 | 6,699 | ||||||||||
2017 | — | 7,048 | 7,048 | ||||||||||
2018 | — | 60,147 | 60,147 | ||||||||||
2019 | — | — | — | ||||||||||
Thereafter | — | — | — | ||||||||||
Total debt | $ | 305 | $ | 78,848 | $ | 79,153 | |||||||
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Jan. 03, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | EMPLOYEE BENEFIT PLAN |
Heritage-Crystal Clean offers a defined contribution benefit plan for its employees. All regular employees who have completed at least one hour of service are eligible to participate in the plan. Participants are allowed to contribute 1% to 70% of their pre-tax earnings to the plan. The Company matches 100% of the first 3% contributed by the participant and 50% of the next 2% contributed by the participant for a maximum contribution of 4% per participant. The Company's matching contribution under this plan was $1.2 million, $1.0 million, and $1.0 million in fiscal 2014, 2013, and 2012, respectively. | |
During fiscal 2014, FCC Environmental offered a retirement savings plan under which it offered to match 50% of contributions up to the employee's first 7% of contributions for a maximum contribution of 3.5%. The FCC Environmental plan vested over five years. In fiscal 2014, subsequent to the acquisition date, the Company incurred $0.2 million in matching expenses under the legacy FCC Environmental plan. |
Related_Party_and_Affiliated_T
Related Party and Affiliated Transactions | 12 Months Ended | ||||||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||
Related Party and Affiliated Transactions | RELATED PARTY AND AFFILIATE TRANSACTIONS | ||||||||||||||||||||||||
As of January 3, 2015, the Heritage Group beneficially owned 22.5% of the Company's common stock, the Fehsenfeld Family Trusts, which are related to the Heritage Group owned 6.9% of the Company's common stock, and Fred Fehsenfeld, Jr., the Chairman of the Board and an affiliate of the Heritage Group, beneficially owned 4.6% of the Company's common stock. Companies affiliated with the Heritage Group are listed as affiliates. | |||||||||||||||||||||||||
During fiscal 2014, 2013, and 2012, the Company had transactions with the Heritage Group affiliates and other related parties. The following table sets forth related-party transactions (in thousands): | |||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | |||||||||||||||||||||||
Revenues | Expenses | Revenues | Expenses | Revenues | Expenses | ||||||||||||||||||||
Heritage Group affiliates | $ | 10,598 | $ | 3,325 | $ | 10,421 | $ | 3,474 | $ | 7,662 | $ | 4,876 | |||||||||||||
Other related parties / affiliates | 6,968 | 4,863 | 4,875 | 4,633 | 5,829 | 3,926 | |||||||||||||||||||
Total | $ | 17,566 | $ | 8,188 | $ | 15,296 | $ | 8,107 | $ | 13,491 | $ | 8,802 | |||||||||||||
Revenues from related parties and affiliates are for sales of products and services performed by the Company. | |||||||||||||||||||||||||
Payments to related parties and affiliates include solvent purchases, insurance premiums, disposal services, transportation, and various other services. | |||||||||||||||||||||||||
The Company participates in a self-insurance program for workers' compensation with a shareholder and several related companies. In connection with this program, payments are made to the shareholder. Expenses paid in fiscal 2014, 2013, and 2012 were approximately $1.3 million, $0.9 million, and $0.8 million, respectively. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||
Segment Information | SEGMENT INFORMATION | |||||||||||||||||
The Company reports in two segments: "Environmental Services" and "Oil Business." The Environmental Services segment consists of the Company's parts cleaning, containerized waste management, vacuum truck services, used antifreeze recycling activities, and field services. The Oil Business segment consists of the Company's used oil collection, recycled fuel oil sales, and used oil re-refining activities. No customer represented greater than 10% of consolidated revenues for any of the periods presented. There were no intersegment revenues. The Environmental Services segment operates in the United States and, to an immaterial degree, in Ontario, Canada. As such, the Company is not disclosing operating results by geographic segment. | ||||||||||||||||||
Operating segment results for the fiscal years ended January 3, 2015, December 28, 2013, and December 29, 2012 were as follows (in thousands): | ||||||||||||||||||
For the Fiscal Years Ended, | ||||||||||||||||||
3-Jan-15 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 19,398 | $ | 140,681 | $ | — | $ | 160,079 | ||||||||||
Service revenues | 170,333 | 8,640 | 178,973 | |||||||||||||||
Total revenues | $ | 189,731 | $ | 149,321 | $ | — | $ | 339,052 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 136,226 | 154,396 | — | 290,622 | ||||||||||||||
Operating depreciation and amortization | 5,885 | 4,915 | — | 10,800 | ||||||||||||||
Profit (loss) before corporate selling, general, and administrative expenses | $ | 47,620 | $ | (9,990 | ) | $ | — | $ | 37,630 | |||||||||
Selling, general, and administrative expenses | 45,646 | 45,646 | ||||||||||||||||
Depreciation and amortization from SG&A | 2,077 | 2,077 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 47,723 | $ | 47,723 | ||||||||||||||
Other income - net | (434 | ) | (434 | ) | ||||||||||||||
Operating loss | (9,659 | ) | ||||||||||||||||
Interest expense - net | 689 | 689 | ||||||||||||||||
Loss before income taxes | $ | (10,348 | ) | |||||||||||||||
28-Dec-13 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 14,449 | $ | 117,960 | $ | — | $ | 132,409 | ||||||||||
Service revenues | 142,833 | 7,894 | 150,727 | |||||||||||||||
Total revenues | $ | 157,282 | $ | 125,854 | $ | — | $ | 283,136 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 110,459 | 124,179 | — | 234,638 | ||||||||||||||
Operating depreciation and amortization | 4,937 | 3,364 | — | 8,301 | ||||||||||||||
Profit (loss) before corporate selling, general, and administrative expenses | $ | 41,886 | $ | (1,689 | ) | $ | — | $ | 40,197 | |||||||||
Selling, general, and administrative expenses | 30,274 | 30,274 | ||||||||||||||||
Depreciation and amortization from SG&A | 1,223 | 1,223 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 31,497 | $ | 31,497 | ||||||||||||||
Other expense - net | 210 | 210 | ||||||||||||||||
Operating income | 8,490 | |||||||||||||||||
Interest expense - net | 417 | 417 | ||||||||||||||||
Income before income taxes | $ | 8,073 | ||||||||||||||||
29-Dec-12 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 11,025 | $ | 108,445 | $ | — | $ | 119,470 | ||||||||||
Service revenues | 128,129 | 4,892 | 133,021 | |||||||||||||||
Total revenues | $ | 139,154 | $ | 113,337 | $ | — | $ | 252,491 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 104,994 | 108,574 | — | 213,568 | ||||||||||||||
Operating depreciation and amortization | 4,615 | 2,894 | — | 7,509 | ||||||||||||||
Profit before corporate selling, general, and administrative expenses | $ | 29,545 | $ | 1,869 | $ | — | $ | 31,414 | ||||||||||
Selling, general, and administrative expenses | 26,194 | 26,194 | ||||||||||||||||
Depreciation and amortization from SG&A | 632 | 632 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 26,826 | $ | 26,826 | ||||||||||||||
Other expense - net | 6 | 6 | ||||||||||||||||
Operating income | 4,582 | |||||||||||||||||
Interest expense - net | 585 | 585 | ||||||||||||||||
Income before income taxes | $ | 3,997 | ||||||||||||||||
Total assets by segment as of January 3, 2015 and December 28, 2013 were as follows (in thousands): | ||||||||||||||||||
January 3, 2015 | December 28, 2013 | |||||||||||||||||
Total Assets(a): | ||||||||||||||||||
Environmental Services | $ | 113,518 | $ | 80,451 | ||||||||||||||
Oil Business | 158,577 | 110,040 | ||||||||||||||||
Unallocated Corporate Assets | 47,724 | 25,467 | ||||||||||||||||
Total | $ | 319,819 | $ | 215,958 | ||||||||||||||
_______________ | ||||||||||||||||||
(a) Fiscal 2014 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. | ||||||||||||||||||
Segment assets for the Environmental Services and Oil Business segments consist of property, plant, and equipment, intangible assets, goodwill, accounts receivable, and inventories allocated to each segment. Assets for the corporate unallocated amounts consist of property, plant, and equipment used at the corporate headquarters, as well as cash and net deferred tax assets. | ||||||||||||||||||
Total capital expenditures, including business acquisitions net of cash acquired, by segment for fiscal 2014, 2013, and 2012 were as follows (in thousands): | ||||||||||||||||||
For the Fiscal Year Ended, | ||||||||||||||||||
January 3, 2015 | 28-Dec-13 | 29-Dec-12 | ||||||||||||||||
Total Capital Expenditures: | ||||||||||||||||||
Environmental Services | $ | 45,031 | $ | 18,882 | $ | 5,924 | ||||||||||||
Oil Business | 61,056 | 20,549 | 15,225 | |||||||||||||||
Unallocated Corporate Assets | 1,018 | 138 | 1,907 | |||||||||||||||
Total | $ | 107,105 | $ | 39,569 | $ | 23,056 | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||
The Company may enter into purchase obligations with certain vendors. They represent expected payments to third party service providers and other commitments entered into during the normal course of our business. These purchase obligations are generally cancelable with or without notice without penalty, although certain vendor agreements provide for cancellation fees or penalties depending on the terms of the contract. | ||||
The Company had purchase obligations in the form of open purchase orders of $15.8 million as of January 3, 2015, primarily for capital expenditures, used oil, catalyst, disposal, and solvent. | ||||
The Company may be subject to investigations, claims, or lawsuits as a result of operating its business, including matters governed by environmental laws and regulations. When claims are asserted, the Company evaluates the likelihood that a loss will occur and records a liability for those instances when the likelihood is deemed probable and the exposure is reasonably estimable. The Company carries insurance at levels it believes are adequate to cover loss contingencies based on historical claims activity. When the potential loss exposure is limited to the insurance deductible and the likelihood of loss is determined to be probable, the Company accrues for the amount of the required deductible, unless a lower amount of exposure is estimated. As of January 3, 2015 and December 28, 2013, the Company had accrued $0.7 million and $0.4 million related to loss contingencies, respectively. | ||||
The Company leases office space, equipment and vehicles under noncancelable operating leases that expire at various dates through 2023. Many of the building leases obligate the Company to pay real estate taxes, insurance, and certain maintenance costs and contain multiple renewal provisions, exercisable at the Company's option. Leases that contain predetermined fixed escalations of the minimum rentals are recognized in rental expense on a straight-line basis over the lease term. Rental expense under operating leases was approximately $21.8 million, $20.4 million, and $17.4 million for fiscal years 2014, 2013, and 2012, respectively. | ||||
Future minimum lease payments under noncancelable operating leases as of January 3, 2015 are as follows (in thousands): | ||||
Fiscal year: | ||||
2015 | $ | 19,470 | ||
2016 | 16,206 | |||
2017 | 14,656 | |||
2018 | 13,154 | |||
2019 | 9,486 | |||
Thereafter | 11,531 | |||
Total | $ | 84,503 | ||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | INCOME TAXES | ||||||||||||
The Company deducted for federal income tax purposes accelerated "bonus" depreciation on the majority of its capital expenditures for assets placed in service in fiscal 2011 through fiscal 2014. Therefore, the Company recorded a noncurrent deferred tax liability as to the difference between the book basis and the tax basis of those assets. In addition, as a result of the federal bonus depreciation, the Company recorded a Net Operating Loss ("NOL") of $44.7 million, which will begin to expire in 2031. The balance on the federal NOL at January 3, 2015 was $38.8 million, and the remaining deferred tax asset related to the Company's state and federal NOL was a tax effected balance of $14.1 million. | |||||||||||||
The Company recognizes windfall tax benefits associated with the exercise of stock options and the vesting of restricted stock directly to stockholders' equity only when realized. Consequently, deferred tax assets are not recognized for NOLs resulting from windfall tax benefits. At January 3, 2015, deferred tax assets do not include $2.5 million of gross excess tax benefits from share-based compensation. | |||||||||||||
The Company's effective tax rate for fiscal 2014 was 33.7% compared to 42.5% in fiscal 2013. The rate difference is attributable to the impact of non-deductible expenses in a loss year as compared to the impact of those non-deductible expenses in an income year, and the impact of certain state taxes not based on income. | |||||||||||||
Components of the Company's income tax benefit and provision consist of the following for fiscal years 2014, 2013, and 2012 (in thousands): | |||||||||||||
For the Fiscal Years Ended, | |||||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | |||||||||||
Current: | |||||||||||||
Federal | $ | (44 | ) | $ | 21 | $ | 127 | ||||||
State | 112 | 171 | 338 | ||||||||||
Total current | $ | 68 | $ | 192 | $ | 465 | |||||||
Deferred: | |||||||||||||
Federal | $ | (2,653 | ) | $ | 2,679 | $ | 1,443 | ||||||
State | (894 | ) | 557 | (165 | ) | ||||||||
Foreign | (4 | ) | — | — | |||||||||
Total deferred | $ | (3,551 | ) | $ | 3,236 | $ | 1,278 | ||||||
Income tax (benefit) provision | $ | (3,483 | ) | $ | 3,428 | $ | 1,743 | ||||||
A reconciliation of the expected income tax (benefit) expense at the statutory federal rate to the Company's actual income tax (benefit) expense is as follows (in thousands): | |||||||||||||
For the Fiscal Years Ended, | |||||||||||||
January 3, 2015 | 28-Dec-13 | ||||||||||||
Tax (benefit) expense at statutory federal rate | $ | (3,518 | ) | $ | 2,745 | ||||||||
State and local tax, net of federal (benefit) expense | (476 | ) | 508 | ||||||||||
Shortfalls from share-based compensation | 145 | 70 | |||||||||||
Nondeductible transaction costs | 157 | — | |||||||||||
Other | 209 | 105 | |||||||||||
Total income tax (benefit) provision | $ | (3,483 | ) | $ | 3,428 | ||||||||
Components of deferred tax assets (liabilities) are as follows (in thousands): | |||||||||||||
As of, | |||||||||||||
January 3, 2015 | 28-Dec-13 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforward | $ | 14,109 | $ | 12,073 | |||||||||
Stock compensation | 1,099 | 1,573 | |||||||||||
Tax intangible assets | 1,202 | 1,355 | |||||||||||
Reserves and accruals | 1,855 | 1,202 | |||||||||||
Income tax credits | 796 | 706 | |||||||||||
Allowance for doubtful accounts | 1,548 | 463 | |||||||||||
Total deferred tax asset | $ | 20,609 | $ | 17,372 | |||||||||
Deferred tax liabilities: | |||||||||||||
Prepaids | $ | (849 | ) | $ | (602 | ) | |||||||
Depreciation and amortization | (22,695 | ) | (25,004 | ) | |||||||||
Total deferred tax liability | (23,544 | ) | (25,606 | ) | |||||||||
Net deferred tax liability | $ | (2,935 | ) | $ | (8,234 | ) | |||||||
Net current deferred tax asset | 2,549 | 1,004 | |||||||||||
Net non-current deferred tax liability | (5,484 | ) | (9,238 | ) | |||||||||
Net deferred tax liability | $ | (2,935 | ) | $ | (8,234 | ) | |||||||
As of January 3, 2015, the Company is no longer subject to U.S. federal examinations by taxing authorities for years prior to 2009. Federal and state income tax returns for fiscal years 2009 through 2014 are still open for examination. | |||||||||||||
The Company establishes reserves when it is more likely than not that the Company will not realize the full tax benefit of a position. The Company had a reserve of $1.9 million and $0.3 million for uncertain tax positions as of January 3, 2015 and December 28, 2013, respectively. The gross unrecognized tax benefits would, if recognized, decrease the Company's effective tax rate. | |||||||||||||
Although it is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next twelve months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, we do not anticipate any significant changes to unrecognized tax benefits over the next 12 months. | |||||||||||||
The Company recognizes interest and penalties associated with income tax liabilities as income tax expense in the Statement of Operations. No significant penalties or interest are included in income taxes or accounted for on the balance sheet related to unrecognized tax positions as of January 3, 2015. | |||||||||||||
The following table summarizes the movement in unrecognized tax benefits (in thousands): | |||||||||||||
For the Fiscal Years Ended, | |||||||||||||
3-Jan-15 | 28-Dec-13 | ||||||||||||
Gross Unrecognized Tax Benefits: | |||||||||||||
Beginning Balance | $ | 273 | $ | 194 | |||||||||
Additions based on current year's tax positions | 1,649 | 30 | |||||||||||
Net changes based on prior year's tax positions | 10 | 49 | |||||||||||
Ending Balance | $ | 1,932 | $ | 273 | |||||||||
Sharebased_Compensation
Share-based Compensation | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Share-based Compensation | SHARE-BASED COMPENSATION | ||||||||||||
The aggregate number of shares of common stock which may be issued under the Company’s 2008 Omnibus Plan ("Plan") is 1,902,077 plus any common stock that becomes available for issuance pursuant to the reusage provision of the Plan. As of January 3, 2015, the number of shares available for issuance under the Plan was 673,719 shares. | |||||||||||||
Stock Option Awards | |||||||||||||
A summary of stock option activity under this Plan is as follows: | |||||||||||||
Stock Options | Number of | Weighted Average | Weighted Average | Aggregate | |||||||||
Options | Exercise Price | Remaining | Intrinsic Value as of Date Listed | ||||||||||
Outstanding | Contractual Term | (in thousands) | |||||||||||
(in years) | |||||||||||||
Options outstanding at December 29, 2012 | 629,048 | $ | 10.76 | 5.4 | $ | 2,607 | |||||||
Exercised | (49,434 | ) | 8.06 | ||||||||||
Options outstanding at December 28, 2013 | 579,614 | $ | 10.98 | 4.35 | $ | 5,133 | |||||||
Exercised | (45,186 | ) | 11.21 | ||||||||||
Options outstanding at January 3, 2015 | 534,428 | $ | 10.97 | 3.33 | $ | 708 | |||||||
Restricted Stock Compensation/Awards | |||||||||||||
Annually, the Company grants restricted shares to its Board of Directors. The shares become fully vested one year from their grant date. The fair value of each restricted stock grant is based on the closing price of the Company's stock on the date of grant. The Company amortizes the expense over the service period, which is the fiscal year in which the award is granted. On May 1, 2014, the Company granted 17,772 restricted shares for service in fiscal 2014. Expense related to the Board of Directors' restricted stock in fiscal 2014, 2013, and 2012 was $0.3 million per year. The 18,666 shares that were granted to the Board in fiscal 2013 vested on May 3, 2014. | |||||||||||||
In March 2011, the Company granted 92,909 restricted shares to certain members of management under the Company's 2010 Long Term Incentive Plan ("LTIP"). In addition, in October 2011, the Company granted 12,783 restricted shares based on the completion of the front part of the used oil re-refinery. These awards were fully vested as of January 1, 2014. | |||||||||||||
In February 2012, the Company granted 59,502 restricted shares to certain members of management under the Company's 2011 LTIP. These restricted shares are subject to a graded vesting schedule over a three year period starting January 1, 2013. The awards became fully vested on January 1, 2015. There was approximately $0.3 million of unrecognized compensation expense remaining related to these awards as of December 28, 2013. In fiscal 2014, 2013, and 2012, $0.3 million per year of compensation expense was recorded related to these awards. | |||||||||||||
In February 2013, the Company granted 10,000 restricted shares to a member of management based on performance goals achieved in fiscal 2012 by the individual. The restricted shares are subject to a vesting schedule over a three year period. The award fully vested January 1, 2015. There was approximately $0.1 million of unrecognized compensation expense remaining related to this award as of December 28, 2013. In each of fiscal 2014, 2013, and 2012, less than $0.1 million of compensation expense was recorded related to this award. | |||||||||||||
In February 2014, the Company granted certain members of management 132,107 restricted shares under the Company's 2013 LTIP. These restricted shares are subject to vesting over a three year period starting January 1, 2015. There was approximately $1.1 million and $1.7 million in unrecognized compensation expense remaining related to these awards as of January 3, 2015 and December 28, 2013, respectively. In each of fiscal 2014 and 2013, $0.6 million of compensation expense was recorded related to these awards. | |||||||||||||
In February 2015, the Company granted certain members of management 38,372 restricted shares based on their services in fiscal 2014, contingent upon the employees' continued employment with the Company. The restricted shares vest over a three year period starting January 1, 2016. There was approximately $0.4 million in unrecognized compensation expense remaining related to these awards as of January 3, 2015. In fiscal 2014, $0.1 million of compensation expense was recorded related to these awards for services performed by the employees in fiscal 2014. | |||||||||||||
The following table summarizes information about restricted stock awards for the periods ended December 28, 2013 and January 3, 2015: | |||||||||||||
Restricted Stock (Nonvested Shares) | Number of Shares | Weighted Average Grant-Date Fair Value Per Share | |||||||||||
Nonvested shares outstanding at December 29, 2012 | 141,269 | $ | 17.11 | ||||||||||
Granted | 28,666 | 15.26 | |||||||||||
Vested | (69,782 | ) | 16.55 | ||||||||||
Forfeited | (101 | ) | 16.53 | ||||||||||
Nonvested shares outstanding at December 28, 2013 | 100,052 | $ | 16.97 | ||||||||||
Granted | 149,879 | 16.59 | |||||||||||
Vested | (144,072 | ) | 16.88 | ||||||||||
Nonvested shares outstanding at January 3, 2015 | 105,859 | $ | 16.56 | ||||||||||
Employee Stock Purchase Plan | |||||||||||||
The Employee Stock Purchase Plan of 2008 ("ESPP") is a shareholder approved plan under which all employees regularly scheduled to work 20 or more hours per week may purchase the Company’s common stock through payroll deductions at a price equal to 95% of the fair market values of the stock as of the end of the first day following each three-month offering period. An employee’s payroll deductions under the ESPP are limited to 10% of the employee’s regular earnings, and employees may not purchase more than $25,000 of stock during any calendar year. | |||||||||||||
As of January 3, 2015, the Company had reserved 137,125 shares of common stock available for purchase under the ESPP. In fiscal 2014, employees purchased 27,082 shares of the Company’s common stock with a weighted average fair market value of $16.82 per share. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Jan. 03, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS' EQUITY |
In the fourth quarter of fiscal 2014, the Company completed a follow-on public offering of common stock. In the follow-on offering, the Company sold 3,565,000 additional shares of common stock at $10.00, raising net proceeds of approximately $33.4 million, after underwriting discounts and transaction costs. The Company used a portion of the net proceeds to pay off the outstanding balance of its revolving credit facility of approximately $9.0 million. | |
Heritage Participation Rights | |
The Company has a Participation Rights Agreement with The Heritage Group (“Heritage”), an affiliate of Heritage-Crystal Clean, Inc. pursuant to which Heritage has the option to participate, pro rata based on its percentage ownership interest in the Company's common stock in any equity offerings for cash consideration, including (i) contracts with parties for equity financing (including any debt financing with an equity component) and (ii) issuances of equity securities or securities convertible, exchangeable or exercisable into or for equity securities (including debt securities with an equity component). If Heritage exercises its rights with respect to all offerings, it will be able to maintain its percentage ownership interest in the Company's common stock. The Participation Rights Agreement does not have an expiration date. Heritage is not required to participate or exercise its right of participation with respect to any offerings. Heritage's right to participate does not apply to certain offerings of securities that are not conducted to raise or obtain equity capital or cash such as stock issued as consideration in a merger or consolidation, in connection with strategic partnerships or joint ventures, or for the acquisition of a business, product, license, or other asset by the Company. |
Employee_Separation_Actions
Employee Separation Actions | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Restructuring and Related Activities [Abstract] | ||||
Employee Separation Actions | EMPLOYEE SEPARATION ACTIONS | |||
In the fourth quarter of fiscal 2014, in connection with its integration plans of FCC Environmental, the Company communicated to its employees that it planned to implement a reduction in force of approximately 100 employees across the organization. The Company terminated approximately one half of these employees in the fourth quarter of fiscal 2014. Additional employees were given communication that they would be terminated over the next two to nine months and were offered retention bonuses. As a result of these measures, the Company incurred a charge of $2.0 million related to the planned reduction in work force related to future cash severance payments of terminated employees in the fourth quarter of fiscal 2014. The Company is in the process of implementing its integration plans and expects to have additional headcount reductions and restructuring charges in fiscal 2015. | ||||
Separation-related costs are recorded in Selling, general, and administrative expenses. The following table summarizes the severance activity recorded in Accrued salaries, wages, and benefits (in thousands): | ||||
For the Fiscal Year Ended January 3, 2015 | ||||
Beginning balance | $ | — | ||
Severance expense | 2,010 | |||
Payments | — | |||
Ending balance | $ | 2,010 | ||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | EARNINGS PER SHARE | |||||||||||
The following table reconciles the number of shares outstanding for fiscal 2014, 2013, and 2012 respectively, to the number of weighted average basic shares outstanding and the number of weighted average diluted shares outstanding for the purposes of calculating basic and diluted earnings per share (in thousands, except per share data): | ||||||||||||
For the Fiscal Years Ended, | ||||||||||||
January 3, 2015 | December 28, 2013 | 29-Dec-12 | ||||||||||
Net (loss) income | $ | (6,865 | ) | $ | 4,645 | $ | 2,254 | |||||
Less: Income attributable to noncontrolling interest | 143 | 100 | — | |||||||||
Net (loss) income attributable to Heritage-Crystal Clean, Inc. common stockholders | $ | (7,008 | ) | $ | 4,545 | $ | 2,254 | |||||
Weighted average basic shares outstanding | 18,604 | 18,224 | 16,921 | |||||||||
Dilutive shares for share–based compensation plans | — | 328 | 442 | |||||||||
Weighted average diluted shares outstanding | 18,604 | 18,552 | 17,363 | |||||||||
Number of anti–dilutive potentially issuable shares excluded from diluted shares outstanding | 338 | — | — | |||||||||
Net (loss) income per share: basic | $ | (0.38 | ) | $ | 0.25 | $ | 0.13 | |||||
Net (loss) income per share: diluted | $ | (0.38 | ) | $ | 0.24 | $ | 0.13 | |||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | ||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter (a) | Quarter | Quarter | Quarter | Quarter (b) | ||||||||||||||||||||||||||
(In thousands except per share data) | |||||||||||||||||||||||||||||||||
STATEMENT OF | |||||||||||||||||||||||||||||||||
OPERATIONS DATA: | |||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Product revenues | $ | 29,303 | $ | 38,614 | $ | 38,532 | $ | 53,630 | $ | 26,558 | $ | 28,906 | $ | 32,302 | $ | 44,643 | |||||||||||||||||
Service revenues | 36,662 | 39,467 | 39,384 | 63,460 | 33,449 | 34,644 | 35,301 | 47,333 | |||||||||||||||||||||||||
Total Revenues | $ | 65,965 | $ | 78,081 | $ | 77,916 | $ | 117,090 | $ | 60,007 | $ | 63,550 | $ | 67,603 | $ | 91,976 | |||||||||||||||||
Operating expenses - | |||||||||||||||||||||||||||||||||
Operating Costs | $ | 57,365 | $ | 63,525 | $ | 62,588 | $ | 107,144 | $ | 52,286 | $ | 52,201 | $ | 55,698 | $ | 74,453 | |||||||||||||||||
Selling, general, and administrative expenses | 8,843 | 8,306 | 8,183 | 20,314 | 6,591 | 7,049 | 7,051 | 9,583 | |||||||||||||||||||||||||
Depreciation and amortization | 2,626 | 2,692 | 2,593 | 4,966 | 1,859 | 2,163 | 2,224 | 3,278 | |||||||||||||||||||||||||
Other expense (income) | (51 | ) | 236 | 172 | (791 | ) | (8 | ) | 101 | 138 | (21 | ) | |||||||||||||||||||||
Operating income (loss) | (2,818 | ) | 3,322 | 4,380 | (14,543 | ) | (721 | ) | 2,036 | 2,492 | 4,683 | ||||||||||||||||||||||
Interest expense – net | 53 | 33 | 24 | 579 | 106 | 107 | 97 | 107 | |||||||||||||||||||||||||
Income (loss) before income taxes | $ | (2,871 | ) | $ | 3,289 | $ | 4,356 | $ | (15,122 | ) | $ | (827 | ) | $ | 1,929 | $ | 2,395 | $ | 4,576 | ||||||||||||||
Provision for (benefit of) income taxes | (1,235 | ) | 1,304 | 1,942 | (5,494 | ) | (407 | ) | 872 | 1,061 | 1,902 | ||||||||||||||||||||||
Net income (loss) | (1,636 | ) | 1,985 | 2,414 | (9,628 | ) | (420 | ) | 1,057 | 1,334 | 2,674 | ||||||||||||||||||||||
Less: Income attributable to noncontrolling interest | 23 | 56 | 3 | 61 | 20 | 26 | 26 | 28 | |||||||||||||||||||||||||
Net income (loss) attributable to Heritage-Crystal Clean, Inc. common stockholders | $ | (1,659 | ) | $ | 1,929 | $ | 2,411 | $ | (9,689 | ) | $ | (440 | ) | $ | 1,031 | $ | 1,308 | $ | 2,646 | ||||||||||||||
Net income (loss) per share: basic | (0.09 | ) | 0.1 | 0.13 | (0.51 | ) | (0.02 | ) | 0.06 | 0.07 | 0.15 | ||||||||||||||||||||||
Net income (loss) per share: diluted | (0.09 | ) | 0.1 | 0.13 | (0.51 | ) | (0.02 | ) | 0.06 | 0.07 | 0.14 | ||||||||||||||||||||||
Number of weighted average | 18,402 | 18,423 | 18,446 | 18,985 | 18,113 | 18,138 | 18,272 | 18,335 | |||||||||||||||||||||||||
shares outstanding: basic | |||||||||||||||||||||||||||||||||
Number of weighted average | 18,402 | 18,781 | 18,810 | 18,985 | 18,113 | 18,456 | 18,585 | 18,677 | |||||||||||||||||||||||||
shares outstanding: diluted | |||||||||||||||||||||||||||||||||
OTHER OPERATING DATA: | |||||||||||||||||||||||||||||||||
Average revenues per working day - Environmental Services | $ | 660 | $ | 705 | $ | 720 | $ | 840 | $ | 580 | $ | 600 | $ | 625 | $ | 650 | |||||||||||||||||
____________ | |||||||||||||||||||||||||||||||||
(a) | Reflects a seventeen week quarter. | ||||||||||||||||||||||||||||||||
(b) | Reflects a sixteen week quarter. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 03, 2015 | |
Accounting Policies [Abstract] | |
Fiscal Period | The Company’s fiscal year ends on the Saturday closest to December 31. "Fiscal 2014" represents the 53-week period ended January 3, 2015. "Fiscal 2013" represents the 52-week period ended December 28, 2013. "Fiscal 2012" represents the 52-week period ended December 29, 2012. The most recent fiscal year ended on January 3, 2015. Each of the Company's first three fiscal quarters consists of twelve weeks while the last fiscal quarter consists of sixteen or seventeen weeks. |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires the use of certain estimates by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions are the allowance for doubtful accounts receivable, valuation of inventory at lower of cost or market, valuation of goodwill and other intangible assets, and income taxes. Actual results could differ from those estimates. | |
Revenue Recognition | Revenue Recognition |
The Company derives its revenues primarily from the services it performs and from the sale of processed oil from its used oil re-refinery. Parts cleaning and other service revenues are recognized as the service is performed. Product revenues are recognized at the time risk of loss passes to the customer. The risk of loss passes to customers at various times depending on the particular terms of the sales agreement in force with each individual customer. Common thresholds for when risk of loss passes to the customer are at the time that product is loaded onto the shipping vessel or at the time that product is offloaded at the customer’s receiving location. Revenues are recognized only if collection of the relevant receivable is probable, persuasive evidence of an arrangement exists, and the sales price is fixed or determinable. | |
Sales Tax | Sales Tax |
Amounts billed for sales tax, value added tax, or other transactional taxes imposed on revenue producing transactions are presented on a net basis and are not recognized as revenues. | |
Operating Costs | Operating Costs |
Within operating costs are cost of sales. Cost of sales in the Environmental Services segment includes the cost of the materials the Company sells and provides in its services, such as solvents and other chemicals, transportation of inventory and waste, and payments to third parties to recycle or dispose of the waste materials that the Company collects. Parts cleaning machines are either sold to a customer or continue to be owned by the Company but placed offsite at a customer location to be used in parts cleaning services. When sold to a customer, machines are removed from inventory, and the costs are recognized under operating costs. The used solvent that the Company retrieves from customers in its product reuse program is accounted for as a reduction in net cost of solvent under cost of sales, whether placed in inventory or sold to a purchaser for reuse. If the used solvent is placed in inventory it is recorded at lower of cost or net realizable value. Cost of sales in the Oil Business include the costs paid to customers for used oil, transportation out to customers, and costs to operate the used oil re-refinery, including personnel costs and utilities. | |
Operating costs also include the Company's costs of operating its branch system and hubs. These costs include personnel costs (including commissions), facility rent and utilities, truck leases, fuel, transportation, and maintenance. Operating costs are not presented separately for products and services. | |
Selling, General and Administrative Expenses | Selling, General, and Administrative Expenses |
Selling, general, and administrative expenses include costs of performing centralized business functions, including sales management at or above the regional level, billing, receivables management, accounting and finance, information technology, environmental health and safety, and legal. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers investments in highly liquid debt instruments, purchased with an original maturity of ninety days or less, to be cash equivalents. | |
Concentration Risk | Concentration Risk |
The Company maintains its cash in bank deposit accounts at financial institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC"). Cash balances may exceed FDIC limits. The Company has not experienced any losses in such accounts. The Company has a broad customer base and believes it is not exposed to any significant concentration of credit risk. | |
Accounts Receivable | Accounts Receivable |
Trade accounts receivable represent amounts due from customers. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on analysis of customer credit worthiness, historical losses, and general economic trends and conditions. Accounts receivable are written off once the Company determines the account to be uncollectible. The Company does not have any off-balance-sheet credit exposure related to its customers. | |
Inventory | Inventory |
Inventory consists primarily of used oil, processed oil, catalyst, new and used solvents, new and refurbished parts cleaning machines, new and used antifreeze products, drums, and other items. Inventories are valued at the lower of first-in, first-out ("FIFO") cost or market, net of any reserves for excess, obsolete, or unsalable inventory. The Company performs a physical inventory count on a periodic basis and uses the results of these counts to determine inventory quantities. These quantities are used to help determine the value of the inventory. | |
Processed oil inventory consists of the costs of feedstock, transportation, labor, conversion costs, and re-refining overhead costs incurred in bringing the inventory to its existing condition and location. Fixed production overhead costs are capitalized in processed oil inventory based on the normal capacity of the production facility. In periods of abnormal production levels, excess overhead costs are recognized as expense in the period they are incurred. | |
The Company continually monitors its inventory levels at each of its distribution locations and evaluates inventories for excess or slow-moving items. If circumstances indicate the cost of inventories exceed their recoverable value, inventories are reduced to net realizable value. | |
Prepaid and Other Current Assets | Prepaid and Other Current Assets |
Prepaid and other current assets include, but are not limited to, insurance and vehicle license contract costs, which are expensed over the term of the underlying contract. | |
Property, Plant and Equipment | Property, Plant, and Equipment |
Property, plant, and equipment are stated at cost. Expenditures for major renewals and betterments are capitalized, while expenditures for repair and maintenance charges are expensed as incurred. Property, plant, & equipment acquired in business combinations is stated at fair value as of the date of the acquisition. | |
Depreciation of property, plant, and equipment is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of buildings and storage tanks range from 10 to 39 years. The estimated useful lives of machinery, vehicles, and equipment range from 3 to 25 years. Leasehold improvements are amortized over the shorter of the lease terms or five years using the straight-line method. | |
The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets once the assets are placed into service. The interest rate used to capitalize interest is based upon the borrowing rate on the Company's bank debt outstanding. In fiscal 2014, 2013, and 2012, the Company capitalized interest of $0.4 million, $0.1 million, and $0.1 million, respectively, for capital projects. | |
Equipment at Customers | Equipment at Customers |
The Company records purchases of new parts cleaning machines as Inventory. Parts cleaning machines are either sold to a customer or continue to be owned by the Company but placed off-site at a customer location to be used in parts cleaning services. When sold to a customer, machines are removed from inventory, and the appropriate revenues and costs are recognized in the Income Statement. When the Company retains title to a machine that is placed off-site at a customer location to be used in parts cleaning services, the Company capitalizes the machine as a productive non-current asset under the Balance Sheet caption “Equipment at Customers” at the time the machine is placed at the customer’s site. Machines capitalized as Equipment at Customers are depreciated over their estimated useful lives of 7 to 15 years, depending on the model. Depreciation of in-service equipment commences when equipment is placed in service at a customer location. Expenditures for machines that are sold to a customer are treated as a cash outflow from operating activities on the Statement of Cash Flows. Expenditures for machines that are placed at a customer’s site to be used in parts cleaning services are treated as a cash outflow from investing activities. | |
Acquisitions | Acquisitions |
The Company accounts for acquired businesses using the purchase method of accounting, which requires that the assets acquired, liabilities assumed, and contingent consideration be recorded as of the date of acquisition at their respective fair values. It further requires that acquisition-related costs be recognized separately from the acquisition and expensed as incurred and that restructuring costs be expensed in periods subsequent to the acquisition date. The Company engaged third party valuation appraisal firms to assist the Company in determining the fair values and useful lives of the assets acquired and liabilities assumed. The Company records a preliminary purchase price allocation for its acquisitions and finalizes purchase price allocations as additional information relative to the fair values of the assets acquired becomes known. | |
Identifiable Intangible Assets | Identifiable Intangible Assets |
The fair value of identifiable intangible assets is based on significant judgments made by management. The Company engaged third party valuation appraisal firms to assist the Company in determining the fair values and useful lives of the assets acquired. Such valuations and useful life determinations require the Company to make significant estimates and assumptions. These estimates and assumptions are based on historical experience and information obtained from the management of the acquired companies and include, but are not limited to, future expected cash flows to be earned from the continued operation of the acquired business and discount rates applied in determining the present value of those cash flows. Unanticipated events and circumstances may occur that could affect the accuracy or validity of such assumptions, estimates, or actual results. Acquisition-related finite lived intangible assets are amortized on a straight-line basis over their estimated economic lives. The Company evaluates the estimated benefit periods and recoverability of its intangible assets when facts and circumstances indicate that the lives may not be appropriate and/or the carrying value of the asset may not be recoverable. If the carrying value is not recoverable, impairment is measured as the amount by which the carrying value exceeds its estimated fair value. | |
Software Costs | Software Costs |
The Company expenses costs incurred in the research stage of developing or acquiring internal use software, such as research and feasibility studies, as well as costs incurred in the post-implementation/operational stage, such as maintenance and training. Capitalization of software costs occurs only after the research stage is complete and after the development stage begins. The capitalized costs are amortized on a straight-line basis over the estimated useful lives of the software, ranging from 5 to 10 years. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Long-lived assets, such as property and equipment and intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized as the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The Company has evaluated and concluded that no triggering events occurred that would indicate potential impairment during the periods presented. | |
Income Taxes | Income Taxes |
The Company accounts for income taxes to recognize the amount of taxes payable or refundable for the current year and the amount of deferred tax assets and liabilities resulting from the future tax consequences of differences between the financial statements and tax basis of the respective assets and liabilities. The Company estimates and reserves for any material uncertain tax position that is unlikely to withstand an audit by the taxing authorities. These estimates are based on judgments made with currently available information. The Company reviews these estimates and makes changes to recorded amounts of any uncertain tax positions as facts and circumstances warrant. For additional information about income taxes, see Note 14. | |
Shipping Costs | Shipping Costs |
For all periods presented, amounts billed to customers related to shipping and handling are classified as revenue, and the Company's shipping and handling costs are included in operating costs. | |
Research and Development | Research and Development |
Research and development costs are expensed as incurred within general, selling, and administrative expenses. Such costs incurred during fiscal 2014 and 2013 were $0.2 million and $0.3 million, respectively. For fiscal 2012, research and development costs were less than $0.1 million. | |
Advertising Costs | Advertising Costs |
Advertising costs are expensed as incurred. Advertising expense was $0.6 million, $0.6 million, and $0.5 million for fiscal 2014, 2013, and 2012, respectively. | |
Share-based Compensation | Share-Based Compensation |
When a future restricted grant is approved, the Company evaluates the probability that the award will be granted, based on certain performance conditions. If the performance criteria are deemed probable, the Company accrues compensation expense related to these awards prior to the grant date. The Company accrues compensation expense based on the fair value of the performance awards at each reporting period when the performance criteria are deemed probable. Once the performance awards have been granted, the Company values the awards at fair value on the date of grant and amortizes the expense through the end of the vesting period, or requisite service period, on a straight-line basis. See Note 15 “Share-Based Compensation” for more details. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. | |
The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, notes payable, and term debt. As of January 3, 2015 and December 28, 2013, the carrying values of cash and cash equivalents, trade receivables, trade payables, and notes payable are considered to be representative of their respective fair values due to the short maturity of these instruments. Term debt is representative of its fair value due to the interest rates being applied. | |
Insurance and Self-Insurance Policy | Insurance and Self-Insurance Policy |
The Company purchases insurance providing financial protection from a range of risks; as of the end of fiscal 2014, the Company's insurance policies provided coverage for general liability, vehicle liability, and pollution liability, among other exposures. Each of these policies contains exclusions and limitations such that they would not cover all related exposures and each of these policies have maximum coverage limits and deductibles such that even in the event of an insured claim, the Company's net exposure could still have a material adverse effect on its financial results. | |
The Company is self-insured for certain healthcare benefits provided to its legacy HCC employees and fully insured for healthcare benefits provided to its legacy FCC employees. The liability for the self-insured benefits is limited by the purchase of stop-loss insurance. The stop-loss coverage provides payment for medical and prescription claims exceeding $130,000 per covered person, as well as an aggregate, cumulative claims cap for any given year. Accruals for losses are made based on the Company's claim experience and actuarial estimates based on historical data. Actual losses may differ from accrued amounts. At January 3, 2015 and December 28, 2013, the Company's liability for its self-insured benefits was $1.0 million and $0.8 million, respectively. Should actual losses exceed the amounts expected and the recorded liabilities be insufficient, additional expense will be recorded. Expenses incurred for healthcare benefits in fiscal 2014, 2013, and 2012 were $10.3 million, $6.2 million, and $6.0 million, respectively. | |
Goodwill | Goodwill |
Goodwill is measured as a residual amount as of the acquisition date, which in most cases results in measuring goodwill as an excess of the purchase consideration transferred plus the fair value of any noncontrolling interest in the acquiree over the fair value of the net assets acquired, including any contingent consideration. The Company tests goodwill for impairment annually in the fourth quarter and in interim periods if changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. The Company's determination of fair value requires certain assumptions and estimates, such as margin expectations, growth expectations, expected changes in working capital, etc., regarding future profitability and cash flows of acquired businesses and market conditions. In the fourth quarter of fiscal 2014, the Company tested goodwill for impairment on a quantitative basis and determined that the fair value of each reporting unit exceeded the carrying value of the assets, and therefore no impairment existed as of January 3, 2015. However, due to the inherent uncertainties associated with using these assumptions, impairment charges could occur in future periods. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016; early adoption is not permitted. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance. This update could impact the timing and amounts of revenue recognized. The Company is currently evaluating the effect that implementation of this update will have on its consolidated financial position and results of operations upon adoption. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have an impact on the Company’s consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Schedule of Goodwill | The change in the carrying amount of goodwill by segment from December 29, 2012 to January 3, 2015 is as follows (in thousands): | ||||||||||||
Oil Business | Environmental Services | Total | |||||||||||
Balance at December 29, 2012 | $ | 1,801 | $ | — | $ | 1,801 | |||||||
Mirachem Acquisition | — | 809 | 809 | ||||||||||
RFTI Acquisition | — | 3,027 | 3,027 | ||||||||||
RTI Acquisition | — | 1,917 | 1,917 | ||||||||||
ULNT/RS Acquisition | 2,100 | — | 2,100 | ||||||||||
Balance at December 28, 2013 | $ | 3,901 | $ | 5,753 | $ | 9,654 | |||||||
Sav-Tech Acquisition | — | 96 | 96 | ||||||||||
FCC Environmental Acquisition | 3,929 | 5,599 | 9,528 | ||||||||||
Purchase price adjustments for previous acquisitions | 50 | 14 | 64 | ||||||||||
Currency translation adjustments | — | (9 | ) | (9 | ) | ||||||||
Balance at January 3, 2015 | $ | 7,880 | $ | 11,453 | $ | 19,333 | |||||||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, net of cash acquired, related to each acquisition (in thousands): | |||||||||||||||||||||||
Fiscal 2013 | Fiscal 2014 | |||||||||||||||||||||||
Mirachem | RFTI | RTI | ULNT/RS | Sav-Tech(a) | FCC Environmental(a)(c) | |||||||||||||||||||
Accounts receivable | $ | — | $ | 348 | $ | 136 | $ | — | $ | 196 | $ | 22,020 | ||||||||||||
Inventory | 476 | 211 | 106 | 955 | 19 | 7,899 | ||||||||||||||||||
Other current assets | — | — | — | 101 | 7 | 6,778 | ||||||||||||||||||
Deferred taxes | — | — | — | — | — | 1,748 | ||||||||||||||||||
Property, plant, & equipment (b) | 218 | 1,283 | 793 | 1,540 | 691 | 51,708 | ||||||||||||||||||
Equipment at customers | — | — | — | — | — | 420 | ||||||||||||||||||
Intangible assets | 2,710 | 1,590 | 1,340 | 6,274 | 458 | 9,808 | ||||||||||||||||||
Goodwill | 809 | 3,027 | 1,917 | 2,100 | 96 | 9,528 | ||||||||||||||||||
Accounts payable | (139 | ) | (91 | ) | — | — | (81 | ) | (12,453 | ) | ||||||||||||||
Accrued salaries, wages, and benefits | — | — | — | — | — | (2,039 | ) | |||||||||||||||||
Taxes payable | — | — | — | — | — | (2,209 | ) | |||||||||||||||||
Other current liabilities | — | — | — | — | (36 | ) | (1,379 | ) | ||||||||||||||||
Capital lease obligations (b) | — | — | — | — | — | (5,918 | ) | |||||||||||||||||
Non-controlling interest | (834 | ) | — | — | — | — | — | |||||||||||||||||
Total purchase price, net of cash acquired | $ | 3,240 | $ | 6,368 | $ | 4,292 | $ | 10,970 | $ | 1,350 | $ | 85,911 | ||||||||||||
Less: common stock issued | — | (1,230 | ) | (1,001 | ) | — | (193 | ) | — | |||||||||||||||
Less: note issued | (835 | ) | — | (430 | ) | — | (203 | ) | — | |||||||||||||||
Working capital adjustment | — | (218 | ) | 9 | — | — | — | |||||||||||||||||
Net cash paid | $ | 2,405 | $ | 4,920 | $ | 2,870 | $ | 10,970 | $ | 954 | $ | 85,911 | ||||||||||||
_______________ | ||||||||||||||||||||||||
(a) The Company is continuing to evaluate the purchase price allocations. Preliminary purchase price allocations are tentative and subject to revision as the Company finalizes appraisals working capital adjustments, and other analyses. Final determination of the fair values may result in further adjustments to the values presented above. | ||||||||||||||||||||||||
(b) Subsequent to the closing date, the Company renewed the leases acquired from FCC Environmental, resulting in the classification of the leases as Operating leases under the new lease terms. The change in lease terms decreased both Property, plant, & equipment and Capital lease obligations by $5.9 million. | ||||||||||||||||||||||||
(c) According to the terms of the FCC Environmental purchase agreement, the Company is in the process with negotiating with the Seller for the final working capital adjustment. The result of these negotiations may result in a material change to the initial purchase price allocation. For further information, please see Item 3 - Legal Proceedings elsewhere in this document. | ||||||||||||||||||||||||
Business Acquisition, Pro Forma Information | The pro forma financial information in the table below presents the combined results of the Company as if the FCC Environmental acquisition that occurred in fiscal 2014 had occurred December 30, 2012 (in thousands, except per share data). The pro forma information is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transactions been in effect for the periods presented. Nor is it intended to represent or be indicative of actual results had the acquisition occurred as of the beginning of each period. Additionally, certain one-time transaction expenses that are a direct result of the acquisitions have been excluded from years ended January 3, 2015 and December 28, 2013. Included in the pro forma results for fiscal 2013 are impairment charges for goodwill and intangible assets at FCC Environmental of $80.6 million. For more information on the pro forma operating results for fiscal 2013, refer to the Company's form 8-K/A filed with the SEC on December 2, 2014. | |||||||||||||||||||||||
Fiscal Year Ended, | ||||||||||||||||||||||||
January 3, 2015 | 28-Dec-13 | |||||||||||||||||||||||
Total revenues | $ | 455,542 | $ | 445,617 | ||||||||||||||||||||
Net loss | (14,045 | ) | (51,998 | ) | ||||||||||||||||||||
Loss per share | $ | (0.75 | ) | $ | (2.85 | ) |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Schedule of Accounts Receivable | Accounts receivable consisted of the following (in thousands): | |||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Trade | $ | 49,407 | $ | 29,663 | ||||
Less: allowance for doubtful accounts | 3,927 | 1,121 | ||||||
Trade - net | 45,480 | 28,542 | ||||||
Related parties | 1,452 | 2,045 | ||||||
Other | 2,925 | 585 | ||||||
Total accounts receivable - net | $ | 49,857 | $ | 31,172 | ||||
The following table provides the changes in the Company’s allowance for doubtful accounts for the fiscal year ended January 3, 2015 and the fiscal year ended December 28, 2013 (in thousands): | ||||||||
Fiscal Year Ended, | ||||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Balance at beginning of period | $ | 1,121 | $ | 1,244 | ||||
Balance acquired from FCC Environmental | 2,353 | — | ||||||
Provision for bad debts | 1,053 | 444 | ||||||
Accounts written off, net of recoveries | (600 | ) | (567 | ) | ||||
Balance at end of period | $ | 3,927 | $ | 1,121 | ||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory | The following table provides the changes in the Company's machine refurbishing reserve related to inventory for fiscal years 2014 and 2013 (in thousands): | |||||||
Fiscal Year Ended, | ||||||||
January 3, 2015 | December 28, 2013 | |||||||
Balance at beginning of period | $ | 217 | $ | 241 | ||||
Net change in reserve | 29 | (24 | ) | |||||
Balance at end of period | $ | 246 | $ | 217 | ||||
The carrying value of inventory consisted of the following (in thousands): | ||||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Used oil and processed oil | $ | 14,153 | $ | 12,112 | ||||
Solvents and solutions | 8,859 | 8,235 | ||||||
Machines | 3,659 | 2,934 | ||||||
Drums and supplies | 2,756 | 2,629 | ||||||
Other | 1,617 | 1,614 | ||||||
Total inventory | 31,044 | 27,524 | ||||||
Less: Machine refurbishing reserve | 246 | 217 | ||||||
Total inventory - net | $ | 30,798 | $ | 27,307 | ||||
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of Property, Plant, and Equipment | Property, plant, and equipment consisted of the following (in thousands): | |||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Buildings and storage tanks (a) | $ | 70,375 | $ | 53,106 | ||||
Machinery, vehicles, and equipment (a) | 52,200 | 33,738 | ||||||
Land (a) | 12,576 | 835 | ||||||
Leasehold improvements (a) | 5,842 | 2,875 | ||||||
Construction in progress | 18,822 | 11,047 | ||||||
Total property, plant, and equipment | 159,815 | 101,601 | ||||||
Less: accumulated depreciation | (22,678 | ) | (16,485 | ) | ||||
Property, plant, and equipment - net | $ | 137,137 | $ | 85,116 | ||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Equipment at customers | $ | 53,781 | $ | 47,078 | ||||
Less: accumulated depreciation | (31,742 | ) | (27,720 | ) | ||||
Equipment at customers - net | $ | 22,039 | $ | 19,358 | ||||
_______________ | ||||||||
(a) Fiscal 2014 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. |
Software_and_Other_Intangible_1
Software and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | Following is a summary of software and other intangible assets (in thousands): | |||||||||||||||||||||||
3-Jan-15 | 28-Dec-13 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Customer & supplier relationships(a) | $ | 20,361 | $ | 2,007 | $ | 18,354 | $ | 10,489 | $ | 826 | $ | 9,663 | ||||||||||||
Non-compete agreements | 2,973 | 1,221 | 1,752 | 2,794 | 713 | 2,081 | ||||||||||||||||||
Software | 5,199 | 3,074 | 2,125 | 4,799 | 2,815 | 1,984 | ||||||||||||||||||
Patents, formulae, and licenses | 1,829 | 443 | 1,386 | 1,825 | 370 | 1,455 | ||||||||||||||||||
Other(a) | 1,406 | 248 | 1,158 | 1,008 | 137 | 871 | ||||||||||||||||||
Total software and intangible assets | $ | 31,768 | $ | 6,993 | $ | 24,775 | $ | 20,915 | $ | 4,861 | $ | 16,054 | ||||||||||||
_______________ | ||||||||||||||||||||||||
(a) Fiscal 2014 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. |
Accounts_Payable_Tables
Accounts Payable (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accounts Payable | Accounts payable consisted of the following (in thousands): | |||||||
January 3, | December 28, | |||||||
2015 | 2013 | |||||||
Accounts payable | $ | 32,014 | $ | 17,908 | ||||
Accounts payable - related parties | 452 | 383 | ||||||
Total accounts payable | $ | 32,466 | $ | 18,291 | ||||
Debt_and_Financing_Arrangement
Debt and Financing Arrangements (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Maturities of Long-term Debt | The aggregate contractual annual maturities for debt as of January 3, 2015 are as follows (in thousands): | ||||||||||||
Fiscal Year: | Notes Payable | Term Loan | Total | ||||||||||
2015 | $ | 265 | $ | 4,994 | $ | 5,259 | |||||||
2016 | 40 | 6,659 | 6,699 | ||||||||||
2017 | — | 7,048 | 7,048 | ||||||||||
2018 | — | 60,147 | 60,147 | ||||||||||
2019 | — | — | — | ||||||||||
Thereafter | — | — | — | ||||||||||
Total debt | $ | 305 | $ | 78,848 | $ | 79,153 | |||||||
Related_Party_and_Affiliated_T1
Related Party and Affiliated Transactions (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||
Schedule of Related Party Transactions | During fiscal 2014, 2013, and 2012, the Company had transactions with the Heritage Group affiliates and other related parties. The following table sets forth related-party transactions (in thousands): | ||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | |||||||||||||||||||||||
Revenues | Expenses | Revenues | Expenses | Revenues | Expenses | ||||||||||||||||||||
Heritage Group affiliates | $ | 10,598 | $ | 3,325 | $ | 10,421 | $ | 3,474 | $ | 7,662 | $ | 4,876 | |||||||||||||
Other related parties / affiliates | 6,968 | 4,863 | 4,875 | 4,633 | 5,829 | 3,926 | |||||||||||||||||||
Total | $ | 17,566 | $ | 8,188 | $ | 15,296 | $ | 8,107 | $ | 13,491 | $ | 8,802 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Operating segment results for the fiscal years ended January 3, 2015, December 28, 2013, and December 29, 2012 were as follows (in thousands): | |||||||||||||||||
For the Fiscal Years Ended, | ||||||||||||||||||
3-Jan-15 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 19,398 | $ | 140,681 | $ | — | $ | 160,079 | ||||||||||
Service revenues | 170,333 | 8,640 | 178,973 | |||||||||||||||
Total revenues | $ | 189,731 | $ | 149,321 | $ | — | $ | 339,052 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 136,226 | 154,396 | — | 290,622 | ||||||||||||||
Operating depreciation and amortization | 5,885 | 4,915 | — | 10,800 | ||||||||||||||
Profit (loss) before corporate selling, general, and administrative expenses | $ | 47,620 | $ | (9,990 | ) | $ | — | $ | 37,630 | |||||||||
Selling, general, and administrative expenses | 45,646 | 45,646 | ||||||||||||||||
Depreciation and amortization from SG&A | 2,077 | 2,077 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 47,723 | $ | 47,723 | ||||||||||||||
Other income - net | (434 | ) | (434 | ) | ||||||||||||||
Operating loss | (9,659 | ) | ||||||||||||||||
Interest expense - net | 689 | 689 | ||||||||||||||||
Loss before income taxes | $ | (10,348 | ) | |||||||||||||||
28-Dec-13 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 14,449 | $ | 117,960 | $ | — | $ | 132,409 | ||||||||||
Service revenues | 142,833 | 7,894 | 150,727 | |||||||||||||||
Total revenues | $ | 157,282 | $ | 125,854 | $ | — | $ | 283,136 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 110,459 | 124,179 | — | 234,638 | ||||||||||||||
Operating depreciation and amortization | 4,937 | 3,364 | — | 8,301 | ||||||||||||||
Profit (loss) before corporate selling, general, and administrative expenses | $ | 41,886 | $ | (1,689 | ) | $ | — | $ | 40,197 | |||||||||
Selling, general, and administrative expenses | 30,274 | 30,274 | ||||||||||||||||
Depreciation and amortization from SG&A | 1,223 | 1,223 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 31,497 | $ | 31,497 | ||||||||||||||
Other expense - net | 210 | 210 | ||||||||||||||||
Operating income | 8,490 | |||||||||||||||||
Interest expense - net | 417 | 417 | ||||||||||||||||
Income before income taxes | $ | 8,073 | ||||||||||||||||
29-Dec-12 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 11,025 | $ | 108,445 | $ | — | $ | 119,470 | ||||||||||
Service revenues | 128,129 | 4,892 | 133,021 | |||||||||||||||
Total revenues | $ | 139,154 | $ | 113,337 | $ | — | $ | 252,491 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 104,994 | 108,574 | — | 213,568 | ||||||||||||||
Operating depreciation and amortization | 4,615 | 2,894 | — | 7,509 | ||||||||||||||
Profit before corporate selling, general, and administrative expenses | $ | 29,545 | $ | 1,869 | $ | — | $ | 31,414 | ||||||||||
Selling, general, and administrative expenses | 26,194 | 26,194 | ||||||||||||||||
Depreciation and amortization from SG&A | 632 | 632 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 26,826 | $ | 26,826 | ||||||||||||||
Other expense - net | 6 | 6 | ||||||||||||||||
Operating income | 4,582 | |||||||||||||||||
Interest expense - net | 585 | 585 | ||||||||||||||||
Income before income taxes | $ | 3,997 | ||||||||||||||||
Reconciliation of Assets from Segment to Consolidated | Total assets by segment as of January 3, 2015 and December 28, 2013 were as follows (in thousands): | |||||||||||||||||
January 3, 2015 | December 28, 2013 | |||||||||||||||||
Total Assets(a): | ||||||||||||||||||
Environmental Services | $ | 113,518 | $ | 80,451 | ||||||||||||||
Oil Business | 158,577 | 110,040 | ||||||||||||||||
Unallocated Corporate Assets | 47,724 | 25,467 | ||||||||||||||||
Total | $ | 319,819 | $ | 215,958 | ||||||||||||||
_______________ | ||||||||||||||||||
(a) Fiscal 2014 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. | ||||||||||||||||||
Capital Expenditures by Segment | Total capital expenditures, including business acquisitions net of cash acquired, by segment for fiscal 2014, 2013, and 2012 were as follows (in thousands): | |||||||||||||||||
For the Fiscal Year Ended, | ||||||||||||||||||
January 3, 2015 | 28-Dec-13 | 29-Dec-12 | ||||||||||||||||
Total Capital Expenditures: | ||||||||||||||||||
Environmental Services | $ | 45,031 | $ | 18,882 | $ | 5,924 | ||||||||||||
Oil Business | 61,056 | 20,549 | 15,225 | |||||||||||||||
Unallocated Corporate Assets | 1,018 | 138 | 1,907 | |||||||||||||||
Total | $ | 107,105 | $ | 39,569 | $ | 23,056 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under noncancelable operating leases as of January 3, 2015 are as follows (in thousands): | |||
Fiscal year: | ||||
2015 | $ | 19,470 | ||
2016 | 16,206 | |||
2017 | 14,656 | |||
2018 | 13,154 | |||
2019 | 9,486 | |||
Thereafter | 11,531 | |||
Total | $ | 84,503 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Components of the Company's income tax benefit and provision consist of the following for fiscal years 2014, 2013, and 2012 (in thousands): | ||||||||||||
For the Fiscal Years Ended, | |||||||||||||
3-Jan-15 | 28-Dec-13 | 29-Dec-12 | |||||||||||
Current: | |||||||||||||
Federal | $ | (44 | ) | $ | 21 | $ | 127 | ||||||
State | 112 | 171 | 338 | ||||||||||
Total current | $ | 68 | $ | 192 | $ | 465 | |||||||
Deferred: | |||||||||||||
Federal | $ | (2,653 | ) | $ | 2,679 | $ | 1,443 | ||||||
State | (894 | ) | 557 | (165 | ) | ||||||||
Foreign | (4 | ) | — | — | |||||||||
Total deferred | $ | (3,551 | ) | $ | 3,236 | $ | 1,278 | ||||||
Income tax (benefit) provision | $ | (3,483 | ) | $ | 3,428 | $ | 1,743 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the expected income tax (benefit) expense at the statutory federal rate to the Company's actual income tax (benefit) expense is as follows (in thousands): | ||||||||||||
For the Fiscal Years Ended, | |||||||||||||
January 3, 2015 | 28-Dec-13 | ||||||||||||
Tax (benefit) expense at statutory federal rate | $ | (3,518 | ) | $ | 2,745 | ||||||||
State and local tax, net of federal (benefit) expense | (476 | ) | 508 | ||||||||||
Shortfalls from share-based compensation | 145 | 70 | |||||||||||
Nondeductible transaction costs | 157 | — | |||||||||||
Other | 209 | 105 | |||||||||||
Total income tax (benefit) provision | $ | (3,483 | ) | $ | 3,428 | ||||||||
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets (liabilities) are as follows (in thousands): | ||||||||||||
As of, | |||||||||||||
January 3, 2015 | 28-Dec-13 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforward | $ | 14,109 | $ | 12,073 | |||||||||
Stock compensation | 1,099 | 1,573 | |||||||||||
Tax intangible assets | 1,202 | 1,355 | |||||||||||
Reserves and accruals | 1,855 | 1,202 | |||||||||||
Income tax credits | 796 | 706 | |||||||||||
Allowance for doubtful accounts | 1,548 | 463 | |||||||||||
Total deferred tax asset | $ | 20,609 | $ | 17,372 | |||||||||
Deferred tax liabilities: | |||||||||||||
Prepaids | $ | (849 | ) | $ | (602 | ) | |||||||
Depreciation and amortization | (22,695 | ) | (25,004 | ) | |||||||||
Total deferred tax liability | (23,544 | ) | (25,606 | ) | |||||||||
Net deferred tax liability | $ | (2,935 | ) | $ | (8,234 | ) | |||||||
Net current deferred tax asset | 2,549 | 1,004 | |||||||||||
Net non-current deferred tax liability | (5,484 | ) | (9,238 | ) | |||||||||
Net deferred tax liability | $ | (2,935 | ) | $ | (8,234 | ) | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the movement in unrecognized tax benefits (in thousands): | ||||||||||||
For the Fiscal Years Ended, | |||||||||||||
3-Jan-15 | 28-Dec-13 | ||||||||||||
Gross Unrecognized Tax Benefits: | |||||||||||||
Beginning Balance | $ | 273 | $ | 194 | |||||||||
Additions based on current year's tax positions | 1,649 | 30 | |||||||||||
Net changes based on prior year's tax positions | 10 | 49 | |||||||||||
Ending Balance | $ | 1,932 | $ | 273 | |||||||||
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under this Plan is as follows: | ||||||||||||
Stock Options | Number of | Weighted Average | Weighted Average | Aggregate | |||||||||
Options | Exercise Price | Remaining | Intrinsic Value as of Date Listed | ||||||||||
Outstanding | Contractual Term | (in thousands) | |||||||||||
(in years) | |||||||||||||
Options outstanding at December 29, 2012 | 629,048 | $ | 10.76 | 5.4 | $ | 2,607 | |||||||
Exercised | (49,434 | ) | 8.06 | ||||||||||
Options outstanding at December 28, 2013 | 579,614 | $ | 10.98 | 4.35 | $ | 5,133 | |||||||
Exercised | (45,186 | ) | 11.21 | ||||||||||
Options outstanding at January 3, 2015 | 534,428 | $ | 10.97 | 3.33 | $ | 708 | |||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes information about restricted stock awards for the periods ended December 28, 2013 and January 3, 2015: | ||||||||||||
Restricted Stock (Nonvested Shares) | Number of Shares | Weighted Average Grant-Date Fair Value Per Share | |||||||||||
Nonvested shares outstanding at December 29, 2012 | 141,269 | $ | 17.11 | ||||||||||
Granted | 28,666 | 15.26 | |||||||||||
Vested | (69,782 | ) | 16.55 | ||||||||||
Forfeited | (101 | ) | 16.53 | ||||||||||
Nonvested shares outstanding at December 28, 2013 | 100,052 | $ | 16.97 | ||||||||||
Granted | 149,879 | 16.59 | |||||||||||
Vested | (144,072 | ) | 16.88 | ||||||||||
Nonvested shares outstanding at January 3, 2015 | 105,859 | $ | 16.56 | ||||||||||
Employee_Separation_Actions_Ta
Employee Separation Actions (Tables) | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Restructuring and Related Activities [Abstract] | ||||
Summary of Severance Activity | The following table summarizes the severance activity recorded in Accrued salaries, wages, and benefits (in thousands): | |||
For the Fiscal Year Ended January 3, 2015 | ||||
Beginning balance | $ | — | ||
Severance expense | 2,010 | |||
Payments | — | |||
Ending balance | $ | 2,010 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the number of shares outstanding for fiscal 2014, 2013, and 2012 respectively, to the number of weighted average basic shares outstanding and the number of weighted average diluted shares outstanding for the purposes of calculating basic and diluted earnings per share (in thousands, except per share data): | |||||||||||
For the Fiscal Years Ended, | ||||||||||||
January 3, 2015 | December 28, 2013 | 29-Dec-12 | ||||||||||
Net (loss) income | $ | (6,865 | ) | $ | 4,645 | $ | 2,254 | |||||
Less: Income attributable to noncontrolling interest | 143 | 100 | — | |||||||||
Net (loss) income attributable to Heritage-Crystal Clean, Inc. common stockholders | $ | (7,008 | ) | $ | 4,545 | $ | 2,254 | |||||
Weighted average basic shares outstanding | 18,604 | 18,224 | 16,921 | |||||||||
Dilutive shares for share–based compensation plans | — | 328 | 442 | |||||||||
Weighted average diluted shares outstanding | 18,604 | 18,552 | 17,363 | |||||||||
Number of anti–dilutive potentially issuable shares excluded from diluted shares outstanding | 338 | — | — | |||||||||
Net (loss) income per share: basic | $ | (0.38 | ) | $ | 0.25 | $ | 0.13 | |||||
Net (loss) income per share: diluted | $ | (0.38 | ) | $ | 0.24 | $ | 0.13 | |||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | |||||||||||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | ||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter (a) | Quarter | Quarter | Quarter | Quarter (b) | ||||||||||||||||||||||||||
(In thousands except per share data) | |||||||||||||||||||||||||||||||||
STATEMENT OF | |||||||||||||||||||||||||||||||||
OPERATIONS DATA: | |||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||
Product revenues | $ | 29,303 | $ | 38,614 | $ | 38,532 | $ | 53,630 | $ | 26,558 | $ | 28,906 | $ | 32,302 | $ | 44,643 | |||||||||||||||||
Service revenues | 36,662 | 39,467 | 39,384 | 63,460 | 33,449 | 34,644 | 35,301 | 47,333 | |||||||||||||||||||||||||
Total Revenues | $ | 65,965 | $ | 78,081 | $ | 77,916 | $ | 117,090 | $ | 60,007 | $ | 63,550 | $ | 67,603 | $ | 91,976 | |||||||||||||||||
Operating expenses - | |||||||||||||||||||||||||||||||||
Operating Costs | $ | 57,365 | $ | 63,525 | $ | 62,588 | $ | 107,144 | $ | 52,286 | $ | 52,201 | $ | 55,698 | $ | 74,453 | |||||||||||||||||
Selling, general, and administrative expenses | 8,843 | 8,306 | 8,183 | 20,314 | 6,591 | 7,049 | 7,051 | 9,583 | |||||||||||||||||||||||||
Depreciation and amortization | 2,626 | 2,692 | 2,593 | 4,966 | 1,859 | 2,163 | 2,224 | 3,278 | |||||||||||||||||||||||||
Other expense (income) | (51 | ) | 236 | 172 | (791 | ) | (8 | ) | 101 | 138 | (21 | ) | |||||||||||||||||||||
Operating income (loss) | (2,818 | ) | 3,322 | 4,380 | (14,543 | ) | (721 | ) | 2,036 | 2,492 | 4,683 | ||||||||||||||||||||||
Interest expense – net | 53 | 33 | 24 | 579 | 106 | 107 | 97 | 107 | |||||||||||||||||||||||||
Income (loss) before income taxes | $ | (2,871 | ) | $ | 3,289 | $ | 4,356 | $ | (15,122 | ) | $ | (827 | ) | $ | 1,929 | $ | 2,395 | $ | 4,576 | ||||||||||||||
Provision for (benefit of) income taxes | (1,235 | ) | 1,304 | 1,942 | (5,494 | ) | (407 | ) | 872 | 1,061 | 1,902 | ||||||||||||||||||||||
Net income (loss) | (1,636 | ) | 1,985 | 2,414 | (9,628 | ) | (420 | ) | 1,057 | 1,334 | 2,674 | ||||||||||||||||||||||
Less: Income attributable to noncontrolling interest | 23 | 56 | 3 | 61 | 20 | 26 | 26 | 28 | |||||||||||||||||||||||||
Net income (loss) attributable to Heritage-Crystal Clean, Inc. common stockholders | $ | (1,659 | ) | $ | 1,929 | $ | 2,411 | $ | (9,689 | ) | $ | (440 | ) | $ | 1,031 | $ | 1,308 | $ | 2,646 | ||||||||||||||
Net income (loss) per share: basic | (0.09 | ) | 0.1 | 0.13 | (0.51 | ) | (0.02 | ) | 0.06 | 0.07 | 0.15 | ||||||||||||||||||||||
Net income (loss) per share: diluted | (0.09 | ) | 0.1 | 0.13 | (0.51 | ) | (0.02 | ) | 0.06 | 0.07 | 0.14 | ||||||||||||||||||||||
Number of weighted average | 18,402 | 18,423 | 18,446 | 18,985 | 18,113 | 18,138 | 18,272 | 18,335 | |||||||||||||||||||||||||
shares outstanding: basic | |||||||||||||||||||||||||||||||||
Number of weighted average | 18,402 | 18,781 | 18,810 | 18,985 | 18,113 | 18,456 | 18,585 | 18,677 | |||||||||||||||||||||||||
shares outstanding: diluted | |||||||||||||||||||||||||||||||||
OTHER OPERATING DATA: | |||||||||||||||||||||||||||||||||
Average revenues per working day - Environmental Services | $ | 660 | $ | 705 | $ | 720 | $ | 840 | $ | 580 | $ | 600 | $ | 625 | $ | 650 | |||||||||||||||||
____________ | |||||||||||||||||||||||||||||||||
(a) | Reflects a seventeen week quarter. | ||||||||||||||||||||||||||||||||
(b) | Reflects a sixteen week quarter. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Useful Lives) (Details) | 12 Months Ended |
Jan. 03, 2015 | |
Buildings an Storage Tanks [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 10 years |
Buildings an Storage Tanks [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 39 years |
Machinery, Vehicles and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 3 years |
Machinery, Vehicles and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 25 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 5 years |
Equipment at Customers [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 7 years |
Equipment at Customers [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 15 years |
Software and Software Development Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Software, estimated useful life | 10 years |
Software and Software Development Costs [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Software, estimated useful life | 5 years |
Software and Software Development Costs [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Software, estimated useful life | 10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||||||||||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2012 | Jun. 26, 2013 | Jul. 19, 2013 | Nov. 01, 2013 | 14-May-14 | Oct. 16, 2014 | |||
Accounting Policies [Abstract] | |||||||||||
Non-cash inventory impairment | $6,112,000 | $0 | $0 | ||||||||
Restricted cash | 5,200,000 | ||||||||||
Capitalized interest | 363,000 | 143,000 | 104,000 | ||||||||
Research and development expense | 200,000 | 300,000 | 100,000 | ||||||||
Advertising expense | 600,000 | 600,000 | 500,000 | ||||||||
Self Insurance Stop Loss Limit | 130,000 | ||||||||||
Self Insurance Reserve | 1,000,000 | 800,000 | |||||||||
Policyholder Benefits and Claims Incurred, Net | 10,300,000 | 6,200,000 | 6,000,000 | ||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning | 9,654,000 | 1,801,000 | |||||||||
Purchase price adjustments for previous acquisitions | 64,000 | ||||||||||
Currency translation adjustments | -9,000 | ||||||||||
Goodwill, ending | 19,333,000 | 9,654,000 | 1,801,000 | ||||||||
Oil Business Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning | 3,901,000 | ||||||||||
Purchase price adjustments for previous acquisitions | 50,000 | ||||||||||
Currency translation adjustments | 0 | ||||||||||
Goodwill, ending | 7,880,000 | 1,801,000 | |||||||||
Environmental Services Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning | 5,753,000 | ||||||||||
Purchase price adjustments for previous acquisitions | 14,000 | ||||||||||
Currency translation adjustments | -9,000 | ||||||||||
Goodwill, ending | 11,453,000 | 0 | |||||||||
Mirachem Acquisition [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning | 809,000 | ||||||||||
Goodwill, acquired during period | 809,000 | ||||||||||
Goodwill, ending | 809,000 | ||||||||||
Mirachem Acquisition [Member] | Oil Business Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | 0 | ||||||||||
Mirachem Acquisition [Member] | Environmental Services Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | 809,000 | ||||||||||
RFTI [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning | 3,027,000 | ||||||||||
Goodwill, acquired during period | 3,027,000 | ||||||||||
Goodwill, ending | 3,027,000 | ||||||||||
RFTI [Member] | Oil Business Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | 0 | ||||||||||
RFTI [Member] | Environmental Services Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | 3,027,000 | ||||||||||
RTI [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning | 1,917,000 | ||||||||||
Goodwill, acquired during period | 1,917,000 | ||||||||||
Goodwill, ending | 1,917,000 | ||||||||||
RTI [Member] | Oil Business Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | 0 | ||||||||||
RTI [Member] | Environmental Services Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | 1,917,000 | ||||||||||
UL-NT/RS [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning | 2,100,000 | ||||||||||
Goodwill, acquired during period | 2,100,000 | ||||||||||
Goodwill, ending | 2,100,000 | ||||||||||
UL-NT/RS [Member] | Oil Business Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | 2,100,000 | ||||||||||
UL-NT/RS [Member] | Environmental Services Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | 0 | ||||||||||
Sav-Tech [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning | 96,000 | [1] | |||||||||
Goodwill, acquired during period | 96,000 | ||||||||||
Goodwill, ending | 96,000 | [1] | |||||||||
Sav-Tech [Member] | Oil Business Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | 0 | ||||||||||
Sav-Tech [Member] | Environmental Services Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | 96,000 | ||||||||||
FCC Environmental [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, beginning | 9,528,000 | [1],[2] | |||||||||
Goodwill, acquired during period | 9,528,000 | ||||||||||
Goodwill, ending | 9,528,000 | [1],[2] | |||||||||
FCC Environmental [Member] | Oil Business Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | 3,929,000 | ||||||||||
FCC Environmental [Member] | Environmental Services Segment [Member] | |||||||||||
Goodwill [Roll Forward] | |||||||||||
Goodwill, acquired during period | $5,599,000 | ||||||||||
[1] | The Company is continuing to evaluate the purchase price allocations. Preliminary purchase price allocations are tentative and subject to revision as the Company finalizes appraisals working capital adjustments, and other analyses. Final determination of the fair values may result in further adjustments to the values presented above. | ||||||||||
[2] | According to the terms of the FCC Environmental purchase agreement, the Company is in the process with negotiating with the Seller for the final working capital adjustment. The result of these negotiations may result in a material change to the initial purchase price allocation. For further information, please see Item 3 - Legal Proceedings elsewhere in this document. |
Business_Combination_Details
Business Combination (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2012 | Jun. 26, 2013 | Jul. 19, 2013 | 14-May-14 | Oct. 16, 2014 | Nov. 01, 2013 | |||
Business Acquisition [Line Items] | |||||||||||
Note payable | ($79,153,000) | ||||||||||
Issuance of common stock - acquisition | 193,000 | 2,231,000 | 0 | ||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed | |||||||||||
Other current assets | 11,776,000 | 3,661,000 | |||||||||
Goodwill | 19,333,000 | 9,654,000 | 1,801,000 | ||||||||
Revenue from acquisition | 5,200,000 | ||||||||||
Pre-tax income from acquisition | 400,000 | ||||||||||
Acquisition costs | 4,500,000 | 300,000 | |||||||||
Unaudited Pro Forma Information [Abstract] | |||||||||||
Total Revenues | 455,542,000 | 445,617,000 | |||||||||
Net loss | -14,045,000 | -51,998,000 | |||||||||
Earnings Per Share [Abstract] | |||||||||||
Basic loss per share | ($0.75) | ($2.85) | |||||||||
Mirachem Acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash paid for acquisition | 2,500,000 | ||||||||||
Note payable | -835,000 | ||||||||||
Ownership by noncontrolling owners, percent | 20.00% | ||||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed | |||||||||||
Inventory | 476,000 | ||||||||||
Property, plant, & equipment (b) | 218,000 | ||||||||||
Intangible assets | 2,710,000 | ||||||||||
Goodwill | 809,000 | ||||||||||
Accounts payable | -139,000 | ||||||||||
Non-controlling interest | -834,000 | ||||||||||
Total purchase price, net of cash acquired | 3,240,000 | ||||||||||
Net cash paid | 2,405,000 | ||||||||||
RFTI [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Increase (Decrease) to Working Capital | -218,000 | ||||||||||
Equity interest, shares | 82,000 | ||||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed | |||||||||||
Accounts receivable | 348,000 | ||||||||||
Inventory | 211,000 | ||||||||||
Property, plant, & equipment (b) | 1,283,000 | ||||||||||
Intangible assets | 1,590,000 | ||||||||||
Goodwill | 3,027,000 | ||||||||||
Accounts payable | -91,000 | ||||||||||
Total purchase price, net of cash acquired | 6,368,000 | ||||||||||
Less: common stock issued | -1,230,000 | ||||||||||
Net cash paid | 4,920,000 | ||||||||||
RTI [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Note payable | -430,000 | ||||||||||
Increase (Decrease) to Working Capital | 9,000 | ||||||||||
Equity interest, shares | 69,322 | ||||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed | |||||||||||
Accounts receivable | 136,000 | ||||||||||
Inventory | 106,000 | ||||||||||
Property, plant, & equipment (b) | 793,000 | ||||||||||
Intangible assets | 1,340,000 | ||||||||||
Goodwill | 1,917,000 | ||||||||||
Total purchase price, net of cash acquired | 4,292,000 | ||||||||||
Less: common stock issued | -1,001,000 | ||||||||||
Net cash paid | 2,870,000 | ||||||||||
UL-NT/RS [Member] | |||||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed | |||||||||||
Inventory | 955,000 | ||||||||||
Other current assets | 101,000 | ||||||||||
Property, plant, & equipment (b) | 1,540,000 | ||||||||||
Intangible assets | 6,274,000 | ||||||||||
Goodwill | 2,100,000 | ||||||||||
Total purchase price, net of cash acquired | 10,970,000 | ||||||||||
Net cash paid | 10,970,000 | ||||||||||
Sav-Tech [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash paid for acquisition | 1,000,000 | ||||||||||
Note payable | -203,000 | [1] | |||||||||
Issuance of common stock - acquisition | 200,000 | ||||||||||
Issuance of common stock b acquisitions, shares | 12,005 | ||||||||||
Increase (Decrease) to Working Capital | 0 | [1] | |||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed | |||||||||||
Accounts receivable | 196,000 | [1] | |||||||||
Inventory | 19,000 | [1] | |||||||||
Other current assets | 7,000 | [1] | |||||||||
Property, plant, & equipment (b) | 691,000 | [1] | |||||||||
Intangible assets | 458,000 | [1] | |||||||||
Goodwill | 96,000 | [1] | |||||||||
Accounts payable | -81,000 | [1] | |||||||||
Other current liabilities | -36,000 | [1] | |||||||||
Total purchase price, net of cash acquired | 1,350,000 | [1] | |||||||||
Less: common stock issued | -193,000 | [1] | |||||||||
Net cash paid | 954,000 | [1] | |||||||||
FCC Environmental [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of facilities | 34 | ||||||||||
Purchase price subject to adjustments | 90,000,000 | ||||||||||
Cash paid for acquisition | 88,800,000 | ||||||||||
Estimated Fair Value of Assets Acquired and Liabilities Assumed | |||||||||||
Accounts receivable | 22,020,000 | [1],[2] | |||||||||
Inventory | 7,899,000 | [1],[2] | |||||||||
Other current assets | 6,778,000 | [1],[2] | |||||||||
Deferred taxes | 1,748,000 | [1],[2] | |||||||||
Property, plant, & equipment (b) | 51,708,000 | [1],[2],[3] | |||||||||
Equipment at customers | 420,000 | [1],[2] | |||||||||
Intangible assets | 9,808,000 | [1],[2] | |||||||||
Goodwill | 9,528,000 | [1],[2] | |||||||||
Accounts payable | -12,453,000 | [1],[2] | |||||||||
Accrued salaries, wages, and benefits | -2,039,000 | [1],[2] | |||||||||
Taxes payable | -2,209,000 | [1],[2] | |||||||||
Other current liabilities | -1,379,000 | [1],[2] | |||||||||
Capital lease obligations | -5,918,000 | [1],[2],[3] | |||||||||
Total purchase price, net of cash acquired | 85,911,000 | [1],[2] | |||||||||
Net cash paid | 85,911,000 | [1],[2] | |||||||||
Revenue from acquisition | 19,500,000 | ||||||||||
Pre-tax income from acquisition | -7,300,000 | ||||||||||
Acquisition costs | 4,500,000 | ||||||||||
Unaudited Pro Forma Information [Abstract] | |||||||||||
Impairment charges for goodwill and intangible assets | $80,600,000 | ||||||||||
Notes Payable, Other Payables [Member] | Mirachem Acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Note payable, term | 2 years | ||||||||||
[1] | The Company is continuing to evaluate the purchase price allocations. Preliminary purchase price allocations are tentative and subject to revision as the Company finalizes appraisals working capital adjustments, and other analyses. Final determination of the fair values may result in further adjustments to the values presented above. | ||||||||||
[2] | According to the terms of the FCC Environmental purchase agreement, the Company is in the process with negotiating with the Seller for the final working capital adjustment. The result of these negotiations may result in a material change to the initial purchase price allocation. For further information, please see Item 3 - Legal Proceedings elsewhere in this document. | ||||||||||
[3] | Subsequent to the closing date, the Company renewed the leases acquired from FCC Environmental, resulting in the classification of the leases as Operating leases under the new lease terms. The change in lease terms decreased both Property, plant, & equipment and Capital lease obligations by $5.9 million. |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Accounts Receivable [Abstract] | |||
Trade | $49,407 | $29,663 | |
Less allowance for doubtful accounts | 3,927 | 1,121 | 1,244 |
Trade - net | 45,480 | 28,542 | |
Related parties | 1,452 | 2,045 | |
Other | 2,925 | 585 | |
Accounts receivable - net | $49,857 | $31,172 |
Accounts_Receivable_Rollforwar
Accounts Receivable (Rollforward of Allowance) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning pf period | $1,121 | $1,244 | |
Balance acquired from FCC Environmental | 2,353 | 0 | |
Provision for bad debts | 1,053 | 444 | 1,122 |
Accounts written off, net of recoveries | -600 | -567 | |
Balance at end of period | $3,927 | $1,121 | $1,244 |
Inventory_Details
Inventory (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Inventory Disclosure [Abstract] | |||
Used oil and processed oil | $14,153 | $12,112 | |
Solvents and solutions | 8,859 | 8,235 | |
Machines | 3,659 | 2,934 | |
Drums and supplies | 2,756 | 2,629 | |
Other | 1,617 | 1,614 | |
Total inventory | 31,044 | 27,524 | |
Less: Machine refurbishing reserve | 246 | 217 | 241 |
Inventory - net | 30,798 | 27,307 | |
Inventory impairment charge | $6,112 | $0 | $0 |
Inventory_Reserve_Details
Inventory (Reserve) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Inventory Reserve [Roll Forward] | ||
Balance at beginning of period | $217 | $241 |
Net change in reserve | 29 | -24 |
Balance at end of period | $246 | $217 |
Property_Plant_and_Equipment_D
Property, Plant, and Equipment (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Abstract] | |||
Buildings and storage tanks | $70,375 | [1] | $53,106 |
Machinery, vehicles, and equipment | 52,200 | [1] | 33,738 |
Land | 12,576 | 835 | |
Leasehold improvements | 5,842 | [1] | 2,875 |
Construction in progress | 18,822 | 11,047 | |
Total property, plant, and equipment | 159,815 | 101,601 | |
Less: accumulated depreciation | -22,678 | -16,485 | |
Property, plant and equipment - net | 137,137 | 85,116 | |
Equipment at customers | 53,781 | 47,078 | |
Less: accumulated depreciation | -31,742 | -27,720 | |
Equipment at customers - net | $22,039 | $19,358 | |
[1] | Fiscal 2014 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. |
Software_and_Other_Intangible_2
Software and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $31,768,000 | $20,915,000 | |||
Accumulated Amortization | 6,993,000 | 4,861,000 | |||
Net Carrying Amount | 24,775,000 | 16,054,000 | |||
Amortization expense | 2,100,000 | 1,100,000 | 700,000 | ||
Expected Future Amortization [Abstract] | |||||
2015 | 3,000,000 | ||||
2016 | 2,800,000 | ||||
2017 | 2,700,000 | ||||
2018 | 2,500,000 | ||||
2019 | 2,200,000 | ||||
Customer & supplier relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 20,361,000 | [1] | 10,489,000 | [1] | |
Accumulated Amortization | 2,007,000 | [1] | 826,000 | [1] | |
Net Carrying Amount | 18,354,000 | [1] | 9,663,000 | [1] | |
Intangibles, estimated useful life | 11 years | ||||
Non-compete agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 2,973,000 | [1] | 2,794,000 | [1] | |
Accumulated Amortization | 1,221,000 | [1] | 713,000 | [1] | |
Net Carrying Amount | 1,752,000 | [1] | 2,081,000 | [1] | |
Intangibles, estimated useful life | 5 years | ||||
Software [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 5,199,000 | 4,799,000 | |||
Accumulated Amortization | 3,074,000 | 2,815,000 | |||
Net Carrying Amount | 2,125,000 | 1,984,000 | |||
Intangibles, estimated useful life | 10 years | ||||
Patents, formulae, and licenses [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 1,829,000 | [1] | 1,825,000 | [1] | |
Accumulated Amortization | 443,000 | [1] | 370,000 | [1] | |
Net Carrying Amount | 1,386,000 | [1] | 1,455,000 | [1] | |
Intangibles, estimated useful life | 15 years | ||||
Other [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 1,406,000 | 1,008,000 | |||
Accumulated Amortization | 248,000 | 137,000 | |||
Net Carrying Amount | $1,158,000 | $871,000 | |||
Intangibles, estimated useful life | 7 years | ||||
[1] | (a) Fiscal 2014 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. |
Accounts_Payable_Details
Accounts Payable (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accounts payable | $32,014 | $17,908 |
Accounts payable - related parties | 452 | 383 |
Accounts payable | $32,466 | $18,291 |
Debt_and_Financing_Arrangement1
Debt and Financing Arrangements (Details) (USD $) | 12 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Sep. 12, 2015 | Jun. 20, 2015 | Mar. 28, 2015 | Jan. 02, 2016 | Dec. 31, 2016 | Dec. 17, 2014 | |
Line of Credit Facility [Line Items] | |||||||||
Remaining borrowing capacity | $138,848,000 | ||||||||
Restricted cash held as security | 5,200,000 | ||||||||
Amount outstanding | 9,000,000 | ||||||||
Outstanding amount on letters of credit | 400,000 | 300,000 | |||||||
Capitalized interest | 363,000 | 143,000 | 104,000 | ||||||
Weighted average interest rate | 3.20% | 2.50% | 2.80% | ||||||
Effective interest rate | 2.70% | 2.50% | 2.90% | ||||||
Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Amount outstanding | 78,800,000 | 19,300,000 | |||||||
Interest expense | 900,000 | ||||||||
Capitalized interest | 400,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing capacity | 14,200,000 | ||||||||
Remaining borrowing capacity | 13,800,000 | 19,700,000 | |||||||
Amount outstanding | 0 | 0 | |||||||
Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing capacity | 140,000,000 | ||||||||
Minimum interest coverage ratio | 3.5 | ||||||||
Annual capital expenditures limit | $15,000,000 | ||||||||
Nameplate capacity of oil refinery on which capital expenditures are restricted until October 16, 2015 (gallons) | 75,000,000 | ||||||||
Maximum total leverage ratio that allows expansion of refinery to proceed | 3.5 | ||||||||
Federal Funds Purchased [Member] | Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 0.50% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 3.00% | ||||||||
Maximum [Member] | Prime Rate [Member] | Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 2.00% | ||||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 2.00% | ||||||||
Minimum [Member] | Prime Rate [Member] | Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
Scenario, Forecast [Member] | Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum total leverage ratio | 3.5 | 3.75 | 4 | 3.25 | 3 |
Debt_and_Financing_Arrangement2
Debt and Financing Arrangements (Other) (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Notes Payable | $0.30 | $1.70 |
Notes Payable, Current | $1.20 |
Debt_and_Financing_Arrangement3
Debt and Financing Arrangements (Future Maturities of Long Term Debt) (Details) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
2015 | $5,259 |
2016 | 6,699 |
2017 | 7,048 |
2018 | 60,147 |
2019 | 0 |
Thereafter | 0 |
Total debt | 79,153 |
Notes Payable [Member] | |
Debt Instrument [Line Items] | |
2015 | 265 |
2016 | 40 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Thereafter | 0 |
Total debt | 305 |
Term Loan [Member] | |
Debt Instrument [Line Items] | |
2015 | 4,994 |
2016 | 6,659 |
2017 | 7,048 |
2018 | 60,147 |
2019 | 0 |
Thereafter | 0 |
Total debt | $78,848 |
Employee_Benefit_Plan_Details
Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Eligibility service requirement (in hours) | 1 hour | ||
Minimum contribution of pre-tax earnings, percent | 1.00% | ||
Maximum contribution of pre-tax earnings, percent | 70.00% | ||
Defined Contribution plan, employer matching contribution, percent of employees' gross pay | 4.00% | ||
Defined contribution plan, cost recognized | $1.20 | $1 | $1 |
First 3% of Employee Contribution [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer matching contribution, percent of Match | 100.00% | ||
Next 2% of Employee Contribution [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer matching contribution, percent of Match | 50.00% | ||
Next 2% of Employee Contribution [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, employee contribution | 2.00% | ||
First 3% of Employee Contribution [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, employee contribution | 3.00% | ||
FCC Environmental [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution plan, employer matching contribution, percent of employees' gross pay | 3.50% | ||
Defined contribution plan, vesting period | 5 years | ||
Defined contribution plan, cost recognized | $0.20 | ||
FCC Environmental [Member] | First 7% of Employee Contribution [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer matching contribution, percent of Match | 50.00% | ||
Defined contribution plan, employee contribution | 7.00% |
Related_Party_and_Affiliated_T2
Related Party and Affiliated Transactions (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Related Party Transaction [Line Items] | |||
Revenues | $17,566,000 | $15,296,000 | $13,491,000 |
Expenses | 8,188,000 | 8,107,000 | 8,802,000 |
Self insurance expense - related party | 1,300,000 | 900,000 | 800,000 |
The Heritage Group [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | 10,598,000 | 10,421,000 | 7,662,000 |
Expenses | 3,325,000 | 3,474,000 | 4,876,000 |
Ownership percentage | 22.50% | ||
Other Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | 6,968,000 | 4,875,000 | 5,829,000 |
Expenses | $4,863,000 | $4,633,000 | $3,926,000 |
The Heritage Trusts [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership percentage | 6.90% | ||
Chairman Fred Fehsenfeld [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership percentage | 4.60% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 06, 2014 | Jun. 14, 2014 | Mar. 22, 2014 | Sep. 07, 2013 | Jun. 15, 2013 | Mar. 23, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | ||
segment | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Number of reportable segments | 2 | ||||||||||||
Revenues | |||||||||||||
Product revenues | $38,532 | $38,614 | $29,303 | $32,302 | $28,906 | $26,558 | $53,630 | [1] | $44,643 | [2] | $160,079 | $132,409 | $119,470 |
Service revenues | 39,384 | 39,467 | 36,662 | 35,301 | 34,644 | 33,449 | 63,460 | [1] | 47,333 | [2] | 178,973 | 150,727 | 133,021 |
Total revenues | 77,916 | 78,081 | 65,965 | 67,603 | 63,550 | 60,007 | 117,090 | [1] | 91,976 | [2] | 339,052 | 283,136 | 252,491 |
Operating expenses | |||||||||||||
Operating costs | 62,588 | 63,525 | 57,365 | 55,698 | 52,201 | 52,286 | 107,144 | [1] | 74,453 | [2] | 290,622 | 234,638 | 213,568 |
Operating depreciation and amortization | 10,800 | 8,301 | 7,509 | ||||||||||
Profit (loss) before corporate selling, general, and administrative expenses | 37,630 | 40,197 | 31,414 | ||||||||||
Selling, general, and administrative expenses | 8,183 | 8,306 | 8,843 | 7,051 | 7,049 | 6,591 | 20,314 | [1] | 9,583 | [2] | 45,646 | 30,274 | 26,194 |
Depreciation and amortization from SG&A | 2,077 | 1,223 | 632 | ||||||||||
Total selling, general, and administrative expenses | 47,723 | 31,497 | 26,826 | ||||||||||
Other (income) expense - net | 172 | 236 | -51 | 138 | 101 | -8 | -791 | [1] | -21 | [2] | -434 | 210 | 6 |
Operating (loss) income | 4,380 | 3,322 | -2,818 | 2,492 | 2,036 | -721 | -14,543 | [1] | 4,683 | [2] | -9,659 | 8,490 | 4,582 |
Interest expense b net | 24 | 33 | 53 | 97 | 107 | 106 | 579 | [1] | 107 | [2] | 689 | 417 | 585 |
Income before income taxes | -10,348 | 8,073 | 3,997 | ||||||||||
Environmental Services Segment [Member] | |||||||||||||
Revenues | |||||||||||||
Product revenues | 19,398 | 14,449 | 11,025 | ||||||||||
Service revenues | 170,333 | 142,833 | 128,129 | ||||||||||
Total revenues | 189,731 | 157,282 | 139,154 | ||||||||||
Operating expenses | |||||||||||||
Operating costs | 136,226 | 110,459 | 104,994 | ||||||||||
Operating depreciation and amortization | 5,885 | 4,937 | 4,615 | ||||||||||
Profit (loss) before corporate selling, general, and administrative expenses | 47,620 | 41,886 | 29,545 | ||||||||||
Oil Business Segment [Member] | |||||||||||||
Revenues | |||||||||||||
Product revenues | 140,681 | 117,960 | 108,445 | ||||||||||
Service revenues | 8,640 | 7,894 | 4,892 | ||||||||||
Total revenues | 149,321 | 125,854 | 113,337 | ||||||||||
Operating expenses | |||||||||||||
Operating costs | 154,396 | 124,179 | 108,574 | ||||||||||
Operating depreciation and amortization | 4,915 | 3,364 | 2,894 | ||||||||||
Profit (loss) before corporate selling, general, and administrative expenses | -9,990 | -1,689 | 1,869 | ||||||||||
Corporate and Eliminations [Member] | |||||||||||||
Operating expenses | |||||||||||||
Selling, general, and administrative expenses | 45,646 | 30,274 | 26,194 | ||||||||||
Depreciation and amortization from SG&A | 2,077 | 1,223 | 632 | ||||||||||
Total selling, general, and administrative expenses | 47,723 | 31,497 | 26,826 | ||||||||||
Other (income) expense - net | -434 | 210 | 6 | ||||||||||
Interest expense b net | $689 | $417 | $585 | ||||||||||
Revenues [Member] | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Concentration risk, percentage | 0.00% | 0.00% | |||||||||||
Revenues [Member] | Environmental Services Segment [Member] | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Concentration risk, percentage | 0.00% | 0.00% | 0.00% | ||||||||||
[1] | Reflects a seventeen week quarter. | ||||||||||||
[2] | Reflects a sixteen week quarter. |
Segment_Information_Assets_and
Segment Information (Assets and Capital Expenditures) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Segment Reporting Information [Line Items] | ||||
Assets | $319,819 | [1] | $215,958 | |
Payments for Capital Improvements | 107,105 | 39,569 | 23,056 | |
Environmental Services Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 113,518 | [1] | 80,451 | |
Payments for Capital Improvements | 45,031 | 18,882 | 5,924 | |
Oil Business Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 158,577 | [1] | 110,040 | |
Payments for Capital Improvements | 61,056 | 20,549 | 15,225 | |
Corporate Unallocated Assets [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 47,724 | [1] | 25,467 | |
Payments for Capital Improvements | $1,018 | $138 | $1,907 | |
[1] | Fiscal 2014 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Purchase obligation | $15,800,000 | ||
Loss contingency accrual | 700,000 | 400,000 | |
Rent expense | 21,800,000 | 20,400,000 | 17,400,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 19,470,000 | ||
2016 | 16,206,000 | ||
2017 | 14,656,000 | ||
2018 | 13,154,000 | ||
2019 | 9,486,000 | ||
Thereafter | 11,531,000 | ||
Total | $84,503,000 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | |||
Net operating loss carryforward | $38,800,000 | $44,700,000 | |
Deferred tax asset related to the Company's NOL | 14,109,000 | 12,073,000 | |
Excess tax benefits from share-based compensation | $2,500,000 | ||
Effective income tax rate, percent | 33.70% | 42.50% |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense) (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 06, 2014 | Jun. 14, 2014 | Mar. 22, 2014 | Sep. 07, 2013 | Jun. 15, 2013 | Mar. 23, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | ||
Current: | |||||||||||||
Federal | ($44) | $21 | $127 | ||||||||||
State | 112 | 171 | 338 | ||||||||||
Total current | 68 | 192 | 465 | ||||||||||
Deferred: | |||||||||||||
Federal | -2,653 | 2,679 | 1,443 | ||||||||||
State | -894 | 557 | -165 | ||||||||||
Foreign | -4 | 0 | 0 | ||||||||||
Total deferred | -3,551 | 3,236 | 1,278 | ||||||||||
Income tax (benefit) provision | 1,942 | 1,304 | -1,235 | 1,061 | 872 | -407 | -5,494 | [1] | 1,902 | [2] | -3,483 | 3,428 | 1,743 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||||
Tax (benefit) expense at statutory federal rate | -3,518 | 2,745 | |||||||||||
State and local tax, net of federal (benefit) expense | -476 | 508 | |||||||||||
Shortfalls from share-based compensation | 145 | 70 | |||||||||||
Nondeductible transaction costs | 157 | 0 | |||||||||||
Other | $209 | $105 | |||||||||||
[1] | Reflects a seventeen week quarter. | ||||||||||||
[2] | Reflects a sixteen week quarter. |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ||
Net Operating Loss Carryforward | $14,109 | $12,073 |
Stock compensation | 1,099 | 1,573 |
Tax intangible assets | 1,202 | 1,355 |
Reserves and Accruals | 1,855 | 1,202 |
Income tax credits | 796 | 706 |
Allowance for Doubtful Accounts | 1,548 | 463 |
Total deferred tax asset | 20,609 | 17,372 |
Deferred tax liabilities | ||
Prepaids | -849 | -602 |
Depreciation and amortization | -22,695 | -25,004 |
Total deferred tax liability | -23,544 | -25,606 |
Net current deferred tax asset | 2,549 | 1,004 |
Net non-current deferred tax liability | -5,484 | -9,238 |
Net deferred tax liability | ($2,935) | ($8,234) |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $273 | $194 |
Additions based on current year's tax positions | 1,649 | 30 |
Net changes based on prior year's tax positions | 10 | 49 |
Ending balance | $1,932 | $273 |
Sharebased_Compensation_Detail
Share-based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of shares authorized | 1,902,077 | ||
Number of shares available for grant | 673,719 | ||
2009 Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning balance (options) | 579,614 | 629,048 | |
Exercised (options) | -45,186 | -49,434 | |
Ending balance (options) | 534,428 | 579,614 | 629,048 |
Beginning, Weighted average exercise price (in dollars per share) | $10.98 | $10.76 | |
Exercised, Weighted average exercise price (in dollars per share) | $11.21 | $8.06 | |
Ending, Weighted average exercise price (in dollars per share) | $10.97 | $10.98 | $10.76 |
Weighted average remaining contractual term (in years) | 3 years 3 months 29 days | 4 years 4 months 6 days | 5 years 4 months 26 days |
Aggregate intrinsic value as of date listed | $708 | $5,133 | $2,607 |
Sharebased_Compensation_Restri
Share-based Compensation (Restricted Stock) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | 1-May-14 | Dec. 29, 2012 | Oct. 31, 2011 | Mar. 31, 2011 | Feb. 29, 2012 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vested, shares | -144,072 | -69,782 | ||||||||
Board of Director Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 1 year | |||||||||
Share-based compensation, shares granted | 17,772 | |||||||||
Share-based compensation (less than $1 million per year for performance grant) | 0.3 | 0.3 | $0.30 | |||||||
Vested, shares | -18,666 | |||||||||
2010 LTI Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation, shares granted | 12,783 | 92,909 | ||||||||
2011 LTI Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 3 years | |||||||||
Share-based compensation, shares granted | 59,502 | |||||||||
Share-based compensation (less than $1 million per year for performance grant) | 0.3 | 0.3 | 0.3 | |||||||
Compensation cost not yet recognized | 0.3 | |||||||||
2012 Performance Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 3 years | |||||||||
Share-based compensation, shares granted | 10,000 | |||||||||
Share-based compensation (less than $1 million per year for performance grant) | 0.1 | 0.1 | 0.1 | |||||||
Compensation cost not yet recognized | 0.1 | |||||||||
2013 Long Term Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 3 years | |||||||||
Share-based compensation, shares granted | 132,107 | |||||||||
Share-based compensation (less than $1 million per year for performance grant) | 0.6 | 0.6 | ||||||||
Compensation cost not yet recognized | 1.1 | 1.7 | ||||||||
2014 Service Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation (less than $1 million per year for performance grant) | 0.1 | |||||||||
Compensation cost not yet recognized | 0.4 | |||||||||
Subsequent Event [Member] | 2014 Service Grant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation, shares granted | 38,372 |
Sharebased_Compensation_Restri1
Share-based Compensation (Restricted Stock Rollforward) (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Restricted Stock (Nonvested Shares) | |||
Nonvested shares outstanding, beginning | 105,859 | 100,052 | 141,269 |
Granted, shares | 149,879 | 28,666 | |
Vested, shares | -144,072 | -69,782 | |
Forfeited, shares | -101 | ||
Nonvested shares outstanding, ending | 105,859 | 100,052 | 141,269 |
Weighted Average Grant-date Fair Value Per Share | |||
Nonvested shares outstanding, Weighted average grant date fair value, per share | $16.97 | $17.11 | |
Granted, Weighted average grant date fair value, per share | $16.59 | $15.26 | |
Vested, Weighted average grant date fair value, per share | $16.88 | $16.55 | |
Forfeited, Weighted average grant date fair value, per share | $16.53 | ||
Nonvested Shares outstanding, ending, Weighted average grant date fair value, per share | $16.56 | $16.97 |
Sharebased_Compensation_ESPP_D
Share-based Compensation (ESPP) (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Employee Stock Purchase Plan of 2008 [Member] | Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Eligibility service requirement (in hours) | 20 hours | ||
Discounted purchase price, percent | 95.00% | ||
Employee payroll deductions, percent | 10.00% | ||
Employee maximum annual contribution | 25,000 | ||
Employee stock purchase plan, shares available | 137,125 | ||
Employee stock purchase plan, weighted average fair value per share | 16.82 | ||
Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchased during the year | 27,082 | 29,350 | 25,561 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 29, 2012 | Dec. 17, 2014 | |
Equity [Line Items] | |||
Shares issued, price per share | $10 | ||
Issuance of common stock - net of issuance costs | $33,372,000 | $65,482,000 | |
Repayments of revolving credit facility | 9,000,000 | ||
Common Stock [Member] | |||
Equity [Line Items] | |||
Issuance of common stock b net of issuance costs, shares | 3,565,000 | 3,400,000 | |
Issuance of common stock - net of issuance costs | 36,000 | 34,000 | |
Total Heritage-Crystal Clean, Inc. Stockholders' Equity [Member] | |||
Equity [Line Items] | |||
Issuance of common stock - net of issuance costs | $33,372,000 | $65,482,000 |
Employee_Separation_Actions_De
Employee Separation Actions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 4 Months Ended |
Jan. 03, 2015 | Dec. 01, 2014 | Jan. 03, 2015 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $0 | ||
Severance expense | 2,010,000 | ||
Payments | 0 | ||
Ending balance | 2,010,000 | 2,010,000 | |
FCC Environmental Integration Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employees terminated under the plan, percent | 50.00% | ||
Employee Severance [Member] | FCC Environmental Integration Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge related to planned reduction in work force | $2,000,000 | ||
Maximum [Member] | FCC Environmental Integration Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Planned number of employees included in reduction of force | 100 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 06, 2014 | Jun. 14, 2014 | Mar. 22, 2014 | Sep. 07, 2013 | Jun. 15, 2013 | Mar. 23, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | ||
Earnings Per Share [Abstract] | |||||||||||||
Net (loss) income | $2,414 | $1,985 | ($1,636) | $1,334 | $1,057 | ($420) | ($9,628) | [1] | $2,674 | [2] | ($6,865) | $4,645 | $2,254 |
Less: Income attributable to noncontrolling interest | 3 | 56 | 23 | 26 | 26 | 20 | 61 | [1] | 28 | [2] | 143 | 100 | 0 |
Net income attributable to Heritage-Crystal Clean, Inc. common stockholders | $2,411 | $1,929 | ($1,659) | $1,308 | $1,031 | ($440) | ($9,689) | [1] | $2,646 | [2] | ($7,008) | $4,545 | $2,254 |
Weighted average basic shares outstanding (shares) | 18,446 | 18,423 | 18,402 | 18,272 | 18,138 | 18,113 | 18,985 | [1] | 18,335 | [2] | 18,604 | 18,224 | 16,921 |
Dilutive shares for sharebbased compensation plans (shares) | 0 | 328 | 442 | ||||||||||
Weighted average diluted shares outstanding (shares) | 18,810 | 18,781 | 18,402 | 18,585 | 18,456 | 18,113 | 18,985 | [1] | 18,677 | [2] | 18,604 | 18,552 | 17,363 |
Number of antibdilutive potentially issuable shares excluded from diluted shares outstanding | 338 | 0 | 0 | ||||||||||
Net (loss) income per share: basic (in dollars per share) | $0.13 | $0.10 | ($0.09) | $0.07 | $0.06 | ($0.02) | ($0.51) | $0.15 | ($0.38) | $0.25 | $0.13 | ||
Net (loss) income per share: diluted (in dollars per share) | $0.13 | $0.10 | ($0.09) | $0.07 | $0.06 | ($0.02) | ($0.51) | $0.14 | ($0.38) | $0.24 | $0.13 | ||
[1] | Reflects a seventeen week quarter. | ||||||||||||
[2] | Reflects a sixteen week quarter. |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 06, 2014 | Jun. 14, 2014 | Mar. 22, 2014 | Sep. 07, 2013 | Jun. 15, 2013 | Mar. 23, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | ||
Revenues | |||||||||||||
Product revenues | $38,532 | $38,614 | $29,303 | $32,302 | $28,906 | $26,558 | $53,630 | [1] | $44,643 | [2] | $160,079 | $132,409 | $119,470 |
Service revenues | 39,384 | 39,467 | 36,662 | 35,301 | 34,644 | 33,449 | 63,460 | [1] | 47,333 | [2] | 178,973 | 150,727 | 133,021 |
Total revenues | 77,916 | 78,081 | 65,965 | 67,603 | 63,550 | 60,007 | 117,090 | [1] | 91,976 | [2] | 339,052 | 283,136 | 252,491 |
Operating expenses | |||||||||||||
Operating costs | 62,588 | 63,525 | 57,365 | 55,698 | 52,201 | 52,286 | 107,144 | [1] | 74,453 | [2] | 290,622 | 234,638 | 213,568 |
Selling, general, and administrative expenses | 8,183 | 8,306 | 8,843 | 7,051 | 7,049 | 6,591 | 20,314 | [1] | 9,583 | [2] | 45,646 | 30,274 | 26,194 |
Depreciation and amortization | 2,593 | 2,692 | 2,626 | 2,224 | 2,163 | 1,859 | 4,966 | [1] | 3,278 | [2] | 12,877 | 9,524 | 8,141 |
Other expense (income) | 172 | 236 | -51 | 138 | 101 | -8 | -791 | [1] | -21 | [2] | -434 | 210 | 6 |
Operating (loss) income | 4,380 | 3,322 | -2,818 | 2,492 | 2,036 | -721 | -14,543 | [1] | 4,683 | [2] | -9,659 | 8,490 | 4,582 |
Interest expense b net | 24 | 33 | 53 | 97 | 107 | 106 | 579 | [1] | 107 | [2] | 689 | 417 | 585 |
(Loss) income before income taxes | 4,356 | 3,289 | -2,871 | 2,395 | 1,929 | -827 | -15,122 | [1] | 4,576 | [2] | -10,348 | 8,073 | 3,997 |
Provision for (benefit from) income taxes | 1,942 | 1,304 | -1,235 | 1,061 | 872 | -407 | -5,494 | [1] | 1,902 | [2] | -3,483 | 3,428 | 1,743 |
Net (loss) income | 2,414 | 1,985 | -1,636 | 1,334 | 1,057 | -420 | -9,628 | [1] | 2,674 | [2] | -6,865 | 4,645 | 2,254 |
Income attributable to noncontrolling interest | 3 | 56 | 23 | 26 | 26 | 20 | 61 | [1] | 28 | [2] | 143 | 100 | 0 |
(Loss) income attributable to Heritage-Crystal Clean, Inc. common stockholders | 2,411 | 1,929 | -1,659 | 1,308 | 1,031 | -440 | -9,689 | [1] | 2,646 | [2] | -7,008 | 4,545 | 2,254 |
Net (loss) income per share: basic (in dollars per share) | $0.13 | $0.10 | ($0.09) | $0.07 | $0.06 | ($0.02) | ($0.51) | $0.15 | ($0.38) | $0.25 | $0.13 | ||
Net (loss) income per share: diluted (in dollars per share) | $0.13 | $0.10 | ($0.09) | $0.07 | $0.06 | ($0.02) | ($0.51) | $0.14 | ($0.38) | $0.24 | $0.13 | ||
Number of weighted average shares outstanding: basic | 18,446 | 18,423 | 18,402 | 18,272 | 18,138 | 18,113 | 18,985 | [1] | 18,335 | [2] | 18,604 | 18,224 | 16,921 |
Number of weighted average shares outstanding: diluted | 18,810 | 18,781 | 18,402 | 18,585 | 18,456 | 18,113 | 18,985 | [1] | 18,677 | [2] | 18,604 | 18,552 | 17,363 |
Average revenues per working day - Environmental Services | $720 | $705 | $660 | $625 | $600 | $580 | $840 | [1] | $650 | [2] | |||
[1] | Reflects a seventeen week quarter. | ||||||||||||
[2] | Reflects a sixteen week quarter. |