Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 01, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | RCM TECHNOLOGIES INC | |
Entity Central Index Key | 700,841 | |
Trading Symbol | rcmt | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 12,011,699 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 825 | $ 279 |
Accounts receivable, net | 41,942 | 45,170 |
Transit accounts receivable | 1,664 | 4,295 |
Prepaid expenses and other current assets | 3,212 | 3,327 |
Total current assets | 47,643 | 53,071 |
Property and equipment, net | 3,619 | 4,052 |
Other assets: | ||
Deposits | 207 | 212 |
Goodwill | 12,458 | 12,325 |
Intangible assets, net | 121 | 171 |
Total other assets | 12,786 | 12,708 |
Total assets | 64,048 | 69,831 |
Current liabilities: | ||
Accounts payable and accrued expenses | 7,096 | 8,154 |
Transit accounts payable | 2,968 | 6,776 |
Accrued payroll and related costs | 7,089 | 7,185 |
Income taxes payable | 1,514 | 537 |
Contingent consideration | 992 | 1,061 |
Total current liabilities | 19,659 | 23,713 |
Contingent consideration | 240 | 170 |
Borrowings under line of credit | 9,451 | 14,311 |
Total liabilities | 30,045 | 38,576 |
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; 14,832,871 shares issued and 12,009,699 shares outstanding at September 30, 2017 and 14,716,940 shares issued and 11,953,080 shares outstanding at December 31, 2016 | 741 | 736 |
Additional paid-in capital | 116,587 | 115,607 |
Accumulated other comprehensive loss | (2,209) | (2,578) |
Accumulated deficit | (66,129) | (67,888) |
Treasury stock (2,823,172 shares at September 30, 2017 and 2,763,860 shares at December 31, 2016, at cost) | (14,987) | (14,622) |
Stockholders’ equity | 34,003 | 31,255 |
Total liabilities and stockholders’ equity | 64,048 | 69,831 |
Domestic Tax Authority [Member] | ||
Current liabilities: | ||
Deferred tax liability | 441 | 148 |
Foreign Tax Authority [Member] | ||
Current liabilities: | ||
Deferred tax liability | $ 254 | $ 234 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Preferred stock par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.05 | $ 0.05 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 14,832,871 | 14,716,940 |
Common stock, shares outstanding (in shares) | 12,009,699 | 11,953,080 |
Treasury stock, shares (in shares) | 2,823,172 | 2,763,860 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Revenues | $ 43,827 | $ 39,695 | $ 135,680 | $ 132,250 |
Cost of services | 32,109 | 29,551 | 100,097 | 97,326 |
Gross profit | 11,718 | 10,144 | 35,583 | 34,924 |
Operating costs and expenses | ||||
Selling, general and administrative | 9,700 | 9,334 | 30,092 | 29,976 |
Depreciation and amortization | 422 | 388 | 1,229 | 1,177 |
Change in contingent consideration | 781 | |||
10,122 | 9,722 | 32,102 | 31,153 | |
Operating income | 1,596 | 422 | 3,481 | 3,771 |
Other (expense) income | ||||
Interest expense and other, net | (137) | (114) | (409) | (422) |
(Loss) gain on foreign currency transactions | (17) | (14) | 38 | 9 |
(154) | (128) | (371) | (413) | |
Income before income taxes | 1,442 | 294 | 3,110 | 3,358 |
Income tax expense | 422 | 184 | 1,351 | 1,384 |
Net income | $ 1,020 | $ 110 | $ 1,759 | $ 1,974 |
Basic and diluted net earnings per share (in dollars per share) | $ 0.08 | $ 0.01 | $ 0.15 | $ 0.16 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Net income | $ 1,759 | $ 1,974 |
Other comprehensive income | 369 | 398 |
Comprehensive income | $ 2,128 | $ 2,372 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 14,716,940 | 2,763,860 | ||||
Balance at Dec. 31, 2016 | $ 736 | $ 115,607 | $ (2,578) | $ (67,888) | $ (14,622) | $ 31,255 |
Issuance of stock under employee stock purchase plan (in shares) | 90,931 | |||||
Issuance of stock under employee stock purchase plan | $ 4 | 390 | 394 | |||
Translation adjustment | 369 | 369 | ||||
Share-based compensation expense | 591 | 591 | ||||
Issuance of stock upon vesting of restricted stock awards (in shares) | 25,000 | |||||
Issuance of stock upon vesting of restricted stock awards | $ 1 | (1) | ||||
Common stock repurchase (in shares) | 59,312 | |||||
Common stock repurchase | $ (365) | (365) | ||||
Net income | 1,759 | 1,759 | ||||
Balance (in shares) at Sep. 30, 2017 | 14,832,871 | 2,823,172 | ||||
Balance at Sep. 30, 2017 | $ 741 | $ 116,587 | $ (2,209) | $ (66,129) | $ (14,987) | $ 34,003 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 1,759 | $ 1,974 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,229 | 1,177 |
Change in contingent consideration | 781 | |
Share-based compensation expense | 591 | 614 |
Provision for losses on accounts receivable | 131 | (128) |
Deferred income tax expense | 294 | 312 |
Changes in assets and liabilities: | ||
Accounts receivable | 3,682 | 8,600 |
Prepaid expenses and other current assets | 230 | 1,847 |
Net of transit accounts receivable and payable | (1,189) | 864 |
Accounts payable and accrued expenses | (1,313) | (1,746) |
Accrued payroll and related costs | (185) | (2,334) |
Income taxes payable | 946 | 948 |
Total adjustments | 5,197 | 10,154 |
Net cash provided by operating activities | 6,956 | 12,128 |
Cash flows from investing activities: | ||
Property and equipment acquired | (747) | (732) |
Decrease in deposits | 4 | 3 |
Net cash used in investing activities | (743) | (729) |
Cash flows from financing activities: | ||
Borrowings under line of credit | 60,411 | 59,187 |
Repayments under line of credit | (65,271) | (69,036) |
Issuance of stock for employee stock purchase plan | 394 | 368 |
Common stock repurchases | (365) | (1,828) |
Contingent consideration paid | (790) | (788) |
Net cash used in financing activities | (5,621) | (12,097) |
Effect of exchange rate changes on cash and cash equivalents | (46) | 16 |
Increase (decrease) in cash and cash equivalents | 546 | (682) |
Cash and cash equivalents at beginning of period | 279 | 985 |
Cash and cash equivalents at end of period | 825 | 303 |
Supplemental cash flow information: | ||
Interest | 366 | 363 |
Income taxes | 340 | 113 |
Non-cash investing activities: | ||
Non-cash consideration for business acquisition | 133 | |
Non-cash financing activities: | ||
Vesting of restricted stock units | $ 117 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
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 10 December 31, 2016 10 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 thirty-nine September 30, 2017 not may |
Note 2 - Fiscal Year
Note 2 - Fiscal Year | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 2. Fiscal Year The Company follows a 52/53 December 31. December 31, 2016 52 third 2017 2016 Period Ended Weeks in Quarter Weeks in Year to Date September 30, 2017 Thirteen Thirty-Nine October 1, 2016 Thirteen Thirty-Nine |
Note 3 - Use of Estimates and U
Note 3 - Use of Estimates and Uncertainties | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
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, goodwill impairment, if any, equity compensation, 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. The Company can be affected by a variety of factors including uncertainty relating to the performance of the general economy, competition, demand for the Company ’s services, adverse litigation and claims and the hiring, training and retention of key employees. F air Value of Financial Instruments The Company ’s carrying value of financial instruments, consisting primarily of accounts receivable, transit accounts receivable, accounts payable and accrued expenses, and transit accounts payable and borrowings under line of credit approximates fair value due to their liquidity or their short-term nature. The Company does not |
Note 4 - Accounts Receivable, T
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
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: September 30 , 2017 December 31 , 2016 Billed $ 29,322 $ 34,463 Accrued and unbilled 8,911 6,894 Work-in-progress 4,770 5,215 Allowance for sales discounts and doubtful accounts (1,061 ) (1,402 ) Accounts receivable, net $ 41,942 $ 45,170 Unbilled receivables primarily represent revenues earned whereby those services are ready to be billed as of the balance sheet ending date. Work-in-pro gress 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 no not not $1.7 $3.0 $1.3 September 30, 2017. $4.3 $6.8 $2.5 December 31, 2016. |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
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% Property and equipment are comprised of the following: September 30 , 2017 December 31, 2016 Equipment and furniture $ 912 $ 1,045 Computers and systems 5,981 5,521 Leasehold improvements 857 804 7,750 7,370 Less: accumulated depreciation and amortization 4,131 3,318 Property and equipment, net $ 3,619 $ 4,052 The Company periodically writes off fully depreciated and amortized assets. The Company wrote off fully depreciated and amortized assets of $367 $2,677 thirty-nine September 30, 2017 October 1, 2016, thirty-nine September 30, 2017 October 1, 2016 $1,179 $1,114, |
Note 6 - Acquisitions
Note 6 - Acquisitions | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
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 no Future Contingent Payments As of September 30, 2017, five may 1 July 1, 2012 2 August 1, 2014 3 July 5, 2015, 4 December 31, 2016, 5 April 16, 2017 September 30, 2017 Fiscal Year Ended Total December 30, 2017 (after September 30, 2017) $ 992 December 30, 2018 240 Estimated future contingent consideration payments $ 1,232 Estimates of future contingent payments are subject to significant judgment and actual payments may Potential future contingent payments to be made to all active acquisitions are capped at a cumulative maximum of $2.9 September 30, 2017. not 820 10 35 3 The Company paid $ 0.8 thirty-nine September 30, 2017 October 1, 2016. AHP Effective December 31, 2016, ’s service offerings in the Chicago area. The purchase price for AHP was $695 1 $275 January 2017; 2 $280 October 2018; 3 $140 2018. RAF Effective April 16, 2017, 1991 $133 1 $123; 2 $10, 2018. |
Note 7 - Goodwill
Note 7 - Goodwill | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
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 two not November not no not The following changes in the carrying amount of goodwill occurred during the thirty-nine September 30, 2017: Engineering Specialty Health Care Information Technology Total Balance as of December 31, 2016 $ 4,411 $ 2,398 $ 5,516 $ 12,325 Goodwill recorded, RAF 133 - - 133 Balance as of September 30, 2017 $ 4,544 $ 2,398 $ 5,516 $ 12,458 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
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 not ’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. During all periods presented, the Company determined that no The following table reflects the activity for net intangible assets, excluding goodwill which is substantially attributable to the Company’s Engineering segment, for the periods presented: Thirty-Nine Weeks Ended September 30, 2017 October 1, 2016 Beginning b alance $ 171 $ 252 Amortization of intangibles during the thirty-nine week period presented (50 ) (63 ) Ending b alance $ 121 $ 189 |
Note 9 - Line of Credit
Note 9 - Line of Credit | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Line of Credit The Company and its subsidiaries are party to a loan agreement with Citizens Bank of Pennsylvania which provides for a $35 $5 December 11, 2019. March 8, 2017 $1.3 one two 30 not thirty-nine September 30, 2017 2.6%. 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. As of September 30, 2017, Borrowings under the line of credit as of September 30, 2017 December 31, 2016 $9.5 $14.3 September 30, 2017 December 31, 2016 $0.8 September 30, 2017, $24.7 |
Note 10 - Per Share Data
Note 10 - Per Share Data | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 0 . Per Share Data The Company uses the treasury stock method to calculate the weighted-average shares used for diluted earnings per share. The number of common shares used to calculate basic and diluted earnings per share for the thirteen thirty-nine September 30, 2017 October 1, 2016 Thirteen Week Periods Ended Thirty-Nine Week Periods Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Basic weighted average shares outstanding 12,009,181 12,295,493 11,972,600 12,380,617 Dilutive effect of outstanding stock options and restricted stock awards 141,914 136,150 116,610 102,817 Weighted average dilutive shares outstanding 12,151,095 12,431,643 12,089,210 12,483,434 There were 15,000 42,500 not thirty-nine September 30, 2017 October 1, 2016, Unissued shares of common stock were reserved for the following purposes: September 30 , 2017 December 31, 2016 Exercise of options outstanding 17,000 42,000 Time-based restricted stock units outstanding 212,734 197,734 Performance-based restricted stock units outstanding 400,000 200,000 Future grants of options or shares 379,266 619,266 Shares reserved for employee stock purchase plan 177,280 268,211 Total 1,186,280 1,327,211 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. Share-Based Compensation At September 30, 2017, three one three 10 may Share-based compensation expense of $591 $614 thirty-nine ended September 30, 2017 October 1, 2016, thirty-nine September 30, 2017 not September 30, 2017, As of September 30, 2017, $0.3 two not may Incentive S hare-Based Plans 2007 2007 The 2007 ’s stockholders in June 2007, 700,000 September 30, 2017, 2007 17,000 2007 no 2014 2014 The 2014 ’s stockholders in December 2014, 625,000 2016, 2014 500,000 1,125,000 December 1, 2026. September 30, 2017, 2014 612,734 400,000 379,266 Employee Stock Purchase Plan The Company implemented the 2001 January 1, 2001. 85% 10% In fiscal 2015, with shareholder approval to increase the aggregate number of shares of stock reserved for issuance or transfer under the Plan by an additional 300,000 1,100,000 December 31, 2025. The Company has two ’s first two two first July 3, 2017) 47,183. September 30, 2017, 177,280 Stock Option Awards There were no thirty-nine ended September 30, 2017 October 1, 2016. thirty-nine September 30, 2017 All Stock Options Outstanding Shares Weighted Average Exercise Price Options outstanding as of December 31, 2016 42,000 $ 8.27 Options granted - Options exercised - Options forfeited/cancelled (25,000 ) Options outstanding as of September 30, 2017 17,000 $ 6.00 Options outstanding price range at September 30, 2017 $5.27 - $6.10 Options exercisable as of September 30, 2017 17,000 $ 6.00 Intrinsic value of outstanding stock options as of September 30, 2017 $1 As of September 30, 2017, $0 Time-Based Restricted Stock Units From time-to-time the Company issues time-based restricted stock units. These time-based restricted stock units typically include dividend accrual equivalents, which means that any dividends paid by the Company during the vesting period become due and payable after the 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 time-based restricted stock units that ultimately do not To date, the Company has only issued time-based restricted stock units under the 2007 2014 2007 2014 thirty-nine September 30, 2017: Number of Time-Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at December 31, 2016 197,734 $ 7.33 Granted 40,000 $ 5.05 Vested (25,000 ) $ 5.41 Forfeited or expired - - Outstanding non-vested at September 30, 2017 212,734 $ 7.12 Based on the closing price of the Company ’s common stock of $5.72 September 29, 2017 ( September 30, 2017), September 30, 2017 $1.2 September 30, 2017, $0.3 Performance Based Restricted Stock Units From time-to-time the Company issues performance-based restricted stock units to its executives. Performance-based restricted stock units are typically vested based on certain multi-year performance metrics as determined by the Board of Directors Compensation Committee. These performance-based restricted stock units typically include dividend accrual equivalents, which means that any dividends paid by the Company during the vesting period become due and payable after the vesting period on any stock units that actually vest, if any. 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 performance-based restricted stock units that ultimately do not To date, the Company has only issued performance-based restricted stock units under the 2014 2017: Number of Performance-Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at December 31, 2016 200,000 $ 5.36 Granted 200,000 $ 4.85 Vested - - Forfeited or expired - - Outstanding non-vested at September 30, 2017 400,000 $ 5.11 As of September 30, 2017, 400,000 no no |
Note 12 - Treasury Stock Transa
Note 12 - Treasury Stock Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 12. Treasury Stock Transactions On October 28, 2013, $5.0 12 September 30, 2014, October 31, 2015. September 11, 2015, December 31, 2016. August 9, 2016, $5.0 December 31, 2017. thirty-nine September 30, 2017 October 1, 2016, 59,312 $6.16 357,250 $5.54, September 30, 2017, $2.5 |
Note 13 - New Accounting Standa
Note 13 - New Accounting Standards | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 13. New Accounting Standards In May 2014, No. 2014 09, March 2016, 2016 08, 606 April 2016, 2016 10, 606 May 2016, 2016 12, 606 December 2016, 2016 20, “Technical Corrections and Improvements to Topic 606, not 90% five not The guidance is effective for fiscal years beginning on or after December 15, 2017 2018 first In February 2016 No. 2016 02 , Leases (Topic 842 first 2019, In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 . ASU 2016 09 May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 2017 09 718. 2016 09 2017 first not 2017 09 December 15, 2017. 2017 10 first 2018. not In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 December 15, 2018, may In August 2016, No. 2016 15, Statement of Cash Flows ( Topic 230 Classification of Certain Cash Receipts and Cash Payments 2016 15 December 15, 2017. 2016 15 first 2018. not In January 2017, No. 2017 01, Business Combinations” 805 December 15, 2017 2017 01 first 2018. not In January 2017, No. 2017 04, – Goodwill and Other” (Topic 350 1 2 December 15, 2019 |
Note 14 - Segment Information
Note 14 - Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 4 . 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 10 December 31, 2016). 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 September 30, 2017 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 21,708 $ 14,335 $ 7,784 $ - $ 43,827 Cost of services 15,533 10,805 5,771 - 32,109 Gross profit 6,175 3,530 2,013 - 11,718 Selling, general and administrative 3,968 3,750 1,982 - 9,700 Depreciation and amortization 297 86 39 - 422 Operating income (loss) $ 1,910 $ (306 ) $ (8 ) $ - $ 1,596 Total assets as of September 30, 2017 $ 33,721 $ 16,178 $ 10,212 $ 3,937 $ 64,048 Capital expenditures $ 138 $ 44 $ - $ 13 $ 195 Thirteen Week Period Ended October 1, 2016 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 17,591 $ 12,035 $ 10,069 $ - $ 39,695 Cost of services 13,292 8,924 7,335 - 29,551 Gross profit 4,299 3,111 2,734 - 10,144 Selling, general and administrative 3,606 3,151 2,577 - 9,334 Depreciation and amortization 281 59 48 - 388 Operating income $ 412 $ (99 ) $ 109 $ - $ 422 Total assets as of October 1, 2016 $ 34,019 $ 15,770 $ 12,336 $ 3,767 $ 65,892 Capital expenditures $ 61 $ - $ 10 $ 4 $ 75 Thirty-Nine Week Period Ended September 30, 2017 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 61,517 $ 49,212 $ 24,951 $ - $ 135,680 Cost of services 44,598 37,069 18,430 - 100,097 Gross profit 16,919 12,143 6,521 - 35,583 Selling, general and administrative 12,184 11,429 6,479 - 30,092 Change in contingent consideration - - - 781 781 Depreciation and amortization 863 246 120 - 1,229 Operating income (loss) $ 3,872 $ 468 $ (78 ) $ (781 ) $ 3,481 Total assets as of September 30, 2017 $ 33,721 $ 16,178 $ 10,212 $ 3,937 $ 64,048 Capital expenditures $ 247 $ 459 $ - $ 41 $ 747 Thirty-Nine Week Period Ended October 1, 2016 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 55,019 $ 43,465 $ 33,766 $ - $ 132,250 Cost of services 40,859 32,012 24,455 - 97,326 Gross profit 14,160 11,453 9,311 - 34,924 Selling, general and administrative 11,355 10,202 8,419 - 29,976 Depreciation and amortization 840 188 149 - 1,177 Operating income $ 1,965 $ 1,063 $ 743 $ - $ 3,771 Total assets as of October 1, 2016 $ 34,019 $ 15,770 $ 12,336 $ 3,767 $ 65,892 Capital expenditures $ 516 $ 128 $ 58 $ 30 $ 732 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 thirty-nine September 30, 2017 October 1, 2016 Thirteen Week Periods Ended Thirty-Nine Week Periods Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Revenues U. S. $ 34,207 $ 32,851 $ 110,083 $ 110,158 Canada 8,703 5,545 22,420 18,149 Puerto Rico 917 1,299 3,177 3,943 $ 43,827 $ 39,695 $ 135,680 $ 132,250 Total assets by geographic area as of the reported periods are as follows: September 30, 2017 December 31, 2016 Total assets U. S. $ 45,895 $ 53,842 Canada 16,227 13,953 Puerto Rico 1,926 2,036 $ 64,048 $ 69,831 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes The projected fiscal 201 7 September 30, 2017 thirty-nine September 30, 2017 42.5% 26.5% 34.7% thirty-nine September 30, 2017. 41.9% 26.5% 41.2% thirty-nine October 1, 2016. $0.8 43.4% thirty-nine September 30, 2017. |
Note 16 - Contingencies
Note 16 - Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
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 may $0.6 September 30, 2017 $1.5 December 31, 2016 . As of September 30, 2017, no December 31, 2016, $0.5 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 |
Note 4 - Accounts Receivable,24
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30 , 2017 December 31 , 2016 Billed $ 29,322 $ 34,463 Accrued and unbilled 8,911 6,894 Work-in-progress 4,770 5,215 Allowance for sales discounts and doubtful accounts (1,061 ) (1,402 ) Accounts receivable, net $ 41,942 $ 45,170 |
Note 5 - Property and Equipme25
Note 5 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30 , 2017 December 31, 2016 Equipment and furniture $ 912 $ 1,045 Computers and systems 5,981 5,521 Leasehold improvements 857 804 7,750 7,370 Less: accumulated depreciation and amortization 4,131 3,318 Property and equipment, net $ 3,619 $ 4,052 |
Note 6 - Acquisitions (Tables)
Note 6 - Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Fiscal Year Ended Total December 30, 2017 (after September 30, 2017) $ 992 December 30, 2018 240 Estimated future contingent consideration payments $ 1,232 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Engineering Specialty Health Care Information Technology Total Balance as of December 31, 2016 $ 4,411 $ 2,398 $ 5,516 $ 12,325 Goodwill recorded, RAF 133 - - 133 Balance as of September 30, 2017 $ 4,544 $ 2,398 $ 5,516 $ 12,458 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Thirty-Nine Weeks Ended September 30, 2017 October 1, 2016 Beginning b alance $ 171 $ 252 Amortization of intangibles during the thirty-nine week period presented (50 ) (63 ) Ending b alance $ 121 $ 189 |
Note 10 - Per Share Data (Table
Note 10 - Per Share Data (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Thirteen Week Periods Ended Thirty-Nine Week Periods Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Basic weighted average shares outstanding 12,009,181 12,295,493 11,972,600 12,380,617 Dilutive effect of outstanding stock options and restricted stock awards 141,914 136,150 116,610 102,817 Weighted average dilutive shares outstanding 12,151,095 12,431,643 12,089,210 12,483,434 |
Unissued Shares of Common Stock [Table Text Block] | September 30 , 2017 December 31, 2016 Exercise of options outstanding 17,000 42,000 Time-based restricted stock units outstanding 212,734 197,734 Performance-based restricted stock units outstanding 400,000 200,000 Future grants of options or shares 379,266 619,266 Shares reserved for employee stock purchase plan 177,280 268,211 Total 1,186,280 1,327,211 |
Note 11 - Share-based Compens30
Note 11 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | All Stock Options Outstanding Shares Weighted Average Exercise Price Options outstanding as of December 31, 2016 42,000 $ 8.27 Options granted - Options exercised - Options forfeited/cancelled (25,000 ) Options outstanding as of September 30, 2017 17,000 $ 6.00 Options outstanding price range at September 30, 2017 $5.27 - $6.10 Options exercisable as of September 30, 2017 17,000 $ 6.00 Intrinsic value of outstanding stock options as of September 30, 2017 $1 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Time-Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at December 31, 2016 197,734 $ 7.33 Granted 40,000 $ 5.05 Vested (25,000 ) $ 5.41 Forfeited or expired - - Outstanding non-vested at September 30, 2017 212,734 $ 7.12 Number of Performance-Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at December 31, 2016 200,000 $ 5.36 Granted 200,000 $ 4.85 Vested - - Forfeited or expired - - Outstanding non-vested at September 30, 2017 400,000 $ 5.11 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Thirteen Week Period Ended September 30, 2017 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 21,708 $ 14,335 $ 7,784 $ - $ 43,827 Cost of services 15,533 10,805 5,771 - 32,109 Gross profit 6,175 3,530 2,013 - 11,718 Selling, general and administrative 3,968 3,750 1,982 - 9,700 Depreciation and amortization 297 86 39 - 422 Operating income (loss) $ 1,910 $ (306 ) $ (8 ) $ - $ 1,596 Total assets as of September 30, 2017 $ 33,721 $ 16,178 $ 10,212 $ 3,937 $ 64,048 Capital expenditures $ 138 $ 44 $ - $ 13 $ 195 Thirteen Week Period Ended October 1, 2016 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 17,591 $ 12,035 $ 10,069 $ - $ 39,695 Cost of services 13,292 8,924 7,335 - 29,551 Gross profit 4,299 3,111 2,734 - 10,144 Selling, general and administrative 3,606 3,151 2,577 - 9,334 Depreciation and amortization 281 59 48 - 388 Operating income $ 412 $ (99 ) $ 109 $ - $ 422 Total assets as of October 1, 2016 $ 34,019 $ 15,770 $ 12,336 $ 3,767 $ 65,892 Capital expenditures $ 61 $ - $ 10 $ 4 $ 75 Thirty-Nine Week Period Ended September 30, 2017 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 61,517 $ 49,212 $ 24,951 $ - $ 135,680 Cost of services 44,598 37,069 18,430 - 100,097 Gross profit 16,919 12,143 6,521 - 35,583 Selling, general and administrative 12,184 11,429 6,479 - 30,092 Change in contingent consideration - - - 781 781 Depreciation and amortization 863 246 120 - 1,229 Operating income (loss) $ 3,872 $ 468 $ (78 ) $ (781 ) $ 3,481 Total assets as of September 30, 2017 $ 33,721 $ 16,178 $ 10,212 $ 3,937 $ 64,048 Capital expenditures $ 247 $ 459 $ - $ 41 $ 747 Thirty-Nine Week Period Ended October 1, 2016 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 55,019 $ 43,465 $ 33,766 $ - $ 132,250 Cost of services 40,859 32,012 24,455 - 97,326 Gross profit 14,160 11,453 9,311 - 34,924 Selling, general and administrative 11,355 10,202 8,419 - 29,976 Depreciation and amortization 840 188 149 - 1,177 Operating income $ 1,965 $ 1,063 $ 743 $ - $ 3,771 Total assets as of October 1, 2016 $ 34,019 $ 15,770 $ 12,336 $ 3,767 $ 65,892 Capital expenditures $ 516 $ 128 $ 58 $ 30 $ 732 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Thirteen Week Periods Ended Thirty-Nine Week Periods Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Revenues U. S. $ 34,207 $ 32,851 $ 110,083 $ 110,158 Canada 8,703 5,545 22,420 18,149 Puerto Rico 917 1,299 3,177 3,943 $ 43,827 $ 39,695 $ 135,680 $ 132,250 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | September 30, 2017 December 31, 2016 Total assets U. S. $ 45,895 $ 53,842 Canada 16,227 13,953 Puerto Rico 1,926 2,036 $ 64,048 $ 69,831 |
Note 4 - Accounts Receivable,32
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details Textual) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Liabilities, Net | $ 1.3 | $ 2.5 |
Transit Accounts Payable [Member] | ||
Accounts Payable, Current | 3 | 6.8 |
Transit Accounts Receivable [Member] | ||
Accounts Receivable, Gross, Current | $ 1.7 | $ 4.3 |
Note 4 - Accounts Receivable,33
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable - Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Allowance for sales discounts and doubtful accounts | $ (1,061) | $ (1,402) |
Accounts receivable, net | 41,942 | 45,170 |
Billed Revenues [Member] | ||
Accounts Receivable, Gross, Current | 29,322 | 34,463 |
Unbilled Revenues [Member] | ||
Accounts Receivable, Gross, Current | 8,911 | 6,894 |
Work In Progress [Member] | ||
Accounts Receivable, Gross, Current | $ 4,770 | $ 5,215 |
Note 5 - Property and Equipme34
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Annual Depreciation Rate | 20.00% | |
Write Off of Fully Depreciated Property and Equipment | $ 367 | $ 2,677 |
Depreciation | $ 1,179 | $ 1,114 |
Note 5 - Property and Equipme35
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property and equipment | $ 7,750 | $ 7,370 |
Less: accumulated depreciation and amortization | 4,131 | 3,318 |
Property and equipment, net | 3,619 | 4,052 |
Equipment and Furniture [Member] | ||
Property and equipment | 912 | 1,045 |
Computers and Systems [Member] | ||
Property and equipment | 5,981 | 5,521 |
Leasehold Improvements [Member] | ||
Property and equipment | $ 857 | $ 804 |
Note 6 - Acquisitions (Details
Note 6 - Acquisitions (Details Textual) $ in Thousands | Apr. 16, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Oct. 01, 2016USD ($) |
Business Combinations, Acquisitions with Contingent Consideration Outstanding | 5 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 2,900 | ||||
Goodwill | $ 12,325 | 12,458 | |||
Allied Health Professionals, LLC [Member] | |||||
Payments to Acquire Businesses, Gross | $ 275 | ||||
Goodwill | 695 | ||||
Business Combination, Consideration Transferred | 695 | ||||
Allied Health Professionals, LLC [Member] | Contingent Consideration Tied To Certain Gross Profit Targets Earned [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 140 | ||||
Allied Health Professionals, LLC [Member] | Unsecured Notes Payable [Member] | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 280 | ||||
RAF Services, Inc [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 10 | ||||
Goodwill | 133 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 123 | ||||
Business Combination, Consideration Transferred | $ 133 | ||||
Contingent Consideration [Member] | |||||
Payments to Acquire Businesses, Gross | $ 800 | $ 800 |
Note 6 - Acquisitions - Maximum
Note 6 - Acquisitions - Maximum Deferred Consideration Payments (Details) $ in Thousands | Sep. 30, 2017USD ($) |
December 30, 2017 (after September 30, 2017) | $ 992 |
December 30, 2018 | 240 |
Estimated future contingent consideration payments | $ 1,232 |
Note 7 - Goodwill (Details Text
Note 7 - Goodwill (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | $ 0 |
Note 7 - Goodwill - Changes in
Note 7 - Goodwill - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Balance | $ 12,325 |
Goodwill recorded, RAF | 133 |
Balance | 12,458 |
Engineering [Member] | |
Balance | 4,411 |
Goodwill recorded, RAF | 133 |
Balance | 4,544 |
Specialty Health Care [Member] | |
Balance | 2,398 |
Goodwill recorded, RAF | |
Balance | 2,398 |
Information Technology [Member] | |
Balance | 5,516 |
Goodwill recorded, RAF | |
Balance | $ 5,516 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | $ 0 | $ 0 |
Note 8 - Intangible Assets - Co
Note 8 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Beginning balance | $ 171 | $ 252 |
Amortization of intangibles during the thirty-nine week period presented | (50) | (63) |
Ending balance | $ 121 | $ 189 |
Note 9 - Line of Credit (Detail
Note 9 - Line of Credit (Details Textual) - USD ($) $ in Thousands | Mar. 08, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Long-term Line of Credit, Noncurrent | $ 9,451 | $ 14,311 | |
Letters of Credit Outstanding, Amount | 800 | 800 | |
Line of Credit Facility, Remaining Borrowing Capacity | 24,700 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | ||
Line of Credit, Loan Covenants, Waiver Granted, Amount of Legal Settlement and Office Closure Expenses Excluded | $ 1,300 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.60% | ||
Long-term Line of Credit, Noncurrent | $ 9,500 | $ 14,300 | |
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 |
Note 10 - Per Share Data (Detai
Note 10 - Per Share Data (Details Textual) - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,000 | 42,500 |
Note 10 - Per Share Data - Weig
Note 10 - Per Share Data - Weighted Average Number of Common Shares (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Basic weighted average shares outstanding (in shares) | 12,009,181 | 12,295,493 | 11,972,600 | 12,380,617 |
Dilutive effect of outstanding stock options and restricted stock awards (in shares) | 141,914 | 136,150 | 116,610 | 102,817 |
Weighted average dilutive shares outstanding (in shares) | 12,151,095 | 12,431,643 | 12,089,210 | 12,483,434 |
Note 10 - Per Share Data - Unis
Note 10 - Per Share Data - Unissued Shares of Common Stock Were Reserved for the Following Purposes (Details) - shares | Sep. 30, 2017 | Dec. 31, 2016 |
Future grants of options or shares (in shares) | 379,266 | 619,266 |
Shares reserved for employee stock purchase plan (in shares) | 177,280 | 268,211 |
Total (in shares) | 1,186,280 | 1,327,211 |
Time-based Restricted Stock Units [Member] | ||
Restricted stock units outstanding (in shares) | 212,734 | 197,734 |
Performance-based Restricted Stock Units [Member] | ||
Restricted stock units outstanding (in shares) | 400,000 | 200,000 |
The 2007 Plan [Member] | ||
Exercise of options outstanding (in shares) | 17,000 | 42,000 |
Note 11 - Share-based Compens46
Note 11 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 31, 2014 | Jun. 30, 2007 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Allocated Share-based Compensation Expense | $ 591,000 | $ 614,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 300,000 | $ 300,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,186,280 | 1,186,280 | 1,327,211 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |||||
Share Price | $ 5.72 | $ 5.72 | |||||
Common Stock [Member] | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 47,183 | 90,931 | |||||
The 2007 Plan [Member] | |||||||
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 | 17,000 | 17,000 | 42,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||||
The 2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,125,000 | 625,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 379,266 | 379,266 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 500,000 | ||||||
Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 177,280 | 177,280 | |||||
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% | 10.00% | |||||
Additional Shares of Common Stock Reserved for Future Issuance | 300,000 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,100,000 | 1,100,000 | |||||
Performance-based Restricted Stock Units [Member] | |||||||
Allocated Share-based Compensation Expense | $ 0 | ||||||
Performance-based Restricted Stock Units [Member] | The 2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 400,000 | 400,000 | 200,000 | ||||
Restricted Stock Units (RSUs) [Member] | The 2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 612,734 | 612,734 | |||||
Employee Stock Option [Member] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0 | $ 0 | |||||
Time-based Restricted Stock Units [Member] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 300,000 | 300,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 1,200,000 | $ 1,200,000 | |||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note 11 - Share-based Compens47
Note 11 - Share-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Options granted (in shares) | 0 | 0 |
The 2007 Plan [Member] | ||
Options outstanding (in shares) | 42,000 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 8.27 | |
Options granted (in shares) | 0 | |
Options granted, weighted average exercise price (in dollars per share) | ||
Options exercised (in shares) | 0 | |
Options exercised, weighted average exercise price (in dollars per share) | ||
Options forfeited/cancelled (in shares) | (25,000) | |
Options forfeited/cancelled, weighted average exercise price (in dollars per share) | ||
Options outstanding (in shares) | 17,000 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 6 | |
Options outstanding lower limit exercise price (in dollars per share) | 5.27 | |
Options outstanding upper limit exercise price (in dollars per share) | $ 6.10 | |
Options exercisable (in shares) | 17,000 | |
Options exercisable as of September 30, 2017 (in dollars per share) | $ 6 | |
Intrinsic value of outstanding stock options as of September 30, 2017 | $ 1 |
Note 11 - Share-based Compens48
Note 11 - Share-based Compensation - Restricted Stock Units Activity (Details) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Time-based Restricted Stock Units [Member] | The 2007 and 2014 Plan [Member] | |
Outstanding non-vested (in shares) | shares | 197,734 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.33 |
Granted (in shares) | shares | 40,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.05 |
Vested (in shares) | shares | (25,000) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.41 |
Forfeited or expired (in shares) | shares | 0 |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding non-vested (in shares) | shares | 212,734 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.12 |
Performance-based Restricted Stock Units [Member] | The 2014 Plan [Member] | |
Outstanding non-vested (in shares) | shares | 200,000 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.36 |
Granted (in shares) | shares | 200,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.85 |
Vested (in shares) | shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeited or expired (in shares) | shares | 0 |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding non-vested (in shares) | shares | 400,000 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.11 |
Note 12 - Treasury Stock Tran49
Note 12 - Treasury Stock Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |||
Sep. 30, 2017 | Oct. 01, 2016 | Aug. 09, 2016 | Oct. 28, 2013 | |
Stock Repurchase Program 2013 [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 5 | |||
Stock Repurchase Program, 2016 [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 5 | |||
Treasury Stock, Shares, Acquired | 59,312 | 357,250 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 6.16 | $ 5.54 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2.5 |
Note 14 - Segment Information -
Note 14 - Segment Information - Results of the Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 | |
Revenues | $ 43,827 | $ 39,695 | $ 135,680 | $ 132,250 | |
Cost of services | 32,109 | 29,551 | 100,097 | 97,326 | |
Gross profit | 11,718 | 10,144 | 35,583 | 34,924 | |
Selling, general and administrative | 9,700 | 9,334 | 30,092 | 29,976 | |
Depreciation and amortization | 422 | 388 | 1,229 | 1,177 | |
Operating income (loss) | 1,596 | 422 | 3,481 | 3,771 | |
Total assets | 64,048 | 65,892 | 64,048 | 65,892 | $ 69,831 |
Capital expenditures | 195 | 75 | 747 | 732 | |
Change in contingent consideration | 781 | ||||
Engineering [Member] | |||||
Revenues | 21,708 | 17,591 | 61,517 | 55,019 | |
Cost of services | 15,533 | 13,292 | 44,598 | 40,859 | |
Gross profit | 6,175 | 4,299 | 16,919 | 14,160 | |
Selling, general and administrative | 3,968 | 3,606 | 12,184 | 11,355 | |
Depreciation and amortization | 297 | 281 | 863 | 840 | |
Operating income (loss) | 1,910 | 412 | 3,872 | 1,965 | |
Total assets | 33,721 | 34,019 | 33,721 | 34,019 | |
Capital expenditures | 138 | 61 | 247 | 516 | |
Change in contingent consideration | |||||
Specialty Health Care [Member] | |||||
Revenues | 14,335 | 12,035 | 49,212 | 43,465 | |
Cost of services | 10,805 | 8,924 | 37,069 | 32,012 | |
Gross profit | 3,530 | 3,111 | 12,143 | 11,453 | |
Selling, general and administrative | 3,750 | 3,151 | 11,429 | 10,202 | |
Depreciation and amortization | 86 | 59 | 246 | 188 | |
Operating income (loss) | (306) | (99) | 468 | 1,063 | |
Total assets | 16,178 | 15,770 | 16,178 | 15,770 | |
Capital expenditures | 44 | 459 | 128 | ||
Change in contingent consideration | |||||
Information Technology [Member] | |||||
Revenues | 7,784 | 10,069 | 24,951 | 33,766 | |
Cost of services | 5,771 | 7,335 | 18,430 | 24,455 | |
Gross profit | 2,013 | 2,734 | 6,521 | 9,311 | |
Selling, general and administrative | 1,982 | 2,577 | 6,479 | 8,419 | |
Depreciation and amortization | 39 | 48 | 120 | 149 | |
Operating income (loss) | (8) | 109 | (78) | 743 | |
Total assets | 10,212 | 12,336 | 10,212 | 12,336 | |
Capital expenditures | 10 | 58 | |||
Change in contingent consideration | |||||
Corporate Segment [Member] | |||||
Revenues | |||||
Cost of services | |||||
Gross profit | |||||
Selling, general and administrative | |||||
Depreciation and amortization | |||||
Operating income (loss) | (781) | ||||
Total assets | 3,937 | 3,767 | 3,937 | 3,767 | |
Capital expenditures | $ 13 | $ 4 | 41 | $ 30 | |
Change in contingent consideration | $ 781 |
Note 14 - Segment Information51
Note 14 - Segment Information - Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Revenue | $ 43,827 | $ 39,695 | $ 135,680 | $ 132,250 |
UNITED STATES | ||||
Revenue | 34,207 | 32,851 | 110,083 | 110,158 |
CANADA | ||||
Revenue | 8,703 | 5,545 | 22,420 | 18,149 |
PUERTO RICO | ||||
Revenue | $ 917 | $ 1,299 | $ 3,177 | $ 3,943 |
Note 14 - Segment Information52
Note 14 - Segment Information - Total Assets by Geographic Area (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Oct. 01, 2016 |
Total assets | $ 64,048 | $ 69,831 | $ 65,892 |
UNITED STATES | |||
Total assets | 45,895 | 53,842 | |
CANADA | |||
Total assets | 16,227 | 13,953 | |
PUERTO RICO | |||
Total assets | $ 1,926 | $ 2,036 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 34.70% | 41.20% | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 781 | |||
Effective Income Tax Rate Reconciliation, Including Discrete Permanent Differences, Percent | 43.40% | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent | 42.50% | 41.90% | ||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent | 26.50% | 26.50% |
Note 16 - Contingencies (Detail
Note 16 - Contingencies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Loss Contingency, Damages Sought, Value | $ 600 | $ 1,500 |
Estimated Litigation Liability | $ 0 | $ 500 |