Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Apr. 04, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | RCM TECHNOLOGIES INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -1 | |
Entity Common Stock, Shares Outstanding | 12,711,660 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 700841 | |
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 | 4-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Condsolidated_Balance_Sheets_C
Condsolidated Balance Sheets (Current Period Unaudited) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $528 | $6,411 |
Accounts receivable, net | 62,277 | 59,187 |
Transit accounts receivable | 4,585 | 3,797 |
Prepaid expenses and other current assets | 2,390 | 2,368 |
Deferred income tax assets, domestic | 809 | 816 |
Total current assets | 70,589 | 72,579 |
Property and equipment, net | 3,620 | 3,297 |
Other assets: | ||
Deposits | 232 | 231 |
Goodwill | 10,223 | 10,223 |
Intangible assets, net | 172 | 194 |
Deferred income tax assets, domestic | 631 | 749 |
Total other assets | 11,258 | 11,397 |
Total assets | 85,467 | 87,273 |
Current liabilities: | ||
Accounts payable and accrued expenses | 8,980 | 7,693 |
Transit accounts payable | 5,412 | 6,658 |
Accrued payroll and related costs | 6,055 | 7,783 |
Income taxes payable | 632 | 860 |
Deferred income tax liability, foreign | 148 | 160 |
Contingent consideration | 389 | 479 |
Total current liabilities | 21,616 | 23,633 |
Contingent consideration | 775 | 775 |
Borrowings under line of credit | 20,000 | 20,000 |
Total liabilities | 42,391 | 44,408 |
Commitments and Contingencies | 0 | 0 |
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; 14,188,440 shares issued and 12,711,660 shares outstanding at April 4, 2015 and 14,148,667 shares issued and 12,671,887 shares outstanding at January 3, 2015 | 709 | 707 |
Additional paid-in capital | 113,029 | 112,529 |
Accumulated other comprehensive (loss) income | -1,588 | 91 |
Accumulated deficit | -61,545 | -62,933 |
Treasury stock (1,476,780 shares at April 4, 2015 and January 3, 2015, at cost) | -7,529 | -7,529 |
Stockholders’ equity | 43,076 | 42,865 |
Total liabilities and stockholders’ equity | $85,467 | $87,273 |
Condsolidated_Balance_Sheets_C1
Condsolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
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 | 14,188,440 | 14,148,667 |
Common stock, shares outstanding | 12,711,660 | 12,671,887 |
Treasury stock shares | 1,476,780 | 1,476,780 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Revenues | $47,966 | $48,569 |
Cost of services | 34,663 | 36,312 |
Gross profit | 13,303 | 12,257 |
Operating costs and expenses | ||
Selling, general and administrative | 10,632 | 9,948 |
Depreciation and amortization | 316 | 271 |
10,948 | 10,219 | |
Operating income | 2,355 | 2,038 |
Other expense | ||
Interest expense and other, net | -124 | -14 |
Loss on foreign currency transactions | -11 | -48 |
-135 | -62 | |
Income before income taxes | 2,220 | 1,976 |
Income tax expense | 832 | 773 |
Net income | $1,388 | $1,203 |
Basic and diluted net earnings per share (in Dollars per share) | $0.11 | $0.10 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Net income | $1,388 | $1,203 |
Foreign currency translation adjustment | -1,679 | -331 |
Comprehensive (loss) income | ($291) | $872 |
Consolidated_Statements_of_Cha
Consolidated Statements 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 Jan. 03, 2015 | $707 | $112,529 | $91 | ($62,933) | ($7,529) | $42,865 |
Balance, (in Shares) at Jan. 03, 2015 | 14,148,667 | 1,476,780 | ||||
Issuance of stock under employee stock purchase plan | 2 | 177 | 179 | |||
Issuance of stock under employee stock purchase plan (in Shares) | 32,940 | |||||
Translation adjustment | -1,679 | -1,679 | ||||
Issuance of stock upon exercise of stock options | 19 | 19 | ||||
Issuance of stock upon exercise of stock options (in Shares) | 3,500 | 3,500 | ||||
Share-based compensation expense | 304 | 304 | ||||
Issuance of stock upon vesting of restricted stock awards (in Shares) | 3,333 | |||||
Net income | 1,388 | 1,388 | ||||
Balance, at Apr. 04, 2015 | $709 | $113,029 | ($1,588) | ($61,545) | ($7,529) | $43,076 |
Balance, (in Shares) at Apr. 04, 2015 | 14,188,440 | 1,476,780 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Cash flows from operating activities: | ||
Net income | $1,388 | $1,203 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 316 | 271 |
Stock-based compensation expense | 304 | 174 |
Provision for allowance for doubtful accounts | 390 | 18 |
Deferred income tax expense | 125 | 159 |
Changes in assets and liabilities: | ||
Accounts receivable | -4,991 | -4,247 |
Prepaid expenses and other current assets | -68 | -1,227 |
Net of transit accounts receivable and payable | -2,106 | 65 |
Accounts payable and accrued expenses | 1,519 | 36 |
Accrued payroll and related costs | -1,631 | 1,050 |
Income taxes payable | -155 | -309 |
Total adjustments | -6,297 | -4,010 |
Net cash used in operating activities | -4,909 | -2,807 |
Cash flows from investing activities: | ||
Property and equipment acquired | -615 | -442 |
Decrease in deposits | -2 | -42 |
Net cash used in investing activities | -617 | -484 |
Cash flows from financing activities: | ||
Sale of stock for employee stock purchase plan | 179 | 155 |
Exercise of stock options | 19 | 64 |
Contingent consideration paid | -90 | -313 |
Net cash provided by (used in) financing activities | 108 | -94 |
Effect of exchange rate changes on cash and cash equivalents | -465 | -337 |
Decrease in cash and cash equivalents | -5,883 | -3,722 |
Cash and cash equivalents at beginning of period | 6,411 | 9,317 |
Cash and cash equivalents at end of period | 528 | 5,595 |
Cash paid for: | ||
Interest | 128 | 23 |
Income taxes | $455 | $677 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended | |
Apr. 04, 2015 | ||
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 January 3, 2015 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) necessary for a fair presentation of financial position, results of operations and cash flows for such interim periods. | ||
Results for the thirteen week period ended April 4, 2015 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 | ||
Apr. 04, 2015 | |||
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 January 3, 2015 was a 53-week reporting year. The first fiscal quarters of 2015 and 2014 ended on the following dates, respectively: | |||
Period Ended | Weeks in Quarter | Weeks in Year to Date | |
4-Apr-15 | Thirteen | Thirteen | |
29-Mar-14 | Thirteen | Thirteen | |
Note_3_Use_of_Estimates_and_Un
Note 3 - Use of Estimates and Uncertainties | 3 Months Ended | |
Apr. 04, 2015 | ||
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 and borrowings under line of credit, 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 | ||||||||
Apr. 04, 2015 | |||||||||
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: | |||||||||
4-Apr-15 | 3-Jan-15 | ||||||||
Billed | $ | 48,231 | $ | 47,318 | |||||
Accrued and unbilled | 7,065 | 4,853 | |||||||
Work-in-progress | 8,146 | 8,027 | |||||||
Allowance for doubtful accounts | (1,165 | ) | (1,011 | ) | |||||
Accounts receivable, net | $ | 62,277 | $ | 59,187 | |||||
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 $4.6 million and related transit accounts payable was $5.4 million, for a net liability of $0.8 million, as of April 4, 2015. The transit accounts receivable was $3.8 million and related transit accounts payable was $6.7 million, for a net liability of $2.9 million, as of January 3, 2015. | |||||||||
The Company has a subcontract agreement with Black & McDonald Limited (“B&M”) to provide engineering and procurement services under B&M’s master services agreement with Ontario Power Generation (“OPG”). The Company understands that in October 2014, OPG provided to B&M notice of default and termination of a large purchase order from OPG to B&M with respect to which B&M had engaged several subcontractors, including the Company. B&M notified the Company that it is disputing OPG’s default claim on this purchase order. As of April 4, 2015 the Company had outstanding accounts receivable to B&M of $4.5 million under the disputed purchase order and, including such amount, a total of $10.9 million of outstanding accounts receivable to B&M. OPG has indicated to the Company that it will not make any further payments to B&M on the project in dispute. The Company has received notice from B&M that while B&M disputes OPG’s assertion it is in default, B&M believes that in the event that it is in default under its agreement with OPG, then the Company may also be in default under its agreement with B&M. The Company does not agree with this assertion. | |||||||||
The Company does not believe that any of its account receivables with B&M have been materially impaired and believes that its accounts receivable with B&M remain collectible, subject to existing reserves. However, it is possible that a protracted dispute between OPG and B&M may impact the Company’s ability to collect its outstanding accounts receivable in a timely manner. |
Note_5_Property_and_Equipment
Note 5 - Property and Equipment | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
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: | |||||||||
4-Apr-15 | 3-Jan-15 | ||||||||
Equipment and furniture | $ | 2,243 | $ | 2,585 | |||||
Computers and systems | 4,176 | 6,553 | |||||||
Leasehold improvements | 674 | 781 | |||||||
7,093 | 9,919 | ||||||||
Less: accumulated depreciation and amortization | 3,473 | 6,622 | |||||||
Property and equipment, net | $ | 3,620 | $ | 3,297 | |||||
The Company periodically writes off fully depreciated and amortized assets. The Company wrote off fully depreciated and amortized assets of $3,441 and $902 for the thirteen week periods ended April 4, 2015 and March 29, 2014, respectively. |
Note_6_Acquisitions
Note 6 - Acquisitions | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
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. The Company gives no assurance that it will make acquisitions in the future and if they do make acquisitions gives no assurance that such acquisitions will be successful. | |||||||||||||
Future Contingent Payments | |||||||||||||
As of April 4, 2015, the Company had two active acquisition agreements whereby additional contingent consideration may be earned by the former shareholders: 1) effective July 1, 2012 the Company acquired certain assets of BGA, LLC (“BGA”); and 2) effective August 1, 2014 the Company acquired all of the stock of Point Comm, Inc. (“PCI”), as more fully described below. The Company cannot estimate future contingent payments with any certainty. However, the Company estimates future contingent payments at April 4, 2015 as follows: | |||||||||||||
Fiscal Year | BGA | PCI | Total | ||||||||||
2015 | $ | 127 | $ | 262 | $ | 389 | |||||||
2016 | 271 | 197 | 468 | ||||||||||
2017 | - | 307 | 307 | ||||||||||
Estimated future contingent consideration payments | $ | 398 | $ | 766 | $ | 1,164 | |||||||
Actual future contingent payments may materially differ from the estimates above. Future contingent payments to be made to BGA and PCI are capped at cumulative maximums of $2.6 million and $2.0 million, respectively. The Company estimates future contingent consideration in payments based on forecasted performance and recorded the net present value of those expected payments as of April 4, 2015. 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 $0.1 million and $0.3 million in contingent consideration during the thirteen week periods ended April 4, 2015 and March 29, 2014, respectively. There were no other changes to the fair value of the contingent consideration during the thirteen week period ended April 4, 2015. |
Note_7_Goodwill
Note 7 - Goodwill | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
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. During all periods presented, the Company determined that the existing qualitative factors did not suggest that an impairment of goodwill exists. Since there have been no indicators of impairment, the Company has not performed a quantitative impairment test. | |||||||||||||||||
There were no changes in the carrying amount of goodwill for the thirteen week period ended April 4, 2015 and the balances are as follows: | |||||||||||||||||
Engineering | Information | Specialty | Total | ||||||||||||||
Technology | Health | ||||||||||||||||
Care | |||||||||||||||||
Balance as of April 4, 2015 | $ | 3,004 | $ | 5,516 | $ | 1,703 | $ | 10,223 | |||||||||
Note_8_Intangible_Assets
Note 8 - Intangible Assets | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
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 January 3, 2015 | $ | 189 | $ | 5 | $ | 194 | |||||||
Amortization of intangibles during the thirteen week period ended April 4, 2015 | 17 | 5 | 22 | ||||||||||
Balance as of April 4, 2015 | $ | 172 | $ | - | $ | 172 | |||||||
Note_9_Line_of_Credit
Note 9 - Line of Credit | 3 Months Ended | |
Apr. 04, 2015 | ||
Debt Disclosure [Abstract] | ||
Debt Disclosure [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 $35 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 12, 2014 when the maturity date was extended to December 11, 2019. 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, typically borrowed in fixed 30-day increments or (ii) the agent bank’s prime rate generally borrowed over shorter durations. 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. The effective interest rate, including unused line fees, for the thirteen week period ended April 4, 2015 was 2.5%. | ||
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 a covenant that restricts on the Company’s ability to borrow in order to pay dividends. The Company paid a special cash dividend on December 30, 2014 which was expressly permitted under its amended Revolving Credit Facility. As of April 4, 2015, the Company was in compliance with all covenants contained in its Revolving Credit Facility. | ||
At both April 4, 2015 and January 3, 2015, borrowings under the line of credit were $20.0 and there were letters of credit outstanding for $0.8 million. At April 4, 2015, 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 | ||||||||
Apr. 04, 2015 | |||||||||
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 April 4, 2015 and March 29, 2014 was determined as follows: | |||||||||
Thirteen Week Periods Ended | |||||||||
4-Apr-15 | 29-Mar-14 | ||||||||
Basic weighted average shares outstanding | 12,456,220 | 12,455,004 | |||||||
Dilutive effect of outstanding stock options | 210,261 | 184,634 | |||||||
Weighted average dilutive shares outstanding | 12,666,481 | 12,639,638 | |||||||
There were 240,000 and 30,000 absolute anti-dilutive shares not included in the calculation of common stock equivalents for the thirteen week periods ended April 4, 2015 and March 29, 2014, 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: | |||||||||
4-Apr-15 | 3-Jan-15 | ||||||||
Exercise of options outstanding | 49,500 | 53,000 | |||||||
Restricted stock awards outstanding | 496,667 | 500,000 | |||||||
Future grants of options or shares | 425,000 | 425,000 | |||||||
Shares reserved for employee stock purchase plan | 89,544 | 122,484 | |||||||
Total | 1,060,711 | 1,100,484 | |||||||
Note_11_ShareBased_Compensatio
Note 11 - Share-Based Compensation | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11 | Share-Based Compensation | |||||||
At April 4, 2015, 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 $304 and $174 was recognized for the thirteen week periods ended April 4, 2015 and March 29, 2014, respectively. | |||||||||
As of April 4, 2015, the Company had approximately $1.9 million 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 | |||||||||
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. As of April 4, 2015, options to purchase 25,000 shares of common stock granted under the 2000 Plan were outstanding. | |||||||||
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. As of April 4, 2015, under the 2007 Plan, no shares of common stock were available for future grants and options to purchase 24,500 shares of common stock, as well as 296,667 restricted stock units, were outstanding. | |||||||||
The 2000 and 2007 Plans are expired and therefore no shares are available for grant thereunder. | |||||||||
2014 Omnibus Equity Compensation Plan (the 2014 Plan) | |||||||||
The 2014 Plan, approved by the Company’s stockholders in December 2014, provides for the issuance of up to 625,000 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. The Compensation Committee of the Board of Directors determines the vesting period at the time of grant. As of April 4, 2015, under the 2014 Plan, 200,000 restricted stock units were outstanding and 425,000 shares were available for awards thereunder. | |||||||||
Stock Options | |||||||||
There were no options granted during either of the thirteen week periods ended April 4, 2015 and March 29, 2014. Activity regarding outstanding options for the thirteen week period ended April 4, 2015 is as follows: | |||||||||
All Stock Options Outstanding | |||||||||
Shares | Weighted Average Exercise Price | ||||||||
Options outstanding as of January 3, 2015 | 53,000 | $ | 7.65 | ||||||
Options granted | - | ||||||||
Options exercised | (3,500 | ) | $ | 4.3 | |||||
Options forfeited/cancelled | - | ||||||||
Options outstanding as of April 4, 2015 | 49,500 | $ | 7.88 | ||||||
Options outstanding price range at April 4, 2015 | $5.27 - $9.81 | ||||||||
Options exercisable as of April 4, 2015 | 27,000 | $ | 9.47 | ||||||
Intrinsic value of outstanding stock options as of April 4, 2015 | $ | 15 | |||||||
Intrinsic value of stock options exercised for the thirteen week period ended April 4, 2015 | $ | 8 | |||||||
As of April 4, 2015, the Company had approximately $31 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 stock units that ultimately do not vest are forfeited. | |||||||||
To date, the Company has only issued restricted stock units under the 2007 and 2014 Plans. The following summarizes activity in the restricted stock units under the 2007 and 2014 Plans during 2015: | |||||||||
Number of | Weighted | ||||||||
Restricted | Average | ||||||||
Stock Units | Grant Date Fair | ||||||||
(in thousands) | Value per Share | ||||||||
Outstanding non-vested at January 3, 2015 | 500 | $ | 6.61 | ||||||
Granted | - | - | |||||||
Vested | 3 | $ | 6.61 | ||||||
Forfeited or expired | - | - | |||||||
Outstanding non-vested at April 4, 2015 | 497 | $ | 6.61 | ||||||
Based on the closing price of the Company’s common stock of $6.54 per share on April 2, 2015 (the last trading day prior to April 4, 2015), the intrinsic value of the non-vested restricted stock units at April 4, 2015 was approximately $3.2 million. As of April 4, 2015, there was approximately $1.9 million of total unrecognized compensation cost related to restricted stock units. | |||||||||
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 January 5, 2015) was 32,940. As of April 4, 2015, there were 89,544 shares available for issuance under the Purchase Plan. |
Note_12_Treasury_Stock_Transac
Note 12 - Treasury Stock Transactions | 3 Months Ended | |
Apr. 04, 2015 | ||
Disclosure Text Block Supplement [Abstract] | ||
Treasury Stock [Text Block] | 12 | Treasury Stock Transactions |
On October 28, 2013, the Board of Directors authorized a 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. On September 30, 2014, the Board extended this repurchase program through October 31, 2015. During the thirteen week period ended April 4, 2015 and the comparable prior year period, the Company did not repurchase any shares. |
Note_13_New_Accounting_Standar
Note 13 - New Accounting Standards | 3 Months Ended | |
Apr. 04, 2015 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 13 | New Accounting Standards |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires companies to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration it expects to be entitled in exchange for those goods or services. The standard will be effective for the Company beginning in the first quarter of 2017 and early adoption is not permitted. The new standard permits the use of either the retrospective or cumulative effect transition method on adoption. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures, including which transition method it will adopt. | ||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern, which states management should evaluate whether there are conditions or events, considered in the aggregate, that raise a substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management’s evaluation should be based on relevant conditions and events that are known and likely to occur at the date that the financial statements are issued. The standard update will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter, however, early application is permitted. The Company is evaluating the effect that ASU 2014-15 will have on its consolidated financial statements and related disclosures. | ||
In April, 2015, The FASB issued ASU 2015-03 Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. Under the standard, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. The standard will be effective for the annual period ending after December 15, 2015. The Company is evaluating the effect that ASU 2015-03 will have on its consolidated financial statements and related disclosures. |
Note_14_Segment_Information
Note 14 - Segment Information | 3 Months Ended | ||||||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||||||
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 January 3, 2015). | |||||||||||||||||||||
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 April 4, 2015 | Engineering | Information | Specialty | Corporate | Total | ||||||||||||||||
Technology | Health Care | ||||||||||||||||||||
Revenue | $ | 22,791 | $ | 14,655 | $ | 10,520 | $ | - | $ | 47,966 | |||||||||||
Cost of services | 17,164 | 10,097 | 7,402 | - | 34,663 | ||||||||||||||||
Gross profit | 5,627 | 4,558 | 3,118 | - | 13,303 | ||||||||||||||||
Selling, general and administrative | 4,273 | 3,703 | 2,656 | - | 10,632 | ||||||||||||||||
Depreciation and amortization | 235 | 50 | 31 | - | 316 | ||||||||||||||||
Operating income | $ | 1,119 | $ | 805 | $ | 431 | $ | - | $ | 2,355 | |||||||||||
Total assets | $ | 47,003 | $ | 15,495 | $ | 18,057 | $ | 4,912 | $ | 85,467 | |||||||||||
Capital expenditures | $ | 398 | $ | - | $ | - | $ | 217 | $ | 615 | |||||||||||
Thirteen Week Period Ended March 29, 2014 | Engineering | Information | Specialty | Corporate | Total | ||||||||||||||||
Technology | Health Care | ||||||||||||||||||||
Revenue | $ | 24,724 | $ | 15,019 | $ | 8,826 | $ | - | $ | 48,569 | |||||||||||
Cost of services | 19,488 | 10,480 | 6,344 | - | 36,312 | ||||||||||||||||
Gross profit | 5,236 | 4,539 | 2,482 | - | 12,257 | ||||||||||||||||
Selling, general and administrative | 3,960 | 3,686 | 2,302 | - | 9,948 | ||||||||||||||||
Depreciation and amortization | 193 | 56 | 22 | - | 271 | ||||||||||||||||
Operating income | $ | 1,083 | $ | 797 | $ | 158 | - | $ | 2,038 | ||||||||||||
Total assets | $ | 46,547 | $ | 15,332 | $ | 14,562 | $ | 12,183 | $ | 88,624 | |||||||||||
Capital expenditures | $ | 350 | $ | - | $ | 83 | $ | 9 | $ | 442 | |||||||||||
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 April 4, 2015 and March 29, 2014 are as follows: | |||||||||||||||||||||
Thirteen Week Periods Ended | |||||||||||||||||||||
April 4, | March 29, | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||
U. S. | $ | 36,695 | $ | 35,809 | |||||||||||||||||
Canada | 9,612 | 11,485 | |||||||||||||||||||
Puerto Rico | 1,659 | 1,275 | |||||||||||||||||||
$ | 47,966 | $ | 48,569 | ||||||||||||||||||
Total assets by geographic area as of the reported periods are as follows: | |||||||||||||||||||||
April 4, | January 3, | ||||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||
Total assets | |||||||||||||||||||||
U. S. | $ | 55,603 | $ | 56,764 | |||||||||||||||||
Canada | 27,968 | 28,776 | |||||||||||||||||||
Puerto Rico | 1,896 | 1,733 | |||||||||||||||||||
$ | 85,467 | $ | 87,273 | ||||||||||||||||||
Note_15_Income_Taxes
Note 15 - Income Taxes | 3 Months Ended | |
Apr. 04, 2015 | ||
Income Tax Disclosure [Abstract] | ||
Income Tax Disclosure [Text Block] | 15 | Income Taxes |
The projected fiscal 2015 effective income tax rate as of April 4, 2015 is approximately 41.8% and 31.0% in the United States and Canada, respectively, and has yielded a consolidated effective income tax rate of approximately 37.5% for the thirteen week period ended April 4, 2015. For the comparable prior year period estimated income tax rates were 41.7% and 34.4% in the United States and Canada, respectively, and yielded a consolidated effective income tax rate of approximately 39.1% for the thirteen week period ended March 29, 2014. 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 | |
Apr. 04, 2015 | ||
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. As of April 4, 2015, the Company did not accrue for any such liabilities. Included in the Company’s accounts payable and accrued expenses is a provision for losses from legal matters aggregating $0.1 million as of March 29, 2014. Asserted claims in these matters sought approximately $1.4 million and $7.6 million in damages as of April 4, 2015 and January 3, 2015, respectively. | ||
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_4_Accounts_Receivable_Tra1
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 4-Apr-15 | 3-Jan-15 | |||||||
Billed | $ | 48,231 | $ | 47,318 | |||||
Accrued and unbilled | 7,065 | 4,853 | |||||||
Work-in-progress | 8,146 | 8,027 | |||||||
Allowance for doubtful accounts | (1,165 | ) | (1,011 | ) | |||||
Accounts receivable, net | $ | 62,277 | $ | 59,187 |
Note_5_Property_and_Equipment_
Note 5 - Property and Equipment (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | 4-Apr-15 | 3-Jan-15 | |||||||
Equipment and furniture | $ | 2,243 | $ | 2,585 | |||||
Computers and systems | 4,176 | 6,553 | |||||||
Leasehold improvements | 674 | 781 | |||||||
7,093 | 9,919 | ||||||||
Less: accumulated depreciation and amortization | 3,473 | 6,622 | |||||||
Property and equipment, net | $ | 3,620 | $ | 3,297 |
Note_6_Acquisitions_Tables
Note 6 - Acquisitions (Tables) (Scenario, Forecast [Member]) | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Scenario, Forecast [Member] | |||||||||||||
Note 6 - Acquisitions (Tables) [Line Items] | |||||||||||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Fiscal Year | BGA | PCI | Total | |||||||||
2015 | $ | 127 | $ | 262 | $ | 389 | |||||||
2016 | 271 | 197 | 468 | ||||||||||
2017 | - | 307 | 307 | ||||||||||
Estimated future contingent consideration payments | $ | 398 | $ | 766 | $ | 1,164 |
Note_7_Goodwill_Tables
Note 7 - Goodwill (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | Engineering | Information | Specialty | Total | |||||||||||||
Technology | Health | ||||||||||||||||
Care | |||||||||||||||||
Balance as of April 4, 2015 | $ | 3,004 | $ | 5,516 | $ | 1,703 | $ | 10,223 |
Note_8_Intangible_Assets_Table
Note 8 - Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Engineering | Information Technology | Total | ||||||||||
Balance as of January 3, 2015 | $ | 189 | $ | 5 | $ | 194 | |||||||
Amortization of intangibles during the thirteen week period ended April 4, 2015 | 17 | 5 | 22 | ||||||||||
Balance as of April 4, 2015 | $ | 172 | $ | - | $ | 172 |
Note_10_Per_Share_Data_Tables
Note 10 - Per Share Data (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | Thirteen Week Periods Ended | ||||||||
4-Apr-15 | 29-Mar-14 | ||||||||
Basic weighted average shares outstanding | 12,456,220 | 12,455,004 | |||||||
Dilutive effect of outstanding stock options | 210,261 | 184,634 | |||||||
Weighted average dilutive shares outstanding | 12,666,481 | 12,639,638 | |||||||
Unissued Shares of Common Stock [Table Text Block] | 4-Apr-15 | 3-Jan-15 | |||||||
Exercise of options outstanding | 49,500 | 53,000 | |||||||
Restricted stock awards outstanding | 496,667 | 500,000 | |||||||
Future grants of options or shares | 425,000 | 425,000 | |||||||
Shares reserved for employee stock purchase plan | 89,544 | 122,484 | |||||||
Total | 1,060,711 | 1,100,484 |
Note_11_ShareBased_Compensatio1
Note 11 - Share-Based Compensation (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
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 January 3, 2015 | 53,000 | $ | 7.65 | ||||||
Options granted | - | ||||||||
Options exercised | (3,500 | ) | $ | 4.3 | |||||
Options forfeited/cancelled | - | ||||||||
Options outstanding as of April 4, 2015 | 49,500 | $ | 7.88 | ||||||
Options outstanding price range at April 4, 2015 | $5.27 - $9.81 | ||||||||
Options exercisable as of April 4, 2015 | 27,000 | $ | 9.47 | ||||||
Intrinsic value of outstanding stock options as of April 4, 2015 | $ | 15 | |||||||
Intrinsic value of stock options exercised for the thirteen week period ended April 4, 2015 | $ | 8 | |||||||
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 January 3, 2015 | 500 | $ | 6.61 | ||||||
Granted | - | - | |||||||
Vested | 3 | $ | 6.61 | ||||||
Forfeited or expired | - | - | |||||||
Outstanding non-vested at April 4, 2015 | 497 | $ | 6.61 |
Note_14_Segment_Information_Ta
Note 14 - Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Thirteen Week Period Ended April 4, 2015 | Engineering | Information | Specialty | Corporate | Total | |||||||||||||||
Technology | Health Care | ||||||||||||||||||||
Revenue | $ | 22,791 | $ | 14,655 | $ | 10,520 | $ | - | $ | 47,966 | |||||||||||
Cost of services | 17,164 | 10,097 | 7,402 | - | 34,663 | ||||||||||||||||
Gross profit | 5,627 | 4,558 | 3,118 | - | 13,303 | ||||||||||||||||
Selling, general and administrative | 4,273 | 3,703 | 2,656 | - | 10,632 | ||||||||||||||||
Depreciation and amortization | 235 | 50 | 31 | - | 316 | ||||||||||||||||
Operating income | $ | 1,119 | $ | 805 | $ | 431 | $ | - | $ | 2,355 | |||||||||||
Total assets | $ | 47,003 | $ | 15,495 | $ | 18,057 | $ | 4,912 | $ | 85,467 | |||||||||||
Capital expenditures | $ | 398 | $ | - | $ | - | $ | 217 | $ | 615 | |||||||||||
Thirteen Week Period Ended March 29, 2014 | Engineering | Information | Specialty | Corporate | Total | ||||||||||||||||
Technology | Health Care | ||||||||||||||||||||
Revenue | $ | 24,724 | $ | 15,019 | $ | 8,826 | $ | - | $ | 48,569 | |||||||||||
Cost of services | 19,488 | 10,480 | 6,344 | - | 36,312 | ||||||||||||||||
Gross profit | 5,236 | 4,539 | 2,482 | - | 12,257 | ||||||||||||||||
Selling, general and administrative | 3,960 | 3,686 | 2,302 | - | 9,948 | ||||||||||||||||
Depreciation and amortization | 193 | 56 | 22 | - | 271 | ||||||||||||||||
Operating income | $ | 1,083 | $ | 797 | $ | 158 | - | $ | 2,038 | ||||||||||||
Total assets | $ | 46,547 | $ | 15,332 | $ | 14,562 | $ | 12,183 | $ | 88,624 | |||||||||||
Capital expenditures | $ | 350 | $ | - | $ | 83 | $ | 9 | $ | 442 | |||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Thirteen Week Periods Ended | ||||||||||||||||||||
April 4, | March 29, | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||
U. S. | $ | 36,695 | $ | 35,809 | |||||||||||||||||
Canada | 9,612 | 11,485 | |||||||||||||||||||
Puerto Rico | 1,659 | 1,275 | |||||||||||||||||||
$ | 47,966 | $ | 48,569 | ||||||||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | April 4, | January 3, | |||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||
Total assets | |||||||||||||||||||||
U. S. | $ | 55,603 | $ | 56,764 | |||||||||||||||||
Canada | 27,968 | 28,776 | |||||||||||||||||||
Puerto Rico | 1,896 | 1,733 | |||||||||||||||||||
$ | 85,467 | $ | 87,273 |
Note_4_Accounts_Receivable_Tra2
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details) [Line Items] | ||
Liabilities,Net | $800,000 | $2,900,000 |
Transit Accounts Receivable [Member] | ||
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details) [Line Items] | ||
Accounts Receivable, Gross, Current | 4,600,000 | 3,800,000 |
Disputed Purchase Order [Member] | B&M [Member] | ||
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details) [Line Items] | ||
Contract Receivable | 4,500,000 | |
Transit Accounts Payable [Member] | ||
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details) [Line Items] | ||
Accounts Payable, Current | 5,400,000 | 6,700,000 |
B&M [Member] | ||
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details) [Line Items] | ||
Contract Receivable | $10,900,000 |
Note_4_Accounts_Receivable_Tra3
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details) - Accounts Receivable (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts | ($1,165) | ($1,011) |
Accounts receivable, net | 62,277 | 59,187 |
Billed Revenues [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, current | 48,231 | 47,318 |
Unbilled Revenues [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, current | 7,065 | 4,853 |
Work In Progress [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, current | $8,146 | $8,027 |
Note_5_Property_and_Equipment_1
Note 5 - Property and Equipment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Property, Plant and Equipment [Abstract] | ||
Annual Depreciation Rate | 20.00% | |
Write Off of Fully Depreciated Property and Equipment | $3,441 | $902 |
Note_5_Property_and_Equipment_2
Note 5 - Property and Equipment (Details) - Property and Equipment (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $7,093 | $9,919 |
Less: accumulated depreciation and amortization | 3,473 | 6,622 |
Property and equipment, net | 3,620 | 3,297 |
Equipment and Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 2,243 | 2,585 |
Computers and Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 4,176 | 6,553 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $674 | $781 |
Note_6_Acquisitions_Details
Note 6 - Acquisitions (Details) (USD $) | 3 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | |
Note 6 - Acquisitions (Details) [Line Items] | ||
Payments to Acquire Businesses, Gross | $100,000 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 300,000 | |
BGA [Member] | Maximum [Member] | ||
Note 6 - Acquisitions (Details) [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 2,600,000 | |
PCI [Member] | Maximum [Member] | ||
Note 6 - Acquisitions (Details) [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $2,000,000 |
Note_6_Acquisitions_Details_Ma
Note 6 - Acquisitions (Details) - Maximum Deferred Consideration Payments (USD $) | Apr. 04, 2015 |
In Thousands, unless otherwise specified | |
January 2, 2016 [Member] | BGA [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Estimated contingent consideration payments | $127 |
January 2, 2016 [Member] | PCI [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Estimated contingent consideration payments | 262 |
January 2, 2016 [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Estimated contingent consideration payments | 389 |
December 31, 2016 [Member] | BGA [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Estimated contingent consideration payments | 271 |
December 31, 2016 [Member] | PCI [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Estimated contingent consideration payments | 197 |
December 31, 2016 [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Estimated contingent consideration payments | 468 |
December 30, 2017 [Member] | PCI [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Estimated contingent consideration payments | 307 |
December 30, 2017 [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Estimated contingent consideration payments | 307 |
Estimated Future Payments [Member] | BGA [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Estimated contingent consideration payments | 398 |
Estimated Future Payments [Member] | PCI [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Estimated contingent consideration payments | 766 |
Estimated Future Payments [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Estimated contingent consideration payments | $1,164 |
Note_7_Goodwill_Details_Change
Note 7 - Goodwill (Details) - Changes in Carrying Amount of Goodwill (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ||
Balance as of April 4, 2015 | $10,223 | $10,223 |
Engineering [Member] | ||
Goodwill [Line Items] | ||
Balance as of April 4, 2015 | 3,004 | |
Information Technology [Member] | ||
Goodwill [Line Items] | ||
Balance as of April 4, 2015 | 5,516 | |
Specialty Health Care [Member] | ||
Goodwill [Line Items] | ||
Balance as of April 4, 2015 | $1,703 |
Note_8_Intangible_Assets_Detai
Note 8 - Intangible Assets (Details) - Components of Intangible Assets (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Jan. 03, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Balance | $172 | $194 |
Amortization of intangibles during the thirteen week period ended April 4, 2015 | 22 | |
Engineering [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance | 172 | 189 |
Amortization of intangibles during the thirteen week period ended April 4, 2015 | 17 | |
Information Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance | 5 | |
Amortization of intangibles during the thirteen week period ended April 4, 2015 | $5 |
Note_9_Line_of_Credit_Details
Note 9 - Line of Credit (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 04, 2015 | Jan. 03, 2015 | Feb. 20, 2009 |
Note 9 - Line of Credit (Details) [Line Items] | |||
Long-term Line of Credit | $20 | $20 | |
Letters of Credit Outstanding, Amount | 0.8 | 0.8 | |
Revolving Credit Facility [Member] | |||
Note 9 - Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 35 | ||
Line of Credit Facility, Expiration Date | 11-Dec-19 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.50% | ||
Line of Credit Facility, Remaining Borrowing Capacity | 14.2 | ||
Letter of Credit [Member] | |||
Note 9 - Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $5 |
Note_10_Per_Share_Data_Details
Note 10 - Per Share Data (Details) | 3 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 240,000 | 30,000 |
Note_10_Per_Share_Data_Details1
Note 10 - Per Share Data (Details) - Weighted Average Number of Common Shares | 3 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | |
Weighted Average Number of Common Shares [Abstract] | ||
Basic weighted average shares outstanding | 12,456,220 | 12,455,004 |
Dilutive effect of outstanding stock options | 210,261 | 184,634 |
Weighted average dilutive shares outstanding | 12,666,481 | 12,639,638 |
Note_10_Per_Share_Data_Details2
Note 10 - Per Share Data (Details) - Unissued Shares of Common Stock Were Reserved For The Following Purposes | Apr. 04, 2015 | Jan. 03, 2015 |
Unissued Shares of Common Stock Were Reserved For The Following Purposes [Abstract] | ||
Exercise of options outstanding | 49,500 | 53,000 |
Restricted stock awards outstanding | 496,667 | 500,000 |
Future grants of options or shares | 425,000 | 425,000 |
Shares reserved for employee stock purchase plan | 89,544 | 122,484 |
Total | 1,060,711 | 1,100,484 |
Note_11_ShareBased_Compensatio2
Note 11 - Share-Based Compensation (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Apr. 04, 2015 | Mar. 29, 2014 | Jan. 05, 2015 | Jan. 03, 2015 | Apr. 02, 2015 | Dec. 31, 2014 | |
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Allocated Share-based Compensation Expense (in Dollars) | $304,000 | $174,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 1,900,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 49,500 | 53,000 | ||||
Common Stock [Member] | ||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Share Price (in Dollars per share) | $6.54 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 32,940 | |||||
Restricted Stock Units (RSUs) [Member] | The 2007 Plan [Member] | ||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 296,667 | |||||
Restricted Stock Units (RSUs) [Member] | The 2014 Plan [Member] | ||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 425,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 200,000 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 1,900,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 497 | 500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested (in Dollars) | 3,200,000 | |||||
Employee Stock Option [Member] | ||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $31,000 | |||||
Minimum [Member] | ||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Maximum [Member] | ||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
The 2000 Plan [Member] | ||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 25,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||||
The 2007 Plan [Member] | ||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 700,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 24,500 | |||||
The 2014 Plan [Member] | ||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 625,000 | |||||
ESPP [Member] | ||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 89,544 | |||||
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 | 32,940 |
Note_11_ShareBased_Compensatio3
Note 11 - Share-Based Compensation (Details) - Stock Option Activity (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Apr. 04, 2015 |
Note 11 - Share-Based Compensation (Details) - Stock Option Activity [Line Items] | |
Options outstanding as of January 3, 2015 (in Shares) | 53,000 |
Options outstanding as of January 3, 2015 | $7.65 |
Options exercised (in Shares) | -3,500 |
Options exercised | $4.30 |
Options outstanding as of April 4, 2015 (in Shares) | 49,500 |
Options outstanding as of April 4, 2015 | $7.88 |
Options exercisable as of April 4, 2015 (in Shares) | 27,000 |
Options exercisable as of April 4, 2015 | $9.47 |
Intrinsic value of outstanding stock options as of April 4, 2015 (in Dollars) | $15 |
Intrinsic value of stock options exercised for the thirteen week period ended April 4, 2015 (in Dollars) | $8 |
Minimum [Member] | |
Note 11 - Share-Based Compensation (Details) - Stock Option Activity [Line Items] | |
Options outstanding price range at April 4, 2015 | $5.27 |
Maximum [Member] | |
Note 11 - Share-Based Compensation (Details) - Stock Option Activity [Line Items] | |
Options outstanding price range at April 4, 2015 | $9.81 |
Note_11_ShareBased_Compensatio4
Note 11 - Share-Based Compensation (Details) - Restricted Stock Units Activity (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
Apr. 04, 2015 | |
Restricted Stock Units (RSUs) [Member] | |
Note 11 - Share-Based Compensation (Details) - Restricted Stock Units Activity [Line Items] | |
Outstanding non-vested at January 3, 2015 | 500 |
Outstanding non-vested at January 3, 2015 | $6.61 |
Vested | 3 |
Vested | $6.61 |
Outstanding non-vested at April 4, 2015 | 497 |
Outstanding non-vested at April 4, 2015 | $6.61 |
Note_12_Treasury_Stock_Transac1
Note 12 - Treasury Stock Transactions (Details) (Stock Repurchase Program 2013 [Member], USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | Oct. 28, 2013 |
Stock Repurchase Program 2013 [Member] | |||
Note 12 - Treasury Stock Transactions (Details) [Line Items] | |||
Stock Repurchase Program, Authorized Amount (in Dollars) | $5 | ||
Treasury Stock, Shares, Acquired | 0 | 0 |
Note_14_Segment_Information_De
Note 14 - Segment Information (Details) - Results of the Segments (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | Jan. 03, 2015 |
Segment Reporting Information [Line Items] | |||
Revenue | $47,966 | $48,569 | |
Cost of services | 34,663 | 36,312 | |
Gross profit | 13,303 | 12,257 | |
Selling, general and administrative | 10,632 | 9,948 | |
Depreciation and amortization | 316 | 271 | |
Operating income | 2,355 | 2,038 | |
Total assets | 85,467 | 88,624 | 87,273 |
Capital expenditures | 615 | 442 | |
Engineering [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 22,791 | 24,724 | |
Cost of services | 17,164 | 19,488 | |
Gross profit | 5,627 | 5,236 | |
Selling, general and administrative | 4,273 | 3,960 | |
Depreciation and amortization | 235 | 193 | |
Operating income | 1,119 | 1,083 | |
Total assets | 47,003 | 46,547 | |
Capital expenditures | 398 | 350 | |
Information Technology [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 14,655 | 15,019 | |
Cost of services | 10,097 | 10,480 | |
Gross profit | 4,558 | 4,539 | |
Selling, general and administrative | 3,703 | 3,686 | |
Depreciation and amortization | 50 | 56 | |
Operating income | 805 | 797 | |
Total assets | 15,495 | 15,332 | |
Specialty Health Care [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 10,520 | 8,826 | |
Cost of services | 7,402 | 6,344 | |
Gross profit | 3,118 | 2,482 | |
Selling, general and administrative | 2,656 | 2,302 | |
Depreciation and amortization | 31 | 22 | |
Operating income | 431 | 158 | |
Total assets | 18,057 | 14,562 | |
Capital expenditures | 83 | ||
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 4,912 | 12,183 | |
Capital expenditures | $217 | $9 |
Note_14_Segment_Information_De1
Note 14 - Segment Information (Details) - Revenues by Geographic Area (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Revenues | ||
Revenues | $47,966 | $48,569 |
United States [Member] | ||
Revenues | ||
Revenues | 36,695 | 35,809 |
Canada [Member] | ||
Revenues | ||
Revenues | 9,612 | 11,485 |
Puerto Rico [Member] | ||
Revenues | ||
Revenues | $1,659 | $1,275 |
Note_14_Segment_Information_De2
Note 14 - Segment Information (Details) - Total Assets by Geographic Area (USD $) | Apr. 04, 2015 | Jan. 03, 2015 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |||
Total assets | |||
Total Assets | $85,467 | $87,273 | $88,624 |
United States [Member] | |||
Total assets | |||
Total Assets | 55,603 | 56,764 | |
Canada [Member] | |||
Total assets | |||
Total Assets | 27,968 | 28,776 | |
Puerto Rico [Member] | |||
Total assets | |||
Total Assets | $1,896 | $1,733 |
Note_15_Income_Taxes_Details
Note 15 - Income Taxes (Details) | 3 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | |
Note 15 - Income Taxes (Details) [Line Items] | ||
Effective Income Tax Rate Reconciliation, Percent | 37.50% | 39.10% |
United States [Member] | ||
Note 15 - Income Taxes (Details) [Line Items] | ||
Effective Income Tax Rate Reconciliation, Percent | 41.80% | 41.70% |
Canada [Member] | ||
Note 15 - Income Taxes (Details) [Line Items] | ||
Effective Income Tax Rate Reconciliation, Percent | 31.00% | 34.40% |
Note_16_Contingencies_Details
Note 16 - Contingencies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Jan. 03, 2015 | Mar. 29, 2014 |
Loss Contingency [Abstract] | |||
Loss Contingency Accrual | $0.10 | ||
Loss Contingency, Damages Sought, Value | $1.40 | $7.60 |