Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 27, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CPI AEROSTRUCTURES INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 8,500,555 | ||
Entity Public Float | $98,094,700 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 889348 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets: | ||
Cash | $1,504,907 | $2,166,103 |
Accounts receivable, net | 6,466,814 | 4,392,254 |
Costs and estimated earnings in excess of billings on uncompleted Contracts | 79,054,139 | 112,597,136 |
Deferred income taxes | 1,708,000 | 417,000 |
Refundable income taxes | 8,138,322 | |
Prepaid expenses and other current assets | 828,275 | 609,268 |
Total current assets | 97,700,457 | 120,181,761 |
Property and equipment, net | 2,755,186 | 2,849,753 |
Deferred income taxes | 3,591,000 | 1,133,000 |
Other assets | 108,080 | 108,080 |
Total Assets | 104,154,723 | 124,272,594 |
Current Liabilities: | ||
Accounts payable | 8,928,456 | 7,614,755 |
Accrued expenses | 1,061,747 | 654,868 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 193,650 | 276,170 |
Current portion of long-term debt | 971,713 | 1,020,349 |
Contract loss | 396,182 | |
Line of credit | 25,150,000 | 21,350,000 |
Deferred income taxes | 128,000 | 89,000 |
Income taxes payable | 6,067 | 736,536 |
Total current liabilities | 36,835,815 | 31,741,678 |
Long-term debt, net of current portion | 1,289,843 | 2,198,187 |
Deferred income taxes | 622,000 | 788,000 |
Other liabilities | 593,909 | 593,210 |
Total Liabilities | 39,341,567 | 35,321,075 |
Shareholders’ Equity: | ||
Common stock - $.001 par value; authorized 50,000,000 shares, 8,500,555 and 8,410,493 shares, respectively, issued and outstanding | 8,501 | 8,410 |
Additional paid-in capital | 51,440,770 | 50,381,348 |
Retained earnings | 13,373,601 | 38,582,876 |
Accumulated other comprehensive loss | -9,716 | -21,115 |
Total Shareholders’ Equity | 64,813,156 | 88,951,519 |
Total Liabilities and Shareholders’ Equity | $104,154,723 | $124,272,594 |
Balance_Sheets_Parentheticals
Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 8,500,555 | 8,500,555 |
Common stock, shares outstanding | 8,410,493 | 8,410,493 |
Statements_of_Income_and_Compr
Statements of Income and Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue | $39,687,010 | $82,988,522 | $89,272,582 |
Cost of sales | 69,411,709 | 64,555,275 | 65,039,969 |
Gross profit (loss) | -29,724,699 | 18,433,247 | 24,232,613 |
Selling, general and administrative expenses | 7,308,220 | 6,704,524 | 7,322,630 |
Income (loss) from operations | -37,032,919 | 11,728,723 | 16,909,983 |
Other income (expense): | |||
Interest/other income | 145,072 | 78,957 | 31,520 |
Interest expense | -794,428 | -653,786 | -416,373 |
Total other expense, net | -649,356 | -574,829 | -384,853 |
Income (loss) before provision for (benefit from) income taxes | -37,682,275 | 11,153,894 | 16,525,130 |
Provision for (benefit from) income taxes | -12,473,000 | 3,417,000 | 5,514,000 |
Net income (loss) | -25,209,275 | 7,736,894 | 11,011,130 |
Other comprehensive income (loss), net of tax | |||
Change in unrealized gain (loss)-interest rate swap | 11,399 | 19,712 | -19,055 |
Comprehensive income (loss) | ($25,197,876) | $7,756,606 | $10,992,075 |
Income (loss) per common share-basic (in Dollars per share) | ($2.98) | $0.92 | $1.43 |
Income (loss) per common share-diluted (in Dollars per share) | ($2.98) | $0.91 | $1.40 |
Shares used in computing income (loss) per common share: | |||
Basic (in Shares) | 8,465,937 | 8,389,048 | 7,721,304 |
Diluted (in Shares) | 8,465,937 | 8,470,578 | 7,865,090 |
Statements_of_Shareholders_Equ
Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2011 | $7,080 | $35,346,273 | $19,834,852 | ($1,140,226) | ($21,772) | $54,026,207 |
Balance (in Shares) at Dec. 31, 2011 | 7,079,638 | |||||
Net Income | 11,011,130 | 11,011,130 | ||||
Change in unrealized loss from interest rate swap | -19,055 | -19,055 | ||||
Common stock issued in share offering | 1,195 | 13,322,499 | 13,323,694 | |||
Common stock issued in share offering (in Shares) | 1,195,750 | |||||
Common stock issued upon exercise of stock options | 210 | 1,290,305 | 1,290,515 | |||
Common stock issued upon exercise of stock options (in Shares) | 210,143 | 240,000 | ||||
Common stock issued as employee compensation | 19 | 266,032 | 266,051 | |||
Common stock issued as employee compensation (in Shares) | 19,165 | |||||
Stock compensation expense | 382,657 | 382,657 | ||||
Tax provision (benefit) for stock option exercise | 313,000 | 313,000 | ||||
Treasury stock retired | -133 | -1,140,093 | 1,140,226 | |||
Treasury stock retired (in Shares) | -133,257 | |||||
Balance at Dec. 31, 2012 | 8,371 | 49,780,673 | 30,845,982 | -40,827 | 80,594,199 | |
Balance (in Shares) at Dec. 31, 2012 | 8,371,439 | |||||
Net Income | 7,736,894 | 7,736,894 | ||||
Change in unrealized loss from interest rate swap | 19,712 | 19,712 | ||||
Common stock issued upon exercise of stock options | 18 | -18 | ||||
Common stock issued upon exercise of stock options (in Shares) | 18,399 | 45,000 | ||||
Common stock issued as employee compensation | 21 | 193,884 | 193,905 | |||
Common stock issued as employee compensation (in Shares) | 20,655 | |||||
Stock compensation expense | 379,809 | 379,809 | ||||
Tax provision (benefit) for stock option exercise | 27,000 | 27,000 | ||||
Balance at Dec. 31, 2013 | 8,410 | 50,381,348 | 38,582,876 | -21,115 | 88,951,519 | |
Balance (in Shares) at Dec. 31, 2013 | 8,410,493 | 8,500,555 | ||||
Net Income | -25,209,275 | -25,209,275 | ||||
Change in unrealized loss from interest rate swap | 11,399 | 11,399 | ||||
Common stock issued upon exercise of stock options | 86 | 447,665 | 447,751 | |||
Common stock issued upon exercise of stock options (in Shares) | 85,312 | 155,000 | ||||
Common stock issued as employee compensation | 5 | 57,992 | 57,997 | |||
Common stock issued as employee compensation (in Shares) | 4,750 | |||||
Stock compensation expense | 467,765 | 467,765 | ||||
Tax provision (benefit) for stock option exercise | 86,000 | 86,000 | ||||
Balance at Dec. 31, 2014 | $8,501 | $51,440,770 | $13,373,601 | ($9,716) | $64,813,156 | |
Balance (in Shares) at Dec. 31, 2014 | 8,500,555 | 8,500,555 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||
Net income (loss) | ($25,209,275) | $7,736,894 | $11,011,130 |
Depreciation and amortization | 763,736 | 704,435 | 623,795 |
Deferred rent | 17,098 | 54,621 | 90,419 |
Stock-based compensation expense | 467,765 | 379,809 | 382,657 |
Common stock issued as employee compensation | 57,993 | 41,830 | 37,761 |
Loss on disposal of fixed asset | 1,042 | ||
Deferred portion of provision for income taxes | -3,790,000 | -107,000 | 11,000 |
Tax benefit for stock options | -86,000 | -27,000 | -313,000 |
Bad debts | -50,000 | ||
(Increase) decrease in accounts receivable | -2,074,560 | 2,382,092 | -3,951,680 |
(Increase) decrease in other assets | 1,512,904 | ||
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts | 33,542,997 | -3,612,292 | -29,783,016 |
Decrease (increase) in prepaid expenses and other current assets | -219,007 | -183,205 | 240,263 |
Increase (decrease) in refundable income taxes | -8,138,322 | ||
Increase in accounts payable and accrued expenses | 1,715,580 | -5,817,028 | 1,465,562 |
Increase in accrued losses on uncompleted contracts | 396,182 | ||
(Decrease) increase in income taxes payable | -730,469 | 582,536 | -2,383,000 |
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts | -82,520 | -380,683 | 540,387 |
Net cash provided by (used in) operating activities | -3,367,760 | 3,267,913 | -22,077,722 |
Cash flows from investing activities: | |||
Purchase of property and equipment | -602,924 | -637,370 | -825,110 |
Net cash used in investing activities | -602,924 | -637,370 | -825,110 |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 447,751 | 1,290,515 | |
Proceeds from sale of common stock | 13,323,694 | ||
Payment of line of credit | -4,700,000 | -13,100,000 | -4,000,000 |
Proceeds from line of credit | 8,500,000 | 11,000,000 | 11,350,000 |
Payment of long-term debt | -1,024,263 | -1,101,243 | -2,042,774 |
Proceeds from long-term debt | 4,500,000 | ||
Tax benefit for stock options | 86,000 | 27,000 | 313,000 |
Net cash provided by (used in) financing activities | 3,309,488 | -3,174,243 | 24,734,435 |
Net increase (decrease) in cash | -661,196 | -543,700 | 1,831,603 |
Cash at beginning of year | 2,166,103 | 2,709,803 | 878,200 |
Cash at end of year | 1,504,907 | 2,166,103 | 2,709,803 |
Supplemental schedule of noncash investing and financing activities: | |||
Equipment acquired under capital lease | 67,283 | 9,342 | 76,592 |
Accrued expenses settled in exchange for common stock | 152,076 | 228,290 | |
Stock options proceeds paid with Company’s stock | 303,064 | 355,655 | |
Supplemental schedule of cash flow information: | |||
Cash paid during the year for interest | 915,695 | 985,189 | 783,373 |
Cash paid for income taxes | $855,000 | $3,000,000 | $7,886,409 |
Note_1_Principal_Business_Acti
Note 1 - Principal Business Activity and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Significant Accounting Policies [Text Block] | 1. Principal business activity And summary of significant Accounting policies: | ||||||||||||||||
CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) is a U.S. supplier of aircraft parts for fixed wing aircraft and helicopters in both the commercial and defense markets. We manufacture complex aerostructure assemblies, as well as aerosystems. Additionally, we supply parts for MRO and kitting contracts. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates by management. Actual results could differ from these estimates. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
The Company’s revenue is recognized based on the percentage of completion method of accounting for its contracts measured by the percentage of total costs incurred to date to estimated total costs at completion for each contract. Contract costs include all direct material, labor costs, tooling and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. Selling, general and administrative costs are charged to expense as incurred. Estimated losses on uncompleted contracts are recognized in the period in which such losses are determined. Changes in job performance may result in revisions to costs and income and are recognized in the period in which revisions are determined to be required. The percentage of completion method of accounting involves considerable use of estimates in determining revenues, costs and profits and in assigning the amounts to accounting periods and, as a result, there can be a significant disparity between earnings (both for accounting and taxes) as reported and actual cash received by the Company during any reporting period. In accordance with industry practice, costs and estimated earnings in excess of billings on uncompleted contracts, included in the accompanying balance sheets, contain amounts relating to contracts and programs with long production cycles, a portion of which will not be realized within one year. The Company’s recorded revenue may be adjusted in later periods in the event that the Company’s cost estimates prove to be inaccurate or a contract is terminated. | |||||||||||||||||
When adjustments are required for the estimated total revenue on a contract, these changes are recognized with an inception-to-date effect in the current period. Also, when estimates of total costs to be incurred exceed estimates of total revenue to be earned, a provision for the entire loss on the contract is recorded in the period in which the loss is determined. During the year ended December 31, 2014, the Company adjusted the estimated total revenue and recorded a loss on its Wing Replacement Program (“WRP”) for the U.S. Air Force’s A-10 Thunderbolt aircraft (“A-10”). | |||||||||||||||||
The long term future of the A-10 has been uncertain since March 2014 when the U.S. Department of Defense released its 2015 Budget Request that called for the retirement of the entire A-10 fleet. More recent events have led the Company to conclude that our A-10 WRP will likely not continue to the full 242 aircraft as anticipated at the start of the program. The 2015 Department of Defense Appropriations Act passed by the United States House of Representatives on June 20, 2014 provides no funding for A-10 operations in U. S. Government fiscal year 2015 that commenced October 1, 2014. Further, this bill rescinds funding from the 2014 U. S. Department of Defense Budget that was to have been used for the procurement of additional wings for the A-10. The Company has no information to support a different conclusion. | |||||||||||||||||
Because of the probable termination of the Company’s A-10 WRP, the Company has reduced its revenue estimates with respect to this program by approximately 41%. This change in estimate results in an approximate cumulative $44.7 million decrease in revenue from the inception of the program in 2008 through June 30, 2014, all of which was recorded in the quarter ended June 30, 2014. Also, the uncertainty of the future of the A-10 aircraft has impacted the Company’s ability to achieve normal program cost reductions at suppliers. Accordingly, in addition to the $44.7 million adjustment to revenue, we have recorded a $2.6 million adjustment to cost of sales on the A-10 WRP. | |||||||||||||||||
Government Contracts | |||||||||||||||||
The Company’s government contracts are subject to the procurement rules and regulations of the U.S. government. Many of the contract terms are dictated by these rules and regulations. Specifically, cost-based pricing is determined under the Federal Acquisition Regulation (“FAR”), which provide guidance on the types of costs that are allowable in establishing prices for goods and services under U.S. government contracts. For example, costs such as those related to charitable contributions, advertising, interest expense, and public relations are unallowable, and therefore not recoverable through sales. During and after the fulfillment of a government contract, the Company may be audited in respect of the direct and allocated indirect costs attributable thereto. These audits may result in adjustments to the Company’s contract cost, and/or revenue. | |||||||||||||||||
When contractual terms allow, the Company invoices its customers on a progress basis. | |||||||||||||||||
Cash | |||||||||||||||||
The Company maintains its cash in two financial institutions. The balances are insured by the Federal Deposit Insurance Corporation. From time to time, the Company’s balances may exceed these limits. As of December 31, 2014 and 2013, the Company had approximately $1,110,000 and $2,112,000, respectively, of uninsured balances. The Company limits its credit risk by selecting financial institutions considered to be highly credit worthy. | |||||||||||||||||
Accounts Receivable | |||||||||||||||||
Accounts receivable are reported at their outstanding unpaid principal balances. The Company writes off accounts when they are deemed to be uncollectible. | |||||||||||||||||
Property and Equipment | |||||||||||||||||
Depreciation and amortization of property and equipment is provided by the straight-line method over the shorter of estimated useful lives of the respective assets or the life of the lease, for leasehold improvements. | |||||||||||||||||
Rent | |||||||||||||||||
We recognize rent expense on a straight-line basis over the expected lease term. Within the provisions of certain leases there are escalations in payments over the lease term. The effects of the escalations have been reflected in rent expense on a straight-line basis over the expected lease term. | |||||||||||||||||
Long-Lived Assets | |||||||||||||||||
The Company reviews its long-lived assets and certain related intangibles for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. As a result of its review, the Company does not believe that any such change has occurred. If such changes in circumstance are present, a loss is recognized to the extent the carrying value of the asset is in excess of the fair value of cash flows expected to result from the use of the asset and amounts expected to be realized upon its eventual disposition. | |||||||||||||||||
Short-Term Debt | |||||||||||||||||
The fair value of the Company’s short-term debt is estimated based on the current rates offered to the Company for debt of similar terms and maturities. Using this method, the fair value of the Company’s short-term debt was not significantly different than the stated value at December 31, 2014 and 2013. | |||||||||||||||||
Derivatives | |||||||||||||||||
Our use of derivative instruments has primarily been to hedge interest rates. These derivative contracts are entered into with financial institutions. We do not use derivative instruments for trading purposes and we have procedures in place to monitor and control their use. | |||||||||||||||||
We record these derivative financial instruments on the balance sheet at fair value. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. | |||||||||||||||||
Any ineffective portion of the gain or loss on the derivative instrument for a cash flow hedge is recorded in the results of operations immediately. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the results of operations immediately. See below for a discussion of our use of derivative instruments, management of credit risk inherent in derivative instruments and fair value information. | |||||||||||||||||
In October 2008, the Company entered into an interest rate swap with the objective of reducing our exposure to cash flow volatility arising from interest rate fluctuations associated with certain debt. The notional amount, maturity date, and currency of these contracts match those of the underlying debt. The Company has designated this interest rate swap contract as a cash flow hedge. The Company measures ineffectiveness by comparing the cumulative change in the forward contact with the cumulative change in the hedged item. No material ineffectiveness was recognized in 2014 and 2013. As of December 31, 2014 and 2013, we had a net deferred loss associated with cash flow hedges of approximately $14,700 and $32,000, respectively, due to the interest rate swap which has been included in Other Liabilities. | |||||||||||||||||
As a result of the use of derivative instruments, the Company is exposed to risk that the counterparties may fail to meet their contractual obligations. Recent adverse developments in the global financial and credit markets could negatively impact the creditworthiness of our counterparties and cause one or more of our counterparties to fail to perform as expected. To mitigate the counterparty credit risk, we only enter into contracts with carefully selected major financial institutions based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties. To date, all counterparties have performed in accordance with their contractual obligations. | |||||||||||||||||
Fair Value | |||||||||||||||||
At December 31, 2014 and 2013, the fair values of cash, accounts receivable, accounts payable and accrued expenses approximated their carrying values because of the short-term nature of these instruments. | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Debt | |||||||||||||||||
Short-term borrowings and long-term debt | $ | 27,411,556 | $ | 27,411,556 | $ | 24,568,536 | $ | 24,568,536 | |||||||||
We estimated the fair value of debt using market quotes and calculations based on market rates. | |||||||||||||||||
The following tables present the fair values of liabilities measured on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||||
Fair Value Measurements 2014 | |||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Interest Rate Swap | $ | 14,716 | -- | $ | 14,716 | -- | |||||||||||
Total | $ | 14,716 | -- | $ | 14,716 | -- | |||||||||||
Fair Value Measurements 2013 | |||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Interest Rate Swap | $ | 31,992 | -- | $ | 31,992 | -- | |||||||||||
Total | $ | 31,992 | -- | $ | 31,992 | -- | |||||||||||
The fair value of the Company’s interest rate swap was determined by comparing the fixed rate set at the inception of the transaction to the “replacement swap rate,” which represents the market rate for an offsetting interest rate swap with the same notional amounts and final maturity date. The market value is then determined by calculating the present value interest differential between the contractual swap and the replacement swap. | |||||||||||||||||
As of December 31, 2014 and 2013, $14,716 and $31,992, respectively, was included in Other Liabilities related to the fair value of the Company’s interest rate swap, and $9,716 and $21,115, respectively, net of tax of $5,000 and $10,877, respectively, was included in Accumulated Other Comprehensive Loss. | |||||||||||||||||
Earnings Per Share | |||||||||||||||||
Basic earnings per common share is computed using the weighted-average number of shares outstanding. Diluted earnings per common share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock. No incremental shares were used in the calculation of diluted loss per common share in 2014, as the effect of incremental shares would be anti-dilutive. Incremental shares of 381,919 were used in the calculation of diluted earnings per common share in 2013. Incremental shares of 116,292 were not included in the diluted earnings per share calculations at December 31, 2013, as their exercise price was in excess of the Company’s quoted market price and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation. Incremental shares of 415,517 were used in the calculation of diluted earnings per common share in 2012. Incremental shares of 124,217 were not included in the diluted earnings per share calculations at December 31, 2012, as their exercise price was in excess of the Company’s quoted market price and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation. | |||||||||||||||||
Income taxes | |||||||||||||||||
Income taxes are accounted for under the asset and liability method whereby deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences between the financial statements carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||||||||||||||
The Company has recorded a liability for unrecognized tax benefits resulting from tax positions taken, or expected to be taken, in an income tax return. It is the Company’s policy to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. Uncertain tax positions are evaluated and adjusted as appropriate, while taking into account the progress of audits of various taxing jurisdictions. | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for annual and interim periods in fiscal years beginning after December 15, 2016. Early application is not permitted. ASU 2014-09 is effective for our first quarter of fiscal year 2017 using either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Note_2_Costs_and_Estimated_Ear
Note 2 - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Contractors [Abstract] | |||||||||||||
Long-term Contracts or Programs Disclosure [Text Block] | 2. COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS ON UNCOMPLETED CONTRACTS | ||||||||||||
At December 31, 2014, costs and estimated earnings in excess of billings on uncompleted contracts (unbilled) consist of: | |||||||||||||
U.S. Government | Commercial | Total | |||||||||||
Costs incurred on uncompleted contracts | $ | 299,871,583 | $ | 90,272,545 | $ | 390,144,128 | |||||||
Estimated earnings | 56,708,610 | 39,773,983 | 96,482,593 | ||||||||||
356,580,193 | 130,046,528 | 486,626,721 | |||||||||||
Less billings to date | 313,441,471 | 94,324,761 | 407,766,232 | ||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 43,138,722 | $ | 35,721,767 | $ | 78,860,489 | |||||||
At December 31, 2013, costs and estimated earnings in excess of billings on uncompleted contracts (unbilled) consist of: | |||||||||||||
U.S. Government | Commercial | Total | |||||||||||
Costs incurred on uncompleted contracts | $ | 259,050,407 | $ | 62,502,116 | $ | 321,552,523 | |||||||
Estimated earnings | 95,590,879 | 30,694,605 | 126,285,484 | ||||||||||
354,641,286 | 93,196,721 | 447,838,007 | |||||||||||
Less billings to date | 272,783,120 | 62,733,921 | 335,517,041 | ||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 81,858,166 | $ | 30,462,800 | $ | 112,320,966 | |||||||
The above amounts are included in the accompanying balance sheets under the following captions at December 31, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 79,054,139 | $ | 112,597,136 | |||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (193,650 | ) | (276,170 | ) | |||||||||
Totals | $ | 78,860,489 | $ | 112,320,966 | |||||||||
Unbilled costs and estimated earnings are billed in accordance with applicable contract terms. As of December 31, 2014, approximately $3 million of the balances above are not expected to be collected within one year. There are no amounts billed under retainage provisions. | |||||||||||||
Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which the circumstances requiring the revisions occur. During the years ended December 31, 2014, 2013 and 2012, the effect of such revisions in total estimated contract profits resulted in a decrease to the total gross profit to be earned on the contracts of approximately $42,568,000, $3,700,000 and $1,300,000, respectively, from that which would have been reported had the revised estimate been used as the basis of recognition of contract profits in prior years. | |||||||||||||
Although management believes it has established adequate procedures for estimating costs to complete on uncompleted open contracts, it is at least reasonably possible that additional significant costs could occur on contracts prior to completion. |
Note_3_Accounts_Receivable
Note 3 - Accounts Receivable | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. ACCOUNTS RECEIVABLE | ||||||||
Accounts receivable consists of trade receivables as follows: | |||||||||
December 31, | 2014 | 2013 | |||||||
Billed receivables | $ | 6,491,814 | $ | 4,417,254 | |||||
Less: allowance for doubtful accounts | (25,000 | ) | (25,000 | ) | |||||
$ | 6,466,814 | $ | 4,392,254 | ||||||
Note_4_Property_and_Equipment
Note 4 - Property and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 4 | PROPERTY AND EQUIPMENT: | |||||||||||
Estimated | |||||||||||||
December 31, | 2014 | 2013 | Useful Life (years) | ||||||||||
Machinery and equipment | $ | 1,646,787 | $ | 1,263,962 | 5 to 10 | ||||||||
Computer equipment | 3,163,227 | 2,901,373 | 5 | ||||||||||
Furniture and fixtures | 610,323 | 600,185 | 7 | ||||||||||
Automobiles and trucks | 13,162 | 13,162 | 5 | ||||||||||
Leasehold improvements | 1,532,355 | 1,518,779 | 10 | ||||||||||
6,965,854 | 6,297,461 | ||||||||||||
Less accumulated depreciation and amortization | 4,210,668 | 3,447,708 | |||||||||||
$ | 2,755,186 | $ | 2,849,753 | ||||||||||
Depreciation and amortization expense for the years ended December 31, 2014, 2013 and 2012 was $763,736, $704,435 and $623,795, respectively. | |||||||||||||
During the years ended December 31, 2014 and 2013, the Company acquired $67,283 and $9,342, respectively, of property and equipment under notes payable and capital leases. |
Note_5_Line_of_Credit
Note 5 - Line of Credit | 12 Months Ended |
Dec. 31, 2014 | |
Line Of Credit [Abstract] | |
Line Of Credit [Text Block] | 5. LINE OF CREDIT: |
Until December 2012, the Company was party to a Credit Agreement, dated August 13, 2007, as amended, between the Company and Sovereign Bank (the “Prior Agreement”), which provided for a revolving credit facility and two term loans. Immediately prior to entering into the Restated Agreement (identified below), a revolving credit facility in the aggregate of $18.0 million was available to the Company under the Prior Agreement. | |
On December 5, 2012, the Company entered into an Amended and Restated Credit Agreement with Sovereign Bank as the sole arranger, administrative agent and collateral agent and Valley National Bank. The Restated Agreement provides for a revolving credit loan commitment (the “Revolving Facility”) of $35 million, which replaces the Sovereign Revolving Facility, and a term loan of $3.9 million. The term of the Restated Agreement is through December 2016. The Restated Agreement increases the availability under, and amends and restates the Prior Agreement. One of the term loans under the Prior Agreement was refinanced as a revolving credit loan under the Restated Agreement. The other term loan and the revolving credit loans under the Prior Agreement continued as a term loan and revolving credit loan under the Restated Agreement. | |
As of December 31, 2014, the Company was in compliance with all covenants contained in the Restated Agreement. As of December 31, 2014, the Company had $25.2 million outstanding under the Revolving Facility bearing interest at 3.25%. |
Note_6_Longterm_Debt
Note 6 - Long-term Debt | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Disclosure Text Block [Abstract] | |||||
Long-term Debt [Text Block] | 6. LONG-TERM DEBT | ||||
On October 22, 2008, the Company obtained a $3 million term loan from Sovereign Bank to be amortized over five years (the “Sovereign Term Facility”). Prior to entering into the term loan the Company had borrowed $2.5 million under the Sovereign Revolving Facility to fund the initial tooling costs related to a long-term contract. The Company used the proceeds from the Sovereign Term Facility to repay the borrowings under the Sovereign Revolving Facility and to pay for additional tooling related to a long-term contract. This term loan was refinanced as part of the Revolving Facility under the Restated Agreement. | |||||
On March 9, 2012, the Company obtained a $4.5 million term loan from Sovereign Bank to be amortized over five years (the “Sovereign Term Facility 2”). Sovereign Term Facility 2 was used to purchase tooling and equipment for new programs. Sovereign Term Facility 2 bears interest at the lower of LIBOR plus 3% or Sovereign Bank’s prime rate. | |||||
Additionally, the Company and Sovereign Bank entered into a five-year interest rate swap agreement, in the notional amount of $4.5 million. Under the interest rate swap, the Company pays an amount to Sovereign Bank representing interest on the notional amount at a fixed rate of 4.11% and receives an amount from Sovereign Bank representing interest on the notional amount of a rate equal to the one-month LIBOR plus 3%. The effect of this interest rate swap will be the Company paying a fixed interest fixed rate of 4.11% over the term of the Sovereign Term Facility 2. | |||||
The maturities of the long-term debt are as follows: | |||||
Year ending December 31, | |||||
2015 | $ | 971,713 | |||
2016 | 951,927 | ||||
2017 | 315,097 | ||||
2018 | 16,350 | ||||
2019 | 6,469 | ||||
$ | 2,261,556 | ||||
Also included in long-term debt are capital leases and notes payable of $161,555 and $218,536 at December 31, 2014 and 2013, respectively, including a current portion of $71,713 and $120,349, respectively. | |||||
The cost of assets under capital leases was approximately $1,118,720 and $1,061,000 at December 31, 2014 and 2013, respectively. Accumulated depreciation of assets under capital leases was approximately $765,000 and $570,000 at December 31, 2014 and 2013, respectively. |
Note_7_Commitments
Note 7 - Commitments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Disclosure Text Block Supplement [Abstract] | |||||
Commitments Disclosure [Text Block] | 7. COMMITMENTS: | ||||
The Company has employment agreements with two employees. The aggregate future commitment under these agreements is as follows: | |||||
Year ending December 31, | |||||
2015 | $ | 588,000 | |||
2016 | 588,000 | ||||
$ | 1,176,000 | ||||
These agreements provide for additional bonus payments that are calculated as defined in the respective employment agreements. | |||||
The Company leases an office and warehouse facility under a non-cancelable operating lease which expires in December 2022. The aggregate future commitment under this agreement is as follows: | |||||
Year ending December 31, | |||||
2015 | $ | 1,562,685 | |||
2016 | 1,600,467 | ||||
2017 | 1,639,382 | ||||
2018 | 1,679,465 | ||||
2019 | 1,720,750 | ||||
Thereafter | 4,172,707 | ||||
$ | 12,375,456 | ||||
Rent expense for the years ended December 31, 2014, 2013 and 2012 was $1,608,702, $1,636,171 and $1,634,121, respectively. |
Note_8_Income_Taxes
Note 8 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | 8 INCOME TAXES | ||||||||||||
The provision for (benefit from) income taxes consists of the following: | |||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | (8,646,000 | ) | $ | 3,524,000 | $ | 5,503,000 | ||||||
Prior year over accrual | 44,000 | --- | --- | ||||||||||
State | 6,000 | --- | --- | ||||||||||
Deferred: | |||||||||||||
Federal | (3,877,000 | ) | (107,000 | ) | 11,000 | ||||||||
$ | (12,473,000 | ) | $ | 3,417,000 | $ | 5,514,000 | |||||||
The difference between the income tax provision computed at the federal statutory rate and the actual tax provision is accounted for as follows: | |||||||||||||
December 31, | 2014 | 2013 | 2012 | ||||||||||
Taxes computed at the federal statutory rate | $ | (12,812,000 | ) | $ | 3,792,000 | $ | 5,701,000 | ||||||
State income tax, net | 4,000 | -- | --- | ||||||||||
Prior year true-up | 44,000 | 190,000 | 47,000 | ||||||||||
Research and development tax credit | (140,000 | ) | --- | --- | |||||||||
Reduction in domestic production activity | 893,000 | --- | --- | ||||||||||
AMT credit carryforward | (584,000 | ) | --- | --- | |||||||||
Permanent differences | 122,000 | (565,000 | ) | (234,000 | ) | ||||||||
Provision for (benefit from) income taxes | $ | (12,473,000 | ) | $ | 3,417,000 | $ | 5,514,000 | ||||||
The components of deferred income tax assets and liabilities are as follows: | |||||||||||||
Deferred Tax Assets: | 2014 | 2013 | |||||||||||
Revenue recognition | $ | 560,000 | $ | 408,000 | |||||||||
Interest rate swap | 5,000 | --- | |||||||||||
Allowance for doubtful accounts | 9,000 | 9,000 | |||||||||||
Credit carryforwards | 1,134,000 | --- | |||||||||||
Deferred tax asset-current | 1,708,000 | 417,000 | |||||||||||
Deferred rent | 197,000 | 191,000 | |||||||||||
Stock options | 827,000 | 931,000 | |||||||||||
Interest rate swap | --- | 11,000 | |||||||||||
Net operating loss carryforward | 2,567,000 | --- | |||||||||||
Deferred Tax Assets-non current | 3,591,000 | 1,133,000 | |||||||||||
Deferred Tax Liabilities: | |||||||||||||
Prepaid expenses | 128,000 | 89,000 | |||||||||||
Deferred Tax Liabilities-current | 128,000 | 89,000 | |||||||||||
Property and equipment | 622,000 | 788,000 | |||||||||||
Deferred tax liability-noncurrent | 622,000 | 788,000 | |||||||||||
Net Deferred Tax Assets (Liabilities) | $ | 4,549,000 | $ | 673,000 | |||||||||
The Company recognized, for income tax purposes, a tax benefit of $513,000, $266,000 and $528,000 for the years ended December 31, 2014, 2013 and 2012, respectively, for compensation expense related to its stock option plan for which no corresponding charge to operations has been recorded. Such amounts have been added to additional paid-in capital in those years. | |||||||||||||
Because of the change in estimate on the Company’s A-10 program, described above, the Company incurred a net loss for the year ended December 31, 2014. This net loss, after adjustment for carrying back tax losses to recover previously paid taxes, results in a net operating loss carryforward at December 31, 2014 of approximately $7,600,000 which will expire in 2029. |
Note_9_Employee_Stock_Option_P
Note 9 - Employee Stock Option Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. EMPLOYEE STOCK OPTION PLANS: | ||||||||||||||||
The Company accounts for compensation expense associated with Stock Options based on the fair value of the options on the date of grant. | |||||||||||||||||
The Company used the modified transition method to establish the beginning balance of the additional paid-in capital pool related to the tax effects of employee share-based compensation, which is available to absorb tax deficiencies recognized subsequent to the adoption of the fair value method. | |||||||||||||||||
The Company’s net income (loss) for the years ended December 31, 2014, 2013 and 2012, include approximately $468,000, $380,000 and $383,000 of stock based compensation expense, respectively. The Company recorded reductions in income tax payable of approximately $513,000, $266,000 and $528,000 for the years ended December 31, 2014, 2013 and 2012, respectively, as a result of the tax benefit upon exercise of options. The compensation expense related to the Company’s stock-based compensation arrangements is recorded as a component of selling, general and administrative expenses. Cash flows resulting from tax deductions in excess of the cumulative compensation cost recognized from options exercised (excess tax benefits) is classified as cash inflows from financing activities and cash inflows from operating activities. | |||||||||||||||||
In 2000, the Company adopted the Performance Equity Plan 2000 (the “2000 Plan”). The 2000 Plan, as amended, reserved 1,230,000 common shares for issuance. The 2000 Plan provides for the issuance of either incentive stock options or nonqualified stock options to employees, consultants or others who provide services to the Company. The options’ exercise price is equal to the closing price of the Company’s shares on the day of issuance, except for incentive stock options granted to the Company’s president, which are exercisable at 110% of the closing price of the Company’s shares on the date of issuance. | |||||||||||||||||
In 2009, the Company adopted the Performance Equity Plan 2009 (the “2009 Plan”). The 2009 Plan reserved 500,000 common shares for issuance. The 2009 Plan provides for the issuance of either incentive stock options or nonqualified stock options to employees, consultants or others who provide services to the Company. The options’ exercise price is equal to the closing price of the Company’s shares on the day of issuance, except for incentive stock options granted to any person possessing more than 10% of the total combined voting power of all classes of Company stock, which are exercisable at 110% of the closing price of the Company’s shares on the date of issuance. | |||||||||||||||||
The Company has 175,416 options available for grant under the 2009 Plan. | |||||||||||||||||
The estimated fair value of each option award granted was determined on the date of grant using the Black-Scholes option valuation model. The following weighted average assumptions were used for option grants during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk-free interest rate | 1.45% | 0.72% | 0.90% | ||||||||||||||
Expected volatility | 102.00% | 106.00% | 101.80% | ||||||||||||||
Dividend yield | 0% | 0% | 0% | ||||||||||||||
Expected option term-in years | 5 | 5 | 5 | ||||||||||||||
The risk free interest rate for the years ended December 31, 2014, 2013 and 2012 is based on the 5 year U.S. Treasury note rate on the day of grant. The expected volatility computation for the years ended December 31, 2014, 2013 and 2012 is based on the average of the volatility over the most recent five year period, which represents the Company’s estimate of expected volatility over the expected option term. The Company has never paid a dividend, and is not expected to pay a dividend in the foreseeable future, therefore the dividend yield is assumed to be zero. The Company assumes zero forfeitures of options as the historical forfeiture rate is below 1%. | |||||||||||||||||
A summary of the status of the Company’s stock option plans is as follows: | |||||||||||||||||
Fixed Options | Options | Weighted | Weighted average remaining contractual term | Aggregate | |||||||||||||
average | (in years) | Intrinsic | |||||||||||||||
Exercise | Value | ||||||||||||||||
Price | |||||||||||||||||
Outstanding at January 1, 2012 | 695,000 | $ | 8.33 | 2.66 | |||||||||||||
Granted during period | 40,517 | 11.87 | |||||||||||||||
Exercised | (240,000 | ) | 6.85 | ||||||||||||||
Outstanding at December 31, 2012 | 495,517 | $ | 9.33 | 2.73 | |||||||||||||
Granted during period | 46,402 | 10.64 | |||||||||||||||
Exercised | (45,000 | ) | 6.7 | ||||||||||||||
Forfeited/Expired | (35,000 | ) | 8.2 | ||||||||||||||
Outstanding at December 31, 2013 | 461,919 | 9.8 | 2.28 | ||||||||||||||
Granted during period | 43,064 | 14.67 | |||||||||||||||
Exercised | (155,000 | ) | 8.52 | ||||||||||||||
Outstanding at December 31, 2014 | 349,983 | 10.97 | 2.2 | 387,146 | |||||||||||||
Vested at December 31, 2014 | 349,983 | 10.97 | 2.2 | 387,146 | |||||||||||||
The weighted-average fair value of each option granted during the years ended December 31, 2014, 2013 and 2012, estimated as of the grant date using the Black-Scholes option valuation model was $10.86, $8.17 and $8.91, respectively. | |||||||||||||||||
The Company’s stock options granted to non-employee directors vest immediately upon grant and have a maximum contractual term of five years. Stock options granted to employees vest over three years and have a maximum contractual term of ten years. The expected option term is calculated utilizing historical data of option exercises. | |||||||||||||||||
During the year ended December 31, 2014, 50,000 stock options were exercised for cash, resulting in proceeds to the Company of $447,751. During the same period, 105,000 options were exercised, pursuant to provisions of the stock option plan, where the Company received no cash and 69,687 shares of its common stock in exchange for the 105,000 shares issued in the exercise. The 69,687 shares that the Company received were valued at $873,390, the fair market value of the shares on the dates of exercise. | |||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company recognized a tax benefit of $86,000, $27,000 and $313,000, respectively, from the exercise of stock options. | |||||||||||||||||
The intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 was approximately $679,000, $266,000 and $1,337,000, respectively. | |||||||||||||||||
The fair value of all options vested during the years ended December 31, 2014, 2013 and 2012 was approximately $387,000, $2,472,000 and $859,000, respectively. |
Note_10_Employee_Benefit_Plan
Note 10 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 10. EMPLOYEE BENEFIT PLAN: |
On September 11, 1996, the Company’s board of directors instituted a defined contribution plan under Section 401(k) of the Internal Revenue Code (the “Code”). On October 1, 1998, the Company amended and standardized its plan as required by the Code. Pursuant to the amended plan, qualified employees may contribute a percentage of their pretax eligible compensation to the Plan and the Company will match a percentage of each employee’s contribution. Additionally, the Company has a profit-sharing plan covering all eligible employees. Contributions by the Company are at the discretion of management. The amount of contributions recorded by the Company in 2014, 2013 and 2012 amounted to $355,428, $326,416 and $301,196, respectively. |
Note_11_Major_Customers
Note 11 - Major Customers | 12 Months Ended |
Dec. 31, 2014 | |
Major Customers [Abstract] | |
Major Customers [Text Block] | 11. MAJOR CUSTOMERS: |
Two percent of revenue in 2014, 2% of revenue in 2013 and 7% of revenue in 2012 were directly to the U.S. government. One percent of accounts receivable at December 31, 2014 and 2013 were from the U. S. Government. | |
In addition, in 2014, 22%, 22%, 19% and 11% of our revenue were to our four largest commercial customers, respectively. In 2013, 26%, 21%, 19% and 12% of our revenue were to our four largest commercial customers, respectively. At December 31, 2014, 26%, 21% and 15% of accounts receivable were from our three largest commercial customers. At December 31, 2013, 28%, 24% and 20% of accounts receivable were from our three largest commercial customers. | |
At December 31, 2014 and 2013, less than one percent of Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts were from the U.S. government. | |
At December 31, 2014, 27%, 25%, 13%, and 8% of Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts were from our four largest commercial customers. At December 31, 2013, 40%, 17%, 16% and 10% of Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts were from our four largest commercial customers |
Note_12_Quarterly_Financial_Da
Note 12 - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | 12. QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
The results of any single quarter are not necessarily indicative of the Company’s results for the full year. Earnings per share data is computed independently for each of the periods presented. As a result, the sum of the earnings per share amounts for the quarter may not equal the total for the year. | |||||||||||||||||
Quarter ended | |||||||||||||||||
2014 | March 31, | June 30, | September 30, | December 31, | |||||||||||||
Revenue | $ | 21,883,517 | $ | (23,751,623 | ) | $ | 21,487,677 | $ | 20,067,439 | ||||||||
Gross Profit (loss) | 4,491,132 | (42,963,154 | ) | 4,471,304 | 4,276,019 | ||||||||||||
Net Income (loss) | 1,728,869 | (29,691,951 | ) | 1,036,548 | 1,717,259 | ||||||||||||
Earning per share (loss) | |||||||||||||||||
Basic | 0.21 | (3.50 | ) | 0.2 | 0.2 | ||||||||||||
Diluted | 0.2 | (3.50 | ) | 0.2 | 0.2 | ||||||||||||
2013 | |||||||||||||||||
Revenue | $ | 19,927,433 | $ | 21,110,452 | $ | 20,664,645 | $ | 21,285,992 | |||||||||
Gross Profit | 4,440,570 | 4,236,247 | 4,476,127 | 5,280,303 | |||||||||||||
Net Income | 1,671,276 | 1,784,274 | 1,911,100 | 2,370,244 | |||||||||||||
Earning per share | |||||||||||||||||
Basic | 0.2 | 0.21 | 0.23 | 0.28 | |||||||||||||
Diluted | 0.2 | 0.21 | 0.23 | 0.28 | |||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts Allowance for Doubtful Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II - Valuation and Qualifying Accounts | ||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
(Deducted from Accounts Receivable) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 25,000 | $ | 25,000 | $ | 75,000 | |||||||
(Deductions from)/charges to costs and expenses | --- | --- | --- | ||||||||||
Deductions from reserves | --- | --- | (50,000 | ) | |||||||||
Balance at December 31, | $ | 25,000 | $ | 25,000 | $ | 25,000 | |||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates by management. Actual results could differ from these estimates. | |||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | ||||||||||||||||
The Company’s revenue is recognized based on the percentage of completion method of accounting for its contracts measured by the percentage of total costs incurred to date to estimated total costs at completion for each contract. Contract costs include all direct material, labor costs, tooling and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. Selling, general and administrative costs are charged to expense as incurred. Estimated losses on uncompleted contracts are recognized in the period in which such losses are determined. Changes in job performance may result in revisions to costs and income and are recognized in the period in which revisions are determined to be required. The percentage of completion method of accounting involves considerable use of estimates in determining revenues, costs and profits and in assigning the amounts to accounting periods and, as a result, there can be a significant disparity between earnings (both for accounting and taxes) as reported and actual cash received by the Company during any reporting period. In accordance with industry practice, costs and estimated earnings in excess of billings on uncompleted contracts, included in the accompanying balance sheets, contain amounts relating to contracts and programs with long production cycles, a portion of which will not be realized within one year. The Company’s recorded revenue may be adjusted in later periods in the event that the Company’s cost estimates prove to be inaccurate or a contract is terminated. | |||||||||||||||||
When adjustments are required for the estimated total revenue on a contract, these changes are recognized with an inception-to-date effect in the current period. Also, when estimates of total costs to be incurred exceed estimates of total revenue to be earned, a provision for the entire loss on the contract is recorded in the period in which the loss is determined. During the year ended December 31, 2014, the Company adjusted the estimated total revenue and recorded a loss on its Wing Replacement Program (“WRP”) for the U.S. Air Force’s A-10 Thunderbolt aircraft (“A-10”). | |||||||||||||||||
The long term future of the A-10 has been uncertain since March 2014 when the U.S. Department of Defense released its 2015 Budget Request that called for the retirement of the entire A-10 fleet. More recent events have led the Company to conclude that our A-10 WRP will likely not continue to the full 242 aircraft as anticipated at the start of the program. The 2015 Department of Defense Appropriations Act passed by the United States House of Representatives on June 20, 2014 provides no funding for A-10 operations in U. S. Government fiscal year 2015 that commenced October 1, 2014. Further, this bill rescinds funding from the 2014 U. S. Department of Defense Budget that was to have been used for the procurement of additional wings for the A-10. The Company has no information to support a different conclusion. | |||||||||||||||||
Because of the probable termination of the Company’s A-10 WRP, the Company has reduced its revenue estimates with respect to this program by approximately 41%. This change in estimate results in an approximate cumulative $44.7 million decrease in revenue from the inception of the program in 2008 through June 30, 2014, all of which was recorded in the quarter ended June 30, 2014. Also, the uncertainty of the future of the A-10 aircraft has impacted the Company’s ability to achieve normal program cost reductions at suppliers. Accordingly, in addition to the $44.7 million adjustment to revenue, we have recorded a $2.6 million adjustment to cost of sales on the A-10 WRP. | |||||||||||||||||
Government Contractors, Policy [Policy Text Block] | Government Contracts | ||||||||||||||||
The Company’s government contracts are subject to the procurement rules and regulations of the U.S. government. Many of the contract terms are dictated by these rules and regulations. Specifically, cost-based pricing is determined under the Federal Acquisition Regulation (“FAR”), which provide guidance on the types of costs that are allowable in establishing prices for goods and services under U.S. government contracts. For example, costs such as those related to charitable contributions, advertising, interest expense, and public relations are unallowable, and therefore not recoverable through sales. During and after the fulfillment of a government contract, the Company may be audited in respect of the direct and allocated indirect costs attributable thereto. These audits may result in adjustments to the Company’s contract cost, and/or revenue. | |||||||||||||||||
When contractual terms allow, the Company invoices its customers on a progress basis. | |||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash | ||||||||||||||||
The Company maintains its cash in two financial institutions. The balances are insured by the Federal Deposit Insurance Corporation. From time to time, the Company’s balances may exceed these limits. As of December 31, 2014 and 2013, the Company had approximately $1,110,000 and $2,112,000, respectively, of uninsured balances. The Company limits its credit risk by selecting financial institutions considered to be highly credit worthy. | |||||||||||||||||
Receivables, Policy [Policy Text Block] | Accounts Receivable | ||||||||||||||||
Accounts receivable are reported at their outstanding unpaid principal balances. The Company writes off accounts when they are deemed to be uncollectible. | |||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment | ||||||||||||||||
Depreciation and amortization of property and equipment is provided by the straight-line method over the shorter of estimated useful lives of the respective assets or the life of the lease, for leasehold improvements. | |||||||||||||||||
Rent [Policy Text Block] | Rent | ||||||||||||||||
We recognize rent expense on a straight-line basis over the expected lease term. Within the provisions of certain leases there are escalations in payments over the lease term. The effects of the escalations have been reflected in rent expense on a straight-line basis over the expected lease term. | |||||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets | ||||||||||||||||
The Company reviews its long-lived assets and certain related intangibles for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. As a result of its review, the Company does not believe that any such change has occurred. If such changes in circumstance are present, a loss is recognized to the extent the carrying value of the asset is in excess of the fair value of cash flows expected to result from the use of the asset and amounts expected to be realized upon its eventual disposition. | |||||||||||||||||
Debt, Policy [Policy Text Block] | Short-Term Debt | ||||||||||||||||
The fair value of the Company’s short-term debt is estimated based on the current rates offered to the Company for debt of similar terms and maturities. Using this method, the fair value of the Company’s short-term debt was not significantly different than the stated value at December 31, 2014 and 2013. | |||||||||||||||||
Derivatives, Policy [Policy Text Block] | Derivatives | ||||||||||||||||
Our use of derivative instruments has primarily been to hedge interest rates. These derivative contracts are entered into with financial institutions. We do not use derivative instruments for trading purposes and we have procedures in place to monitor and control their use. | |||||||||||||||||
We record these derivative financial instruments on the balance sheet at fair value. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. | |||||||||||||||||
Any ineffective portion of the gain or loss on the derivative instrument for a cash flow hedge is recorded in the results of operations immediately. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the results of operations immediately. See below for a discussion of our use of derivative instruments, management of credit risk inherent in derivative instruments and fair value information. | |||||||||||||||||
In October 2008, the Company entered into an interest rate swap with the objective of reducing our exposure to cash flow volatility arising from interest rate fluctuations associated with certain debt. The notional amount, maturity date, and currency of these contracts match those of the underlying debt. The Company has designated this interest rate swap contract as a cash flow hedge. The Company measures ineffectiveness by comparing the cumulative change in the forward contact with the cumulative change in the hedged item. No material ineffectiveness was recognized in 2014 and 2013. As of December 31, 2014 and 2013, we had a net deferred loss associated with cash flow hedges of approximately $14,700 and $32,000, respectively, due to the interest rate swap which has been included in Other Liabilities. | |||||||||||||||||
As a result of the use of derivative instruments, the Company is exposed to risk that the counterparties may fail to meet their contractual obligations. Recent adverse developments in the global financial and credit markets could negatively impact the creditworthiness of our counterparties and cause one or more of our counterparties to fail to perform as expected. To mitigate the counterparty credit risk, we only enter into contracts with carefully selected major financial institutions based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties. To date, all counterparties have performed in accordance with their contractual obligations. | |||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value | ||||||||||||||||
At December 31, 2014 and 2013, the fair values of cash, accounts receivable, accounts payable and accrued expenses approximated their carrying values because of the short-term nature of these instruments. | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Debt | |||||||||||||||||
Short-term borrowings and long-term debt | $ | 27,411,556 | $ | 27,411,556 | $ | 24,568,536 | $ | 24,568,536 | |||||||||
We estimated the fair value of debt using market quotes and calculations based on market rates. | |||||||||||||||||
The following tables present the fair values of liabilities measured on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||||
Fair Value Measurements 2014 | |||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Interest Rate Swap | $ | 14,716 | -- | $ | 14,716 | -- | |||||||||||
Total | $ | 14,716 | -- | $ | 14,716 | -- | |||||||||||
Fair Value Measurements 2013 | |||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Interest Rate Swap | $ | 31,992 | -- | $ | 31,992 | -- | |||||||||||
Total | $ | 31,992 | -- | $ | 31,992 | -- | |||||||||||
The fair value of the Company’s interest rate swap was determined by comparing the fixed rate set at the inception of the transaction to the “replacement swap rate,” which represents the market rate for an offsetting interest rate swap with the same notional amounts and final maturity date. The market value is then determined by calculating the present value interest differential between the contractual swap and the replacement swap. | |||||||||||||||||
As of December 31, 2014 and 2013, $14,716 and $31,992, respectively, was included in Other Liabilities related to the fair value of the Company’s interest rate swap, and $9,716 and $21,115, respectively, net of tax of $5,000 and $10,877, respectively, was included in Accumulated Other Comprehensive Loss. | |||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share | ||||||||||||||||
Basic earnings per common share is computed using the weighted-average number of shares outstanding. Diluted earnings per common share is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock. No incremental shares were used in the calculation of diluted loss per common share in 2014, as the effect of incremental shares would be anti-dilutive. Incremental shares of 381,919 were used in the calculation of diluted earnings per common share in 2013. Incremental shares of 116,292 were not included in the diluted earnings per share calculations at December 31, 2013, as their exercise price was in excess of the Company’s quoted market price and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation. Incremental shares of 415,517 were used in the calculation of diluted earnings per common share in 2012. Incremental shares of 124,217 were not included in the diluted earnings per share calculations at December 31, 2012, as their exercise price was in excess of the Company’s quoted market price and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation. | |||||||||||||||||
Income Tax, Policy [Policy Text Block] | Income taxes | ||||||||||||||||
Income taxes are accounted for under the asset and liability method whereby deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences between the financial statements carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||||||||||||||
The Company has recorded a liability for unrecognized tax benefits resulting from tax positions taken, or expected to be taken, in an income tax return. It is the Company’s policy to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. Uncertain tax positions are evaluated and adjusted as appropriate, while taking into account the progress of audits of various taxing jurisdictions. | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | ||||||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for annual and interim periods in fiscal years beginning after December 15, 2016. Early application is not permitted. ASU 2014-09 is effective for our first quarter of fiscal year 2017 using either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Note_1_Principal_Business_Acti1
Note 1 - Principal Business Activity and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2014 | 2013 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Debt | |||||||||||||||||
Short-term borrowings and long-term debt | $ | 27,411,556 | $ | 27,411,556 | $ | 24,568,536 | $ | 24,568,536 | |||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements 2014 | ||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Interest Rate Swap | $ | 14,716 | -- | $ | 14,716 | -- | |||||||||||
Total | $ | 14,716 | -- | $ | 14,716 | -- | |||||||||||
Fair Value Measurements 2013 | |||||||||||||||||
Description | Total | Quoted Prices in Active Markets for Identical assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Interest Rate Swap | $ | 31,992 | -- | $ | 31,992 | -- | |||||||||||
Total | $ | 31,992 | -- | $ | 31,992 | -- |
Note_2_Costs_and_Estimated_Ear1
Note 2 - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Contractors [Abstract] | |||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | U.S. Government | Commercial | Total | ||||||||||
Costs incurred on uncompleted contracts | $ | 299,871,583 | $ | 90,272,545 | $ | 390,144,128 | |||||||
Estimated earnings | 56,708,610 | 39,773,983 | 96,482,593 | ||||||||||
356,580,193 | 130,046,528 | 486,626,721 | |||||||||||
Less billings to date | 313,441,471 | 94,324,761 | 407,766,232 | ||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 43,138,722 | $ | 35,721,767 | $ | 78,860,489 | |||||||
U.S. Government | Commercial | Total | |||||||||||
Costs incurred on uncompleted contracts | $ | 259,050,407 | $ | 62,502,116 | $ | 321,552,523 | |||||||
Estimated earnings | 95,590,879 | 30,694,605 | 126,285,484 | ||||||||||
354,641,286 | 93,196,721 | 447,838,007 | |||||||||||
Less billings to date | 272,783,120 | 62,733,921 | 335,517,041 | ||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 81,858,166 | $ | 30,462,800 | $ | 112,320,966 | |||||||
Net Unbilled and Estimated Earnings [Table Text Block] | 2014 | 2013 | |||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 79,054,139 | $ | 112,597,136 | |||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (193,650 | ) | (276,170 | ) | |||||||||
Totals | $ | 78,860,489 | $ | 112,320,966 |
Note_3_Accounts_Receivable_Tab
Note 3 - Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, | 2014 | 2013 | ||||||
Billed receivables | $ | 6,491,814 | $ | 4,417,254 | |||||
Less: allowance for doubtful accounts | (25,000 | ) | (25,000 | ) | |||||
$ | 6,466,814 | $ | 4,392,254 |
Note_4_Property_and_Equipment_
Note 4 - Property and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | Estimated | ||||||||||||
December 31, | 2014 | 2013 | Useful Life (years) | ||||||||||
Machinery and equipment | $ | 1,646,787 | $ | 1,263,962 | 5 to 10 | ||||||||
Computer equipment | 3,163,227 | 2,901,373 | 5 | ||||||||||
Furniture and fixtures | 610,323 | 600,185 | 7 | ||||||||||
Automobiles and trucks | 13,162 | 13,162 | 5 | ||||||||||
Leasehold improvements | 1,532,355 | 1,518,779 | 10 | ||||||||||
6,965,854 | 6,297,461 | ||||||||||||
Less accumulated depreciation and amortization | 4,210,668 | 3,447,708 | |||||||||||
$ | 2,755,186 | $ | 2,849,753 |
Note_6_Longterm_Debt_Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Disclosure Text Block [Abstract] | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending December 31, | ||||
2015 | $ | 971,713 | |||
2016 | 951,927 | ||||
2017 | 315,097 | ||||
2018 | 16,350 | ||||
2019 | 6,469 | ||||
$ | 2,261,556 |
Note_7_Commitments_Tables
Note 7 - Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Disclosure Text Block Supplement [Abstract] | |||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Year ending December 31, | ||||
2015 | $ | 588,000 | |||
2016 | 588,000 | ||||
$ | 1,176,000 | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, | ||||
2015 | $ | 1,562,685 | |||
2016 | 1,600,467 | ||||
2017 | 1,639,382 | ||||
2018 | 1,679,465 | ||||
2019 | 1,720,750 | ||||
Thereafter | 4,172,707 | ||||
$ | 12,375,456 |
Note_8_Income_Taxes_Tables
Note 8 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Current: | |||||||||||||
Federal | $ | (8,646,000 | ) | $ | 3,524,000 | $ | 5,503,000 | ||||||
Prior year over accrual | 44,000 | --- | --- | ||||||||||
State | 6,000 | --- | --- | ||||||||||
Deferred: | |||||||||||||
Federal | (3,877,000 | ) | (107,000 | ) | 11,000 | ||||||||
$ | (12,473,000 | ) | $ | 3,417,000 | $ | 5,514,000 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, | 2014 | 2013 | 2012 | |||||||||
Taxes computed at the federal statutory rate | $ | (12,812,000 | ) | $ | 3,792,000 | $ | 5,701,000 | ||||||
State income tax, net | 4,000 | -- | --- | ||||||||||
Prior year true-up | 44,000 | 190,000 | 47,000 | ||||||||||
Research and development tax credit | (140,000 | ) | --- | --- | |||||||||
Reduction in domestic production activity | 893,000 | --- | --- | ||||||||||
AMT credit carryforward | (584,000 | ) | --- | --- | |||||||||
Permanent differences | 122,000 | (565,000 | ) | (234,000 | ) | ||||||||
Provision for (benefit from) income taxes | $ | (12,473,000 | ) | $ | 3,417,000 | $ | 5,514,000 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred Tax Assets: | 2014 | 2013 | ||||||||||
Revenue recognition | $ | 560,000 | $ | 408,000 | |||||||||
Interest rate swap | 5,000 | --- | |||||||||||
Allowance for doubtful accounts | 9,000 | 9,000 | |||||||||||
Credit carryforwards | 1,134,000 | --- | |||||||||||
Deferred tax asset-current | 1,708,000 | 417,000 | |||||||||||
Deferred rent | 197,000 | 191,000 | |||||||||||
Stock options | 827,000 | 931,000 | |||||||||||
Interest rate swap | --- | 11,000 | |||||||||||
Net operating loss carryforward | 2,567,000 | --- | |||||||||||
Deferred Tax Assets-non current | 3,591,000 | 1,133,000 | |||||||||||
Deferred Tax Liabilities: | |||||||||||||
Prepaid expenses | 128,000 | 89,000 | |||||||||||
Deferred Tax Liabilities-current | 128,000 | 89,000 | |||||||||||
Property and equipment | 622,000 | 788,000 | |||||||||||
Deferred tax liability-noncurrent | 622,000 | 788,000 | |||||||||||
Net Deferred Tax Assets (Liabilities) | $ | 4,549,000 | $ | 673,000 |
Note_9_Employee_Stock_Option_P1
Note 9 - Employee Stock Option Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||
Risk-free interest rate | 1.45% | 0.72% | 0.90% | ||||||||||||||
Expected volatility | 102.00% | 106.00% | 101.80% | ||||||||||||||
Dividend yield | 0% | 0% | 0% | ||||||||||||||
Expected option term-in years | 5 | 5 | 5 | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Fixed Options | Options | Weighted | Weighted average remaining contractual term | Aggregate | ||||||||||||
average | (in years) | Intrinsic | |||||||||||||||
Exercise | Value | ||||||||||||||||
Price | |||||||||||||||||
Outstanding at January 1, 2012 | 695,000 | $ | 8.33 | 2.66 | |||||||||||||
Granted during period | 40,517 | 11.87 | |||||||||||||||
Exercised | (240,000 | ) | 6.85 | ||||||||||||||
Outstanding at December 31, 2012 | 495,517 | $ | 9.33 | 2.73 | |||||||||||||
Granted during period | 46,402 | 10.64 | |||||||||||||||
Exercised | (45,000 | ) | 6.7 | ||||||||||||||
Forfeited/Expired | (35,000 | ) | 8.2 | ||||||||||||||
Outstanding at December 31, 2013 | 461,919 | 9.8 | 2.28 | ||||||||||||||
Granted during period | 43,064 | 14.67 | |||||||||||||||
Exercised | (155,000 | ) | 8.52 | ||||||||||||||
Outstanding at December 31, 2014 | 349,983 | 10.97 | 2.2 | 387,146 | |||||||||||||
Vested at December 31, 2014 | 349,983 | 10.97 | 2.2 | 387,146 |
Note_12_Quarterly_Financial_Da1
Note 12 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Quarter ended | ||||||||||||||||
2014 | March 31, | June 30, | September 30, | December 31, | |||||||||||||
Revenue | $ | 21,883,517 | $ | (23,751,623 | ) | $ | 21,487,677 | $ | 20,067,439 | ||||||||
Gross Profit (loss) | 4,491,132 | (42,963,154 | ) | 4,471,304 | 4,276,019 | ||||||||||||
Net Income (loss) | 1,728,869 | (29,691,951 | ) | 1,036,548 | 1,717,259 | ||||||||||||
Earning per share (loss) | |||||||||||||||||
Basic | 0.21 | (3.50 | ) | 0.2 | 0.2 | ||||||||||||
Diluted | 0.2 | (3.50 | ) | 0.2 | 0.2 | ||||||||||||
2013 | |||||||||||||||||
Revenue | $ | 19,927,433 | $ | 21,110,452 | $ | 20,664,645 | $ | 21,285,992 | |||||||||
Gross Profit | 4,440,570 | 4,236,247 | 4,476,127 | 5,280,303 | |||||||||||||
Net Income | 1,671,276 | 1,784,274 | 1,911,100 | 2,370,244 | |||||||||||||
Earning per share | |||||||||||||||||
Basic | 0.2 | 0.21 | 0.23 | 0.28 | |||||||||||||
Diluted | 0.2 | 0.21 | 0.23 | 0.28 |
Note_1_Principal_Business_Acti2
Note 1 - Principal Business Activity and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | |
Note 1 - Principal Business Activity and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss, Percentage | 41.00% | |||
Loss Contingency, Estimate of Possible Loss | $44,700,000 | |||
Loss Contingency, Estimate of Change in Cost of Sales | 2,600,000 | |||
Number of Financial Institutions with which Cash is Maintained | 2 | |||
Cash, Uninsured Amount | 1,110,000 | 2,112,000 | ||
Deferred Gain (Loss) on Derivative, Net | -14,700 | -32,000 | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 9,716 | 21,115 | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax Effect | 5,000 | 10,877 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment (in Shares) | 0 | 381,919 | 415,517 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 116,292 | 124,217 | ||
Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||||
Note 1 - Principal Business Activity and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Derivative Liability | $14,716 | $31,992 |
Note_1_Principal_Business_Acti3
Note 1 - Principal Business Activity and Summary of Significant Accounting Policies (Details) - Fair Values of Cash, Accounts Receivable, Accounts Payable and Accrued Expenses (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings and long-term debt | $27,411,556 | $24,568,536 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings and long-term debt | $27,411,556 | $24,568,536 |
Note_1_Principal_Business_Acti4
Note 1 - Principal Business Activity and Summary of Significant Accounting Policies (Details) - Fair Values of Financial Liabilities Measured on a Recurring Basis (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 1 - Principal Business Activity and Summary of Significant Accounting Policies (Details) - Fair Values of Financial Liabilities Measured on a Recurring Basis [Line Items] | ||
Interest Rate Swap, net | $14,716 | $31,992 |
Total | 14,716 | 31,992 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 1 - Principal Business Activity and Summary of Significant Accounting Policies (Details) - Fair Values of Financial Liabilities Measured on a Recurring Basis [Line Items] | ||
Interest Rate Swap, net | 14,716 | 31,992 |
Total | $14,716 | $31,992 |
Note_2_Costs_and_Estimated_Ear2
Note 2 - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Contractors [Abstract] | |||
Costs in Excess of Billings, Noncurrent | $3,000,000 | ||
Decrease in Estimated Gross Profits on Contracts Due to Revisions | $42,568,000 | $3,700,000 | $1,300,000 |
Note_2_Costs_and_Estimated_Ear3
Note 2 - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Details) - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 2 - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Details) - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts [Line Items] | ||
Costs incurred on uncompleted contracts | $390,144,128 | $321,552,523 |
Estimated earnings | 96,482,593 | 126,285,484 |
Sub-total | 486,626,721 | 447,838,007 |
Less billings to date | 407,766,232 | 335,517,041 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 78,860,489 | 112,320,966 |
U.S. Government [Member] | ||
Note 2 - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Details) - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts [Line Items] | ||
Costs incurred on uncompleted contracts | 299,871,583 | 259,050,407 |
Estimated earnings | 56,708,610 | 95,590,879 |
Sub-total | 356,580,193 | 354,641,286 |
Less billings to date | 313,441,471 | 272,783,120 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 43,138,722 | 81,858,166 |
Commercial [Member] | ||
Note 2 - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Details) - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts [Line Items] | ||
Costs incurred on uncompleted contracts | 90,272,545 | 62,502,116 |
Estimated earnings | 39,773,983 | 30,694,605 |
Sub-total | 130,046,528 | 93,196,721 |
Less billings to date | 94,324,761 | 62,733,921 |
Costs and estimated earnings in excess of billings on uncompleted contracts | $35,721,767 | $30,462,800 |
Note_2_Costs_and_Estimated_Ear4
Note 2 - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Details) - Net Unbilled and Estimated Billings (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Net Unbilled and Estimated Billings [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $79,054,139 | $112,597,136 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -193,650 | -276,170 |
Totals | $78,860,489 | $112,320,966 |
Note_3_Accounts_Receivable_Det
Note 3 - Accounts Receivable (Details) - Accounts Receivable (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Receivable [Abstract] | ||
Billed receivables | $6,491,814 | $4,417,254 |
Less: allowance for doubtful accounts | -25,000 | -25,000 |
$6,466,814 | $4,392,254 |
Note_4_Property_and_Equipment_1
Note 4 - Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation, Depletion and Amortization | $763,736 | $704,435 | $623,795 |
Property, Plant and Equipment, Additions | $67,283 | $9,342 |
Note_4_Property_and_Equipment_2
Note 4 - Property and Equipment (Details) - Property and Equipment (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $6,965,854 | $6,297,461 |
Less accumulated depreciation and amortization | 4,210,668 | 3,447,708 |
2,755,186 | 2,849,753 | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,646,787 | 1,263,962 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,163,227 | 2,901,373 |
Estimated Useful Life | 5 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 610,323 | 600,185 |
Estimated Useful Life | 7 years | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13,162 | 13,162 |
Estimated Useful Life | 5 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $1,532,355 | $1,518,779 |
Estimated Useful Life | 10 years |
Note_5_Line_of_Credit_Details
Note 5 - Line of Credit (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 5 - Line of Credit (Details) [Line Items] | |||
Line of Credit, Current | $25,150,000 | $21,350,000 | |
Term Loan [Member] | Revolving Credit Facility [Member] | |||
Note 5 - Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 18,000,000 | ||
Debt Instrument, Face Amount | 3,900,000 | ||
Restated Agreement [Member] | Revolving Credit Facility [Member] | |||
Note 5 - Line of Credit (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000,000 | ||
Line of Credit, Current | $25,200,000 | ||
Line of Credit Facility, Interest Rate at Period End | 3.25% |
Note_6_Longterm_Debt_Details
Note 6 - Long-term Debt (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Mar. 09, 2012 | Dec. 31, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 22, 2008 | |
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Long-term Debt and Capital Lease Obligations | $161,555 | $218,536 | |||
Long-term Debt and Capital Lease Obligations, Current | 71,713 | 120,349 | |||
Property, Plant and Equipment, Gross | 6,965,854 | 6,297,461 | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 4,210,668 | 3,447,708 | |||
Assets Held under Capital Leases [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Property, Plant and Equipment, Gross | 1,118,720 | 1,061,000 | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 765,000 | 570,000 | |||
Term Loan [Member] | Sovereign Term Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||
Term Loan [Member] | Sovereign Term Facility [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Debt Instrument, Face Amount | 4,500,000 | 3,000,000 | |||
Period of Amortization | 5 years | 5 years | |||
Debt Instrument, Description of Variable Rate Basis | Sovereign Term Facility 2 bears interest at the lower of LIBOR plus 3% or Sovereign Bank’s prime rate. | ||||
Sovereign Term Facility [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||
Sovereign Term Facility [Member] | Interest Rate Swap [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Derivative, Remaining Maturity | 5 years | ||||
Derivative Liability, Notional Amount | 4,500,000 | ||||
Derivative, Swaption Interest Rate | 4.11% | ||||
Derivative, Average Swaption Interest Rate | 4.11% | ||||
Sovereign Term Facility [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Proceeds from Issuance of Long-term Debt | 2,500,000 |
Note_6_Longterm_Debt_Details_M
Note 6 - Long-term Debt (Details) - Maturities of Long-term Debt (USD $) | Dec. 31, 2014 |
Maturities of Long-term Debt [Abstract] | |
2015 | $971,713 |
2016 | 951,927 |
2017 | 315,097 |
2018 | 16,350 |
2019 | 6,469 |
$2,261,556 |
Note_7_Commitments_Details
Note 7 - Commitments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Text Block Supplement [Abstract] | |||
Operating Leases, Rent Expense, Net | $1,608,702 | $1,636,171 | $1,634,121 |
Note_7_Commitments_Details_Fut
Note 7 - Commitments (Details) - Future Commitment under Employment Agreement (USD $) | Dec. 31, 2014 |
Future Commitment under Employment Agreement [Abstract] | |
2015 | $588,000 |
2016 | 588,000 |
$1,176,000 |
Note_7_Commitments_Details_Fut1
Note 7 - Commitments (Details) - Future Commitment under Non-cancelable Operating Lease (USD $) | Dec. 31, 2014 |
Future Commitment under Non-cancelable Operating Lease [Abstract] | |
2015 | $1,562,685 |
2016 | 1,600,467 |
2017 | 1,639,382 |
2018 | 1,679,465 |
2019 | 1,720,750 |
Thereafter | 4,172,707 |
$12,375,456 |
Note_8_Income_Taxes_Details
Note 8 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $513,000 | $266,000 | $528,000 |
Operating Loss Carryforwards | $7,600,000 |
Note_8_Income_Taxes_Details_Pr
Note 8 - Income Taxes (Details) - Provision for Income Taxes (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Current: | |||
Federal | ($8,646,000) | $3,524,000 | $5,503,000 |
Prior year over accrual | 44,000 | ||
State | 6,000 | ||
Deferred: | |||
Federal | -3,877,000 | -107,000 | 11,000 |
($12,473,000) | $3,417,000 | $5,514,000 |
Note_8_Income_Taxes_Details_Ef
Note 8 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Taxes computed at the federal statutory rate | ($12,812,000) | $3,792,000 | $5,701,000 |
State income tax, net | 4,000 | ||
Prior year true-up | 44,000 | 190,000 | 47,000 |
Research and development tax credit | -140,000 | ||
Reduction in domestic production activity | 893,000 | ||
AMT credit carryforward | -584,000 | ||
Permanent differences | 122,000 | -565,000 | -234,000 |
Provision for (benefit from) income taxes | ($12,473,000) | $3,417,000 | $5,514,000 |
Note_8_Income_Taxes_Details_Co
Note 8 - Income Taxes (Details) - Components of Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 8 - Income Taxes (Details) - Components of Deferred Tax Assets and Liabilities [Line Items] | ||
Revenue recognition | $560,000 | $408,000 |
Net operating loss carryforward | 2,567,000 | |
Deferred Tax Assets-non current | 3,591,000 | 1,133,000 |
Prepaid expenses | 128,000 | 89,000 |
Deferred Tax Liabilities-current | 128,000 | 89,000 |
Property and equipment | 622,000 | 788,000 |
Deferred tax liability-noncurrent | 622,000 | 788,000 |
Net Deferred Tax Assets (Liabilities) | 4,549,000 | 673,000 |
Allowance for doubtful accounts | 9,000 | 9,000 |
Credit carryforwards | 1,134,000 | |
Deferred tax asset-current | 1,708,000 | 417,000 |
Deferred rent | 197,000 | 191,000 |
Stock options | 827,000 | 931,000 |
Deferred Tax Assets, Current [Member] | ||
Note 8 - Income Taxes (Details) - Components of Deferred Tax Assets and Liabilities [Line Items] | ||
Interest rate swap | 5,000 | |
Deferred Tax Assets, Non-Current [Member] | ||
Note 8 - Income Taxes (Details) - Components of Deferred Tax Assets and Liabilities [Line Items] | ||
Interest rate swap | $11,000 |
Note_9_Employee_Stock_Option_P2
Note 9 - Employee Stock Option Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 9 - Employee Stock Option Plans (Details) [Line Items] | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $86,000 | $27,000 | $313,000 |
Share Based Compensation Arrangement Exercisable Price for Options Granted to President and Specific Persons as Percentage of Closing Price | 110.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $10.86 | $8.17 | $8.91 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 155,000 | 45,000 | 240,000 |
Treasury Stock, Shares, Acquired (in Shares) | 447,751 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 679,000 | 266,000 | 1,337,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 387,000 | 2,472,000 | 859,000 |
Issue of Stock for Cash and Noncash Consideration [Member] | |||
Note 9 - Employee Stock Option Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 50,000 | ||
Treasury Stock, Value, Acquired, Cost Method | 873,390 | ||
Issue of Stock for Noncash Consideration 2 [Member] | |||
Note 9 - Employee Stock Option Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 105,000 | ||
Treasury Stock, Shares, Acquired (in Shares) | 69,687 | ||
Maximum [Member] | Non-Employees [Member] | |||
Note 9 - Employee Stock Option Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years | ||
Maximum [Member] | Employees [Member] | |||
Note 9 - Employee Stock Option Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 10 years | ||
Employees [Member] | |||
Note 9 - Employee Stock Option Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Stock Option Plan 1995 [Member] | |||
Note 9 - Employee Stock Option Plans (Details) [Line Items] | |||
Allocated Share-based Compensation Expense | 468,000 | 380,000 | 383,000 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $513,000 | $266,000 | $528,000 |
Performance Equity Plan 2000 [Member] | |||
Note 9 - Employee Stock Option Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,230,000 | ||
Performance Equity Plan 2009 [Member] | |||
Note 9 - Employee Stock Option Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 500,000 | ||
Share Based Compensation Arrangement Exercisable Price for Options Granted to President and Specific Persons as Percentage of Closing Price | 110.00% | ||
Share Based Compensation Arrangement Percentage of Voting Stock Considered for Higher Exercise Price | 10.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 175,416 |
Note_9_Employee_Stock_Option_P3
Note 9 - Employee Stock Option Plans (Details) - Weighted-average Assumptions Used for Options Granted | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted-average Assumptions Used for Options Granted [Abstract] | |||
Risk-free interest rate | 1.45% | 0.72% | 0.90% |
Expected volatility | 102.00% | 106.00% | 101.80% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected option term-in years | 5 years | 5 years | 5 years |
Note_9_Employee_Stock_Option_P4
Note 9 - Employee Stock Option Plans (Details) - Stock Option Activity (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Option Activity [Abstract] | ||||
Options, Outstanding | 349,983 | 461,919 | 495,517 | 695,000 |
Weighted average exercise price, Outstanding | $10.97 | $9.80 | $9.33 | $8.33 |
Weighted average remaining contractual life, Outstanding | 2 years 73 days | 2 years 102 days | 2 years 266 days | 2 years 240 days |
Average intrinsic value, Outstanding | $387,146 | |||
Vested at December 31, 2014 | 349,983 | |||
Vested at December 31, 2014 | $10.97 | |||
Vested at December 31, 2014 | 2 years 73 days | |||
Vested at December 31, 2014 | $387,146 | |||
Options, Granted | 43,064 | 46,402 | 40,517 | |
Weighted average exercise price, Granted | $14.67 | $10.64 | $11.87 | |
Options, Exercised | -155,000 | -45,000 | -240,000 | |
Weighted average exercise price, Exercised | $8.52 | $6.70 | $6.85 | |
Forfeited/Expired | -35,000 | |||
Forfeited/Expired | $8.20 |
Note_10_Employee_Benefit_Plan_
Note 10 - Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Text Block Supplement [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $355,428 | $326,416 | $301,196 |
Note_11_Major_Customers_Detail
Note 11 - Major Customers (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 11 - Major Customers (Details) [Line Items] | |||
Number of Large Customers Contributed to Revenue of Entity | 4 | 4 | |
Number of Large Customers Included in Accounts Receivable of Entity | 3 | 3 | |
Number of Large Commercial Customers Accounted for Major Share in Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts | 4 | 4 | |
U.S. Government [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 2.00% | 2.00% | 7.00% |
U.S. Government [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 1.00% | 1.00% | |
U.S. Government [Member] | Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 1.00% | 1.00% | |
Customer A [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 26.00% | |
Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 21.00% | 28.00% | |
Customer A [Member] | Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 27.00% | 40.00% | |
Customer B [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 21.00% | |
Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 26.00% | 24.00% | |
Customer B [Member] | Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 25.00% | 17.00% | |
Customer C [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 19.00% | 19.00% | |
Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 20.00% | |
Customer C [Member] | Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 13.00% | 16.00% | |
Customer D [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 11.00% | 12.00% | |
Customer D [Member] | Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts [Member] | Customer Concentration Risk [Member] | |||
Note 11 - Major Customers (Details) [Line Items] | |||
Concentration Risk, Percentage | 8.00% | 10.00% |
Note_12_Quarterly_Financial_Da2
Note 12 - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $20,067,439 | $21,487,677 | ($23,751,623) | $21,883,517 | $21,285,992 | $20,664,645 | $21,110,452 | $19,927,433 | $39,687,010 | $82,988,522 | $89,272,582 |
Gross Profit (loss) | 4,276,019 | 4,471,304 | -42,963,154 | 4,491,132 | 5,280,303 | 4,476,127 | 4,236,247 | 4,440,570 | -29,724,699 | 18,433,247 | 24,232,613 |
Net Income (loss) | $1,717,259 | $1,036,548 | ($29,691,951) | $1,728,869 | $2,370,244 | $1,911,100 | $1,784,274 | $1,671,276 | ($25,209,275) | $7,736,894 | $11,011,130 |
Basic (in Dollars per share) | $0.20 | $0.20 | ($3.50) | $0.21 | $0.28 | $0.23 | $0.21 | $0.20 | ($2.98) | $0.92 | $1.43 |
Diluted (in Dollars per share) | $0.20 | $0.20 | ($3.50) | $0.20 | $0.28 | $0.23 | $0.21 | $0.20 | ($2.98) | $0.91 | $1.40 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation Allowance [Line Items] | |||
Balance | $75,000 | $25,000 | $25,000 |
Deductions from reserves | -50,000 | ||
Balance | $25,000 | $25,000 | $25,000 |