Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'Mastech Holdings, Inc. | ' | ' |
Entity Central Index Key | '0001437226 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 4,297,950 | ' |
Entity Public Float | ' | ' | $9,788,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $424 | $659 |
Accounts receivable, net of allowance for uncollectible accounts of $358 in 2013 and $438 in 2012 | 10,707 | 10,864 |
Unbilled receivables | 4,304 | 2,927 |
Prepaid and other current assets | 822 | 788 |
Deferred income taxes | 143 | 153 |
Total current assets | 16,400 | 15,391 |
Equipment, enterprise software, and leasehold improvements, at cost: | ' | ' |
Equipment | 1,688 | 1,788 |
Enterprise software | 723 | 720 |
Leasehold improvements | 547 | 555 |
Total equipment, enterprise software, and leasehold improvements | 2,958 | 3,063 |
Less - accumulated depreciation | -2,784 | -2,814 |
Net equipment, enterprise software, and leasehold improvements | 174 | 249 |
Deferred income taxes | 248 | 91 |
Deferred financing costs, net | 19 | 46 |
Non-current deposits | 210 | 214 |
Goodwill | ' | 405 |
Intangible assets, net | ' | 24 |
Total assets | 17,051 | 16,420 |
Current liabilities: | ' | ' |
Short-term borrowings | 12 | 2,610 |
Accounts payable | 2,026 | 1,984 |
Accrued payroll and related costs | 5,202 | 4,424 |
Other accrued liabilities | 304 | 342 |
Deferred revenue | 47 | 173 |
Total current liabilities | 7,591 | 9,533 |
Total liabilities | 7,591 | 9,533 |
Commitments and contingent liabilities (Note 6) | ' | ' |
Shareholders' equity: | ' | ' |
Preferred Stock, no par value; 20,000,000 shares authorized; none outstanding | ' | ' |
Common Stock, par value $.01; 125,000,000 shares authorized and 4,974,506 shares issued as of December 31, 2013 and 4,906,744 shares issued as of December 31, 2012 | 50 | 49 |
Additional paid-in-capital | 11,924 | 11,026 |
Retained earnings | 601 | -1,081 |
Accumulated other comprehensive income | 16 | 8 |
Treasury stock, at cost; 732,958 shares as of December 31, 2013 and 730,215 as of December 31, 2012 | -3,131 | -3,115 |
Total shareholders' equity | 9,460 | 6,887 |
Total liabilities and shareholders' equity | $17,051 | $16,420 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for uncollectible accounts | $358 | $438 |
Preferred Stock, par value | $0 | $0 |
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred Stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 4,974,506 | 4,906,744 |
Treasury stock, shares | 732,958 | 730,215 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenues | $106,901 | $90,770 | $80,476 |
Cost of revenues | 86,784 | 73,605 | 64,601 |
Gross profit | 20,117 | 17,165 | 15,875 |
Selling, general and administrative expenses | 14,815 | 13,794 | 13,656 |
Income from operations | 5,302 | 3,371 | 2,219 |
Interest income (expense), net | -93 | -68 | -38 |
Other income (expense), net | 16 | 36 | -31 |
Income from continuing operations before income taxes | 5,225 | 3,339 | 2,150 |
Income tax expense | 1,956 | 1,281 | 795 |
Income from continuing operations | 3,269 | 2,058 | 1,355 |
Income from discontinued operations, net of tax expense of $68, $64 and ($116) | 94 | 81 | -242 |
Gain on sale of discontinued operations, net of tax expense of $43, nil and nil | 442 | ' | ' |
Net income (loss) from discontinued operations | 536 | 81 | -242 |
Net income | $3,805 | $2,139 | $1,113 |
Basic earnings per share | ' | ' | ' |
Continuing operations | $0.78 | $0.51 | $0.30 |
Discontinued operations | $0.13 | $0.02 | ($0.05) |
Total | $0.91 | $0.53 | $0.24 |
Diluted earnings per share | ' | ' | ' |
Continuing operations | $0.75 | $0.49 | $0.29 |
Discontinued operations | $0.12 | $0.02 | ($0.05) |
Total | $0.88 | $0.51 | $0.24 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic | 4,193 | 4,075 | 4,566 |
Diluted | 4,342 | 4,201 | 4,695 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Income from discontinued operations, tax expense | $68 | $64 | ($116) |
Gain on sale of discontinued operations, tax expense | $43 | ' | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ' | ' | ' |
Net income | $3,805 | $2,139 | $1,113 |
Other comprehensive income (loss): | ' | ' | ' |
Net unrealized gain on cash flow hedges | 13 | 13 | ' |
Income tax expense | 5 | 5 | ' |
Total other comprehensive income | 8 | 8 | ' |
Total comprehensive income | $3,813 | $2,147 | $1,113 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | ||
In Thousands | ||||||||
Beginning Balances at Dec. 31, 2010 | $12,348 | $46 | [1] | $9,953 | [1] | $2,349 | ' | ' |
Net income | 1,113 | ' | ' | 1,113 | ' | ' | ||
(Reduction) Increase in excess tax benefits related to stock-based compensation | -50 | ' | -50 | ' | ' | ' | ||
Stock-based compensation expense | 228 | ' | 228 | ' | ' | ' | ||
Stock options exercised | 24 | ' | 24 | ' | ' | ' | ||
Purchase of other equity securities | -50 | ' | -50 | ' | ' | ' | ||
Purchase of treasury stock | -566 | ' | ' | ' | -566 | ' | ||
Ending Balances at Dec. 31, 2011 | 13,047 | 46 | [1] | 10,105 | [1] | 3,462 | -566 | ' |
Net income | 2,139 | ' | ' | 2,139 | ' | ' | ||
Unrealized gains on cash flow hedges, net of tax | 8 | ' | ' | ' | ' | 8 | ||
Dividends paid on common stock | -6,682 | ' | ' | -6,682 | ' | ' | ||
(Reduction) Increase in excess tax benefits related to stock-based compensation | 58 | ' | 58 | ' | ' | ' | ||
Stock-based compensation expense | 242 | ' | 242 | ' | ' | ' | ||
Stock options exercised | 624 | 3 | [1] | 621 | [1] | ' | ' | ' |
Purchase of treasury stock | -2,549 | ' | ' | ' | -2,549 | ' | ||
Ending Balances at Dec. 31, 2012 | 6,887 | 49 | [1] | 11,026 | [1] | -1,081 | -3,115 | 8 |
Net income | 3,805 | ' | ' | 3,805 | ' | ' | ||
Unrealized gains on cash flow hedges, net of tax | 8 | ' | ' | ' | ' | 8 | ||
Dividends paid on common stock | -2,123 | ' | ' | -2,123 | ' | ' | ||
(Reduction) Increase in excess tax benefits related to stock-based compensation | 250 | ' | 250 | ' | ' | ' | ||
Stock-based compensation expense | 517 | ' | 517 | ' | ' | ' | ||
Stock options exercised | 132 | 1 | [1] | 131 | [1] | ' | ' | ' |
Purchase of treasury stock | -16 | ' | ' | ' | -16 | ' | ||
Ending Balances at Dec. 31, 2013 | $9,460 | $50 | [1] | $11,924 | [1] | $601 | ($3,131) | $16 |
[1] | * Adjusted to reflect the November 2013 five-for-four stock split. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $3,805 | $2,139 | $1,113 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations: | ' | ' | ' |
Net (income) loss from discontinued operations, net of tax | -536 | -81 | 242 |
Depreciation and amortization | 153 | 158 | 126 |
Bad debt (credit) expense | ' | ' | -125 |
Interest amortization of deferred financing costs | 27 | 28 | 10 |
Stock-based compensation expense | 532 | 222 | 212 |
Deferred income taxes, net | -131 | 151 | -23 |
(Gain) loss on derivative contract | -13 | -28 | ' |
Loss on capital asset retirements | 1 | ' | 2 |
Loss in unconsolidated affiliate | ' | ' | 5 |
Working capital items: | ' | ' | ' |
Accounts receivable and unbilled receivables | -2,915 | -1,778 | -1,240 |
Prepaid and other current assets | -197 | -17 | 189 |
Accounts payable | 176 | -312 | -497 |
Accrued payroll and related costs | 1,141 | 468 | 810 |
Other accrued liabilities | -43 | -99 | 114 |
Deferred revenue | -121 | 71 | -45 |
Net cash flows provided by operating activities of continuing operations | 1,879 | 922 | 893 |
Net cash flows provided by (used in) operating activities of discontinued operations | 1,332 | 75 | -423 |
Net cash flows provided by operating activities | 3,211 | 997 | 470 |
INVESTING ACTIVITIES: | ' | ' | ' |
(Payment for) Recovery of non-current deposits | 10 | -8 | -53 |
Capital expenditures | -100 | -136 | -205 |
Net cash flows (used in) investing activities of continuing operations | -90 | -144 | -258 |
Net cash flows provided by (used in) investing activities of discontinued operations | 1,000 | -10 | -65 |
Net cash flows provided by (used in) investing activities | 910 | -154 | -323 |
FINANCING ACTIVITIES: | ' | ' | ' |
Dividends paid on common stock | -2,123 | -6,682 | ' |
Payment of deferred financing costs | ' | ' | -84 |
Proceeds from (payment of) short-term borrowings, net | -2,598 | 2,610 | ' |
Purchase of treasury stock and other equity securities | -16 | -2,549 | -616 |
Proceeds from the exercise of stock options | 131 | 624 | 24 |
(Reduction) Increase in excess tax benefits related to stock options, net | 250 | 58 | -50 |
Net cash flows (used in) financing activities of continuing operations | -4,356 | -5,939 | -726 |
Net cash flows (used in) financing activities of discontinued operations | ' | ' | ' |
Net cash flows (used in) financing activities | -4,356 | -5,939 | -726 |
Net change in cash and cash equivalents | -235 | -5,096 | -579 |
Cash and cash equivalents, beginning of period | 659 | 5,755 | 6,334 |
Cash and cash equivalents, end of period | 424 | 659 | 5,755 |
SUPPLEMENTAL DISCLOSURE: | ' | ' | ' |
Cash payments for interest expense | 65 | 40 | 113 |
Cash payments for income taxes | $2,275 | $1,093 | $791 |
Significant_Accounting_Policie
Significant Accounting Policies: | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Significant Accounting Policies: | ' | ||
1 | Significant Accounting Policies: | ||
Basis of Presentation | |||
Mastech Holdings, Inc. (referred to in this report as “Mastech”, the “Company”, “us”, “our” or “we”) is a provider of information technology staffing services. Our business combines technical expertise with business process experience to deliver a broad range of services within business intelligence / data warehousing; service oriented architecture; web services; enterprise resource planning & customer resource management; and e-Business solutions segments. Headquartered in Pittsburgh, Pennsylvania, we have approximately 750 consultants that provide services across a broad spectrum of industry verticals on a national basis. | |||
Accounting Principles | |||
The Company’s Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). | |||
Principles of Consolidation | |||
The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. The Company utilizes the equity method of accounting, as prescribed by ASC Topic 323 “The Equity Method of Accounting for Investments in Common Stock”, when it is able to exercise significant management influence over the entity’s operations, which generally occurs when Mastech has an ownership interest of between 20% and 50% in an entity. The cost method of accounting is used when the Company does not exercise significant management influence, generally when Mastech has an ownership interest of less than 20%. | |||
Recent Developments | |||
In August 2013, the Company sold its healthcare staffing business to Accountable Healthcare Staffing, Inc., as more fully described in Note 2 “Discontinued Operations” to the Consolidated Financial Statements. The Consolidated Statements of Operations and Cash Flows for all periods presented have been recast to reflect the healthcare staffing business as discontinued operations. | |||
On October 30, 2013, the Company announced that its Board of Directors approved a five-for-four (25 percent) stock split and declared a special cash dividend of $0.50 per post-split share of common stock. Shareholders of record received one new share of common stock for every four shares that they owned. The distribution of the new shares was made on November 29, 2013. The cash dividend was paid on December 20, 2013 to shareholders of record at the close of December 9, 2013. The earnings per share calculations and outstanding share information for all periods presented have been recast to reflect the impact of the stock split. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from the estimates. | |||
Cash and Cash Equivalents | |||
Cash and cash equivalents are defined as cash and highly liquid debt investments with maturities of three months or less when purchased. Cash equivalents are stated at cost, which approximates market value. | |||
Accounts Receivable and Unbilled Receivables | |||
The Company extends credit to clients based upon management’s assessment of their creditworthiness. A substantial portion of the Company’s revenue, and the resulting accounts receivable, are from Fortune 1000 companies, major systems integrators and other staffing organizations. | |||
Unbilled receivables represent amounts recognized as revenues based on services performed and, in accordance with the terms of the client contract, will be invoiced in a subsequent period. | |||
Allowance for Uncollectible Accounts | |||
Accounts receivable are reviewed periodically to determine the probability of loss. The Company records an allowance for uncollectible accounts when it is probable that the related receivable balance will not be collected based on historical collection experience, client-specific collection issues, and other matters the Company identifies in its collection monitoring. | |||
The Allowance for Uncollectible Accounts was $358,000 and $438,000 at December 31, 2013 and 2012, respectively. Bad debt expense (credit) reflected in the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011 totaled $0, $0 and ($125,000). | |||
Equipment, Enterprise Software and Leasehold Improvements | |||
Equipment, enterprise software and leasehold improvements are stated at historical cost. The Company provides for depreciation using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of (a) the remaining term of the lease or (b) the estimated useful life of the improvements. Repairs and maintenance, which do not extend the useful life of the respective assets, are charged to expense as incurred. Upon disposal, assets and related accumulated depreciation are removed from the Company’s accounts and the resulting gains or losses are reflected in the Company’s Consolidated Statement of Operations. | |||
The estimated useful lives of depreciable assets are primarily as follows: | |||
Laptop Computers | 18 months | ||
Equipment | 3-5 years | ||
Enterprise Software | 3 years | ||
Depreciation and amortization expense related to fixed assets totaled $153,000, $158,000 and, $126,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||
Income Taxes | |||
The Company records an estimated liability for income and other taxes based on what management determines will likely be paid in the various tax jurisdictions in which we operate. Management uses its best judgment in the determination of these amounts. However, the liabilities ultimately realized and paid are dependent on various matters, including the resolution of the tax audits in the various affected tax jurisdictions, and may differ from the amounts recorded. An adjustment to the estimated liability would be recorded through income in the period in which it becomes probable that the amount of the actual liability differs from the amount recorded. | |||
Management determines the Company’s income tax provision using the asset and liability method. Under this method, deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. The Company measures deferred tax assets and liabilities using enacted tax rates in effect for the year in which we expect to recover or settle the temporary differences. The effect of a change in tax rates on deferred taxes is recognized in the period that the change is enacted. The Company evaluates its deferred tax assets and records a valuation allowance when, in management’s opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized. For the periods presented, no valuation allowance has been provided. | |||
The Company accounts for uncertain tax positions in accordance with ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes”. Accordingly, the Company has reported a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in a tax return. As of December 31, 2013, the Company provided $111,000 for uncertain tax positions, including interest and penalties, related to various state income tax matters applicable to the periods subsequent to our spin-off from iGATE. | |||
During 2013, the Company’s 2011 federal tax return was audited by the Internal Revenue Service (“IRS”) resulting in no amendments to our filed return. During 2011, the IRS completed its examination of the Company’s federal income tax returns for the years 2008 (post spin-off) and 2009. Amendments to our income tax return as a result of such examination were immaterial and are reflected in the Consolidated Financial Statements for the year ended December 31, 2011. All post spin-off periods remain subject to examination by various state authorities, conditioned on statutory limitations. | |||
Segment Reporting | |||
The Company has one reportable segment in accordance with ASC Topic 280 “Disclosures About Segments of an Enterprise and Related Information”. | |||
Revenue Recognition | |||
The Company recognizes revenue on time-and-material contracts as services are performed and expenses are incurred. Time-and-material contracts typically bill at an agreed upon hourly rate, plus out-of-pocket expense reimbursement. Out-of-pocket expense reimbursement amounts vary by assignment, but on average represent approximately 2% to 3% of total revenues. Revenue is earned when the Company’s consultants are working on projects. Revenue recognition is negatively impacted by holidays and consultant vacation and sick days. | |||
In certain situations related to client direct hire assignments, where the Company’s fee is contingent upon the hired resources’ continued employment with the client, revenue recognition is deferred until such employment conditions are satisfied. | |||
Stock-Based Compensation | |||
Effective October 1, 2008, the Company adopted a Stock Incentive Plan (the “Plan”). The Plan provides that up to 1,000,000 shares (800,000 pre-split shares) of the Company’s common stock shall be allocated for issuance to directors, executive management and key personnel. Grants under the Plan can be made in the form of stock options, stock appreciation rights, performance shares or stock awards. The Plan is administered by the Compensation Committee of the Board of Directors. Stock options are granted at an exercise price equal to the closing share price of the Company common stock at the grant date and generally vest over a four year period. | |||
The Company accounts for stock-based compensation expense in accordance with ASC Topic 718 “Share-based Payments” which requires us to measure all share-based payments based on their estimated fair value and recognize compensation expense over the requisite service period. The fair value of our stock options is determined at the date of grant using the Black-Scholes option pricing model. The assumptions associated with this option pricing model and other information related to our Stock Incentive Plan are more fully described in Note 8 “Stock-Based Compensation” to the Consolidated Financial Statements. | |||
Treasury Stock | |||
The Company maintains a stock repurchase program which expires on December 22, 2014. Under this program, the Company may make treasury stock purchases in the open market or through privately negotiated transactions, subject to market conditions and normal trading restrictions. At December 31, 2013, the Company held 732,958 shares in its treasury at a cost of $3.1 million. | |||
Comprehensive Income | |||
Comprehensive income is presented in the Consolidated Statements of Shareholders’ Equity and consists of net income and unrealized gains or losses, net of taxes, on cash flow hedging transactions related to foreign exchange derivative contracts. | |||
Derivative Instruments and Hedging Activities | |||
The Company is exposed to foreign currency risks largely as a result of its Indian-based global recruitment centers. During 2012, the Company’s expenditures in Indian rupees, in support of these operations, increased significantly. Accordingly, to mitigate and manage the risk of changes in foreign currency exchange rates, the Company entered into foreign currency forward contracts in June 2012 and continued its hedging strategy into 2013 and 2014. These forward contracts have been designated as cash flow hedging instruments and qualified as effective hedges at inception under ASC Topic 815, “Derivatives and Hedging”. The Company does not enter into derivative contracts for speculative purposes. | |||
All derivatives are recognized on the balance sheet at fair value. The effective portion of the changes in fair value on these instruments are recorded in other comprehensive income (loss) and are reclassified into the Consolidated Statement of Operations on the same line item and in the same period in which the underlying hedge transactions affects earnings. Changes in the fair value of these instruments deemed ineffective are recognized in the Consolidated Statement of Operations as foreign exchange gains (losses). Forward points (premiums/discounts) are excluded from the assessment of hedge effectiveness and are recognized in the Consolidated Statement of Operations as foreign exchange gains/ (losses). | |||
With respect to derivatives designated as hedges, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking such transactions. The Company evaluates hedge effectiveness at the time a contract is entered into and on an ongoing basis. If a contract is deemed ineffective, the change in the fair value of the derivative is recorded in the Consolidated Statement of Operations as foreign exchange gains (losses). | |||
Earnings Per Share | |||
Basic earnings per share are computed using the weighted-average number of common shares outstanding during the period. Diluted earnings per share are computed using the weighted-average number of common shares outstanding during the period, plus the incremental shares outstanding assuming the exercise of dilutive stock options and restricted shares, calculated using the treasury stock method. | |||
Recently Issued Accounting Standards | |||
The Company is of the opinion that any pending accounting pronouncements, either in the adoption phase or not yet required to be adopted, will not have a material impact on the Company’s financial position or results of operations. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
2 | Discontinued Operations | ||||||||||||
In August 2013, the Company sold its healthcare staffing business to Accountable Healthcare Staffing, Inc. Under the terms of the Sale and Purchase Agreement, the purchase price totaled $1.15 million and consisted of $1.0 million of cash consideration at closing, plus the assumption of certain liabilities by the buyer. Total net assets sold excluded cash balances on hand, accounts receivables and other current assets which approximated $1.5 million, net of current liabilities retained by the Company at the transaction date. | |||||||||||||
The healthcare staffing business meets the criteria for being reported as a discontinued operations and has been segregated from continuing operations. Accordingly, the Consolidated Statements of Operations and Cash Flows for all periods presented have been recast to reflect the presentation of discontinued operations. Unless otherwise indicated, all disclosures in the Notes to the Consolidated Financial Statements relate to the Company’s continuing operations. | |||||||||||||
The carrying value of assets and liabilities of discontinued operations included in the December 31, 2013 and 2012 Consolidated Balance Sheets were as follows (in thousands): | |||||||||||||
At | At | ||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
ASSETS: | |||||||||||||
Accounts receivables | $ | 68 | $ | 1,763 | |||||||||
Prepaid and other current assets | — | 143 | |||||||||||
Deferred income taxes | 24 | 8 | |||||||||||
Non-current deposits | 19 | 13 | |||||||||||
Fixed assets, net | — | 21 | |||||||||||
Goodwill and other intangibles | — | 429 | |||||||||||
Total | 111 | 2,377 | |||||||||||
LIABILITIES: | |||||||||||||
Accounts payable | 23 | 157 | |||||||||||
Accrued payroll and related cost | — | 362 | |||||||||||
Deferred revenue | — | 5 | |||||||||||
Other accrued liabilities | 174 | 129 | |||||||||||
Total | 197 | 653 | |||||||||||
TOTAL NET ASSETS (LIABILITIES) | $ | (86 | ) | $ | 1,724 | ||||||||
The statement of operations of discontinued operations were as follows for the years 2013, 2012 and 2011 (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013* | 2012 | 2011 | |||||||||||
Revenues | $ | 7,058 | $ | 11,068 | $ | 8,886 | |||||||
Costs of revenues | 5,856 | 9,024 | 7,220 | ||||||||||
Gross profit | 1,202 | 2,044 | 1,666 | ||||||||||
Selling, general and administrative expenses | 1,040 | 1,899 | 2,024 | ||||||||||
Income before income taxes | 162 | 145 | (358 | ) | |||||||||
Income tax expense | 68 | 64 | (116 | ) | |||||||||
Net income | $ | 94 | $ | 81 | $ | (242 | ) | ||||||
* | Results through the sale transaction date (August 12, 2013). | ||||||||||||
The gain on the August 2013 sale of the healthcare business was as follows (in thousands): | |||||||||||||
Year Ended | |||||||||||||
December 31, 2013 | |||||||||||||
Pretax gain on sale transaction | $ | 485 | |||||||||||
Income tax expense | 43 | ||||||||||||
Net gain after income taxes | $ | 442 | |||||||||||
Income tax expense on the sale transaction included the utilization of $147,000 of tax benefits (capital loss carry-forwards) which were previously deemed non-realizable by the Company. | |||||||||||||
The statements of cash flows of discontinued operations were as follows for the years 2013, 2012 and 2011 (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013* | 2012 | 2011 | |||||||||||
OPERATING ACTIVITIES: | |||||||||||||
Net income (loss) from discontinued operations | $ | 536 | $ | 81 | $ | (242 | ) | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities of discontinued operations: | |||||||||||||
Depreciation and amortization | 16 | 45 | 55 | ||||||||||
Bad debt (credit) expense | (25 | ) | 125 | — | |||||||||
Stock-based compensation expense | (15 | ) | 20 | 16 | |||||||||
Deferred income taxes, net | (16 | ) | (49 | ) | 2 | ||||||||
(Gain) on sale of discontinued operations, net of tax | (442 | ) | — | — | |||||||||
Working capital items: | |||||||||||||
Accounts receivable and unbilled receivables | 1,720 | (213 | ) | (839 | ) | ||||||||
Prepaid and other current assets | 144 | 12 | 275 | ||||||||||
Accounts payable | (134 | ) | (13 | ) | 111 | ||||||||
Accrued payroll and related costs | (363 | ) | (46 | ) | 168 | ||||||||
Other accrued liabilities | (84 | ) | 117 | 21 | |||||||||
Deferred revenue | (5 | ) | (4 | ) | 10 | ||||||||
Total cash provided by (used in) operating activities of discontinued operations | 1,332 | 75 | (423 | ) | |||||||||
INVESTING ACTIVITIES: | |||||||||||||
Recovery of (increase in) non-current deposits | (6 | ) | 4 | (39 | ) | ||||||||
Capital expenditures | (3 | ) | (14 | ) | (26 | ) | |||||||
Proceeds from sale of discontinued operations | 1,009 | — | — | ||||||||||
Total cash provided by (used in) investing activities of discontinued operations | 1,000 | (10 | ) | (65 | ) | ||||||||
FINANCING ACTIVITIES: | |||||||||||||
None | — | — | — | ||||||||||
Total cash flow provided by (used in) discontinued operations | $ | 2,332 | $ | 65 | $ | (488 | ) | ||||||
* | Results through the sale transaction date (August 12, 2013). |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended | |
Dec. 31, 2013 | ||
Cash And Cash Equivalents [Abstract] | ' | |
Cash and Cash Equivalents | ' | |
3 | Cash and Cash Equivalents | |
The Company had cash and cash equivalents consisting of cash balances on hand and money market funds that totaled $0.4 million at December 31, 2013 and $0.7 million at December 31, 2012. There were no restrictions on the Company’s cash balances during the periods presented. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Affiliate | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
Investments in Unconsolidated Affiliate | ' | |
4 | Investments in Unconsolidated Affiliate | |
In 2007, the Company acquired 50% ownership in a joint venture with another large staffing service organization. The joint venture was accounted for under the equity method of accounting. The Company recognized a loss of $-0-, $-0- and $5,000 in 2013, 2012 and 2011, respectively, which is included in the other income (expense) category in the Company’s Consolidated Statements of Operations. The joint venture has been dissolved as of December 31, 2013. |
Credit_Facility
Credit Facility | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
Credit Facility | ' | |
5 | Credit Facility | |
On August 31, 2011, the Company entered into a three-year credit facility with PNC Bank, N.A. (“PNC”), replacing its previous PNC credit facility that was set to expire on October 15, 2011. The new facility is comprised of a $15 million revolving credit loan and a $4 million delayed draw term loan and is secured by pledges of and first priority perfected security interest in substantially all of the Company’s assets. Advances under the revolving credit loan are limited to a borrowing base that consist of the sum of 85% of eligible accounts receivable and 60% of eligible unbilled accounts. | ||
Interest on borrowings will be charged at a rate equal to, at the Company’s election, either (a) the higher of PNC’s prime rate or the federal funds rate plus 0.50%, plus an applicable margin; or (b) adjusted LIBOR plus an applicable margin. The applicable margin on the base rate is between 0.25% and 0.75% on revolving credit loans and between 0.75% and 1.25% on the delayed draw term loans. The applicable margin on the adjusted LIBOR rate is between 1.25% and 1.75% on revolving credit loans and between 1.75% and 2.25% on the delayed draw term loans. The actual applicable margin is based on the Company’s senior leverage ratio, as defined in the loan agreement. A 20 basis point per annum commitment fee on the unused portion of the facility is charged and due quarterly in arrears. As of December 31, 2013, the Company had outstanding borrowings under the revolving credit loan facility of $12,000 and unused borrowing availability of $15.4 million. | ||
The loan agreement contains standard financial covenants, including but not limited to, covenants related to the Company’s leverage ratio, senior leverage ratio and fixed charge ratio (as defined under the loan agreement) and limitations on liens, indebtedness, guarantees and contingent liabilities, loans and investments, distributions, leases, asset sales, stock repurchases and mergers and acquisitions. As of December 31, 2013, the Company was in compliance with all provisions under the facility. | ||
In connection with securing this facility, the Company incurred transaction costs totaling $84,000. These costs are being amortized as interest expense over the three-year life of the credit facility. | ||
The Company is currently in discussions with PNC Bank to extend this facility. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
6 | Commitments and Contingencies | ||||
Lease Commitments | |||||
The Company rents certain office facilities and equipment under noncancelable operating leases, which provide for the following future minimum rental payments as of December 31, 2013: | |||||
Total Amount | |||||
(Amounts in thousands) | |||||
2014 | $ | 501 | |||
2015 | 222 | ||||
2016 | 104 | ||||
2017 | 7 | ||||
2018 | 1 | ||||
Thereafter | — | ||||
Total | $ | 835 | |||
Rental expense for the years ended December 31, 2013, 2012 and 2011, totaled $577,000, $618,000 and $490,000, respectively. | |||||
Contingencies | |||||
In the ordinary course of business, the Company is involved in a number of lawsuits and administrative proceedings. While uncertainties are inherent in the final outcome of these matters, management believes, after consultation with legal counsel, that the disposition of these proceedings should not have a material adverse effect on our financial position, results of operations or cash flows. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended | |
Dec. 31, 2013 | ||
Compensation And Retirement Disclosure [Abstract] | ' | |
Employee Benefit Plan | ' | |
7 | Employee Benefit Plan | |
The Company’s employees participate in an Employee Retirement Savings Plan (the “Retirement Plan”) under Section 401(k) of the Internal Revenue Code that covers substantially all U.S. based salaried employees. Employees may contribute a percentage of eligible compensation to the plan, subject to certain limits under the Internal Revenue Code. For the three years ended December 31, 2013, the Company did not provide for matching contributions. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
8 | Stock-Based Compensation | ||||||||||||
Effective October 1, 2008, the Company adopted a Stock Incentive Plan (the “Plan”). The Plan provides that up to 1,000,000 shares (800,000 pre-split shares) of the Company’s common stock shall be allocated for issuance to directors, executive management and key personnel. Grants under the Plan can be made in the form of stock options, stock appreciation rights, performance shares or stock awards. As of December 31, 2013, the Company had 720,000 outstanding and/or exercised stock options, 207,000 outstanding performance shares and 50,000 outstanding and/or released restricted stock units that were issued under the Plan. Thus, as of December 31, 2013, the Company has 23,000 shares available for future grants under the Plan. | |||||||||||||
The Plan is administered by the Compensation Committee of the Board of Directors. All grants awarded under the Plan are recommended by the Committee to the Board of Directors for approval. The exercise price of stock options is set on the grant date and not to be less than the fair market value per share of our closing stock price on that date. Grants of stock options and restricted stock awards generally vest over a four-year period and options expire after ten years from the grant date. Performance shares vest upon the achievement of the performance criteria and approval by the Compensation Committee of the Board of Directors. | |||||||||||||
On February 6, 2013, the Compensation Committee of the Board of Directors determined that, in accordance with the provisions of the Stock Incentive Plan, equitable adjustments to outstanding equity grants issued under the Plan are required to preserve the intrinsic value related to non-participation in the Company’s special shareholder distribution (special one-time dividend), made on December 21, 2012. Accordingly, the Committee approved adjustments to the exercise price of all stock options, outstanding prior to this distribution, to preserve the stock option’s pre-distribution value. Further, the Committee approved the issuance of additional restricted shares and performance shares, sufficient to preserve the pre-distribution value of those securities, with the same service and performance requirements as stated in the original grants. These equitable adjustments, in accordance with the Company’s Stock Incentive Plan, do not constitute a modification to the original grants under the provisions of ASC Topic 718 “Share-based Payments”. | |||||||||||||
Following is a summary of Mastech stock option activity for the three years ended December 31, 2013: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Options* | Exercise Price* | ||||||||||||
Outstanding at December 31, 2010 | 771,000 | $ | 2.8 | ||||||||||
Granted | 258,000 | $ | 2.45 | ||||||||||
Exercised | (25,000 | ) | $ | 0.92 | |||||||||
Cancelled / forfeited | (350,000 | ) | $ | 2.69 | |||||||||
Outstanding at December 31, 2011 | 654,000 | $ | 2.8 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (262,000 | ) | $ | 2.68 | |||||||||
Cancelled / forfeited | (61,000 | ) | $ | 3.77 | |||||||||
Outstanding at December 31, 2012 | 331,000 | $ | 2.79 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (64,000 | ) | $ | 2.05 | |||||||||
Cancelled / forfeited | (2,000 | ) | $ | 2.08 | |||||||||
Outstanding at December 31, 2013 | 2,650,000 | $ | 1.01 | ** | |||||||||
* | Adjusted to reflect the November 2013 five-for-four stock split. | ||||||||||||
** | Reflects equitable adjustments to the exercise price as referenced above. | ||||||||||||
As of December 31, 2013, the Company’s outstanding “in the money” stock options using the year-end share price of $13.99 had an aggregate intrinsic value of $3.4 million As of December 31, 2013, the intrinsic value of vested and expected to vest stock options totaled $3.2 million. The total intrinsic value of options exercised during 2013, 2012 and 2011 totaled $754,000, $582,000 and $49,000, respectively. The measurement date fair value of stock options vested during 2013, 2012 and 2011 totaled $112,000, $152,000 and $269,000, respectively. | |||||||||||||
The table below summarizes information regarding the Company’s outstanding and exercisable stock options as of December 31, 2013: | |||||||||||||
Range of Exercise Prices: | Options | Weighted Average | Weighted Average | ||||||||||
Outstanding | Remaining | Exercise Price | |||||||||||
Contractual Life | |||||||||||||
(in years) | |||||||||||||
$0.01 to $2.00 | 238,000 | 7.8 | $ | 0.81 | |||||||||
$2.01 to $4.00 | 21,000 | 6 | $ | 2.36 | |||||||||
$4.01 to $6.00 | 6,000 | 3.7 | $ | 4.63 | |||||||||
$6.01 to $8.00 | — | — | $ | — | |||||||||
265,000 | 7.6 | $ | 1.01 | ||||||||||
Range of Exercise Prices: | Options | Weighted Average | Weighted Average | ||||||||||
Exercisable | Remaining | Exercise Price | |||||||||||
Contractual Life | |||||||||||||
(in years) | |||||||||||||
$0.01 to $2.00 | 113,000 | 7.8 | $ | 0.81 | |||||||||
$2.01 to $4.00 | 21,000 | 6 | $ | 2.36 | |||||||||
$4.01 to $6.00 | 6,000 | 3.7 | $ | 4.63 | |||||||||
$6.01 to $8.00 | — | — | $ | — | |||||||||
140,000 | 7.4 | $ | 1.2 | ||||||||||
The Company used the following assumptions with respect to the Black-Scholes option pricing model for Mastech options issued during 2011. No stock options were issued during 2012 and 2013. | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Stock option grants: | |||||||||||||
Weighted-average risk-free interest rate | — | — | 1.1 | % | |||||||||
Weighted-average dividend yield | — | — | 0 | % | |||||||||
Expected volatility | — | — | 55.36 | % | |||||||||
Expected term (in years) | — | — | 4.5 | ||||||||||
Weighted-average fair value | $ | — | $ | — | $ | 1.4 | |||||||
Risk-free interest rate – The risk-free rate for stock options granted during the period was determined by using a U.S. Treasury rate for the period that coincided with the expected term of the options. | |||||||||||||
Expected dividend yield – The Company did not contemplate a recurring dividend program. Accordingly, the dividend yield assumption used was 0.0%. | |||||||||||||
Expected volatility – For grants made after September 30, 2009, expected volatility was determined based on the historical volatility of Mastech’s common stock. | |||||||||||||
Expected term – Mastech’s expected term is 4.5 years for stock option grants. The Company’s expected term was based on the exercise history of our employees and the vesting term of our stock options. | |||||||||||||
The assumptions used to calculate the fair value of future stock option grants will be evaluated and revised, as necessary, to reflect market conditions and the Company’s historical experiences. | |||||||||||||
Following is a summary of Mastech restricted stock activity for the three years ended December 31, 2013: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013* | 2012* | 2011* | |||||||||||
Beginning outstanding balance | 9,375 | 25,000 | — | ||||||||||
Awarded | 31,250 | — | 112,500 | ||||||||||
Awarded as equitable adjustments | 3,544 | — | — | ||||||||||
Released | (4,306 | ) | (6,250 | ) | — | ||||||||
Forfeited | — | (9,375 | ) | (87,500 | ) | ||||||||
Ending outstanding balance | 39,863 | 9,375 | 25,000 | ||||||||||
* | Adjusted to reflect the November 2013 five-for-four stock split. | ||||||||||||
The grant date fair value of restricted stock awarded in 2013 was $11.44. The aggregate intrinsic value of restricted stock units outstanding at December 31, 2013 was $558,000. The total intrinsic value of restricted shares released during 2013 totaled $26,000. | |||||||||||||
Following is a summary of Mastech performance share activity for the three years ended December 31, 2013: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013* | 2012* | 2011 | |||||||||||
Beginning outstanding balance | 131,250 | — | — | ||||||||||
Awarded | 68,750 | 193,750 | — | ||||||||||
Awarded as equitable adjustments | 49,616 | — | — | ||||||||||
Released | — | — | — | ||||||||||
Forfeited | (43,062 | ) | (62,500 | ) | — | ||||||||
Ending outstanding balance | 206,554 | 131,250 | — | ||||||||||
* | Adjusted to reflect the November 2013 five-for-four stock split. | ||||||||||||
The grant date fair value of performance shares awarded in 2013 was $5.94 post-split. The aggregate intrinsic value of performance share units outstanding at December 31, 2013 was $2.9 million. | |||||||||||||
Stock-based compensation expense of $517,000, $242,000, and $228,000 was recognized in the Consolidated Statements of Operations for the years ended December 31, 2013, 2012, and 2011, respectively. The Company has recognized related tax benefits associated with its share-based compensation arrangements for the years ended December 31, 2013, 2012, and 2011 of $193,000, $93,000 and $86,000, respectively. As of December 31, 2013, the total remaining unrecognized compensation expense related to non-vested stock options totaled $96,000, which will be amortized over the weighted-average remaining requisite service period of 1.8 years; the total remaining unrecognized compensation expense related to restricted stock units amounted to $356,000, which will be amortized over the weighted-average remaining requisite service period of 3.7 years; and the total remaining unrecognized compensation expense related to performance shares amounted to $281,000, which will be amortized over the weighted-average estimated remaining requisite service period of 1.3 years. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
9 | Income Taxes | ||||||||||||||||||||||||
The components of income before income taxes from continuing operations, as shown in the accompanying Consolidated Statement of Operations, consisted of the following for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Income before income taxes: | |||||||||||||||||||||||||
Domestic | $ | 5,225 | $ | 3,339 | $ | 2,150 | |||||||||||||||||||
Foreign | — | — | — | ||||||||||||||||||||||
Income before income taxes | $ | 5,225 | $ | 3,339 | $ | 2,150 | |||||||||||||||||||
The provision for income taxes from continuing operations, as shown in the accompanying Consolidated Statement of Operations, consisted of the following for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Current provision: | |||||||||||||||||||||||||
Federal | $ | 1,915 | $ | 1,024 | $ | 764 | |||||||||||||||||||
State | 172 | 106 | 54 | ||||||||||||||||||||||
Total current provision | 2,087 | 1,130 | 818 | ||||||||||||||||||||||
Deferred provision (benefit): | |||||||||||||||||||||||||
Federal | (115 | ) | 133 | (20 | ) | ||||||||||||||||||||
State | (16 | ) | 18 | (3 | ) | ||||||||||||||||||||
Total deferred provision (benefit) | (131 | ) | 151 | (23 | ) | ||||||||||||||||||||
Total provision for income taxes | $ | 1,956 | $ | 1,281 | $ | 795 | |||||||||||||||||||
The reconciliation of income taxes from continuing operations computed using our statutory U.S. income tax rate and the provision for income taxes for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||
(Amounts in thousands) | December 31, | December 31, | December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Income taxes computed at the federal statutory rate | $ | 1,777 | 34 | % | $ | 1,135 | 34 | % | $ | 731 | 34 | % | |||||||||||||
State income taxes, net of federal tax benefit | 156 | 3 | 124 | 3.7 | 51 | 2.4 | |||||||||||||||||||
Other | 23 | 0.4 | 22 | 0.7 | 13 | 0.6 | |||||||||||||||||||
$ | 1,956 | 37.4 | % | $ | 1,281 | 38.4 | % | $ | 795 | 37 | % | ||||||||||||||
The components of the deferred tax assets and liabilities were as follows: | |||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for doubtful accounts and employee advances | $ | 139 | $ | 179 | |||||||||||||||||||||
Accrued vacation, bonuses and severance | 199 | 188 | |||||||||||||||||||||||
Stock-based compensation expense | 249 | 109 | |||||||||||||||||||||||
Total deferred tax assets | 587 | 476 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Prepaid expenses | 193 | 215 | |||||||||||||||||||||||
Depreciation, goodwill, intangibles and other | 3 | 17 | |||||||||||||||||||||||
Total deferred tax liabilities | 196 | 232 | |||||||||||||||||||||||
Net deferred tax asset | 391 | 244 | |||||||||||||||||||||||
Less: current deferred tax asset | 143 | 153 | |||||||||||||||||||||||
Total long-term deferred tax asset | $ | 248 | $ | 91 | |||||||||||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits related to uncertain tax positions, including interest and penalties, for the three years ended December 31, 2013 is as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2013 | ||||||||||||||||||||||
Unrecognized tax benefits, beginning balance | $ | 78 | $ | 89 | $ | 66 | |||||||||||||||||||
Additions related to current period | 33 | 27 | 38 | ||||||||||||||||||||||
Additions related to prior periods | — | — | — | ||||||||||||||||||||||
Reductions related to prior periods | — | (38 | ) | (15 | ) | ||||||||||||||||||||
Unrecognized tax benefits, ending balance | $ | 111 | $ | 78 | $ | 89 | |||||||||||||||||||
The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2013, 2012 and 2011, the Company had $15,000, $13,000 and $14,000, respectively, accrued for interest and penalties. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||
10 | Derivative Instruments and Hedging Activities | ||||||||||||||
Commencing in June 2012, the Company entered into foreign currency forward contracts (“derivative contracts”) to mitigate and manage the risk of changes in foreign exchange rates related to highly probable expenditures in support of its Indian-based global recruitment operations. These forward contracts have been designated as cash flow hedging instruments and qualified as effective hedges at inception under ASC Topic 815, “Derivatives and Hedging”. | |||||||||||||||
All derivatives are recognized on the balance sheet at fair value. The effective portion of the changes in fair value on these instruments are recorded in other comprehensive income and are reclassified into the Consolidated Statement of Operations on the same line item and in the same period in which the underlying hedge transaction affects earnings. Changes in the fair value of these instruments deemed ineffective are recognized in the Consolidated Statement of Operations as foreign exchange gains (losses). Hedge effectiveness is assessed based on changes in the fair value of the forward contracts related to the difference between the spot price and the forward price. Forward points (premiums/discounts) are excluded from the assessment of hedge effectiveness and are recognized in the Consolidated Statement of Operations as foreign exchange gains/ (losses). | |||||||||||||||
The outstanding contracts as of December 31, 2013, mature in twelve equal monthly installments of 10 million rupees through December 2014, meet the qualifying criteria for hedge accounting and have been deemed to be effective. Accordingly, the Company has recorded other comprehensive pretax gains of $26,000 as of December 31, 2013. | |||||||||||||||
The following table presents information related to foreign currency forward contracts held by the Company: | |||||||||||||||
Outstanding hedge transactions qualifying for hedge accounting as of December 31, 2013 (amounts in thousands): | |||||||||||||||
Maturity Date Ranges | Rupee Strike Price | Amount | Net Unrealized | ||||||||||||
Ranges | Gain/(Loss) | ||||||||||||||
December 31, 2013 | |||||||||||||||
Forward contracts USD: | |||||||||||||||
From: | January 21, 2014 | 63 | |||||||||||||
To: | December 22, 2014 | 70.41 | |||||||||||||
Total | $ | 1,801 | $ | 26 | |||||||||||
The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income for the year ended December 31, 2013 (in thousands): | |||||||||||||||
Derivatives in | Amount of | Location of | Amount of | Location of | Amount of | ||||||||||
ASC Topic 815 | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | ||||||||||
Cash Flow | recognized in OCI | reclassified from | reclassified from | reclassified in | recognized in | ||||||||||
Hedging | on Derivatives | Accumulated OCI | Accumulated OCI | Income on | Income on | ||||||||||
Relationships | to Income | to Income | Derivatives | Derivatives | |||||||||||
(Effective Portion) | (Effective Portion) | (Effective Portion) | (Ineffective Portion/Amounts excluded from | ||||||||||||
effectiveness testing) | |||||||||||||||
Currency | |||||||||||||||
Forward | |||||||||||||||
Contracts | $13 | SG&A Expense | ($20) | Other Income/ (Expense) | $9 | ||||||||||
The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income for the year ended December 31, 2012 (in thousands): | |||||||||||||||
Derivatives in | Amount of | Location of | Amount of | Location of | Amount of | ||||||||||
ASC Topic 815 | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | ||||||||||
Cash Flow | recognized in OCI | reclassified from | reclassified from | reclassified in | recognized in | ||||||||||
Hedging | on Derivatives | Accumulated OCI | Accumulated OCI | Income on | Income on | ||||||||||
Relationships | to Income | to Income | Derivatives | Derivatives | |||||||||||
(Effective Portion) | (Effective Portion) | (Effective Portion) | (Ineffective Portion/Amounts excluded from | ||||||||||||
effectiveness testing) | |||||||||||||||
Currency | |||||||||||||||
Forward | |||||||||||||||
Contracts | $13 | SG&A Expense | $18 | Other Income/ (Expense) | $28 | ||||||||||
Information on the location and amounts of derivative fair values in the Consolidated Balance Sheets (in thousands): | |||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||
Derivative Instruments | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||
Currency Forward Contracts | Prepaid and Other | $ | 67 | Prepaid and Other | $ | 41 | |||||||||
Current Assets | Current Assets | ||||||||||||||
The estimated amount of pretax gains as of December 31, 2013 that is expected to be reclassified from other comprehensive income into earnings within the next 12 months is $26,000. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity [Abstract] | ' | |
Shareholders' Equity | ' | |
11 | Shareholders’ Equity | |
On October 30, 2013, the Company announced that its Board of Directors approved a five-for-four (25 percent) stock split and declared a special cash dividend of $0.50 per post-split share of common stock. Shareholders of record received one new share of Common Stock for every four shares that they owned. The distribution of the new shares was made on November 29, 2013. The cash dividend was paid on December 20, 2013 to shareholders of record at the close of December 9, 2013. This $2.1 million cash dividend was largely funded by cash balances on hand. | ||
On November 29, 2012, the Company announced the declaration of a special one-time cash dividend of $1.60 per share of common stock, payable on December 21, 2012. This $6.7 million cash dividend was funded by a combination of cash balances on hand and borrowings under the Company’s credit facility with PNC Bank. | ||
On October 23, 2012, the Company’s Board of Directors approved the extension of its existing share repurchase program through December 22, 2014 and increased the number of shares subject to the program by 312,500 shares (250,000 pre-split shares). | ||
During 2013, 2012 and 2011, the Company purchased 2,743; 551,607 and 178,608 shares respectively, under the program. As of December 31, 2013, there were 517,041 shares subject to repurchase under this program. These share repurchases were completed at an average post-split share price, inclusive of transaction cost, of $5.59; $4.62 and $3.17 per share for 2013, 2012 and 2011 respectively. |
Revenue_Concentration
Revenue Concentration | 12 Months Ended | |
Dec. 31, 2013 | ||
Segment Reporting [Abstract] | ' | |
Revenue Concentration | ' | |
12 | Revenue Concentration | |
Accenture was the Company’s only client that exceeded 10% of total 2013 revenues. Revenues generated from Accenture represented 11.4% of total 2013 revenues. IBM, TEK Systems and Kaiser Permanente exceeded 10% of total revenues in 2012 and 2011. Revenues generated by IBM represented 13.3% and 16.5% of total revenues in 2012 and 2011, respectively. Revenues generated by TEK Systems represented 12.0% of total revenues in both 2012 and 2011. Revenues generated by Kaiser Permanente represented 11.8% and 10.7% of total revenues in 2012 and 2011, respectively. | ||
Accenture accounted for 11.7% of the Company’s accounts receivable balance at December 31, 2013. At December 31, 2012, IBM, TEK Systems and Kaiser Permanente accounted for 7.2%, 6.9% and 12.6% of the Company’s accounts receivable balance. The same three clients accounted for 7.0%, 7.9% and 7.6% of the Company’s accounts receivable balance at December 31, 2011. | ||
The Company’s top ten clients represented approximately 57%, 60% and 63% of total revenues in 2013, 2012 and 2011, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
13 | Related Party Transactions | |
iGATE Corporation, our former parent, is considered a related party due to the interlocking ownership interest of its Co-Chairmen and our Co-Chairmen, Mr. Sunil Wadhwani and Mr. Ashok Trivedi. | ||
Certain agreements and transactions between us and iGATE’s affiliate are described below: | ||
Transactions with iGATE’s Affiliate | ||
Prior to January 1, 2012, iGATE Global Solutions provided the Company with offshore contractors (recruiters) and IT support services. These services were provided under negotiated agreements between the parties. During 2013, 2012 and 2011, the Company paid iGATE Global Solutions $0, $0 and $882,000, respectively, for services provided. | ||
Accounts Payable with iGATE’s Affiliate | ||
At December 31, 2013, 2012 and 2011, the Company had included in its Accounts Payable balance $0, $0 and $170,000 owed to its former parent’s affiliate, respectively. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings per Share | ' | ||||||||||||
14 | Earnings per Share | ||||||||||||
The computation of basic earnings per share (“EPS”) is based on the Company’s net income divided by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options and restricted share units were exercised / released. The dilutive effect of stock options and restricted share units were calculated using the treasury stock method. Performance shares for which the performance objectives were achieved as of December 31, 2013, were included in the dilutive earnings per share calculation as though such shares were outstanding for the entire fourth quarter of 2013. | |||||||||||||
For the year’s ended 2013, 2012 and 2011, the computation of diluted earnings per share does not include 0, 60,000 and 301,250 stock options respectively, as the effect of their inclusion would have been anti-dilutive. | |||||||||||||
The following table sets forth the denominators of the basic and diluted EPS computations. All shares outstanding for the period shown below have been adjusted to reflect the November 2013 five-for-four stock split: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Amounts in thousands): | 2013 | 2012 | 2011 | ||||||||||
Weighted-average shares outstanding: | |||||||||||||
Basic | 4,193 | 4,075 | 4,566 | ||||||||||
Stock options and restricted share units | 149 | 126 | 129 | ||||||||||
Diluted | 4,342 | 4,201 | 4,695 | ||||||||||
The following table sets forth the computation of basic EPS utilizing net income from continuing operations and the Company’s weighted-average common stock outstanding: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Amounts in thousands, except per share data): | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 3,269 | $ | 2,058 | $ | 1,355 | |||||||
Basic weighted-average shares outstanding | 4,193 | 4,075 | 4,566 | ||||||||||
Basic EPS | $ | 0.78 | $ | 0.51 | $ | 0.3 | |||||||
The following table sets forth the computation of diluted EPS utilizing net income from continuing operations and the Company’s weighted-average common stock outstanding plus the weighted-average of stock options, restricted shares and performance shares outstanding: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Amounts in thousands, except per share data): | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 3,269 | $ | 2,058 | $ | 1,355 | |||||||
Diluted weighted-average shares outstanding | 4,342 | 4,201 | 4,695 | ||||||||||
Diluted EPS | $ | 0.75 | $ | 0.49 | $ | 0.29 | |||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
15. Fair Value Measurements | |||||||||||||||||
The Company has adopted the provisions of ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”) related to certain financial and nonfinancial assets and liabilities. ASC 820 establishes the authoritative definition of fair value; sets out a framework for measuring fair value; and expands the required disclosures about fair value measurements. The valuation techniques required by ASC 820 are based on observable and unobservable inputs using the following three-tier hierarchy: | |||||||||||||||||
• | Level 1 – Inputs are observable quoted prices (unadjusted) in active markets for identical assets and liabilities. | ||||||||||||||||
• | Level 2 – Inputs are observable, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are directly or indirectly observable in the marketplace. | ||||||||||||||||
• | Level 3 – Inputs are unobservable that are supported by little or no market activity. | ||||||||||||||||
The following table summarizes the basis used to measure financial assets and liabilities at fair value on a recurring basis: | |||||||||||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Currency forward contracts | $ | 0 | $ | 67 | $ | 0 | $ | 0 | |||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Currency forward contracts | $ | 0 | $ | 41 | $ | 0 | $ | 0 | |||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information from Continuing Operations | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information from Continuing Operations | ' | ||||||||||||||||||||
16 | Quarterly Financial Information from Continuing Operations (Amounts in thousands, except per share data): | ||||||||||||||||||||
Revenues | Gross | Net | Earnings Per | ||||||||||||||||||
Profit | Income | Share | |||||||||||||||||||
Year Ended December 31, 2013 | Basic | Diluted | |||||||||||||||||||
First quarter | $ | 24,000 | $ | 4,371 | $ | 544 | $ | 0.13 | $ | 0.13 | |||||||||||
Second quarter | 26,135 | 4,973 | 765 | 0.18 | 0.18 | ||||||||||||||||
Third quarter | 28,283 | 5,335 | 999 | 0.24 | 0.23 | ||||||||||||||||
Fourth quarter | 28,483 | 5,438 | 961 | 0.23 | 0.22 | ||||||||||||||||
Annual | $ | 106,901 | $ | 20,117 | $ | 3,269 | $ | 0.78 | $ | 0.75 | |||||||||||
Revenues | Gross | Net | Earnings Per | ||||||||||||||||||
Profit | Income | Share | |||||||||||||||||||
Year Ended December 31, 2012 | Basic | Diluted | |||||||||||||||||||
First quarter | $ | 21,844 | $ | 3,986 | $ | 327 | $ | 0.08 | $ | 0.07 | |||||||||||
Second quarter | 22,677 | 4,317 | 426 | 0.11 | 0.1 | ||||||||||||||||
Third quarter | 22,774 | 4,369 | 561 | 0.14 | 0.14 | ||||||||||||||||
Fourth quarter | 23,475 | 4,493 | 744 | 0.18 | 0.18 | ||||||||||||||||
Annual | $ | 90,770 | $ | 17,165 | $ | 2,058 | $ | 0.51 | $ | 0.49 | |||||||||||
Severance_Charges
Severance Charges | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
Severance Charges | ' | |
17 | Severance Charges | |
The Company did not incur any severance cost in 2013. Severance costs in 2012 totaled $120,000 and related to a change in executive leadership. During 2011, the Company incurred $277,000 of severance costs related to the elimination of several executive positions. |
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II-Valuation and Qualifying Accounts | ' | ||||||||||||||||
MASTECH HOLDINGS, INC. | |||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | |||||||||||||||||
(Amounts in thousands) | |||||||||||||||||
Balance at | Charged | Recoveries/ | Balance | ||||||||||||||
beginning | to expense | (Write-offs) | at end | ||||||||||||||
of period | (credited) | of period | |||||||||||||||
Allowance for Doubtful Accounts: | |||||||||||||||||
Year ended December 31, 2013 | $ | 438 | $ | (25 | ) | $ | (55 | ) | $ | 358 | |||||||
Year ended December 31, 2012 | 305 | 125 | 8 | 438 | |||||||||||||
Year ended December 31, 2011 | 572 | (125 | ) | (142 | ) | 305 |
Significant_Accounting_Policie1
Significant Accounting Policies: (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
Basis of Presentation | |||
Mastech Holdings, Inc. (referred to in this report as “Mastech”, the “Company”, “us”, “our” or “we”) is a provider of information technology staffing services. Our business combines technical expertise with business process experience to deliver a broad range of services within business intelligence / data warehousing; service oriented architecture; web services; enterprise resource planning & customer resource management; and e-Business solutions segments. Headquartered in Pittsburgh, Pennsylvania, we have approximately 750 consultants that provide services across a broad spectrum of industry verticals on a national basis. | |||
Accounting Principles | ' | ||
Accounting Principles | |||
The Company’s Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). | |||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. The Company utilizes the equity method of accounting, as prescribed by ASC Topic 323 “The Equity Method of Accounting for Investments in Common Stock”, when it is able to exercise significant management influence over the entity’s operations, which generally occurs when Mastech has an ownership interest of between 20% and 50% in an entity. The cost method of accounting is used when the Company does not exercise significant management influence, generally when Mastech has an ownership interest of less than 20%. | |||
Recent Developments | ' | ||
Recent Developments | |||
In August 2013, the Company sold its healthcare staffing business to Accountable Healthcare Staffing, Inc., as more fully described in Note 2 “Discontinued Operations” to the Consolidated Financial Statements. The Consolidated Statements of Operations and Cash Flows for all periods presented have been recast to reflect the healthcare staffing business as discontinued operations. | |||
On October 30, 2013, the Company announced that its Board of Directors approved a five-for-four (25 percent) stock split and declared a special cash dividend of $0.50 per post-split share of common stock. Shareholders of record received one new share of common stock for every four shares that they owned. The distribution of the new shares was made on November 29, 2013. The cash dividend was paid on December 20, 2013 to shareholders of record at the close of December 9, 2013. The earnings per share calculations and outstanding share information for all periods presented have been recast to reflect the impact of the stock split. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from the estimates. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
Cash and cash equivalents are defined as cash and highly liquid debt investments with maturities of three months or less when purchased. Cash equivalents are stated at cost, which approximates market value. | |||
Accounts Receivable and Unbilled Receivables | ' | ||
Accounts Receivable and Unbilled Receivables | |||
The Company extends credit to clients based upon management’s assessment of their creditworthiness. A substantial portion of the Company’s revenue, and the resulting accounts receivable, are from Fortune 1000 companies, major systems integrators and other staffing organizations. | |||
Unbilled receivables represent amounts recognized as revenues based on services performed and, in accordance with the terms of the client contract, will be invoiced in a subsequent period. | |||
Allowance for Uncollectible Accounts | ' | ||
Allowance for Uncollectible Accounts | |||
Accounts receivable are reviewed periodically to determine the probability of loss. The Company records an allowance for uncollectible accounts when it is probable that the related receivable balance will not be collected based on historical collection experience, client-specific collection issues, and other matters the Company identifies in its collection monitoring. | |||
The Allowance for Uncollectible Accounts was $358,000 and $438,000 at December 31, 2013 and 2012, respectively. Bad debt expense (credit) reflected in the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011 totaled $0, $0 and ($125,000). | |||
Equipment, Enterprise Software and Leasehold Improvements | ' | ||
Equipment, Enterprise Software and Leasehold Improvements | |||
Equipment, enterprise software and leasehold improvements are stated at historical cost. The Company provides for depreciation using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of (a) the remaining term of the lease or (b) the estimated useful life of the improvements. Repairs and maintenance, which do not extend the useful life of the respective assets, are charged to expense as incurred. Upon disposal, assets and related accumulated depreciation are removed from the Company’s accounts and the resulting gains or losses are reflected in the Company’s Consolidated Statement of Operations. | |||
The estimated useful lives of depreciable assets are primarily as follows: | |||
Laptop Computers | 18 months | ||
Equipment | 3-5 years | ||
Enterprise Software | 3 years | ||
Depreciation and amortization expense related to fixed assets totaled $153,000, $158,000 and, $126,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||
Income Taxes | ' | ||
Income Taxes | |||
The Company records an estimated liability for income and other taxes based on what management determines will likely be paid in the various tax jurisdictions in which we operate. Management uses its best judgment in the determination of these amounts. However, the liabilities ultimately realized and paid are dependent on various matters, including the resolution of the tax audits in the various affected tax jurisdictions, and may differ from the amounts recorded. An adjustment to the estimated liability would be recorded through income in the period in which it becomes probable that the amount of the actual liability differs from the amount recorded. | |||
Management determines the Company’s income tax provision using the asset and liability method. Under this method, deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. The Company measures deferred tax assets and liabilities using enacted tax rates in effect for the year in which we expect to recover or settle the temporary differences. The effect of a change in tax rates on deferred taxes is recognized in the period that the change is enacted. The Company evaluates its deferred tax assets and records a valuation allowance when, in management’s opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized. For the periods presented, no valuation allowance has been provided. | |||
The Company accounts for uncertain tax positions in accordance with ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes”. Accordingly, the Company has reported a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in a tax return. As of December 31, 2013, the Company provided $111,000 for uncertain tax positions, including interest and penalties, related to various state income tax matters applicable to the periods subsequent to our spin-off from iGATE. | |||
During 2013, the Company’s 2011 federal tax return was audited by the Internal Revenue Service (“IRS”) resulting in no amendments to our filed return. During 2011, the IRS completed its examination of the Company’s federal income tax returns for the years 2008 (post spin-off) and 2009. Amendments to our income tax return as a result of such examination were immaterial and are reflected in the Consolidated Financial Statements for the year ended December 31, 2011. All post spin-off periods remain subject to examination by various state authorities, conditioned on statutory limitations. | |||
Segment Reporting | ' | ||
Segment Reporting | |||
The Company has one reportable segment in accordance with ASC Topic 280 “Disclosures About Segments of an Enterprise and Related Information”. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
The Company recognizes revenue on time-and-material contracts as services are performed and expenses are incurred. Time-and-material contracts typically bill at an agreed upon hourly rate, plus out-of-pocket expense reimbursement. Out-of-pocket expense reimbursement amounts vary by assignment, but on average represent approximately 2% to 3% of total revenues. Revenue is earned when the Company’s consultants are working on projects. Revenue recognition is negatively impacted by holidays and consultant vacation and sick days. | |||
In certain situations related to client direct hire assignments, where the Company’s fee is contingent upon the hired resources’ continued employment with the client, revenue recognition is deferred until such employment conditions are satisfied. | |||
Stock-Based Compensation | ' | ||
Stock-Based Compensation | |||
Effective October 1, 2008, the Company adopted a Stock Incentive Plan (the “Plan”). The Plan provides that up to 1,000,000 shares (800,000 pre-split shares) of the Company’s common stock shall be allocated for issuance to directors, executive management and key personnel. Grants under the Plan can be made in the form of stock options, stock appreciation rights, performance shares or stock awards. The Plan is administered by the Compensation Committee of the Board of Directors. Stock options are granted at an exercise price equal to the closing share price of the Company common stock at the grant date and generally vest over a four year period. | |||
The Company accounts for stock-based compensation expense in accordance with ASC Topic 718 “Share-based Payments” which requires us to measure all share-based payments based on their estimated fair value and recognize compensation expense over the requisite service period. The fair value of our stock options is determined at the date of grant using the Black-Scholes option pricing model. The assumptions associated with this option pricing model and other information related to our Stock Incentive Plan are more fully described in Note 8 “Stock-Based Compensation” to the Consolidated Financial Statements. | |||
Treasury Stock | ' | ||
Treasury Stock | |||
The Company maintains a stock repurchase program which expires on December 22, 2014. Under this program, the Company may make treasury stock purchases in the open market or through privately negotiated transactions, subject to market conditions and normal trading restrictions. At December 31, 2013, the Company held 732,958 shares in its treasury at a cost of $3.1 million. | |||
Comprehensive Income | ' | ||
Comprehensive Income | |||
Comprehensive income is presented in the Consolidated Statements of Shareholders’ Equity and consists of net income and unrealized gains or losses, net of taxes, on cash flow hedging transactions related to foreign exchange derivative contracts. | |||
Derivative Instruments and Hedging Activities | ' | ||
Derivative Instruments and Hedging Activities | |||
The Company is exposed to foreign currency risks largely as a result of its Indian-based global recruitment centers. During 2012, the Company’s expenditures in Indian rupees, in support of these operations, increased significantly. Accordingly, to mitigate and manage the risk of changes in foreign currency exchange rates, the Company entered into foreign currency forward contracts in June 2012 and continued its hedging strategy into 2013 and 2014. These forward contracts have been designated as cash flow hedging instruments and qualified as effective hedges at inception under ASC Topic 815, “Derivatives and Hedging”. The Company does not enter into derivative contracts for speculative purposes. | |||
All derivatives are recognized on the balance sheet at fair value. The effective portion of the changes in fair value on these instruments are recorded in other comprehensive income (loss) and are reclassified into the Consolidated Statement of Operations on the same line item and in the same period in which the underlying hedge transactions affects earnings. Changes in the fair value of these instruments deemed ineffective are recognized in the Consolidated Statement of Operations as foreign exchange gains (losses). Forward points (premiums/discounts) are excluded from the assessment of hedge effectiveness and are recognized in the Consolidated Statement of Operations as foreign exchange gains/ (losses). | |||
With respect to derivatives designated as hedges, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking such transactions. The Company evaluates hedge effectiveness at the time a contract is entered into and on an ongoing basis. If a contract is deemed ineffective, the change in the fair value of the derivative is recorded in the Consolidated Statement of Operations as foreign exchange gains (losses). | |||
Earnings Per Share | ' | ||
Earnings Per Share | |||
Basic earnings per share are computed using the weighted-average number of common shares outstanding during the period. Diluted earnings per share are computed using the weighted-average number of common shares outstanding during the period, plus the incremental shares outstanding assuming the exercise of dilutive stock options and restricted shares, calculated using the treasury stock method. | |||
Recently Issued Accounting Standards | ' | ||
Recently Issued Accounting Standards | |||
The Company is of the opinion that any pending accounting pronouncements, either in the adoption phase or not yet required to be adopted, will not have a material impact on the Company’s financial position or results of operations. |
Significant_Accounting_Policie2
Significant Accounting Policies: (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Estimated Useful Lives of Depreciable Assets | ' | ||
The estimated useful lives of depreciable assets are primarily as follows: | |||
Laptop Computers | 18 months | ||
Equipment | 3-5 years | ||
Enterprise Software | 3 years |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Carrying Value of Assets and Liabilities of Discontinued Operations | ' | ||||||||||||
The carrying value of assets and liabilities of discontinued operations included in the December 31, 2013 and 2012 Consolidated Balance Sheets were as follows (in thousands): | |||||||||||||
At | At | ||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
ASSETS: | |||||||||||||
Accounts receivables | $ | 68 | $ | 1,763 | |||||||||
Prepaid and other current assets | — | 143 | |||||||||||
Deferred income taxes | 24 | 8 | |||||||||||
Non-current deposits | 19 | 13 | |||||||||||
Fixed assets, net | — | 21 | |||||||||||
Goodwill and other intangibles | — | 429 | |||||||||||
Total | 111 | 2,377 | |||||||||||
LIABILITIES: | |||||||||||||
Accounts payable | 23 | 157 | |||||||||||
Accrued payroll and related cost | — | 362 | |||||||||||
Deferred revenue | — | 5 | |||||||||||
Other accrued liabilities | 174 | 129 | |||||||||||
Total | 197 | 653 | |||||||||||
TOTAL NET ASSETS (LIABILITIES) | $ | (86 | ) | $ | 1,724 | ||||||||
Condensed Statements of Operations of Discontinued Operations | ' | ||||||||||||
The statement of operations of discontinued operations were as follows for the years 2013, 2012 and 2011 (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013* | 2012 | 2011 | |||||||||||
Revenues | $ | 7,058 | $ | 11,068 | $ | 8,886 | |||||||
Costs of revenues | 5,856 | 9,024 | 7,220 | ||||||||||
Gross profit | 1,202 | 2,044 | 1,666 | ||||||||||
Selling, general and administrative expenses | 1,040 | 1,899 | 2,024 | ||||||||||
Income before income taxes | 162 | 145 | (358 | ) | |||||||||
Income tax expense | 68 | 64 | (116 | ) | |||||||||
Net income | $ | 94 | $ | 81 | $ | (242 | ) | ||||||
* | Results through the sale transaction date (August 12, 2013). | ||||||||||||
Sale of Healthcare Business | ' | ||||||||||||
The gain on the August 2013 sale of the healthcare business was as follows (in thousands): | |||||||||||||
Year Ended | |||||||||||||
December 31, 2013 | |||||||||||||
Pretax gain on sale transaction | $ | 485 | |||||||||||
Income tax expense | 43 | ||||||||||||
Net gain after income taxes | $ | 442 | |||||||||||
Cash Flows Provided by Discontinued Operations | ' | ||||||||||||
The statements of cash flows of discontinued operations were as follows for the years 2013, 2012 and 2011 (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013* | 2012 | 2011 | |||||||||||
OPERATING ACTIVITIES: | |||||||||||||
Net income (loss) from discontinued operations | $ | 536 | $ | 81 | $ | (242 | ) | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities of discontinued operations: | |||||||||||||
Depreciation and amortization | 16 | 45 | 55 | ||||||||||
Bad debt (credit) expense | (25 | ) | 125 | — | |||||||||
Stock-based compensation expense | (15 | ) | 20 | 16 | |||||||||
Deferred income taxes, net | (16 | ) | (49 | ) | 2 | ||||||||
(Gain) on sale of discontinued operations, net of tax | (442 | ) | — | — | |||||||||
Working capital items: | |||||||||||||
Accounts receivable and unbilled receivables | 1,720 | (213 | ) | (839 | ) | ||||||||
Prepaid and other current assets | 144 | 12 | 275 | ||||||||||
Accounts payable | (134 | ) | (13 | ) | 111 | ||||||||
Accrued payroll and related costs | (363 | ) | (46 | ) | 168 | ||||||||
Other accrued liabilities | (84 | ) | 117 | 21 | |||||||||
Deferred revenue | (5 | ) | (4 | ) | 10 | ||||||||
Total cash provided by (used in) operating activities of discontinued operations | 1,332 | 75 | (423 | ) | |||||||||
INVESTING ACTIVITIES: | |||||||||||||
Recovery of (increase in) non-current deposits | (6 | ) | 4 | (39 | ) | ||||||||
Capital expenditures | (3 | ) | (14 | ) | (26 | ) | |||||||
Proceeds from sale of discontinued operations | 1,009 | — | — | ||||||||||
Total cash provided by (used in) investing activities of discontinued operations | 1,000 | (10 | ) | (65 | ) | ||||||||
FINANCING ACTIVITIES: | |||||||||||||
None | — | — | — | ||||||||||
Total cash flow provided by (used in) discontinued operations | $ | 2,332 | $ | 65 | $ | (488 | ) | ||||||
* | Results through the sale transaction date (August 12, 2013). |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Minimum Future Rental Payments | ' | ||||
The Company rents certain office facilities and equipment under noncancelable operating leases, which provide for the following future minimum rental payments as of December 31, 2013: | |||||
Total Amount | |||||
(Amounts in thousands) | |||||
2014 | $ | 501 | |||
2015 | 222 | ||||
2016 | 104 | ||||
2017 | 7 | ||||
2018 | 1 | ||||
Thereafter | — | ||||
Total | $ | 835 | |||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Summary of Mastech Stock Option Activity | ' | ||||||||||||
Following is a summary of Mastech stock option activity for the three years ended December 31, 2013: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Options* | Exercise Price* | ||||||||||||
Outstanding at December 31, 2010 | 771,000 | $ | 2.8 | ||||||||||
Granted | 258,000 | $ | 2.45 | ||||||||||
Exercised | (25,000 | ) | $ | 0.92 | |||||||||
Cancelled / forfeited | (350,000 | ) | $ | 2.69 | |||||||||
Outstanding at December 31, 2011 | 654,000 | $ | 2.8 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (262,000 | ) | $ | 2.68 | |||||||||
Cancelled / forfeited | (61,000 | ) | $ | 3.77 | |||||||||
Outstanding at December 31, 2012 | 331,000 | $ | 2.79 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (64,000 | ) | $ | 2.05 | |||||||||
Cancelled / forfeited | (2,000 | ) | $ | 2.08 | |||||||||
Outstanding at December 31, 2013 | 2,650,000 | $ | 1.01 | ** | |||||||||
* | Adjusted to reflect the November 2013 five-for-four stock split. | ||||||||||||
** | Reflects equitable adjustments to the exercise price as referenced above. | ||||||||||||
Summary of Information Regarding the Company's Outstanding and Exercisable Stock Options | ' | ||||||||||||
The table below summarizes information regarding the Company’s outstanding and exercisable stock options as of December 31, 2013: | |||||||||||||
Range of Exercise Prices: | Options | Weighted Average | Weighted Average | ||||||||||
Outstanding | Remaining | Exercise Price | |||||||||||
Contractual Life | |||||||||||||
(in years) | |||||||||||||
$0.01 to $2.00 | 238,000 | 7.8 | $ | 0.81 | |||||||||
$2.01 to $4.00 | 21,000 | 6 | $ | 2.36 | |||||||||
$4.01 to $6.00 | 6,000 | 3.7 | $ | 4.63 | |||||||||
$6.01 to $8.00 | — | — | $ | — | |||||||||
265,000 | 7.6 | $ | 1.01 | ||||||||||
Range of Exercise Prices: | Options | Weighted Average | Weighted Average | ||||||||||
Exercisable | Remaining | Exercise Price | |||||||||||
Contractual Life | |||||||||||||
(in years) | |||||||||||||
$0.01 to $2.00 | 113,000 | 7.8 | $ | 0.81 | |||||||||
$2.01 to $4.00 | 21,000 | 6 | $ | 2.36 | |||||||||
$4.01 to $6.00 | 6,000 | 3.7 | $ | 4.63 | |||||||||
$6.01 to $8.00 | — | — | $ | — | |||||||||
140,000 | 7.4 | $ | 1.2 | ||||||||||
Assumptions Regarding Option Pricing Model for Mastech Options Issued During Period | ' | ||||||||||||
The Company used the following assumptions with respect to the Black-Scholes option pricing model for Mastech options issued during 2011. No stock options were issued during 2012 and 2013. | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Stock option grants: | |||||||||||||
Weighted-average risk-free interest rate | — | — | 1.1 | % | |||||||||
Weighted-average dividend yield | — | — | 0 | % | |||||||||
Expected volatility | — | — | 55.36 | % | |||||||||
Expected term (in years) | — | — | 4.5 | ||||||||||
Weighted-average fair value | $ | — | $ | — | $ | 1.4 | |||||||
Summary of Mastech Restricted Stock Unit Activity | ' | ||||||||||||
Following is a summary of Mastech restricted stock activity for the three years ended December 31, 2013: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013* | 2012* | 2011* | |||||||||||
Beginning outstanding balance | 9,375 | 25,000 | — | ||||||||||
Awarded | 31,250 | — | 112,500 | ||||||||||
Awarded as equitable adjustments | 3,544 | — | — | ||||||||||
Released | (4,306 | ) | (6,250 | ) | — | ||||||||
Forfeited | — | (9,375 | ) | (87,500 | ) | ||||||||
Ending outstanding balance | 39,863 | 9,375 | 25,000 | ||||||||||
* | Adjusted to reflect the November 2013 five-for-four stock split. | ||||||||||||
Summary of Mastech Performance Share Unit Activity | ' | ||||||||||||
Following is a summary of Mastech performance share activity for the three years ended December 31, 2013: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013* | 2012* | 2011 | |||||||||||
Beginning outstanding balance | 131,250 | — | — | ||||||||||
Awarded | 68,750 | 193,750 | — | ||||||||||
Awarded as equitable adjustments | 49,616 | — | — | ||||||||||
Released | — | — | — | ||||||||||
Forfeited | (43,062 | ) | (62,500 | ) | — | ||||||||
Ending outstanding balance | 206,554 | 131,250 | — | ||||||||||
* | Adjusted to reflect the November 2013 five-for-four stock split. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Components of Income Before Income Taxes | ' | ||||||||||||||||||||||||
The components of income before income taxes from continuing operations, as shown in the accompanying Consolidated Statement of Operations, consisted of the following for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Income before income taxes: | |||||||||||||||||||||||||
Domestic | $ | 5,225 | $ | 3,339 | $ | 2,150 | |||||||||||||||||||
Foreign | — | — | — | ||||||||||||||||||||||
Income before income taxes | $ | 5,225 | $ | 3,339 | $ | 2,150 | |||||||||||||||||||
Provision for Income Taxes | ' | ||||||||||||||||||||||||
The provision for income taxes from continuing operations, as shown in the accompanying Consolidated Statement of Operations, consisted of the following for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Current provision: | |||||||||||||||||||||||||
Federal | $ | 1,915 | $ | 1,024 | $ | 764 | |||||||||||||||||||
State | 172 | 106 | 54 | ||||||||||||||||||||||
Total current provision | 2,087 | 1,130 | 818 | ||||||||||||||||||||||
Deferred provision (benefit): | |||||||||||||||||||||||||
Federal | (115 | ) | 133 | (20 | ) | ||||||||||||||||||||
State | (16 | ) | 18 | (3 | ) | ||||||||||||||||||||
Total deferred provision (benefit) | (131 | ) | 151 | (23 | ) | ||||||||||||||||||||
Total provision for income taxes | $ | 1,956 | $ | 1,281 | $ | 795 | |||||||||||||||||||
Reconciliation of Income Taxes from Continuing Operations | ' | ||||||||||||||||||||||||
The reconciliation of income taxes from continuing operations computed using our statutory U.S. income tax rate and the provision for income taxes for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||
(Amounts in thousands) | December 31, | December 31, | December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Income taxes computed at the federal statutory rate | $ | 1,777 | 34 | % | $ | 1,135 | 34 | % | $ | 731 | 34 | % | |||||||||||||
State income taxes, net of federal tax benefit | 156 | 3 | 124 | 3.7 | 51 | 2.4 | |||||||||||||||||||
Other | 23 | 0.4 | 22 | 0.7 | 13 | 0.6 | |||||||||||||||||||
$ | 1,956 | 37.4 | % | $ | 1,281 | 38.4 | % | $ | 795 | 37 | % | ||||||||||||||
Components of the Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||||||
The components of the deferred tax assets and liabilities were as follows: | |||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for doubtful accounts and employee advances | $ | 139 | $ | 179 | |||||||||||||||||||||
Accrued vacation, bonuses and severance | 199 | 188 | |||||||||||||||||||||||
Stock-based compensation expense | 249 | 109 | |||||||||||||||||||||||
Total deferred tax assets | 587 | 476 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Prepaid expenses | 193 | 215 | |||||||||||||||||||||||
Depreciation, goodwill, intangibles and other | 3 | 17 | |||||||||||||||||||||||
Total deferred tax liabilities | 196 | 232 | |||||||||||||||||||||||
Net deferred tax asset | 391 | 244 | |||||||||||||||||||||||
Less: current deferred tax asset | 143 | 153 | |||||||||||||||||||||||
Total long-term deferred tax asset | $ | 248 | $ | 91 | |||||||||||||||||||||
Unrecognized Tax Benefits Related to Uncertain Tax Positions | ' | ||||||||||||||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits related to uncertain tax positions, including interest and penalties, for the three years ended December 31, 2013 is as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2013 | ||||||||||||||||||||||
Unrecognized tax benefits, beginning balance | $ | 78 | $ | 89 | $ | 66 | |||||||||||||||||||
Additions related to current period | 33 | 27 | 38 | ||||||||||||||||||||||
Additions related to prior periods | — | — | — | ||||||||||||||||||||||
Reductions related to prior periods | — | (38 | ) | (15 | ) | ||||||||||||||||||||
Unrecognized tax benefits, ending balance | $ | 111 | $ | 78 | $ | 89 | |||||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Schedule of Outstanding Hedge Transactions Qualifying for Hedge Accounting | ' | ||||||||||||||
Outstanding hedge transactions qualifying for hedge accounting as of December 31, 2013 (amounts in thousands): | |||||||||||||||
Maturity Date Ranges | Rupee Strike Price | Amount | Net Unrealized | ||||||||||||
Ranges | Gain/(Loss) | ||||||||||||||
December 31, 2013 | |||||||||||||||
Forward contracts USD: | |||||||||||||||
From: | January 21, 2014 | 63 | |||||||||||||
To: | December 22, 2014 | 70.41 | |||||||||||||
Total | $ | 1,801 | $ | 26 | |||||||||||
Effect of Derivative Instruments on Consolidated Statements of Operations and Comprehensive Income | ' | ||||||||||||||
The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income for the year ended December 31, 2013 (in thousands): | |||||||||||||||
Derivatives in | Amount of | Location of | Amount of | Location of | Amount of | ||||||||||
ASC Topic 815 | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | ||||||||||
Cash Flow | recognized in OCI | reclassified from | reclassified from | reclassified in | recognized in | ||||||||||
Hedging | on Derivatives | Accumulated OCI | Accumulated OCI | Income on | Income on | ||||||||||
Relationships | to Income | to Income | Derivatives | Derivatives | |||||||||||
(Effective Portion) | (Effective Portion) | (Effective Portion) | (Ineffective Portion/Amounts excluded from | ||||||||||||
effectiveness testing) | |||||||||||||||
Currency | |||||||||||||||
Forward | |||||||||||||||
Contracts | $13 | SG&A Expense | ($20) | Other Income/ (Expense) | $9 | ||||||||||
The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income for the year ended December 31, 2012 (in thousands): | |||||||||||||||
Derivatives in | Amount of | Location of | Amount of | Location of | Amount of | ||||||||||
ASC Topic 815 | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | Gain / (Loss) | ||||||||||
Cash Flow | recognized in OCI | reclassified from | reclassified from | reclassified in | recognized in | ||||||||||
Hedging | on Derivatives | Accumulated OCI | Accumulated OCI | Income on | Income on | ||||||||||
Relationships | to Income | to Income | Derivatives | Derivatives | |||||||||||
(Effective Portion) | (Effective Portion) | (Effective Portion) | (Ineffective Portion/Amounts excluded from | ||||||||||||
effectiveness testing) | |||||||||||||||
Currency | |||||||||||||||
Forward | |||||||||||||||
Contracts | $13 | SG&A Expense | $18 | Other Income/ (Expense) | $28 | ||||||||||
Information on Location and Amounts of Derivative Fair Values in Condensed Consolidated Balance Sheets | ' | ||||||||||||||
Information on the location and amounts of derivative fair values in the Consolidated Balance Sheets (in thousands): | |||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||
Derivative Instruments | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||
Currency Forward Contracts | Prepaid and Other | $ | 67 | Prepaid and Other | $ | 41 | |||||||||
Current Assets | Current Assets |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Basic and Diluted EPS Weighted-Average Shares Outstanding | ' | ||||||||||||
The following table sets forth the denominators of the basic and diluted EPS computations. All shares outstanding for the period shown below have been adjusted to reflect the November 2013 five-for-four stock split: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Amounts in thousands): | 2013 | 2012 | 2011 | ||||||||||
Weighted-average shares outstanding: | |||||||||||||
Basic | 4,193 | 4,075 | 4,566 | ||||||||||
Stock options and restricted share units | 149 | 126 | 129 | ||||||||||
Diluted | 4,342 | 4,201 | 4,695 | ||||||||||
Computation of Basic EPS | ' | ||||||||||||
The following table sets forth the computation of basic EPS utilizing net income from continuing operations and the Company’s weighted-average common stock outstanding: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Amounts in thousands, except per share data): | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 3,269 | $ | 2,058 | $ | 1,355 | |||||||
Basic weighted-average shares outstanding | 4,193 | 4,075 | 4,566 | ||||||||||
Basic EPS | $ | 0.78 | $ | 0.51 | $ | 0.3 | |||||||
Computation of Diluted EPS | ' | ||||||||||||
The following table sets forth the computation of diluted EPS utilizing net income from continuing operations and the Company’s weighted-average common stock outstanding plus the weighted-average of stock options, restricted shares and performance shares outstanding: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Amounts in thousands, except per share data): | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 3,269 | $ | 2,058 | $ | 1,355 | |||||||
Diluted weighted-average shares outstanding | 4,342 | 4,201 | 4,695 | ||||||||||
Diluted EPS | $ | 0.75 | $ | 0.49 | $ | 0.29 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Financial Assets and Liabilities at Fair Value | ' | ||||||||||||||||
The following table summarizes the basis used to measure financial assets and liabilities at fair value on a recurring basis: | |||||||||||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Currency forward contracts | $ | 0 | $ | 67 | $ | 0 | $ | 0 | |||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Currency forward contracts | $ | 0 | $ | 41 | $ | 0 | $ | 0 |
Quarterly_Financial_Informatio1
Quarterly Financial Information from Continuing Operations (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Quarterly Financial Information from Continuing Operations | ' | ||||||||||||||||||||
Revenues | Gross | Net | Earnings Per | ||||||||||||||||||
Profit | Income | Share | |||||||||||||||||||
Year Ended December 31, 2013 | Basic | Diluted | |||||||||||||||||||
First quarter | $ | 24,000 | $ | 4,371 | $ | 544 | $ | 0.13 | $ | 0.13 | |||||||||||
Second quarter | 26,135 | 4,973 | 765 | 0.18 | 0.18 | ||||||||||||||||
Third quarter | 28,283 | 5,335 | 999 | 0.24 | 0.23 | ||||||||||||||||
Fourth quarter | 28,483 | 5,438 | 961 | 0.23 | 0.22 | ||||||||||||||||
Annual | $ | 106,901 | $ | 20,117 | $ | 3,269 | $ | 0.78 | $ | 0.75 | |||||||||||
Revenues | Gross | Net | Earnings Per | ||||||||||||||||||
Profit | Income | Share | |||||||||||||||||||
Year Ended December 31, 2012 | Basic | Diluted | |||||||||||||||||||
First quarter | $ | 21,844 | $ | 3,986 | $ | 327 | $ | 0.08 | $ | 0.07 | |||||||||||
Second quarter | 22,677 | 4,317 | 426 | 0.11 | 0.1 | ||||||||||||||||
Third quarter | 22,774 | 4,369 | 561 | 0.14 | 0.14 | ||||||||||||||||
Fourth quarter | 23,475 | 4,493 | 744 | 0.18 | 0.18 | ||||||||||||||||
Annual | $ | 90,770 | $ | 17,165 | $ | 2,058 | $ | 0.51 | $ | 0.49 | |||||||||||
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Oct. 30, 2013 | Nov. 29, 2012 | Oct. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2013 | Oct. 01, 2008 | Dec. 31, 2007 | |
Segment | |||||||||
Consultant | |||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consultants that provides services abroad | ' | ' | ' | 750 | ' | ' | ' | ' | ' |
Ownership interest percentage to consider significant management influence | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Cost method ownership interest | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' |
Stock split | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split in percent | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' |
Cash dividend declared | $0.50 | $1.60 | $0.50 | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, maturity term | ' | ' | ' | 'Cash and cash equivalents are defined as cash and highly liquid debt investments with maturities of three months or less when purchased | ' | ' | ' | ' | ' |
Cash and cash equivalents, maturity period limit | ' | ' | ' | '3 months | ' | ' | ' | ' | ' |
Allowance for uncollectible accounts | ' | ' | ' | $358,000 | $438,000 | ' | ' | ' | ' |
Bad debt expense (credit) | ' | ' | ' | 0 | 0 | -125,000 | ' | ' | ' |
Depreciation and amortization expense related to fixed assets | ' | ' | ' | 153,000 | 158,000 | 126,000 | ' | ' | ' |
Valuation allowance provided | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Uncertain tax positions | ' | ' | ' | 111,000 | ' | ' | ' | ' | ' |
Number of reportable segment | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Stock Incentive Plan, shares available for issuance | ' | ' | ' | 23,000 | ' | ' | ' | 1,000,000 | ' |
Pre-split shares | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' |
Vesting period | ' | ' | ' | '4 years | ' | ' | ' | ' | ' |
Treasury stock | ' | ' | ' | 732,958 | 730,215 | ' | ' | ' | ' |
Repurchases of treasury stock | ' | ' | ' | $3,131,000 | $3,115,000 | ' | ' | ' | ' |
Expiry period of stock repurchase program | ' | ' | ' | 22-Dec-14 | ' | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest percentage to consider significant management influence | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' |
Revenue recognition - expense reimbursement revenues | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest percentage to consider significant management influence | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Revenue recognition - expense reimbursement revenues | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies - Estimated Useful Lives of Depreciable Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Laptop Computers [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of depreciable assets | '18 months |
Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of depreciable assets | '3 years |
Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of depreciable assets | '5 years |
Enterprise Software [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of depreciable assets | '3 years |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Aggregate purchase price | $1,150,000 | ' | ' | ' |
Cash consideration | 1,000,000 | ' | ' | ' |
Total net assets sold excluded current asset | 1,500,000 | ' | ' | ' |
Utilization of tax benefit | ' | 1,956,000 | 1,281,000 | 795,000 |
Capital Loss Carryforward [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Utilization of tax benefit | ' | $147,000 | ' | ' |
Discontinued_Operations_Carryi
Discontinued Operations - Carrying Value of Assets and Liabilities of Discontinued Operations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Accounts receivables | $10,707 | $10,864 |
Prepaid and other current assets | 822 | 788 |
Deferred income taxes | 143 | 153 |
Non-current deposits | 210 | 214 |
Fixed assets, net | 174 | 249 |
Total assets | 17,051 | 16,420 |
LIABILITIES: | ' | ' |
Accounts payable | 2,026 | 1,984 |
Accrued payroll and related cost | 5,202 | 4,424 |
Total liabilities | 7,591 | 9,533 |
Healthcare Staffing [Member] | ' | ' |
ASSETS: | ' | ' |
Accounts receivables | 68 | 1,763 |
Prepaid and other current assets | ' | 143 |
Deferred income taxes | 24 | 8 |
Non-current deposits | 19 | 13 |
Fixed assets, net | ' | 21 |
Goodwill and other intangibles | ' | 429 |
Total assets | 111 | 2,377 |
LIABILITIES: | ' | ' |
Accounts payable | 23 | 157 |
Accrued payroll and related cost | ' | 362 |
Deferred revenue | ' | 5 |
Other accrued liabilities | 174 | 129 |
Total liabilities | 197 | 653 |
TOTAL NET ASSETS (LIABILITIES) | ($86) | $1,724 |
Discontinued_Operations_Conden
Discontinued Operations - Condensed Statements of Operations of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $28,483 | $28,283 | $26,135 | $24,000 | $23,475 | $22,774 | $22,677 | $21,844 | $106,901 | $90,770 | $80,476 |
Costs of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 86,784 | 73,605 | 64,601 |
Gross profit | 5,438 | 5,335 | 4,973 | 4,371 | 4,493 | 4,369 | 4,317 | 3,986 | 20,117 | 17,165 | 15,875 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 14,815 | 13,794 | 13,656 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 68 | 64 | -116 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 94 | 81 | -242 |
Healthcare Staffing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,058 | 11,068 | 8,886 |
Costs of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,856 | 9,024 | 7,220 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,202 | 2,044 | 1,666 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,040 | 1,899 | 2,024 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 162 | 145 | -358 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 68 | 64 | -116 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $94 | $81 | ($242) |
Discontinued_Operations_Gain_o
Discontinued Operations - Gain on Sale of Healthcare Business (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Income tax expense | $43 | ' | ' |
Net gain after income taxes | 442 | ' | ' |
Healthcare Staffing [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Pretax gain on sale transaction | 485 | ' | ' |
Income tax expense | 43 | ' | ' |
Net gain after income taxes | $442 | ' | ' |
Discontinued_Operations_Cash_F
Discontinued Operations - Cash Flows Provided by (Used to) Discontinued Operations (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
OPERATING ACTIVITIES: | ' | ' | ' | ' |
Net income (loss) from discontinued operations | ' | $536,000 | $81,000 | ($242,000) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of discontinued operations: | ' | ' | ' | ' |
Depreciation and amortization | ' | 153,000 | 158,000 | 126,000 |
Bad debt (credit) expense | ' | 0 | 0 | -125,000 |
Stock-based compensation expense | ' | 532,000 | 222,000 | 212,000 |
Deferred income taxes, net | ' | -131,000 | 151,000 | -23,000 |
Working capital items: | ' | ' | ' | ' |
Accounts receivable and unbilled receivables | ' | -2,915,000 | -1,778,000 | -1,240,000 |
Prepaid and other current assets | ' | -197,000 | -17,000 | 189,000 |
Accounts payable | ' | 176,000 | -312,000 | -497,000 |
Accrued payroll and related costs | ' | 1,141,000 | 468,000 | 810,000 |
Other accrued liabilities | ' | -43,000 | -99,000 | 114,000 |
Deferred revenue | ' | -121,000 | 71,000 | -45,000 |
Total cash provided by (used in) operating activities of discontinued operations | ' | 1,332,000 | 75,000 | -423,000 |
INVESTING ACTIVITIES: | ' | ' | ' | ' |
Recovery of (increase in) non-current deposits | ' | 10,000 | -8,000 | -53,000 |
Capital expenditures | ' | -100,000 | -136,000 | -205,000 |
Proceeds from sale of discontinued operations | 1,000,000 | ' | ' | ' |
Total cash provided by (used in) investing activities of discontinued operations | ' | 1,000,000 | -10,000 | -65,000 |
Healthcare Staffing [Member] | ' | ' | ' | ' |
OPERATING ACTIVITIES: | ' | ' | ' | ' |
Net income (loss) from discontinued operations | ' | 536,000 | 81,000 | -242,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of discontinued operations: | ' | ' | ' | ' |
Depreciation and amortization | ' | 16,000 | 45,000 | 55,000 |
Bad debt (credit) expense | ' | -25,000 | 125,000 | ' |
Stock-based compensation expense | ' | -15,000 | 20,000 | 16,000 |
Deferred income taxes, net | ' | -16,000 | -49,000 | 2,000 |
(Gain) on sale of discontinued operations, net of tax | ' | -442,000 | ' | ' |
Working capital items: | ' | ' | ' | ' |
Accounts receivable and unbilled receivables | ' | 1,720,000 | -213,000 | -839,000 |
Prepaid and other current assets | ' | 144,000 | 12,000 | 275,000 |
Accounts payable | ' | -134,000 | -13,000 | 111,000 |
Accrued payroll and related costs | ' | -363,000 | -46,000 | 168,000 |
Other accrued liabilities | ' | -84,000 | 117,000 | 21,000 |
Deferred revenue | ' | -5,000 | -4,000 | 10,000 |
Total cash provided by (used in) operating activities of discontinued operations | ' | 1,332,000 | 75,000 | -423,000 |
INVESTING ACTIVITIES: | ' | ' | ' | ' |
Recovery of (increase in) non-current deposits | ' | -6,000 | 4,000 | -39,000 |
Capital expenditures | ' | -3,000 | -14,000 | -26,000 |
Proceeds from sale of discontinued operations | ' | 1,009,000 | ' | ' |
Total cash provided by (used in) investing activities of discontinued operations | ' | 1,000,000 | -10,000 | -65,000 |
FINANCING ACTIVITIES: | ' | ' | ' | ' |
Total cash flow provided by (used in) discontinued operations | ' | $2,332,000 | $65,000 | ($488,000) |
Cash_and_Cash_Equivalents_Addi
Cash and Cash Equivalents - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Cash And Cash Equivalents [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $424,000 | $659,000 | $5,755,000 | $6,334,000 |
Restrictions on the Company's cash balances | $0 | $0 | ' | ' |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Affiliate - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' | ' |
Ownership interest percentage to consider significant management influence | ' | ' | ' | 50.00% |
Recognized loss | $0 | $0 | $5,000 | ' |
Credit_Facility_Additional_Inf
Credit Facility - Additional Information (Detail) (USD $) | 0 Months Ended | |
Aug. 31, 2011 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ' | ' |
Duration of credit facility | '3 years | ' |
Commitment Fee | 0.20% | ' |
Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Outstanding borrowings under the revolving credit loan facility | ' | $12,000 |
PNC [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Duration of credit facility | '3 years | ' |
Date of entering into credit facility | 31-Aug-11 | ' |
Revolving credit loan | 15,000,000 | ' |
Term loan | 4,000,000 | ' |
Percentage of eligible accounts receivable | 85.00% | ' |
Percentage of eligible unbilled accounts | 60.00% | ' |
Borrowing availability | ' | 15,400,000 |
Transaction cost | $84,000 | ' |
PNC [Member] | Federal Funds Rate Plus [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Federal funds interest rate | 0.50% | ' |
PNC [Member] | Minimum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility percentage margin over base rate | 0.25% | ' |
Delayed draw term loan percentage margin over base rate | 0.75% | ' |
Revolving credit facility percentage margin adjusted LIBOR rate | 1.25% | ' |
Delayed draw term loan percentage margin adjusted LIBOR rate | 1.75% | ' |
PNC [Member] | Maximum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility percentage margin over base rate | 0.75% | ' |
Delayed draw term loan percentage margin over base rate | 1.25% | ' |
Revolving credit facility percentage margin adjusted LIBOR rate | 1.75% | ' |
Delayed draw term loan percentage margin adjusted LIBOR rate | 2.25% | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Minimum Future Rental Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $501 |
2015 | 222 |
2016 | 104 |
2017 | 7 |
2018 | 1 |
Thereafter | ' |
Total | $835 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Rental expense | $577,000 | $618,000 | $490,000 |
Employee_Benefit_Plan_Addition
Employee Benefit Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Matching contributions | $0 | $0 | $0 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2008 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares allocated for issuance to directors,officers and key personnel | ' | ' | ' | 1,000,000 |
Shares available for future grants | 23,000 | ' | ' | 1,000,000 |
Pre-split shares | ' | ' | ' | 800,000 |
Vesting period | '4 years | ' | ' | ' |
Expiration period | '10 years | ' | ' | ' |
Price per share | $13.99 | ' | ' | ' |
Aggregate intrinsic value | $3,400,000 | ' | ' | ' |
Intrinsic value of vested and expected to vest stock options | 3,200,000 | ' | ' | ' |
Intrinsic value of options exercised | 754,000 | 582,000 | 49,000 | ' |
Fair value of stock options vested | 112,000 | 152,000 | 269,000 | ' |
Weighted-average dividend yield | ' | ' | 0.00% | ' |
Expected term for stock option grants | ' | ' | '4 years 6 months | ' |
Stock-based compensation expense | 517,000 | 242,000 | 228,000 | ' |
Tax benefits | 193,000 | 93,000 | 86,000 | ' |
Expenses related to non-vested stock options | 96,000 | ' | ' | ' |
Weighted-average remaining requisite service period | '1.8 years | ' | ' | ' |
Restricted Stock Units Activity [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock units released or outstanding | 4,306 | 6,250 | ' | ' |
Fair value of restricted stock awarded | $11.44 | ' | ' | ' |
Aggregate intrinsic value of restricted stock units outstanding | 558,000 | ' | ' | ' |
Intrinsic value of restricted shares released | 26,000 | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock units released or outstanding | 50,000 | ' | ' | ' |
Weighted-average remaining requisite service period | '3.7 years | ' | ' | ' |
Unrecognized compensation expense - RSU | 356,000 | ' | ' | ' |
Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of performance shares outstanding | 207,000 | ' | ' | ' |
Stock units released or outstanding | ' | ' | ' | ' |
Aggregate intrinsic value | 2,900,000 | ' | ' | ' |
Fair value of restricted stock awarded | $5.94 | ' | ' | ' |
Weighted-average remaining requisite service period | '1.3 years | ' | ' | ' |
Unrecognized compensation expense - RSU | $281,000 | ' | ' | ' |
Stock Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of stock options outstanding or exercised | 720,000 | ' | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Mastech Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Options Outstanding, Beginning Balance | 331,000 | 654,000 | 771,000 |
Number of Options, Granted | ' | ' | 258,000 |
Number of Options, Exercised | -64,000 | -262,000 | -25,000 |
Number of Options, Cancelled / forfeited | -2,000 | -61,000 | -350,000 |
Number of Options Outstanding, Ending Balance | 265,000 | 331,000 | 654,000 |
Weighted Average Exercise Price, Beginning Balance | $2.79 | $2.80 | $2.80 |
Weighted Average Exercise Price, Granted | ' | ' | $2.45 |
Weighted Average Exercise Price, Exercised | $2.05 | $2.68 | $0.92 |
Weighted Average Exercise Price, Cancelled / forfeited | $2.08 | $3.77 | $2.69 |
Weighted Average Exercise Price, Ending Balance | $1.01 | $2.79 | $2.80 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Information Regarding the Company's Outstanding and Exercisable Stock Options (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding | 265,000 | 331,000 | 654,000 | 771,000 |
Weighted Average Remaining Contractual Life (in years) | '7 years 7 months 6 days | ' | ' | ' |
Weighted Average Exercise Price | $1.01 | $2.79 | $2.80 | $2.80 |
Options Exercisable | 140,000 | ' | ' | ' |
Weighted average remaining contractual life, options exercisable | '7 years 4 months 24 days | ' | ' | ' |
Weighted average exercise price, options exercisable | $1.20 | ' | ' | ' |
Range One [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding | 238,000 | ' | ' | ' |
Lower range of exercise price | $0.01 | ' | ' | ' |
Upper range of exercise price | $2 | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years) | '7 years 9 months 18 days | ' | ' | ' |
Weighted Average Exercise Price | $0.81 | ' | ' | ' |
Options Exercisable | 113,000 | ' | ' | ' |
Range of exercise prices, minimum, options exercisable | $0.01 | ' | ' | ' |
Range of exercise price, maximum, options exercisable | $2 | ' | ' | ' |
Weighted average remaining contractual life, options exercisable | '7 years 9 months 18 days | ' | ' | ' |
Weighted average exercise price, options exercisable | $0.81 | ' | ' | ' |
Range Two [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding | 21,000 | ' | ' | ' |
Lower range of exercise price | $2.01 | ' | ' | ' |
Upper range of exercise price | $4 | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years) | '6 years | ' | ' | ' |
Weighted Average Exercise Price | $2.36 | ' | ' | ' |
Options Exercisable | 21,000 | ' | ' | ' |
Range of exercise prices, minimum, options exercisable | $2.01 | ' | ' | ' |
Range of exercise price, maximum, options exercisable | $4 | ' | ' | ' |
Weighted average remaining contractual life, options exercisable | '6 years 0 months | ' | ' | ' |
Weighted average exercise price, options exercisable | $2.36 | ' | ' | ' |
Range Three [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding | 6,000 | ' | ' | ' |
Lower range of exercise price | $4.01 | ' | ' | ' |
Upper range of exercise price | $6 | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years) | '3 years 8 months 12 days | ' | ' | ' |
Weighted Average Exercise Price | $4.63 | ' | ' | ' |
Options Exercisable | 6,000 | ' | ' | ' |
Range of exercise prices, minimum, options exercisable | $4.01 | ' | ' | ' |
Range of exercise price, maximum, options exercisable | $6 | ' | ' | ' |
Weighted average remaining contractual life, options exercisable | '3 years 8 months 12 days | ' | ' | ' |
Weighted average exercise price, options exercisable | $4.63 | ' | ' | ' |
Range Four [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding | ' | ' | ' | ' |
Lower range of exercise price | $6.01 | ' | ' | ' |
Upper range of exercise price | $8 | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years) | '0 years | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Options Exercisable | ' | ' | ' | ' |
Range of exercise prices, minimum, options exercisable | $6.01 | ' | ' | ' |
Range of exercise price, maximum, options exercisable | $8 | ' | ' | ' |
Weighted average remaining contractual life, options exercisable | ' | ' | ' | ' |
Weighted average exercise price, options exercisable | ' | ' | ' | ' |
StockBased_Compensation_Assump
Stock-Based Compensation - Assumptions Regarding Option Pricing Model for Mastech Options issued During Period (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock option grants: | ' | ' | ' |
Weighted-average risk-free interest rate | ' | ' | 1.10% |
Weighted-average dividend yield | ' | ' | 0.00% |
Expected volatility | ' | ' | 55.36% |
Expected term (in years) | ' | ' | '4 years 6 months |
Weighted-average fair value | ' | ' | $1.40 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Mastech Restricted Stock Unit Activity (Detail) (Restricted Stock Units Activity [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units Activity [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning outstanding balance | 9,375 | 25,000 | ' |
Awarded | 31,250 | ' | 112,500 |
Awarded as equitable adjustments | 3,544 | ' | ' |
Released | -4,306 | -6,250 | ' |
Forfeited | ' | -9,375 | -87,500 |
Ending outstanding balance | 39,863 | 9,375 | 25,000 |
StockBased_Compensation_Summar3
Stock-Based Compensation - Summary of Mastech Performance Share Unit Activity (Detail) (Performance Shares [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning outstanding balance | 131,250 | ' | ' |
Awarded | 68,750 | 193,750 | ' |
Awarded as equitable adjustments | 49,616 | ' | ' |
Released | ' | ' | ' |
Forfeited | -43,062 | -62,500 | ' |
Ending outstanding balance | 206,554 | 131,250 | ' |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income before income taxes: | ' | ' | ' |
Domestic | $5,225 | $3,339 | $2,150 |
Foreign | ' | ' | ' |
Income before income taxes | $5,225 | $3,339 | $2,150 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current provision: | ' | ' | ' |
Federal | $1,915 | $1,024 | $764 |
State | 172 | 106 | 54 |
Total current provision | 2,087 | 1,130 | 818 |
Deferred provision (benefit): | ' | ' | ' |
Federal | -115 | 133 | -20 |
State | -16 | 18 | -3 |
Total deferred provision (benefit) | -131 | 151 | -23 |
Total provision for income taxes | $1,956 | $1,281 | $795 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income taxes computed at the federal statutory rate, Value | $1,777 | $1,135 | $731 |
State income taxes, net of federal tax benefit, Value | 156 | 124 | 51 |
Other, Value | 23 | 22 | 13 |
Total provision for income taxes | $1,956 | $1,281 | $795 |
Income taxes computed at the federal statutory rate, Rate | 34.00% | 34.00% | 34.00% |
State income taxes, net of federal tax benefit, Rate | 3.00% | 3.70% | 2.40% |
Other, Rate | 0.40% | 0.70% | 0.60% |
Effective for income tax rate, Total | 37.40% | 38.40% | 37.00% |
Income_Taxes_Components_of_the
Income Taxes - Components of the Deferred Tax Assets and Liabilities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | ' | ' |
Allowance for doubtful accounts and employee advances | $139 | $179 |
Accrued vacation, bonuses and severance | 199 | 188 |
Stock-based compensation expense | 249 | 109 |
Total deferred tax assets | 587 | 476 |
Deferred tax liabilities: | ' | ' |
Prepaid expenses | 193 | 215 |
Depreciation, goodwill, intangibles and other | 3 | 17 |
Total deferred tax liabilities | 196 | 232 |
Net deferred tax asset | 391 | 244 |
Less: current deferred tax asset | 143 | 153 |
Total long-term deferred tax asset | $248 | $91 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits Related to Uncertain Tax Positions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits, beginning balance | $78 | $89 | $66 |
Additions related to current period | 33 | 27 | 38 |
Additions related to prior periods | ' | ' | ' |
Reductions related to prior periods | ' | -38 | -15 |
Unrecognized tax benefits, ending balance | $111 | $78 | $89 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Accrued interest and penalties on unrecognized tax benefits | $15,000 | $13,000 | $14,000 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | Maximum [Member] | |
Installment | INR | |
Derivative [Line Items] | ' | ' |
Number of equal monthly installments | 12 | ' |
Derivative instrument and hedging activities outstanding contract monthly installments amount | ' | 10,000,000 |
Contract maturity period | '2014-12 | ' |
Estimated amount of pretax gains from other comprehensive income | 26,000 | ' |
Estimated amount of pretax gains from other comprehensive income | $26,000 | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Schedule of Outstanding Hedge Transactions Qualifying for Hedge Accounting (Detail) (Currency Forward Contracts [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Derivative [Line Items] | ' |
Amount | $1,801 |
Net Unrealized Gain/(Loss) | $26 |
Minimum [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date From | 21-Jan-14 |
Rupee Strike Price Ranges | 63 |
Maximum [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date From | 22-Dec-14 |
Rupee Strike Price Ranges | 70.41 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Effect of Derivative Instruments on Consolidated Statements of Operations and Comprehensive Income (Detail) (Currency Forward Contracts [Member], Cash Flow Hedging Relationships [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain/(Loss) recognized in OCI on Derivatives | $13 | $13 |
SG&A [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain/(Loss) reclassified from Accumulated OCI to Income | -20 | 18 |
Other Income/(Expense) [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain/(Loss) recognized in Income on Derivatives | $9 | $28 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Information on Location and Amounts of Derivative Fair Values in Condensed Consolidated Balance Sheets (Detail) (Currency Forward Contracts [Member], Prepaid and Other Current Assets [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Currency Forward Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset / (Liability) | $67 | $41 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 20, 2013 | Oct. 30, 2013 | Nov. 29, 2012 | Oct. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 23, 2012 |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend per share | ' | $0.50 | $1.60 | $0.50 | ' | ' | ' | ' |
Cash dividend | $2,100 | ' | $6,700 | ' | $2,123 | $6,682 | ' | ' |
Number of shares increased in extension of existing share repurchase program | ' | ' | ' | ' | ' | ' | ' | 312,500 |
Pre-split shares | ' | ' | ' | ' | ' | ' | ' | 250,000 |
Shares purchased under repurchase program | ' | ' | ' | ' | 2,743 | 551,607 | 178,608 | ' |
Number of shares authorized to be repurchased | ' | ' | ' | ' | 517,041 | ' | ' | ' |
Post-split share price | ' | ' | ' | ' | $5.59 | $4.62 | $3.17 | ' |
Revenue_Concentration_Addition
Revenue Concentration - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Top Ten Clients [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Entity Wide Revenue Major Customer Percentage | 57.00% | 60.00% | 63.00% |
Accenture [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Entity Wide Revenue Major Customer Percentage | 11.40% | ' | ' |
Accounts receivable | 11.70% | ' | ' |
Accenture [Member] | Minimum [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration of revenues by client | 10.00% | ' | ' |
IBM [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Entity Wide Revenue Major Customer Percentage | ' | 13.30% | 16.50% |
Accounts receivable | ' | 7.20% | 7.00% |
IBM [Member] | Minimum [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration of revenues by client | ' | 10.00% | 10.00% |
TEK Systems [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Entity Wide Revenue Major Customer Percentage | ' | 12.00% | 12.00% |
Accounts receivable | ' | 6.90% | 7.90% |
TEK Systems [Member] | Minimum [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration of revenues by client | ' | 10.00% | 10.00% |
Kaiser Permanente [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Entity Wide Revenue Major Customer Percentage | ' | 11.80% | 10.70% |
Accounts receivable | ' | 12.60% | 7.60% |
Kaiser Permanente [Member] | Minimum [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Concentration of revenues by client | ' | 10.00% | 10.00% |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transactions [Abstract] | ' | ' | ' |
Amount paid for service | $0 | $0 | $882,000 |
Accounts payable balances due | $0 | $0 | $170,000 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Anti-dilutive securities not included in computation of earnings per share | 0 | 60,000 | 301,250 |
Earnings_Per_Share_Basic_and_D
Earnings Per Share - Basic and Diluted EPS Weighted-Average Shares Outstanding (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Weighted-average shares outstanding: | ' | ' | ' |
Basic | 4,193 | 4,075 | 4,566 |
Stock options and restricted share units | 149 | 126 | 129 |
Diluted | 4,342 | 4,201 | 4,695 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic EPS (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from continuing operations | $961 | $999 | $765 | $544 | $744 | $561 | $426 | $327 | $3,269 | $2,058 | $1,355 |
Basic weighted-average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 4,193 | 4,075 | 4,566 |
Basic EPS from continuing operations | $0.23 | $0.24 | $0.18 | $0.13 | $0.18 | $0.14 | $0.11 | $0.08 | $0.78 | $0.51 | $0.30 |
Earnings_Per_Share_Computation1
Earnings Per Share - Computation of Diluted EPS (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from continuing operations | $961 | $999 | $765 | $544 | $744 | $561 | $426 | $327 | $3,269 | $2,058 | $1,355 |
Diluted weighted-average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 4,342 | 4,201 | 4,695 |
Diluted EPS from continuing operations | $0.22 | $0.23 | $0.18 | $0.13 | $0.18 | $0.14 | $0.10 | $0.07 | $0.75 | $0.49 | $0.29 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Assets and Liabilities at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Currency forward contracts | $0 | $0 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Currency forward contracts | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Currency forward contracts | 67 | 41 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Currency forward contracts | $0 | $0 |
Quarterly_Financial_Informatio2
Quarterly Financial Information - Summary of Quarterly Financial Information from Continuing Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $28,483 | $28,283 | $26,135 | $24,000 | $23,475 | $22,774 | $22,677 | $21,844 | $106,901 | $90,770 | $80,476 |
Gross profit | 5,438 | 5,335 | 4,973 | 4,371 | 4,493 | 4,369 | 4,317 | 3,986 | 20,117 | 17,165 | 15,875 |
Net income from continuing operations | $961 | $999 | $765 | $544 | $744 | $561 | $426 | $327 | $3,269 | $2,058 | $1,355 |
Earnings Per Share, Basic from Continuing Operations | $0.23 | $0.24 | $0.18 | $0.13 | $0.18 | $0.14 | $0.11 | $0.08 | $0.78 | $0.51 | $0.30 |
Earnings Per Share, Diluted from Continuing Operations | $0.22 | $0.23 | $0.18 | $0.13 | $0.18 | $0.14 | $0.10 | $0.07 | $0.75 | $0.49 | $0.29 |
Severance_Charges_Additional_I
Severance Charges - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Severance Charges [Abstract] | ' | ' | ' |
Severance cost | $0 | $120,000 | $277,000 |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Detail) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Valuation Allowances and Reserves, Balance, Beginning Balance | $438 | $305 | $572 |
Charged to expense (credited) | -25 | 125 | -125 |
Recoveries/ (Write-offs) | -55 | 8 | -142 |
Valuation Allowances and Reserves, Balance, Ending Balance | $358 | $438 | $305 |