Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 29, 2014 | 7-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'RCM TECHNOLOGIES INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Common Stock, Shares Outstanding | ' | 12,467,321 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000700841 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 29-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condsolidated_Balance_Sheets_C
Condsolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $5,595 | $9,317 |
Accounts receivable, net | 59,955 | 55,726 |
Transit accounts receivable | 4,265 | 3,953 |
Prepaid expenses and other current assets | 3,101 | 1,875 |
Deferred income tax assets, domestic | 1,821 | 1,833 |
Total current assets | 74,737 | 72,704 |
Property and equipment, net | 2,482 | 2,291 |
Other assets: | ' | ' |
Deposits | 202 | 159 |
Goodwill | 9,545 | 9,545 |
Intangible assets, net | 196 | 216 |
Deferred income tax assets, domestic | 1,462 | 1,609 |
Total other assets | 11,405 | 11,529 |
Total assets | 88,624 | 86,524 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 9,708 | 9,671 |
Transit accounts payable | 4,282 | 3,905 |
Accrued payroll and related costs | 11,154 | 10,104 |
Income taxes payable | 95 | 404 |
Deferred income tax liability, foreign | 125 | 132 |
Contingent consideration | 210 | 523 |
Total current liabilities | 25,574 | 24,739 |
Contingent consideration | 407 | 407 |
Total liabilities | 25,981 | 25,146 |
Stockholders’ equity: | ' | ' |
Preferred stock, $1.00 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.05 par value; 40,000,000 shares authorized; 13,940,627 shares issued and 12,467,321 shares outstanding at March 29, 2014 and 13,892,265 shares issued and 12,418,959 shares outstanding at December 28, 2013 | 697 | 695 |
Additional paid-in capital | 110,996 | 110,605 |
Accumulated other comprehensive income | 484 | 815 |
Accumulated deficit | -42,034 | -43,237 |
Treasury stock common (1,473,306 shares at March 29, 2014 and December 28, 2013, at cost) | -7,500 | -7,500 |
Stockholders’ equity | 62,643 | 61,378 |
Total liabilities and stockholders’ equity | $88,624 | $86,524 |
Condsolidated_Balance_Sheets_C1
Condsolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
Preferred stock par value (in Dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.05 | $0.05 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 13,940,627 | 13,892,265 |
Common stock, shares outstanding | 12,467,321 | 12,418,959 |
Treasury stock shares | 1,473,306 | 1,473,306 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Revenues | $48,569 | $41,230 |
Cost of services | 36,312 | 30,609 |
Gross profit | 12,257 | 10,621 |
Operating costs and expenses | ' | ' |
Selling, general and administrative | 9,844 | 8,693 |
Severance and other charges | 104 | 145 |
Depreciation and amortization | 271 | 269 |
10,219 | 9,107 | |
Operating income | 2,038 | 1,514 |
Other (expense) income | ' | ' |
Interest expense and other, net | -14 | -6 |
(Loss) gain on foreign currency transactions | -48 | 5 |
-62 | 91 | |
Income before income taxes | 1,976 | 1,605 |
Income tax expense | 773 | 645 |
Net income | 1,203 | 960 |
Basic and diluted net earnings per share (in Dollars per share) | $0.10 | $0.08 |
Short Term Liability Reduction [Member] | ' | ' |
Other (expense) income | ' | ' |
Reduction in contingent consideration | ' | $92 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Net income | $1,203 | $960 |
Foreign currency translation adjustment | -331 | -274 |
Comprehensive income | $872 | $686 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Dec. 28, 2013 | $695 | $110,605 | $815 | ($43,237) | ($7,500) | $61,378 |
Balance (in Shares) at Dec. 28, 2013 | 13,892,265 | ' | ' | ' | 1,473,306 | ' |
Issuance of stock under employee stock purchase plan | 1 | 154 | ' | ' | ' | 155 |
Issuance of stock under employee stock purchase plan (in Shares) | 33,862 | ' | ' | ' | ' | 33,862 |
Translation adjustment | ' | ' | -331 | ' | ' | -331 |
Issuance of stock upon exercise of stock options | 1 | 63 | ' | ' | ' | 64 |
Issuance of stock upon exercise of stock options (in Shares) | 14,500 | ' | ' | ' | ' | 14,500 |
Share-based compensation expense | ' | 174 | ' | ' | ' | 174 |
Net income | ' | ' | ' | 1,203 | ' | 1,203 |
Balance at Mar. 29, 2014 | $697 | $110,996 | $484 | ($42,034) | ($7,500) | $62,643 |
Balance (in Shares) at Mar. 29, 2014 | 13,940,627 | ' | ' | ' | 1,473,306 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $1,203 | $960 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 271 | 269 |
Changes in fair value of contingent consideration | ' | -92 |
Stock-based compensation expense | 174 | 173 |
Provision for allowance for doubtful accounts | 18 | -233 |
Deferred income tax expense | 159 | 165 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -4,247 | -5,893 |
Transit accounts receivable | -312 | 3,233 |
Prepaid expenses and other current assets | -1,227 | 455 |
Accounts payable and accrued expenses | 36 | 1,259 |
Transit accounts payable | 377 | -1,501 |
Accrued payroll and related costs | 1,050 | 911 |
Income taxes payable | -309 | 367 |
Total adjustments | -4,010 | -887 |
Net cash (used in) provided by operating activities | -2,807 | 73 |
Cash flows from investing activities: | ' | ' |
Property and equipment acquired | -442 | -313 |
Increase in deposits | -42 | ' |
Net cash used in investing activities | -484 | -313 |
Cash flows from financing activities: | ' | ' |
Sale of stock for employee stock purchase plan | 155 | 120 |
Exercise of stock options | 64 | 30 |
Common stock repurchases | ' | -83 |
Contingent consideration paid | -313 | ' |
Net cash (used in) provided by financing activities | -94 | 67 |
Effect of exchange rate changes on cash and cash equivalents | -337 | -54 |
Decrease in cash and cash equivalents | -3,722 | -227 |
Cash and cash equivalents at beginning of period | 9,317 | 14,123 |
Cash and cash equivalents at end of period | 5,595 | 13,896 |
Cash paid for: | ' | ' |
Interest | 23 | 21 |
Income taxes | $677 | $18 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended | |
Mar. 29, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
1 | Basis of Presentation | |
The accompanying consolidated interim financial statements of RCM Technologies, Inc. and subsidiaries (“RCM” or the “Company”) are unaudited. The year-end consolidated balance sheet was derived from audited statements but does not include all disclosures required by accounting principles generally accepted in the United States. These statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission pertaining to reports on Form 10-Q and should be read in conjunction with the Company’s consolidated financial statements and the notes thereto for the year ended December 28, 2013 included in the Company’s Annual Report Form 10-K for such period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. | ||
The consolidated financial statements for the unaudited interim periods presented include all adjustments (consisting only of normal, recurring adjustments except for the reduction of the contingent consideration pertaining to the PSG acquisition) necessary for a fair presentation of financial position, results of operations and cash flows for such interim periods. | ||
Results for the thirteen week periods ended March 29, 2014 are not necessarily indicative of results that may be expected for the full year. |
Note_2_Fiscal_Year
Note 2 - Fiscal Year | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Business Description and Basis of Presentation [Text Block] | ' | ||||||||
2 | Fiscal Year | ||||||||
The Company follows a 52/53 week fiscal reporting calendar ending on the Saturday closest to December 31. The fiscal year ended December 28, 2013 was a 52-week reporting year. The first fiscal quarters of 2014 and 2013 ended on the following dates, respectively: | |||||||||
Period Ended | Weeks in Quarter | Weeks in Year to Date | |||||||
29-Mar-14 | Thirteen | Thirteen | |||||||
30-Mar-13 | Thirteen | Thirteen | |||||||
Note_3_Use_of_Estimates_and_Un
Note 3 - Use of Estimates and Uncertainties | 3 Months Ended | |
Mar. 29, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' | |
3 | Use of Estimates and Uncertainties | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. | ||
The Company uses estimates to calculate an allowance for doubtful accounts on its accounts receivables, adequacy of reserves, the tax rate applied and the valuation of certain assets and liability accounts. These estimates can be significant to the operating results and financial position of the Company. | ||
The Company has risk participation arrangements with respect to workers compensation and health care insurance. The amounts included in the Company’s costs related to this risk participation are estimated and can vary based on changes in assumptions, the Company’s claims experience or the providers included in the associated insurance programs. | ||
Fair Value of Financial Instruments | ||
The Company’s carrying value of financial instruments, consisting primarily of accounts receivable, accounts payable and accrued expenses, approximates fair value due to their liquidity or their short-term nature. The Company does not have derivative products in place to manage risks related to foreign currency fluctuations for its foreign operations or for interest rate changes. |
Note_4_Accounts_Receivable_Tra
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||
4 | Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable | ||||||||
The Company’s accounts receivable are comprised as follows: | |||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
Billed | $ | 42,321 | $ | 35,415 | |||||
Accrued and unbilled | 5,901 | 7,895 | |||||||
Work-in-progress | 12,620 | 13,394 | |||||||
Allowance for doubtful accounts and sales discounts | (887 | ) | (978 | ) | |||||
Accounts receivable, net | $ | 59,955 | $ | 55,726 | |||||
Unbilled receivables primarily represent revenues earned whereby those services are ready to be billed as of the balance sheet ending date. Work-in-process primarily represents revenues earned under contracts which the Company contractually invoices at future dates. | |||||||||
From time to time, the Company’s Engineering segment enters into agreements to provide, among other things, construction management and engineering services. Pursuant to these agreements, the Company a) may engage subcontractors to provide construction or other services; b) typically earns a fixed percentage of the total project value and c) assumes no ownership or risks of inventory. Under the terms of the agreements, the Company is typically not required to pay the subcontractor until after the corresponding payment from the Company’s end-client is received. Upon invoicing the end-client on behalf of the subcontractor or staffing agency the Company records this amount simultaneously as both a “transit account receivable” and “transit account payable” as the amount when paid to the Company is due to and generally paid to the subcontractor within a few days. The Company typically does not pay a given transit account payable until the related transit account receivable is collected. The Company’s transit accounts payable generally exceeds the Company’s transit accounts receivable but absolute amounts and spreads fluctuate significantly from quarter to quarter in the normal course of business. The transit accounts receivable was $4.3 million and related transit accounts payable was $4.3 million, for a negligible net liability, as of March 29, 2014. |
Note_5_Property_and_Equipment
Note 5 - Property and Equipment | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
5 | Property and Equipment | ||||||||
Property and equipment are stated at cost and are depreciated on the straight-line method at rates calculated to provide for retirement of assets at the end of their estimated useful lives. The annual rates are 20% for computer hardware and software as well as furniture and office equipment. Leasehold improvements are amortized over the shorter of the estimated life of the asset or the lease term. | |||||||||
Property and equipment are comprised of the following: | |||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
Equipment and furniture | $ | 2,340 | $ | 2,454 | |||||
Computers and systems | 5,330 | 5,670 | |||||||
Leasehold improvements | 628 | 633 | |||||||
8,298 | 8,757 | ||||||||
Less: accumulated depreciation and amortization | 5,816 | 6,466 | |||||||
Property and equipment, net | $ | 2,482 | $ | 2,291 | |||||
The Company periodically writes off fully depreciated assets. The Company wrote off fully depreciated assets of $902 and $1,143 for the thirteen week periods ended March 29, 2014 and March 30, 2013, respectively. |
Note_6_Acquisitions
Note 6 - Acquisitions | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
6 | Acquisitions | ||||
The Company has acquired numerous companies throughout its history and those acquisitions have generally included significant future contingent consideration. | |||||
Future Contingent Payments | |||||
As of March 29, 2014, the Company had one active acquisition agreement whereby additional contingent consideration may be earned. Effective July 1, 2012 the Company acquired certain assets of BGA, LLC (“BGA”) as more fully described below. The Company estimates future contingent payments at March 29, 2014 as follows: | |||||
Period Ending | |||||
3-Jan-15 | $ | 210 | |||
2-Jan-16 | 222 | ||||
31-Dec-16 | 263 | ||||
Estimated future contingent consideration payments | $ | 695 | |||
Actual future contingent payments may materially differ from the estimates above. Future contingent payments to be made to BGA are capped at a maximum of $2.7 million cumulatively. The Company estimates future contingent consideration in payments based on forecasted performance and recorded the net present value of those expected payments as of March 29, 2014. The measurement is based on significant inputs that are not observable in the market, which “Fair Value Measurements and Disclosures” (ASU Topic 820-10-35) refers to as Level 3 inputs. | |||||
The Company paid $0.3 million in contingent consideration during the thirteen week period ended March 29, 2014. The Company did not pay any contingent consideration in the comparable prior year period. There were no other changes to the fair value of the contingent consideration during the thirteen week period ended March 29, 2014. |
Note_7_Goodwill
Note 7 - Goodwill | 3 Months Ended | |
Mar. 29, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Goodwill Disclosure [Text Block] | ' | |
7 | Goodwill | |
Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired in business combinations. The Company is required to assess the carrying value of its reporting units that contain goodwill at least on an annual basis. The Company has the option to first assess qualitative factors to determine whether it is necessary to perform a two-step impairment test. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than the carrying value, the quantitative impairment test is required. The Company formally assesses these qualitative factors, and if necessary, conducts its annual goodwill impairment test as of the last day of the Company’s fiscal November each year or if indicators of impairment exist. As of November 1, 2013, the Company determined that the existing qualitative factors did not suggest that an impairment of goodwill exists. There have been no indicators of impairment since such date and as such no need to conduct any further impairment tests. | ||
The carrying amount of goodwill at both March 29, 2014 and December 28, 2013 for the Company’s Engineering, Information Technology and Specialty Health Care segments was $2,326, $5,516 and $1,703, respectively. |
Note_8_Intangible_Assets
Note 8 - Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
8 | Intangible Assets | ||||||||||||
The Company evaluates long-lived assets and intangible assets with definite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When the Company determines that it is probable that undiscounted future cash flows will not be sufficient to recover an asset’s carrying amount, the asset is written down to its fair value. Assets to be disposed of by sale, if any, are reported at the lower of the carrying amount or fair value less cost to sell. The Company’s intangible assets consist of customer relationships and non-compete agreements. | |||||||||||||
The following table reflects the components of net intangible assets, excluding goodwill: | |||||||||||||
Engineering | Information Technology | Total | |||||||||||
Balance as of December 28, 2013 | $ | 179 | $ | 37 | $ | 216 | |||||||
Amortization of intangibles during the thirteen week period ended March 29, 2014 | 12 | 8 | 20 | ||||||||||
Balance as of March 29, 2014 | $ | 167 | $ | 29 | $ | 196 | |||||||
The Company periodically writes off fully amortized intangible assets. The Company did not write off any fully amortized intangibles for the thirteen week periods ended March 29, 2014 and March 30, 2013. |
Note_9_Line_of_Credit
Note 9 - Line of Credit | 3 Months Ended | |
Mar. 29, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Short-term Debt [Text Block] | ' | |
9 | Line of Credit | |
The Company and its subsidiaries are party to a loan agreement with Citizens Bank of Pennsylvania, amended and restated effective February 20, 2009, which provides for a $15 million revolving credit facility and includes a sub-limit of $5 million for letters of credit (the “Revolving Credit Facility”). The Revolving Credit Facility has been amended several times, most recently on December 24, 2011 when the maturity date was extended to August 31, 2016. Borrowings under the Revolving Credit Facility bear interest at one of two alternative rates, as selected by the Company at each incremental borrowing. These alternatives are: (i) LIBOR (London Interbank Offered Rate), plus applicable margin, or (ii) the agent bank’s prime rate. The Company also pays unused line fees based on the amount of the Revolving Credit Facility that is not drawn. Unused line fees are recorded as interest expense. | ||
All borrowings under the Revolving Credit Facility are collateralized by all of the assets of the Company and its subsidiaries and a pledge of the stock of its subsidiaries. The Revolving Credit Facility also contains various financial and non-financial covenants, such as restrictions on the Company’s ability to borrow to pay dividends. As of March 29, 2014 and during all periods presented, the Company was in compliance with all covenants contained in its Revolving Credit Facility. | ||
There were no borrowings during the thirteen week periods ended March 29, 2014 and March 30, 2013. At both March 29, 2014 and December 28, 2013, there were letters of credit outstanding for $0.8 million. At March 29, 2014, the Company had availability for additional borrowings under the Revolving Credit Facility of $14.2 million. |
Note_10_Per_Share_Data
Note 10 - Per Share Data | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
10 | Per Share Data | ||||||||
Both basic and diluted earnings per share for all periods are calculated based on the reported earnings in the Company’s consolidated statements of income. | |||||||||
The number of shares of common stock used to calculate basic and diluted earnings per share for the thirteen week periods ended March 29, 2014 and March 30, 2013 was determined as follows: | |||||||||
Thirteen Week Periods Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Basic weighted average shares outstanding | 12,455,004 | 12,311,066 | |||||||
Dilutive effect of outstanding stock options | 184,634 | 71,711 | |||||||
Weighted average dilutive shares outstanding | 12,639,638 | 12,382,777 | |||||||
There were 30,000 and 97,500 absolute anti-dilutive shares not included in the calculation of common stock equivalents for the thirteen week periods ended March 29, 2014 and March 30, 2013, respectively. These were determined to be anti-dilutive because the exercise prices of these shares for the period were higher than the average market price of the Company’s common stock for the same period. | |||||||||
Unissued shares of common stock were reserved for the following purposes: | |||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
Exercise of options outstanding | 252,400 | 276,900 | |||||||
Restricted stock awards outstanding | 300,000 | 300,000 | |||||||
Future grants of options or shares | 34,100 | 34,100 | |||||||
Shares reserved for employee stock purchase plan | 155,714 | 189,576 | |||||||
Total | 742,214 | 800,576 | |||||||
Note_11_Share_Based_Compensati
Note 11 - Share Based Compensation | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
11 | Share-Based Compensation | ||||||||
At March 29, 2014, the Company had three share-based employee compensation plans. The Company measures the fair value of share-based awards, if and when granted, based on the Black-Scholes method and using the closing market price of the Company’s common stock on the date of grant. Awards vest over periods ranging from one to three years and expire within 10 years of issuance. Share-based compensation expense related to awards is amortized in accordance with applicable vesting periods using the straight-line method. Share-based compensation expense of $174 and $173 was recognized for the thirteen week periods ended March 29, 2014 and March 30, 2013, respectively. | |||||||||
As of March 29, 2014, the Company had approximately $965 of total unrecognized compensation cost related to all non-vested share-based awards granted under the Company’s various share-based plans, which the Company expects to recognize over approximately a three-year period. These amounts do not include the cost of any additional share-based awards that may be granted in future periods or reflect any potential changes in the Company’s forfeiture rate. | |||||||||
Incentive Share-Based Plans | |||||||||
1996 Executive Stock Option Plan (the 1996 Plan) | |||||||||
The 1996 Plan, approved by the Company’s stockholders in August 1996 and amended in April 1999, provided for the issuance of up to 1,250,000 shares of the Company’s common stock to officers and key employees of the Company and its subsidiaries through January 1, 2006, at which time the 1996 Plan expired. Options were generally granted at fair market value at the date of grant. The Compensation Committee of the Board of Directors determines the vesting period at the time of grant. As of March 29, 2014, options to purchase 118,500 shares of common stock granted under the 1996 Plan were outstanding. | |||||||||
2000 Employee Stock Incentive Plan (the 2000 Plan) | |||||||||
The 2000 Plan, approved by the Company’s stockholders in April 2001, provided for the issuance of up to 1,500,000 shares of the Company’s common stock to officers and key employees of the Company and its subsidiaries or consultants and advisors utilized by the Company. The Compensation Committee of the Board of Directors may award incentive stock options or non-qualified stock options, as well as stock appreciation rights, and determines the vesting period at the time of grant. As of March 29, 2014, options to purchase 59,500 shares of common stock granted under the 2000 Plan were outstanding. | |||||||||
The 1996 Plan and 2000 Plan are expired and therefore no shares are available for grant thereunder. | |||||||||
2007 Omnibus Equity Compensation Plan (the 2007 Plan) | |||||||||
The 2007 Plan, approved by the Company’s stockholders in June 2007, provides for the issuance of up to 700,000 shares of the Company’s common stock to officers, non-employee directors, employees of the Company and its subsidiaries or consultants and advisors utilized by the Company. No more than 350,000 shares of common stock in the aggregate may be issued pursuant to grants of stock awards, stock units, performance shares and other stock-based awards. No more than 300,000 shares of common stock with respect to awards may be granted to any individual during any fiscal year. The Compensation Committee of the Board of Directors determines the vesting period at the time of grant. As of March 29, 2014, under the 2007 Plan, 34,100 shares of common stock were available for future grants and options to purchase 74,400 shares of common stock, as well as 300,000 restricted stock units, were outstanding. | |||||||||
Stock Options | |||||||||
There were no options granted during the thirteen week period ended March 29, 2014 and 5,000 options granted during the thirteen week period ended March 30, 2013. Activity regarding outstanding options for the thirteen week period ended March 29, 2014 is as follows: | |||||||||
All Stock Options Outstanding | |||||||||
Shares | Weighted Average | ||||||||
Exercise Price | |||||||||
Options outstanding as of December 28, 2013 | 276,900 | $ | 5.47 | ||||||
Options granted | - | - | |||||||
Options exercised | (14,500 | ) | $ | 4.42 | |||||
Options forfeited/cancelled | (10,000 | ) | $ | 9.16 | |||||
Options outstanding as of March 29, 2014 | 252,400 | $ | 5.38 | ||||||
Options outstanding price range at March 29, 2014 | $ | 2.50 - $9.81 | $ | 5.38 | |||||
Options exercisable as of March 29, 2014 | 197,400 | $ | 5.33 | ||||||
Intrinsic value of outstanding stock options as of March 29, 2014 | $ | 386 | |||||||
Intrinsic value of stock options exercised for the thirteen week period ended March 29, 2014 | $ | 31 | |||||||
As of March 29, 2014, the Company had approximately $65 of total unrecognized compensation cost related to non-vested stock option awards granted under the Company’s various share-based plans, which the Company expects to recognize over approximately a three-year period. These amounts do not include the cost of any additional options that may be granted in future periods or reflect any potential changes in the Company’s forfeiture rate. | |||||||||
Restricted Stock Units | |||||||||
From time-to-time the Company issues restricted stock units. These restricted stock units typically include dividend accrual equivalents, which means that any dividends paid by the Company during the three year vesting period become due and payable after the three year vesting period assuming the grantee’s restricted stock unit fully vests. Dividends for these grants are accrued on the dividend payment dates and included in accounts payable and accrued expenses on the accompanying consolidated balance sheet. Dividends for restricted share units that ultimately do not vest are forfeited. | |||||||||
To date, the Company has only issued restricted stock units under the 2007 Plan. The following summarizes the restricted stock units activity under the 2007 Plan during 2014: | |||||||||
Number of | Weighted | ||||||||
Restricted | Average | ||||||||
Stock Units | Grant Date Fair | ||||||||
(in thousands) | Value per Share | ||||||||
Outstanding non-vested at December 28, 2013 | 300 | $ | 5.72 | ||||||
Granted | - | - | |||||||
Vested | - | - | |||||||
Forfeited or expired | - | - | |||||||
Outstanding non-vested at March 29, 2014 | 300 | $ | 5.72 | ||||||
Based on the closing price of the Company’s common stock of $6.59 per share on March 28, 2014, the intrinsic value of the non-vested restricted stock units at March 29, 2014 was approximately $2.0 million. As of March 29, 2014, there was approximately $0.9 million of total unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of approximately 19.5 months. | |||||||||
Employee Stock Purchase Plan | |||||||||
The Company implemented the 2001 Employee Stock Purchase Plan with stockholder approval, effective January 1, 2001. Such Plan was subsequently amended, pursuant to stockholder approval where required, effective June 18, 2009 and September 16, 2009 (the 2001 Employee Stock Purchase Plan, as so amended, the “Purchase Plan”). Under the Purchase Plan, employees meeting certain specific employment qualifications are eligible to participate and can purchase shares of common stock semi-annually through payroll deductions at the lower of 85% of the fair market value of the stock at the commencement or end of the offering period. The purchase plan permits eligible employees to purchase shares of common stock through payroll deductions for up to 10% of qualified compensation. The Company has two offering periods in the Purchase Plan coinciding with the Company’s first two fiscal quarters and the last two fiscal quarters. Actual shares are issued on the first day of the subsequent offering period for the prior offering period payroll deductions. The number of shares issued at the beginning of the current period (as of December 30, 2013) was 33,862. As of March 29, 2014, there were 155,714 shares available for issuance under the Purchase Plan. |
Note_12_Treasury_Stock_Transac
Note 12 - Treasury Stock Transactions | 3 Months Ended | |
Mar. 29, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Treasury Stock [Text Block] | ' | |
12 | Treasury Stock Transactions | |
Our Board of Directors instituted a share repurchase program in February 2010, which authorized the repurchase of up to $7.5 million of the Company’s outstanding shares of our common stock at prevailing market prices, from time to time over the subsequent 12 months. In February 2011, the share repurchase program was extended through February 2013. During the fiscal year ended December 28, 2013, the Company repurchased 15,450 shares for an average price of $5.35 per share. Over the life of this share repurchase program, the Company purchased 1,473,306 shares at a total cost of approximately $7.5 million, or an average price of $5.09. | ||
On October 28, 2013, the Board of Directors authorized an additional repurchase program to purchase up to $5.0 million of outstanding shares of common stock at the prevailing market prices, from time to time over the subsequent 12-month period. As of March 29, 2014, the Company had not purchased any shares under this additional repurchase program. |
Note_13_New_Accounting_Standar
Note 13 - New Accounting Standards | 3 Months Ended | |
Mar. 29, 2014 | ||
Table Text Block [Abstract] | ' | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ' | |
13 | New Accounting Standards | |
There have been no recent accounting pronouncements or changes in accounting pronouncements during the thirteen week period ended March 29, 2014, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2013, that are of material significance, or have potential material significance, to the Company. |
Note_14_Segment_Information
Note 14 - Segment Information | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||
14 | Segment Information | ||||||||||||||||||||
The Company follows “Disclosures about Segments of an Enterprise and Related Information,” which establishes standards for companies to report information about operating segments, geographic areas and major customers. The accounting policies of each reportable segment are the same as those described in the summary of significant accounting policies (see Note 1 to the Company’s Consolidated Financial Statements included in its Annual Report on Form 10-K for the year ended December 28, 2013). | |||||||||||||||||||||
Segment operating income includes selling, general and administrative expenses directly attributable to that segment as well as charges for allocating corporate costs to each of the operating segments. The following tables reflect the results of the reportable segments consistent with the Company’s management system: | |||||||||||||||||||||
Thirteen Week Period Ended | Engineering | Information | Specialty Health Care | Corporate | Total | ||||||||||||||||
29-Mar-14 | Technology | ||||||||||||||||||||
Revenue | $ | 24,724 | $ | 15,019 | $ | 8,826 | $ | - | $ | 48,569 | |||||||||||
Cost of services | 19,488 | 10,480 | 6,344 | - | 36,312 | ||||||||||||||||
Selling, general and administrative | 3,907 | 3,654 | 2,283 | - | 9,844 | ||||||||||||||||
Severance and other charges | - | - | - | 104 | 104 | ||||||||||||||||
Depreciation and amortization | 193 | 56 | 22 | - | 271 | ||||||||||||||||
Operating income | $ | 1,136 | $ | 829 | $ | 177 | $ | (104 | ) | $ | 2,038 | ||||||||||
Total assets | $ | 46,547 | $ | 15,332 | $ | 14,562 | $ | 12,183 | $ | 88,624 | |||||||||||
Capital expenditures | $ | 350 | $ | - | $ | 83 | $ | 9 | $ | 442 | |||||||||||
Thirteen Week Period Ended | Engineering | Information | Specialty | Corporate | Total | ||||||||||||||||
30-Mar-13 | Technology | Health Care | |||||||||||||||||||
Revenue | $ | 20,310 | $ | 13,994 | $ | 6,926 | $ | - | $ | 41,230 | |||||||||||
Cost of services | 15,799 | 9,983 | 4,827 | - | 30,609 | ||||||||||||||||
Selling, general and administrative | 3,478 | 3,461 | 1,754 | - | 8,693 | ||||||||||||||||
Severance and other charges | 82 | - | - | 63 | 145 | ||||||||||||||||
Depreciation and amortization | 155 | 85 | 29 | - | 269 | ||||||||||||||||
Operating income | $ | 796 | $ | 465 | $ | 316 | $ | (63 | ) | $ | 1,514 | ||||||||||
Total assets | $ | 41,361 | $ | 14,894 | $ | 11,746 | $ | 18,284 | $ | 86,285 | |||||||||||
Capital expenditures | $ | 273 | $ | 20 | $ | 4 | $ | 16 | $ | 313 | |||||||||||
The Company derives a majority of its revenue from offices in the United States. Revenues reported for each operating segment are all from external customers. The Company is domiciled in the United States and its segments operate in the United States, Canada and Puerto Rico. Revenues by geographic area for the thirteen week periods ended March 29, 2014 and March 30, 2013 are as follows: | |||||||||||||||||||||
Thirteen Week Periods Ended | |||||||||||||||||||||
March 29, | March 30, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||
U. S. | $ | 35,809 | $ | 32,583 | |||||||||||||||||
Canada | 11,485 | 7,386 | |||||||||||||||||||
Puerto Rico | 1,275 | 1,261 | |||||||||||||||||||
$ | 48,569 | $ | 41,230 | ||||||||||||||||||
Total assets by geographic area as of the reported periods are as follows: | |||||||||||||||||||||
March 29, | December 28, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Total assets | |||||||||||||||||||||
U. S. | $ | 62,350 | $ | 62,198 | |||||||||||||||||
Canada | 24,811 | 22,993 | |||||||||||||||||||
Puerto Rico | 1,463 | 1,333 | |||||||||||||||||||
$ | 88,624 | $ | 86,524 | ||||||||||||||||||
Note_15_Income_Taxes
Note 15 - Income Taxes | 3 Months Ended | |
Mar. 29, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
15 | Income Taxes | |
The projected fiscal 2014 effective income tax rate as of March 29, 2014 is approximately 41.7% and 34.4% in the United States and Canada, respectively, and has yielded a consolidated effective income tax rate of approximately 39.1% for the thirteen week period ended March 29, 2014. As of March 30, 2013, the Company estimated that its fiscal 2013 income tax rates would be approximately 42.6% and 30.1% in the United States and Canada, respectively, which yielded a consolidated effective income tax rate of approximately 40.2% for the thirteen week period ended March 30, 2013. The relative income or loss generated in each jurisdiction can materially impact the overall effective income tax rate of the company. |
Note_16_Contingencies
Note 16 - Contingencies | 3 Months Ended | |
Mar. 29, 2014 | ||
Loss Contingency [Abstract] | ' | |
Contingencies Disclosure [Text Block] | ' | |
16 | Contingencies | |
From time to time, the Company is a defendant or plaintiff in various legal actions that arise in the normal course of business. As such, the Company is required to assess the likelihood of any adverse outcomes to these matters as well as potential ranges of losses and possible recoveries. The Company may not be covered by insurance as it pertains to some or all of these matters. A determination of the amount of the provision required for these commitments and contingencies, if any, which would be charged to earnings, is made after careful analysis of each matter. Once established, a provision may change in the future due to new developments or changes in circumstances, and could increase or decrease the Company’s earnings in the period that the changes are made. Included in the Company’s accounts payable and accrued expenses is a provision for losses from legal matters aggregating approximately $0.1 million as of March 29, 2014 and December 28, 2013. Asserted claims in these matters seek approximately $10.6 million in damages as of March 29, 2014. | ||
The Company is also subject to other pending legal proceedings and claims that arise from time to time in the ordinary course of its business, which may not be covered by insurance. |
Note_17_Severance_and_Other_Ch
Note 17 - Severance and Other Charges | 3 Months Ended |
Mar. 29, 2014 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
17. Severance and Other Charges | |
During the year ended December 28, 2013, the Company incurred one-time charges related to three endeavors: 1) facilities consolidation charges - the Company elected to consolidate its Canadian operations by consolidating its Mississauga location into its expanded Pickering location, and the Company closed its Mason, Ohio office. The costs associated with the consolidation of offices in Canada primarily related to statutory severance requirements resulting from labor laws in Canada. The charges associated with the Company’s closed Mason, Ohio office represent future rent payments whereby the Company will not utilize the premises; 2) the Company engaged in a contested proxy solicitation which culminated in a group of stockholders winning two seats on the Company’s board of directors and the subsequent retirement of its President and Chief Executive Officer, Leon Kopyt; and 3) the Company incurred professional fees connected with a research and development tax credit study related to prior tax years. | |
The Company incurred $0.1 million in severance and other charges in both the thirteen week periods ended March 29, 2014 and the comparable prior year period. The costs in the current period primarily related to professional fees associated with the settlement agreements entered into following the Company’s fiscal 2013 proxy contest. The costs in the comparable prior year period primarily related to facilities consolidation charges. | |
As of December 28, 2013 and March 29, 2014 the Company accrued $2.5 million for severance for Mr. Kopyt to be paid during the third quarter of fiscal 2014. As of March 29, 2014 the Company’s prepaid expenses and other current assets includes $1.7 million funded to a Rabbi Trust which represents the net after tax severance obligation to be paid to Mr. Kopyt. |
Note_4_Accounts_Receivable_Tra1
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
Billed | $ | 42,321 | $ | 35,415 | |||||
Accrued and unbilled | 5,901 | 7,895 | |||||||
Work-in-progress | 12,620 | 13,394 | |||||||
Allowance for doubtful accounts and sales discounts | (887 | ) | (978 | ) | |||||
Accounts receivable, net | $ | 59,955 | $ | 55,726 |
Note_5_Property_and_Equipment_
Note 5 - Property and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
Equipment and furniture | $ | 2,340 | $ | 2,454 | |||||
Computers and systems | 5,330 | 5,670 | |||||||
Leasehold improvements | 628 | 633 | |||||||
8,298 | 8,757 | ||||||||
Less: accumulated depreciation and amortization | 5,816 | 6,466 | |||||||
Property and equipment, net | $ | 2,482 | $ | 2,291 |
Note_6_Acquisitions_Tables
Note 6 - Acquisitions (Tables) (Scenario, Forecast [Member]) | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
Scenario, Forecast [Member] | ' | ||||
Note 6 - Acquisitions (Tables) [Line Items] | ' | ||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | ' | ||||
Period Ending | |||||
3-Jan-15 | $ | 210 | |||
2-Jan-16 | 222 | ||||
31-Dec-16 | 263 | ||||
Estimated future contingent consideration payments | $ | 695 |
Note_8_Intangible_Assets_Table
Note 8 - Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||
Engineering | Information Technology | Total | |||||||||||
Balance as of December 28, 2013 | $ | 179 | $ | 37 | $ | 216 | |||||||
Amortization of intangibles during the thirteen week period ended March 29, 2014 | 12 | 8 | 20 | ||||||||||
Balance as of March 29, 2014 | $ | 167 | $ | 29 | $ | 196 |
Note_10_Per_Share_Data_Tables
Note 10 - Per Share Data (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | ||||||||
Thirteen Week Periods Ended | |||||||||
March 29, | March 30, | ||||||||
2014 | 2013 | ||||||||
Basic weighted average shares outstanding | 12,455,004 | 12,311,066 | |||||||
Dilutive effect of outstanding stock options | 184,634 | 71,711 | |||||||
Weighted average dilutive shares outstanding | 12,639,638 | 12,382,777 | |||||||
Unissued Shares of Common Stock [Table Text Block] | ' | ||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
Exercise of options outstanding | 252,400 | 276,900 | |||||||
Restricted stock awards outstanding | 300,000 | 300,000 | |||||||
Future grants of options or shares | 34,100 | 34,100 | |||||||
Shares reserved for employee stock purchase plan | 155,714 | 189,576 | |||||||
Total | 742,214 | 800,576 |
Note_11_Share_Based_Compensati1
Note 11 - Share Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
All Stock Options Outstanding | |||||||||
Shares | Weighted Average | ||||||||
Exercise Price | |||||||||
Options outstanding as of December 28, 2013 | 276,900 | $ | 5.47 | ||||||
Options granted | - | - | |||||||
Options exercised | (14,500 | ) | $ | 4.42 | |||||
Options forfeited/cancelled | (10,000 | ) | $ | 9.16 | |||||
Options outstanding as of March 29, 2014 | 252,400 | $ | 5.38 | ||||||
Options outstanding price range at March 29, 2014 | $ | 2.50 - $9.81 | $ | 5.38 | |||||
Options exercisable as of March 29, 2014 | 197,400 | $ | 5.33 | ||||||
Intrinsic value of outstanding stock options as of March 29, 2014 | $ | 386 | |||||||
Intrinsic value of stock options exercised for the thirteen week period ended March 29, 2014 | $ | 31 | |||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||
Number of | Weighted | ||||||||
Restricted | Average | ||||||||
Stock Units | Grant Date Fair | ||||||||
(in thousands) | Value per Share | ||||||||
Outstanding non-vested at December 28, 2013 | 300 | $ | 5.72 | ||||||
Granted | - | - | |||||||
Vested | - | - | |||||||
Forfeited or expired | - | - | |||||||
Outstanding non-vested at March 29, 2014 | 300 | $ | 5.72 |
Note_14_Segment_Information_Ta
Note 14 - Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
Thirteen Week Period Ended | Engineering | Information | Specialty Health Care | Corporate | Total | ||||||||||||||||
29-Mar-14 | Technology | ||||||||||||||||||||
Revenue | $ | 24,724 | $ | 15,019 | $ | 8,826 | $ | - | $ | 48,569 | |||||||||||
Cost of services | 19,488 | 10,480 | 6,344 | - | 36,312 | ||||||||||||||||
Selling, general and administrative | 3,907 | 3,654 | 2,283 | - | 9,844 | ||||||||||||||||
Severance and other charges | - | - | - | 104 | 104 | ||||||||||||||||
Depreciation and amortization | 193 | 56 | 22 | - | 271 | ||||||||||||||||
Operating income | $ | 1,136 | $ | 829 | $ | 177 | $ | (104 | ) | $ | 2,038 | ||||||||||
Total assets | $ | 46,547 | $ | 15,332 | $ | 14,562 | $ | 12,183 | $ | 88,624 | |||||||||||
Capital expenditures | $ | 350 | $ | - | $ | 83 | $ | 9 | $ | 442 | |||||||||||
Thirteen Week Period Ended | Engineering | Information | Specialty | Corporate | Total | ||||||||||||||||
30-Mar-13 | Technology | Health Care | |||||||||||||||||||
Revenue | $ | 20,310 | $ | 13,994 | $ | 6,926 | $ | - | $ | 41,230 | |||||||||||
Cost of services | 15,799 | 9,983 | 4,827 | - | 30,609 | ||||||||||||||||
Selling, general and administrative | 3,478 | 3,461 | 1,754 | - | 8,693 | ||||||||||||||||
Severance and other charges | 82 | - | - | 63 | 145 | ||||||||||||||||
Depreciation and amortization | 155 | 85 | 29 | - | 269 | ||||||||||||||||
Operating income | $ | 796 | $ | 465 | $ | 316 | $ | (63 | ) | $ | 1,514 | ||||||||||
Total assets | $ | 41,361 | $ | 14,894 | $ | 11,746 | $ | 18,284 | $ | 86,285 | |||||||||||
Capital expenditures | $ | 273 | $ | 20 | $ | 4 | $ | 16 | $ | 313 | |||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||||||||||
Thirteen Week Periods Ended | |||||||||||||||||||||
March 29, | March 30, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||
U. S. | $ | 35,809 | $ | 32,583 | |||||||||||||||||
Canada | 11,485 | 7,386 | |||||||||||||||||||
Puerto Rico | 1,275 | 1,261 | |||||||||||||||||||
$ | 48,569 | $ | 41,230 | ||||||||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | ' | ||||||||||||||||||||
March 29, | December 28, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Total assets | |||||||||||||||||||||
U. S. | $ | 62,350 | $ | 62,198 | |||||||||||||||||
Canada | 24,811 | 22,993 | |||||||||||||||||||
Puerto Rico | 1,463 | 1,333 | |||||||||||||||||||
$ | 88,624 | $ | 86,524 |
Note_4_Accounts_Receivable_Tra2
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details) (USD $) | Mar. 29, 2014 |
Transit Accounts Payable [Member] | ' |
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details) [Line Items] | ' |
Accounts Payable, Current | $4,300,000 |
Transit Accounts Receivable [Member] | ' |
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details) [Line Items] | ' |
Accounts Receivable, Gross, Current | $4,300,000 |
Note_4_Accounts_Receivable_Tra3
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details) - Accounts Receivable (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Allowance for doubtful accounts and sales discounts | ($887) | ($978) |
Accounts receivable, net | 59,955 | 55,726 |
Billed Revenues [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, current | 42,321 | 35,415 |
Unbilled Revenues [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, current | 5,901 | 7,895 |
Work In Progress [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, current | $12,620 | $13,394 |
Note_5_Property_and_Equipment_1
Note 5 - Property and Equipment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' |
Annual Depreciation Rate | 20.00% | ' |
Write Off of Fully Depreciated Property and Equipment | $902 | $1,143 |
Note_5_Property_and_Equipment_2
Note 5 - Property and Equipment (Details) - Property and Equipment (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | $8,298 | $8,757 |
Less: accumulated depreciation and amortization | 5,816 | 6,466 |
Property and equipment, net | 2,482 | 2,291 |
Equipment and Furniture [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | 2,340 | 2,454 |
Computers and Systems [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | 5,330 | 5,670 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | $628 | $633 |
Note_6_Acquisitions_Details
Note 6 - Acquisitions (Details) (USD $) | 3 Months Ended |
Mar. 29, 2014 | |
Note 6 - Acquisitions (Details) [Line Items] | ' |
Payments to Acquire Businesses, Gross | $300,000 |
Maximum [Member] | BGA [Member] | ' |
Note 6 - Acquisitions (Details) [Line Items] | ' |
Business Combination, Contingent Consideration, Liability | $2,700,000 |
Note_6_Acquisitions_Details_Ma
Note 6 - Acquisitions (Details) - Maximum Deferred Consideration Payments (BGA [Member], USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
January 3, 2015 [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Estimated contingent consideration payments | $210 |
January 2, 2016 [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Estimated contingent consideration payments | 222 |
December 31, 2016 [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Estimated contingent consideration payments | 263 |
Estimated Future Payments [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Estimated contingent consideration payments | $695 |
Note_7_Goodwill_Details
Note 7 - Goodwill (Details) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Note 7 - Goodwill (Details) [Line Items] | ' | ' |
Goodwill | $9,545 | $9,545 |
Engineering [Member] | ' | ' |
Note 7 - Goodwill (Details) [Line Items] | ' | ' |
Goodwill | 2,326 | 2,326 |
Information Technology [Member] | ' | ' |
Note 7 - Goodwill (Details) [Line Items] | ' | ' |
Goodwill | 5,516 | 5,516 |
Specialty Health Care [Member] | ' | ' |
Note 7 - Goodwill (Details) [Line Items] | ' | ' |
Goodwill | $1,703 | $1,703 |
Note_8_Intangible_Assets_Detai
Note 8 - Intangible Assets (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Disclosure Text Block [Abstract] | ' | ' |
Impairment of Intangible Assets, Finite-lived | $0 | $0 |
Note_8_Intangible_Assets_Detai1
Note 8 - Intangible Assets (Details) - Components of Intangible Assets (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite Lived Intangible asset | $196 | $216 |
Amortization of intangibles during the thirteen week period ended March 29, 2014 | 20 | ' |
Engineering [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite Lived Intangible asset | 167 | 179 |
Amortization of intangibles during the thirteen week period ended March 29, 2014 | 12 | ' |
Information Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite Lived Intangible asset | 29 | 37 |
Amortization of intangibles during the thirteen week period ended March 29, 2014 | $8 | ' |
Note_9_Line_of_Credit_Details
Note 9 - Line of Credit (Details) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 | Feb. 20, 2009 |
Note 9 - Line of Credit (Details) [Line Items] | ' | ' | ' |
Letters of Credit Outstanding, Amount | $800,000 | $800,000 | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Note 9 - Line of Credit (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 15,000,000 |
Line of Credit Facility, Amount Outstanding | 0 | 0 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 14,200,000 | ' | ' |
Letter of Credit [Member] | ' | ' | ' |
Note 9 - Line of Credit (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $5,000,000 |
Note_10_Per_Share_Data_Details
Note 10 - Per Share Data (Details) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 30,000 | 97,500 |
Note_10_Per_Share_Data_Details1
Note 10 - Per Share Data (Details) - Weighted Average Number of Common Shares | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Weighted Average Number of Common Shares [Abstract] | ' | ' |
Basic weighted average shares outstanding | 12,455,004 | 12,311,066 |
Dilutive effect of outstanding stock options | 184,634 | 71,711 |
Weighted average dilutive shares outstanding | 12,639,638 | 12,382,777 |
Note_10_Per_Share_Data_Details2
Note 10 - Per Share Data (Details) - Unissued Shares of Common Stock Were Reserved For The Following Purposes | Mar. 29, 2014 | Dec. 28, 2013 |
Unissued Shares of Common Stock Were Reserved For The Following Purposes [Abstract] | ' | ' |
Exercise of options outstanding | 252,400 | 276,900 |
Restricted stock awards outstanding | 300,000 | 300,000 |
Future grants of options or shares | 34,100 | 34,100 |
Shares reserved for employee stock purchase plan | 155,714 | 189,576 |
Total | 742,214 | 800,576 |
Note_11_Share_Based_Compensati2
Note 11 - Share Based Compensation (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | Mar. 30, 2013 | Dec. 28, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Mar. 29, 2014 | Mar. 28, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | |
Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | Common Stock [Member] | The 1996 Plan [Member] | The 2000 Plan [Member] | The 2007 Plan [Member] | Maximum Shares Issued Pursuant to Stock-based Awards [Member] | Maximum Shares That May Be Granted [Member] | ESPP [Member] | Minimum [Member] | Maximum [Member] | ||||
Note 11 - Share Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | $174,000 | $173,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 965,000 | ' | ' | 65,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years | ' | ' | '3 years | '19 months 15 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | 1,500,000 | 700,000 | 350,000 | 300,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 252,400 | ' | 276,900 | ' | ' | ' | ' | ' | 118,500 | 59,500 | 74,400 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,100 | ' | ' | 155,714 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | 300,000 | 300,000 | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $6.59 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested (in Dollars) | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 33,862 | ' | ' | ' | ' | ' | 33,862 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_11_Share_Based_Compensati3
Note 11 - Share Based Compensation (Details) - Stock Option Activity (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 |
Note 11 - Share Based Compensation (Details) - Stock Option Activity [Line Items] | ' |
Options outstanding as of December 28, 2013 (in Shares) | 276,900 |
Options outstanding as of December 28, 2013 | $5.47 |
Options exercised (in Shares) | -14,500 |
Options exercised | $4.42 |
Options forfeited/cancelled (in Shares) | -10,000 |
Options forfeited/cancelled | $9.16 |
Options outstanding as of March 29, 2014 (in Shares) | 252,400 |
Options outstanding as of March 29, 2014 | $5.38 |
Options outstanding price range at March 29, 2014 | $5.38 |
Options outstanding price range at March 29, 2014 | $5.38 |
Options exercisable as of March 29, 2014 (in Shares) | 197,400 |
Options exercisable as of March 29, 2014 | $5.33 |
Intrinsic value of outstanding stock options as of March 29, 2014 (in Dollars) | $386 |
Intrinsic value of stock options exercised for the thirteen week period ended March 29, 2014 (in Dollars) | $31 |
Minimum [Member] | ' |
Note 11 - Share Based Compensation (Details) - Stock Option Activity [Line Items] | ' |
Options outstanding price range at March 29, 2014 | $2.50 |
Options outstanding price range at March 29, 2014 | $2.50 |
Maximum [Member] | ' |
Note 11 - Share Based Compensation (Details) - Stock Option Activity [Line Items] | ' |
Options outstanding price range at March 29, 2014 | $9.81 |
Options outstanding price range at March 29, 2014 | $9.81 |
Note_11_Share_Based_Compensati4
Note 11 - Share Based Compensation (Details) - Restricted Stock Units Activity (Restricted Stock Units (RSUs) [Member], USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Note 11 - Share Based Compensation (Details) - Restricted Stock Units Activity [Line Items] | ' | ' |
Outstanding non-vested at December 28, 2013 | 300,000 | 300,000 |
Outstanding non-vested at December 28, 2013 | $5.72 | $5.72 |
Outstanding non-vested at March 29, 2014 | 300,000 | 300,000 |
Outstanding non-vested at March 29, 2014 | $5.72 | $5.72 |
Note_12_Treasury_Stock_Transac1
Note 12 - Treasury Stock Transactions (Details) (Stock Repurchase Program [Member], USD $) | 1 Months Ended | 12 Months Ended | 63 Months Ended | |
Oct. 28, 2013 | Feb. 28, 2010 | Dec. 28, 2013 | Mar. 29, 2014 | |
Stock Repurchase Program [Member] | ' | ' | ' | ' |
Note 12 - Treasury Stock Transactions (Details) [Line Items] | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | $5,000,000 | $7,500,000 | ' | ' |
Stock Repurchased During Period, Value | ' | ' | $15,450 | $7,500,000 |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | ' | ' | $5.35 | $5.09 |
Stock Repurchased During Period, Shares (in Shares) | ' | ' | ' | 1,473,306 |
Note_14_Segment_Information_De
Note 14 - Segment Information (Details) - Results of the Segments (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Dec. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | $48,569 | $41,230 | ' |
Cost of services | 36,312 | 30,609 | ' |
Selling, general and administrative | 9,844 | 8,693 | ' |
Depreciation and amortization | 271 | 269 | ' |
Operating income (loss) | 2,038 | 1,514 | ' |
Total assets | 88,624 | 86,285 | 86,524 |
Capital expenditures | 442 | 313 | ' |
Engineering [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Severance and other charges | ' | 82 | ' |
Engineering [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 24,724 | 20,310 | ' |
Cost of services | 19,488 | 15,799 | ' |
Selling, general and administrative | 3,907 | 3,478 | ' |
Depreciation and amortization | 193 | 155 | ' |
Operating income (loss) | 1,136 | 796 | ' |
Total assets | 46,547 | 41,361 | ' |
Capital expenditures | 350 | 273 | ' |
Information Technology [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 15,019 | 13,994 | ' |
Cost of services | 10,480 | 9,983 | ' |
Selling, general and administrative | 3,654 | 3,461 | ' |
Depreciation and amortization | 56 | 85 | ' |
Operating income (loss) | 829 | 465 | ' |
Total assets | 15,332 | 14,894 | ' |
Capital expenditures | ' | 20 | ' |
Specialty Health Care [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 8,826 | 6,926 | ' |
Cost of services | 6,344 | 4,827 | ' |
Selling, general and administrative | 2,283 | 1,754 | ' |
Depreciation and amortization | 22 | 29 | ' |
Operating income (loss) | 177 | 316 | ' |
Total assets | 14,562 | 11,746 | ' |
Capital expenditures | 83 | 4 | ' |
Corporate Segment [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Severance and other charges | 104 | 63 | ' |
Corporate Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Operating income (loss) | -104 | -63 | ' |
Total assets | 12,183 | 18,284 | ' |
Capital expenditures | 9 | 16 | ' |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Severance and other charges | $104 | $145 | ' |
Note_14_Segment_Information_De1
Note 14 - Segment Information (Details) - Revenues by Geographic Area (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Revenues | ' | ' |
Revenues | $48,569 | $41,230 |
United States [Member] | ' | ' |
Revenues | ' | ' |
Revenues | 35,809 | 32,583 |
Canada [Member] | ' | ' |
Revenues | ' | ' |
Revenues | 11,485 | 7,386 |
Puerto Rico [Member] | ' | ' |
Revenues | ' | ' |
Revenues | $1,275 | $1,261 |
Note_14_Segment_Information_De2
Note 14 - Segment Information (Details) - Total Assets by Geographic Area (USD $) | Mar. 29, 2014 | Dec. 28, 2013 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | |||
Total assets | ' | ' | ' |
Total Assets | $88,624 | $86,524 | $86,285 |
United States [Member] | ' | ' | ' |
Total assets | ' | ' | ' |
Total Assets | 62,350 | 62,198 | ' |
Canada [Member] | ' | ' | ' |
Total assets | ' | ' | ' |
Total Assets | 24,811 | 22,993 | ' |
Puerto Rico [Member] | ' | ' | ' |
Total assets | ' | ' | ' |
Total Assets | $1,463 | $1,333 | ' |
Note_15_Income_Taxes_Details
Note 15 - Income Taxes (Details) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Note 15 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 39.10% | 40.20% |
United States [Member] | ' | ' |
Note 15 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 41.70% | 42.60% |
Canada [Member] | ' | ' |
Note 15 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 34.40% | 30.10% |
Note_16_Contingencies_Details
Note 16 - Contingencies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 |
Loss Contingency [Abstract] | ' | ' |
Loss Contingency Accrual | $0.10 | $0.10 |
Loss Contingency, Damages Sought, Value | $10.60 | ' |
Note_17_Severance_and_Other_Ch1
Note 17 - Severance and Other Charges (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Dec. 28, 2013 |
Note 17 - Severance and Other Charges (Details) [Line Items] | ' | ' | ' |
Severance Costs | $104 | $145 | ' |
Employee-related Liabilities, Current | 11,154 | ' | 10,104 |
Prepaid Expense and Other Assets, Current | 3,101 | ' | 1,875 |
Mr. Kopyt [Member] | ' | ' | ' |
Note 17 - Severance and Other Charges (Details) [Line Items] | ' | ' | ' |
Employee-related Liabilities, Current | 2,500 | ' | 2,500 |
Rabbi Trust [Member] | ' | ' | ' |
Note 17 - Severance and Other Charges (Details) [Line Items] | ' | ' | ' |
Prepaid Expense and Other Assets, Current | $1,700 | ' | ' |