Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 09, 2013 | Jun. 30, 2012 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'PERMA FIX ENVIRONMENTAL SERVICES INC | ' | ' |
Entity Central Index Key | '0000891532 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $59,199,485 |
Entity Common Stock, Shares Outstanding | ' | 11,398,931 | ' |
Document Fiscal Year Focus | '2012 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'true | ' | ' |
Amendment Description | 'The Amended Filing is a result of the restatement of our previously issued and audited consolidated financial statements and related disclosures for the years ended December 31, 2012, 2011, and 2010 included in our Original Filing. The impacts of the restatement on our Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive (Loss) Income, and Consolidated Statements of Cash Flows are detailed in Note 1A to the “Notes to the Consolidated Financial Statements.†The Amended Filing is also being made to revise unaudited quarterly financial information for 2012 and 2011. The impact of the restatement affects only the fourth quarter of the unaudited quarterly financial information for each of the years 2012 and 2011 (see “Note 17â€). | ' | ' |
Document Period End Date | 31-Dec-12 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash | $4,368 | $12,055 | ||
Restricted cash | 35 | 1,535 | ||
Accounts receivable, net of allowance for doubtful accounts of $2,507 and $2,441, respectively | 11,395 | 16,848 | [1] | |
Unbilled receivables - current | 8,530 | 9,632 | ||
Retainage receivable | 312 | 912 | ||
Inventories | 473 | 573 | ||
Prepaid and other assets | 3,282 | 4,661 | ||
Deferred tax assets - current | 1,316 | 3,365 | ||
Current assets related to discontinued operations | 499 | 693 | ||
Total current assets | 30,210 | 50,274 | ||
Property and equipment: | ' | ' | ||
Buildings and land | 26,297 | 26,026 | ||
Equipment | 34,657 | 34,283 | ||
Vehicles | 661 | 818 | ||
Leasehold improvements | 11,625 | 11,529 | ||
Office furniture and equipment | 2,116 | 2,081 | ||
Construction-in-progress | 334 | 764 | ||
Total property and equipment | 75,690 | 75,501 | ||
Less accumulated depreciation and amortization | -40,376 | -35,666 | ||
Net property and equipment | 35,314 | 39,835 | ||
Property and equipment related to discontinued operations | 1,614 | 1,650 | ||
Intangibles and other long term assets: | ' | ' | ||
Permits | 16,799 | 16,854 | ||
Goodwill | 29,186 | [2] | 29,186 | [1],[2] |
Other intangible assets - net | 3,610 | 4,517 | [1] | |
Unbilled receivables - non-current | 137 | 424 | ||
Finite risk sinking fund | 21,272 | 19,354 | ||
Other assets | 1,549 | 1,560 | ||
Total assets | 139,691 | 163,654 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 8,657 | 13,313 | [1] | |
Accrued expenses | 6,672 | 9,434 | [1] | |
Disposal/transportation accrual | 2,294 | 1,957 | ||
Unearned revenue | 3,695 | 6,260 | ||
Billing in excess of costs and estimated earnings | 1,934 | 6,058 | ||
Current liabilities related to discontinued operations | 1,512 | 2,197 | ||
Current portion of long-term debt | 2,794 | 3,521 | ||
Total current liabilities | 27,558 | 42,740 | ||
Accrued closure costs | 11,349 | 11,937 | ||
Other long-term liabilities | 674 | 610 | ||
Deferred tax liabilities | 1,340 | 4,088 | ||
Long-term liabilities related to discontinued operations | 1,829 | 1,775 | ||
Long-term debt, less current portion | 11,402 | 14,195 | [1] | |
Total long-term liabilities | 26,594 | 32,605 | ||
Total liabilities | 54,152 | 75,345 | ||
Commitments and Contingencies | ' | ' | ||
Preferred Stock of subsidiary, $1.00 par value; 1,467,396 shares authorized, 1,284,730 shares issued and outstanding, liquidation value $1.00 per share plus accrued and unpaid dividends | 1,285 | 1,285 | ||
Stockholders' Equity: | ' | ' | ||
Preferred Stock, $.001 par value; 2,000,000 shares authorized, no shares issued and outstanding | 0 | 0 | ||
Common Stock, $.001 par value; 75,000,000 shares authorized, 11,247,642 and 11,213,587 shares issued, respectively; 11,240,000 and 11,205,945 shares outstanding, respectively | 11 | 11 | ||
Additional paid-in capital | 102,864 | 102,456 | ||
Accumulated deficit | -19,103 | -15,744 | [1] | |
Accumulated other comprehensive loss | -2 | -3 | ||
Less Common Stock in treasury, at cost; 7,642 shares | -88 | -88 | ||
Total Perma-Fix Environmental Services, Inc. stockholders' equity | 83,682 | 86,632 | ||
Non-controlling interest | 572 | 392 | ||
Total stockholders' equity | 84,254 | 87,024 | ||
Total liabilities and stockholders' equity | $139,691 | $163,654 | ||
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. | |||
[2] | No impairment losses have been recorded. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Accounts receivable, allowance for doubtful accounts | $2,507 | $2,441 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Preferred Stock of subsidiary, par value (in dollars per share) | $1 | $1 |
Preferred Stock of subsidiary, authorized (in shares) | 1,467,396 | 1,467,396 |
Preferred Stock of subsidiary, issued plus accrued and unpaid dividends (in shares) | 1,284,730 | 1,284,730 |
Preferred Stock of subsidiary, outstanding plus accrued and unpaid dividends (in shares) | 1,284,730 | 1,284,730 |
Preferred Stock of subsidiary, liquidation value per share (in dollars per share) | $1 | $1 |
Stockholders' Equity: | ' | ' |
Preferred Stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred Stock, authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred Stock, issued (in shares) | 0 | 0 |
Preferred Stock, outstanding (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $0.00 | $0.00 |
Common Stock, authorized (in shares) | 75,000,000 | 75,000,000 |
Common Stock, issued (in shares) | 11,247,642 | 11,213,587 |
Common Stock, outstanding (in shares) | 11,240,000 | 11,205,945 |
Common Stock, in treasury (in shares) | 7,642 | 7,642 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' | |
Net revenues | $127,509 | $118,097 | [1] | $97,790 |
Cost of goods sold | 111,705 | 89,677 | [1] | 77,175 |
Gross profit | 15,804 | 28,420 | [1] | 20,615 |
Selling, general and administrative expenses | 18,390 | 15,564 | 13,361 | |
Research and development | 1,823 | 1,502 | 921 | |
Loss (gain) on disposal of property and equipment | 15 | -15 | 138 | |
(Loss) income from operations | -4,424 | 11,369 | 6,195 | |
Other income (expense): | ' | ' | ' | |
Interest income | 41 | 58 | 65 | |
Interest expense | -818 | -657 | -755 | |
Interest expense - financing fees | -107 | -207 | -412 | |
Loss on extinguishment of debt | 0 | -91 | 0 | |
Other | 8 | 5 | 24 | |
(Loss) income from continuing operations before income taxes | -5,300 | 10,477 | [1] | 5,117 |
Income tax (benefit) expense | -2,151 | -4,078 | 235 | |
(Loss) income from continuing operations | -3,149 | 6,399 | [1] | 4,882 |
Income (loss) from discontinued operations, net of taxes | -30 | 182 | -919 | |
Gain on disposal of discontinued operations, net of taxes | 0 | 1,509 | 0 | |
Net (loss) income | -3,179 | 8,090 | [1] | 3,963 |
Less: net income attributable to non-controlling interest | 180 | 22 | 0 | |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders | ($3,359) | $8,068 | [1] | $3,963 |
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: | ' | ' | ' | |
Continuing operations (in dollars per share) | ($0.30) | $0.58 | $0.44 | |
Discontinued operations (in dollars per share) | $0 | $0.01 | ($0.08) | |
Disposal of discontinued operations (in dollars per share) | $0 | $0.14 | $0 | |
Net (loss) income per common share (in dollars per share) | ($0.30) | $0.73 | [1] | $0.36 |
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: | ' | ' | ' | |
Continuing operations (in dollars per share) | ($0.30) | $0.58 | $0.44 | |
Discontinued operations (in dollars per share) | $0 | $0.01 | ($0.08) | |
Disposal of discontinued operations (in dollars per share) | $0 | $0.14 | $0 | |
Net (loss) income per common share (in dollars per share) | ($0.30) | $0.73 | [1] | $0.36 |
Number of common shares used in computing net (loss) income per share: | ' | ' | ' | |
Basic (in shares) | 11,225 | 11,059 | 10,989 | |
Diluted (in shares) | 11,225 | 11,063 | 11,006 | |
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | ' | ' | ' | |
Net (loss) income | ($3,179) | $8,090 | [1] | $3,963 |
Other comprehensive income (loss): | ' | ' | ' | |
Foreign currency translation gain (loss) | 1 | -3 | 0 | |
Total other comprehensive income (loss) | 1 | -3 | 0 | |
Comprehensive (loss) income | -3,178 | 8,087 | 3,963 | |
Comprehensive income attributable to non-controlling interest | 180 | 22 | 0 | |
Comprehensive (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | ($3,358) | $8,065 | $3,963 | |
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Held In Treasury [Member} | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interest in Subsidiary [Member] | Accumulated Deficit [Member] | Total | |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balance at Dec. 31, 2009 | $11 | $99,685 | $0 | $0 | $0 | ($27,775) | $71,921 | |
Balance (in shares) at Dec. 31, 2009 | 10,925,718 | ' | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 3,963 | 3,963 | |
Issuance of Common Stock for services | 0 | 240 | 0 | 0 | 0 | 0 | 240 | |
Issuance of Common Stock for services (in shares) | 25,455 | ' | ' | ' | ' | ' | ' | |
Issuance of Common Stock upon exercise of Options | 0 | 597 | 0 | 0 | 0 | 0 | 597 | |
Issuance of Common Stock upon exercise of Options (in shares) | 70,000 | ' | ' | ' | ' | ' | ' | |
Payment of Option exercise by Common Stock shares | 0 | 0 | -88 | 0 | 0 | 0 | -88 | |
Stock-Based Compensation | 0 | 343 | 0 | 0 | 0 | 0 | 343 | |
Balance at Dec. 31, 2010 | 11 | 100,865 | -88 | 0 | 0 | -23,812 | 76,976 | |
Balance (in shares) at Dec. 31, 2010 | 11,021,173 | ' | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) | 0 | 0 | 0 | 0 | 22 | 8,068 | 8,090 | [1] |
Foreign currency translation | 0 | 0 | 0 | -3 | 0 | 0 | -3 | |
Issuance of Common Stock for services | 0 | 210 | 0 | 0 | 0 | 0 | 210 | |
Issuance of Common Stock for services (in shares) | 29,812 | ' | ' | ' | ' | ' | ' | |
Common Stock Issued in conjunction with acquisition | 0 | 1,000 | 0 | 0 | 0 | 0 | 1,000 | |
Common Stock Issued in conjunction with acquisition (in shares) | 162,601 | ' | ' | ' | ' | ' | ' | |
Warrant extension for debt modification | 0 | 36 | 0 | 0 | 0 | 0 | 36 | |
Noncontrolling interest investment in subsidiary | 0 | 0 | 0 | 0 | 370 | 0 | 370 | |
Stock-Based Compensation | 0 | 345 | 0 | 0 | 0 | 0 | 345 | |
Balance at Dec. 31, 2011 | 11 | 102,456 | -88 | -3 | 392 | -15,744 | 87,024 | |
Balance (in shares) at Dec. 31, 2011 | 11,213,587 | ' | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) | 0 | 0 | 0 | 0 | 180 | -3,359 | -3,179 | |
Foreign currency translation | 0 | 0 | 0 | 1 | 0 | 0 | 1 | |
Issuance of Common Stock for services | 0 | 217 | 0 | 0 | 0 | 0 | 217 | |
Issuance of Common Stock for services (in shares) | 34,055 | ' | ' | ' | ' | ' | ' | |
Issuance of Common Stock upon exercise of Options (in shares) | ' | ' | ' | ' | ' | ' | 0 | |
Stock-Based Compensation | 0 | 191 | 0 | 0 | 0 | 0 | 191 | |
Balance at Dec. 31, 2012 | $11 | $102,864 | ($88) | ($2) | $572 | ($19,103) | $84,254 | |
Balance (in shares) at Dec. 31, 2012 | 11,247,642 | ' | ' | ' | ' | ' | ' | |
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Cash flows from operating activities: | ' | ' | ' | |
Net (loss) income | ($3,179) | $8,090 | [1] | $3,963 |
Less: Income (loss) on discontinued operations | -30 | 1,691 | -919 | |
(Loss) income from continuing operations | -3,149 | 6,399 | [1] | 4,882 |
Adjustments to reconcile net income from continuing operations to cash provided by operations: | ' | ' | ' | |
Depreciation and amortization | 5,470 | 4,816 | [1] | 4,530 |
Amortization of debt discount | 12 | 141 | 333 | |
Amortization of fair value of customer contracts | -3,667 | -262 | 0 | |
Deferred tax (benefit) expense | -234 | 1,943 | [1] | 208 |
Provision for bad debt and other reserves | 124 | 83 | 59 | |
Foreign exchange gain (loss) | 1 | -3 | 0 | |
Loss (gain) on disposal of plant, property and equipment | 15 | -15 | 138 | |
Issuance of common stock for services | 217 | 210 | 240 | |
Stock-based compensation | 191 | 345 | 343 | |
Changes in operating assets and liabilities of continuing operations, net of effect of business acquisitions: | ' | ' | ' | |
Accounts receivable | 5,929 | 7,125 | 3,215 | |
Unbilled receivables | 1,390 | 1,697 | 279 | |
Prepaid expenses, inventories and other assets | 2,845 | 1,494 | 1,789 | |
Accounts payable, accrued expenses and unearned revenue | -11,631 | 4 | -7,289 | |
Cash (used in) provided by continuing operations | -2,487 | 23,977 | 8,727 | |
Cash used in provided by discontinued operations | -922 | -2,533 | -344 | |
Cash (used in) provided by operating activities | -3,409 | 21,444 | 8,383 | |
Cash flows from investing activities: | ' | ' | ' | |
Purchases of property and equipment, net | -412 | -2,303 | -1,571 | |
Proceeds from sale of plant, property and equipment | 121 | 25 | 11 | |
Change in restricted cash, net | 1,500 | 0 | 0 | |
Payments to finite risk sinking fund | -1,918 | -1,930 | -1,944 | |
Payment of earn-out to Nuvotec shareholders | 0 | -840 | -1,000 | |
Cash used for acquisition consideration, net of cash acquired | 0 | -15,628 | 0 | |
Cash used in investing activities of continuing operations | -709 | -20,676 | -4,504 | |
Cash (used in) provided by investing activities of discontinued operations | -2 | 7,691 | -544 | |
Net cash used in investing activities | -711 | -12,985 | -5,048 | |
Cash flows from financing activities: | ' | ' | ' | |
Net repayments of revolving credit | 0 | -2,019 | -640 | |
Principal repayments of long term debt | -3,532 | -11,329 | -3,117 | |
Proceeds from issuance of long-term debt | 0 | 16,000 | 0 | |
Proceeds from issuance of stock | 0 | 1,000 | 509 | |
Cash (used in) provided by financing activities of continuing operations | -3,532 | 3,652 | -3,248 | |
Principal repayment of long-term debt for discontinued operations | -35 | -157 | -52 | |
Cash (used in) provided by financing activities | -3,567 | 3,495 | -3,300 | |
(Decrease) increase in cash | -7,687 | 11,954 | 35 | |
Cash at beginning of period | 12,055 | 101 | 66 | |
Cash at end of period | 4,368 | 12,055 | 101 | |
Supplemental disclosure: | ' | ' | ' | |
Interest paid | 922 | 707 | 893 | |
Income taxes paid | 479 | 2,051 | 492 | |
Non-cash investing and financing activities: | ' | ' | ' | |
Long-term debt incurred for purchase of property and equipment | 0 | 0 | 429 | |
Note issued for earn-out to Nuvotec shareholders | 0 | 0 | 1,322 | |
Warrant extension for debt modification | 0 | 36 | 0 | |
Note issued in connection with settlement related to SEC acquisition, net (see Note 3) | 0 | 1,270 | 0 | |
Amount held in escrow account in connection with SEC acquisition (see Note 3) | $0 | $1,500 | $0 | |
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. |
DESCRIPTION_OF_BUSINESS_AND_BA
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 12 Months Ended | ||
Dec. 31, 2012 | |||
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract] | ' | ||
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | ' | ||
NOTE 1 | |||
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | |||
Perma-Fix Environmental Services, Inc. (the Company, which may be referred to as we, us, or our), an environmental and technology know-how company, is a Delaware corporation, engaged through its subsidiaries, in two reportable segments: | |||
TREATMENT SEGMENT, which includes: | |||
- | nuclear, low-level radioactive, mixed waste (containing both hazardous and low-level radioactive constituents), hazardous and non-hazardous waste treatment, processing and disposal services primarily through four uniquely licensed and permitted treatment and storage facilities; and | ||
- | research and development activities to identify, develop and implement innovative waste processing techniques for problematic waste streams. | ||
SERVICES SEGMENT, which includes: | |||
- | On-site waste management services to commercial and government customers; | ||
- | Technical services, which include: | ||
o | professional radiological measurement and site survey of large government and commercial installations using advance methods, technology and engineering; | ||
o | integrated Occupational Safety and Health services including industrial hygiene ("IH") assessments; hazardous materials surveys, e.g., exposure monitoring; lead and asbestosmanagement/abatement oversight; indoor air quality evaluations; health risk and exposure assessments; health & safety plan/program development, compliance auditing and training services; and Occupational Safety and Health Administration ("OSHA") citation assistance; | ||
o | global technical services providing consulting, engineering, project management, waste management, environmental, and decontamination and decommissioning field, technical, and management personnel and services to commercial and government customers; and | ||
o | augmented engineering services (through our Schreiber, Yonley & Associates subsidiary – "SYA") providing consulting environmental services to industrial and government customers: | ||
§ | including air, water, and hazardous waste permitting, air, soil and water sampling, compliance reporting, emission reduction strategies, compliance auditing, and various compliance and training activities; and | ||
§ | engineering and compliance support to other segments; | ||
- | Nuclear services, which include: | ||
o | technology-based services including engineering, decontamination and decommissioning ("D & D"), specialty services and construction, logistics, transportation, processing and disposal; | ||
o | remediation of nuclear licensed and federal facilities and the remediation cleanup of nuclear legacy sites. Such services capability includes: project investigation; radiological engineering; partial and total plant D & D; facility decontamination, dismantling, demolition, and planning; site restoration; site construction; logistics; transportation; and emergency response; and | ||
- | A company owned equipment calibration and maintenance laboratory that services, maintains, calibrates, and sources (i.e., rental) of health physics, IH and customized nuclear, environmental, and occupational safety and health ("NEOSH") instrumentation. | ||
Our consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries as follows: | |||
Continuing Operations: Diversified Scientific Services, Inc. ("DSSI"), East Tennessee Materials & Energy Corporation ("M&EC"), Perma-Fix of Florida, Inc. ("PFF"), Perma-Fix of Northwest Richland, Inc. ("PFNWR"), Schreiber, Yonley and Associates ("SYA"), Safety & Ecology Corporation ("SEC"), Perma-Fix Environmental Services UK Limited ("Perma-Fix UK Limited" - a United Kingdom facility) and SEC Radcon Alliance, LLC ("SECRA"). | |||
Discontinued Operations (See "Note 8"): Perma-Fix of Fort Lauderdale, Inc. ("PFFL" – divested in August 2011), Perma-Fix of South Georgia, Inc. ("PFSG" – held for sale), Perma-Fix of Orlando ("PFO" – divested in October 2011), Perma-Fix of Maryland ("PFMD" – divested in January 2008), Perma-Fix of Dayton, Inc. ("PFD" - divested in March 2008), and Perma-Fix Treatment Services, Inc. ("PFTS" – divested in May 2008). Our discontinued operations also include Perma-Fix of Michigan, Inc. ("PFMI") and Perma-Fix of Memphis, Inc. ("PFM"), two non-operational facilities. |
RESTATEMENT_OF_CONSOLIDATED_FI
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS | ' | ||||||||||||||||||||||||||||||||||||
NOTE 1A | |||||||||||||||||||||||||||||||||||||
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||||||||||||||||||||
On November 13, 2013, management of Perma-Fix Environmental Services, Inc. (the "Company") concluded, in consultation with the Audit Committee of the Board of Directors ("Audit Committee") and BDO USA, LLP, the Company's independent registered public accounting firm, that the following financial statements previously filed by the Company with the Securities and Exchange Commission (the "Commission") should no longer be relied upon: the audited consolidated financial statements for the years ended December 31, 2012, 2011, and 2010 on its 2012 Form 10-K as filed with the Commission on March 22, 2013. | |||||||||||||||||||||||||||||||||||||
During the process of reviewing and filing the Company's 2012 corporate income tax returns, the Company identified information related to certain deferred tax assets ("DTA") that were recorded as part of the acquisition of our Diversified Scientific Services, Inc. subsidiary ("DSSI") in 2000. Upon subsequent analysis of this information, the Company determined that there was not sufficient support for a portion of the DTA. The adjustment of DTA also resulted in re-evaluation and adjustments to valuation allowance and reserve for uncertain tax positions. The Company also performed a review of its deferred tax liabilities ("DTL") and determined that the reported DTL related to depreciation for fixed assets for 2011 was understated. To correct these errors, the Company reduced the beginning retained earnings balance in 2010 by approximately $1,600,000, reduced income tax expense by approximately $1,355,000 in 2010, recorded approximately $5,768,000 of income tax expense in 2011 and reversed $2,913,000 of income tax expense recorded in 2012. | |||||||||||||||||||||||||||||||||||||
The restatement had no impact on the Company's previously reported cash and cash equivalents, revenue or income (loss) from continuing operations before income taxes. | |||||||||||||||||||||||||||||||||||||
As a result of the reverse stock split, which was effective on October 15, 2013, all references in the consolidated financial statements and notes thereto to the number of shares outstanding, per share amounts, and shares subject to outstanding stock options and warrant, have been amended to refect the effect of the reverse stock for all periods presented as though the reverse stock split was in effect as of the periods or periods presented herein. | |||||||||||||||||||||||||||||||||||||
The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Balance Sheets as of December 31, 2012 and December 31, 2011: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||||||||||||
(Amounts in Thousands) | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | |||||||||||||||||||||||||||||||
Deferred tax assets - current | $ | 1,553 | $ | (237 | ) | $ | 1,316 | $ | 3,853 | $ | (488 | ) | $ | 3,365 | |||||||||||||||||||||||
Total current assets | 30,447 | (237 | ) | 30,210 | 50,762 | (488 | ) | 50,274 | |||||||||||||||||||||||||||||
Deferred tax asset, net of liabilities | 1,103 | (1,103 | ) | - | 1,435 | (1,435 | ) | - | |||||||||||||||||||||||||||||
Total assets | 141,031 | (1,340 | ) | 139,691 | 165,577 | (1,923 | ) | 163,654 | |||||||||||||||||||||||||||||
Accrued expenses | 6,254 | 418 | 6,672 | 9,434 | - | 9,434 | |||||||||||||||||||||||||||||||
Total current liabilities | 27,140 | 418 | 27,558 | 42,740 | - | 42,740 | |||||||||||||||||||||||||||||||
Deferred tax liabilities | - | 1,340 | 1,340 | - | 4,088 | 4,088 | |||||||||||||||||||||||||||||||
Total long-term liabilities | 25,254 | 1,340 | 26,594 | 28,517 | 4,088 | 32,605 | |||||||||||||||||||||||||||||||
Total liabilities | 52,394 | 1,758 | 54,152 | 71,257 | 4,088 | 75,345 | |||||||||||||||||||||||||||||||
Accumulated deficit | (16,005 | ) | (3,098 | ) | (19,103 | ) | (9,733 | ) | (6,011 | ) | (15,744 | ) | |||||||||||||||||||||||||
Total Perma-Fix Environmental | |||||||||||||||||||||||||||||||||||||
Services, Inc. stockholders' equity | 86,780 | (3,098 | ) | 83,682 | 92,643 | (6,011 | ) | 86,632 | |||||||||||||||||||||||||||||
Total stockholders' equity | 87,352 | (3,098 | ) | 84,254 | 93,035 | (6,011 | ) | 87,024 | |||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 141,031 | $ | (1,340 | ) | $ | 139,691 | $ | 165,577 | $ | (1,923 | ) | $ | 163,654 | |||||||||||||||||||||||
The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Statements of Operations for the years ended December 31, 2012, December 31, 2011 and December 31 2010: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | 31-Dec-11 | 31-Dec-10 | |||||||||||||||||||||||||||||||||||
(Amounts in Thousands) | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | ||||||||||||||||||||||||||||
Income tax expense (benefit) | $ | 1,250 | $ | (3,401 | ) | $ | (2,151 | ) | $ | (1,095 | ) | $ | 5,173 | $ | 4,078 | $ | 1,846 | $ | (1,611 | ) | $ | 235 | |||||||||||||||
(Loss) income from continuing operations | $ | (6,550 | ) | $ | 3,401 | $ | (3,149 | ) | $ | 11,572 | $ | (5,173 | ) | $ | 6,399 | $ | 3,271 | $ | 1,611 | $ | 4,882 | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | $ | 458 | $ | (488 | ) | $ | (30 | ) | $ | 777 | $ | (595 | ) | $ | 182 | $ | (663 | ) | $ | (256 | ) | $ | (919 | ) | |||||||||||||
Net (loss) income | $ | (6,092 | ) | $ | 2,913 | $ | (3,179 | ) | $ | 13,858 | $ | (5,768 | ) | $ | 8,090 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ | (6,272 | ) | $ | 2,913 | $ | (3,359 | ) | $ | 13,836 | $ | (5,768 | ) | $ | 8,068 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - basic: | |||||||||||||||||||||||||||||||||||||
Continuing operations | $ | (.60 | ) | $ | 0.3 | $ | (.30 | ) | $ | 1.04 | $ | (.46 | ) | $ | 0.58 | $ | 0.3 | $ | 0.14 | $ | 0.44 | ||||||||||||||||
Discontinued operations | $ | 0.04 | $ | (.04 | ) | $ | - | $ | 0.07 | $ | (.06 | ) | $ | 0.01 | $ | (.06 | ) | $ | (.02 | ) | $ | (.08 | ) | ||||||||||||||
Net (loss) income per common share | $ | (.56 | ) | $ | 0.26 | $ | (.30 | ) | $ | 1.25 | $ | (.52 | ) | $ | 0.73 | $ | 0.24 | $ | 0.12 | $ | 0.36 | ||||||||||||||||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - diluted: | |||||||||||||||||||||||||||||||||||||
Continuing operations | $ | (.60 | ) | $ | 0.3 | $ | (.30 | ) | $ | 1.04 | $ | (.46 | ) | $ | 0.58 | $ | 0.3 | $ | 0.14 | $ | 0.44 | ||||||||||||||||
Discontinued operations | $ | 0.04 | $ | (.04 | ) | $ | - | $ | 0.07 | $ | (.06 | ) | $ | 0.01 | $ | (.06 | ) | $ | (.02 | ) | $ | (.08 | ) | ||||||||||||||
Net (loss) income per common share | $ | (.56 | ) | $ | 0.26 | $ | (.30 | ) | $ | 1.25 | $ | (.52 | ) | $ | 0.73 | $ | 0.24 | $ | 0.12 | $ | 0.36 | ||||||||||||||||
The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Statements of Comprehensive (Loss) Income years ended December 31, 2012, December 31, 2011 and December 31 2010: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | 31-Dec-11 | 31-Dec-10 | |||||||||||||||||||||||||||||||||||
(Amounts in Thousands) | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | ||||||||||||||||||||||||||||
Net (loss) income | $ | (6,092 | ) | $ | 2,913 | $ | (3,179 | ) | $ | 13,858 | $ | (5,768 | ) | $ | 8,090 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
Comprehensive (loss) income | $ | (6,091 | ) | $ | 2,913 | $ | (3,178 | ) | $ | 13,855 | $ | (5,768 | ) | $ | 8,087 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
Comprehensive (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ | (6,271 | ) | $ | 2,913 | $ | (3,358 | ) | $ | 13,833 | $ | (5,768 | ) | $ | 8,065 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2012, December 31, 2011 and December 31 2010: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | 31-Dec-11 | 31-Dec-10 | |||||||||||||||||||||||||||||||||||
(Amounts in Thousands) | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | ||||||||||||||||||||||||||||
Net (loss) income | $ | (6,092 | ) | $ | 2,913 | $ | (3,179 | ) | $ | 13,858 | $ | (5,768 | ) | $ | 8,090 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
Less: income (loss) on discontinued operations | $ | 458 | $ | (488 | ) | $ | (30 | ) | $ | 2,286 | $ | (595 | ) | $ | 1,691 | $ | (663 | ) | $ | (256 | ) | $ | (919 | ) | |||||||||||||
(Loss) income from continuing operations | $ | (6,550 | ) | $ | 3,401 | $ | (3,149 | ) | $ | 11,572 | $ | (5,173 | ) | $ | 6,399 | $ | 3,271 | $ | 1,611 | $ | 4,882 | ||||||||||||||||
Adjustment to reconcile net income from continuing operations to cash provided by operations: | |||||||||||||||||||||||||||||||||||||
Deferred tax expense (benefit) | $ | 1,630 | $ | (1,864 | ) | $ | (234 | ) | $ | (3,230 | ) | $ | 5,173 | $ | 1,943 | $ | 1,819 | $ | (1,611 | ) | $ | 208 | |||||||||||||||
Prepaid expenses, inventories and other assets | $ | 4,800 | $ | (1,955 | ) | $ | 2,845 | $ | 1,494 | $ | - | $ | 1,494 | $ | 1,789 | $ | - | $ | 1,789 | ||||||||||||||||||
Accounts payable, accrued expenses and unearned revenue | $ | (12,049 | ) | $ | 418 | $ | (11,631 | ) | $ | 4 | $ | - | $ | 4 | $ | (7,289 | ) | $ | - | $ | (7,289 | ) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||
NOTE 2 | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Principles of Consolidation | |||||||||||||
Our consolidated financial statements include our accounts and those of our wholly-owned subsidiaries after elimination of all significant intercompany accounts and transactions. | |||||||||||||
Reclassifications | |||||||||||||
Certain prior year amounts have been reclassified to conform with the current year presentation. | |||||||||||||
Use of Estimates | |||||||||||||
When we prepare financial statements in conformity with generally accepted accounting principles in the United States of America, we make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as, the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See Notes 8, 11, 12 and 13 for estimates of discontinued operations and environmental liabilities, closure costs, income taxes and contingencies for details on significant estimates. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash reflects $35,000 held in escrow for our worker's compensation policy. Restricted cash in 2011 included $1,500,000 received by the Company from an escrow account in connection with the acquisition of SEC on October 31, 2011. This $1,500,000 was received by the Company subsequent to 2011 year end (See Note 3 – "Business Acquisition" for further detail of this $1,500,000). | |||||||||||||
Accounts Receivable | |||||||||||||
Accounts receivable are customer obligations due under normal trade terms requiring payment within 30 or 60 days from the invoice date based on the customer type (government, broker, or commercial). The carrying amount of accounts receivable is reduced by an allowance for doubtful accounts, which is a valuation allowance that reflects management's best estimate of the amounts that will not be collected. We regularly review all accounts receivable balances that exceed 60 days from the invoice date and based on an assessment of current credit worthiness, estimate the portion, if any, of the balance that will not be collected. This analysis excludes government related receivables due to our past successful experience in their collectability. Specific accounts that are deemed to be uncollectible are reserved at 100% of their outstanding balance. The remaining balances aged over 60 days have a percentage applied by aging category (5% for balances 61-90 days, 20% for balances 91-120 days and 40% for balances over 120 days aged), based on a historical valuation, that allows us to calculate the total reserve required. Once we have exhausted all options in the collection of a delinquent accounts receivable balance, which includes collection letters, demands for payment, collection agencies and attorneys, the account is deemed uncollectible and subsequently written off. The write off process involves approvals, based on dollar amount, from senior management. | |||||||||||||
Retainage receivables represent amounts that are billed or billable to our customers, but are retained by the customer until completion of the project or as otherwise specified in the contract. Our retainage receivable balances are all current. | |||||||||||||
Unbilled Receivables | |||||||||||||
Unbilled receivables are generated by differences between invoicing timing and our performance based methodology used for revenue recognition purposes. As major processing and contract completion phases are completed and the costs incurred, we recognize the corresponding percentage of revenue. Within our Treatment Segment, we experience delays in processing invoices due to the complexity of the documentation that is required for invoicing, as well as the difference between completion of revenue recognition milestones and agreed upon invoicing terms, which results in unbilled receivables. The timing differences occur for several reasons: partially from delays in the final processing of all wastes associated with certain work orders and partially from delays for analytical testing that is required after we have processed waste but prior to our release of waste for disposal. The tasks relating to these delays usually take several months to complete. As we now have historical data to review the timing of these delays, we realize that certain issues, including but not limited to delays at our third party disposal site, can extend collection of some of these receivables greater than twelve months. However, our historical experience suggests that a significant part of unbilled receivables are ultimately collectible with minimal concession on our part. We therefore, segregate the unbilled receivables between current and long term. | |||||||||||||
Unbilled receivables within our Services Segment can result from: (1) revenue recognized by our Earned Value Management program (a program which integrates project scope, schedule, and cost to provide an objective measure of project progress) but invoice milestones have not yet been met and/or (2) contract claims and pending change orders, including Requests for Equitable Adjustments ("REAs") when work has been performed and collection of revenue is reasonably assured. | |||||||||||||
Inventories | |||||||||||||
Inventories consist of treatment chemicals, saleable used oils, and certain supplies. Additionally, we have replacement parts in inventory, which are deemed critical to the operating equipment and may also have extended lead times should the part fail and need to be replaced. Inventories are valued at the lower of cost or market with cost determined by the first-in, first-out method. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment expenditures are capitalized and depreciated using the straight-line method over the estimated useful lives of the assets for financial statement purposes, while accelerated depreciation methods are principally used for income tax purposes. Generally, asset lives range from ten to forty years for buildings (including improvements and asset retirement costs) and three to seven years for office furniture and equipment, vehicles, and decontamination and processing equipment. Leasehold improvements are capitalized and amortized over the lesser of the term of the lease or the life of the asset. Maintenance and repairs are charged directly to expense as incurred. The cost and accumulated depreciation of assets sold or retired are removed from the respective accounts, and any gain or loss from sale or retirement is recognized in the accompanying consolidated statements of operations. Renewals and improvement, which extend the useful lives of the assets, are capitalized. We include within buildings, asset retirement obligations ("AROs"), which represents our best estimates of the cost to close, at some undetermined future date, our permitted and/or licensed facilities. AROs are depreciated over the estimated useful life of the property. Subsequent additions and adjustments to AROs (due to changes in estimates) are depreciated prospectively over the remaining estimated life of the asset, in accordance with ASC 410, "Asset Retirement and Environmental Obligations." | |||||||||||||
In accordance with ASC 360, "Property, Plant, and Equipment", long-lived assets, such as property, plant and equipment, and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. | |||||||||||||
Our PFSG subsidiary is within our discontinued operations and is held for sale. We performed updated financial valuation on the tangible assets of PFSG and concluded that no tangible asset impairment existed as of December 31, 2012. | |||||||||||||
Our depreciation expense totaled $4,795,000, $4,575,000 and $4,451,000 in 2012, 2011 and 2010, respectively. | |||||||||||||
Capitalized Interest | |||||||||||||
The Company's policy is to capitalize interest cost incurred on debt during the construction of major projects exceeding one year; however, no interest was required to be capitalized for each of the years 2010 to 2012. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Intangible assets relating to acquired businesses consist primarily of the cost of purchased businesses in excess of the estimated fair value of net identifiable assets acquired ("goodwill") and the recognized permit value of the business. Goodwill and intangible assets that have indefinite useful lives are tested annually for impairment, or more frequently if triggering events occur or other impairment indicators arise which might impair recoverability. An impairment loss is recognized to the extent that the carrying amount exceeds the asset's fair value. For goodwill, the impairment determination is made at the reporting unit level and consists of two steps. First, the Company determines the fair value of a reporting unit and compares it to its carrying amount. Second, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit's goodwill over the implied fair value of the goodwill. The implied value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation, in accordance with ASC 805, "Business Combinations." Our annual financial valuations performed as of October 1, 2012, 2011, and 2010, indicated no impairments. Our October 1, 2011 and 2010, impairment tests were performed based on our previous two reporting units: 1) Nuclear reporting unit, which included all of our treatment operations and operation under our CHPRC subcontract, and 2) Engineering reporting unit, which included our SYA subsidiary operations. | |||||||||||||
As a result of the acquisition of SEC on October 31, 2011, during the fourth quarter of 2011, the Company made structural and reporting changes to its internal organization and changes to its operating segments to create better consistency, greater coordination and enhanced communication. This restructuring aligns the internal management and functional support assets based on company service offerings and better reflects how our chief operating decision maker allocates resources and assesses performance. These changes resulted in four reporting units: (1) SYA reporting unit - our SYA subsidiary operations; (2) SEC reporting unit - our SEC operations; (3) Treatment reporting unit – our treatment operations; and (4) CHPRC reporting unit - our operations under the CHPRC subcontract. We reassigned approximately $3,637,000 of the $14,840,000 goodwill from our previous Nuclear reporting unit to our CHPRC reporting unit using a relative fair value approach in accordance with ASC 350, "Intangibles – Goodwill and Other" as a result of the change in reporting units. As a result of the restructuring of our reporting units, we concluded that we had an interim triggering event, and, therefore, we performed a goodwill impairment test for our treatment reporting unit as of October 31, 2011 which did not result in any impairment. During the third quarter of 2012, we reassigned approximately $2,488,000 of the $3,637,000 goodwill from the CHPRC reporting unit back to the Treatment reporting unit to correct our initial calculation completed during the fourth quarter of 2011. We did not amend our filings as this correction had no impact on our Consolidated Balance Sheet, Consolidated Statement of Operations or our cash flows. Our October 1, 2012 impairment tests were performed based on the four reporting units noted above. | |||||||||||||
In testing goodwill impairment, the Company estimates the fair value of our reporting units using a discounted cash flow valuation approach. This approach is dependent on estimates for future sales, operating income, working capital changes, and capital expenditures, as well as expected growth rates for cash flows and long-term interest rates, all of which are impacted by economic conditions related to our industry and conditions in the U.S. capital markets. | |||||||||||||
Intangible assets that have definite useful lives are amortized using the straight-line method over the estimated useful lives and are excluded from our annual intangible asset valuation review conducted as of October 1. The Company has one definite-lived permit which was excluded from the impairment review as noted above. This permit of approximately $545,000 was capitalized in 2009 in connection with the authorization issued by the U.S. EPA to our DSSI facility to commercially store and dispose of radioactive PCBs. This permit is being amortized over a ten year period in accordance with its estimated useful life. Definite-lived intangible assets are tested for impairment whenever events or changes in circumstances suggest impairment might exist. | |||||||||||||
Our intangible assets also include a non-compete agreement, customer relationships, software, and customer contracts. These intangibles are amortized using the straight-line method over the estimated useful lives with the exception of customer relationships which are amortized using an accelerated method (see Note 4 – "Goodwill and Other Intangible Assets" for further discussion on goodwill and other intangible assets). | |||||||||||||
Research and Development | |||||||||||||
Innovation and technical know-how by our operations is very important to the success of our business. Our goal is to discover, develop, and bring to market innovative ways to process waste that address unmet environmental needs. We conduct research internally and also through collaborations with other third parties. Research and development costs consist primarily of employee salaries and benefits, laboratory costs, third party fees, and other related costs associated with the development and enhancement of new potential waste treatment processes and are charged to expense when incurred in accordance with Accounting Standards Codification ("ASC") Topic 730, "Research and Development." | |||||||||||||
Accrued Closure Costs | |||||||||||||
Accrued closure costs represent our estimated environmental liability to clean up our facilities as required by our permits, in the event of closure. | |||||||||||||
ASC 410, "Asset Retirement and Environmental Obligations", requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made, and that the associated asset retirement costs be capitalized as part of the carrying amount of the long-lived asset. In conjunction with the state mandated permit and licensing requirements, we are obligated to determine our best estimate of the cost to close, at some undetermined future date, our permitted and/or licensed facilities. We subsequently adjust this liability as a result of changes to the facility, changes in estimated cost for closure, and/or for inflation. The associated asset retirement cost is recorded as property and equipment (buildings). We depreciate the asset retirement cost on a straight-line basis over its estimated useful life in accordance with our depreciation policy. | |||||||||||||
Income Taxes | |||||||||||||
Income taxes are accounted for in accordance with ASC 740, "Income Taxes." Under ASC 740, the provision for income taxes is comprised of taxes that are currently payable and deferred taxes that relate to the temporary differences between financial reporting carrying values and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||
ASC 740 requires that deferred income tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred income tax assets will not be realized. We evaluate the realizability of our deferred income tax assets, primarily resulting from impairment loss and net operating loss carryforwards, and adjust our valuation allowance, if necessary. Once we utilize our net operating loss carryforwards or reverse the related valuation allowance we have recorded on these deferred tax assets, we would expect our provision for income tax expense in future periods to reflect an effective tax rate that will be significantly higher than past periods. | |||||||||||||
ASC 740 sets out a consistent framework for preparers to use to determine the appropriate recognition and measurement of uncertain tax positions. ASC 740 uses a two-step approach wherein a tax benefit is recognized if a position is more-likely-than-not to be sustained. The amount of the benefit is then measured to be the highest tax benefit which is greater than 50% likely to be realized. ASC 740 also sets out disclosure requirements to enhance transparency of an entity's tax reserves. | |||||||||||||
We reassess the validity of our conclusions regarding uncertain income tax positions on a quarterly basis to determine if facts or circumstances have arisen that might cause us to change our judgment regarding the likelihood of a tax position's sustainability under audit. | |||||||||||||
Foreign Operation | |||||||||||||
Our Services Segment includes a foreign operation, Perma-Fix Environmental Services UK Limited ("Perma-Fix UK Limited" - formerly known as Safety & Ecology Corporation Limited) located in Blaydon On Tyne, England), which we acquired on October 31, 2011. The financial results of Perma-Fix UK Limited are translated into U.S. dollars using exchange rates in effect at period-end for assets and liabilities and average exchange rates during the period for result of operations. The related translation adjustments are reported as a separate component of stockholders' equity as well as in the determination of comprehensive income (loss). | |||||||||||||
Concentration Risk | |||||||||||||
We performed services relating to waste generated by the federal government, either directly as a prime contractor or indirectly as a subcontractor to the federal government, representing approximately $101,533,000 or 79.6% of our total revenue from continuing operations during 2012, as compared to $99,660,000 or 84.5% of our total revenue from continuing operations during 2011, and $80,275,000 or 82.1% of our total revenue from continuing operations during 2010. | |||||||||||||
The following customers accounted for 10% or more of the total revenues generated from continuing operations for twelve months ended December 31, 2012, 2011, and 2010: | |||||||||||||
Total | % of Total | ||||||||||||
Customer | Year | Revenue | Revenue | ||||||||||
CH Plateau Remediation Company ("CHPRC") | 2012 | $ | 24,652,000 | 19.3 | % | ||||||||
2011 | $ | 59,136,000 | 50.1 | % | |||||||||
2010 | $ | 51,929,000 | 53.1 | % | |||||||||
Department of Energy ("DOE") | 2012 | $ | 26,265,000 | 20.6 | % | ||||||||
2011 | $ | 4,136,000 | 3.5 | % | |||||||||
2010 | $ | 0 | 0 | % | |||||||||
The outstanding receivable balance for each customer representing more than 10% of consolidated accounts receivable is ("AR") as follows: | |||||||||||||
Total | % of Total | ||||||||||||
Customer | Year | AR | AR | ||||||||||
DOE | 2012 | $ | 1,753,000 | 15.4 | % | ||||||||
2011 | $ | 2,656,000 | 15.8 | % | |||||||||
Clauss Construction | 2012 | $ | 3,343,000 | 29.3 | % | ||||||||
2011 | $ | 3,114,000 | 18.5 | % | |||||||||
Gross Receipts Taxes and Other Charges | |||||||||||||
ASC 605-45, "Revenue Recognition – Principal Agent Consideration" provides guidance regarding the accounting and financial statement presentation for certain taxes assessed by a governmental authority. These taxes and surcharges include, among others, universal service fund charges, sales, use, waste, and some excise taxes. In determining whether to include such taxes in our revenue and expenses, we assess, among other things, whether we are the primary obligor or principal taxpayer for the taxes assessed in each jurisdiction where we do business. As we are merely a collection agent for the government authority in certain of our facilities, we record the taxes on a net method and do not include them in our revenue and cost of services. | |||||||||||||
Revenue Recognition | |||||||||||||
Treatment Segment revenues. The processing of mixed waste is complex and may take several months or more to complete; as such, we recognize revenues using a performance based methodology with our measure of progress towards completion determined based on output measures consisting of milestones achieved and completed. We have waste tracking capabilities, which we continue to enhance, to allow us to better match the revenues earned to the processing phases achieved. The revenues are recognized as each of the following three processing phases are completed: receipt, treatment/processing and shipment/final disposal. However, based on the processing of certain waste streams, the treatment/processing and shipment/final disposal phases may be combined as sometimes they are completed concurrently. As major processing phases are completed and the costs incurred, we recognize the corresponding percentage of revenue utilizing a proportional performance model. We experience delays in processing invoices due to the complexity of the documentation that is required for invoicing, as well as the difference between completion of revenue recognition milestones and agreed upon invoicing terms, which results in unbilled receivables. The timing differences occur for several reasons, partially from delays in the final processing of all wastes associated with certain work orders and partially from delays for analytical testing that is required after we have processed waste but prior to our release of waste for disposal. As the waste moves through these processing phases and revenues are recognized, the correlating costs are expensed as incurred. Although we use our best estimates and all available information to accurately determine these disposal expenses, the risk does exist that these estimates could prove to be inadequate in the event the waste requires retreatment. Furthermore, should the waste be returned to the generator, the related receivables could be uncollectible; however, historical experience has not indicated this to be a material uncertainty. | |||||||||||||
Services Segment revenues. Revenue includes services performed under time and material, fixed price, and cost-reimbursement contracts. Revenues and costs associated with fixed price contracts are recognized using the percentage of completion (efforts expended) method. We estimate our percentage of completion based on attainment of project milestones. Revenues and costs associated with time and material contracts are recognized as revenue when earned and costs are incurred. | |||||||||||||
Under cost reimbursement contracts, we are reimbursed for costs incurred plus a certain percentage markup for indirect costs, in accordance with contract provision. Costs incurred in excess of contract funding may be renegotiated for reimbursement. We also earn a fee based on the approved costs to complete the contract. We recognize this fee using the proportion of costs incurred to total estimated contract costs. | |||||||||||||
Contract costs include all direct labor, material and other non-labor costs and those indirect costs related to contract support, such as depreciation, fringe benefits, overhead labor, supplies, tools, repairs and equipment rental. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions and estimated profitability, including those arising from contract penalty provisions and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. | |||||||||||||
Consulting revenues are recognized as services are rendered. The services provided are based on billable hours and revenues are recognized in relation to incurred labor and consulting costs. Out of pocket costs reimbursed by customers are also included in revenues. | |||||||||||||
The liability, "billings in excess of costs and estimated earnings", represents billings in excess of revenues recognized and accrued costs to jobs. | |||||||||||||
Self-Insurance | |||||||||||||
We are self-insured for a significant portion of our group health. The Company estimates expected losses based on statistical analyses of historical industry data, as well as our own estimates based on the Company's actual historical data to determine required self-insurance reserves. The assumptions are closely reviewed, monitored, and adjusted when warranted by changing circumstances. The estimated accruals for these liabilities could be affected if actual experience related to the number of claims and cost per claim differs from these assumptions and historical trends. Based on the information known on December 31, 2012, we believe we have provided adequate reserves for our self-insurance exposure. As of December 31, 2012 and 2011, self-insurance reserves were $644,000 and $475,000, respectively, and were included in accrued expenses in the accompanying consolidated balance sheets. The total amounts expensed for self-insurance during 2012, 2011, and 2010 were $4,388,000, $3,041,000, and $2,896,000, respectively, for our continuing operations, and $171,000, $311,000, and $314,000, for our discontinued operations, respectively. | |||||||||||||
Stock-Based Compensation | |||||||||||||
We account for stock-based compensation in accordance with ASC 718, "Compensation – Stock Compensation." ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes option-pricing model to determine the fair-value of stock-based awards which requires subjective assumptions. Assumptions used to estimate the fair value of stock options granted include the exercise price of the award, the expected term, the expected volatility of the Company's stock over the option's expected term, the risk-free interest rate over the option's expected term, and the expected annual dividend yield. The Company's expected term represents the period that stock-based awards are expected to be outstanding and is determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules, and post-vesting data. Our computation of expected volatility is based on the Company's historical volatility from our traded common stock over the expected term of the option grants. The interest rate for periods within the expected term of the award is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||
We recognize stock-based compensation expense using a straight-line amortization method over the requisite period, which is the vesting period of the stock option grant. As ASC 718 requires that stock-based compensation expense be based on options that are ultimately expected to vest, our stock-based compensation expense is reduced at an estimated forfeiture rate. Our estimated forfeiture rate is generally based on historical trends of actual forfeitures. Forfeiture rates are evaluated, and revised as necessary. | |||||||||||||
Comprehensive Income | |||||||||||||
The components of comprehensive income are net income and the effects of foreign currency translation adjustments. Foreign currency translation gain for the twelve months ended December 31, 2012 was $1,000 as compared to a foreign currency translation loss of $3,000 for the corresponding period of 2011. | |||||||||||||
Net Income (Loss) Per Share | |||||||||||||
Basic earnings (loss) per share excludes any dilutive effects of stock options, warrants, and convertible preferred stock. In periods where they are anti-dilutive, such amounts are excluded from the calculations of dilutive earnings per share. Net income (loss) attributable to non-controlling interests are excluded from (loss) income from continuing operations in the below calculation in accordance with ASC 260, "Earnings Per Share." | |||||||||||||
The following is a reconciliation of basic net (loss) income per share to diluted net (loss) income per share for the years ended December 31, 2012, 2011, and 2010: | |||||||||||||
(Restated) | (Restated) | (Restated) | |||||||||||
(Amounts in Thousands, Except for Per Share Amounts) | 2012 | 2011 | 2010 | ||||||||||
(Loss) income per share from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | |||||||||||||
(Loss) income from continuing operations | $ | (3,329 | ) | $ | 6,377 | $ | 4,882 | ||||||
Basic (loss) income per share | $ | (.30 | ) | $ | 0.58 | $ | 0.44 | ||||||
Diluted (loss) income per share | $ | (.30 | ) | $ | 0.58 | $ | 0.44 | ||||||
Income (loss) per share from discontinued operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | |||||||||||||
(loss) Income from discontinued operations | $ | (30 | ) | $ | 182 | $ | (919 | ) | |||||
Basic income (loss) per share | $ | ¾ | $ | 0.01 | $ | (.08 | ) | ||||||
Diluted income (loss) per share | $ | ¾ | $ | 0.01 | $ | (.08 | ) | ||||||
Income per share from disposal of discontinued operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | |||||||||||||
Gain on disposal of discontinued operations | $ | ¾ | $ | 1,509 | $ | ¾ | |||||||
Basic income per share | $ | ¾ | $ | 0.14 | $ | ¾ | |||||||
Diluted income per share | $ | ¾ | $ | 0.14 | $ | ¾ | |||||||
Weighted average common shares outstanding – basic | 11,225 | 11,059 | 10,989 | ||||||||||
Potential shares exercisable under stock option plans | ¾ | 4 | 11 | ||||||||||
Potential shares upon exercise of warrants | ¾ | ¾ | 5 | ||||||||||
Weighted average common shares outstanding – diluted | 11,225 | 11,063 | 11,006 | ||||||||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: | |||||||||||||
Upon exercise of options | 517 | 510 | 439 | ||||||||||
Upon exercise of Warrants | ¾ | 30 | ¾ | ||||||||||
Fair Value of Financial Instruments | |||||||||||||
Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is: | |||||||||||||
Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. | |||||||||||||
Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||
Level 3—Valuations based on unobservable inputs reflecting the Company's own assumptions, consistent with reasonably available assumptions made by other market participants. | |||||||||||||
Financial instruments include cash and restricted cash (Level 1), accounts receivable, accounts payable, and debt obligations (Level 3). At December 31, 2012 and December 31, 2011, the fair value of the Company's financial instruments approximated their carrying values. The fair value of the Company's revolving credit facility approximates its carrying value due to the variable interest rate. The carrying value of our subsidiary's preferred stock is not significantly different than its fair value. | |||||||||||||
Subsequent Events | |||||||||||||
ASC 855, "Subsequent Events", sets forth principles and requirements to be applied to the accounting for and disclosure of subsequent events. ASC 855 sets forth the period after the balance sheet date during which management shall evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which events or transactions occurring after the balance sheet date shall be recognized in the financial statements and the required disclosures about events or transactions that occurred after the balance sheet date. In accordance with ASC 855, the Company evaluated all subsequent events that arose after the balance sheet date of December 31, 2012, through the issuance date of the financial statements and identified no subsequent events that require adjustment to, or disclosure in, these financial statements except for the following: | |||||||||||||
· | On February 12, 2013, the Company entered into a Settlement and Release Agreement with Timios National Corporation ("TNC" – formerly known as Homeland Security Captial Corporation), in connection with the settlement of certain claims the Company made against TNC, subsequent to the acquisition of Safety and Ecology Holdings Corporation and its subsidiaries (collectively known as Safety and Ecology Corporation or "SEC") on October 31, 2011 from TNC (see Note 3 – "Business Acquisition" and Note 18 – "Subsequent Event – Business Acquisition" for discussion of this agreement). | ||||||||||||
· | In connection with the resolution of the above claims, we also entered into a Settlement and Release Agreement and Amendment to Employment Agreement ("Leichtweis Settlement") with Christopher Leichtweis, our Senior Vice President, on February 14, 2013 (see Note 18 – "Subsequent Events – Related Party Transactions" for discussion of the Leichtweis Settlement). | ||||||||||||
· | On March 7, 2013, PFNWR received a Notice of Intent to File Administrative Complaint, alleging certain violations regarding storage of mixed waste (see Note 18 – "Subsequent Events – Notice of Intent to File Administrative Complaint – Perma-Fix Northwest Richland, Inc. ("PFNWR")" for discussion of these alleged violations). | ||||||||||||
· | On October 15, 2013, the Company effected a reverse stock split at a ratio of 1-for-5 of the Company's Common Stock ("Common Stock"), effective as of 12:01 a.m. on October 15, 2013. As a result of the reverse stock split, each five shares of the outstanding Common Stock and shares held in treasury were combined into one share of Common Stock without any change to the par value per share. The reverse stock split did not affect the number of authorized shares of Common Stock which remains at 75,000,000. As a result of this reverse stock split, all references in the financial statements and notes thereto and discussions contained herein as to the number of shares outstanding, per share amounts, and shares subject to outstanding stock option and warrant have been amended to reflect the effect of the reverse stock split for all periods presented and discussion thereof as though the reverse stock split was in effect as of the period or periods presented in the financial statements and was in effect as of the date of the outstanding shares, options, and warrants (see Note 18 – "Subsequent Events – Reverse Stock Split for further discussion of this reverse stock split). | ||||||||||||
Recently Adopted Accounting Standards | |||||||||||||
In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-04 ("ASU 2011-04"), "Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs." ASU 2011-04 improves comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. generally accepted accounting principles and International Financial Reporting Standards ("IFRSs"). ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for level 3 fair value measurements. The amendments in this guidance are to be applied prospectively, and are effective for interim and annual periods beginning after December 15, 2011. ASU 2011-04 did not have a material effect on our financial position, results of operations, or cash flow. | |||||||||||||
In June 2011, the FASB issued ASU No. 2011-05, "Comprehensive Income (Topic 220) - Presentation of Comprehensive Income", to require an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income, either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of equity. In December 2011, the FASB issued ASU No. 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05" which defers the changes in ASU No. 2011-05 of the requirement to present separate line items on the income statement for reclassification adjustments of items out of accumulated other comprehensive income into net income. The effective date for ASU No. 2011-12 is consistent with the effective date for ASU No. 2011-05, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and is to be applied retrospectively, with early adoption permitted. These ASUs changed our financial statement presentation of comprehensive income but did not impact our net income, financial position, or cash flows. | |||||||||||||
In September 2011, the FASB issued ASU No. 2011-08, "Intangibles – Goodwill and Other (Topic 350) – Testing Goodwill for Impairment" that gives companies the option of performing a qualitative assessment before calculating the fair value of a reporting unit in Step 1 of the goodwill impairment test. If entities determine, on the basis of qualitative factors, that the fair value of a reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. Otherwise, further testing would not be needed. ASU 2011-08 is effective for fiscal and interim reporting periods within those years beginning after December 15, 2011. ASU No. 2011-08 did not have a material effect on our financial position, results of operations, or cash flow. | |||||||||||||
In July 2012, the FASB issued ASU 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment" ("ASU 2012-02") which amends the guidance in Accounting Standards Codification ("ASC") Topic 350 "Intangibles – Goodwill and Other – General Intangibles Other than Goodwill" ("ASC 350-30") on testing indefinite-lived intangible assets, other than goodwill, for impairment. Under ASU 2012-02, an entity testing an indefinite-lived intangible asset for impairment has the option of performing a qualitative assessment before calculating the fair value of the asset. If the entity determines, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is not more likely than not impaired, the entity would not need to calculate the fair value of the asset. The ASU does not revise the requirement to test indefinite-lived intangible assets annually for impairment. These provisions are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, although early adoption is permitted. ASU No. 2012-02 did not have a material effect on our financial position, results of operations, or cash flow. | |||||||||||||
Recently Issued Accounting Standard | |||||||||||||
In February 2013, the FASB issued ASU 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". This ASU requires entities to disclose the effect of items reclassified out of accumulated other comprehensive income on each affected net income line item. For accumulated other comprehensive income reclassification items that are not reclassified in their entirety into net income, entities are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail on these amounts. This information may be provided either in the notes or parenthetically on the face of the financials. For public entities, the guidance is effective for annual reporting periods beginning after December 15, 2012 and interim periods within those years. The Company does not expect the adoption of ASU 2013-02 to have a material impact on the Company's financial condition or results of operations. |
BUSINESS_ACQUISITION
BUSINESS ACQUISITION | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||||||
BUSINESS ACQUISITION [Abstract] | ' | |||||||||||||||||||||
Business Acquisition | ' | |||||||||||||||||||||
NOTE 3 | ||||||||||||||||||||||
BUSINESS ACQUISITION | ||||||||||||||||||||||
As previously reported, on October 31, 2011 ("Closing Date"), we completed the acquisition of all of the issued and outstanding shares of capital stock of Safety and Ecology Holdings Corporation ("SEHC") and its subsidiaries, Safety & Ecology Corporation ("Safety & Ecology"), SEC Federal Services Corporation, Safety and Ecology Corporation Limited (now known as Perma-Fix UK Limited – a United Kingdom operation) and SEC Radcon Alliance, LLC ("SECRA", which we own 75%), (collectively, "SEC") pursuant to that certain Stock Purchase Agreement, dated July 15, 2011 ("Purchase Agreement"), between the Company, Homeland Capital Security Corporation (now known as Timios National Corporation - "TNC") and SEHC (collectively known as the "Parties). We acquired SEC for a total consideration of approximately $16,655,000, determined based on the following discussion: | ||||||||||||||||||||||
(i) | cash consideration of approximately $14,885,000, after certain working capital closing adjustments. This cash consideration was reduced by approximately $1,000,000 total consideration for our Common Stock purchased from us by certain security holders of TNC (see Note 15 - "Related Party Transactions – Christopher Leichtweis" for further detail of this Common Stock purchase by certain security holders of TNC, including Mr. Leichtweis, who is a senior vice president and President of SEC of the Company); | |||||||||||||||||||||
(ii) | $2,500,000 unsecured, non-negotiable promissory note (the "October Note"), bearing an annual rate of interest of 6%, payable in 36 monthly installments, which October Note provides that we have the right to prepay such at any time without interest or penalty. We prepaid $500,000 of the principal amount of the October Note within 10 days of closing of the acquisition. Subject to certain limitations, the October Note may be subject to offset of amounts TNC owes us for indemnification for breach of, or failure to perform, certain terms and provisions of the Purchase Agreement under certain terms and conditions (see below discussion regarding cancellation of this note as result of settlement of certain indemnification claims that the Company made after the acquisition); and | |||||||||||||||||||||
(iii) | the sum of $2,000,000 deposited in an escrow account to satisfy any claims that we may have against TNC for indemnification pursuant to the Purchase Agreement and the Escrow Agreement, dated October 31, 2011 ("Escrow Agreement"). TNC and SEHC further agreed that if certain conditions were not met by December 31, 2011, relating to a certain contract, then the Company could withdraw $1,500,000 from the amount deposited into the escrow. On January 10, 2012, we received $1,500,000 from the escrow as certain conditions were not met under this certain contract as of December 31, 2011, leaving a balance of $500,000 in the escrow account ("Escrow Balance"). (See below for discussion as to the release of this remaining $500,000 escrow balance to TNC). | |||||||||||||||||||||
Subsequent to the Closing Date, in addition to the above described $1,500,000 claim, we made additional claims against TNC for indemnification pursuant to the indemnification provisions of the Purchase Agreement, asserting breach of certain representations, warranties and covenants of TNC and SEHC (the "Disputed Claims"). On February 12, 2013, the Parties entered into a Settlement and Release Agreement ("Settlement Agreement") to resolve (collectively, the "Subject Claims"): (a) the Disputed Claims, and (b) any other claim arising under the Purchase Agreement with respect to a breach of (i) the representations and warranties of the Parties contained in the Purchase Agreement, and (ii) certain covenants contained in the Purchase Agreement. Pursuant to the Settlement Agreement, the Parties agree as follows: | ||||||||||||||||||||||
· | the October Note, with an principal balance of approximately $1,460,000, was cancelled, terminated and rendered null and void; | |||||||||||||||||||||
· | the Company issued to TNC a new, two-year, non-negotiable, unsecured promissory note in the principal amount of approximately $230,000 (the "New Note") in replacement of the October Note. The New Note bears an annual interest rate of 6%, payable in 24 monthly installments of principal and interest of approximately $10,000, with first payment due February 28, 2013; | |||||||||||||||||||||
· | the Escrow Balance of $500,000 was released to TNC; | |||||||||||||||||||||
· | the Parties terminated all of their rights and obligations to indemnification under the Purchase Agreement, except with respect to TNC's covenants relating to non-complete, non-solicitation of customers and employees, confidentiality, and related remedies which will continue in full force and effect in accordance with the terms of the Purchase Agreement (the "Continuing Covenants"); | |||||||||||||||||||||
· | the Parties terminated their rights and obligations with respect to (i) the representations, warranties, and covenants contained in the Purchase Agreement, except for the Continuing Covenants; and | |||||||||||||||||||||
· | the Company terminated its contractual right to offset amounts owing to TNC under the Purchase Agreement to satisfy claims against TNC. | |||||||||||||||||||||
In connection with the resolution of the Disputed Claims, we also entered into a Settlement and Release Agreement and Amendment to Employment Agreement ("Leichtweis Settlement") with Christopher Leichtweis, our Senior Vice President (see discussion under Note 15 – "Related Party Transactions – Christopher Leichtweis" for a discussion of the Leichtweis Settlement). | ||||||||||||||||||||||
The acquisition was accounted for using the purchase method of accounting, in accordance with FASB ASC 805 – "Business Combinations." The consideration for the acquisition was attributed to net assets on the basis of the fair values of assets acquired and liabilities assumed as of October 31, 2011. The excess of the cost of the acquisition over the estimated fair values of the net tangible assets and intangible assets on the acquisition date, which amounted to $13,016,000, was allocated to goodwill which is not amortized but subject to an annual impairment test. As the acquisition was a stock transaction, none of the goodwill related to SEC is deductible for tax purposes. | ||||||||||||||||||||||
The following table summarizes the final purchase price allocation of the fair values of the assets acquired and liabilities assumed as of December 31, 2012: | ||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||
Current assets | $ | 21,354 | ||||||||||||||||||||
Property, plant and equipment | 2,135 | |||||||||||||||||||||
Intangible assets | 4,429 | |||||||||||||||||||||
Goodwill | 13,016 | |||||||||||||||||||||
Total assets acquired | 40,934 | |||||||||||||||||||||
Current liabilities | (15,803 | ) | ||||||||||||||||||||
Customer contracts | (6,015 | ) | ||||||||||||||||||||
Non-current liabilities | (2,091 | ) | ||||||||||||||||||||
Total liabilities acquired | (23,909 | ) | ||||||||||||||||||||
Non-controlling interest | (370 | ) | ||||||||||||||||||||
Total consideration | $ | 16,655 | ||||||||||||||||||||
The allocation set forth above is based on management estimates of the fair value using valuation techniques such as discounted cash flow models, appraisals and similar techniques. The amount allocated to intangible assets represents software, a non-compete agreement, customer relationships, and customer contracts. | ||||||||||||||||||||||
The following table summarizes the preliminary components of tangible assets acquired: | ||||||||||||||||||||||
Weighted | ||||||||||||||||||||||
Average | ||||||||||||||||||||||
Preliminary | Estimated | |||||||||||||||||||||
(Amounts in thousands) | Fair Value | Useful Life | ||||||||||||||||||||
Vehicles | $ | 583 | 5.0 years | |||||||||||||||||||
Lab equipment | 1,235 | 7.0 years | ||||||||||||||||||||
Office furniture and equipment | 317 | 4.0 years | ||||||||||||||||||||
Total tangible assets | $ | 2,135 | ||||||||||||||||||||
The results of operations of SEC have been included in the Company's consolidated financial statements from the date of the closing of the acquisition, which was October 31, 2011. SEC contributed revenues of approximately $10,156,000 and net loss of $452,000 for the twelve months ended December 31, 2011 and revenues of $55,661,000 and net loss of $3,373,000 for the twelve months ended December 31, 2012. The Company has incurred approximately $682,000 in acquisition-related costs, of which approximately $70,000 was incurred during the twleve months ended December 31, 2012. These costs are included in selling, general and administrative expenses in the Company's consolidated statements of operations. | ||||||||||||||||||||||
Adjustments to the initial allocation of purchase price during the measurement period require the revision of comparative prior period financial information when reissued in subsequent financial statements. The effect of measurement period adjustments to the allocation of purchase price would be as if the adjustments had been taken into account on the date of acquisition. | ||||||||||||||||||||||
The following table summarizes the line items that were recast and restated from the Company's previously reported December 31, 2011 Consolidated Balance Sheets (in thousands) resulting from the impact of the final purchase price allocation, including the effect of the restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements": | ||||||||||||||||||||||
Effect of | As Recast for | |||||||||||||||||||||
Purchase Price | Purchase Price | |||||||||||||||||||||
December 31, | Accounting | Accounting | Effect of | |||||||||||||||||||
2011 (1) | Finalization | Finalization | Restatement (12) | As Restated (2) | ||||||||||||||||||
Assets | ||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 19,106 | $ | (2,258 | ) | -3 | $ | 16,848 | $ | - | $ | 16,848 | ||||||||||
Unbilled receivables - current | $ | 9,871 | $ | (239 | ) | -3 | $ | 9,632 | $ | - | $ | 9,632 | ||||||||||
Prepaid and other assets | $ | 4,604 | $ | 57 | -9 | $ | 4,661 | $ | - | $ | 4,661 | |||||||||||
Deferrred tax assets - current | $ | 2,426 | $ | 1,427 | -4 | $ | 3,853 | $ | (488 | ) | $ | 3,365 | ||||||||||
Goodwill | $ | 27,063 | $ | 2,123 | -7 | $ | 29,186 | $ | - | $ | 29,186 | |||||||||||
Other intangible assets - net | $ | 4,258 | $ | 259 | -8 | $ | 4,517 | $ | - | $ | 4,517 | |||||||||||
Deferred tax asset, net of liabilities | $ | 1,295 | $ | 140 | -4 | $ | 1,435 | $ | (1,435 | ) | $ | - | ||||||||||
Other assets | $ | 1,595 | $ | (35 | ) | -9 | $ | 1,560 | $ | - | $ | 1,560 | ||||||||||
Total change | $ | 1,474 | ||||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||
Accounts payable | $ | 13,117 | $ | 196 | -10 | $ | 13,313 | $ | - | $ | 13,313 | |||||||||||
Accrued expenses | $ | 9,533 | $ | (99 | ) | -10 | $ | 9,434 | $ | - | $ | 9,434 | ||||||||||
Billing in excess of costs and estimated earnings | $ | 3,226 | $ | 2,832 | -5 | $ | 6,058 | $ | - | $ | 6,058 | |||||||||||
Current portionof long-term debt | $ | 3,936 | $ | (415 | ) | -6 | $ | 3,521 | $ | - | $ | 3,521 | ||||||||||
Long-term debt, less current portion | $ | 15,007 | $ | (812 | ) | -6 | $ | 14,195 | $ | - | $ | 14,195 | ||||||||||
Accumulated deficit | $ | (9,505 | ) | $ | (228 | ) | -11 | $ | (9,733 | ) | $ | (6,011 | ) | $ | (15,744 | ) | ||||||
Total change | $ | 1,474 | ||||||||||||||||||||
(1) As previously presented in the 2011 consolidated financial statement in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011. | ||||||||||||||||||||||
(2) As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. | ||||||||||||||||||||||
(3) Represents additional allowance for doubtful accounts of approximately $2,213,000 recorded as a result of uncollected receivables from three major customers, reversal of $45,000 in uncollectible accounts receivables and reversal of unbilled receivables related to conditions that existed at the time of our acquisition. | ||||||||||||||||||||||
(4) Represents book to tax timing differences resulting from allowance for doubtful accounts and change in fair value of contracts as noted in footnote (3) and (5). | ||||||||||||||||||||||
(5) Represents change in fair value of two loss contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date. | ||||||||||||||||||||||
(6) Resulted from termination on February 13, 2013 of the remaining portion (approximately $1,460,000) of a $2,500,000 Note ("October Note") entered on October 31, 2011. The termination of the October Note resulted from settlement of certain claims made by the Company against TNC primarily from the breach of representation regarding the cost to complete a certain contract that existed at acquisition. A New Note in the amount of $230,000 was issued to TNC in placement of the October Note that was cancelled (see above for further discussion of the October and New Notes). | ||||||||||||||||||||||
(7) Reflects additional goodwill recorded since initial acquisition date in finalizing the final purchase price allocation related to acquired assets and liabilities under this business combination. | ||||||||||||||||||||||
(8) Reflects change in fair value of acquired contracts based on change in estimated cash flow related to approval of certain request for equitable adjustments submitted prior to acquisition. | ||||||||||||||||||||||
(9) Represents tax true-up and write-off of bid deposit that existed as of the acquisition date. | ||||||||||||||||||||||
(10) Represents expenses and unrecorded vendor invoices for services rendered prior to acquisition. | ||||||||||||||||||||||
(11) Represents change in amortization of fair value of contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date and the related tax effect. | ||||||||||||||||||||||
(12) Reflects effect of restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements" in this Form 10-K/A – Amendment No. 1. | ||||||||||||||||||||||
The following table summarizes the line items that were recast and restated from the Company's previously reported December 31, 2011 Consolidated Statements of Operations (in thousands) resulting from the final purchase price allocation, including the effect of the restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements": | ||||||||||||||||||||||
Effect of | As Recast for | |||||||||||||||||||||
Purchase Price | Purchase Price | |||||||||||||||||||||
December 31, | Accounting | Accounting | Effect of | As | ||||||||||||||||||
2011 (1) | Finalization (3) | Finalization | Restatement (4) | Restated (2) | ||||||||||||||||||
Net revenue | $ | 118,610 | $ | (513 | ) | $ | 118,097 | $ | - | $ | 118,097 | |||||||||||
Cost of goods sold | $ | 89,822 | $ | (145 | ) | $ | 89,677 | $ | - | $ | 89,677 | |||||||||||
Gross profit | $ | 28,788 | $ | (368 | ) | $ | 28,420 | $ | - | $ | 28,420 | |||||||||||
Income from continuing operations before income taxes | $ | 10,845 | $ | (368 | ) | $ | 10,477 | $ | - | $ | 10,477 | |||||||||||
Income tax (benefit) expense | $ | (955 | ) | $ | (140 | ) | $ | (1,095 | ) | $ | 5,173 | $ | 4,078 | |||||||||
Income from continuing operations | $ | 11,800 | $ | (228 | ) | $ | 11,572 | $ | (5,173 | ) | $ | 6,399 | ||||||||||
Net income | $ | 14,086 | $ | (228 | ) | $ | 13,858 | $ | (5,768 | ) | $ | 8,090 | ||||||||||
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ | 14,064 | $ | (228 | ) | $ | 13,836 | $ | (5,768 | ) | $ | 8,068 | ||||||||||
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: | $ | 1.27 | $ | 1.25 | $ | 0.73 | ||||||||||||||||
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: | $ | 1.27 | $ | 1.25 | $ | 0.73 | ||||||||||||||||
(1) As previously presented in the 2011 consolidated financial statement in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011. | ||||||||||||||||||||||
(2) As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. | ||||||||||||||||||||||
(3) Represents change in amortization of fair value of contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date and the related tax effect. | ||||||||||||||||||||||
(4) Reflects effect of restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements" in this Form 10-K/A – Amendment No. 1. | ||||||||||||||||||||||
The following table summarizes the line items that were recast and restated from the Company's previously reported December 31, 2011 Consolidated Statements of Cash Flows (in thousands) resulting from the final purchase price allocation, including the effect of the restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements": | ||||||||||||||||||||||
Effect of | As Recast for | |||||||||||||||||||||
Purchase Price | Purchase Price | |||||||||||||||||||||
December 31, | Accounting | Accounting | Effect of | As | ||||||||||||||||||
2011 (1) | Finalization (3) | Finalization | Restatement (4) | Restated (2) | ||||||||||||||||||
Net Income | $ | 14,086 | $ | (228 | ) | $ | 13,858 | $ | (5,768 | ) | $ | 8,090 | ||||||||||
Adjustment to reconcile net income from continuing operations to cash provided by operations: | ||||||||||||||||||||||
Amortization to fair value of customer contracts | $ | (775 | ) | $ | 513 | $ | (262 | ) | $ | - | $ | (262 | ) | |||||||||
Depreciation and amortization | $ | 4,961 | $ | (145 | ) | $ | 4,816 | $ | - | $ | 4,816 | |||||||||||
Deferred tax benefit | $ | (3,090 | ) | $ | (140 | ) | $ | (3,230 | ) | $ | 5,173 | $ | 1,943 | |||||||||
Accounts payable and accrued expenses | $ | 148 | $ | (144 | ) | $ | 4 | $ | - | $ | 4 | |||||||||||
(1) As previously presented in the 2011 consolidated financial statement in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011. | ||||||||||||||||||||||
(2) As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A. | ||||||||||||||||||||||
(3) Represents change in amortization of fair value of contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date and the related tax effect. | ||||||||||||||||||||||
(4) Reflects effect of restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements" in this Form 10-K/A – Amendment No. 1. | ||||||||||||||||||||||
The following unaudited pro forma financial information presents the combined results of operations of SEC and Perma-Fix as though the acquisition had occurred as of the beginning of the period presented below, which is January 1, 2011. The pro forma financial information does not necessarily represent the results of operations that would have occurred had SEC and Perma-Fix been a single company during the period presented, nor does management believe that the pro forma financial information presented is necessarily representative of future operating results. | ||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||
31-Dec-11 | ||||||||||||||||||||||
(Amount in thousands, except per share data) | (Unaudited) | |||||||||||||||||||||
Revenue | $ | 193,000 | ||||||||||||||||||||
Net loss from continuing operations | $ | (773 | ) | |||||||||||||||||||
Net loss per share from continuing operations - basic | $ | (.07 | ) | |||||||||||||||||||
Net loss per share from continuing operations - diluted | $ | (.07 | ) | |||||||||||||||||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||||||
NOTE 4 | |||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||||||||
The following summarizes changes in the carrying amount of goodwill by reporting segments. The $840,000 recorded in 2011 resulted from an earn-out amount that we were required to pay in connection with the acquisition of our PFNWR facility in 2007 (See Note 13 – "Commitments and Contingencies – Earn-Out Amount – Perma-Fix Northwest, Inc. ("PFNW") and Perma-Fix Northwest Richland, Inc. ("PFNWR")) for information regarding this earn-out amount). We recorded $13,016,000 in goodwill within our Services Segment resulting from the acquisition of SEC on October 31, 2011. As a result of the acquisition of SEC on October 31, 2011, during the fourth quarter of 2011, the Company made structural and reporting changes to its internal organization and changes to its operating segments, resulting in changes to its reporting units. As a result of these changes, we reassigned approximately $3,637,000 of the $14,840,000 goodwill from our treatment operations reporting unit (in our Treatment Segment) to our CHPRC reporting unit (in our Services Segment) using a relative fair value approach in accordance with ASC 350, "Intangibles – Goodwill and Other". During the third quarter 2012, we reassigned approximately $2,488,000 of the $3,637,000 goodwill from the CHPRC reporting unit back to the Treatment reporting unit to correct our initial calculation completed during the fourth quarter of 2011. We did not amend our filings as this correction had no impact on our Consolidated Balance Sheet, Consolidated Statement of Operations or our cash flows (see Note 2 – "Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets" for further information regarding this reassignment). | |||||||||||||||||||||||||||||
Goodwill (amounts in thousands)(1) | Treatment | Services | Total | ||||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | 14,000 | $ | 1,330 | $ | 15,330 | |||||||||||||||||||||||
Goodwill recorded in connection with PFNWR Earn-Out | 840 | ¾ | 840 | ||||||||||||||||||||||||||
Goodwill recorded in connection with SEC Acqusition | ¾ | 13,016 | 13,016 | ||||||||||||||||||||||||||
Reassignment of goodwill from change in reporting unit | (1,149 | ) | 1,149 | ¾ | |||||||||||||||||||||||||
Balance as of December 31, 2011 | 13,691 | 15,495 | 29,186 | ||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 13,691 | $ | 15,495 | $ | 29,186 | |||||||||||||||||||||||
(1) No impairment losses have been recorded. | |||||||||||||||||||||||||||||
The following table summarizes changes in the carrying amount of permits. No permit exists at our Services Segment. The Company currently has only one definite-lived permit, which is at our DSSI facility. This permit of approximately $545,000 was capitalized in 2009 in connection with the authorization issued by the U.S. EPA to our DSSI facility to commercially store and dispose of radioactive PCBs. This permit is being amortized over a ten year period in accordance with its estimated useful life. | |||||||||||||||||||||||||||||
Permit (amount in thousands) | Treatment | ||||||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | 16,863 | |||||||||||||||||||||||||||
PCB permit amortized | (55 | ) | |||||||||||||||||||||||||||
Permits in progress | 46 | ||||||||||||||||||||||||||||
Balance as of December 31, 2011 | 16,854 | ||||||||||||||||||||||||||||
PCB permit amortized | (55 | ) | |||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 16,799 | |||||||||||||||||||||||||||
The following table summarizes information relating to the Company's other intangible assets: | |||||||||||||||||||||||||||||
31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||||
Useful | Gross | Net | Gross | Net | |||||||||||||||||||||||||
Lives | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||||||||||
(Years) | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||||||
Intangibles (amount in thousands) | |||||||||||||||||||||||||||||
Patent | 18-Aug | $ | 453 | $ | (105 | ) | $ | 348 | $ | 402 | $ | (77 | ) | $ | 325 | ||||||||||||||
Software | 3 | 380 | (145 | ) | 235 | 158 | (66 | ) | 92 | ||||||||||||||||||||
Non-compete agreement | 5 | 265 | (62 | ) | 203 | 265 | (9 | ) | 256 | ||||||||||||||||||||
Customer contracts | 0.5 | 565 | (565 | ) | ¾ | 790 | (230 | ) | 560 | ||||||||||||||||||||
Customer relationships | 12 | 3,370 | (546 | ) | 2,824 | 3,370 | (86 | ) | 3,284 | ||||||||||||||||||||
Total | $ | 5,033 | $ | (1,423 | ) | $ | 3,610 | $ | 4,985 | $ | (468 | ) | $ | 4,517 | |||||||||||||||
Intangible assets recorded as a result of the acquisition of SEC on October 31, 2011 included a non-compete agreement, customer relationships, customer contracts, and software which were recorded at fair market value of approximately $4,429,000 (see Note 3 – "Business Acquisition" for the purchase price allocation of SEC). The intangible assets acquired are amortized on a straight-line basis over their useful lives with the exception of customer relationships which are being amortized using an accelerated method. | |||||||||||||||||||||||||||||
The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets noted above and also includes the only one definite-lived permit, which is at our DSSI facility: | |||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||
Year | (In thousands) | ||||||||||||||||||||||||||||
2013 | $ | 645 | |||||||||||||||||||||||||||
2014 | 602 | ||||||||||||||||||||||||||||
2015 | 506 | ||||||||||||||||||||||||||||
2016 | 429 | ||||||||||||||||||||||||||||
2017 | 354 | ||||||||||||||||||||||||||||
$ | 2,536 | ||||||||||||||||||||||||||||
Amortization expense relating to intangible assets for the Company was $675,000, $241,000, and $79,000 for the years ended December 31, 2012, 2011, and 2010, respectively. The increase in amortization expense for the twelve months ended December 31, 2012 was attributed primarily to amortization of intangible assets acquired from the SEC acquisition. |
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
STOCK BASED COMPENSATION [Abstract] | ' | ||||||||||||
Stock Based Compensation | ' | ||||||||||||
NOTE 5 | |||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||
We follow FASB ASC 718, "Compensation – Stock Compensation" ("ASC 718") to account for stock-based compensation. ASC 718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. | |||||||||||||
The Company has certain stock option plans under which it awards incentive and non-qualified stock options to employees, officers, and outside directors. Stock options granted to employees have either a ten year contractual term with one-fifth yearly vesting over a five year period or a six year contractual term with one-third yearly vesting over a three year period. Stock options granted to outside directors have a ten year contractual term with a vesting period of six months. | |||||||||||||
Giving effect to the reverse stock split, on September 13, 2012, we granted an aggregate of 15,000 options from the Company's 2003 Outside Directors Stock Plan to our five re-elected directors at our Annual Meeting of Stockholders. The options granted were for a contractual term of ten years with vesting period of six months. The exercise price of the options was $5.50 per share which was equal to our closing stock price the day preceding the grant date, pursuant to the 2003 Outside Directors Stock Plan. | |||||||||||||
Giving effect to the reverse stock split, on July 25, 2011, we granted 60,000 Incentive Stock Options ("ISOs") from the 2010 Stock Option Plan to Mr. James Blankenhorn, our Chief Operating Officer, which allows for the purchase of up to 60,000 shares of the Company's Common Stock at $7.85 per share. Mr. Blankenhorn's employment with the Company became effective June 1, 2011. The options granted are for a term of six years from grant date with one-third yearly vesting over a three year period. | |||||||||||||
Upon the closing of the acquisition of SEC on October 31, 2011, Mr. Christopher Leichtweis ("Leichtweis"), a former officer and director of Homeland (now known as Timios National Corporation – "TNC"), was appointed a senior vice president of the Company and President of SEC pursuant to the terms of a four year employment agreement. In connection with Leichtweis' employment on October 31, 2011, we granted, after having given effect to the reverse stock split, Leichtweis a non-qualified stock option (the "Option") to purchase up to 50,000 shares of our Common Stock as reported on the Nasdaq on the grant date, which was $6.75. The Option has a term of 10 years from grant date, with 25% yearly vesting over a four-year period. The Option was granted in accordance with, and is subject to, the Non-Qualified Stock Option Agreement, dated October 31, 2011. | |||||||||||||
The Company estimates fair value of stock options using the Black-Scholes valuation model. Assumptions used to estimate the fair value of stock options granted include the exercise price of the award, the expected term, the expected volatility of the Company's stock over the option's expected term, the risk-free interest rate over the option's expected term, and the expected annual dividend yield. The fair value of the employee and director stock options granted and the related assumptions used in the Black-Scholes option pricing model used to value the options granted for fiscal year 2012, 2011, and 2010 were as follows after giving effect to the reverse stock split: | |||||||||||||
Employee Stock Option Granted | |||||||||||||
For Year Ended | |||||||||||||
2012(4) | 2011 | 2010(4) | |||||||||||
Weighted-average fair value per share | $ | — | $ | 4.1 | $ | — | |||||||
Risk -free interest rate (1) | — | 1.29%-1.92 | % | — | |||||||||
Expected volatility of stock (2) | — | 58.72%-60.02 | % | — | |||||||||
Dividend yield | — | None | — | ||||||||||
Expected option life (in years) (3) | — | 6 | — | ||||||||||
Outside Director Stock Option Granted | |||||||||||||
For Year Ended | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Weighted-average fair value per share | $ | 3.55 | $ | 4.7 | $ | 5.6 | |||||||
Risk -free interest rate (1) | 1.75 | % | 2.29 | % | 2.52 | % | |||||||
Expected volatility of stock (2) | 56.74 | % | 57.48 | % | 60.69 | % | |||||||
Dividend yield | None | None | None | ||||||||||
Expected option life (in years) (3) | 10 | 10 | 10 | ||||||||||
-1 | The risk-free interest rate is based on the U.S. Treasury yield in effect at the grant date over the expected term of the option. | ||||||||||||
-2 | The expected volatility is based on historical volatility from our traded Common Stock over the expected term of the option. | ||||||||||||
-3 | The expected option life is based on historical exercises and post-vesting data. | ||||||||||||
-4 | No employee option grants were made in 2012 and 2010. | ||||||||||||
After giving effect to the reverse stock split, as of December 31, 2012, we had 362,600 employee stock options outstanding, of which 285,100 are vested and the weighted average exercise price of the 285,100 outstanding and fully vested employee stock option is $10.30 with a remaining weighted contractual life of 1.9 years. Additionally, after giving effect to the reverse stock split, we had 166,200 outstanding director stock options, of which 154,200 are vested and the weighted average exercise price of the 154,200 outstanding and fully vested director stock option is $10.55 with a weighted remaining contractual life of 4.5 years. | |||||||||||||
The following table summarizes stock-based compensation recognized for the fiscal year 2012, 2011, and 2010 after giving effect to the reverse stock split. | |||||||||||||
Year Ended | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Employee Stock Options | $ | 140,000 | $ | 246,000 | $ | 276,000 | |||||||
Director Stock Options | 51,000 | 99,000 | 67,000 | ||||||||||
Total | $ | 191,000 | $ | 345,000 | $ | 343,000 | |||||||
We recognized stock-based compensation expense using a straight-line amortization method over the requisite period, which is the vesting period of the stock option grant. ASC 718 requires that stock-based compensation expense be based on options that are ultimately expected to vest. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. We have generally estimated forfeiture rate based on historical trends of actual forfeiture. When actual forfeitures vary from our estimates, we recognize the difference in compensation expense in the period the actual forfeitures occur or when options vest. As of December 31, 2012, we have approximately $286,000 of total unrecognized compensation cost related to unvested options, of which $152,000 is expected to be recognized in 2013, $96,000 in 2014, with the remaining $38,000 in 2015. |
CAPITAL_STOCK_STOCK_PLANS_WARR
CAPITAL STOCK, STOCK PLANS, WARRANTS AND INCENTIVE COMPENSATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
CAPITAL STOCK, STOCK PLANS, WARRANTS AND INCENTIVE COMPENSATION [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
CAPITAL STOCK, STOCK PLANS, WARRANTS AND INCENTIVE COMPENSATION | ' | ||||||||||||||||||||||||||||||||||||
NOTE 6 | |||||||||||||||||||||||||||||||||||||
CAPITAL STOCK, STOCK PLANS, WARRANTS, AND INCENTIVE COMPENSATION | |||||||||||||||||||||||||||||||||||||
Stock Option Plans | |||||||||||||||||||||||||||||||||||||
Effective September 13, 1993, we adopted a Non-qualified Stock Option Plan pursuant to which officers and key employees can receive long-term performance-based equity interests in the Company. The option grants under the plan are exercisable for a period of up to ten years from the date of grant at an exercise price which is not less than the market price of the Common Stock at date of grant. On September 13, 2003, the plan expired. No new options will be issued under this plan, but the options issued under the Plan prior to the expiration date will remain in effect until their respective maturity dates. | |||||||||||||||||||||||||||||||||||||
Effective December 12, 1993, we adopted the 1992 Outside Directors Stock Option Plan. The Plan, as amended, authorized 500,000 shares to be issued under the Plan. This plan provides for the grant of options to purchase up to 5,000 shares of Common Stock for each of our outside directors upon re-election. The plan also provides for the grant of options to purchase up to 15,000 shares of Common Stock to each outside director upon initial election to the Board. The Plan provides that each eligible director shall receive, at such eligible director's option, either 65% or 100% of the fee payable to such director for services rendered to us as a member of the Board in Common Stock. The number of shares of our Common Stock issuable to the eligible director shall be determined by valuing our Common Stock at 75% of its fair market value as defined by the Outside Directors Plan. On December 12, 2003, the plan expired. No new options will be issued under this plan, but the options issued under the Plan prior to the expiration date will remain in effect until their respective maturity dates. | |||||||||||||||||||||||||||||||||||||
Effective July 29, 2003, we adopted the 2003 Outside Directors Stock Plan, which was approved by our stockholders at the Annual Meeting of Stockholders on such date. A maximum of 1,000,000 shares of our Common Stock are authorized for issuance under this plan. The plan provides for the grant of an option to purchase up to 30,000 shares of Common Stock for each outside director upon initial election to the Board of Directors, and the grant of an option to purchase up to 12,000 shares of Common Stock upon each re-election. The options granted generally have vesting period of six months from the date of grant, with exercise price equal to the closing trade price on the date prior to grant date. The plan also provides for the issuance to each outside director a number of shares of Common Stock in lieu of 65% or 100% of the fee payable to the eligible director for services rendered as a member of the Board of Directors. The number of shares issued is determined at 75% of the market value as defined in the plan. During our Annual Meeting of Stockholders held on August 5, 2008, the stockholders approved the First Amendment to our 2003 Outside Director Stock Plan which increased from 1,000,000 to 2,000,000 the number of shares reserved for issuance under the plan. During our Annual Meeting of Stockholders held on September 13, 2012, the stockholders approved the Second Amendment to our 2003 Outside Director Stock Plan which increased from 2,000,000 to 3,000,000 the number of shares reserved for issuance under the plan. | |||||||||||||||||||||||||||||||||||||
Effective July 28, 2004, we adopted the 2004 Stock Option Plan, which was approved by our stockholders at the Annual Meeting of Stockholders on such date. The plan provides for the grants of options to selected officers and employees, including any employee who is also a member of the Board of Directors of the Company. A maximum of 2,000,000 shares of our Common Stock are authorized for issuance under this plan in the form of either Incentive or Non-Qualified Stock Options. The option grants under the plan are exercisable for a period of up to 10 years from the date of grant at an exercise price of not less than market price of the Common Stock at grant date. | |||||||||||||||||||||||||||||||||||||
On April 28, 2010, we adopted the 2010 Stock Option Plan, which was approved by our stockholders at the Company's Annual Meeting of Stockholders on September 29, 2010. The Plan authorizes an aggregate grant of 1,000,000 non-qualified and incentive stock options to officers and employees (including an employee who is a member of the Board of Directors) of the Company for the purchase of up to 1,000,000 shares of the Company's Common Stock. The term of each stock option granted will be fixed by the Compensation Committee, but no stock option will be exercisable more than ten years after the grant date, or in the case of an incentive stock option granted to a 10% stockholder, five years after the grant date. The exercise price of any incentive stock option granted under the Plan to an individual who is not a 10% stockholder at the time of the grant will not be less than the fair market value of the shares at the time of the grant, and the exercise price of any incentive stock option granted to a 10% stockholder shall not be less than 110% of the fair market value at the time of grant. The exercise price of any non-qualified stock options granted under Plan will not be less than the fair market value of the shares at the time of grant. | |||||||||||||||||||||||||||||||||||||
We follow FASB ASC 718 to account for employee and director stock options. See Note 5 – "Stock-Based Compensation" for further discussion on ASC 718. | |||||||||||||||||||||||||||||||||||||
No employees exercised options during 2012 and 2011. After giving effect to the reverse stock split, during 2010, we issued an aggregate of 70,000 shares of our Common Stock upon exercise of 70,000 employee stock options, at exercise prices ranging from $6.25 to $10.95. An employee used 7,642, after giving effect to the reverse stock split, shares of personally held Company Common Stock as payment for the exercise of 14,000 options to purchase 14,000 shares of the Company's Common Stock at $6.25 per share, as permitted under the 1993 Non-Qualified Stock Option Plan. The 7,642 shares are held as treasury stock. The cost of the 7,642 shares was determined to be approximately $88,000 in accordance with the Plan. Total proceeds received during 2010 for option exercises was approximately $509,000. | |||||||||||||||||||||||||||||||||||||
Pursuant to the terms of the Purchase Agreement between the Company, TNC, and SEHC dated July 15, 2011, upon closing of the Purchase Agreement which occurred on October 31, 2011, certain security holders of TNC ("Management Investors") purchased, after giving effect to the reverse stock split, 162,601 restricted shares of the Company's Common Stock for a total consideration of approximately $1,000,000, or $6.15 a share, which was the average of the closing prices of the Company's Common Stock as quoted on the Nasdaq during the 30 trading days ending on the trading day immediately prior to the closing of the acquisition. The purchase of the Company's Common Stock was pursuant to a private placement under Section 4(2) of the Securities Act of 1933, as amended (the "Act") or Rule 506 of Regulation D promulgated under the Act. | |||||||||||||||||||||||||||||||||||||
We issued, after giving effect to the reverse stock split, a total of 34,055, 29,812, and 25,455 shares of our Common Stock in 2012, 2011, and 2010, respectively, under our 2003 Outside Directors Stock Plan to our outside directors as compensation for serving on our Board of Directors. Effective April 1, 2012, we increased the quarterly fees paid to each of our outside directors from $6,500 to $8,000 for serving as a member of our Board of Directors. The Audit Committee Chairman receives an additional quarterly fee of $5,500 due to the position's additional responsibility. In addition, our Research and Development Committee Chairman receives an additional quarterly fee of $1,000 due to the additional time commitment to the position. Each board member is also paid $1,000 for each board meeting attendance as well as $500 for each telephonic conference call. As a member of the Board of Directors, each director elects to receive either 65% or 100% of the director's fee in shares of our Common Stock. The number of shares received is calculated based on 75% of the fair market value of our Common Stock determined on the business day immediately preceding the date that the quarterly fee is due. The balance of each director's fee, if any, is payable in cash. | |||||||||||||||||||||||||||||||||||||
Summary of the status of options under the Company's total Plans and a Non-Qualified Stock Option Agreement, as of December 31, 2012, 2009, and 2010, and changes during the years ending on those dates is presented below, giving the effect to the reverse stock split. The Company's Plans consist of the 1993 Non-Qualified Stock Option Plan, the 2004 and 2010 Stock Option Plans, and the 1992 and 2003 Outside Directors Stock Plans: | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Intrinsic Value (a) | Shares | Weighted Average Exercise Price | Intrinsic Value (a) | Shares | Weighted Average Exercise Price | Intrinsic Value (a) | |||||||||||||||||||||||||||||
1993 Non-qualified Stock Option Plan | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 71,600 | $ | 10.95 | 126,072 | $ | 10.02 | 198,272 | $ | 9.46 | ||||||||||||||||||||||||||||
Exercised | — | — | $ | — | — | — | $ | — | (70,000 | ) | 8.52 | $ | 227,000 | ||||||||||||||||||||||||
Forfeited | (1,100 | ) | 10.95 | (54,472 | ) | 8.79 | (2,200 | ) | 7.25 | ||||||||||||||||||||||||||||
Balance at end of year | 70,500 | 10.95 | $ | — | 71,600 | 10.95 | $ | — | 126,072 | 10.02 | $ | — | |||||||||||||||||||||||||
Options exercisable at year end | 70,500 | 10.95 | $ | — | 71,600 | 10.95 | $ | — | 126,072 | 10.02 | $ | — | |||||||||||||||||||||||||
1992 Outside Directors Stock Plan | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 11,000 | $ | 12.23 | 17,000 | $ | 12.48 | 20,000 | $ | 11.88 | ||||||||||||||||||||||||||||
Forfeited | (8,000 | ) | 13.65 | (6,000 | ) | 12.95 | (3,000 | ) | 8.44 | ||||||||||||||||||||||||||||
Balance at end of year | 3,000 | 10.1 | $ | — | 11,000 | 12.23 | $ | — | 17,000 | 12.48 | $ | — | |||||||||||||||||||||||||
Options exercisable at year end | 3,000 | 10.1 | $ | — | 11,000 | 12.23 | $ | — | 17,000 | 12.48 | $ | — | |||||||||||||||||||||||||
2003 Outside Directors Stock Plan | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 151,200 | $ | 10.56 | 133,200 | $ | 11.04 | 118,800 | $ | 11.36 | ||||||||||||||||||||||||||||
Granted | 12,000 | 5.5 | 18,000 | 7.05 | 14,400 | 8.4 | |||||||||||||||||||||||||||||||
Balance at end of year | 163,200 | 10.19 | $ | — | 151,200 | 10.56 | $ | 12,600 | 133,200 | 11.04 | $ | — | |||||||||||||||||||||||||
Options exercisable at year end | 151,200 | 10.56 | $ | — | 133,200 | 11.04 | $ | — | 118,800 | 11.36 | $ | — | |||||||||||||||||||||||||
2004 Stock Option Plan | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 264,167 | $ | 10.17 | 274,834 | $ | 10.21 | 284,833 | $ | 10.25 | ||||||||||||||||||||||||||||
Forfeited | (82,067 | ) | 9.33 | (10,667 | ) | 11.27 | (10,000 | ) | 11.3 | ||||||||||||||||||||||||||||
Balance at end of year | 182,100 | 10.55 | $ | — | 264,167 | 10.17 | $ | 18,900 | 274,833 | 10.21 | $ | 30,900 | |||||||||||||||||||||||||
Options exercisable at year end | 182,100 | 10.55 | $ | — | 256,167 | 10.26 | $ | 13,700 | 204,467 | 10.18 | $ | 14,100 | |||||||||||||||||||||||||
2010 Stock Option Plan(b) | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 60,000 | $ | 7.85 | — | $ | — | — | $ | — | ||||||||||||||||||||||||||||
Granted | — | — | 60,000 | 7.85 | — | — | |||||||||||||||||||||||||||||||
Balance at end of year | 60,000 | 7.85 | $ | — | 60,000 | 7.85 | $ | — | — | — | $ | — | |||||||||||||||||||||||||
Options exercisable at year end | 20,000 | 7.85 | $ | — | — | — | $ | — | — | — | $ | — | |||||||||||||||||||||||||
Non-Qualified Stock Option Agreement (c) | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 50,000 | $ | 6.75 | — | $ | — | — | $ | — | ||||||||||||||||||||||||||||
Granted | — | — | 50,000 | 6.75 | — | — | |||||||||||||||||||||||||||||||
Balance at end of year | 50,000 | 6.75 | $ | — | 50,000 | 6.75 | $ | 50,000 | — | — | $ | — | |||||||||||||||||||||||||
Options exercisable at year end | 12,500 | 6.75 | $ | — | — | — | $ | — | — | — | $ | — | |||||||||||||||||||||||||
(a) | Represents the difference between the market price at the date of exercise or the end of the year, as applicable, and the exercise price. | ||||||||||||||||||||||||||||||||||||
(b) | Plan was approved in September 2010 which authorizes grants of up to an aggregate of 1,000,000 non-qualified and incentive stock options. | ||||||||||||||||||||||||||||||||||||
(c) | Option agreement entered into between Christopher Leichtweis, President of SEC and the Company on October 31, 2011. See Note 5 – "Stock Based Compensation" for further information on this agreement. | ||||||||||||||||||||||||||||||||||||
The summary of the Company's total Plans and a Non-Qualified Stock Option Agreement as of December 31, 2012, and changes during the period then ended are presented as follows (giving the effect of the reverse stock split): | |||||||||||||||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate Intrinsic | ||||||||||||||||||||||||||||||||||
Average | Average | Value | |||||||||||||||||||||||||||||||||||
Exercise | Remaining | ||||||||||||||||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||||||||||
Options outstanding January 1, 2012 | 607,967 | $ | 9.89 | ||||||||||||||||||||||||||||||||||
Granted | 12,000 | 5.5 | |||||||||||||||||||||||||||||||||||
Exercised | ─ | ─ | $ | ─ | |||||||||||||||||||||||||||||||||
Forfeited/Expired | (91,167 | ) | 9.72 | ||||||||||||||||||||||||||||||||||
Options outstanding End of Period (1) | 528,800 | 9.82 | 3.5 | $ | ─ | ||||||||||||||||||||||||||||||||
Options Exercisable at December 31, 2012(2) | 439,300 | $ | 10.38 | 2.8 | $ | ─ | |||||||||||||||||||||||||||||||
Options Vested and expected to be vested at December 31, 2012 | 528,800 | 9.82 | 3.5 | $ | ─ | ||||||||||||||||||||||||||||||||
(1) Options with exercise prices ranging from $5.50 to $14.75 | |||||||||||||||||||||||||||||||||||||
(2) Options with exercise prices ranging from $7.05 to $14.75 | |||||||||||||||||||||||||||||||||||||
Warrants | |||||||||||||||||||||||||||||||||||||
As of December 31, 2012, we have no Warrants outstanding. On May 8, 2012, the three Warrants outstanding which provided for the purchase of up to an aggregate 30,000 shares of the Company's Common Stock at $7.50 per share expired. See Note 9 – "Long-Term Debt – Promissory Note and Installment Agreement" for further information regarding the Warrants which expired. | |||||||||||||||||||||||||||||||||||||
Shares Reserved | |||||||||||||||||||||||||||||||||||||
At December 31, 2012, we have reserved approximately 528,800 shares of Common Stock for future issuance under all of the option arrangements. |
PREFERRED_STOCK_ISSUANCE_AND_C
PREFERRED STOCK ISSUANCE AND CONVERSION | 12 Months Ended |
Dec. 31, 2012 | |
PREFERRED STOCK ISSUANCE AND CONVERSION [Abstract] | ' |
PREFERRED STOCK ISSUANCE AND CONVERSION | ' |
NOTE 7 | |
PREFERRED STOCK ISSUANCE AND CONVERSION | |
Series B Preferred Stock | |
The Series B Preferred Stock is non-voting and non-convertible, has a $1.00 liquidation preference per share and may be redeemed at the option of the former stockholders of M&EC at any time for the per share price of $1.00. The holders of the Series B Preferred Stock will be entitled to receive when, as, and if declared by the Board of Directors of M&EC out of legally available funds, dividends at the rate of 5% per year per share applied to the amount of $1.00 per share, which shall be fully cumulative. We began accruing dividends for the Series B Preferred Stock in July 2002, and have accrued a total of approximately $675,000 since July 2002, of which $64,000 was accrued in each of the years ended December 31, 2003 to 2012. |
DISCONTINUED_OPERATIONS_AND_DI
DISCONTINUED OPERATIONS AND DIVESTITURES | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
DISCONTINUED OPERATIONS AND DIVESTITURES [Abstract] | ' | ||||||||||||
Discontinued Operations and Divestitures | ' | ||||||||||||
NOTE 8 | |||||||||||||
DISCONTINUED OPERATIONS AND DIVESTITURES | |||||||||||||
Our discontinued operations consist of our PFSG facility which met the held for sale criteria under ASC 360, "Property, Plant, and Equipment" on October 6, 2010. Our discontinued operations also encompass our PFFL, PFO, PFMD, PFD, and PFTS facilities, which were divested on August 12, 2011, October 14, 2011, January 8, 2008, March 14, 2008, and May 30, 2008, respectively. Our discontinued operations also include two previously closed locations, PFMI and PFM. | |||||||||||||
On August 12, 2011, we completed the sale of our wholly-owned subsidiary, PFFL, pursuant to the terms of a Stock Purchase Agreement dated June 13, 2011. In consideration for the sale of 100% of the capital stock of PFFL, the buyer paid us $5,500,000 in cash at closing. The cash consideration was subject to certain working capital adjustments within one hundred twenty days after closing. Expenses related to the sale of PFFL totaled approximately $160,000, of which all have been paid. Gain on the sale of PFFL totaled approximately $1,707,000 (net of taxes of $1,067,000), which included a working capital adjustment of $185,000 recorded during the fourth quarter of 2011. The gain was recorded during the year ended December 31, 2011. | |||||||||||||
On October 14, 2011, we completed the sale of our wholly-owned subsidiary, PFO, pursuant to the terms of an Asset Purchase Agreement dated August 12, 2011. In consideration for such assets, the buyer paid us $2,000,000 in cash at the closing and assumed certain liabilities of PFO. The cash consideration was subject to certain working capital adjustments within one hundred twenty days after closing. Expenses related to the sale of PFO totaled approximately $37,000, of which all have been paid. Loss on the sale of PFO totaled approximately $198,000 (net of taxes of $209,000), which was recorded during the fourth quarter of 2011. No working capital adjustment was made on the sale of PFO. | |||||||||||||
We continue to market our PFSG facility for sale. As required by ASC 360, based on our internal financial valuations, we concluded that no tangible asset impairments existed for PFSG as of December 31, 2012. No intangible asset exists at PFSG. | |||||||||||||
The following table summarizes the results of discontinued operations for the years ended December 31, 2012, 2011, and 2010. The gains on disposals of discontinued operations for PFFL and PFO, net of taxes, are reported separately on our Consolidated Statements of Operations as "Gain on disposal of discontinued operations, net of taxes." The operating results of discontinued operations are included in our Consolidated Statements of Operations as part of our "(Loss) income from discontinued operations, net of taxes." Our net income for 2012 included a tax benefit of approximately $530,000 primarily resulting from our net operating loss. | |||||||||||||
For The Year Ended December 31, | |||||||||||||
Amount in Thousands | 2012 | 2011 | 2010 | ||||||||||
Net revenue | $ | 2,204 | $ | 6,931 | $ | 9,248 | |||||||
Interest Expense | (34 | ) | (68 | ) | (84 | ) | |||||||
Operating loss from discontinued operations | (560 | ) | (366 | ) | (839 | ) | |||||||
Income tax benefit | (530 | ) | (548 | ) | 80 | ||||||||
Gain on disposal of discontined operations (1) | — | 1,509 | — | ||||||||||
Income (loss) from discontinued operations | (30 | ) | 1,691 | (919 | ) | ||||||||
(1) Net of taxes of $1,276,000 for year ended December 31, 2011. | |||||||||||||
Assets related to discontinued operations totaled $2,113,000 and $2,343,000 as of December 31, 2012, and 2011, respectively, and liabilities related to discontinued operations totaled $3,341,000 and $3,972,000 as of December 31, 2012 and 2011, respectively. | |||||||||||||
The following table presents the major classes of assets and liabilities of discontinued operations that are classified as held for sale as of December 31, 2012 and 2011. The held for sale assets and liabilities may differ at the closing of a sale transaction from the reported balances as of December 31, 2012: | |||||||||||||
December 31, | December 31, | ||||||||||||
(Amounts in Thousands) | 2012 | 2011 | |||||||||||
Accounts receivable, net (1) | $ | 391 | $ | 385 | |||||||||
Inventories | 32 | 25 | |||||||||||
Other assets | 16 | 22 | |||||||||||
Property, plant and equipment, net (2) | 1,614 | 1,650 | |||||||||||
Total assets held for sale | $ | 2,053 | $ | 2,082 | |||||||||
Accounts payable | $ | 229 | $ | 190 | |||||||||
Accrued expenses and other liabilities | 528 | 577 | |||||||||||
Note payable | 71 | 105 | |||||||||||
Environmental liabilities | 1,373 | 1,497 | |||||||||||
Total liabilities held for sale | $ | 2,201 | $ | 2,369 | |||||||||
(1) net of allowance for doubtful accounts of $45,000 and $48,000 as of December 31, 2012, and 2011, respectively. | |||||||||||||
(2) net of accumulated depreciation of $60,000 and $62,000 as of December 31, 2012, and 2011, respectively. | |||||||||||||
The following table presents the major classes of assets and liabilities of discontinued operations that are not held for sale as of December 31, 2012 and 2011: | |||||||||||||
December 31, | December 31, | ||||||||||||
(Amounts in Thousands) | 2012 | 2011 | |||||||||||
Other assets | $ | 60 | $ | 261 | |||||||||
Total assets of discontinued operations | $ | 60 | $ | 261 | |||||||||
Accrued expenses and other liabilities | $ | 884 | $ | 1,083 | |||||||||
Accounts payable | 15 | 15 | |||||||||||
Environmental liabilities | 241 | 505 | |||||||||||
Total liabilities of discontinued operations | $ | 1,140 | $ | 1,603 | |||||||||
Environmental Liabilities | |||||||||||||
We have four remediation projects, which are currently in progress at certain of our discontinued facilities. These remediation projects principally entail the removal/remediation of contaminated soil and, in most cases, the remediation of surrounding ground water. All of the remedial clean-up projects in question were an issue for that facility for years prior to our acquisition of the facility and were recognized pursuant to a business combination and recorded as part of the purchase price allocation to assets acquired and liabilities assumed. Three of the facilities (PFD, PFM, and PFSG) are RCRA permitted facilities, and as a result, the remediation activities are closely reviewed and monitored by the applicable state regulators. We recognized our best estimate of such environmental liabilities upon the acquisition of our facilities, as part of the acquisition cost. | |||||||||||||
At December 31, 2012, we had total accrued environmental remediation liabilities of $1,614,000 of which $374,000 is recorded as a current liability, which reflects a decrease of $388,000 from the December 31, 2011 balance of $2,002,000. The net decrease represents payment of approximately $388,000 on remediation projects, increases in reserves of approximately $90,000 at PFD and $33,000 at PFMI and decrease in reserve of approximately $123,000 at PFSG due to reassessment of our remediation reserves. The December 31, 2012, current and long-term accrued environmental balance is recorded as follows (in thousands): | |||||||||||||
Current | Long-term | ||||||||||||
Accrual | Accrual | Total | |||||||||||
PFD | $ | 7 | $ | 92 | $ | 99 | |||||||
PFM | 23 | 38 | 61 | ||||||||||
PFSG | 343 | 1,030 | 1,373 | ||||||||||
PFMI | 1 | 80 | 81 | ||||||||||
Total Liability | $ | 374 | $ | 1,240 | $ | 1,614 | |||||||
LONG_TERM_DEBT
LONG TERM DEBT | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
LONG-TERM DEBT [Abstract] | ' | ||||||||
Long Term Debt | ' | ||||||||
NOTE 9 | |||||||||
LONG-TERM DEBT | |||||||||
Long-term debt consists of the following at December 31, 2012 and December 31, 2011: | |||||||||
(Amounts in Thousands) | 31-Dec-12 | 31-Dec-11 | |||||||
Revolving Credit facility dated October 31, 2011, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, variable interest paid monthly at option of prime rate (3.25% at December, 2012) plus 2.0% or London InterBank Offer Rate ("LIBOR") plus 3.0%, balance due October 31, 2016. Effective interest rate for 2012 and 2011 was 3.8% and 4.4%, respectively. (1) (2) | $ | — | $ | — | |||||
Term Loan dated October 31, 2011, payable in equal monthly installments of principal of $190, balance due in October 31, 2016, variable interest paid monthly at option of prime rate plus 2.5% or LIBOR plus 3.5%. Effective interest rate for 2012 and 2011 was 3.9% and 4.2%, respectively. (1) (2) | 13,524 | 15,810 | |||||||
Promissory Note dated April 18, 2011, payable in monthly installments of principal of $83 starting May 8, 2011, balance due April 8, 2012, variable interest paid monthly at LIBOR plus 4.5%, with LIBOR at least 1.5%.(3) (4) (5) | — | 318 | |||||||
Promissory Note dated September 28, 2010, payable in 36 monthly equal installments of $40, which includes interest and principal, beginning October 15, 2010, interest accrues at annual rate of 6.0% (5) | 352 | 798 | |||||||
Promissory Note dated October 31, 2011, payable in monthly installments of $76, which includes interest and principal, starting November 15, 2011, interest accrues at annual rate of 6.0%, balance due May 15, 2014. (5) (6) | — | 636 | |||||||
Various capital lease and promissory note obligations, payable 2013 to 2014, interest at rates ranging from 5.2% to 8.0%.(7) | 391 | 259 | |||||||
14,267 | 17,821 | ||||||||
Less current portion of long-term debt | 2,794 | 3,521 | |||||||
Less long-term debt related to assets held for sale | 71 | 105 | |||||||
$ | 11,402 | $ | 14,195 | ||||||
(1) Our Revolving Credit facility is collateralized by our accounts receivable and our Term Loan is collateralized by our property, plant, and equipment. | |||||||||
(2) On October 31, 2011, the Company entered into an "Amended and Restated Revolving Credit, Term Loan and Security Agreement" with PNC Bank. Under the original credit facility with PNC dated December 22, 2000, as amended, variable interest was determined based on the options as noted; however, variable interest under the LIBOR option provided for a minimum floor base of 1.0% for both our Revolving Credit and Term Loan from January 1, 2011 to October 30, 2011. | |||||||||
(3) Original promissory note dated May 8, 2009 of $3,000,000 was modified on April 18, 2011, with principal balance of approximately $990,000. See "Promissory Notes and Installment Agreements" below for terms of original and amended promissory notes and the final payment made on the note. | |||||||||
(4) Net of debt discount of ($0) and ($117,000) for December 31, 2012 and December 31, 2011, respectively. See "Promissory Notes and Installment Agreements" below for additional information. | |||||||||
(5) Uncollateralized note. | |||||||||
(6) Promissory note entered into in connection with acquisition of SEC on October 31, 2011. See "Promissory Notes and Installment Agreements" below for cancellation and termination of the October 31. 2011 note in connection with settlement with TNC regarding certain claims that the Company asserted against TNC subsequent to the acquisition of SEC on October 31, 2011. | |||||||||
(7) Includes the $230,000 New Note issued to TNC on February 12, 2013 as discussed in Note 3 - "Business Combination." This note was issued to replace the remaining balance of $1,460,000 of the $2,500,000 October Note issued on October 31, 2012 in connection with the acquisition of SEC. The remaining balance of the $1,460,000 October Note was cancelled and terminated on February 12, 2013, in connection with settlement with TNC regarding certain claims that the Company asserted against TNC subsequent to the acquisition of SEC on October 31, 2011. | |||||||||
Revolving Credit and Term LoanAgreement | |||||||||
On October 31, 2011, in connection with the acquisition of SEC, we entered into an Amended and Restated Revolving Credit, Term Loan and Security Agreement, dated October 31, 2011 ("Amended Loan Agreement"), with PNC Bank, National Association ("PNC"), acting as agent and lender, replacing our previous Loan Agreement with PNC. The Amended Loan Agreement provides us with the following credit facilities: | |||||||||
· | up to $25,000,000 revolving credit facility ("Revolving Credit"), subject to the amount of borrowings based on a percentage of eligible receivables. The revolving credit advances are subject to limitations of an amount up to the sum of (a) up to 85% of Commercial Receivables aged 90 days or less from invoice date, (b) up to 85% of Commercial Broker Receivables aged up to 120 days from invoice date, (c) up to 85% of acceptable Government Agency Receivables aged up to 150 days from invoice date, and (d) up to 50% of acceptable unbilled amounts aged up to 60 days, less (e) reserves the Agent reasonably deems proper and necessary; | ||||||||
· | a term loan ("Term Loan") of $16,000,000, which requires monthly installments of approximately $190,000 (based on a seven-year amortization); and | ||||||||
· | equipment line of credit up to $2,500,000, subject to certain limitations. | ||||||||
The Amended Loan Agreement terminates as of October 31, 2016, unless sooner terminated. | |||||||||
We have the option of paying an annual rate of interest due on the revolving credit facility at prime plus 2% or London Inter Bank Offer Rate ("LIBOR") plus 3% and the term loan and equipment credit facilities at prime plus 2.5% or LIBOR plus 3.5%. | |||||||||
As a condition of the Amended Loan Agreement, we paid the remaining balance due under the term loan under our previous Loan Agreement, totaling approximately $3,833,000, using our credit facilities under the Amended Loan Agreement. In connection with the Amended Loan Agreement, we paid PNC a fee of $217,500 and incurred other direct costs of approximately $298,000 (of which $33,000 was incurred in 2012), all of which are being amortized over the term of the Amended Loan Agreement as interest expense – financing fees. As a result of the termination of the original Loan Agreement with PNC, we recorded approximately $91,000 during the fourth quarter of 2011 in loss on extinguishment of debt in accordance with ASC 470-50, "Debt – Modifications and Extinguishments." As of December 31, 2012, the excess availability under our revolving credit was $10,146,000, based on our eligible receivables. | |||||||||
Pursuant to the Amended Loan Agreement, we may terminate the Amended Loan Agreement upon 90 days' prior written notice and upon payment in full of our obligations under the Amended Loan Agreement. We agreed to pay PNC 1.0% of the total financing in the event we pay off our obligations on or before October 31, 2012 and 0.5% of the total financing if we pay off our obligations after October 31, 2012, but prior to or on October 31, 2013. No early termination fee shall apply if we pay off our obligations under the Amended Loan Agreement after October 31, 2013. | |||||||||
On November 7, 2012, we entered into an Amendment to our Amended Loan Agreement. This Amendment provided for the exclusion of approximately $700,000 in certain costs related to the acquisition and $1,600,000 of of costs incurred related to certain contracts assumed in connection with the acquisition of SEC, in calculating the fixed charge ratio commencing September 30, 2012. The minimum fixed charge coverage ratio of 1.25 to 1.0 for the four quarter period endings as of the each of the fiscal quarters remains unchanged. As a condition of this Amendment, we agreed to pay PNC a fee of $15,000, which is being amortized over the term of the Amended Loan Agreement. All other terms of the Amended Loan Agreement remain principally unchanged. | |||||||||
Promissory Notes and Installment Agreements | |||||||||
The Company had a promissory note dated May 8, 2009, with William N. Lampson and Diehl Rettig (collectively, the "Lenders") for $3,000,000, which was amended on April 18, 2011 ("Amended Note"). Pursuant to the Amended Note, the remaining principal balance on the promissory note of approximately $990,000 was repaid in twelve monthly principal payments of approximately $82,500 plus accrued interest, starting May 8, 2011, with interest payable at the same rate of the original loan, which was LIBOR plus 4.5%, with LIBOR at least 1.5%. The Lenders were former shareholders of Nuvotec USA, Inc. (now known as ("n/k/a") Perma-Fix Northwest, Inc. ("PFNW")) prior to our acquisition of PFNW and Pacific EcoSolution, Inc. ("PEcoS") (n/k/a Perma-Fix Northwest Richland, Inc. ("PFNWR")) and are also stockholders of the Company, having received shares of our Common Stock in connection with our acquisition of PFNW and PFNWR. As consideration of the Company receiving the loan dated May 8, 2009, we issued a Warrant to Mr. Lampson ("Lampson Warrant") and a Warrant to Mr. Diehl to purchase, after taking into account the reverse stock split, up to 27,000 and 3,000 shares, respectively, of the Company's Common Stock at an exercise price of $7.50 per share. We also issued to them, after taking into account the reverse stock split, an aggregate of 40,000 shares of the Company's Common Stock, with Mr. Lampson receiving 36,000 shares and Mr. Rettig receiving 4,000 shares. In connection with the April 18, 2011 Amended Note, the expiration date of the Warrants were extended to May 8, 2012 from May 8, 2011 (Mr. Rettig is deceased; accordingly, the amended Warrant and the note payments were held by and paid to his personal representative/estate). During 2011, Mr. Robert L. Ferguson, a member of our Board of Directors who did not stand for re-election at our 2012 Annual Meeting of Stockholders held on September 13, 2012, acquired from Mr. William Lampson one-half of the Lampson Warrant (see Note 15 – "Related Party Transaction – Mr. Robert L. Ferguson"). The Company made the final payment on the note in April 2012. The Warrants as discussed above were not exercised and expired on May 8, 2012. The debt discount recorded in connection with the Common Stock and Warrants was fully amortized by April 2012 | |||||||||
The promissory note included an embedded Put Option ("Put") that could have been exercised upon default, whereby the lender had the option to receive a cash payment equal to the amount of the unpaid principal balance plus all accrued and unpaid interest, or the number of whole shares of our Common Stock equal to the outstanding principal balance. The maximum number of payoff shares was restricted to less than 19.9% of the outstanding equity. We concluded that the Put should have been bifurcated at inception. We determined that the Put had nominal value at inception and during its life; therefore, no liability was recorded prior to its expiration date. | |||||||||
In connection with the acquisition of SEC, as partial consideration of the purchase price, we entered into a $2,500,000 unsecured, non-negotiable promissory note (the "October Note") on October 31, 2011, bearing an annual rate of interest of 6%, payable in 36 monthly installments, with TNC. The October Note provides that we have the right to prepay such at any time without interest or penalty. We prepaid $500,000 of the principal amount of the October Note within 10 days of closing of the acquisition. Under certain conditions, the October Note is subject to offset of amounts TNC owes us under certain terms and provisions of the Purchase Agreement and the October Note. Starting with the July 15, 2012 installment payments, our monthly installment payments consisted of interest payment only as we believed we had certain claims against TNC for breach of certain representations and covenant subsequent to our acquisition of SEC on October 31, 2012. As settlement of the aforementioned claims, the October Note was cancelled and terminated on February 12, 2013. A net reduction adjustment of approximately $1,230,000 was recorded retrospectively as part of our final purchase price allocation of SEC in connection with this note settlement (see Note 3 – "Business Acquisition" for further information of this settlement with TNC). | |||||||||
The October Note payable to SEC included an embedded conversion option ("Conversion Option") that can be exercised upon default, whereby TNC has the option to convert the unpaid portion of the Note into a number of whole shares of our restricted Common Stock. The number of shares of our restricted Common Stock to be issuable under the Conversion Option is determined by the principal amount owing under the Note at the time of default plus all accrued and unpaid interest and expenses (as defined) divided by the average of the closing price per share of our Common Stock as reported by the primary national securities exchange on which our Common Stock is traded during the 30 consecutive trading day period ending on the trading day immediately prior to receipt by us of TNC's written notice of its election to receive our Common Stock as a result of the event of default by us, with the number of shares of our Common Stock issuable upon such default subject to certain limitations. We concluded that the Conversion Option had nominal value up to the termination of the October Note. | |||||||||
On September 28, 2010, the Company entered into a promissory note in the principal amount of $1,322,000, with the former shareholders of Nuvotec in connection with an earn-out amount that we are required to pay upon meeting certain conditions for each earn-out measurement year ended June 30, 2008 to June 30, 2011, as a result of our acquisition of PFNW and PFNWR. Interest is accrued at an annual interest rate of 6%. The promissory note provides for 36 equal monthly payments of approximately $40,000, consisting of interest and principal, starting October 15, 2010. The promissory note may be prepaid at any time without penalty. See further details of the earn-out amount in Note 13 – "Commitments and Contingencies - Earn-Out Amount." | |||||||||
The following table approximates amount of the maturities of long-term debt maturing in future years as of December 31, 2012 of our continuing operations (in thousands): | |||||||||
Year ending December 31: | |||||||||
2013 | $ | 2,794 | |||||||
2014 | 2,440 | ||||||||
2015 | 2,296 | ||||||||
2016 | 6,666 | ||||||||
Total | $ | 14,196 | |||||||
Debt related to assets held for sale totals $71,000 at December 31, 2012, and is due as follows: $36,000 in 2013 and $35,000 in 2014. | |||||||||
Capital Leases | |||||||||
The following table lists future maturities of the capital leases as of December 31, 2012 of our continuing operations (in thousands): | |||||||||
Captial Leases | |||||||||
Year ending December 31: | |||||||||
2013 | $ | 53 | |||||||
2014 | 37 | ||||||||
2015 | ― | ||||||||
2016 | ― | ||||||||
2017 | ― | ||||||||
Total Minimum Lease Payments | 90 | ||||||||
Less amount representing interest (effective interest rate of 6.50%) | (5 | ) | |||||||
Less estimated executory costs | ― | ||||||||
Net minimum lease payments | 85 | ||||||||
Less current installments of obligations under capital leases | 53 | ||||||||
Obligations under capital leases excluding current installments | $ | 32 | |||||||
As of December 31, 2012, total debt related to assets held for sale noted above were all capital leases and are due as noted above. |
ACCRUED_EXPENSES
ACCRUED EXPENSES | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
ACCRUED EXPENSES [Abstract] | ' | ||||||||
ACCRUED EXPENSES | ' | ||||||||
NOTE 10 | |||||||||
ACCRUED EXPENSES | |||||||||
Accrued expenses at December 31 include the following (in thousands): | |||||||||
2012 | 2011 | ||||||||
Salaries and employee benefits | $ | 4,430 | $ | 6,348 | |||||
Accrued sales, property and other tax | 793 | 506 | |||||||
Interest payable | 29 | 96 | |||||||
Insurance payable | 978 | 1,462 | |||||||
Other | 442 | 1,022 | |||||||
Total accrued expenses | $ | 6,672 | $ | 9,434 | |||||
The Company has discretionary individual Management Incentive Plans ("MIPs") for our CEO, CFO, COO, and SEC President. Each 2012 MIP authorizes the Compensation Committee to recommend a cash incentive bonus to the executive for performance during the 2012 calendar year, if the Compensation Committee determined, in its sole discretion, that such bonus compensation is appropriate based on the considerations enumerated in each 2012 MIP relating to Company performance and the executive's individual performance during 2012. Each 2012 MIP is discretionary and payable only if recommended by the Company's Compensation Committee and approved by the Board of Directors at the Company's fiscal year end (the SEC's President's MIP contains a gross profit target component but this target was not met during fiscal year 2012). As payment under each of the 2012 MIPs is discretionary and do not contain quantitative targets (with the exception of the gross profit targt under the SEC President's) no performance incentive payments under the 2012 MIPs have been recommended by the Compensation Committee as of December 31, 2012. |
ACCRUED_CLOSURE_COSTS
ACCRUED CLOSURE COSTS | 12 Months Ended | ||||
Dec. 31, 2012 | |||||
ACCRUED CLOSURE COSTS [Abstract] | ' | ||||
ACCRUED CLOSURE COSTS | ' | ||||
NOTE 11 | |||||
ACCRUED CLOSURE COSTS | |||||
We accrue for the estimated closure costs as determined pursuant to Resource Conservation and Recovery Act ("RCRA") guidelines for all fixed-based regulated facilities, even though we do not intend to or have present plans to close any of our existing facilities. The permits and/or licenses define the waste, which may be received at the facility in question, and the treatment or process used to handle and/or store the waste. In addition, the permits and/or licenses specify, in detail, the process and steps that a hazardous waste or mixed waste facility must follow should the facility be closed or cease operating as a hazardous waste or mixed waste facility. Closure procedures and cost calculations in connection with closure of a facility are based on guidelines developed by the federal and/or state regulatory authorities under RCRA and the other appropriate statutes or regulations promulgated pursuant to the statutes. The closure procedures are very specific to the waste accepted and processes used at each facility. We recognize the closure cost as a liability on the balance sheet. Since all our facilities are acquired facilities, the closure cost for each facility was recognized pursuant to a business combination and recorded as part of the purchase price allocation of fair value to identifiable assets acquired and liabilities assumed. The closure calculation is increased annually for inflation based on RCRA guidelines, and for any approved changes or expansions to the facility, which may result in either an increase or decrease in the approved closure amount. | |||||
Changes to reported closure liabilities for the years ended December 31, 2011 and 2012, were as follows: | |||||
Amounts in thousands | |||||
Balance as of December 31, 2010 | $ | 12,362 | |||
Accretion expense | 79 | ||||
Payments | ― | ||||
Adjustments | (504 | ) | |||
Balance as of December 31, 2011 | 11,937 | ||||
Accretion expense | 185 | ||||
Payments | (773 | ) | |||
Adjustments | ― | ||||
Balance as of December 31, 2012 | $ | 11,349 | |||
The adjustment to the obligation in 2011 was due to a change in the the estimated closure for our PFNWR facility. The decrease in closure accrual in 2012 included approximately $773,000 of costs incurred in connection with the closure of a processing unit at our PFNWR facility. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
NOTE 12 | |||||||||||||
INCOME TAXES | |||||||||||||
The components of current and deferred federal and state income tax expense (benefit) for continuing operations for the years ended December 31, consisted of the following (in thousands): | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Federal income tax (benefit) expense - current | $ | (2,107 | ) | $ | 2,043 | $ | 112 | ||||||
Federal income tax expense - deferred | 11 | 1,938 | 218 | ||||||||||
State income tax expense (benefit) - current | 191 | 92 | (85 | ) | |||||||||
State income tax (benefit) expense - deferred | (246 | ) | 5 | (10 | ) | ||||||||
Total income tax expense (benefit) | $ | (2,151 | ) | $ | 4,078 | $ | 235 | ||||||
We had temporary differences and net operating loss carry forwards from both our continuing and discontinued operations, which gave rise to deferred tax assets and liabilities at December 31, as follows (in thousands): | |||||||||||||
Deferred tax assets: | 2012 | 2011 | |||||||||||
Net operating losses | $ | 4,612 | $ | 4,425 | |||||||||
Environmental and closure reserves | 4,740 | 5,047 | |||||||||||
Impairment of assets | 505 | 505 | |||||||||||
Investment | (59 | ) | 197 | ||||||||||
Other | 3,798 | 4,513 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (7,875 | ) | (8,936 | ) | |||||||||
Prepaid expenses | (16 | ) | (46 | ) | |||||||||
5,705 | 5,705 | ||||||||||||
Valuation allowance | (5,729 | ) | (6,428 | ) | |||||||||
Net deferred income tax liabilities | (24 | ) | (723 | ) | |||||||||
An overall reconciliation between the expected tax expense (benefit) using the federal statutory rate of 34% and the provision (benefit) for income taxes from continuing operations as reported in the accompanying consolidated statement of operations is provided below. | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Tax (benefit) expense at statutory rate | $ | (1,847 | ) | $ | 3,557 | $ | 1,740 | ||||||
State tax (benefit) expense, net of federal benefit | (131 | ) | 53 | (56 | ) | ||||||||
Previously unrecorded state tax benefit | ― | ― | (173 | ) | |||||||||
Permanent items | 110 | 150 | 61 | ||||||||||
Other | (100 | ) | 355 | (1,325 | ) | ||||||||
(Decrease) increase in valuation allowance | (183 | ) | (37 | ) | (12 | ) | |||||||
Income tax (benefit) expense | $ | (2,151 | ) | $ | 4,078 | $ | 235 | ||||||
The provision for income taxes is determined in accordance with ASC 740, "Income Taxes". Deferred income tax assets and liabilities are recognized for future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||
The Company regularly assesses the likelihood that the deferred tax asset will be recovered from future taxable income. The Company considers projected future taxable income and ongoing tax planning strategies, then records a valuation allowance to reduce the carrying value of the net deferred income taxes to an amount that is more likely than not to be realized. In 2012, 2011 and 2010, we determined that it was more likely than not that approximately $5,729,000, $6,428,000 and $6,024,000, respectively, of deferred income tax assets would not be realized, and as such, a full valuation allowance was applied against those deferred income tax assets. Our valuation allowance decreased by approximately $183,000, $37,000 and $12,000 for the years ended December 31, 2012, 2011, and 2010, respectively. | |||||||||||||
We have estimated net operating loss carryforwards (NOLs) for federal and state income tax purposes of approximately $6,091,000 and $46,205,000, respectively, as of December 31, 2012. These net operating losses can be carried forward and applied against future taxable income, if any, and expire in various amounts through 2021. However, as a result of various stock offerings and certain acquisitions, which in the aggregate constitute a change in control, the use of these NOLs will be limited under the provisions of Section 382 of the Internal Revenue Code of 1986, as amended. Additionally, NOLs may be further limited under the provisions of Treasury Regulation 1.1502-21 regarding Separate Return Limitation Years. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2012 | |||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
NOTE 13 | |||||
COMMITMENTS AND CONTINGENCIES | |||||
Hazardous Waste | |||||
In connection with our waste management services, we handle both hazardous and non-hazardous waste, which we transport to our own, or other, facilities for destruction or disposal. As a result of disposing of hazardous substances, in the event any cleanup is required, we could be a potentially responsible party for the costs of the cleanup notwithstanding any absence of fault on our part. | |||||
Legal Matters | |||||
In the normal course of conducting our business, we are involved in various litigations. We are not a party to any litigation or governmental proceeding which our management believes could result in any judgments | |||||
or fines against us that would have a material adverse affect on our financial position, liquidity or results of future operations. | |||||
Earn-Out Amount – Perma-Fix Northwest, Inc. ("PFNW") and Perma-Fix Northwest Richland, Inc. ("PFNWR") | |||||
In connection with the acquisition of PFNW and PFNWR in June 2007, we were required to pay to those former shareholders of Nuvotec (which includes Mr. Robert L. Ferguson, a member of our Board of Directors who did not stand for re-election at our 2012 Annual Meeting of Stockholders held on September 13, 2012 – see Note 15 – "Related Party Transactions – Mr. Robert L. Ferguson") an earn-out amount upon meeting certain conditions for each measurement year ended June 30, 2008 to June 30, 2011, with the aggregate of the full earn-out amount not to exceed $4,552,000, pursuant to the Merger Agreement, as amended ("Agreement"). As of December 31, 2012, an aggregate earn-out amount of $3,896,000 has been paid or is payable as follows: (i) $2,574,000 in cash; and (ii) we issued a promissory note, dated September 28, 2010, in the principal amount of $1,322,000, payable in thirty six equal monthly payments of approximately $40,000 consisting of interest and principal, starting October 15, 2010. The total $3,896,000 in earn-out amount paid to date or to be paid pursuant to the promissory note excludes approximately an aggregate $656,000 in Offset Amount, which represents an indemnification obligation (as defined by the Merger Agreement) which is payable or may be payable to the Company by the former shareholders of Nuvotec. Pursuant to the Merger Agreement, the aggregate amount of any Offset Amount may total up to $1,000,000, except an Offset Amount is unlimited as to indemnification relating to liabilities for taxes, misrepresentation or inaccuracies with respect to the capitalization of Nuvotec or PEcoS or for willful or reckless misrepresentation of any representation, warranty or covenant. The $656,000 Offset Amount (which was recorded as part of the purchase price allocation of PFWNR) represents approximately $93,000 relating to an excise tax issue and a refund request from a PEcoS customer in connection with services for waste treatment prior to our acquisition of PFNWR and PFNW and an anticipated Offset Amount of $563,000 in connection with the receipt of nonconforming waste at the PFNWR facility prior to our acquisition of PFNWR and PFNW. We are currently involved in litigation with the party that delivered the nonconforming waste to the facility prior to our acquisition of PFNWR and PFNW. | |||||
Pension Liability | |||||
We had a pension withdrawal liability of $301,000 at December 31, 2012, based upon a withdrawal letter received from Central States Teamsters Pension Fund ("CST"), resulting from the termination of the union employees at PFMI and a subsequent actuarial study performed. In August 2005, we received a demand letter from CST, amending the liability to $1,629,000, and provided for the payment of $22,000 per month, including interest at 8% per annum, over an eight year period. | |||||
Insurance | |||||
The Company has a 25-year finite risk insurance policy entered into in June 2003 with Chartis, a subsidiary of American International Group, Inc. ("AIG"), which provides financial assurance to the applicable states for our permitted facilities in the event of unforeseen closure. Prior to obtaining or renewing operating permits, we are required to provide financial assurance that guarantees to the states that in the event of closure, our permitted facilities will be closed in accordance with the regulations. The policy, as amended, provides for a maximum allowable coverage of $39,000,000 and has available capacity to allow for annual inflation and other performance and surety bond requirements. We have made all of the required payments for this finite risk insurance policy, as amended, of which the last two payments ($1,073,000 and $1,054,000) were made in the first quarter of 2012. Fourteen payments totaling $18,305,000 have been made for this policy of which $14,472,000 has been deposited into a sinking fund account which represents a restricted cash account; $2,883,000 represented full/terrorism premium; and $950,000 represented fee payable to Chartis. As of December 31, 2012, our financial assurance coverage amount under this policy totaled approximately $37,524,000. We have recorded $15,382,000 in our sinking fund related to the policy noted above in other long term assets on the accompanying balance sheets, which includes interest earned of $911,000 on the sinking fund as of December 31, 2012. Interest income for twelve months ended December 31, 2012, was approximately $30,000. On the fourth and subsequent anniversaries of the contract inception, we may elect to terminate this contract. If we so elect, Chartis is obligated to pay us an amount equal to 100% of the sinking fund account balance in return for complete releases of liability from both us and any applicable regulatory agency using this policy as an instrument to comply with financial assurance requirements. | |||||
In August 2007, we entered into a second finite risk insurance policy for our PFNWR facility with Chartis. The policy provided an initial $7,800,000 of financial assurance coverage with an annual growth rate of 1.5%, which at the end of the four year term policy, provides maximum coverage of $8,200,000. We have made all of the required payments on this policy, totaling $7,158,000, of which $5,700,000 has been deposited into a sinking fund account and $1,458,000 represented premium. As of December 31, 2012, we have recorded $5,890,000 in our sinking fund related to this policy in other long term assets on the accompanying balance sheets, which includes interest earned of $190,000 on the sinking fund as of December 31, 2012. Interest income for the twelve months ended December 31, 2012 totaled approximately $3,000. This policy is renewed annually at the end of the four year term with a nominal fee for the variance between the policy and coverage requirement. We renewed this policy in 2011 and 2012 with an annual fee of $46,000. All other terms of the policy remain substantially unchanged. | |||||
Operating Leases | |||||
We lease certain facilities and equipment under operating leases. The following table lists future minimum rental payments as of December 31, 2012 under these leases for our continuing operations (in thousands): | |||||
Year ending December 31: | |||||
2013 | $ | 883 | |||
2014 | 802 | ||||
2015 | 733 | ||||
2016 | 587 | ||||
2017 | 529 | ||||
beyond 2017 | 174 | ||||
Total | $ | 3,708 | |||
We have no future minimum rental payment requirement for our discontinued operations as of December 31, 2012. | |||||
Total rent expense was $1,569,000, $1,289,000, and $1,025,000 for 2012, 2011, and 2010, respectively for our continuing operations. These amounts included payments on non-cancelable operating leases of approximately $972,000, $762,000, and $653,000 for 2012, 2011, and 2010, respectively. The remaining rent expense was for non-contractual monthly and daily rentals of specific use vehicles, machinery and equipment. | |||||
Total rent expense was $42,000, $239,000, and $269,000 for 2012, 2011, and 2010, respectively for our discontinued operations. These amounts included payments on non-cancelable operating leases of approximately $5,000, $135,000, and $216,000, respectively. The remaining rent expense was for non-contractual monthly and daily rentals of specific use vehicles, machinery and equipment. |
PROFIT_SHARING_PLAN
PROFIT SHARING PLAN | 12 Months Ended |
Dec. 31, 2012 | |
PROFIT SHARING PLAN [Abstract] | ' |
PROFIT SHARING PLAN | ' |
NOTE 14 | |
PROFIT SHARING PLAN | |
We adopted a 401(k) Plan in 1992, which is intended to comply with Section 401 of the Internal Revenue Code and the provisions of the Employee Retirement Income Security Act of 1974. All full-time employees who have attained the age of 18 are eligible to participate in the 401(k) Plan. Eligibility is immediate upon employment but enrollment is only allowed during two yearly open periods of January 1 and July 1. Participating employees may make annual pretax contributions to their accounts up to 100% of their compensation, up to a maximum amount as limited by law. We, at our discretion, may make matching contributions of 25% based on the employee's elective contributions. Our contributions vest over a period of five years. We contributed $348,000, $432,000, and $431,000, in matching funds during 2012, 2011, and 2010, respectively. Effective June 15, 2012, we suspended our matching contribution in an effort to reduce costs in light of the recent economic environment. We will evaluate the reversal of this suspension as the economic environment improves. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2012 | |
RELATED PARTY TRANSACTIONS [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 15 | |
RELATED PARTY TRANSACTIONS | |
Mr. Robert Schreiber, Jr. | |
During March 2011, we entered into a lease with Lawrence Properties LLC, a company jointly owned by Robert Schreiber, Jr., the President of Schreiber, Yonley and Associates, and Mr. Schreiber's spouse. Mr. Schreiber is a member of our executive management team. The lease is for a term of five years starting June 1, 2011. Under the lease, we pay monthly rent of approximately $11,400, which we believe is lower than costs charged by unrelated third party landlords. Additional rent will be assessed for any increases over the new lease commencement year for property taxes or assessments and property and casualty insurance premiums. | |
Mr. David Centofanti | |
Mr. David Centofanti serves as our Director of Information Services. For such services, he received total compensation in 2012 of approximately $165,000. Mr. David Centofanti is the son of our Chief Executive Officer and Chairman of our Board, Dr. Louis F. Centofanti. We believe the compensation received by Mr. Centofanti for his technical expertise which he provides to the Company is competitive and comparable to compensation we would have to pay to an unaffiliated third party with the same technical expertise. | |
Mr. Robert L. Ferguson | |
Mr. Robert Ferguson was nominated to serve as a Director in connection with the closing of the acquisition of Nuvotec (now known as Perma-Fix Northwest, Inc. ("PFNW")) and its wholly owned subsidiary, Pacific EcoSolutions, Inc. ("PEcoS") (now known as Perma-Fix Northwest Richland, Inc. ("PFNWR")) in June 2007 and subsequently elected as a Director at our Annual Meeting of Shareholders held in August 2007. At the time of the acquisition, Mr. Ferguson was the Chairman, Chief Executive Officer, and individually or through entities controlled by him, the owner of approximately 21.29% of Nuvotec's outstanding Common Stock. Mr. Ferguson served as a director until his resignation in February 2010. Mr. Ferguson was recommended by the Corporate Governance and Nominating Committee and the Board of Directors nominated Mr. Ferguson to stand for election as a Director at our 2011 Annual Meeting of Stockholders, at which time he was elected as a Director. See discussion under Note 9 – "Long-Term Debt – Promissory Notes and Installment Agreements" and Note 13 – "Commitment and Contingencies – Earn-Out Amount – PFNW and PFNWR" as to payments that have been made or are required to be made as a result of the acquisition to the former shareholders of PFNWR and PFNW. Mr. Ferguson elected not to stand for re-election at the Company's 2012 Annual Meeting of Stockholders held on September 13, 2012. | |
Christopher Leichtweis | |
The Company is obligated to make lease payments of approximately $29,000 per month through June 2018, pursuant to a Lease Agreement, dated June 1, 2008 (the "Lease"), between Leichtweis Enterprises, LLC, as lessor, and Safety and Ecology Holdings Corporation ("SEHC"), as lessee. Leichtweis Enterprises, LLC, is owned by Mr. Christopher Leichtweis ("Leichtweis"), who was named as a Senior Vice President of the Company and President of SEC upon the acquisition of SEHC and its subsidiaries by the Company from TNC on October 31, 2011. The Lease covers SEC's principal offices in Knoxville, Tennessee. | |
Under an agreement of indemnity ("Indemnification Agreement"), SEC, Leichtweis and his spouse ("Leichtweis Parties"), jointly and severally, agreed to indemnify the individual surety with respect to contingent liabilities that may be incurred by the individual surety under certain of SEC's bonded projects. In addition, SEC has agreed to indemnify Leichtweis Parties against judgments, penalties, fines, and expense associated with those SEC performance bonds that Leichtweis Parties have agreed to indemnify in the event SEC cannot perform, which has an aggregate bonded amount of approximately $10,900,000. The Indemnification Agreement provided by SEC to the Leichtweis Parties also provides for compensating the Leichtweis Parties at a rate of 0.75% of the value of the bonds (60% having been paid previously and the balance at substantial completion of the contract) (See Note 18 – "Subsequent Events – Related Party Transactions" for termination of the Indemnifcation Agreement). | |
Upon the closing of the acquisition of SEC by the Company from TNC on October 31, 2011, certain security holders of TNC ("Management Investors") purchased, after taking into account the reverse stock split, 162,601 restricted shares of the Company's Common Stock for a total consideration of approximately $1,000,000, or $6.15 a share, which was the average of the closing prices of the Company's Common Stock as quoted on the Nasdaq during the 30 trading days ending on the trading day immediately prior to the closing of the acquisition. The purchase of the Company's Common Stock was pursuant to a private placement under Section 4(2) of the Securities Act of 1933, as amended (the "Act") or Rule 506 of Regulation D promulgated under the Act. Mr. Leichtweis purchased, after taking into account the reverse stock split, 149,422 of the 162,601 shares of the Company's Common Stock for the aggregate purchase price of approximately $918,945 or $6.15 per share. The purchase price for these shares was deducted from the consideration paid to TNC for the acquisition of SEC. | |
Employment Agreements | |
We have an employment agreement with each of Dr. Centofanti (our President and Chief Executive Officer), Ben Naccarato (our Chief Financial Officer), James Blankenhorn (our Chief Operating Officer) and Christopher Leichtweis (our Senior Vice President and President of SEC). Each employment agreement provides for annual base salaries, bonuses, and other benefits commonly found in such agreements. In addition, each employment agreement provides that in the event of termination of such officer without cause or termination by the officer for good reason (as such terms are defined in the employment agreement), the terminated officer shall receive payments of an amount equal to benefits that have accrued as of the termination but not yet paid, plus an amount equal to one year's base salary at the time of termination. In addition, the employment agreements provide that in the event of a change in control (as defined in the employment agreements), all outstanding stock options to purchase our common stock granted to, and held by, the officer covered by the employment agreement are to be immediately vested and exercisable (see Note 18 – "Subsequent Events – Related Party Transactions" for amendment to Mr. Leichtweis's employment agreement). |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | |||||||||||||||||||||
SEGMENT REPORTING | ' | |||||||||||||||||||||
NOTE 16 | ||||||||||||||||||||||
SEGMENT REPORTING | ||||||||||||||||||||||
In accordance to ASC 280, "Segment Reporting", we define an operating segment as a business activity: | ||||||||||||||||||||||
· | from which we may earn revenue and incur expenses; | |||||||||||||||||||||
· | whose operating results are regularly reviewed by the Chief Operating Officer to make decisions about resources to be allocated to the segment and assess its performance; and | |||||||||||||||||||||
· | for which discrete financial information is available. | |||||||||||||||||||||
We currently have two reporting segments, Treatment and Services Segments, which are based on a service offering approach. This, however, excludes corporate headquarters, which does not generate revenue, and our discontinued operations, which includes all facilities as discussed in "Note 8 – Discontinued Operations and Divestitures." | ||||||||||||||||||||||
The table below shows certain financial information of our reporting segments for 2012, 2011, and 2010 (in thousands). | ||||||||||||||||||||||
Segment Reporting as of and for the year ended December 31, 2012 | ||||||||||||||||||||||
Treatment | Services | Segments Total | Corporate And Other | -2 | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 45,882 | $ | 81,627 | $ | 127,509 | -3 | $ | — | $ | 127,509 | |||||||||||
Intercompany revenues | 1,785 | 845 | 2,630 | ¾ | ¾ | |||||||||||||||||
Gross profit | 9,268 | 6,536 | 15,804 | ¾ | 15,804 | |||||||||||||||||
Interest income | ¾ | ¾ | ¾ | 41 | 41 | |||||||||||||||||
Interest expense | 9 | 12 | 21 | 797 | 818 | |||||||||||||||||
Interest expense-financing fees | ¾ | ¾ | ¾ | 107 | 107 | |||||||||||||||||
Depreciation and amortization | 4,448 | 949 | 5,397 | 73 | 5,470 | |||||||||||||||||
Segment (loss) profit | 2,951 | 1,474 | 4,425 | (7,574 | ) | (3,149 | ) | |||||||||||||||
Segment assets(1) | 75,405 | 36,120 | 111,525 | 28,166 | -4 | 139,691 | ||||||||||||||||
Expenditures for segment assets | 263 | 145 | 408 | 4 | 412 | |||||||||||||||||
Total debt | 85 | 5 | 90 | 14,106 | -5 | 14,196 | ||||||||||||||||
Segment Reporting as of and for the year ended December 31, 2011 | ||||||||||||||||||||||
Treatment | Services | Segments Total | Corporate And Other | -2 | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 65,836 | $ | 52,261 | $ | 118,097 | -3 | $ | — | $ | 118,097 | |||||||||||
Intercompany revenues | 1,928 | 585 | 2,513 | ¾ | ¾ | |||||||||||||||||
Gross profit | 21,299 | 7,121 | 28,420 | ¾ | 28,420 | |||||||||||||||||
Interest income | ¾ | ¾ | ¾ | 58 | 58 | |||||||||||||||||
Interest expense | 72 | 7 | 79 | 578 | 657 | |||||||||||||||||
Interest expense-financing fees | ¾ | ¾ | ¾ | 207 | 207 | |||||||||||||||||
Depreciation and amortization | 4,535 | 192 | 4,727 | 89 | 4,816 | |||||||||||||||||
Segment profit (loss) | 10,226 | 3,983 | 14,209 | (7,810 | ) | 6,399 | ||||||||||||||||
Segment assets(1) | 81,197 | 43,293 | 124,490 | 39,164 | -4 | 163,654 | ||||||||||||||||
Expenditures for segment assets | 2,278 | 4 | 2,282 | 21 | 2,303 | |||||||||||||||||
Total debt | 142 | 12 | 154 | 17,562 | -5 | 17,716 | ||||||||||||||||
Segment Reporting as of and for the year ended December 31, 2010 | ||||||||||||||||||||||
Treatment | Services | Segments Total | Corporate And Other | -2 | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 53,363 | $ | 44,427 | $ | 97,790 | -3 | $ | — | $ | 97,790 | |||||||||||
Intercompany revenues | 2,962 | 502 | 3,464 | ¾ | ¾ | |||||||||||||||||
Gross profit | 12,733 | 7,882 | 20,615 | ¾ | 20,615 | |||||||||||||||||
Interest income | ¾ | ¾ | ¾ | 65 | 65 | |||||||||||||||||
Interest expense | 138 | 3 | 141 | 614 | 755 | |||||||||||||||||
Interest expense-financing fees | 3 | ¾ | 3 | 409 | 412 | |||||||||||||||||
Depreciation and amortization | 4,469 | 39 | 4,508 | 22 | 4,530 | |||||||||||||||||
Segment profit (loss) | 7,715 | 4,508 | 12,223 | (7,341 | ) | 4,882 | ||||||||||||||||
Segment assets(1) | 91,881 | 2,570 | 94,451 | 31,286 | -4 | 125,737 | ||||||||||||||||
Expenditures for segment assets | 1,601 | 19 | 1,620 | 22 | 1,642 | |||||||||||||||||
Total debt | 1,105 | 18 | 1,123 | 9,126 | -5 | 10,249 | ||||||||||||||||
(1) Segment assets have been adjusted for intercompany accounts to reflect actual assets for each segment. | ||||||||||||||||||||||
(2) Amounts reflect the activity for corporate headquarters, not included in the segment information. | ||||||||||||||||||||||
(3) The consolidated revenues included the CH Plateau Remediation Company ("CHPRC") revenue of $24,652,000 or 19.3%, $59,136,000 or 50.1%, and $51,929,000 or 53.1%, for 2012, 2011, and 2010, respectively, of our total consolidated revenue from continuing operations. Also, the consolidated revenues included revenues generated directly from the U.S. Department of Energy ("DOE") of $26,265,000 or 20.6%, $4,136,000 or 3.5%, and $0 or 0%, for 2012, 2011, and 2010, respectively, of our total consolidated revenue from continuing operations. The increase in revenues generated directly from the DOE was attributed to the acquisition of SEC on October 31, 2011. | ||||||||||||||||||||||
(4) Amount includes assets from our discontinued operations of $2,113,000, $2,343,000, and $7,433,000, as of December 31, 2012, 2011, and 2010, respectively. | ||||||||||||||||||||||
(5) Net of debt discount of ($0), ($12,000), and (117,000) for 2012, 2011, and 2010, respectively, based on the estimated fair value at issuance of two Warrants and 40,000 shares of the Company's Common Stock issued on May 8, 2009 in connection with a $3,000,000 promissory note entered into by the Company and Mr. William Lampson and Mr. Diehl Rettig. The promissory note and the Warrants were modified on April 18, 2011. See Note 9 – "Long-Term Debt – Promissory Note and Installment Agreement" for additional information." |
QUARTERLY_OPERATING_RESULTS_UN
QUARTERLY OPERATING RESULTS (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
QUARTERLY OPERATING RESULTS (UNAUDITED) [Abstract] | ' | ||||||||||||||||
QUARTERLY OPERATING RESULTS (UNAUDITED) | ' | ||||||||||||||||
NOTE 17 | |||||||||||||||||
QUARTERLY OPERATING RESULTS (UNAUDITED) | |||||||||||||||||
Unaudited quarterly operating results are summarized as follows (in thousands, except per share data). The effect of the restatement as noted in Note 1A – "Restatement of Consolidated Financial Statements" – impacted only the fourth quarter of each of the years noted below. Net income attributable to non-controlling interests are excluded from (loss) income from continuing operations in the below earning (loss) per share calculation in accordance with ASC 260, "Earnings Per Share:" | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | Dec. 31 | ||||||||||||||
2012 | (Restated) | ||||||||||||||||
Net revenues | $ | 37,936 | $ | 33,698 | $ | 29,190 | $ | 26,684 | |||||||||
Gross profit | 4,369 | 3,930 | 4,226 | 3,279 | |||||||||||||
Loss from continuing operations | (807 | ) | (1,009 | ) | (472 | ) | (861 | ) | |||||||||
(Loss) income from discontinued operations, net of taxes | (138 | ) | (60 | ) | (61 | ) | 229 | ||||||||||
Net loss | (945 | ) | (1,069 | ) | (533 | ) | (632 | ) | |||||||||
Net income attributable to noncontrolling interest | 56 | 102 | 21 | 1 | |||||||||||||
Net loss attributable to Perma-Fix Environmental Services, Inc. common stockholders | (1,001 | ) | (1,171 | ) | (554 | ) | (633 | ) | |||||||||
Basic net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | (.08 | ) | (.10 | ) | (.04 | ) | (.08 | ) | |||||||||
Discontinued operations | (.01 | ) | — | (.01 | ) | 0.02 | |||||||||||
Net (loss) income per common share | (.09 | ) | (.10 | ) | (.05 | ) | (.06 | ) | |||||||||
Diluted net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continued operations | (.08 | ) | (.10 | ) | (.04 | ) | (.08 | ) | |||||||||
Discontinued operations | (.01 | ) | — | (.01 | ) | 0.02 | |||||||||||
Net (loss) income per common share | (.09 | ) | (.10 | ) | (.05 | ) | (.06 | ) | |||||||||
31-Mar | 30-Jun | 30-Sep | Dec. 31 | ||||||||||||||
2011 | (Restated) | ||||||||||||||||
Net revenues | $ | 23,615 | $ | 28,913 | $ | 32,787 | $ | 32,782 | |||||||||
Gross profit | 3,030 | 8,049 | 11,301 | 6,040 | |||||||||||||
(Loss) income from continuing operations | (533 | ) | 2,552 | 4,421 | (41 | ) | |||||||||||
Income (loss) from discontinued operations, net of taxes | 212 | (32 | ) | (187 | ) | 189 | |||||||||||
Gain (loss) on disposal of discontinued operations, net of taxes | — | — | 1,777 | (268 | ) | ||||||||||||
Net (loss) income | (321 | ) | 2,520 | 6,011 | (120 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | — | 22 | |||||||||||||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | (321 | ) | 2,520 | 6,011 | (142 | ) | |||||||||||
Basic net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | (.05 | ) | 0.23 | 0.4 | — | ||||||||||||
Discontinued operations | 0.02 | — | (.02 | ) | 0.01 | ||||||||||||
Gain on disposal of discontinued operations, net of taxes | — | — | 0.16 | (.02 | ) | ||||||||||||
Net (loss) income per common share | (.03 | ) | 0.23 | 0.54 | (.01 | ) | |||||||||||
Diluted net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continued operations | (.05 | ) | 0.23 | 0.4 | — | ||||||||||||
Discontinued operations | 0.02 | — | (.02 | ) | 0.01 | ||||||||||||
Gain on disposal of discontinued operations, net of taxes | — | — | 0.16 | (.02 | ) | ||||||||||||
Net (loss) income per common share | (.03 | ) | 0.23 | 0.54 | (.01 | ) | |||||||||||
The sum of the quarterly earnings per common share amounts may not equal the annual amount reported because per share amounts are computed independently for each quarter and for the full year based on respective weighted-average common shares outstanding and other dilutive potential common shares. | |||||||||||||||||
For following table summarizes the impact of the restatement on each affected line of the selected quarterly financial data resulting from the restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements (in thousands, except per share data). As noted above, the restatement impacted only the fourth quarters of 2012 and 2011. | |||||||||||||||||
As Reported | Adjustment | As Restated | |||||||||||||||
For the quarter ended December 31, 2012 | |||||||||||||||||
(Loss) income from continuing operations | $ | (4,262) | $ | 3,401 | $ | (861) | |||||||||||
Income (loss) from discontinued operations, net of taxes | 717 | (488) | 229 | ||||||||||||||
Net (loss) income | (3,545) | 2,913 | (632) | ||||||||||||||
Net (loss) income attributable to Perma-Fix Environmental | |||||||||||||||||
Services, Inc. common stockholders | (3,546) | 2,913 | (633) | ||||||||||||||
Basic net (loss) income per common share attributable to | |||||||||||||||||
Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | -0.38 | .30 | -0.08 | ||||||||||||||
Discontinued operations | .06 | -0.04 | .02 | ||||||||||||||
Net (loss) income per common share | -0.32 | .26 | -0.06 | ||||||||||||||
Diluted net (loss) income per common share attributable to | |||||||||||||||||
Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | -0.38 | .30 | -0.08 | ||||||||||||||
Discontinued operations | .06 | -0.04 | .02 | ||||||||||||||
Net (loss) income per common share | -0.32 | .26 | -0.06 | ||||||||||||||
As Reported | Adjustment | As Restated | |||||||||||||||
For the quarter ended December 31, 2011 | |||||||||||||||||
Income (loss) from continuing operations | $ | 5,132 | $ | (5,173) | $ | (41) | |||||||||||
Income (loss) from discontinued operations, net of taxes | 784 | (595) | 189 | ||||||||||||||
Net income (loss) | 5,648 | (5,768) | (120) | ||||||||||||||
Net income (loss) attributable to Perma-Fix Environmental | |||||||||||||||||
Services, Inc. common stockholders | 5,626 | (5,768) | (142) | ||||||||||||||
Basic net income (loss) per common share attributable to | |||||||||||||||||
Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | .46 | -0.46 | — | ||||||||||||||
Discontinued operations | .07 | -0.06 | .01 | ||||||||||||||
Net income (loss) per common share | .51 | -0.52 | -0.01 | ||||||||||||||
Diluted net income (loss) per common share attributable to | |||||||||||||||||
Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | .46 | -0.46 | — | ||||||||||||||
Discontinued operations | .07 | -0.06 | .01 | ||||||||||||||
Net income (loss) per common share | .51 | -0.52 | -0.01 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2012 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 18 | |
SUBSEQUENT EVENTS | |
Business Acquisition | |
As disclosed in Note 3 – "Business Acquistion", the Company entered into a Settlement and Release Agreement on February 12, 2013, to resolve certain claims against TNC for indemnification pursuant to the indemnification provisions of the Purchase Agreement, asserting breach of certain representations, warranties and covenant of TNC and SEHC subsequent to the closing date on the acquisition of SEC. Transactions resulting from the Settlement and Release Agreement were recorded retrospectively as part of the final purchase price allocation of SEC in accordance with ASC 850- "Business Combination." | |
Related Party Transactions | |
As disclosed in Note 15 – "Related Party Transactions – Christopher Leichtweis", pursuant to a Indemnification Agreement, SEC, Leichtweis and his spouse ("Leichtweis Parties"), jointly and severally, agreed to indemnify the individual surety with respect to contingent liabilities that may be incurred by the individual surety under certain of SEC's bonded projects. In addition, SEC has agreed to indemnify Leichtweis Parties against judgments, penalties, fines, and expense associated with those SEC performance bonds that Leichtweis has agreed to indemnify in the event SEC cannot perform. The Indemnification Agreement provided by SEC to Leichtweis Parties also provides for compensating Leichtweis Parties at a rate of 0.75% of the value of bonds (60% having been paid previously and the balance at substantial completion of the contract). On February 14, 2013, the Company entered into a Settlement and Release Agreement and Amendment to Employment Agreement (the "Leichtweis Settlement), in settlement of certain claims made by the Company against Leichtweis in connection with certain Disputed Claims asserted by the Company against TNC subsequent to the acquisition of SEC on October 31, 2011. The Leichtweis Settlement terminated the obligations of the Company and its subsidiaries to pay a fee to the Leichtweis Parties under the Indemnification Agreement. | |
Mr. Leichtweis's employment agreement ("Leichtweis Employment Agreement") was entered into on October 31, 2011, in connection with the acquisition of SEC. Leichtweis Employment Agreement provides for an annual base salary of $324,480, plus bonus under certain conditions, and is effective for four years. The Leichtweis Settlement, as discussed above, amended the Leichtweis Employment Agreement by reducing the base salary of Leichtweis by $30,000 per year commencing the earlier occurrence of (i) the date the Company files its 2012 Form 10‑K with the Securities and Exchange Commission, or (ii) April 1, 2013, and continuing for a period of three years from such date (or, if the Leichtweis Employment Agreement is earlier terminated, through the date of such earlier termination). | |
Notice of Intent to File Administrative Complaint – Perma-Fix Northwest Richland, Inc. ("PFNWR") | |
On March 7, 2013, PFNWR, a subsidiary of ours, received a Notice of Intent to File Administrative Complaint from the U.S. Environmental Protection Agency ("EPA"), alleging PFNWR had improperly stored certain mixed waste. If a settlement is not reached between the Company and EPA in connection with these alleged violations within 120 days of initiating negotiations, the EPA has advised it will initiate an action for civil penalties for these alleged violations. The EPA could seek penalties up to $37,500 per day per violation. The EPA has proposed a consent agreement and final order ("CAFO") and has proposed a total penalty in the CAFO in the amount of $215,500 to resolve these alleged violations. We are initiating discussion with the EPA to resolve this matter. | |
Reverse Stock Split | |
At the 2013 Annual Meeting of Stockholders (the "Meeting") held on September 12, 2013, the Company's stockholders approved a reverse stock split at a ratio within the range of 1-for-2 to 1-for-7 and authorized the Board of Directors, without further action of the stock holders, to amend the Company's Restated Certificate of Incorporation, as amended, to effect a reverse stock split of the issued and outstanding shares of the Company's Common Stock and outstanding stock options and warrants at a ratio within the range of 1-for-2 to 1-for-7 at any time prior to November 8, 2013, with the exact ratio and effective date of the reverse stock split to be determined by the Board of Directors. Subsequent to the Meeting, our Board of Directors approved the ratio of the reverse stock split to be a 1-for-5 reverse stock split, with such reverse stock split to be effective October 15, 2013, upon filing of the certificate of amendment to our Restated Certificate of Incorporation, as amended. | |
The Company filed a certificate of amendment to the Company's Restated Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to effect a reverse stock split ratio of 1-for 5 of the Company's Common Stock ("Common Stock"). The reverse stock split became effective as of 12:01 a.m. on October 15, 2013. As a result of the reverse stock split, each five shares of the outstanding Common Stock and shares held in treasury was combined into one share of Common Stock without any change to the par value per share of $.001. In addition, the number of shares covered by each outstanding stock option and warrant as of October 15, 2013, and the exercise price thereof were adjusted to reflect the reverse stock split. The reverse stock split did not affect the number of authorized shares of Common Stock which remains at 75,000,000. No fractional shares of Common Stock will be issued as a result of the reverse stock split. Instead, stockholders who otherwise would be entitled to receive a fractional share of Common Stock as a consequence of the reverse stock split will be entitled to receive cash in lieu of all such fractional shares. | |
The primary reason for implementing this reverse stock split was to increase the market price per share of our Common Stock in order to regain compliance with the NASDAQ's continued listing criteria related to Minimum Bid Price Rule. On October 29, 2013, we received a letter from the NASDAQ Stock Market indicating that we had regained compliance with the minimum bid price requirement under NASDAQ Listing Rule 5550(a)(2) for continued listing on the NASDAQ Capital Market. The Company's Common Stock continues to be listed on the NASDAQ Capital Market. | |
As a result of this reverse stock split, all references in the financial statements and notes thereto to the number of shares outstanding, per share amounts, and stock option and warrant data of the Company's Common Stock have been restated to reflect the effect of the stock split for all periods presented. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Restated) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS [Abstract] | ' | |||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||||||||
SCHEDULE II | ||||||||||||||||||
(Restated) | ||||||||||||||||||
PERMA-FIX ENVIRONMENTAL SERVICES, INC. | ||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||
For the years ended December 31, 2012, 2011, and 2010 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Description | Balance at | Additions | Additions/ | Deductions | Balance at | |||||||||||||
Beginning of | Charged to | (Deductions) | End of Year | |||||||||||||||
Year | Costs, | Due to Acquisition/ | ||||||||||||||||
Expenses | Divestitures | |||||||||||||||||
and Other | ||||||||||||||||||
Year ended December 31, 2012: | ||||||||||||||||||
Allowance for doubtful accounts- continuing operations | $ | 2,441 | $ | 160 | $ | ─ | $ | 94 | (b) | $ | 2,507 | |||||||
Allowance for doubtful accounts-discontinued operations | $ | 48 | $ | 6 | $ | ─ | $ | 9 | (b) | $ | 45 | |||||||
Allowance for deferred tax assets (Restated) | $ | 6,428 | $ | (699 | ) (a) | $ | ─ | $ | ─ | $ | 5,729 | |||||||
Year ended December 31, 2011: | ||||||||||||||||||
Allowance for doubtful accounts-continuing operations | $ | 215 | $ | 83 | $ | 2,260 | $ | 117 | (b) | $ | 2,441 | |||||||
Allowance for doubtful accounts-discontinued operations | $ | 97 | $ | 175 | $ | (163 | ) | $ | 61 | (b) | $ | 48 | ||||||
Allowance for deferred tax assets (Restated) | $ | 6,024 | $ | 99 | $ | 503 | $ | ─ | $ | 6,428 | ||||||||
Year ended December 31, 2010: | ||||||||||||||||||
Allowance for doubtful accounts-continuing operations | $ | 226 | $ | 59 | $ | ─ | $ | 70 | (b) | $ | 215 | |||||||
Allowance for doubtful accounts-discontinued operations | $ | 70 | $ | 75 | $ | ─ | $ | 48 | (b) | $ | 97 | |||||||
Allowance for deferred tax assets (Restated) | $ | 5,774 | $ | 250 | $ | ─ | $ | ─ | (b) | $ | 6,024 | |||||||
(a) | Reversal of allowance on deferred tax asset primarily from valuation provided for state net operating loss ("NOL"). | |||||||||||||||||
(b) | Customer receivables deemed to be uncollectible. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
Our consolidated financial statements include our accounts and those of our wholly-owned subsidiaries after elimination of all significant intercompany accounts and transactions. | |||||||||||||
Reclassifications | ' | ||||||||||||
Reclassifications | |||||||||||||
Certain prior year amounts have been reclassified to conform with the current year presentation. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
When we prepare financial statements in conformity with generally accepted accounting principles in the United States of America, we make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as, the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See Notes 8, 11, 12 and 13 for estimates of discontinued operations and environmental liabilities, closure costs, income taxes and contingencies for details on significant estimates. | |||||||||||||
Restricted Cash | ' | ||||||||||||
Restricted Cash | |||||||||||||
Restricted cash reflects $35,000 held in escrow for our worker's compensation policy. Restricted cash in 2011 included $1,500,000 received by the Company from an escrow account in connection with the acquisition of SEC on October 31, 2011. This $1,500,000 was received by the Company subsequent to 2011 year end (See Note 3 – "Business Acquisition" for further detail of this $1,500,000). | |||||||||||||
Accounts Receivable | ' | ||||||||||||
Accounts Receivable | |||||||||||||
Accounts receivable are customer obligations due under normal trade terms requiring payment within 30 or 60 days from the invoice date based on the customer type (government, broker, or commercial). The carrying amount of accounts receivable is reduced by an allowance for doubtful accounts, which is a valuation allowance that reflects management's best estimate of the amounts that will not be collected. We regularly review all accounts receivable balances that exceed 60 days from the invoice date and based on an assessment of current credit worthiness, estimate the portion, if any, of the balance that will not be collected. This analysis excludes government related receivables due to our past successful experience in their collectability. Specific accounts that are deemed to be uncollectible are reserved at 100% of their outstanding balance. The remaining balances aged over 60 days have a percentage applied by aging category (5% for balances 61-90 days, 20% for balances 91-120 days and 40% for balances over 120 days aged), based on a historical valuation, that allows us to calculate the total reserve required. Once we have exhausted all options in the collection of a delinquent accounts receivable balance, which includes collection letters, demands for payment, collection agencies and attorneys, the account is deemed uncollectible and subsequently written off. The write off process involves approvals, based on dollar amount, from senior management. | |||||||||||||
Retainage receivables represent amounts that are billed or billable to our customers, but are retained by the customer until completion of the project or as otherwise specified in the contract. Our retainage receivable balances are all current. | |||||||||||||
Unbilled Receivables | ' | ||||||||||||
Unbilled Receivables | |||||||||||||
Unbilled receivables are generated by differences between invoicing timing and our performance based methodology used for revenue recognition purposes. As major processing and contract completion phases are completed and the costs incurred, we recognize the corresponding percentage of revenue. Within our Treatment Segment, we experience delays in processing invoices due to the complexity of the documentation that is required for invoicing, as well as the difference between completion of revenue recognition milestones and agreed upon invoicing terms, which results in unbilled receivables. The timing differences occur for several reasons: partially from delays in the final processing of all wastes associated with certain work orders and partially from delays for analytical testing that is required after we have processed waste but prior to our release of waste for disposal. The tasks relating to these delays usually take several months to complete. As we now have historical data to review the timing of these delays, we realize that certain issues, including but not limited to delays at our third party disposal site, can extend collection of some of these receivables greater than twelve months. However, our historical experience suggests that a significant part of unbilled receivables are ultimately collectible with minimal concession on our part. We therefore, segregate the unbilled receivables between current and long term. | |||||||||||||
Unbilled receivables within our Services Segment can result from: (1) revenue recognized by our Earned Value Management program (a program which integrates project scope, schedule, and cost to provide an objective measure of project progress) but invoice milestones have not yet been met and/or (2) contract claims and pending change orders, including Requests for Equitable Adjustments ("REAs") when work has been performed and collection of revenue is reasonably assured. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventories consist of treatment chemicals, saleable used oils, and certain supplies. Additionally, we have replacement parts in inventory, which are deemed critical to the operating equipment and may also have extended lead times should the part fail and need to be replaced. Inventories are valued at the lower of cost or market with cost determined by the first-in, first-out method. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment expenditures are capitalized and depreciated using the straight-line method over the estimated useful lives of the assets for financial statement purposes, while accelerated depreciation methods are principally used for income tax purposes. Generally, asset lives range from ten to forty years for buildings (including improvements and asset retirement costs) and three to seven years for office furniture and equipment, vehicles, and decontamination and processing equipment. Leasehold improvements are capitalized and amortized over the lesser of the term of the lease or the life of the asset. Maintenance and repairs are charged directly to expense as incurred. The cost and accumulated depreciation of assets sold or retired are removed from the respective accounts, and any gain or loss from sale or retirement is recognized in the accompanying consolidated statements of operations. Renewals and improvement, which extend the useful lives of the assets, are capitalized. We include within buildings, asset retirement obligations ("AROs"), which represents our best estimates of the cost to close, at some undetermined future date, our permitted and/or licensed facilities. AROs are depreciated over the estimated useful life of the property. Subsequent additions and adjustments to AROs (due to changes in estimates) are depreciated prospectively over the remaining estimated life of the asset, in accordance with ASC 410, "Asset Retirement and Environmental Obligations." | |||||||||||||
In accordance with ASC 360, "Property, Plant, and Equipment", long-lived assets, such as property, plant and equipment, and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. | |||||||||||||
Our PFSG subsidiary is within our discontinued operations and is held for sale. We performed updated financial valuation on the tangible assets of PFSG and concluded that no tangible asset impairment existed as of December 31, 2012. | |||||||||||||
Our depreciation expense totaled $4,795,000, $4,575,000 and $4,451,000 in 2012, 2011 and 2010, respectively. | |||||||||||||
Capitalized Interest | ' | ||||||||||||
Capitalized Interest | |||||||||||||
The Company's policy is to capitalize interest cost incurred on debt during the construction of major projects exceeding one year; however, no interest was required to be capitalized for each of the years 2010 to 2012. | |||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Intangible assets relating to acquired businesses consist primarily of the cost of purchased businesses in excess of the estimated fair value of net identifiable assets acquired ("goodwill") and the recognized permit value of the business. Goodwill and intangible assets that have indefinite useful lives are tested annually for impairment, or more frequently if triggering events occur or other impairment indicators arise which might impair recoverability. An impairment loss is recognized to the extent that the carrying amount exceeds the asset's fair value. For goodwill, the impairment determination is made at the reporting unit level and consists of two steps. First, the Company determines the fair value of a reporting unit and compares it to its carrying amount. Second, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit's goodwill over the implied fair value of the goodwill. The implied value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation, in accordance with ASC 805, "Business Combinations." Our annual financial valuations performed as of October 1, 2012, 2011, and 2010, indicated no impairments. Our October 1, 2011 and 2010, impairment tests were performed based on our previous two reporting units: 1) Nuclear reporting unit, which included all of our treatment operations and operation under our CHPRC subcontract, and 2) Engineering reporting unit, which included our SYA subsidiary operations. | |||||||||||||
As a result of the acquisition of SEC on October 31, 2011, during the fourth quarter of 2011, the Company made structural and reporting changes to its internal organization and changes to its operating segments to create better consistency, greater coordination and enhanced communication. This restructuring aligns the internal management and functional support assets based on company service offerings and better reflects how our chief operating decision maker allocates resources and assesses performance. These changes resulted in four reporting units: (1) SYA reporting unit - our SYA subsidiary operations; (2) SEC reporting unit - our SEC operations; (3) Treatment reporting unit – our treatment operations; and (4) CHPRC reporting unit - our operations under the CHPRC subcontract. We reassigned approximately $3,637,000 of the $14,840,000 goodwill from our previous Nuclear reporting unit to our CHPRC reporting unit using a relative fair value approach in accordance with ASC 350, "Intangibles – Goodwill and Other" as a result of the change in reporting units. As a result of the restructuring of our reporting units, we concluded that we had an interim triggering event, and, therefore, we performed a goodwill impairment test for our treatment reporting unit as of October 31, 2011 which did not result in any impairment. During the third quarter of 2012, we reassigned approximately $2,488,000 of the $3,637,000 goodwill from the CHPRC reporting unit back to the Treatment reporting unit to correct our initial calculation completed during the fourth quarter of 2011. We did not amend our filings as this correction had no impact on our Consolidated Balance Sheet, Consolidated Statement of Operations or our cash flows. Our October 1, 2012 impairment tests were performed based on the four reporting units noted above. | |||||||||||||
In testing goodwill impairment, the Company estimates the fair value of our reporting units using a discounted cash flow valuation approach. This approach is dependent on estimates for future sales, operating income, working capital changes, and capital expenditures, as well as expected growth rates for cash flows and long-term interest rates, all of which are impacted by economic conditions related to our industry and conditions in the U.S. capital markets. | |||||||||||||
Intangible assets that have definite useful lives are amortized using the straight-line method over the estimated useful lives and are excluded from our annual intangible asset valuation review conducted as of October 1. The Company has one definite-lived permit which was excluded from the impairment review as noted above. This permit of approximately $545,000 was capitalized in 2009 in connection with the authorization issued by the U.S. EPA to our DSSI facility to commercially store and dispose of radioactive PCBs. This permit is being amortized over a ten year period in accordance with its estimated useful life. Definite-lived intangible assets are tested for impairment whenever events or changes in circumstances suggest impairment might exist. | |||||||||||||
Our intangible assets also include a non-compete agreement, customer relationships, software, and customer contracts. These intangibles are amortized using the straight-line method over the estimated useful lives with the exception of customer relationships which are amortized using an accelerated method (see Note 4 – "Goodwill and Other Intangible Assets" for further discussion on goodwill and other intangible assets). | |||||||||||||
Research and Development | ' | ||||||||||||
Research and Development | |||||||||||||
Innovation and technical know-how by our operations is very important to the success of our business. Our goal is to discover, develop, and bring to market innovative ways to process waste that address unmet environmental needs. We conduct research internally and also through collaborations with other third parties. Research and development costs consist primarily of employee salaries and benefits, laboratory costs, third party fees, and other related costs associated with the development and enhancement of new potential waste treatment processes and are charged to expense when incurred in accordance with Accounting Standards Codification ("ASC") Topic 730, "Research and Development." | |||||||||||||
Accrued Closure Costs | ' | ||||||||||||
Accrued Closure Costs | |||||||||||||
Accrued closure costs represent our estimated environmental liability to clean up our facilities as required by our permits, in the event of closure. | |||||||||||||
ASC 410, "Asset Retirement and Environmental Obligations", requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made, and that the associated asset retirement costs be capitalized as part of the carrying amount of the long-lived asset. In conjunction with the state mandated permit and licensing requirements, we are obligated to determine our best estimate of the cost to close, at some undetermined future date, our permitted and/or licensed facilities. We subsequently adjust this liability as a result of changes to the facility, changes in estimated cost for closure, and/or for inflation. The associated asset retirement cost is recorded as property and equipment (buildings). We depreciate the asset retirement cost on a straight-line basis over its estimated useful life in accordance with our depreciation policy. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income taxes are accounted for in accordance with ASC 740, "Income Taxes." Under ASC 740, the provision for income taxes is comprised of taxes that are currently payable and deferred taxes that relate to the temporary differences between financial reporting carrying values and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||
ASC 740 requires that deferred income tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred income tax assets will not be realized. We evaluate the realizability of our deferred income tax assets, primarily resulting from impairment loss and net operating loss carryforwards, and adjust our valuation allowance, if necessary. Once we utilize our net operating loss carryforwards or reverse the related valuation allowance we have recorded on these deferred tax assets, we would expect our provision for income tax expense in future periods to reflect an effective tax rate that will be significantly higher than past periods. | |||||||||||||
ASC 740 sets out a consistent framework for preparers to use to determine the appropriate recognition and measurement of uncertain tax positions. ASC 740 uses a two-step approach wherein a tax benefit is recognized if a position is more-likely-than-not to be sustained. The amount of the benefit is then measured to be the highest tax benefit which is greater than 50% likely to be realized. ASC 740 also sets out disclosure requirements to enhance transparency of an entity's tax reserves. | |||||||||||||
We reassess the validity of our conclusions regarding uncertain income tax positions on a quarterly basis to determine if facts or circumstances have arisen that might cause us to change our judgment regarding the likelihood of a tax position's sustainability under audit. | |||||||||||||
Foreign Operation | ' | ||||||||||||
Foreign Operation | |||||||||||||
Our Services Segment includes a foreign operation, Perma-Fix Environmental Services UK Limited ("Perma-Fix UK Limited" - formerly known as Safety & Ecology Corporation Limited) located in Blaydon On Tyne, England), which we acquired on October 31, 2011. The financial results of Perma-Fix UK Limited are translated into U.S. dollars using exchange rates in effect at period-end for assets and liabilities and average exchange rates during the period for result of operations. The related translation adjustments are reported as a separate component of stockholders' equity as well as in the determination of comprehensive income (loss). | |||||||||||||
Concentration Risk | ' | ||||||||||||
Concentration Risk | |||||||||||||
We performed services relating to waste generated by the federal government, either directly as a prime contractor or indirectly as a subcontractor to the federal government, representing approximately $101,533,000 or 79.6% of our total revenue from continuing operations during 2012, as compared to $99,660,000 or 84.5% of our total revenue from continuing operations during 2011, and $80,275,000 or 82.1% of our total revenue from continuing operations during 2010. | |||||||||||||
The following customers accounted for 10% or more of the total revenues generated from continuing operations for twelve months ended December 31, 2012, 2011, and 2010: | |||||||||||||
Total | % of Total | ||||||||||||
Customer | Year | Revenue | Revenue | ||||||||||
CH Plateau Remediation Company ("CHPRC") | 2012 | $ | 24,652,000 | 19.3 | % | ||||||||
2011 | $ | 59,136,000 | 50.1 | % | |||||||||
2010 | $ | 51,929,000 | 53.1 | % | |||||||||
Department of Energy ("DOE") | 2012 | $ | 26,265,000 | 20.6 | % | ||||||||
2011 | $ | 4,136,000 | 3.5 | % | |||||||||
2010 | $ | 0 | 0 | % | |||||||||
The outstanding receivable balance for each customer representing more than 10% of consolidated accounts receivable is ("AR") as follows: | |||||||||||||
Total | % of Total | ||||||||||||
Customer | Year | AR | AR | ||||||||||
DOE | 2012 | $ | 1,753,000 | 15.4 | % | ||||||||
2011 | $ | 2,656,000 | 15.8 | % | |||||||||
Clauss Construction | 2012 | $ | 3,343,000 | 29.3 | % | ||||||||
2011 | $ | 3,114,000 | 18.5 | % | |||||||||
Gross Receipts Taxes and Other Charges | ' | ||||||||||||
Gross Receipts Taxes and Other Charges | |||||||||||||
ASC 605-45, "Revenue Recognition – Principal Agent Consideration" provides guidance regarding the accounting and financial statement presentation for certain taxes assessed by a governmental authority. These taxes and surcharges include, among others, universal service fund charges, sales, use, waste, and some excise taxes. In determining whether to include such taxes in our revenue and expenses, we assess, among other things, whether we are the primary obligor or principal taxpayer for the taxes assessed in each jurisdiction where we do business. As we are merely a collection agent for the government authority in certain of our facilities, we record the taxes on a net method and do not include them in our revenue and cost of services. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Treatment Segment revenues. The processing of mixed waste is complex and may take several months or more to complete; as such, we recognize revenues using a performance based methodology with our measure of progress towards completion determined based on output measures consisting of milestones achieved and completed. We have waste tracking capabilities, which we continue to enhance, to allow us to better match the revenues earned to the processing phases achieved. The revenues are recognized as each of the following three processing phases are completed: receipt, treatment/processing and shipment/final disposal. However, based on the processing of certain waste streams, the treatment/processing and shipment/final disposal phases may be combined as sometimes they are completed concurrently. As major processing phases are completed and the costs incurred, we recognize the corresponding percentage of revenue utilizing a proportional performance model. We experience delays in processing invoices due to the complexity of the documentation that is required for invoicing, as well as the difference between completion of revenue recognition milestones and agreed upon invoicing terms, which results in unbilled receivables. The timing differences occur for several reasons, partially from delays in the final processing of all wastes associated with certain work orders and partially from delays for analytical testing that is required after we have processed waste but prior to our release of waste for disposal. As the waste moves through these processing phases and revenues are recognized, the correlating costs are expensed as incurred. Although we use our best estimates and all available information to accurately determine these disposal expenses, the risk does exist that these estimates could prove to be inadequate in the event the waste requires retreatment. Furthermore, should the waste be returned to the generator, the related receivables could be uncollectible; however, historical experience has not indicated this to be a material uncertainty. | |||||||||||||
Services Segment revenues. Revenue includes services performed under time and material, fixed price, and cost-reimbursement contracts. Revenues and costs associated with fixed price contracts are recognized using the percentage of completion (efforts expended) method. We estimate our percentage of completion based on attainment of project milestones. Revenues and costs associated with time and material contracts are recognized as revenue when earned and costs are incurred. | |||||||||||||
Under cost reimbursement contracts, we are reimbursed for costs incurred plus a certain percentage markup for indirect costs, in accordance with contract provision. Costs incurred in excess of contract funding may be renegotiated for reimbursement. We also earn a fee based on the approved costs to complete the contract. We recognize this fee using the proportion of costs incurred to total estimated contract costs. | |||||||||||||
Contract costs include all direct labor, material and other non-labor costs and those indirect costs related to contract support, such as depreciation, fringe benefits, overhead labor, supplies, tools, repairs and equipment rental. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions and estimated profitability, including those arising from contract penalty provisions and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. | |||||||||||||
Consulting revenues are recognized as services are rendered. The services provided are based on billable hours and revenues are recognized in relation to incurred labor and consulting costs. Out of pocket costs reimbursed by customers are also included in revenues. | |||||||||||||
The liability, "billings in excess of costs and estimated earnings", represents billings in excess of revenues recognized and accrued costs to jobs. | |||||||||||||
Self-Insurance | ' | ||||||||||||
Self-Insurance | |||||||||||||
We are self-insured for a significant portion of our group health. The Company estimates expected losses based on statistical analyses of historical industry data, as well as our own estimates based on the Company's actual historical data to determine required self-insurance reserves. The assumptions are closely reviewed, monitored, and adjusted when warranted by changing circumstances. The estimated accruals for these liabilities could be affected if actual experience related to the number of claims and cost per claim differs from these assumptions and historical trends. Based on the information known on December 31, 2012, we believe we have provided adequate reserves for our self-insurance exposure. As of December 31, 2012 and 2011, self-insurance reserves were $644,000 and $475,000, respectively, and were included in accrued expenses in the accompanying consolidated balance sheets. The total amounts expensed for self-insurance during 2012, 2011, and 2010 were $4,388,000, $3,041,000, and $2,896,000, respectively, for our continuing operations, and $171,000, $311,000, and $314,000, for our discontinued operations, respectively. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
We account for stock-based compensation in accordance with ASC 718, "Compensation – Stock Compensation." ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes option-pricing model to determine the fair-value of stock-based awards which requires subjective assumptions. Assumptions used to estimate the fair value of stock options granted include the exercise price of the award, the expected term, the expected volatility of the Company's stock over the option's expected term, the risk-free interest rate over the option's expected term, and the expected annual dividend yield. The Company's expected term represents the period that stock-based awards are expected to be outstanding and is determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules, and post-vesting data. Our computation of expected volatility is based on the Company's historical volatility from our traded common stock over the expected term of the option grants. The interest rate for periods within the expected term of the award is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||
We recognize stock-based compensation expense using a straight-line amortization method over the requisite period, which is the vesting period of the stock option grant. As ASC 718 requires that stock-based compensation expense be based on options that are ultimately expected to vest, our stock-based compensation expense is reduced at an estimated forfeiture rate. Our estimated forfeiture rate is generally based on historical trends of actual forfeitures. Forfeiture rates are evaluated, and revised as necessary. | |||||||||||||
Comprehensive Income | ' | ||||||||||||
Comprehensive Income | |||||||||||||
The components of comprehensive income are net income and the effects of foreign currency translation adjustments. Foreign currency translation gain for the twelve months ended December 31, 2012 was $1,000 as compared to a foreign currency translation loss of $3,000 for the corresponding period of 2011. | |||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||
Net Income (Loss) Per Share | |||||||||||||
Basic earnings (loss) per share excludes any dilutive effects of stock options, warrants, and convertible preferred stock. In periods where they are anti-dilutive, such amounts are excluded from the calculations of dilutive earnings per share. Net income (loss) attributable to non-controlling interests are excluded from (loss) income from continuing operations in the below calculation in accordance with ASC 260, "Earnings Per Share." | |||||||||||||
The following is a reconciliation of basic net (loss) income per share to diluted net (loss) income per share for the years ended December 31, 2012, 2011, and 2010: | |||||||||||||
(Restated) | (Restated) | (Restated) | |||||||||||
(Amounts in Thousands, Except for Per Share Amounts) | 2012 | 2011 | 2010 | ||||||||||
(Loss) income per share from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | |||||||||||||
(Loss) income from continuing operations | $ | (3,329 | ) | $ | 6,377 | $ | 4,882 | ||||||
Basic (loss) income per share | $ | (.30 | ) | $ | 0.58 | $ | 0.44 | ||||||
Diluted (loss) income per share | $ | (.30 | ) | $ | 0.58 | $ | 0.44 | ||||||
Income (loss) per share from discontinued operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | |||||||||||||
(loss) Income from discontinued operations | $ | (30 | ) | $ | 182 | $ | (919 | ) | |||||
Basic income (loss) per share | $ | ¾ | $ | 0.01 | $ | (.08 | ) | ||||||
Diluted income (loss) per share | $ | ¾ | $ | 0.01 | $ | (.08 | ) | ||||||
Income per share from disposal of discontinued operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | |||||||||||||
Gain on disposal of discontinued operations | $ | ¾ | $ | 1,509 | $ | ¾ | |||||||
Basic income per share | $ | ¾ | $ | 0.14 | $ | ¾ | |||||||
Diluted income per share | $ | ¾ | $ | 0.14 | $ | ¾ | |||||||
Weighted average common shares outstanding – basic | 11,225 | 11,059 | 10,989 | ||||||||||
Potential shares exercisable under stock option plans | ¾ | 4 | 11 | ||||||||||
Potential shares upon exercise of warrants | ¾ | ¾ | 5 | ||||||||||
Weighted average common shares outstanding – diluted | 11,225 | 11,063 | 11,006 | ||||||||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: | |||||||||||||
Upon exercise of options | 517 | 510 | 439 | ||||||||||
Upon exercise of Warrants | ¾ | 30 | ¾ | ||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is: | |||||||||||||
Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. | |||||||||||||
Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||
Level 3—Valuations based on unobservable inputs reflecting the Company's own assumptions, consistent with reasonably available assumptions made by other market participants. | |||||||||||||
Financial instruments include cash and restricted cash (Level 1), accounts receivable, accounts payable, and debt obligations (Level 3). At December 31, 2012 and December 31, 2011, the fair value of the Company's financial instruments approximated their carrying values. The fair value of the Company's revolving credit facility approximates its carrying value due to the variable interest rate. The carrying value of our subsidiary's preferred stock is not significantly different than its fair value. | |||||||||||||
Subsequent Events | ' | ||||||||||||
Subsequent Events | |||||||||||||
ASC 855, "Subsequent Events", sets forth principles and requirements to be applied to the accounting for and disclosure of subsequent events. ASC 855 sets forth the period after the balance sheet date during which management shall evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which events or transactions occurring after the balance sheet date shall be recognized in the financial statements and the required disclosures about events or transactions that occurred after the balance sheet date. In accordance with ASC 855, the Company evaluated all subsequent events that arose after the balance sheet date of December 31, 2012, through the issuance date of the financial statements and identified no subsequent events that require adjustment to, or disclosure in, these financial statements except for the following: | |||||||||||||
· | On February 12, 2013, the Company entered into a Settlement and Release Agreement with Timios National Corporation ("TNC" – formerly known as Homeland Security Captial Corporation), in connection with the settlement of certain claims the Company made against TNC, subsequent to the acquisition of Safety and Ecology Holdings Corporation and its subsidiaries (collectively known as Safety and Ecology Corporation or "SEC") on October 31, 2011 from TNC (see Note 3 – "Business Acquisition" and Note 18 – "Subsequent Event – Business Acquisition" for discussion of this agreement). | ||||||||||||
· | In connection with the resolution of the above claims, we also entered into a Settlement and Release Agreement and Amendment to Employment Agreement ("Leichtweis Settlement") with Christopher Leichtweis, our Senior Vice President, on February 14, 2013 (see Note 18 – "Subsequent Events – Related Party Transactions" for discussion of the Leichtweis Settlement). | ||||||||||||
· | On March 7, 2013, PFNWR received a Notice of Intent to File Administrative Complaint, alleging certain violations regarding storage of mixed waste (see Note 18 – "Subsequent Events – Notice of Intent to File Administrative Complaint – Perma-Fix Northwest Richland, Inc. ("PFNWR")" for discussion of these alleged violations). | ||||||||||||
· | On October 15, 2013, the Company effected a reverse stock split at a ratio of 1-for-5 of the Company's Common Stock ("Common Stock"), effective as of 12:01 a.m. on October 15, 2013. As a result of the reverse stock split, each five shares of the outstanding Common Stock and shares held in treasury were combined into one share of Common Stock without any change to the par value per share. The reverse stock split did not affect the number of authorized shares of Common Stock which remains at 75,000,000. As a result of this reverse stock split, all references in the financial statements and notes thereto and discussions contained herein as to the number of shares outstanding, per share amounts, and shares subject to outstanding stock option and warrant have been amended to reflect the effect of the reverse stock split for all periods presented and discussion thereof as though the reverse stock split was in effect as of the period or periods presented in the financial statements and was in effect as of the date of the outstanding shares, options, and warrants (see Note 18 – "Subsequent Events – Reverse Stock Split for further discussion of this reverse stock split). | ||||||||||||
Recently Adopted Accounting Standards | ' | ||||||||||||
Recently Adopted Accounting Standards | |||||||||||||
In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-04 ("ASU 2011-04"), "Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs." ASU 2011-04 improves comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. generally accepted accounting principles and International Financial Reporting Standards ("IFRSs"). ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for level 3 fair value measurements. The amendments in this guidance are to be applied prospectively, and are effective for interim and annual periods beginning after December 15, 2011. ASU 2011-04 did not have a material effect on our financial position, results of operations, or cash flow. | |||||||||||||
In June 2011, the FASB issued ASU No. 2011-05, "Comprehensive Income (Topic 220) - Presentation of Comprehensive Income", to require an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income, either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of equity. In December 2011, the FASB issued ASU No. 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05" which defers the changes in ASU No. 2011-05 of the requirement to present separate line items on the income statement for reclassification adjustments of items out of accumulated other comprehensive income into net income. The effective date for ASU No. 2011-12 is consistent with the effective date for ASU No. 2011-05, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and is to be applied retrospectively, with early adoption permitted. These ASUs changed our financial statement presentation of comprehensive income but did not impact our net income, financial position, or cash flows. | |||||||||||||
In September 2011, the FASB issued ASU No. 2011-08, "Intangibles – Goodwill and Other (Topic 350) – Testing Goodwill for Impairment" that gives companies the option of performing a qualitative assessment before calculating the fair value of a reporting unit in Step 1 of the goodwill impairment test. If entities determine, on the basis of qualitative factors, that the fair value of a reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. Otherwise, further testing would not be needed. ASU 2011-08 is effective for fiscal and interim reporting periods within those years beginning after December 15, 2011. ASU No. 2011-08 did not have a material effect on our financial position, results of operations, or cash flow. | |||||||||||||
In July 2012, the FASB issued ASU 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment" ("ASU 2012-02") which amends the guidance in Accounting Standards Codification ("ASC") Topic 350 "Intangibles – Goodwill and Other – General Intangibles Other than Goodwill" ("ASC 350-30") on testing indefinite-lived intangible assets, other than goodwill, for impairment. Under ASU 2012-02, an entity testing an indefinite-lived intangible asset for impairment has the option of performing a qualitative assessment before calculating the fair value of the asset. If the entity determines, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is not more likely than not impaired, the entity would not need to calculate the fair value of the asset. The ASU does not revise the requirement to test indefinite-lived intangible assets annually for impairment. These provisions are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, although early adoption is permitted. ASU No. 2012-02 did not have a material effect on our financial position, results of operations, or cash flow. | |||||||||||||
Recently Issued Accounting Standard | |||||||||||||
In February 2013, the FASB issued ASU 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". This ASU requires entities to disclose the effect of items reclassified out of accumulated other comprehensive income on each affected net income line item. For accumulated other comprehensive income reclassification items that are not reclassified in their entirety into net income, entities are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail on these amounts. This information may be provided either in the notes or parenthetically on the face of the financials. For public entities, the guidance is effective for annual reporting periods beginning after December 15, 2012 and interim periods within those years. The Company does not expect the adoption of ASU 2013-02 to have a material impact on the Company's financial condition or results of operations. |
RESTATEMENT_OF_CONSOLIDATED_FI1
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of restatements, Consolidated Balance Sheets | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Balance Sheets as of December 31, 2012 and December 31, 2011: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||||||||||||
(Amounts in Thousands) | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | |||||||||||||||||||||||||||||||
Deferred tax assets - current | $ | 1,553 | $ | (237 | ) | $ | 1,316 | $ | 3,853 | $ | (488 | ) | $ | 3,365 | |||||||||||||||||||||||
Total current assets | 30,447 | (237 | ) | 30,210 | 50,762 | (488 | ) | 50,274 | |||||||||||||||||||||||||||||
Deferred tax asset, net of liabilities | 1,103 | (1,103 | ) | - | 1,435 | (1,435 | ) | - | |||||||||||||||||||||||||||||
Total assets | 141,031 | (1,340 | ) | 139,691 | 165,577 | (1,923 | ) | 163,654 | |||||||||||||||||||||||||||||
Accrued expenses | 6,254 | 418 | 6,672 | 9,434 | - | 9,434 | |||||||||||||||||||||||||||||||
Total current liabilities | 27,140 | 418 | 27,558 | 42,740 | - | 42,740 | |||||||||||||||||||||||||||||||
Deferred tax liabilities | - | 1,340 | 1,340 | - | 4,088 | 4,088 | |||||||||||||||||||||||||||||||
Total long-term liabilities | 25,254 | 1,340 | 26,594 | 28,517 | 4,088 | 32,605 | |||||||||||||||||||||||||||||||
Total liabilities | 52,394 | 1,758 | 54,152 | 71,257 | 4,088 | 75,345 | |||||||||||||||||||||||||||||||
Accumulated deficit | (16,005 | ) | (3,098 | ) | (19,103 | ) | (9,733 | ) | (6,011 | ) | (15,744 | ) | |||||||||||||||||||||||||
Total Perma-Fix Environmental | |||||||||||||||||||||||||||||||||||||
Services, Inc. stockholders' equity | 86,780 | (3,098 | ) | 83,682 | 92,643 | (6,011 | ) | 86,632 | |||||||||||||||||||||||||||||
Total stockholders' equity | 87,352 | (3,098 | ) | 84,254 | 93,035 | (6,011 | ) | 87,024 | |||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 141,031 | $ | (1,340 | ) | $ | 139,691 | $ | 165,577 | $ | (1,923 | ) | $ | 163,654 | |||||||||||||||||||||||
Schedule of restatements, Consolidated Statements of Operations | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Statements of Operations for the years ended December 31, 2012, December 31, 2011 and December 31 2010: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | 31-Dec-11 | 31-Dec-10 | |||||||||||||||||||||||||||||||||||
(Amounts in Thousands) | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | ||||||||||||||||||||||||||||
Income tax expense (benefit) | $ | 1,250 | $ | (3,401 | ) | $ | (2,151 | ) | $ | (1,095 | ) | $ | 5,173 | $ | 4,078 | $ | 1,846 | $ | (1,611 | ) | $ | 235 | |||||||||||||||
(Loss) income from continuing operations | $ | (6,550 | ) | $ | 3,401 | $ | (3,149 | ) | $ | 11,572 | $ | (5,173 | ) | $ | 6,399 | $ | 3,271 | $ | 1,611 | $ | 4,882 | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | $ | 458 | $ | (488 | ) | $ | (30 | ) | $ | 777 | $ | (595 | ) | $ | 182 | $ | (663 | ) | $ | (256 | ) | $ | (919 | ) | |||||||||||||
Net (loss) income | $ | (6,092 | ) | $ | 2,913 | $ | (3,179 | ) | $ | 13,858 | $ | (5,768 | ) | $ | 8,090 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ | (6,272 | ) | $ | 2,913 | $ | (3,359 | ) | $ | 13,836 | $ | (5,768 | ) | $ | 8,068 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - basic: | |||||||||||||||||||||||||||||||||||||
Continuing operations | $ | (.60 | ) | $ | 0.3 | $ | (.30 | ) | $ | 1.04 | $ | (.46 | ) | $ | 0.58 | $ | 0.3 | $ | 0.14 | $ | 0.44 | ||||||||||||||||
Discontinued operations | $ | 0.04 | $ | (.04 | ) | $ | - | $ | 0.07 | $ | (.06 | ) | $ | 0.01 | $ | (.06 | ) | $ | (.02 | ) | $ | (.08 | ) | ||||||||||||||
Net (loss) income per common share | $ | (.56 | ) | $ | 0.26 | $ | (.30 | ) | $ | 1.25 | $ | (.52 | ) | $ | 0.73 | $ | 0.24 | $ | 0.12 | $ | 0.36 | ||||||||||||||||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - diluted: | |||||||||||||||||||||||||||||||||||||
Continuing operations | $ | (.60 | ) | $ | 0.3 | $ | (.30 | ) | $ | 1.04 | $ | (.46 | ) | $ | 0.58 | $ | 0.3 | $ | 0.14 | $ | 0.44 | ||||||||||||||||
Discontinued operations | $ | 0.04 | $ | (.04 | ) | $ | - | $ | 0.07 | $ | (.06 | ) | $ | 0.01 | $ | (.06 | ) | $ | (.02 | ) | $ | (.08 | ) | ||||||||||||||
Net (loss) income per common share | $ | (.56 | ) | $ | 0.26 | $ | (.30 | ) | $ | 1.25 | $ | (.52 | ) | $ | 0.73 | $ | 0.24 | $ | 0.12 | $ | 0.36 | ||||||||||||||||
Schedule of restatements, Consolidated Statements of Comprehensive (Loss) Income | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Statements of Comprehensive (Loss) Income years ended December 31, 2012, December 31, 2011 and December 31 2010: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | 31-Dec-11 | 31-Dec-10 | |||||||||||||||||||||||||||||||||||
(Amounts in Thousands) | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | ||||||||||||||||||||||||||||
Net (loss) income | $ | (6,092 | ) | $ | 2,913 | $ | (3,179 | ) | $ | 13,858 | $ | (5,768 | ) | $ | 8,090 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
Comprehensive (loss) income | $ | (6,091 | ) | $ | 2,913 | $ | (3,178 | ) | $ | 13,855 | $ | (5,768 | ) | $ | 8,087 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
Comprehensive (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ | (6,271 | ) | $ | 2,913 | $ | (3,358 | ) | $ | 13,833 | $ | (5,768 | ) | $ | 8,065 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
Schedule of restatements, Consolidated Statements of Cash Flows | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2012, December 31, 2011 and December 31 2010: | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | 31-Dec-11 | 31-Dec-10 | |||||||||||||||||||||||||||||||||||
(Amounts in Thousands) | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | As Reported | Adjustment | As Restated | ||||||||||||||||||||||||||||
Net (loss) income | $ | (6,092 | ) | $ | 2,913 | $ | (3,179 | ) | $ | 13,858 | $ | (5,768 | ) | $ | 8,090 | $ | 2,608 | $ | 1,355 | $ | 3,963 | ||||||||||||||||
Less: income (loss) on discontinued operations | $ | 458 | $ | (488 | ) | $ | (30 | ) | $ | 2,286 | $ | (595 | ) | $ | 1,691 | $ | (663 | ) | $ | (256 | ) | $ | (919 | ) | |||||||||||||
(Loss) income from continuing operations | $ | (6,550 | ) | $ | 3,401 | $ | (3,149 | ) | $ | 11,572 | $ | (5,173 | ) | $ | 6,399 | $ | 3,271 | $ | 1,611 | $ | 4,882 | ||||||||||||||||
Adjustment to reconcile net income from continuing operations to cash provided by operations: | |||||||||||||||||||||||||||||||||||||
Deferred tax expense (benefit) | $ | 1,630 | $ | (1,864 | ) | $ | (234 | ) | $ | (3,230 | ) | $ | 5,173 | $ | 1,943 | $ | 1,819 | $ | (1,611 | ) | $ | 208 | |||||||||||||||
Prepaid expenses, inventories and other assets | $ | 4,800 | $ | (1,955 | ) | $ | 2,845 | $ | 1,494 | $ | - | $ | 1,494 | $ | 1,789 | $ | - | $ | 1,789 | ||||||||||||||||||
Accounts payable, accrued expenses and unearned revenue | $ | (12,049 | ) | $ | 418 | $ | (11,631 | ) | $ | 4 | $ | - | $ | 4 | $ | (7,289 | ) | $ | - | $ | (7,289 | ) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
Customers accounting for 10% or more of total revenues generated from continuing operations | ' | ||||||||||||
The following customers accounted for 10% or more of the total revenues generated from continuing operations for twelve months ended December 31, 2012, 2011, and 2010: | |||||||||||||
Total | % of Total | ||||||||||||
Customer | Year | Revenue | Revenue | ||||||||||
CH Plateau Remediation Company ("CHPRC") | 2012 | $ | 24,652,000 | 19.3 | % | ||||||||
2011 | $ | 59,136,000 | 50.1 | % | |||||||||
2010 | $ | 51,929,000 | 53.1 | % | |||||||||
Department of Energy ("DOE") | 2012 | $ | 26,265,000 | 20.6 | % | ||||||||
2011 | $ | 4,136,000 | 3.5 | % | |||||||||
2010 | $ | 0 | 0 | % | |||||||||
Receivable balance for each customer representing more than 10% of consolidated receivable | ' | ||||||||||||
The outstanding receivable balance for each customer representing more than 10% of consolidated accounts receivable is ("AR") as follows: | |||||||||||||
Total | % of Total | ||||||||||||
Customer | Year | AR | AR | ||||||||||
DOE | 2012 | $ | 1,753,000 | 15.4 | % | ||||||||
2011 | $ | 2,656,000 | 15.8 | % | |||||||||
Clauss Construction | 2012 | $ | 3,343,000 | 29.3 | % | ||||||||
2011 | $ | 3,114,000 | 18.5 | % | |||||||||
Reconciliation of basic net income (loss) per share to diluted net (loss) income per share | ' | ||||||||||||
The following is a reconciliation of basic net (loss) income per share to diluted net (loss) income per share for the years ended December 31, 2012, 2011, and 2010: | |||||||||||||
(Restated) | (Restated) | (Restated) | |||||||||||
(Amounts in Thousands, Except for Per Share Amounts) | 2012 | 2011 | 2010 | ||||||||||
(Loss) income per share from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | |||||||||||||
(Loss) income from continuing operations | $ | (3,329 | ) | $ | 6,377 | $ | 4,882 | ||||||
Basic (loss) income per share | $ | (.30 | ) | $ | 0.58 | $ | 0.44 | ||||||
Diluted (loss) income per share | $ | (.30 | ) | $ | 0.58 | $ | 0.44 | ||||||
Income (loss) per share from discontinued operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | |||||||||||||
(loss) Income from discontinued operations | $ | (30 | ) | $ | 182 | $ | (919 | ) | |||||
Basic income (loss) per share | $ | ¾ | $ | 0.01 | $ | (.08 | ) | ||||||
Diluted income (loss) per share | $ | ¾ | $ | 0.01 | $ | (.08 | ) | ||||||
Income per share from disposal of discontinued operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | |||||||||||||
Gain on disposal of discontinued operations | $ | ¾ | $ | 1,509 | $ | ¾ | |||||||
Basic income per share | $ | ¾ | $ | 0.14 | $ | ¾ | |||||||
Diluted income per share | $ | ¾ | $ | 0.14 | $ | ¾ | |||||||
Weighted average common shares outstanding – basic | 11,225 | 11,059 | 10,989 | ||||||||||
Potential shares exercisable under stock option plans | ¾ | 4 | 11 | ||||||||||
Potential shares upon exercise of warrants | ¾ | ¾ | 5 | ||||||||||
Weighted average common shares outstanding – diluted | 11,225 | 11,063 | 11,006 | ||||||||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect | ' | ||||||||||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: | |||||||||||||
Upon exercise of options | 517 | 510 | 439 | ||||||||||
Upon exercise of Warrants | ¾ | 30 | ¾ | ||||||||||
BUSINESS_ACQUISITION_Tables
BUSINESS ACQUISITION (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||||||
BUSINESS ACQUISITION [Abstract] | ' | |||||||||||||||||||||
Preliminary purchase price allocation | ' | |||||||||||||||||||||
The following table summarizes the final purchase price allocation of the fair values of the assets acquired and liabilities assumed as of December 31, 2012: | ||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||
Current assets | $ | 21,354 | ||||||||||||||||||||
Property, plant and equipment | 2,135 | |||||||||||||||||||||
Intangible assets | 4,429 | |||||||||||||||||||||
Goodwill | 13,016 | |||||||||||||||||||||
Total assets acquired | 40,934 | |||||||||||||||||||||
Current liabilities | (15,803 | ) | ||||||||||||||||||||
Customer contracts | (6,015 | ) | ||||||||||||||||||||
Non-current liabilities | (2,091 | ) | ||||||||||||||||||||
Total liabilities acquired | (23,909 | ) | ||||||||||||||||||||
Non-controlling interest | (370 | ) | ||||||||||||||||||||
Total consideration | $ | 16,655 | ||||||||||||||||||||
Preliminary components of tangible assets acquired | ' | |||||||||||||||||||||
The following table summarizes the preliminary components of tangible assets acquired: | ||||||||||||||||||||||
Weighted | ||||||||||||||||||||||
Average | ||||||||||||||||||||||
Preliminary | Estimated | |||||||||||||||||||||
(Amounts in thousands) | Fair Value | Useful Life | ||||||||||||||||||||
Vehicles | $ | 583 | 5.0 years | |||||||||||||||||||
Lab equipment | 1,235 | 7.0 years | ||||||||||||||||||||
Office furniture and equipment | 317 | 4.0 years | ||||||||||||||||||||
Total tangible assets | $ | 2,135 | ||||||||||||||||||||
Change in Accounting Estimate [Line Items] | ' | |||||||||||||||||||||
Recast Balance Sheet | ' | |||||||||||||||||||||
The following table summarizes the line items that were recast and restated from the Company's previously reported December 31, 2011 Consolidated Balance Sheets (in thousands) resulting from the impact of the final purchase price allocation, including the effect of the restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements": | ||||||||||||||||||||||
Effect of | As Recast for | |||||||||||||||||||||
Purchase Price | Purchase Price | |||||||||||||||||||||
December 31, | Accounting | Accounting | Effect of | |||||||||||||||||||
2011 (1) | Finalization | Finalization | Restatement (12) | As Restated (2) | ||||||||||||||||||
Assets | ||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 19,106 | $ | (2,258 | ) | -3 | $ | 16,848 | $ | - | $ | 16,848 | ||||||||||
Unbilled receivables - current | $ | 9,871 | $ | (239 | ) | -3 | $ | 9,632 | $ | - | $ | 9,632 | ||||||||||
Prepaid and other assets | $ | 4,604 | $ | 57 | -9 | $ | 4,661 | $ | - | $ | 4,661 | |||||||||||
Deferrred tax assets - current | $ | 2,426 | $ | 1,427 | -4 | $ | 3,853 | $ | (488 | ) | $ | 3,365 | ||||||||||
Goodwill | $ | 27,063 | $ | 2,123 | -7 | $ | 29,186 | $ | - | $ | 29,186 | |||||||||||
Other intangible assets - net | $ | 4,258 | $ | 259 | -8 | $ | 4,517 | $ | - | $ | 4,517 | |||||||||||
Deferred tax asset, net of liabilities | $ | 1,295 | $ | 140 | -4 | $ | 1,435 | $ | (1,435 | ) | $ | - | ||||||||||
Other assets | $ | 1,595 | $ | (35 | ) | -9 | $ | 1,560 | $ | - | $ | 1,560 | ||||||||||
Total change | $ | 1,474 | ||||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||
Accounts payable | $ | 13,117 | $ | 196 | -10 | $ | 13,313 | $ | - | $ | 13,313 | |||||||||||
Accrued expenses | $ | 9,533 | $ | (99 | ) | -10 | $ | 9,434 | $ | - | $ | 9,434 | ||||||||||
Billing in excess of costs and estimated earnings | $ | 3,226 | $ | 2,832 | -5 | $ | 6,058 | $ | - | $ | 6,058 | |||||||||||
Current portionof long-term debt | $ | 3,936 | $ | (415 | ) | -6 | $ | 3,521 | $ | - | $ | 3,521 | ||||||||||
Long-term debt, less current portion | $ | 15,007 | $ | (812 | ) | -6 | $ | 14,195 | $ | - | $ | 14,195 | ||||||||||
Accumulated deficit | $ | (9,505 | ) | $ | (228 | ) | -11 | $ | (9,733 | ) | $ | (6,011 | ) | $ | (15,744 | ) | ||||||
Total change | $ | 1,474 | ||||||||||||||||||||
(1) As previously presented in the 2011 consolidated financial statement in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011. | ||||||||||||||||||||||
(2) As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. | ||||||||||||||||||||||
(3) Represents additional allowance for doubtful accounts of approximately $2,213,000 recorded as a result of uncollected receivables from three major customers, reversal of $45,000 in uncollectible accounts receivables and reversal of unbilled receivables related to conditions that existed at the time of our acquisition. | ||||||||||||||||||||||
(4) Represents book to tax timing differences resulting from allowance for doubtful accounts and change in fair value of contracts as noted in footnote (3) and (5). | ||||||||||||||||||||||
(5) Represents change in fair value of two loss contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date. | ||||||||||||||||||||||
(6) Resulted from termination on February 13, 2013 of the remaining portion (approximately $1,460,000) of a $2,500,000 Note ("October Note") entered on October 31, 2011. The termination of the October Note resulted from settlement of certain claims made by the Company against TNC primarily from the breach of representation regarding the cost to complete a certain contract that existed at acquisition. A New Note in the amount of $230,000 was issued to TNC in placement of the October Note that was cancelled (see above for further discussion of the October and New Notes). | ||||||||||||||||||||||
(7) Reflects additional goodwill recorded since initial acquisition date in finalizing the final purchase price allocation related to acquired assets and liabilities under this business combination. | ||||||||||||||||||||||
(8) Reflects change in fair value of acquired contracts based on change in estimated cash flow related to approval of certain request for equitable adjustments submitted prior to acquisition. | ||||||||||||||||||||||
(9) Represents tax true-up and write-off of bid deposit that existed as of the acquisition date. | ||||||||||||||||||||||
(10) Represents expenses and unrecorded vendor invoices for services rendered prior to acquisition. | ||||||||||||||||||||||
(11) Represents change in amortization of fair value of contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date and the related tax effect. | ||||||||||||||||||||||
(12) Reflects effect of restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements" in this Form 10-K/A – Amendment No. 1. | ||||||||||||||||||||||
Recast Statement of Operations | ' | |||||||||||||||||||||
The following table summarizes the line items that were recast and restated from the Company's previously reported December 31, 2011 Consolidated Statements of Operations (in thousands) resulting from the final purchase price allocation, including the effect of the restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements": | ||||||||||||||||||||||
Effect of | As Recast for | |||||||||||||||||||||
Purchase Price | Purchase Price | |||||||||||||||||||||
December 31, | Accounting | Accounting | Effect of | As | ||||||||||||||||||
2011 (1) | Finalization (3) | Finalization | Restatement (4) | Restated (2) | ||||||||||||||||||
Net revenue | $ | 118,610 | $ | (513 | ) | $ | 118,097 | $ | - | $ | 118,097 | |||||||||||
Cost of goods sold | $ | 89,822 | $ | (145 | ) | $ | 89,677 | $ | - | $ | 89,677 | |||||||||||
Gross profit | $ | 28,788 | $ | (368 | ) | $ | 28,420 | $ | - | $ | 28,420 | |||||||||||
Income from continuing operations before income taxes | $ | 10,845 | $ | (368 | ) | $ | 10,477 | $ | - | $ | 10,477 | |||||||||||
Income tax (benefit) expense | $ | (955 | ) | $ | (140 | ) | $ | (1,095 | ) | $ | 5,173 | $ | 4,078 | |||||||||
Income from continuing operations | $ | 11,800 | $ | (228 | ) | $ | 11,572 | $ | (5,173 | ) | $ | 6,399 | ||||||||||
Net income | $ | 14,086 | $ | (228 | ) | $ | 13,858 | $ | (5,768 | ) | $ | 8,090 | ||||||||||
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ | 14,064 | $ | (228 | ) | $ | 13,836 | $ | (5,768 | ) | $ | 8,068 | ||||||||||
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: | $ | 1.27 | $ | 1.25 | $ | 0.73 | ||||||||||||||||
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: | $ | 1.27 | $ | 1.25 | $ | 0.73 | ||||||||||||||||
(1) As previously presented in the 2011 consolidated financial statement in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011. | ||||||||||||||||||||||
(2) As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. | ||||||||||||||||||||||
(3) Represents change in amortization of fair value of contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date and the related tax effect. | ||||||||||||||||||||||
(4) Reflects effect of restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements" in this Form 10-K/A – Amendment No. 1. | ||||||||||||||||||||||
Recast Statement of Cash Flows | ' | |||||||||||||||||||||
The following table summarizes the line items that were recast and restated from the Company's previously reported December 31, 2011 Consolidated Statements of Cash Flows (in thousands) resulting from the final purchase price allocation, including the effect of the restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements": | ||||||||||||||||||||||
Effect of | As Recast for | |||||||||||||||||||||
Purchase Price | Purchase Price | |||||||||||||||||||||
December 31, | Accounting | Accounting | Effect of | As | ||||||||||||||||||
2011 (1) | Finalization (3) | Finalization | Restatement (4) | Restated (2) | ||||||||||||||||||
Net Income | $ | 14,086 | $ | (228 | ) | $ | 13,858 | $ | (5,768 | ) | $ | 8,090 | ||||||||||
Adjustment to reconcile net income from continuing operations to cash provided by operations: | ||||||||||||||||||||||
Amortization to fair value of customer contracts | $ | (775 | ) | $ | 513 | $ | (262 | ) | $ | - | $ | (262 | ) | |||||||||
Depreciation and amortization | $ | 4,961 | $ | (145 | ) | $ | 4,816 | $ | - | $ | 4,816 | |||||||||||
Deferred tax benefit | $ | (3,090 | ) | $ | (140 | ) | $ | (3,230 | ) | $ | 5,173 | $ | 1,943 | |||||||||
Accounts payable and accrued expenses | $ | 148 | $ | (144 | ) | $ | 4 | $ | - | $ | 4 | |||||||||||
(1) As previously presented in the 2011 consolidated financial statement in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011. | ||||||||||||||||||||||
(2) As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A. | ||||||||||||||||||||||
(3) Represents change in amortization of fair value of contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date and the related tax effect. | ||||||||||||||||||||||
(4) Reflects effect of restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements" in this Form 10-K/A – Amendment No. 1. | ||||||||||||||||||||||
Pro Forma Information | ' | |||||||||||||||||||||
The following unaudited pro forma financial information presents the combined results of operations of SEC and Perma-Fix as though the acquisition had occurred as of the beginning of the period presented below, which is January 1, 2011. The pro forma financial information does not necessarily represent the results of operations that would have occurred had SEC and Perma-Fix been a single company during the period presented, nor does management believe that the pro forma financial information presented is necessarily representative of future operating results. | ||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||
31-Dec-11 | ||||||||||||||||||||||
(Amount in thousands, except per share data) | (Unaudited) | |||||||||||||||||||||
Revenue | $ | 193,000 | ||||||||||||||||||||
Net loss from continuing operations | $ | (773 | ) | |||||||||||||||||||
Net loss per share from continuing operations - basic | $ | (.07 | ) | |||||||||||||||||||
Net loss per share from continuing operations - diluted | $ | (.07 | ) | |||||||||||||||||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||||||||||||
Goodwill (amounts in thousands)(1) | Treatment | Services | Total | ||||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | 14,000 | $ | 1,330 | $ | 15,330 | |||||||||||||||||||||||
Goodwill recorded in connection with PFNWR Earn-Out | 840 | ¾ | 840 | ||||||||||||||||||||||||||
Goodwill recorded in connection with SEC Acqusition | ¾ | 13,016 | 13,016 | ||||||||||||||||||||||||||
Reassignment of goodwill from change in reporting unit | (1,149 | ) | 1,149 | ¾ | |||||||||||||||||||||||||
Balance as of December 31, 2011 | 13,691 | 15,495 | 29,186 | ||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 13,691 | $ | 15,495 | $ | 29,186 | |||||||||||||||||||||||
(1) No impairment losses have been recorded. | |||||||||||||||||||||||||||||
Roll Forward of Permit | ' | ||||||||||||||||||||||||||||
The following table summarizes changes in the carrying amount of permits. No permit exists at our Services Segment. The Company currently has only one definite-lived permit, which is at our DSSI facility. This permit of approximately $545,000 was capitalized in 2009 in connection with the authorization issued by the U.S. EPA to our DSSI facility to commercially store and dispose of radioactive PCBs. This permit is being amortized over a ten year period in accordance with its estimated useful life. | |||||||||||||||||||||||||||||
Permit (amount in thousands) | Treatment | ||||||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | 16,863 | |||||||||||||||||||||||||||
PCB permit amortized | (55 | ) | |||||||||||||||||||||||||||
Permits in progress | 46 | ||||||||||||||||||||||||||||
Balance as of December 31, 2011 | 16,854 | ||||||||||||||||||||||||||||
PCB permit amortized | (55 | ) | |||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 16,799 | |||||||||||||||||||||||||||
Other intangible assets | ' | ||||||||||||||||||||||||||||
The following table summarizes information relating to the Company's other intangible assets: | |||||||||||||||||||||||||||||
31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||||
Useful | Gross | Net | Gross | Net | |||||||||||||||||||||||||
Lives | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||||||||||
(Years) | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||||||
Intangibles (amount in thousands) | |||||||||||||||||||||||||||||
Patent | 18-Aug | $ | 453 | $ | (105 | ) | $ | 348 | $ | 402 | $ | (77 | ) | $ | 325 | ||||||||||||||
Software | 3 | 380 | (145 | ) | 235 | 158 | (66 | ) | 92 | ||||||||||||||||||||
Non-compete agreement | 5 | 265 | (62 | ) | 203 | 265 | (9 | ) | 256 | ||||||||||||||||||||
Customer contracts | 0.5 | 565 | (565 | ) | ¾ | 790 | (230 | ) | 560 | ||||||||||||||||||||
Customer relationships | 12 | 3,370 | (546 | ) | 2,824 | 3,370 | (86 | ) | 3,284 | ||||||||||||||||||||
Total | $ | 5,033 | $ | (1,423 | ) | $ | 3,610 | $ | 4,985 | $ | (468 | ) | $ | 4,517 | |||||||||||||||
Summary of expected amortization over next five years | ' | ||||||||||||||||||||||||||||
The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets noted above and also includes the only one definite-lived permit, which is at our DSSI facility: | |||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||
Year | (In thousands) | ||||||||||||||||||||||||||||
2013 | $ | 645 | |||||||||||||||||||||||||||
2014 | 602 | ||||||||||||||||||||||||||||
2015 | 506 | ||||||||||||||||||||||||||||
2016 | 429 | ||||||||||||||||||||||||||||
2017 | 354 | ||||||||||||||||||||||||||||
$ | 2,536 |
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
STOCK BASED COMPENSATION [Abstract] | ' | ||||||||||||
Assumptions used to value the options granted | ' | ||||||||||||
The Company estimates fair value of stock options using the Black-Scholes valuation model. Assumptions used to estimate the fair value of stock options granted include the exercise price of the award, the expected term, the expected volatility of the Company's stock over the option's expected term, the risk-free interest rate over the option's expected term, and the expected annual dividend yield. The fair value of the employee and director stock options granted and the related assumptions used in the Black-Scholes option pricing model used to value the options granted for fiscal year 2012, 2011, and 2010 were as follows after giving effect to the reverse stock split: | |||||||||||||
Employee Stock Option Granted | |||||||||||||
For Year Ended | |||||||||||||
2012(4) | 2011 | 2010(4) | |||||||||||
Weighted-average fair value per share | $ | — | $ | 4.1 | $ | — | |||||||
Risk -free interest rate (1) | — | 1.29%-1.92 | % | — | |||||||||
Expected volatility of stock (2) | — | 58.72%-60.02 | % | — | |||||||||
Dividend yield | — | None | — | ||||||||||
Expected option life (in years) (3) | — | 6 | — | ||||||||||
Outside Director Stock Option Granted | |||||||||||||
For Year Ended | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Weighted-average fair value per share | $ | 3.55 | $ | 4.7 | $ | 5.6 | |||||||
Risk -free interest rate (1) | 1.75 | % | 2.29 | % | 2.52 | % | |||||||
Expected volatility of stock (2) | 56.74 | % | 57.48 | % | 60.69 | % | |||||||
Dividend yield | None | None | None | ||||||||||
Expected option life (in years) (3) | 10 | 10 | 10 | ||||||||||
-1 | The risk-free interest rate is based on the U.S. Treasury yield in effect at the grant date over the expected term of the option. | ||||||||||||
-2 | The expected volatility is based on historical volatility from our traded Common Stock over the expected term of the option. | ||||||||||||
-3 | The expected option life is based on historical exercises and post-vesting data. | ||||||||||||
-4 | No employee option grants were made in 2012 and 2010. | ||||||||||||
Stock-based compensation recognized for employee and director stock options | ' | ||||||||||||
The following table summarizes stock-based compensation recognized for the fiscal year 2012, 2011, and 2010 after giving effect to the reverse stock split. | |||||||||||||
Year Ended | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Employee Stock Options | $ | 140,000 | $ | 246,000 | $ | 276,000 | |||||||
Director Stock Options | 51,000 | 99,000 | 67,000 | ||||||||||
Total | $ | 191,000 | $ | 345,000 | $ | 343,000 |
CAPITAL_STOCK_STOCK_PLANS_WARR1
CAPITAL STOCK, STOCK PLANS, WARRANTS AND INCENTIVE COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
CAPITAL STOCK, STOCK PLANS, WARRANTS AND INCENTIVE COMPENSATION [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Summary of the status of options under the Company's Plans | ' | ||||||||||||||||||||||||||||||||||||
Summary of the status of options under the Company's total Plans and a Non-Qualified Stock Option Agreement, as of December 31, 2012, 2009, and 2010, and changes during the years ending on those dates is presented below, giving the effect to the reverse stock split. The Company's Plans consist of the 1993 Non-Qualified Stock Option Plan, the 2004 and 2010 Stock Option Plans, and the 1992 and 2003 Outside Directors Stock Plans: | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Intrinsic Value (a) | Shares | Weighted Average Exercise Price | Intrinsic Value (a) | Shares | Weighted Average Exercise Price | Intrinsic Value (a) | |||||||||||||||||||||||||||||
1993 Non-qualified Stock Option Plan | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 71,600 | $ | 10.95 | 126,072 | $ | 10.02 | 198,272 | $ | 9.46 | ||||||||||||||||||||||||||||
Exercised | — | — | $ | — | — | — | $ | — | (70,000 | ) | 8.52 | $ | 227,000 | ||||||||||||||||||||||||
Forfeited | (1,100 | ) | 10.95 | (54,472 | ) | 8.79 | (2,200 | ) | 7.25 | ||||||||||||||||||||||||||||
Balance at end of year | 70,500 | 10.95 | $ | — | 71,600 | 10.95 | $ | — | 126,072 | 10.02 | $ | — | |||||||||||||||||||||||||
Options exercisable at year end | 70,500 | 10.95 | $ | — | 71,600 | 10.95 | $ | — | 126,072 | 10.02 | $ | — | |||||||||||||||||||||||||
1992 Outside Directors Stock Plan | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 11,000 | $ | 12.23 | 17,000 | $ | 12.48 | 20,000 | $ | 11.88 | ||||||||||||||||||||||||||||
Forfeited | (8,000 | ) | 13.65 | (6,000 | ) | 12.95 | (3,000 | ) | 8.44 | ||||||||||||||||||||||||||||
Balance at end of year | 3,000 | 10.1 | $ | — | 11,000 | 12.23 | $ | — | 17,000 | 12.48 | $ | — | |||||||||||||||||||||||||
Options exercisable at year end | 3,000 | 10.1 | $ | — | 11,000 | 12.23 | $ | — | 17,000 | 12.48 | $ | — | |||||||||||||||||||||||||
2003 Outside Directors Stock Plan | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 151,200 | $ | 10.56 | 133,200 | $ | 11.04 | 118,800 | $ | 11.36 | ||||||||||||||||||||||||||||
Granted | 12,000 | 5.5 | 18,000 | 7.05 | 14,400 | 8.4 | |||||||||||||||||||||||||||||||
Balance at end of year | 163,200 | 10.19 | $ | — | 151,200 | 10.56 | $ | 12,600 | 133,200 | 11.04 | $ | — | |||||||||||||||||||||||||
Options exercisable at year end | 151,200 | 10.56 | $ | — | 133,200 | 11.04 | $ | — | 118,800 | 11.36 | $ | — | |||||||||||||||||||||||||
2004 Stock Option Plan | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 264,167 | $ | 10.17 | 274,834 | $ | 10.21 | 284,833 | $ | 10.25 | ||||||||||||||||||||||||||||
Forfeited | (82,067 | ) | 9.33 | (10,667 | ) | 11.27 | (10,000 | ) | 11.3 | ||||||||||||||||||||||||||||
Balance at end of year | 182,100 | 10.55 | $ | — | 264,167 | 10.17 | $ | 18,900 | 274,833 | 10.21 | $ | 30,900 | |||||||||||||||||||||||||
Options exercisable at year end | 182,100 | 10.55 | $ | — | 256,167 | 10.26 | $ | 13,700 | 204,467 | 10.18 | $ | 14,100 | |||||||||||||||||||||||||
2010 Stock Option Plan(b) | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 60,000 | $ | 7.85 | — | $ | — | — | $ | — | ||||||||||||||||||||||||||||
Granted | — | — | 60,000 | 7.85 | — | — | |||||||||||||||||||||||||||||||
Balance at end of year | 60,000 | 7.85 | $ | — | 60,000 | 7.85 | $ | — | — | — | $ | — | |||||||||||||||||||||||||
Options exercisable at year end | 20,000 | 7.85 | $ | — | — | — | $ | — | — | — | $ | — | |||||||||||||||||||||||||
Non-Qualified Stock Option Agreement (c) | |||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 50,000 | $ | 6.75 | — | $ | — | — | $ | — | ||||||||||||||||||||||||||||
Granted | — | — | 50,000 | 6.75 | — | — | |||||||||||||||||||||||||||||||
Balance at end of year | 50,000 | 6.75 | $ | — | 50,000 | 6.75 | $ | 50,000 | — | — | $ | — | |||||||||||||||||||||||||
Options exercisable at year end | 12,500 | 6.75 | $ | — | — | — | $ | — | — | — | $ | — | |||||||||||||||||||||||||
(a) | Represents the difference between the market price at the date of exercise or the end of the year, as applicable, and the exercise price. | ||||||||||||||||||||||||||||||||||||
(b) | Plan was approved in September 2010 which authorizes grants of up to an aggregate of 1,000,000 non-qualified and incentive stock options. | ||||||||||||||||||||||||||||||||||||
(c) | Option agreement entered into between Christopher Leichtweis, President of SEC and the Company on October 31, 2011. See Note 5 – "Stock Based Compensation" for further information on this agreement. | ||||||||||||||||||||||||||||||||||||
Summary of total Stock Options | ' | ||||||||||||||||||||||||||||||||||||
The summary of the Company's total Plans and a Non-Qualified Stock Option Agreement as of December 31, 2012, and changes during the period then ended are presented as follows (giving the effect of the reverse stock split): | |||||||||||||||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate Intrinsic | ||||||||||||||||||||||||||||||||||
Average | Average | Value | |||||||||||||||||||||||||||||||||||
Exercise | Remaining | ||||||||||||||||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||||||||||
Options outstanding January 1, 2012 | 607,967 | $ | 9.89 | ||||||||||||||||||||||||||||||||||
Granted | 12,000 | 5.5 | |||||||||||||||||||||||||||||||||||
Exercised | ─ | ─ | $ | ─ | |||||||||||||||||||||||||||||||||
Forfeited/Expired | (91,167 | ) | 9.72 | ||||||||||||||||||||||||||||||||||
Options outstanding End of Period (1) | 528,800 | 9.82 | 3.5 | $ | ─ | ||||||||||||||||||||||||||||||||
Options Exercisable at December 31, 2012(2) | 439,300 | $ | 10.38 | 2.8 | $ | ─ | |||||||||||||||||||||||||||||||
Options Vested and expected to be vested at December 31, 2012 | 528,800 | 9.82 | 3.5 | $ | ─ | ||||||||||||||||||||||||||||||||
(1) Options with exercise prices ranging from $5.50 to $14.75 | |||||||||||||||||||||||||||||||||||||
(2) Options with exercise prices ranging from $7.05 to $14.75 | |||||||||||||||||||||||||||||||||||||
DISCONTINUED_OPERATIONS_AND_DI1
DISCONTINUED OPERATIONS AND DIVESTITURES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
DISCONTINUED OPERATIONS AND DIVESTITURES [Abstract] | ' | ||||||||||||
Results of discontinued operations | ' | ||||||||||||
The following table summarizes the results of discontinued operations for the years ended December 31, 2012, 2011, and 2010. The gains on disposals of discontinued operations for PFFL and PFO, net of taxes, are reported separately on our Consolidated Statements of Operations as "Gain on disposal of discontinued operations, net of taxes." The operating results of discontinued operations are included in our Consolidated Statements of Operations as part of our "(Loss) income from discontinued operations, net of taxes." Our net income for 2012 included a tax benefit of approximately $530,000 primarily resulting from our net operating loss. | |||||||||||||
For The Year Ended December 31, | |||||||||||||
Amount in Thousands | 2012 | 2011 | 2010 | ||||||||||
Net revenue | $ | 2,204 | $ | 6,931 | $ | 9,248 | |||||||
Interest Expense | (34 | ) | (68 | ) | (84 | ) | |||||||
Operating loss from discontinued operations | (560 | ) | (366 | ) | (839 | ) | |||||||
Income tax benefit | (530 | ) | (548 | ) | 80 | ||||||||
Gain on disposal of discontined operations (1) | — | 1,509 | — | ||||||||||
Income (loss) from discontinued operations | (30 | ) | 1,691 | (919 | ) | ||||||||
(1) Net of taxes of $1,276,000 for year ended December 31, 2011. | |||||||||||||
Disclosure of asset and liabilities of discontinued operations Held-for-sale | ' | ||||||||||||
The following table presents the major classes of assets and liabilities of discontinued operations that are classified as held for sale as of December 31, 2012 and 2011. The held for sale assets and liabilities may differ at the closing of a sale transaction from the reported balances as of December 31, 2012: | |||||||||||||
December 31, | December 31, | ||||||||||||
(Amounts in Thousands) | 2012 | 2011 | |||||||||||
Accounts receivable, net (1) | $ | 391 | $ | 385 | |||||||||
Inventories | 32 | 25 | |||||||||||
Other assets | 16 | 22 | |||||||||||
Property, plant and equipment, net (2) | 1,614 | 1,650 | |||||||||||
Total assets held for sale | $ | 2,053 | $ | 2,082 | |||||||||
Accounts payable | $ | 229 | $ | 190 | |||||||||
Accrued expenses and other liabilities | 528 | 577 | |||||||||||
Note payable | 71 | 105 | |||||||||||
Environmental liabilities | 1,373 | 1,497 | |||||||||||
Total liabilities held for sale | $ | 2,201 | $ | 2,369 | |||||||||
(1) net of allowance for doubtful accounts of $45,000 and $48,000 as of December 31, 2012, and 2011, respectively. | |||||||||||||
(2) net of accumulated depreciation of $60,000 and $62,000 as of December 31, 2012, and 2011, respectively. | |||||||||||||
Disclosure of assets and liabilities of discontinued operations not held for sale | ' | ||||||||||||
The following table presents the major classes of assets and liabilities of discontinued operations that are not held for sale as of December 31, 2012 and 2011: | |||||||||||||
December 31, | December 31, | ||||||||||||
(Amounts in Thousands) | 2012 | 2011 | |||||||||||
Other assets | $ | 60 | $ | 261 | |||||||||
Total assets of discontinued operations | $ | 60 | $ | 261 | |||||||||
Accrued expenses and other liabilities | $ | 884 | $ | 1,083 | |||||||||
Accounts payable | 15 | 15 | |||||||||||
Environmental liabilities | 241 | 505 | |||||||||||
Total liabilities of discontinued operations | $ | 1,140 | $ | 1,603 | |||||||||
Accrued Environmental Liabilities [Table Text Block] | ' | ||||||||||||
At December 31, 2012, we had total accrued environmental remediation liabilities of $1,614,000 of which $374,000 is recorded as a current liability, which reflects a decrease of $388,000 from the December 31, 2011 balance of $2,002,000. The net decrease represents payment of approximately $388,000 on remediation projects, increases in reserves of approximately $90,000 at PFD and $33,000 at PFMI and decrease in reserve of approximately $123,000 at PFSG due to reassessment of our remediation reserves. The December 31, 2012, current and long-term accrued environmental balance is recorded as follows (in thousands): | |||||||||||||
Current | Long-term | ||||||||||||
Accrual | Accrual | Total | |||||||||||
PFD | $ | 7 | $ | 92 | $ | 99 | |||||||
PFM | 23 | 38 | 61 | ||||||||||
PFSG | 343 | 1,030 | 1,373 | ||||||||||
PFMI | 1 | 80 | 81 | ||||||||||
Total Liability | $ | 374 | $ | 1,240 | $ | 1,614 | |||||||
LONG_TERM_DEBT_Tables
LONG TERM DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
LONG-TERM DEBT [Abstract] | ' | ||||||||
Long-term Debt Instruments | ' | ||||||||
Long-term debt consists of the following at December 31, 2012 and December 31, 2011: | |||||||||
(Amounts in Thousands) | 31-Dec-12 | 31-Dec-11 | |||||||
Revolving Credit facility dated October 31, 2011, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, variable interest paid monthly at option of prime rate (3.25% at December, 2012) plus 2.0% or London InterBank Offer Rate ("LIBOR") plus 3.0%, balance due October 31, 2016. Effective interest rate for 2012 and 2011 was 3.8% and 4.4%, respectively. (1) (2) | $ | — | $ | — | |||||
Term Loan dated October 31, 2011, payable in equal monthly installments of principal of $190, balance due in October 31, 2016, variable interest paid monthly at option of prime rate plus 2.5% or LIBOR plus 3.5%. Effective interest rate for 2012 and 2011 was 3.9% and 4.2%, respectively. (1) (2) | 13,524 | 15,810 | |||||||
Promissory Note dated April 18, 2011, payable in monthly installments of principal of $83 starting May 8, 2011, balance due April 8, 2012, variable interest paid monthly at LIBOR plus 4.5%, with LIBOR at least 1.5%.(3) (4) (5) | — | 318 | |||||||
Promissory Note dated September 28, 2010, payable in 36 monthly equal installments of $40, which includes interest and principal, beginning October 15, 2010, interest accrues at annual rate of 6.0% (5) | 352 | 798 | |||||||
Promissory Note dated October 31, 2011, payable in monthly installments of $76, which includes interest and principal, starting November 15, 2011, interest accrues at annual rate of 6.0%, balance due May 15, 2014. (5) (6) | — | 636 | |||||||
Various capital lease and promissory note obligations, payable 2013 to 2014, interest at rates ranging from 5.2% to 8.0%.(7) | 391 | 259 | |||||||
14,267 | 17,821 | ||||||||
Less current portion of long-term debt | 2,794 | 3,521 | |||||||
Less long-term debt related to assets held for sale | 71 | 105 | |||||||
$ | 11,402 | $ | 14,195 | ||||||
(1) Our Revolving Credit facility is collateralized by our accounts receivable and our Term Loan is collateralized by our property, plant, and equipment. | |||||||||
(2) On October 31, 2011, the Company entered into an "Amended and Restated Revolving Credit, Term Loan and Security Agreement" with PNC Bank. Under the original credit facility with PNC dated December 22, 2000, as amended, variable interest was determined based on the options as noted; however, variable interest under the LIBOR option provided for a minimum floor base of 1.0% for both our Revolving Credit and Term Loan from January 1, 2011 to October 30, 2011. | |||||||||
(3) Original promissory note dated May 8, 2009 of $3,000,000 was modified on April 18, 2011, with principal balance of approximately $990,000. See "Promissory Notes and Installment Agreements" below for terms of original and amended promissory notes and the final payment made on the note. | |||||||||
(4) Net of debt discount of ($0) and ($117,000) for December 31, 2012 and December 31, 2011, respectively. See "Promissory Notes and Installment Agreements" below for additional information. | |||||||||
(5) Uncollateralized note. | |||||||||
(6) Promissory note entered into in connection with acquisition of SEC on October 31, 2011. See "Promissory Notes and Installment Agreements" below for cancellation and termination of the October 31. 2011 note in connection with settlement with TNC regarding certain claims that the Company asserted against TNC subsequent to the acquisition of SEC on October 31, 2011. | |||||||||
(7) Includes the $230,000 New Note issued to TNC on February 12, 2013 as discussed in Note 3 - "Business Combination." This note was issued to replace the remaining balance of $1,460,000 of the $2,500,000 October Note issued on October 31, 2012 in connection with the acquisition of SEC. The remaining balance of the $1,460,000 October Note was cancelled and terminated on February 12, 2013, in connection with settlement with TNC regarding certain claims that the Company asserted against TNC subsequent to the acquisition of SEC on October 31, 2011. | |||||||||
Schedule of long-term debt maturing in future years | ' | ||||||||
The following table approximates amount of the maturities of long-term debt maturing in future years as of December 31, 2012 of our continuing operations (in thousands): | |||||||||
Year ending December 31: | |||||||||
2013 | $ | 2,794 | |||||||
2014 | 2,440 | ||||||||
2015 | 2,296 | ||||||||
2016 | 6,666 | ||||||||
Total | $ | 14,196 | |||||||
Future maturities of the capital leases | ' | ||||||||
The following table lists future maturities of the capital leases as of December 31, 2012 of our continuing operations (in thousands): | |||||||||
Captial Leases | |||||||||
Year ending December 31: | |||||||||
2013 | $ | 53 | |||||||
2014 | 37 | ||||||||
2015 | ― | ||||||||
2016 | ― | ||||||||
2017 | ― | ||||||||
Total Minimum Lease Payments | 90 | ||||||||
Less amount representing interest (effective interest rate of 6.50%) | (5 | ) | |||||||
Less estimated executory costs | ― | ||||||||
Net minimum lease payments | 85 | ||||||||
Less current installments of obligations under capital leases | 53 | ||||||||
Obligations under capital leases excluding current installments | $ | 32 |
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
ACCRUED EXPENSES [Abstract] | ' | ||||||||
Schedule of accrued expenses | ' | ||||||||
Accrued expenses at December 31 include the following (in thousands): | |||||||||
2012 | 2011 | ||||||||
Salaries and employee benefits | $ | 4,430 | $ | 6,348 | |||||
Accrued sales, property and other tax | 793 | 506 | |||||||
Interest payable | 29 | 96 | |||||||
Insurance payable | 978 | 1,462 | |||||||
Other | 442 | 1,022 | |||||||
Total accrued expenses | $ | 6,672 | $ | 9,434 |
ACCRUED_CLOSURE_COSTS_Tables
ACCRUED CLOSURE COSTS (Tables) | 12 Months Ended | ||||
Dec. 31, 2012 | |||||
ACCRUED CLOSURE COSTS [Abstract] | ' | ||||
Changes to reported closure liabilities | ' | ||||
Changes to reported closure liabilities for the years ended December 31, 2011 and 2012, were as follows: | |||||
Amounts in thousands | |||||
Balance as of December 31, 2010 | $ | 12,362 | |||
Accretion expense | 79 | ||||
Payments | ― | ||||
Adjustments | (504 | ) | |||
Balance as of December 31, 2011 | 11,937 | ||||
Accretion expense | 185 | ||||
Payments | (773 | ) | |||
Adjustments | ― | ||||
Balance as of December 31, 2012 | $ | 11,349 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||
Components of current and deferred federal and state income tax for continuing operations | ' | ||||||||||||
The components of current and deferred federal and state income tax expense (benefit) for continuing operations for the years ended December 31, consisted of the following (in thousands): | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Federal income tax (benefit) expense - current | $ | (2,107 | ) | $ | 2,043 | $ | 112 | ||||||
Federal income tax expense - deferred | 11 | 1,938 | 218 | ||||||||||
State income tax expense (benefit) - current | 191 | 92 | (85 | ) | |||||||||
State income tax (benefit) expense - deferred | (246 | ) | 5 | (10 | ) | ||||||||
Total income tax expense (benefit) | $ | (2,151 | ) | $ | 4,078 | $ | 235 | ||||||
Schedule of deferred tax assets and liabilities | ' | ||||||||||||
We had temporary differences and net operating loss carry forwards from both our continuing and discontinued operations, which gave rise to deferred tax assets and liabilities at December 31, as follows (in thousands): | |||||||||||||
Deferred tax assets: | 2012 | 2011 | |||||||||||
Net operating losses | $ | 4,612 | $ | 4,425 | |||||||||
Environmental and closure reserves | 4,740 | 5,047 | |||||||||||
Impairment of assets | 505 | 505 | |||||||||||
Investment | (59 | ) | 197 | ||||||||||
Other | 3,798 | 4,513 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (7,875 | ) | (8,936 | ) | |||||||||
Prepaid expenses | (16 | ) | (46 | ) | |||||||||
5,705 | 5,705 | ||||||||||||
Valuation allowance | (5,729 | ) | (6,428 | ) | |||||||||
Net deferred income tax liabilities | (24 | ) | (723 | ) | |||||||||
Overall reconciliation between the expected tax benefit and the provision for income taxes | ' | ||||||||||||
An overall reconciliation between the expected tax expense (benefit) using the federal statutory rate of 34% and the provision (benefit) for income taxes from continuing operations as reported in the accompanying consolidated statement of operations is provided below. | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Tax (benefit) expense at statutory rate | $ | (1,847 | ) | $ | 3,557 | $ | 1,740 | ||||||
State tax (benefit) expense, net of federal benefit | (131 | ) | 53 | (56 | ) | ||||||||
Previously unrecorded state tax benefit | ― | ― | (173 | ) | |||||||||
Permanent items | 110 | 150 | 61 | ||||||||||
Other | (100 | ) | 355 | (1,325 | ) | ||||||||
(Decrease) increase in valuation allowance | (183 | ) | (37 | ) | (12 | ) | |||||||
Income tax (benefit) expense | $ | (2,151 | ) | $ | 4,078 | $ | 235 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2012 | |||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||||
Future minimum rental payments | ' | ||||
We lease certain facilities and equipment under operating leases. The following table lists future minimum rental payments as of December 31, 2012 under these leases for our continuing operations (in thousands): | |||||
Year ending December 31: | |||||
2013 | $ | 883 | |||
2014 | 802 | ||||
2015 | 733 | ||||
2016 | 587 | ||||
2017 | 529 | ||||
beyond 2017 | 174 | ||||
Total | $ | 3,708 |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | |||||||||||||||||||||
Schedule of financial information | ' | |||||||||||||||||||||
The table below shows certain financial information of our reporting segments for 2012, 2011, and 2010 (in thousands). | ||||||||||||||||||||||
Segment Reporting as of and for the year ended December 31, 2012 | ||||||||||||||||||||||
Treatment | Services | Segments Total | Corporate And Other | -2 | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 45,882 | $ | 81,627 | $ | 127,509 | -3 | $ | — | $ | 127,509 | |||||||||||
Intercompany revenues | 1,785 | 845 | 2,630 | ¾ | ¾ | |||||||||||||||||
Gross profit | 9,268 | 6,536 | 15,804 | ¾ | 15,804 | |||||||||||||||||
Interest income | ¾ | ¾ | ¾ | 41 | 41 | |||||||||||||||||
Interest expense | 9 | 12 | 21 | 797 | 818 | |||||||||||||||||
Interest expense-financing fees | ¾ | ¾ | ¾ | 107 | 107 | |||||||||||||||||
Depreciation and amortization | 4,448 | 949 | 5,397 | 73 | 5,470 | |||||||||||||||||
Segment (loss) profit | 2,951 | 1,474 | 4,425 | (7,574 | ) | (3,149 | ) | |||||||||||||||
Segment assets(1) | 75,405 | 36,120 | 111,525 | 28,166 | -4 | 139,691 | ||||||||||||||||
Expenditures for segment assets | 263 | 145 | 408 | 4 | 412 | |||||||||||||||||
Total debt | 85 | 5 | 90 | 14,106 | -5 | 14,196 | ||||||||||||||||
Segment Reporting as of and for the year ended December 31, 2011 | ||||||||||||||||||||||
Treatment | Services | Segments Total | Corporate And Other | -2 | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 65,836 | $ | 52,261 | $ | 118,097 | -3 | $ | — | $ | 118,097 | |||||||||||
Intercompany revenues | 1,928 | 585 | 2,513 | ¾ | ¾ | |||||||||||||||||
Gross profit | 21,299 | 7,121 | 28,420 | ¾ | 28,420 | |||||||||||||||||
Interest income | ¾ | ¾ | ¾ | 58 | 58 | |||||||||||||||||
Interest expense | 72 | 7 | 79 | 578 | 657 | |||||||||||||||||
Interest expense-financing fees | ¾ | ¾ | ¾ | 207 | 207 | |||||||||||||||||
Depreciation and amortization | 4,535 | 192 | 4,727 | 89 | 4,816 | |||||||||||||||||
Segment profit (loss) | 10,226 | 3,983 | 14,209 | (7,810 | ) | 6,399 | ||||||||||||||||
Segment assets(1) | 81,197 | 43,293 | 124,490 | 39,164 | -4 | 163,654 | ||||||||||||||||
Expenditures for segment assets | 2,278 | 4 | 2,282 | 21 | 2,303 | |||||||||||||||||
Total debt | 142 | 12 | 154 | 17,562 | -5 | 17,716 | ||||||||||||||||
Segment Reporting as of and for the year ended December 31, 2010 | ||||||||||||||||||||||
Treatment | Services | Segments Total | Corporate And Other | -2 | Consolidated Total | |||||||||||||||||
Revenue from external customers | $ | 53,363 | $ | 44,427 | $ | 97,790 | -3 | $ | — | $ | 97,790 | |||||||||||
Intercompany revenues | 2,962 | 502 | 3,464 | ¾ | ¾ | |||||||||||||||||
Gross profit | 12,733 | 7,882 | 20,615 | ¾ | 20,615 | |||||||||||||||||
Interest income | ¾ | ¾ | ¾ | 65 | 65 | |||||||||||||||||
Interest expense | 138 | 3 | 141 | 614 | 755 | |||||||||||||||||
Interest expense-financing fees | 3 | ¾ | 3 | 409 | 412 | |||||||||||||||||
Depreciation and amortization | 4,469 | 39 | 4,508 | 22 | 4,530 | |||||||||||||||||
Segment profit (loss) | 7,715 | 4,508 | 12,223 | (7,341 | ) | 4,882 | ||||||||||||||||
Segment assets(1) | 91,881 | 2,570 | 94,451 | 31,286 | -4 | 125,737 | ||||||||||||||||
Expenditures for segment assets | 1,601 | 19 | 1,620 | 22 | 1,642 | |||||||||||||||||
Total debt | 1,105 | 18 | 1,123 | 9,126 | -5 | 10,249 | ||||||||||||||||
(1) Segment assets have been adjusted for intercompany accounts to reflect actual assets for each segment. | ||||||||||||||||||||||
(2) Amounts reflect the activity for corporate headquarters, not included in the segment information. | ||||||||||||||||||||||
(3) The consolidated revenues included the CH Plateau Remediation Company ("CHPRC") revenue of $24,652,000 or 19.3%, $59,136,000 or 50.1%, and $51,929,000 or 53.1%, for 2012, 2011, and 2010, respectively, of our total consolidated revenue from continuing operations. Also, the consolidated revenues included revenues generated directly from the U.S. Department of Energy ("DOE") of $26,265,000 or 20.6%, $4,136,000 or 3.5%, and $0 or 0%, for 2012, 2011, and 2010, respectively, of our total consolidated revenue from continuing operations. The increase in revenues generated directly from the DOE was attributed to the acquisition of SEC on October 31, 2011. | ||||||||||||||||||||||
(4) Amount includes assets from our discontinued operations of $2,113,000, $2,343,000, and $7,433,000, as of December 31, 2012, 2011, and 2010, respectively. | ||||||||||||||||||||||
(5) Net of debt discount of ($0), ($12,000), and (117,000) for 2012, 2011, and 2010, respectively, based on the estimated fair value at issuance of two Warrants and 40,000 shares of the Company's Common Stock issued on May 8, 2009 in connection with a $3,000,000 promissory note entered into by the Company and Mr. William Lampson and Mr. Diehl Rettig. The promissory note and the Warrants were modified on April 18, 2011. See Note 9 – "Long-Term Debt – Promissory Note and Installment Agreement" for additional information." |
QUARTERLY_OPERATING_RESULTS_UN1
QUARTERLY OPERATING RESULTS (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
QUARTERLY OPERATING RESULTS (UNAUDITED) [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Unaudited quarterly operating results are summarized as follows (in thousands, except per share data). The effect of the restatement as noted in Note 1A – "Restatement of Consolidated Financial Statements" – impacted only the fourth quarter of each of the years noted below. Net income attributable to non-controlling interests are excluded from (loss) income from continuing operations in the below earning (loss) per share calculation in accordance with ASC 260, "Earnings Per Share:" | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | Dec. 31 | ||||||||||||||
2012 | (Restated) | ||||||||||||||||
Net revenues | $ | 37,936 | $ | 33,698 | $ | 29,190 | $ | 26,684 | |||||||||
Gross profit | 4,369 | 3,930 | 4,226 | 3,279 | |||||||||||||
Loss from continuing operations | (807 | ) | (1,009 | ) | (472 | ) | (861 | ) | |||||||||
(Loss) income from discontinued operations, net of taxes | (138 | ) | (60 | ) | (61 | ) | 229 | ||||||||||
Net loss | (945 | ) | (1,069 | ) | (533 | ) | (632 | ) | |||||||||
Net income attributable to noncontrolling interest | 56 | 102 | 21 | 1 | |||||||||||||
Net loss attributable to Perma-Fix Environmental Services, Inc. common stockholders | (1,001 | ) | (1,171 | ) | (554 | ) | (633 | ) | |||||||||
Basic net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | (.08 | ) | (.10 | ) | (.04 | ) | (.08 | ) | |||||||||
Discontinued operations | (.01 | ) | — | (.01 | ) | 0.02 | |||||||||||
Net (loss) income per common share | (.09 | ) | (.10 | ) | (.05 | ) | (.06 | ) | |||||||||
Diluted net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continued operations | (.08 | ) | (.10 | ) | (.04 | ) | (.08 | ) | |||||||||
Discontinued operations | (.01 | ) | — | (.01 | ) | 0.02 | |||||||||||
Net (loss) income per common share | (.09 | ) | (.10 | ) | (.05 | ) | (.06 | ) | |||||||||
31-Mar | 30-Jun | 30-Sep | Dec. 31 | ||||||||||||||
2011 | (Restated) | ||||||||||||||||
Net revenues | $ | 23,615 | $ | 28,913 | $ | 32,787 | $ | 32,782 | |||||||||
Gross profit | 3,030 | 8,049 | 11,301 | 6,040 | |||||||||||||
(Loss) income from continuing operations | (533 | ) | 2,552 | 4,421 | (41 | ) | |||||||||||
Income (loss) from discontinued operations, net of taxes | 212 | (32 | ) | (187 | ) | 189 | |||||||||||
Gain (loss) on disposal of discontinued operations, net of taxes | — | — | 1,777 | (268 | ) | ||||||||||||
Net (loss) income | (321 | ) | 2,520 | 6,011 | (120 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | — | 22 | |||||||||||||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders | (321 | ) | 2,520 | 6,011 | (142 | ) | |||||||||||
Basic net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | (.05 | ) | 0.23 | 0.4 | — | ||||||||||||
Discontinued operations | 0.02 | — | (.02 | ) | 0.01 | ||||||||||||
Gain on disposal of discontinued operations, net of taxes | — | — | 0.16 | (.02 | ) | ||||||||||||
Net (loss) income per common share | (.03 | ) | 0.23 | 0.54 | (.01 | ) | |||||||||||
Diluted net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continued operations | (.05 | ) | 0.23 | 0.4 | — | ||||||||||||
Discontinued operations | 0.02 | — | (.02 | ) | 0.01 | ||||||||||||
Gain on disposal of discontinued operations, net of taxes | — | — | 0.16 | (.02 | ) | ||||||||||||
Net (loss) income per common share | (.03 | ) | 0.23 | 0.54 | (.01 | ) | |||||||||||
Accounting Changes and Error Corrections [Text Block] | ' | ||||||||||||||||
For following table summarizes the impact of the restatement on each affected line of the selected quarterly financial data resulting from the restatement as discussed in "Note 1A – Restatement of Consolidated Financial Statements (in thousands, except per share data). As noted above, the restatement impacted only the fourth quarters of 2012 and 2011. | |||||||||||||||||
As Reported | Adjustment | As Restated | |||||||||||||||
For the quarter ended December 31, 2012 | |||||||||||||||||
(Loss) income from continuing operations | $ | (4,262) | $ | 3,401 | $ | (861) | |||||||||||
Income (loss) from discontinued operations, net of taxes | 717 | (488) | 229 | ||||||||||||||
Net (loss) income | (3,545) | 2,913 | (632) | ||||||||||||||
Net (loss) income attributable to Perma-Fix Environmental | |||||||||||||||||
Services, Inc. common stockholders | (3,546) | 2,913 | (633) | ||||||||||||||
Basic net (loss) income per common share attributable to | |||||||||||||||||
Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | -0.38 | .30 | -0.08 | ||||||||||||||
Discontinued operations | .06 | -0.04 | .02 | ||||||||||||||
Net (loss) income per common share | -0.32 | .26 | -0.06 | ||||||||||||||
Diluted net (loss) income per common share attributable to | |||||||||||||||||
Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | -0.38 | .30 | -0.08 | ||||||||||||||
Discontinued operations | .06 | -0.04 | .02 | ||||||||||||||
Net (loss) income per common share | -0.32 | .26 | -0.06 | ||||||||||||||
As Reported | Adjustment | As Restated | |||||||||||||||
For the quarter ended December 31, 2011 | |||||||||||||||||
Income (loss) from continuing operations | $ | 5,132 | $ | (5,173) | $ | (41) | |||||||||||
Income (loss) from discontinued operations, net of taxes | 784 | (595) | 189 | ||||||||||||||
Net income (loss) | 5,648 | (5,768) | (120) | ||||||||||||||
Net income (loss) attributable to Perma-Fix Environmental | |||||||||||||||||
Services, Inc. common stockholders | 5,626 | (5,768) | (142) | ||||||||||||||
Basic net income (loss) per common share attributable to | |||||||||||||||||
Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | .46 | -0.46 | — | ||||||||||||||
Discontinued operations | .07 | -0.06 | .01 | ||||||||||||||
Net income (loss) per common share | .51 | -0.52 | -0.01 | ||||||||||||||
Diluted net income (loss) per common share attributable to | |||||||||||||||||
Perma-Fix Environmental Services, Inc. stockholders: | |||||||||||||||||
Continuing operations | .46 | -0.46 | — | ||||||||||||||
Discontinued operations | .07 | -0.06 | .01 | ||||||||||||||
Net income (loss) per common share | .51 | -0.52 | -0.01 |
DESCRIPTION_OF_BUSINESS_AND_BA1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) | 12 Months Ended |
Dec. 31, 2012 | |
Facility | |
Segment | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract] | ' |
Number of reportable segments | 2 |
Number of uniquely licensed and permitted treatment and storage facilities | 4 |
Business Acquisition [Line Items] | ' |
Number of non-operational facilities | 2 |
RESTATEMENT_OF_CONSOLIDATED_FI2
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax assets - current | ' | ' | ' | ' | $3,365,000 | [1] | ' | ' | ' | ' | $3,365,000 | [1] | ' | ' |
Total current assets | 30,210,000 | ' | ' | ' | 50,274,000 | ' | ' | ' | 30,210,000 | 50,274,000 | ' | ' | ||
Deferred tax asset, net of liabilities | ' | ' | ' | ' | 0 | [1] | ' | ' | ' | ' | 0 | [1] | ' | ' |
Total assets | 139,691,000 | ' | ' | ' | 163,654,000 | ' | ' | ' | 139,691,000 | 163,654,000 | 125,737,000 | ' | ||
Accrued expenses | 6,672,000 | ' | ' | ' | 9,434,000 | [1] | ' | ' | ' | 6,672,000 | 9,434,000 | [1] | ' | ' |
Total current liabilities | 27,558,000 | ' | ' | ' | 42,740,000 | ' | ' | ' | 27,558,000 | 42,740,000 | ' | ' | ||
Total long-term liabilities | 26,594,000 | ' | ' | ' | 32,605,000 | ' | ' | ' | 26,594,000 | 32,605,000 | ' | ' | ||
Total liabilities | 54,152,000 | ' | ' | ' | 75,345,000 | ' | ' | ' | 54,152,000 | 75,345,000 | ' | ' | ||
Accumulated deficit | -19,103,000 | ' | ' | ' | -15,744,000 | [1] | ' | ' | ' | -19,103,000 | -15,744,000 | [1] | ' | ' |
Total Perma-Fix Environmental Services, Inc. stockholders' equity | 83,682,000 | ' | ' | ' | 86,632,000 | ' | ' | ' | 83,682,000 | 86,632,000 | ' | ' | ||
Total stockholders' equity | 84,254,000 | ' | ' | ' | 87,024,000 | ' | ' | ' | 84,254,000 | 87,024,000 | 76,976,000 | 71,921,000 | ||
Total liabilities and stockholders' equity | 139,691,000 | ' | ' | ' | 163,654,000 | ' | ' | ' | 139,691,000 | 163,654,000 | ' | ' | ||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -2,151,000 | -4,078,000 | 235,000 | ' | ||
(Loss) income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -5,300,000 | 10,477,000 | [1] | 5,117,000 | ' | |
Income (loss) from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -30,000 | 182,000 | -919,000 | ' | ||
Net (loss) income | -632,000 | -533,000 | -1,069,000 | -945,000 | -120,000 | 6,011,000 | 2,520,000 | -321,000 | -3,179,000 | 8,090,000 | [1] | 3,963,000 | ' | |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders | -633,000 | -554,000 | -1,171,000 | -1,001,000 | -142,000 | 6,011,000 | 2,520,000 | -321,000 | -3,359,000 | 8,068,000 | [1] | 3,963,000 | ' | |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Continuing operations (in dollars per share) | ($0.08) | ($0.04) | ($0.10) | ($0.08) | $0 | $0.40 | $0.23 | ($0.05) | ($0.30) | $0.58 | $0.44 | ' | ||
Discontinued operations (in dollars per share) | $0.02 | ($0.01) | $0 | ($0.01) | $0.01 | ($0.02) | $0 | $0.02 | $0 | $0.01 | ($0.08) | ' | ||
Net (loss) income per common share (in dollars per share) | ($0.06) | ($0.05) | ($0.10) | ($0.09) | ($0.01) | $0.54 | $0.23 | ($0.03) | ($0.30) | $0.73 | [1] | $0.36 | ' | |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Continuing operations (in dollars per share) | ($0.08) | ($0.04) | ($0.10) | ($0.08) | $0 | $0.40 | $0.23 | ($0.05) | ($0.30) | $0.58 | $0.44 | ' | ||
Discontinued operations (in dollars per share) | $0.02 | ($0.01) | $0 | ($0.01) | $0.01 | ($0.02) | $0 | $0.02 | $0 | $0.01 | ($0.08) | ' | ||
Net (loss) income per common share (in dollars per share) | ($0.06) | ($0.05) | ($0.10) | ($0.09) | ($0.01) | $0.54 | $0.23 | ($0.03) | ($0.30) | $0.73 | [1] | $0.36 | ' | |
Net (loss) income | -632,000 | -533,000 | -1,069,000 | -945,000 | -120,000 | 6,011,000 | 2,520,000 | -321,000 | -3,179,000 | 8,090,000 | [1] | 3,963,000 | ' | |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -3,178,000 | 8,087,000 | 3,963,000 | ' | ||
Comprehensive (loss income attributable to Perma-Fix Environmental Services, Inc. common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -3,358,000 | 8,065,000 | 3,963,000 | ' | ||
Net income (loss) | -632,000 | -533,000 | -1,069,000 | -945,000 | -120,000 | 6,011,000 | 2,520,000 | -321,000 | -3,179,000 | 8,090,000 | [1] | 3,963,000 | ' | |
Less: income (loss) on discontinued operations | -229,000 | 61,000 | 60,000 | 138,000 | -189,000 | 187,000 | 32,000 | -212,000 | 30,000 | -1,691,000 | 919,000 | ' | ||
(Loss) income from continuing operations | -861,000 | -472,000 | -1,009,000 | -807,000 | -41,000 | 4,421,000 | 2,552,000 | -533,000 | -3,149,000 | 6,399,000 | [1] | 4,882,000 | ' | |
Adjustments to reconcile net income from continuing operations to cash provided by operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -234,000 | 1,943,000 | [1] | 208,000 | ' | |
Prepaid expenses, inventories and other assets | ' | ' | ' | ' | ' | ' | ' | ' | -2,845,000 | -1,494,000 | -1,789,000 | ' | ||
Accounts payable, accrued expenses and unearned revenue | ' | ' | ' | ' | ' | ' | ' | ' | 11,631,000 | -4,000 | 7,289,000 | ' | ||
As Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax assets - current | 1,553,000 | ' | ' | ' | 3,853,000 | ' | ' | ' | 1,553,000 | 3,853,000 | ' | ' | ||
Total current assets | 30,447,000 | ' | ' | ' | 50,762,000 | ' | ' | ' | 30,447,000 | 50,762,000 | ' | ' | ||
Deferred tax asset, net of liabilities | 1,103,000 | ' | ' | ' | 1,435,000 | ' | ' | ' | 1,103,000 | 1,435,000 | ' | ' | ||
Total assets | 141,031,000 | ' | ' | ' | 165,577,000 | ' | ' | ' | 141,031,000 | 165,577,000 | ' | ' | ||
Accrued expenses | 6,254,000 | ' | ' | ' | 9,434,000 | ' | ' | ' | 6,254,000 | 9,434,000 | ' | ' | ||
Total current liabilities | 27,140,000 | ' | ' | ' | 42,740,000 | ' | ' | ' | 27,140,000 | 42,740,000 | ' | ' | ||
Deferred tax liabilities | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ||
Total long-term liabilities | 25,254,000 | ' | ' | ' | 28,517,000 | ' | ' | ' | 25,254,000 | 28,517,000 | ' | ' | ||
Total liabilities | 52,394,000 | ' | ' | ' | 71,257,000 | ' | ' | ' | 52,394,000 | 71,257,000 | ' | ' | ||
Accumulated deficit | -16,005,000 | ' | ' | ' | -9,733,000 | ' | ' | ' | -16,005,000 | -9,733,000 | ' | ' | ||
Total Perma-Fix Environmental Services, Inc. stockholders' equity | 86,780,000 | ' | ' | ' | 92,643,000 | ' | ' | ' | 86,780,000 | 92,643,000 | ' | ' | ||
Total stockholders' equity | 87,352,000 | ' | ' | ' | 93,035,000 | ' | ' | ' | 87,352,000 | 93,035,000 | ' | ' | ||
Total liabilities and stockholders' equity | 141,031,000 | ' | ' | ' | 165,577,000 | ' | ' | ' | 141,031,000 | 165,577,000 | ' | ' | ||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | -1,095,000 | 1,846,000 | ' | ||
(Loss) income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -6,550,000 | 11,572,000 | 3,271,000 | ' | ||
Income (loss) from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 458,000 | 777,000 | -663,000 | ' | ||
Net (loss) income | -3,545,000 | ' | ' | ' | 5,648,000 | ' | ' | ' | -6,092,000 | 13,858,000 | 2,608,000 | ' | ||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders | -3,546,000 | ' | ' | ' | 5,626,000 | ' | ' | ' | -6,272,000 | 13,836,000 | 2,608,000 | ' | ||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Continuing operations (in dollars per share) | ($0.38) | ' | ' | ' | $0.46 | ' | ' | ' | ($0.60) | $1.04 | $0.30 | ' | ||
Discontinued operations (in dollars per share) | $0.06 | ' | ' | ' | $0.07 | ' | ' | ' | $0.04 | $0.07 | ($0.06) | ' | ||
Net (loss) income per common share (in dollars per share) | ($0.32) | ' | ' | ' | $0.51 | ' | ' | ' | ($0.56) | $1.25 | $0.24 | ' | ||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Continuing operations (in dollars per share) | ($0.38) | ' | ' | ' | $0.46 | ' | ' | ' | ($0.60) | $1.04 | $0.30 | ' | ||
Discontinued operations (in dollars per share) | $0.06 | ' | ' | ' | $0.07 | ' | ' | ' | $0.04 | $0.07 | ($0.06) | ' | ||
Net (loss) income per common share (in dollars per share) | ($0.32) | ' | ' | ' | $0.51 | ' | ' | ' | ($0.56) | $1.25 | $0.24 | ' | ||
Net (loss) income | -3,545,000 | ' | ' | ' | 5,648,000 | ' | ' | ' | -6,092,000 | 13,858,000 | 2,608,000 | ' | ||
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -6,091,000 | 13,855,000 | 2,608,000 | ' | ||
Comprehensive (loss income attributable to Perma-Fix Environmental Services, Inc. common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -6,271,000 | 13,833,000 | 2,608,000 | ' | ||
Net income (loss) | -3,545,000 | ' | ' | ' | 5,648,000 | ' | ' | ' | -6,092,000 | 13,858,000 | 2,608,000 | ' | ||
Less: income (loss) on discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 458,000 | 2,286,000 | -663,000 | ' | ||
(Loss) income from continuing operations | -4,262,000 | ' | ' | ' | 5,132,000 | ' | ' | ' | -6,550,000 | 11,572,000 | 3,271,000 | ' | ||
Adjustments to reconcile net income from continuing operations to cash provided by operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,630,000 | -3,230,000 | 1,819,000 | ' | ||
Prepaid expenses, inventories and other assets | ' | ' | ' | ' | ' | ' | ' | ' | 4,800,000 | 1,494,000 | 1,789,000 | ' | ||
Accounts payable, accrued expenses and unearned revenue | ' | ' | ' | ' | ' | ' | ' | ' | -12,049,000 | 4,000 | -7,289,000 | ' | ||
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax assets - current | -237,000 | ' | ' | ' | -488,000 | ' | ' | ' | -237,000 | -488,000 | ' | ' | ||
Total current assets | -237,000 | ' | ' | ' | -488,000 | ' | ' | ' | -237,000 | -488,000 | ' | ' | ||
Deferred tax asset, net of liabilities | -1,103,000 | ' | ' | ' | -1,435,000 | ' | ' | ' | -1,103,000 | -1,435,000 | ' | ' | ||
Total assets | -1,340,000 | ' | ' | ' | -1,923,000 | ' | ' | ' | -1,340,000 | -1,923,000 | ' | ' | ||
Accrued expenses | 418,000 | ' | ' | ' | 0 | ' | ' | ' | 418,000 | 0 | ' | ' | ||
Total current liabilities | 418,000 | ' | ' | ' | 0 | ' | ' | ' | 418,000 | 0 | ' | ' | ||
Deferred tax liabilities | 1,340,000 | ' | ' | ' | 4,088,000 | ' | ' | ' | 1,340,000 | 4,088,000 | ' | ' | ||
Total long-term liabilities | 1,340,000 | ' | ' | ' | 4,088,000 | ' | ' | ' | 1,340,000 | 4,088,000 | ' | ' | ||
Total liabilities | 1,758,000 | ' | ' | ' | 4,088,000 | ' | ' | ' | 1,758,000 | 4,088,000 | ' | ' | ||
Accumulated deficit | -3,098,000 | ' | ' | ' | -6,011,000 | ' | ' | ' | -3,098,000 | -6,011,000 | ' | ' | ||
Total Perma-Fix Environmental Services, Inc. stockholders' equity | -3,098,000 | ' | ' | ' | -6,011,000 | ' | ' | ' | -3,098,000 | -6,011,000 | ' | ' | ||
Total stockholders' equity | -3,098,000 | ' | ' | ' | -6,011,000 | ' | ' | ' | -3,098,000 | -6,011,000 | ' | ' | ||
Total liabilities and stockholders' equity | -1,340,000 | ' | ' | ' | -1,923,000 | ' | ' | ' | -1,340,000 | -1,923,000 | ' | ' | ||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -3,401,000 | 5,173,000 | -1,611,000 | ' | ||
(Loss) income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,401,000 | -5,173,000 | 1,611,000 | ' | ||
Income (loss) from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -488,000 | -595,000 | -256,000 | ' | ||
Net (loss) income | 2,913,000 | ' | ' | ' | -5,768,000 | ' | ' | ' | 2,913,000 | -5,768,000 | 1,355,000 | ' | ||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders | 2,913,000 | ' | ' | ' | -5,768,000 | ' | ' | ' | 2,913,000 | -5,768,000 | 1,355,000 | ' | ||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Continuing operations (in dollars per share) | $0.30 | ' | ' | ' | ($0.46) | ' | ' | ' | $0.30 | ($0.46) | $0.14 | ' | ||
Discontinued operations (in dollars per share) | ($0.04) | ' | ' | ' | ($0.06) | ' | ' | ' | ($0.04) | ($0.06) | ($0.02) | ' | ||
Net (loss) income per common share (in dollars per share) | $0.26 | ' | ' | ' | ($0.52) | ' | ' | ' | $0.26 | ($0.52) | $0.12 | ' | ||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Continuing operations (in dollars per share) | $0.30 | ' | ' | ' | ($0.46) | ' | ' | ' | $0.30 | ($0.46) | $0.14 | ' | ||
Discontinued operations (in dollars per share) | ($0.04) | ' | ' | ' | ($0.06) | ' | ' | ' | ($0.04) | ($0.06) | ($0.02) | ' | ||
Net (loss) income per common share (in dollars per share) | $0.26 | ' | ' | ' | ($0.52) | ' | ' | ' | $0.26 | ($0.52) | $0.12 | ' | ||
Net (loss) income | 2,913,000 | ' | ' | ' | -5,768,000 | ' | ' | ' | 2,913,000 | -5,768,000 | 1,355,000 | ' | ||
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 2,913,000 | -5,768,000 | 1,355,000 | ' | ||
Comprehensive (loss income attributable to Perma-Fix Environmental Services, Inc. common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 2,913,000 | -5,768,000 | 1,355,000 | ' | ||
Net income (loss) | 2,913,000 | ' | ' | ' | -5,768,000 | ' | ' | ' | 2,913,000 | -5,768,000 | 1,355,000 | ' | ||
Less: income (loss) on discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -488,000 | -595,000 | -256,000 | ' | ||
(Loss) income from continuing operations | 3,401,000 | ' | ' | ' | -5,173,000 | ' | ' | ' | 3,401,000 | -5,173,000 | 1,611,000 | ' | ||
Adjustments to reconcile net income from continuing operations to cash provided by operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,864,000 | 5,173,000 | -1,611,000 | ' | ||
Prepaid expenses, inventories and other assets | ' | ' | ' | ' | ' | ' | ' | ' | -1,955,000 | 0 | 0 | ' | ||
Accounts payable, accrued expenses and unearned revenue | ' | ' | ' | ' | ' | ' | ' | ' | 418,000 | 0 | 0 | ' | ||
As Restated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax assets - current | 1,316,000 | ' | ' | ' | 3,365,000 | ' | ' | ' | 1,316,000 | 3,365,000 | ' | ' | ||
Total current assets | 30,210,000 | ' | ' | ' | 50,274,000 | ' | ' | ' | 30,210,000 | 50,274,000 | ' | ' | ||
Deferred tax asset, net of liabilities | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ||
Total assets | 139,691,000 | ' | ' | ' | 163,654,000 | ' | ' | ' | 139,691,000 | 163,654,000 | ' | ' | ||
Accrued expenses | 6,672,000 | ' | ' | ' | 9,434,000 | ' | ' | ' | 6,672,000 | 9,434,000 | ' | ' | ||
Total current liabilities | 27,558,000 | ' | ' | ' | 42,740,000 | ' | ' | ' | 27,558,000 | 42,740,000 | ' | ' | ||
Deferred tax liabilities | 1,340,000 | ' | ' | ' | 4,088,000 | ' | ' | ' | 1,340,000 | 4,088,000 | ' | ' | ||
Total long-term liabilities | 26,594,000 | ' | ' | ' | 32,605,000 | ' | ' | ' | 26,594,000 | 32,605,000 | ' | ' | ||
Total liabilities | 54,152,000 | ' | ' | ' | 75,345,000 | ' | ' | ' | 54,152,000 | 75,345,000 | ' | ' | ||
Accumulated deficit | -19,103,000 | ' | ' | ' | -15,744,000 | ' | ' | ' | -19,103,000 | -15,744,000 | ' | ' | ||
Total Perma-Fix Environmental Services, Inc. stockholders' equity | 83,682,000 | ' | ' | ' | 86,632,000 | ' | ' | ' | 83,682,000 | 86,632,000 | ' | ' | ||
Total stockholders' equity | 84,254,000 | ' | ' | ' | 87,024,000 | ' | ' | ' | 84,254,000 | 87,024,000 | ' | ' | ||
Total liabilities and stockholders' equity | 139,691,000 | ' | ' | ' | 163,654,000 | ' | ' | ' | 139,691,000 | 163,654,000 | ' | ' | ||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -2,151,000 | 4,078,000 | 235,000 | ' | ||
(Loss) income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,149,000 | 6,399,000 | 4,882,000 | ' | ||
Income (loss) from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -30,000 | 182,000 | -919,000 | ' | ||
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -3,179,000 | 8,090,000 | 3,963,000 | ' | ||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -3,359,000 | 8,068,000 | 3,963,000 | ' | ||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.30) | $0.58 | $0.44 | ' | ||
Discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0.01 | ($0.08) | ' | ||
Net (loss) income per common share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.30) | $0.73 | $0.36 | ' | ||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.30) | $0.58 | $0.44 | ' | ||
Discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0.01 | ($0.08) | ' | ||
Net (loss) income per common share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.30) | $0.73 | $0.36 | ' | ||
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -3,179,000 | 8,090,000 | 3,963,000 | ' | ||
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -3,178,000 | 8,087,000 | 3,963,000 | ' | ||
Comprehensive (loss income attributable to Perma-Fix Environmental Services, Inc. common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -3,358,000 | 8,065,000 | 3,963,000 | ' | ||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3,179,000 | 8,090,000 | 3,963,000 | ' | ||
Less: income (loss) on discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -30,000 | 1,691,000 | -919,000 | ' | ||
(Loss) income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,149,000 | 6,399,000 | 4,882,000 | ' | ||
Adjustments to reconcile net income from continuing operations to cash provided by operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -234,000 | 1,943,000 | 208,000 | ' | ||
Prepaid expenses, inventories and other assets | ' | ' | ' | ' | ' | ' | ' | ' | 2,845,000 | 1,494,000 | 1,789,000 | ' | ||
Accounts payable, accrued expenses and unearned revenue | ' | ' | ' | ' | ' | ' | ' | ' | ($11,631,000) | $4,000 | ($7,289,000) | ' | ||
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Oct. 15, 2013 | ||||||
Segment | Segment | |||||||||||||||||
Permit | ||||||||||||||||||
Phase | ||||||||||||||||||
Restricted Cash [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Restricted cash held in escrow for worker's compensation policy | $35,000 | ' | ' | ' | ' | ' | ' | ' | $35,000 | ' | ' | ' | ' | |||||
Escrow deposit received | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | |||||
Accounts Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts receivable payment term | ' | ' | ' | ' | ' | ' | ' | ' | 'payment within 30 or 60 days from the invoice date | ' | ' | ' | ' | |||||
Minimum period to review accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | |||||
Minimum period for unbilled receivables | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Tangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||||
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,795,000 | 4,575,000 | 4,451,000 | ' | ' | |||||
Capitalized Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Minimum period for construction of major projects to capitalize interest cost | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | |||||
Interest costs capitalized during the period | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | |||||
Goodwill and Other Intangible Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of reporting units | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 2 | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Reassignment of goodwill from change in reporting unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | ' | ' | ' | ||||
Goodwill | 29,186,000 | [1] | ' | ' | ' | 29,186,000 | [1],[2] | ' | ' | ' | 29,186,000 | [1] | 29,186,000 | [1],[2] | 15,330,000 | [1] | ' | ' |
Number of definite lived permit | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | |||||
Permit capitalized amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 545,000 | ' | |||||
Amortization period of permit | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | |||||
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Minimum likelihood of tax benefit to be realized (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | |||||
Revenue Recognition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of processing phases | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | |||||
Self Insurance [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Self-insurance reserve | 644,000 | ' | ' | ' | 475,000 | ' | ' | ' | 644,000 | 475,000 | ' | ' | ' | |||||
Self-insurance expenses for continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,388,000 | 3,041,000 | 2,896,000 | ' | ' | |||||
Self insurance expenses for discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 171,000 | 311,000 | 314,000 | ' | ' | |||||
Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Foreign currency translation gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | -3,000 | 0 | ' | ' | |||||
Income per share from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Basic (loss) income per share (in dollars per share) | ($0.08) | ($0.04) | ($0.10) | ($0.08) | $0 | $0.40 | $0.23 | ($0.05) | ($0.30) | $0.58 | $0.44 | ' | ' | |||||
Diluted (loss) income per share (in dollars per share) | ($0.08) | ($0.04) | ($0.10) | ($0.08) | $0 | $0.40 | $0.23 | ($0.05) | ($0.30) | $0.58 | $0.44 | ' | ' | |||||
Income (loss) per share from discontinued operations attributable to Perma-Fix Environmental Services, Inc. common stockholders [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
(Loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -30,000 | 182,000 | -919,000 | ' | ' | |||||
Basic income (loss) per share (in dollars per share) | $0.02 | ($0.01) | $0 | ($0.01) | $0.01 | ($0.02) | $0 | $0.02 | $0 | $0.01 | ($0.08) | ' | ' | |||||
Diluted income (loss) per share (in dollars per share) | $0.02 | ($0.01) | $0 | ($0.01) | $0.01 | ($0.02) | $0 | $0.02 | $0 | $0.01 | ($0.08) | ' | ' | |||||
Income per share from disposal of discontinued operations attributable to Perma-Fix Environmental Services, Inc. common stockholders [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gain on disposal of discontinued operations | ' | ' | ' | ' | -268,000 | 1,777,000 | 0 | 0 | 0 | [3] | 1,509,000 | [3] | 0 | [3] | ' | ' | ||
Weighted average common shares outstanding - basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 11,225,000 | 11,059,000 | 10,989,000 | ' | ' | |||||
Weighted average common shares outstanding - diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 11,225,000 | 11,063,000 | 11,006,000 | ' | ' | |||||
Subsequent Events [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Reverse Stock Split Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1-for-5 | |||||
Number of authorized shares of Common Stock (in shares) | 75,000,000 | ' | ' | ' | 75,000,000 | ' | ' | ' | 75,000,000 | 75,000,000 | ' | ' | 75,000,000 | |||||
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 517,000 | 510,000 | 439,000 | ' | ' | |||||
Warrant [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 30,000 | 0 | ' | ' | |||||
Restated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income per share from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
(Loss) income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,329,000 | 6,377,000 | 4,882,000 | ' | ' | |||||
Basic (loss) income per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.30) | $0.58 | $0.44 | ' | ' | |||||
Diluted (loss) income per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.30) | $0.58 | $0.44 | ' | ' | |||||
Income (loss) per share from discontinued operations attributable to Perma-Fix Environmental Services, Inc. common stockholders [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
(Loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -30,000 | 182,000 | -919,000 | ' | ' | |||||
Basic income (loss) per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0.01 | ($0.08) | ' | ' | |||||
Diluted income (loss) per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0.01 | ($0.08) | ' | ' | |||||
Income per share from disposal of discontinued operations attributable to Perma-Fix Environmental Services, Inc. common stockholders [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gain on disposal of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,509,000 | 0 | ' | ' | |||||
Basic income per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0.14 | $0 | ' | ' | |||||
Diluted income per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0.14 | $0 | ' | ' | |||||
Weighted average common shares outstanding - basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 11,225,000 | 11,059,000 | 10,989,000 | ' | ' | |||||
Potential shares exercisable under stock option plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,000 | 11,000 | ' | ' | |||||
Potential shares upon exercise of warrants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 5,000 | ' | ' | |||||
Weighted average common shares outstanding - diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 11,225,000 | 11,063,000 | 11,006,000 | ' | ' | |||||
Accounts Receivable [Member] | Clauss Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total AR | 3,343,000 | ' | ' | ' | 3,114,000 | ' | ' | ' | 3,343,000 | 3,114,000 | ' | ' | ' | |||||
Percent of Total A/R (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 29.30% | 18.50% | ' | ' | ' | |||||
Accounts Receivable [Member] | Department of Energy ("DOE") [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total AR | 1,753,000 | ' | ' | ' | 2,656,000 | ' | ' | ' | 1,753,000 | 2,656,000 | ' | ' | ' | |||||
Percent of Total A/R (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 15.40% | 15.80% | ' | ' | ' | |||||
Revenue [Member] | Federal Government [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue from major customer | ' | ' | ' | ' | ' | ' | ' | ' | 101,533,000 | 99,660,000 | 80,275,000 | ' | ' | |||||
Percentage of revenue from major customer (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 79.60% | 84.50% | 82.10% | ' | ' | |||||
Revenue [Member] | CH Plateau Remediation Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue from major customer | ' | ' | ' | ' | ' | ' | ' | ' | 24,652,000 | 59,136,000 | 51,929,000 | ' | ' | |||||
Percentage of revenue from major customer (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 19.30% | 50.10% | 53.10% | ' | ' | |||||
Revenue [Member] | Department of Energy ("DOE") [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue from major customer | ' | ' | ' | ' | ' | ' | ' | ' | 26,265,000 | 4,136,000 | 0 | ' | ' | |||||
Percentage of revenue from major customer (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 20.60% | 3.50% | 0.00% | ' | ' | |||||
Treatment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Reassignment of goodwill from change in reporting unit | ' | 2,488,000 | ' | ' | ' | ' | ' | ' | ' | -1,149,000 | [1] | ' | ' | ' | ||||
Goodwill | 13,691,000 | [1] | ' | ' | ' | 13,691,000 | [1] | ' | ' | ' | 13,691,000 | [1] | 13,691,000 | [1] | 14,000,000 | [1] | ' | ' |
Reassignment of goodwill to correct initial calculation | ' | 2,488,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
CHPRC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Reassignment of goodwill from change in reporting unit | ' | ' | ' | ' | 3,637,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill | ' | $3,637,000 | ' | ' | $14,840,000 | ' | ' | ' | ' | $14,840,000 | ' | ' | ' | |||||
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | |||||
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '40 years | ' | ' | ' | ' | |||||
Office Furniture And Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | |||||
Office Furniture And Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | |||||
Vehicles [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | |||||
Vehicles [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | |||||
Vehicles [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | |||||
Decontamination And Processing Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | |||||
Decontamination And Processing Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | |||||
61-90 Days Past Due [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of reserves for doubtful accounts receivable (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | |||||
91-120 Days Past Due [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of reserves for doubtful accounts receivable (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | |||||
Over 120 Days Past Due [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of reserves for doubtful accounts receivable (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | |||||
Deemed Uncollected [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Accounts Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of reserves for doubtful accounts receivable (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | |||||
[1] | No impairment losses have been recorded. | |||||||||||||||||
[2] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. | |||||||||||||||||
[3] | Net of taxes of $1,276,000 for year ended December 31, 2011. |
BUSINESS_ACQUISITION_Details
BUSINESS ACQUISITION (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 14 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2012 | Oct. 31, 2011 | Feb. 12, 2013 | Dec. 31, 2012 | Feb. 13, 2013 | ||
Installment | Installment | Vehicles [Member] | Lab Equipment [Member] | Office Furniture and Equipment [Member] | Minimum [Member] | Maximum [Member] | SEC Radcon Alliance, LLC [Member] | Safety and Ecology Holdings Corporation [Member] | Safety and Ecology Holdings Corporation [Member] | Safety and Ecology Holdings Corporation [Member] | Safety and Ecology Holdings Corporation [Member] | Safety and Ecology Holdings Corporation [Member] | Safety and Ecology Holdings Corporation [Member] | Safety and Ecology Holdings Corporation [Member] | Safety and Ecology Holdings Corporation [Member] | Safety and Ecology Holdings Corporation [Member] | |||||||||||
Vehicles [Member] | Vehicles [Member] | Promissory Note [Member] | Promissory Note [Member] | New Note [Member] | New Note [Member] | New Note [Member] | |||||||||||||||||||||
M | M | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of voting interests acquired (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total consideration | $16,655,000 | ' | ' | ' | ' | ' | ' | ' | $16,655,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,655,000 | ' | ' | ' | ' | ' | |
Cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,885,000 | ' | ' | ' | ' | ' | |
Common Stock consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | |
Promissory note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | |
Annual rate of interest (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | 6.00% | |
Number of monthly installments | 36 | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | 24 | |
Prepaid principal amount of the Note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | |
Frequency of periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'monthly | ' | ' | |
Periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | |
Date of first required payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Feb-13 | ' | ' | |
Number of days from acquisition for repayment of promissory notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | |
Escrow deposit | 35,000 | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Escrow deposit received | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Remaining balance in escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Cancelled debt principal balance pursuant to settlement agreement | ' | ' | ' | ' | ' | ' | ' | ' | 1,460,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,460,000 | ' | ' | ' | ' | |
Term of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | |
Promissory note issued pursuant to settlement agreement | 14,267,000 | ' | ' | ' | 17,821,000 | ' | ' | ' | 14,267,000 | 17,821,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,000 | ' | |
Escrow balance released | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | 26,684,000 | 29,190,000 | 33,698,000 | 37,936,000 | 32,782,000 | 32,787,000 | 28,913,000 | 23,615,000 | 127,509,000 | 118,097,000 | [1] | 97,790,000 | ' | ' | ' | ' | ' | ' | 55,661,000 | 10,156,000 | ' | ' | ' | ' | ' | ' | ' |
Net loss | -633,000 | -554,000 | -1,171,000 | -1,001,000 | -142,000 | 6,011,000 | 2,520,000 | -321,000 | -3,359,000 | 8,068,000 | [1] | 3,963,000 | ' | ' | ' | ' | ' | ' | 3,373,000 | 452,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000 | ' | 682,000 | ' | ' | ' | ' | ' | ' | |
Final purchase price allocation of the fair values of the assets acquired and liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Current assets | 21,354,000 | ' | ' | ' | ' | ' | ' | ' | 21,354,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, plant and equipment | 2,135,000 | ' | ' | ' | ' | ' | ' | ' | 2,135,000 | ' | ' | 583,000 | 1,235,000 | 317,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Intangible assets | 4,429,000 | ' | ' | ' | ' | ' | ' | ' | 4,429,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill | 13,016,000 | ' | ' | ' | ' | ' | ' | ' | 13,016,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total assets acquired | 40,934,000 | ' | ' | ' | ' | ' | ' | ' | 40,934,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Current liabilities | -15,803,000 | ' | ' | ' | ' | ' | ' | ' | -15,803,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Customer contracts | -6,015,000 | ' | ' | ' | ' | ' | ' | ' | -6,015,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Non-current liabilities | -2,091,000 | ' | ' | ' | ' | ' | ' | ' | -2,091,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total liabilities acquired | -23,909,000 | ' | ' | ' | ' | ' | ' | ' | -23,909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Non-controlling interest | -370,000 | ' | ' | ' | ' | ' | ' | ' | -370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total consideration | 16,655,000 | ' | ' | ' | ' | ' | ' | ' | 16,655,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,655,000 | ' | ' | ' | ' | ' | |
Allowance for doubtful accounts | ' | ' | ' | ' | 2,213,000 | ' | ' | ' | ' | 2,213,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reversal in uncollectible accounts receivable | ' | ' | ' | ' | 45,000 | ' | ' | ' | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total tangible assets | $2,135,000 | ' | ' | ' | ' | ' | ' | ' | $2,135,000 | ' | ' | $583,000 | $1,235,000 | $317,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted average estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '7 years | '4 years | '3 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. |
BUSINESS_ACQUISITION_Recast_Co
BUSINESS ACQUISITION, Recast Consolidated Balance Sheets (Details) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Assets | ' | ' | ' | |||
Accounts receivable, net of allowance for doubtful accounts | $11,395,000 | $16,848,000 | [1] | ' | ||
Unbilled receivables - current | ' | 9,632,000 | [1] | ' | ||
Prepaid and other assets | ' | 4,661,000 | [1] | ' | ||
Deferred tax assets - current | ' | 3,365,000 | [1] | ' | ||
Goodwill | 29,186,000 | [2] | 29,186,000 | [1],[2] | 15,330,000 | [2] |
Other intangible assets - net | 3,610,000 | 4,517,000 | [1] | ' | ||
Deferred tax asset, net of liabilities | ' | 0 | [1] | ' | ||
Other assets | ' | 1,560,000 | [1] | ' | ||
Liabilities and Stockholders' Equity [Abstract] | ' | ' | ' | |||
Accounts payable | 8,657,000 | 13,313,000 | [1] | ' | ||
Accrued expenses | 6,672,000 | 9,434,000 | [1] | ' | ||
Billings in excess of costs and estimated earnings | ' | 6,058,000 | [1] | ' | ||
Current portion of long-term debt | ' | 3,521,000 | [1] | ' | ||
Long-term debt, less current portion | 11,402,000 | 14,195,000 | [1] | ' | ||
Accumulated deficit | -19,103,000 | -15,744,000 | [1] | ' | ||
As Reported [Member] | ' | ' | ' | |||
Assets | ' | ' | ' | |||
Accounts receivable, net of allowance for doubtful accounts | ' | 19,106,000 | [3] | ' | ||
Unbilled receivables - current | ' | 9,871,000 | [3] | ' | ||
Prepaid and other assets | ' | 4,604,000 | [3] | ' | ||
Deferred tax assets - current | ' | 2,426,000 | [3] | ' | ||
Goodwill | ' | 27,063,000 | [3] | ' | ||
Other intangible assets - net | ' | 4,258,000 | [3] | ' | ||
Deferred tax asset, net of liabilities | ' | 1,295,000 | [3] | ' | ||
Other assets | ' | 1,595,000 | [3] | ' | ||
Liabilities and Stockholders' Equity [Abstract] | ' | ' | ' | |||
Accounts payable | ' | 13,117,000 | [3] | ' | ||
Accrued expenses | ' | 9,533,000 | [3] | ' | ||
Billings in excess of costs and estimated earnings | ' | 3,226,000 | [3] | ' | ||
Current portion of long-term debt | ' | 3,936,000 | [3] | ' | ||
Long-term debt, less current portion | ' | 15,007,000 | [3] | ' | ||
Accumulated deficit | ' | -9,505,000 | [3] | ' | ||
Recast [Member] | ' | ' | ' | |||
Assets | ' | ' | ' | |||
Accounts receivable, net of allowance for doubtful accounts | ' | 16,848,000 | ' | |||
Unbilled receivables - current | ' | 9,632,000 | ' | |||
Prepaid and other assets | ' | 4,661,000 | ' | |||
Deferred tax assets - current | ' | 3,853,000 | ' | |||
Goodwill | ' | 29,186,000 | ' | |||
Other intangible assets - net | ' | 4,517,000 | ' | |||
Deferred tax asset, net of liabilities | ' | 1,435,000 | ' | |||
Other assets | ' | 1,560,000 | ' | |||
Liabilities and Stockholders' Equity [Abstract] | ' | ' | ' | |||
Accounts payable | ' | 13,313,000 | ' | |||
Accrued expenses | ' | 9,434,000 | ' | |||
Billings in excess of costs and estimated earnings | ' | 6,058,000 | ' | |||
Current portion of long-term debt | ' | 3,521,000 | ' | |||
Long-term debt, less current portion | ' | 14,195,000 | ' | |||
Accumulated deficit | ' | -9,733,000 | ' | |||
Effect of Change [Member] | ' | ' | ' | |||
Assets | ' | ' | ' | |||
Accounts receivable, net of allowance for doubtful accounts | ' | -2,258,000 | [4] | ' | ||
Unbilled receivables - current | ' | -239,000 | [4] | ' | ||
Prepaid and other assets | ' | 57,000 | [5] | ' | ||
Deferred tax assets - current | ' | 1,427,000 | [6] | ' | ||
Goodwill | ' | 2,123,000 | [7] | ' | ||
Other intangible assets - net | ' | 259,000 | [8] | ' | ||
Deferred tax asset, net of liabilities | ' | 140,000 | [6] | ' | ||
Other assets | ' | -35,000 | [5] | ' | ||
Total Change in Assets | ' | 1,474,000 | ' | |||
Liabilities and Stockholders' Equity [Abstract] | ' | ' | ' | |||
Accounts payable | ' | 196,000 | [9] | ' | ||
Accrued expenses | ' | -99,000 | [9] | ' | ||
Billings in excess of costs and estimated earnings | ' | 2,832,000 | [10] | ' | ||
Current portion of long-term debt | ' | -415,000 | [11] | ' | ||
Long-term debt, less current portion | ' | -812,000 | [11] | ' | ||
Accumulated deficit | ' | -228,000 | [12] | ' | ||
Total change | ' | 1,474,000 | ' | |||
Restatement Adjustment [Member] | ' | ' | ' | |||
Assets | ' | ' | ' | |||
Accounts receivable, net of allowance for doubtful accounts | ' | 0 | [13] | ' | ||
Unbilled receivables - current | ' | 0 | [13] | ' | ||
Prepaid and other assets | ' | 0 | [13] | ' | ||
Deferred tax assets - current | -237,000 | -488,000 | ' | |||
Goodwill | ' | 0 | [13] | ' | ||
Other intangible assets - net | ' | 0 | [13] | ' | ||
Deferred tax asset, net of liabilities | -1,103,000 | -1,435,000 | ' | |||
Other assets | ' | 0 | [13] | ' | ||
Liabilities and Stockholders' Equity [Abstract] | ' | ' | ' | |||
Accounts payable | ' | 0 | [13] | ' | ||
Accrued expenses | 418,000 | 0 | ' | |||
Billings in excess of costs and estimated earnings | ' | 0 | [13] | ' | ||
Current portion of long-term debt | ' | 0 | [13] | ' | ||
Long-term debt, less current portion | ' | 0 | [13] | ' | ||
Accumulated deficit | ($3,098,000) | ($6,011,000) | ' | |||
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. | |||||
[2] | No impairment losses have been recorded. | |||||
[3] | As previously presented in the 2011 consolidated financial statement in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011. | |||||
[4] | Represents additional allowance for doubtful accounts of approximately $2,213,000 recorded as a result of uncollected receivables from three major customers, reversal of $45,000 in uncollectible accounts receivables and reversal of unbilled receivables related to conditions that existed at the time of our acquisition. | |||||
[5] | Represents tax true-up and write-off of bid deposit that existed as of the acquisition date. | |||||
[6] | Represents book to tax timing differences resulting from allowance for doubtful accounts and change in fair value of contracts as noted in footnote (3) and (5). | |||||
[7] | Reflects additional goodwill recorded since initial acquisition date in finalizing the final purchase price allocation related to acquired assets and liabilities under this business combination. | |||||
[8] | Reflects change in fair value of acquired contracts based on change in estimated cash flow related to approval of certain requests for equitable adjustments submitted prior to acquisition. | |||||
[9] | Represents expenses and unrecorded vendor invoices for services rendered prior to acquisition. | |||||
[10] | Represents change in fair value of two loss contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date. | |||||
[11] | Resulted from termination on February 13, 2013 of the remaining portion (approximately $1,460,000) of a $2,500,000 Note ("October Note") entered on October 31, 2011. The termination of the October Note resulted from settlement of certain claims made by the Company against TNC primarily from the breach of representation regarding the cost to complete a certain contract that existed at acquisition. A New Note in the amount of $230,000 was issued to TNC in placement of the October Note that was cancelled (see above for further discussions of the October and New Notes). | |||||
[12] | Represents change in amortization of fair value of contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date and the related tax effect. | |||||
[13] | Reflects effect of restatement as discussed in “Note 1A – Restatement of Consolidated Financial Statements†in this Form 10-K/A – Amendment No. 1. |
BUSINESS_ACQUISITION_Recast_Co1
BUSINESS ACQUISITION, Recast Consolidated Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Recast Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | $26,684,000 | $29,190,000 | $33,698,000 | $37,936,000 | $32,782,000 | $32,787,000 | $28,913,000 | $23,615,000 | $127,509,000 | $118,097,000 | [1] | $97,790,000 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 111,705,000 | 89,677,000 | [1] | 77,175,000 |
Gross profit | 3,279,000 | 4,226,000 | 3,930,000 | 4,369,000 | 6,040,000 | 11,301,000 | 8,049,000 | 3,030,000 | 15,804,000 | 28,420,000 | [1] | 20,615,000 |
Income from continuing operations before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -5,300,000 | 10,477,000 | [1] | 5,117,000 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,151,000 | -4,078,000 | 235,000 | |
(Loss) income from continuing operations | -861,000 | -472,000 | -1,009,000 | -807,000 | -41,000 | 4,421,000 | 2,552,000 | -533,000 | -3,149,000 | 6,399,000 | [1] | 4,882,000 |
Net income (loss) | -632,000 | -533,000 | -1,069,000 | -945,000 | -120,000 | 6,011,000 | 2,520,000 | -321,000 | -3,179,000 | 8,090,000 | [1] | 3,963,000 |
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders | -633,000 | -554,000 | -1,171,000 | -1,001,000 | -142,000 | 6,011,000 | 2,520,000 | -321,000 | -3,359,000 | 8,068,000 | [1] | 3,963,000 |
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: (in dollars per share) | ($0.06) | ($0.05) | ($0.10) | ($0.09) | ($0.01) | $0.54 | $0.23 | ($0.03) | ($0.30) | $0.73 | [1] | $0.36 |
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: (in dollars per share) | ($0.06) | ($0.05) | ($0.10) | ($0.09) | ($0.01) | $0.54 | $0.23 | ($0.03) | ($0.30) | $0.73 | [1] | $0.36 |
As Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Recast Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,610,000 | [2] | ' |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,822,000 | [2] | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,788,000 | [2] | ' |
Income from continuing operations before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,845,000 | [2] | ' |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -955,000 | [2] | ' |
(Loss) income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,800,000 | [2] | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,086,000 | [2] | ' |
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,064,000 | [2] | ' |
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.27 | [2] | ' |
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.27 | [2] | ' |
Recast [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Recast Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,097,000 | ' | |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,677,000 | ' | |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,420,000 | ' | |
Income from continuing operations before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,477,000 | ' | |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,095,000 | ' | |
(Loss) income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,572,000 | ' | |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,858,000 | ' | |
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,836,000 | ' | |
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.25 | ' | |
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.25 | ' | |
Effect of Change [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Recast Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | -513,000 | [3] | ' |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | -145,000 | [3] | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | -368,000 | [3] | ' |
Income from continuing operations before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -368,000 | [3] | ' |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -140,000 | [3] | ' |
(Loss) income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -228,000 | [3] | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -228,000 | [3] | ' |
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | -228,000 | [3] | ' |
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Recast Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | ' |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | ' |
Income from continuing operations before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 3,401,000 | -5,173,000 | 1,611,000 | |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -3,401,000 | 5,173,000 | -1,611,000 | |
(Loss) income from continuing operations | 3,401,000 | ' | ' | ' | -5,173,000 | ' | ' | ' | 3,401,000 | -5,173,000 | 1,611,000 | |
Net income (loss) | 2,913,000 | ' | ' | ' | -5,768,000 | ' | ' | ' | 2,913,000 | -5,768,000 | 1,355,000 | |
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $2,913,000 | ' | ' | ' | ($5,768,000) | ' | ' | ' | $2,913,000 | ($5,768,000) | $1,355,000 | |
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: (in dollars per share) | $0.26 | ' | ' | ' | ($0.52) | ' | ' | ' | $0.26 | ($0.52) | $0.12 | |
Net income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: (in dollars per share) | $0.26 | ' | ' | ' | ($0.52) | ' | ' | ' | $0.26 | ($0.52) | $0.12 | |
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. | |||||||||||
[2] | As previously presented in the 2011 consolidated financial statement in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011. | |||||||||||
[3] | Represents change in amortization of fair value of contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date and the related tax effect. | |||||||||||
[4] | Reflects effect of restatement as discussed in “Note 1A – Restatement of Consolidated Financial Statements†in this Form 10-K/A – Amendment No. 1. |
BUSINESS_ACQUISITION_Recast_Co2
BUSINESS ACQUISITION, Recast Consolidated Statements of Cash Flow (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Recast Consolidated Statement of Cash flow [Abstract] | ' | ' | ' | |
Net income (loss) | ($3,179) | $8,090 | [1] | $3,963 |
Adjustments to reconcile net (loss) income to cash (used in) provided by operations: | ' | ' | ' | |
Amortization to fair value of customer contracts | ' | -262 | [1] | ' |
Depreciation and amortization | 5,470 | 4,816 | [1] | 4,530 |
Deferred tax benefit | -234 | 1,943 | [1] | 208 |
Accounts payable and accrued expenses | ' | 4 | [1] | ' |
As Reported [Member] | ' | ' | ' | |
Recast Consolidated Statement of Cash flow [Abstract] | ' | ' | ' | |
Net income (loss) | ' | 14,086 | [2] | ' |
Adjustments to reconcile net (loss) income to cash (used in) provided by operations: | ' | ' | ' | |
Amortization to fair value of customer contracts | ' | -775 | [2] | ' |
Depreciation and amortization | ' | 4,961 | [2] | ' |
Deferred tax benefit | ' | -3,090 | [2] | ' |
Accounts payable and accrued expenses | ' | 148 | [2] | ' |
Recast [Member] | ' | ' | ' | |
Recast Consolidated Statement of Cash flow [Abstract] | ' | ' | ' | |
Net income (loss) | ' | 13,858 | ' | |
Adjustments to reconcile net (loss) income to cash (used in) provided by operations: | ' | ' | ' | |
Amortization to fair value of customer contracts | ' | -262 | ' | |
Depreciation and amortization | ' | 4,816 | ' | |
Deferred tax benefit | ' | -3,230 | ' | |
Accounts payable and accrued expenses | ' | 4 | ' | |
Effect of Change [Member] | ' | ' | ' | |
Recast Consolidated Statement of Cash flow [Abstract] | ' | ' | ' | |
Net income (loss) | ' | -228 | [3] | ' |
Adjustments to reconcile net (loss) income to cash (used in) provided by operations: | ' | ' | ' | |
Amortization to fair value of customer contracts | ' | 513 | [3] | ' |
Depreciation and amortization | ' | -145 | [3] | ' |
Deferred tax benefit | ' | -140 | [3] | ' |
Accounts payable and accrued expenses | ' | -144 | [3] | ' |
Restatement Adjustment [Member] | ' | ' | ' | |
Recast Consolidated Statement of Cash flow [Abstract] | ' | ' | ' | |
Net income (loss) | 2,913 | -5,768 | 1,355 | |
Adjustments to reconcile net (loss) income to cash (used in) provided by operations: | ' | ' | ' | |
Amortization to fair value of customer contracts | ' | 0 | [4] | ' |
Depreciation and amortization | ' | 0 | [4] | ' |
Deferred tax benefit | -1,864 | 5,173 | -1,611 | |
Accounts payable and accrued expenses | ' | $0 | [4] | ' |
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. | |||
[2] | As previously presented in the 2011 consolidated financial statement in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011. | |||
[3] | Represents change in amortization of fair value of contracts due to change in estimated cost to complete to meet contract terms that existed as of acquisition date and the related tax effect. | |||
[4] | Reflects effect of restatement as discussed in “Note 1A – Restatement of Consolidated Financial Statements†in this Form 10-K/A – Amendment No. 1. |
BUSINESS_ACQUISITION_Pro_Forma
BUSINESS ACQUISITION, Pro Forma Information (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 |
Pro Forma Information [Abstract] | ' |
Revenue | $193,000 |
Net loss from continuing operations | ($773) |
Net loss per share from continuing operations - basic (in dollars per share) | ($0.07) |
Net loss per share from continuing operations - diluted (in dollars per share) | ($0.07) |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | |||||||||
Permit | Patents [Member] | Patents [Member] | Patents [Member] | Patents [Member] | Software [Member] | Software [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Customer Contracts [Member] | Customer Contracts [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Treatment [Member] | Treatment [Member] | Treatment [Member] | Services [Member] | Services [Member] | CH Plateau Remediation Company [Member] | CH Plateau Remediation Company [Member] | |||||||||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Goodwill after earn-out and acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,840,000 | ' | ' | ' | ' | ' | ||||||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Goodwill, Beginning Balance | 29,186,000 | [1],[2] | 29,186,000 | [1],[2] | 15,330,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | [1] | 13,691,000 | [1] | 1,330,000 | [1] | 15,495,000 | [1] | ' | 3,637,000 | |
Goodwill Recorded in connection with Earn-Out | ' | ' | 840,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 840,000 | [1] | ' | 0 | [1] | ' | ' | ' | |||||
Additional Goodwill Recorded as Result of Acquisition | ' | ' | 13,016,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | ' | 13,016,000 | [1] | ' | ' | ' | |||||
Reassignment of goodwill from change in reporting unit | ' | ' | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,488,000 | -1,149,000 | [1] | ' | 1,149,000 | [1] | ' | 3,637,000 | ' | |||||
Goodwill, Ending Balance | 29,186,000 | [1] | 29,186,000 | [1] | 29,186,000 | [1],[2] | 15,330,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,691,000 | [1] | 13,691,000 | [1] | 15,495,000 | [1] | 15,495,000 | [1] | 14,840,000 | 3,637,000 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Useful Lives | ' | ' | ' | ' | ' | ' | ' | '8 years | '18 years | '3 years | ' | '5 years | ' | '6 months | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Gross Carrying Amount | 5,033,000 | 5,033,000 | 4,985,000 | ' | ' | 453,000 | 402,000 | ' | ' | 380,000 | 158,000 | 265,000 | 265,000 | 565,000 | 790,000 | 3,370,000 | 3,370,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated Amortization | -1,423,000 | -1,423,000 | -468,000 | ' | ' | -105,000 | -77,000 | ' | ' | -145,000 | -66,000 | -62,000 | -9,000 | -565,000 | -230,000 | -546,000 | -86,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net Carrying Amount | 3,610,000 | 3,610,000 | 4,517,000 | ' | ' | 348,000 | 325,000 | ' | ' | 235,000 | 92,000 | 203,000 | 256,000 | 0 | 560,000 | 2,824,000 | 3,284,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair value of acquired intangible assets | 4,429,000 | 4,429,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Amortization period of definite-lived intangible asset | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of definite lived permit | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Permit capitalized amount | ' | ' | ' | ' | 545,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Amortization period of permit (in years) | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Changes in the carrying amount of permits [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Beginning balance | 16,854,000 | 16,854,000 | 16,863,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
PCB permit amortized | ' | ' | -55,000 | -55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Permits in progress | ' | ' | ' | 46,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Ending balance | 16,799,000 | 16,799,000 | 16,854,000 | 16,863,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Definite lived intangible assets future amortization expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
2013 | 645,000 | 645,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
2014 | 602,000 | 602,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
2015 | 506,000 | 506,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
2016 | 429,000 | 429,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
2017 | 354,000 | 354,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total | 2,536,000 | 2,536,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Amortization expense of intangible assets | ' | $675,000 | $241,000 | $79,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | No impairment losses have been recorded. | |||||||||||||||||||||||||||||||
[2] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Employee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Vesting period | '6 months | '3 years | ' | |||
Stock options outstanding (in shares) | 528,800 | [1] | 607,967 | ' | ||
Outstanding and fully vested stock options (in shares) | 439,300 | [2] | 0 | [3] | 0 | [3] |
Weighted average exercise price (in dollars per share) | $9.82 | [1] | $9.89 | ' | ||
Options granted (in shares) | 12,000 | ' | ' | |||
Number of re elected directors | 5 | ' | ' | |||
Exercise price of options granted (in dollars per share) | $5.50 | ' | ' | |||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ' | ' | ' | |||
Allocated Share-based Compensation Expense | $191,000 | $345,000 | $343,000 | |||
Total unrecognized compensation cost related to unvested options | 286,000 | ' | ' | |||
Unrecognized compensation cost to be recognized in 2013 | 152,000 | ' | ' | |||
Unrecognized compensation cost to be recognized in 2014 | 96,000 | ' | ' | |||
Unrecognized compensation cost to be recognized in 2015 | 38,000 | ' | ' | |||
Minimum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Exercise price of options granted (in dollars per share) | ' | ' | $6.25 | |||
Maximum [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Exercise price of options granted (in dollars per share) | ' | ' | $10.95 | |||
Contractual Term With One-third Yearly Vesting [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Contractual term | '6 years | ' | ' | |||
Proportional vesting number of shares (in hundredths) | 33.33% | ' | ' | |||
Vesting period | '3 years | ' | ' | |||
Employee Stock Option [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock options outstanding (in shares) | 362,600 | ' | ' | |||
Outstanding and fully vested stock options (in shares) | 285,100 | ' | ' | |||
Weighted average exercise price (in dollars per share) | $10.30 | ' | ' | |||
Remaining weighted contractual life | '1 year 10 months 24 days | ' | ' | |||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ' | ' | ' | |||
Weighted-average fair value per share (in dollars per share) | $0 | [4] | $4.10 | $0 | [4] | |
Risk -free interest rate (in hundredths) | 0.00% | [4],[5] | ' | 0.00% | [4],[5] | |
Expected volatility of stock (in hundredths) | 0.00% | [4],[6] | ' | 0.00% | [4],[6] | |
Dividend yield (in hundredths) | 0.00% | [4] | 0.00% | 0.00% | [4] | |
Expected option life | '0 years | [4],[7] | '6 years | [7] | '0 years | [4],[7] |
Allocated Share-based Compensation Expense | 140,000 | 246,000 | 276,000 | |||
Employee Stock Option [Member] | Minimum [Member] | ' | ' | ' | |||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ' | ' | ' | |||
Risk -free interest rate (in hundredths) | ' | 1.29% | [5] | ' | ||
Expected volatility of stock (in hundredths) | ' | 58.72% | [6] | ' | ||
Employee Stock Option [Member] | Maximum [Member] | ' | ' | ' | |||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ' | ' | ' | |||
Risk -free interest rate (in hundredths) | ' | 1.92% | [5] | ' | ||
Expected volatility of stock (in hundredths) | ' | 60.02% | [6] | ' | ||
Employee Stock Option [Member] | Contractual Term With One-fifth Yearly Vesting [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Contractual term | '10 years | ' | ' | |||
Proportional vesting number of shares (in hundredths) | 20.00% | ' | ' | |||
Vesting period | '5 years | ' | ' | |||
Incentive Stock Options [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Contractual term | ' | '6 years | ' | |||
Options granted (in shares) | ' | 60,000 | ' | |||
Exercise price of options granted (in dollars per share) | ' | $7.85 | ' | |||
Incentive Stock Options [Member] | Contractual Term With One-third Yearly Vesting [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Proportional vesting number of shares (in hundredths) | ' | 33.33% | ' | |||
Director Stock Options [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Contractual term | '10 years | ' | ' | |||
Vesting period | '6 months | ' | ' | |||
Stock options outstanding (in shares) | 166,200 | ' | ' | |||
Outstanding and fully vested stock options (in shares) | 154,200 | ' | ' | |||
Weighted average exercise price (in dollars per share) | $10.55 | ' | ' | |||
Remaining weighted contractual life | '4 years 6 months | ' | ' | |||
Options granted (in shares) | 15,000 | ' | ' | |||
Exercise price of options granted (in dollars per share) | $5.50 | ' | ' | |||
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ' | ' | ' | |||
Weighted-average fair value per share (in dollars per share) | $3.55 | $4.70 | $5.60 | |||
Risk -free interest rate (in hundredths) | 1.75% | [5] | 2.29% | [5] | 2.52% | [5] |
Expected volatility of stock (in hundredths) | 56.74% | [6] | 57.48% | [6] | 60.69% | [6] |
Dividend yield (in hundredths) | 0.00% | 0.00% | 0.00% | |||
Expected option life | '10 years | [7] | '10 years | [7] | '10 years | [7] |
Allocated Share-based Compensation Expense | $51,000 | $99,000 | $67,000 | |||
Non-Qualified Stock Option Agreement [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Contractual term | ' | '10 years | ' | |||
Proportional vesting number of shares (in hundredths) | ' | 25.00% | ' | |||
Vesting period | ' | '4 years | ' | |||
Options granted (in shares) | ' | 50,000 | ' | |||
Exercise price of options granted (in dollars per share) | ' | $6.75 | ' | |||
Term of employment | ' | '4 years | ' | |||
[1] | Options with exercise prices ranging from $5.50 to $14.75 | |||||
[2] | Options with exercise prices ranging from $7.05 to $14.75 | |||||
[3] | Plan was approved in September 2010 which authorizes grants of up to an aggregate of 1,000,000 non-qualified and incentive stock options. | |||||
[4] | No employee option grants were made in 2012 and 2010. | |||||
[5] | The risk-free interest rate is based on the U.S. Treasury yield in effect at the grant date over the expected term of the option. | |||||
[6] | The expected volatility is based on historical volatility from our traded Common Stock over the expected term of the option. | |||||
[7] | The expected option life is based on historical exercises and post-vesting data. |
CAPITAL_STOCK_STOCK_PLANS_WARR2
CAPITAL STOCK, STOCK PLANS, WARRANTS AND INCENTIVE COMPENSATION (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 8-May-12 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Vesting period | '6 months | '3 years | ' | ' | |||
Proceeds from options exercises | ' | ' | $509,000 | ' | |||
Proceeds from issuance of private placement | ' | 1,000,000 | ' | ' | |||
Share price of stock issued in private placement (in dollars per share) | ' | $6.15 | ' | ' | |||
Shares of our Common Stock issued (shares) | ' | ' | 70,000 | ' | |||
Shares [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in shares) | 607,967 | ' | ' | ' | |||
Granted (in shares) | 12,000 | ' | ' | ' | |||
Exercised (in shares) | 0 | ' | ' | ' | |||
Forfeited/expired (in shares) | -91,167 | ' | ' | ' | |||
Balance at end of year (in shares) | 528,800 | [1] | 607,967 | ' | ' | ||
Options exercisable at year end (in shares) | 439,300 | [2] | 0 | [3] | 0 | [3] | ' |
Options vested and expected to be vested at end of year (in shares) | 528,800 | ' | ' | ' | |||
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in dollars per share) | $9.89 | ' | ' | ' | |||
Granted (in dollars per share) | $5.50 | ' | ' | ' | |||
Exercised (in dollars per share) | $0 | ' | ' | ' | |||
Forfeited/expired (in dollars per share) | $9.72 | ' | ' | ' | |||
Balance at end of year (in dollars per share) | $9.82 | [1] | $9.89 | ' | ' | ||
Options exercisable (in dollars per share) | $10.38 | [2] | ' | ' | ' | ||
Options vested and expected to be vested (in dollars per share) | $9.82 | ' | ' | ' | |||
Weighted Average Remaining Contractual Term [Abstract] | ' | ' | ' | ' | |||
Options outstanding end of period (in years) | '3 years 6 months | [1] | ' | ' | ' | ||
Options exercisable (in years) | '2 years 9 months 18 days | [2] | ' | ' | ' | ||
Options vested and expected to be vested (in years) | '3 years 6 months | ' | ' | ' | |||
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | |||
Exercised | 0 | ' | ' | ' | |||
Options outstanding end of year | 0 | [1] | ' | ' | ' | ||
Options exercisable | 0 | [2] | ' | ' | ' | ||
Options vested and expected to be vested | 0 | ' | ' | ' | |||
Options exercise price range, minimum (in dollars per share) | $5.50 | ' | ' | ' | |||
Options exercise price range, maximum (in dollars per share) | $14.75 | ' | ' | ' | |||
Warrants [Abstract] | ' | ' | ' | ' | |||
Warrants outstanding (in shares) | 0 | ' | ' | 30,000 | |||
Exercise price of warrants (in dollars per share) | ' | ' | ' | $7.50 | |||
Number of warrants outstanding | 0 | ' | ' | 3 | |||
Shares Reserved [Abstract] | ' | ' | ' | ' | |||
Shares available for future issues (in shares) | 528,800 | ' | ' | ' | |||
Minimum [Member] | ' | ' | ' | ' | |||
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | |||
Granted (in dollars per share) | ' | ' | $6.25 | ' | |||
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | |||
Exercise price range of options exercisable | $7.05 | ' | ' | ' | |||
Maximum [Member] | ' | ' | ' | ' | |||
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | |||
Granted (in dollars per share) | ' | ' | $10.95 | ' | |||
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | |||
Exercise price range of options exercisable | $14.75 | ' | ' | ' | |||
2003 Outside Directors Stock Plan [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Vesting period | '6 months | ' | ' | ' | |||
Number of options granted upon re-election to the Board (in shares) | 12,000 | ' | ' | ' | |||
Number of options granted upon initial election to the Board (in shares) | 30,000 | ' | ' | ' | |||
Number of shares authorized (in shares) | 1,000,000 | ' | ' | ' | |||
Shares of our Common Stock issued (shares) | 34,055 | 29,812 | 25,455 | ' | |||
Additional quarterly fee due to additional responsibility | 5,500 | ' | ' | ' | |||
Additional quarterly fee due to additional time commitment | 1,000 | ' | ' | ' | |||
Board meeting attendance fee | 1,000 | ' | ' | ' | |||
Telephonic conference call fee | 500 | ' | ' | ' | |||
Percentage of fair market value of common stock to determine the number of shares to directors (in hundredths) | 75.00% | ' | ' | ' | |||
Shares [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in shares) | 151,200 | 133,200 | 118,800 | ' | |||
Granted (in shares) | 12,000 | 18,000 | 14,400 | ' | |||
Balance at end of year (in shares) | 163,200 | 151,200 | 133,200 | ' | |||
Options exercisable at year end (in shares) | 151,200 | 133,200 | 118,800 | ' | |||
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in dollars per share) | $10.56 | $11.04 | $11.36 | ' | |||
Granted (in dollars per share) | $5.50 | $7.05 | $8.40 | ' | |||
Balance at end of year (in dollars per share) | $10.19 | $10.56 | $11.04 | ' | |||
Options exercisable (in dollars per share) | $10.56 | $11.04 | $11.36 | ' | |||
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | |||
Options outstanding end of year | 0 | [4] | 12,600 | [4] | 0 | [4] | ' |
Options exercisable | 0 | [4] | 0 | [4] | 0 | [4] | ' |
2003 Outside Directors Stock Plan [Member] | Minimum [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Directors fees | 6,500 | ' | ' | ' | |||
Director's fee in terms of common stock shares (in hundredths) | 65.00% | ' | ' | ' | |||
2003 Outside Directors Stock Plan [Member] | Maximum [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Directors fees | 8,000 | ' | ' | ' | |||
Director's fee in terms of common stock shares (in hundredths) | 100.00% | ' | ' | ' | |||
1993 Non-qualified Stock Option Plan [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Terms of award (in years) | '10Y | ' | ' | ' | |||
Shares held as treasury stock | ' | ' | 7,642 | ' | |||
Value of shares added to treasury stock | ' | ' | 88,000 | ' | |||
Shares [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in shares) | 71,600 | 126,072 | 198,272 | ' | |||
Exercised (in shares) | 0 | 0 | -70,000 | ' | |||
Forfeited/expired (in shares) | -1,100 | -54,472 | -2,200 | ' | |||
Balance at end of year (in shares) | 70,500 | 71,600 | 126,072 | ' | |||
Options exercisable at year end (in shares) | 70,500 | 71,600 | 126,072 | ' | |||
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in dollars per share) | $10.95 | $10.02 | $9.46 | ' | |||
Exercised (in dollars per share) | $0 | $0 | $8.52 | ' | |||
Forfeited/expired (in dollars per share) | $10.95 | $8.79 | $7.25 | ' | |||
Balance at end of year (in dollars per share) | $10.95 | $10.95 | $10.02 | ' | |||
Options exercisable (in dollars per share) | $10.95 | $10.95 | $10.02 | ' | |||
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | |||
Exercised | 0 | [4] | 0 | [4] | 227,000 | [4] | ' |
Options outstanding end of year | 0 | [4] | 0 | [4] | 0 | [4] | ' |
Options exercisable | 0 | [4] | 0 | [4] | 0 | [4] | ' |
1993 Non-qualified Stock Option Plan [Member] | Employee [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Number of shares surrendered for payment to exercise options (in shares) | ' | ' | 7,642 | ' | |||
Number of options to purchase shares from shares surrendered (in shares) | ' | ' | 14,000 | ' | |||
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | |||
Exercised (in dollars per share) | ' | ' | $6.25 | ' | |||
2004 Stock Option Plan [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Terms of award (in years) | '10Y | ' | ' | ' | |||
Number of shares authorized (in shares) | 2,000,000 | ' | ' | ' | |||
Shares [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in shares) | 264,167 | 274,834 | 284,833 | ' | |||
Forfeited/expired (in shares) | -82,067 | -10,667 | -10,000 | ' | |||
Balance at end of year (in shares) | 182,100 | 264,167 | 274,834 | ' | |||
Options exercisable at year end (in shares) | 182,100 | 256,167 | 204,467 | ' | |||
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in dollars per share) | $10.17 | $10.21 | $10.25 | ' | |||
Forfeited/expired (in dollars per share) | $9.33 | $11.27 | $11.30 | ' | |||
Balance at end of year (in dollars per share) | $10.55 | $10.17 | $10.21 | ' | |||
Options exercisable (in dollars per share) | $10.55 | $10.26 | $10.18 | ' | |||
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | |||
Options outstanding end of year | 0 | [4] | 18,900 | [4] | 30,900 | [4] | ' |
Options exercisable | 0 | [4] | 13,700 | [4] | 14,100 | [4] | ' |
2010 Stock Option Plan [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Terms of award (in years) | '10Y | ' | ' | ' | |||
Number of shares authorized (in shares) | 1,000,000 | ' | ' | ' | |||
Shares [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in shares) | 60,000 | [3] | 0 | [3] | 0 | [3] | ' |
Granted (in shares) | 0 | [3] | 60,000 | [3] | 0 | [3] | ' |
Balance at end of year (in shares) | 60,000 | [3] | 60,000 | [3] | 0 | [3] | ' |
Options exercisable at year end (in shares) | 20,000 | [3] | 0 | [3] | 0 | [3] | ' |
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in dollars per share) | $7.85 | [3] | $0 | [3] | $0 | [3] | ' |
Granted (in dollars per share) | $0 | [3] | $7.85 | [3] | $0 | [3] | ' |
Balance at end of year (in dollars per share) | $7.85 | [3] | $7.85 | [3] | $0 | [3] | ' |
Options exercisable (in dollars per share) | $7.85 | [3] | $0 | [3] | $0 | [3] | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | |||
Options outstanding end of year | 0 | [3],[4] | 0 | [3],[4] | 0 | [3],[4] | ' |
Options exercisable | 0 | [3],[4] | 0 | [3],[4] | 0 | [3],[4] | ' |
2010 Stock Option Plan [Member] | Ten Percent Shareholder [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Terms of award (in years) | '5Y | ' | ' | ' | |||
Percentage of fair market value of common stock to determine the number of shares to directors (in hundredths) | 110.00% | ' | ' | ' | |||
Non-Qualified Stock Option Agreement [Member] | ' | ' | ' | ' | |||
Shares [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in shares) | 50,000 | [5] | 0 | [5] | 0 | [5] | ' |
Granted (in shares) | 0 | [5] | 50,000 | [5] | 0 | [5] | ' |
Balance at end of year (in shares) | 50,000 | [5] | 50,000 | [5] | 0 | [5] | ' |
Options exercisable at year end (in shares) | 12,500 | [5] | 0 | [5] | 0 | [5] | ' |
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in dollars per share) | $6.75 | [5] | $0 | [5] | $0 | [5] | ' |
Granted (in dollars per share) | $0 | [5] | $6.75 | [5] | $0 | [5] | ' |
Balance at end of year (in dollars per share) | $6.75 | [5] | $6.75 | [5] | $0 | [5] | ' |
Options exercisable (in dollars per share) | $6.75 | [5] | $0 | [5] | $0 | [5] | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | |||
Options outstanding end of year | 0 | [4],[5] | 50,000 | [4],[5] | 0 | [4],[5] | ' |
Options exercisable | 0 | [4],[5] | 0 | [4],[5] | 0 | [4],[5] | ' |
1992 Outside Directors Stock Plan [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Number of options granted upon re-election to the Board (in shares) | 5,000 | ' | ' | ' | |||
Number of options granted upon initial election to the Board (in shares) | 15,000 | ' | ' | ' | |||
Number of shares authorized (in shares) | 500,000 | ' | ' | ' | |||
Percentage of fair market value of common stock to determine the number of shares to directors (in hundredths) | 75.00% | ' | ' | ' | |||
Shares [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in shares) | 11,000 | 17,000 | 20,000 | ' | |||
Forfeited/expired (in shares) | -8,000 | -6,000 | -3,000 | ' | |||
Balance at end of year (in shares) | 3,000 | 11,000 | 17,000 | ' | |||
Options exercisable at year end (in shares) | 3,000 | 11,000 | 17,000 | ' | |||
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | |||
Balance at beginning of year (in dollars per share) | $12.23 | $12.48 | $11.88 | ' | |||
Forfeited/expired (in dollars per share) | $13.65 | $12.95 | $8.44 | ' | |||
Balance at end of year (in dollars per share) | $10.10 | $12.23 | $12.48 | ' | |||
Options exercisable (in dollars per share) | $10.10 | $12.23 | $12.48 | ' | |||
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | |||
Options outstanding end of year | 0 | [4] | 0 | [4] | 0 | [4] | ' |
Options exercisable | $0 | [4] | $0 | [4] | $0 | [4] | ' |
1992 Outside Directors Stock Plan [Member] | Minimum [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Director's fee in terms of common stock shares (in hundredths) | 65.00% | ' | ' | ' | |||
1992 Outside Directors Stock Plan [Member] | Maximum [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Director's fee in terms of common stock shares (in hundredths) | 100.00% | ' | ' | ' | |||
2003 Outside Directors Stock Plan First Amendment [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Number of shares authorized (in shares) | 2,000,000 | ' | ' | ' | |||
2003 Outside Directors Stock Plan Second Amendment [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Number of shares authorized (in shares) | 3,000,000 | ' | ' | ' | |||
Restricted Stock [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Restricted shares purchased (in shares) | ' | 162,601 | ' | ' | |||
Shares issued in private placement | ' | 162,601 | ' | ' | |||
[1] | Options with exercise prices ranging from $5.50 to $14.75 | ||||||
[2] | Options with exercise prices ranging from $7.05 to $14.75 | ||||||
[3] | Plan was approved in September 2010 which authorizes grants of up to an aggregate of 1,000,000 non-qualified and incentive stock options. | ||||||
[4] | Represents the difference between the market price at the date of exercise or the end of the year, as applicable, and the exercise price. | ||||||
[5] | Option agreement entered into between Christopher Leichtweis, President of SEC and the Company on October 31, 2011. See Note 5 – "Stock Based Compensation" for further information on this agreement. |
PREFERRED_STOCK_ISSUANCE_AND_C1
PREFERRED STOCK ISSUANCE AND CONVERSION (Details) (East Tennessee Materials and Energy Corporation [Member], Series B Preferred Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2012 | |
East Tennessee Materials and Energy Corporation [Member] | Series B Preferred Stock [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Preferred stock of subsidiary, liquidation preference per share (in dollars per share) | $1 |
Preferred stock of subsidiary, redeemable price per share (in dollars per share) | $1 |
Preferred stock of subsidiary, dividend rate (in hundredths) | 5.00% |
Preferred stock of subsidiary, per share amount on which dividend rate applied (in dollars per share) | $1 |
Preferred stock of subsidiary, accrued dividends | $675,000 |
Preferred stock of subsidiary, accrued dividends in each year from 2003 to 2012 | $64,000 |
DISCONTINUED_OPERATIONS_AND_DI2
DISCONTINUED OPERATIONS AND DIVESTITURES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
DISCONTINUED OPERATIONS AND DIVESTITURES [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Number of previously shut down locations | ' | ' | ' | ' | 2 | ' | ' | ||||
Results of discontinued operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenues | ' | ' | ' | ' | $2,204,000 | $6,931,000 | $9,248,000 | ||||
Interest expense | ' | ' | ' | ' | -34,000 | -68,000 | -84,000 | ||||
Operating loss from discontinued operations | ' | ' | ' | ' | -560,000 | -366,000 | -839,000 | ||||
Income tax benefit | ' | ' | ' | ' | -530,000 | -548,000 | 80,000 | ||||
Gain on disposal of discontinued operations | -268,000 | 1,777,000 | 0 | 0 | 0 | [1] | 1,509,000 | [1] | 0 | [1] | |
(Loss) income from discontinued operations, net of taxes | ' | ' | ' | ' | -30,000 | 1,691,000 | -919,000 | ||||
Gain on disposal of discontinued operations, taxes | ' | ' | ' | ' | ' | 1,276,000 | ' | ||||
Total assets related to discontinued operations | 2,343,000 | ' | ' | ' | 2,113,000 | 2,343,000 | ' | ||||
Total liabilities related to discontinued operations | 3,972,000 | ' | ' | ' | 3,341,000 | 3,972,000 | ' | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Property, plant and equipment, net | 1,650,000 | ' | ' | ' | 1,614,000 | 1,650,000 | ' | ||||
Total assets related to discontinued operations | 2,343,000 | ' | ' | ' | 2,113,000 | 2,343,000 | ' | ||||
Total liabilities related to discontinued operations | 3,972,000 | ' | ' | ' | 3,341,000 | 3,972,000 | ' | ||||
Allowance for doubtful accounts | 48,000 | ' | ' | ' | 45,000 | 48,000 | ' | ||||
Accumulated depreciation | 35,666,000 | ' | ' | ' | 40,376,000 | 35,666,000 | ' | ||||
Environmental liabilities | 2,002,000 | ' | ' | ' | 1,614,000 | 2,002,000 | ' | ||||
Payments for environmental liabilities | ' | ' | ' | ' | 388,000 | ' | ' | ||||
Environmental Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Number of remediation projects | ' | ' | ' | ' | 4 | ' | ' | ||||
Number of RCRA permitted facilities | ' | ' | ' | ' | 3 | ' | ' | ||||
Accrual for environmental loss contingencies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Current Accrual | ' | ' | ' | ' | 374,000 | ' | ' | ||||
Long-term Accrual | ' | ' | ' | ' | 1,240,000 | ' | ' | ||||
Total Liability | 2,002,000 | ' | ' | ' | 1,614,000 | 2,002,000 | ' | ||||
Held for sale [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Results of discontinued operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Total assets related to discontinued operations | 2,082,000 | ' | ' | ' | 2,053,000 | 2,082,000 | ' | ||||
Total liabilities related to discontinued operations | 2,369,000 | ' | ' | ' | 2,201,000 | 2,369,000 | ' | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Accounts receivable, net | 385,000 | [2] | ' | ' | ' | 391,000 | [2] | 385,000 | [2] | ' | |
Inventories | 25,000 | ' | ' | ' | 32,000 | 25,000 | ' | ||||
Other assets | 22,000 | ' | ' | ' | 16,000 | 22,000 | ' | ||||
Property, plant and equipment, net | 1,650,000 | [3] | ' | ' | ' | 1,614,000 | [3] | 1,650,000 | [3] | ' | |
Total assets related to discontinued operations | 2,082,000 | ' | ' | ' | 2,053,000 | 2,082,000 | ' | ||||
Accrued expenses and other liabilities | 577,000 | ' | ' | ' | 528,000 | 577,000 | ' | ||||
Accounts payable | 190,000 | ' | ' | ' | 229,000 | 190,000 | ' | ||||
Note payable | 105,000 | ' | ' | ' | 71,000 | 105,000 | ' | ||||
Environment liabilities | 1,497,000 | ' | ' | ' | 1,373,000 | 1,497,000 | ' | ||||
Total liabilities related to discontinued operations | 2,369,000 | ' | ' | ' | 2,201,000 | 2,369,000 | ' | ||||
Accumulated depreciation | 62,000 | ' | ' | ' | 60,000 | 62,000 | ' | ||||
Not held for sale [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Results of discontinued operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Total assets related to discontinued operations | 261,000 | ' | ' | ' | 60,000 | 261,000 | ' | ||||
Total liabilities related to discontinued operations | 1,603,000 | ' | ' | ' | 1,140,000 | 1,603,000 | ' | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Other assets | 261,000 | ' | ' | ' | 60,000 | 261,000 | ' | ||||
Total assets related to discontinued operations | 261,000 | ' | ' | ' | 60,000 | 261,000 | ' | ||||
Accrued expenses and other liabilities | 1,083,000 | ' | ' | ' | 884,000 | 1,083,000 | ' | ||||
Accounts payable | 15,000 | ' | ' | ' | 15,000 | 15,000 | ' | ||||
Environment liabilities | 505,000 | ' | ' | ' | 241,000 | 505,000 | ' | ||||
Total liabilities related to discontinued operations | 1,603,000 | ' | ' | ' | 1,140,000 | 1,603,000 | ' | ||||
PFM [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Environmental liabilities | ' | ' | ' | ' | 61,000 | ' | ' | ||||
Accrual for environmental loss contingencies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Current Accrual | ' | ' | ' | ' | 23,000 | ' | ' | ||||
Long-term Accrual | ' | ' | ' | ' | 38,000 | ' | ' | ||||
Total Liability | ' | ' | ' | ' | 61,000 | ' | ' | ||||
PFSG [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Environmental liabilities | ' | ' | ' | ' | 1,373,000 | ' | ' | ||||
Environmental Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Increase in reserve due to reassessment of remediation reserves | ' | ' | ' | ' | 123,000 | ' | ' | ||||
Accrual for environmental loss contingencies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Current Accrual | ' | ' | ' | ' | 343,000 | ' | ' | ||||
Long-term Accrual | ' | ' | ' | ' | 1,030,000 | ' | ' | ||||
Total Liability | ' | ' | ' | ' | 1,373,000 | ' | ' | ||||
PFD [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Environmental liabilities | ' | ' | ' | ' | 99,000 | ' | ' | ||||
Environmental Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Increase in reserve due to reassessment of remediation reserves | ' | ' | ' | ' | 90,000 | ' | ' | ||||
Accrual for environmental loss contingencies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Current Accrual | ' | ' | ' | ' | 7,000 | ' | ' | ||||
Long-term Accrual | ' | ' | ' | ' | 92,000 | ' | ' | ||||
Total Liability | ' | ' | ' | ' | 99,000 | ' | ' | ||||
PFMI [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Environmental liabilities | ' | ' | ' | ' | 81,000 | ' | ' | ||||
Environmental Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Increase in reserve due to reassessment of remediation reserves | ' | ' | ' | ' | 33,000 | ' | ' | ||||
Accrual for environmental loss contingencies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||
Current Accrual | ' | ' | ' | ' | 1,000 | ' | ' | ||||
Long-term Accrual | ' | ' | ' | ' | 80,000 | ' | ' | ||||
Total Liability | ' | ' | ' | ' | 81,000 | ' | ' | ||||
Perma-Fix of Fort Lauderdale, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Sale of stock (in hundredths) | ' | ' | ' | ' | 100.00% | ' | ' | ||||
Sale of stock/asset, consideration received on transaction | ' | ' | ' | ' | 5,500,000 | ' | ' | ||||
Expenses related to sale of subsidiary paid | ' | ' | ' | ' | 160,000 | ' | ' | ||||
Gain (loss) on sale of stock in subsidiary | ' | ' | ' | ' | 1,707,000 | ' | ' | ||||
Gain loss on sale of subsidiary, net of tax | ' | ' | ' | ' | 1,067,000 | ' | ' | ||||
Working capital adjustment on gain (loss) on sale of subsidiaries | ' | ' | ' | ' | 185,000 | ' | ' | ||||
Perma-Fix of Orlando, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ||||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Sale of stock/asset, consideration received on transaction | ' | ' | ' | ' | 2,000,000 | ' | ' | ||||
Expenses related to sale of subsidiary paid | ' | ' | ' | ' | 37,000 | ' | ' | ||||
Gain (loss) on sale of stock in subsidiary | ' | ' | ' | ' | 198,000 | ' | ' | ||||
Gain loss on sale of subsidiary, net of tax | ' | ' | ' | ' | 209,000 | ' | ' | ||||
Working capital adjustment on gain (loss) on sale of subsidiaries | ' | ' | ' | ' | $0 | ' | ' | ||||
[1] | Net of taxes of $1,276,000 for year ended December 31, 2011. | ||||||||||
[2] | net of allowance for doubtful account of $45,000 and $48,000 as of December 31, 2012, and 2011, respectively. | ||||||||||
[3] | net of accumulated depreciation of $60,000 and $62,000 as of December 31, 2012, and 2011, respectively. |
LONG_TERM_DEBT_Details
LONG TERM DEBT (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 8-May-12 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2011 | 8-May-09 | Dec. 31, 2012 | 8-May-09 | 8-May-09 | 8-May-09 | 8-May-09 | Dec. 31, 2011 | Oct. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 28, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Feb. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 18, 2011 | Apr. 18, 2011 | 8-May-09 | Dec. 31, 2012 | Dec. 31, 2012 | ||||||||||||||
Installment | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Amended Revolving Credit and Term Loan Agreement [Member] | Amended Revolving Credit and Term Loan Agreement [Member] | Amended Revolving Credit and Term Loan Agreement [Member] | Amendment to Amended Loan Agreement [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Promissory Note dated April 18, 2011 [Member] | Promissory Note dated April 18, 2011 [Member] | Promissory Note dated April 18, 2011 [Member] | Promissory Note dated September 28, 2010 [Member] | Promissory Note dated September 28, 2010 [Member] | Promissory Note dated September 28, 2010 [Member] | Promissory Note dated September 28, 2010 [Member] | Promissory Note dated October 31, 2011 [Member] | Promissory Note dated October 31, 2011 [Member] | Promissory Note dated February 12, 2013 ("New Note") [Member] | Promissory Note dated February 12, 2013 ("New Note") [Member] | Promissory Note dated February 12, 2013 ("New Note") [Member] | Various capital lease and promissory note obligations [Member] | Various capital lease and promissory note obligations [Member] | Promissory note dated May 8, 2009 [Member] | Promissory note dated May 8, 2009 [Member] | Promissory note dated May 8, 2009 [Member] | Equipment line of credit [Member] | Assets Held-for-sale [Member] | ||||||||||||||||||
Common Stock [Member] | Mr. Lampson [Member] | Mr. Lampson [Member] | Mr. Lampson [Member] | Mr. Diehl [Member] | Mr. Rettig [Member] | Amended Revolving Credit and Term Loan Agreement [Member] | Prime rate [Member] | LIBOR [Member] | Amended Revolving Credit and Term Loan Agreement [Member] | Prime rate [Member] | LIBOR [Member] | LIBOR [Member] | Installment | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | Installment | Promissory Notes and Installment Agreements [Member] | Promissory Notes and Installment Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Warrant [Member] | Warrant [Member] | Common Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Mr. Lampson [Member] | Mr. Lampson [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment | Warrant [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Long-term debt | $14,267,000 | $17,821,000 | ' | ' | ' | $14,196,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [1],[2] | $0 | [1],[2] | ' | ' | ' | $13,524,000 | [1],[2] | $15,810,000 | [1],[2] | ' | ' | ' | $0 | [3],[4],[5] | $318,000 | [3],[4],[5] | ' | $352,000 | [4] | $798,000 | [4] | ' | ' | $0 | [4],[6] | $636,000 | [4],[6] | ' | ' | ' | $391,000 | [7] | $259,000 | [7] | ' | ' | ' | ' | ' | |
Less current portion of long-term debt | 2,794,000 | 3,521,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Less long-term debt related to assets held for sale | 71,000 | 105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Long-term debt, less current portion | 11,402,000 | 14,195,000 | [8] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'prime rate | 'LIBOR | ' | ' | ' | 'prime rate | 'LIBOR | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Reference rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basis spread on variable rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 3.00% | ' | ' | ' | 2.50% | 3.50% | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Oct-16 | ' | ' | ' | ' | 31-Oct-16 | ' | ' | ' | ' | 8-Apr-12 | ' | ' | ' | ' | ' | ' | 15-May-14 | ' | 31-Jan-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Effective interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.80% | 4.40% | ' | ' | ' | 3.90% | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Periodic payment, principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,000 | ' | ' | ' | ' | 82,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Reference rate, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | 1.00% | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number of monthly installments | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ' | 12 | ' | ' | ' | ' | |||||||||||||
Periodic payment | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,000 | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | 76,000 | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Periodic payment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-May-11 | ' | ' | 15-Oct-10 | ' | ' | ' | 15-Nov-11 | ' | 28-Feb-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Interest rate, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.20% | ' | ' | ' | ' | ' | ' | |||||||||||||
Interest rate, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | |||||||||||||
Face amount | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,322,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | |||||||||||||
Long-term debt, principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 990,000 | ' | ' | ' | |||||||||||||
Debt discount | 0 | 12,000 | 117,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -117,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | |||||||||||||
Maximum percentage of commercial receivables (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Maximum number of days of commercial receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Maximum percentage of commercial broker receivables (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Maximum number of days commercial broker receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Maximum percentage of acceptable government agency receivables (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Maximum number of days of acceptable government agency receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '150 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Maximum percentage of accepted unbilled amounts (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Maximum number of days of accepted unbilled amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Amortization period of term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,833,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Purchase price reduction, note settlement | 1,230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Debt instrument, fee amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Interest expense-financing fees | 107,000 | 207,000 | 412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 298,000 | 33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Loss on extinguishment of debt | 0 | -91,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Excess availability under revolving credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Notice period upon payment in full of debt obligation before date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Payment of fee in case of prepayment of debt on date one (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Payment of fee in case of prepayment of debt on date two (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Excluded cost related to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost resulting from fair value of percentage of completion contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Minimum fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1.25 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Fee payment to PNC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number of securities to be issued for warrants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,000 | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Exercise price of warrants (in dollars per share) | ' | ' | ' | $7.50 | ' | ' | ' | ' | ' | ' | ' | $7.50 | $7.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Common stock, issued (in shares) | 11,247,642 | 11,213,587 | ' | ' | ' | ' | ' | ' | 40,000 | ' | 36,000 | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Percentage of warrant acquired by board member | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Maximum number of payoffs of shares in terms of outstanding equity (in hundredths) | ' | ' | ' | ' | ' | 19.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Promissory note | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cancelled debt principal balance pursuant to settlement agreement | 1,460,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number of days from closing of acquisition | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number of days for trading of common stock to determine average closing price | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,794,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | |||||||||||||
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,440,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | |||||||||||||
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,296,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,666,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Total | 14,267,000 | 17,821,000 | ' | ' | ' | 14,196,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1],[2] | 0 | [1],[2] | ' | ' | ' | 13,524,000 | [1],[2] | 15,810,000 | [1],[2] | ' | ' | ' | 0 | [3],[4],[5] | 318,000 | [3],[4],[5] | ' | 352,000 | [4] | 798,000 | [4] | ' | ' | 0 | [4],[6] | 636,000 | [4],[6] | ' | ' | ' | 391,000 | [7] | 259,000 | [7] | ' | ' | ' | ' | ' | |
Future maturities of the capital leases [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2013 | 53,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2014 | 37,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2015 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2016 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
2017 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Total Minimum Lease Payments | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Less amount representing interest (effective interest rate of 6.76%) | -5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Less estimated executory costs | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net minimum lease payments | 85,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Less current installments of obligations under capital leases | 53,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Obligations under capital leases excluding current installments | $32,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Effective interest rate on capital lease obligations (in hundredths) | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
[1] | Our Revolving Credit facility is collateralized by our accounts receivable and our Term Loan is collateralized by our property, plant, and equipment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | On October 31, 2011, the Company entered into an "Amended and Restated Revolving Credit, Term Loan and Security Agreement" with PNC Bank. Under the original credit facility with PNC dated December 22, 2000, as amended, variable interest was determined based on the options as noted; however, variable interest under the LIBOR option provided for a minimum floor base of 1.0% for both our Revolving Credit and Term Loan from January 1, 2011 to October 30, 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Original promissory note dated May 8, 2009 of $3,000,000 was modified on April 18, 2011, with principal balance of approximately $990,000. See "Promissory Notes and Installment Agreements" below for terms of original and amended promissory notes and the final payment made on the note. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Uncollateralized note. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Net of debt discount of ($0) and ($117,000) for December 31, 2012 and December 31, 2011, respectively. See "Promissory Notes and Installment Agreements" below for additional information. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Promissory note entered into in connection with acquisition of SEC on October 31, 2011. See "Promissory Notes and Installment Agreements" below for cancellation and termination of the October 31. 2011 note and the new note dated February 12, 2013, entered into between the Company and TNC in connection with settlement with TNC regarding certain claims that the Company asserted against TNC subsequent to the acquisition of SEC on October 31, 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Includes the $230,000 New Note issued to TNC on February 12, 2013 as discussed in Note 3 "Business Combination." This note was issued to replace the remaining balance of $1,460,000 of the $2,500,000 October Note issued on October 31, 2012 in connection with the acquisition of SEC. The remaining balance of the $1,460,000 October Note was cancelled and terminated on February 12, 2013, in connection with the settlement with TNC regarding certain claims that the Company asserted against TNC subsequent to the acquisition of SEC on October 31, 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | |
In Thousands, unless otherwise specified | |||
ACCRUED EXPENSES [Abstract] | ' | ' | |
Salaries and employee benefits | $4,430 | $6,348 | |
Accrued sales, property and other tax | 793 | 506 | |
Interest payable | 29 | 96 | |
Insurance payable | 978 | 1,462 | |
Other | 442 | 1,022 | |
Total accrued expenses | $6,672 | $9,434 | [1] |
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. |
ACCRUED_CLOSURE_COSTS_Details
ACCRUED CLOSURE COSTS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Closure Liabilities [Roll Forward] | ' | ' |
Balance as of beginning of year | $11,937 | $12,362 |
Accretion expense | 185 | 79 |
Payments | -773 | 0 |
Adjustments | 0 | -504 |
Balance at end of year | $11,349 | $11,937 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Components of current and deferred federal and state income tax for continuing operations [Abstract] | ' | ' | ' |
Federal income tax expense - current | ($2,107,000) | $2,043,000 | $112,000 |
Federal income tax (benefit) expense - deferred | 11,000 | 1,938,000 | 218,000 |
State income tax expense (benefit) - current | 191,000 | 92,000 | -85,000 |
State income tax (benefit) expense - deferred | -246,000 | 5,000 | -10,000 |
Total income tax expense (benefit) | -2,151,000 | 4,078,000 | 235,000 |
Deferred tax assets [Abstract] | ' | ' | ' |
Net operating losses | 4,612,000 | 4,425,000 | ' |
Environmental and closure reserves | 4,740,000 | 5,047,000 | ' |
Impairment of assets | 505,000 | 505,000 | ' |
Investment | -59,000 | 197,000 | ' |
Other | 3,798,000 | 4,513,000 | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' |
Depreciation and amortization | -7,875,000 | -8,936,000 | ' |
Prepaid expenses | -16,000 | -46,000 | ' |
Net deferred income tax assets before valuation allowance | 5,705,000 | 5,705,000 | ' |
Valuation allowance | -5,729,000 | -6,428,000 | ' |
Net deferred income tax liabilities | -24,000 | -723,000 | ' |
Federal statutory rate (in hundredths) | 34.00% | ' | ' |
Reconciliation between expected tax benefit and the provision for income taxes from continuing operations [Abstract] | ' | ' | ' |
Tax (benefit) expense at statutory rate | -1,847,000 | 3,557,000 | 1,740,000 |
State tax (benefit) expense, net of federal benefit | -131,000 | 53,000 | -56,000 |
Previously unrecorded state tax benefit | 0 | 0 | -173,000 |
Permanent items | 110,000 | 150,000 | 61,000 |
Other | -100,000 | 355,000 | -1,325,000 |
(Decrease) increase in valuation allowance | -183,000 | -37,000 | -12,000 |
Income tax (benefit) expense | -2,151,000 | 4,078,000 | 235,000 |
Deferred tax assets more likely would not be realized in the future | 5,729,000 | 6,428,000 | 6,024,000 |
Increase (decrease) in valuation allowance | -183,000 | -37,000 | -12,000 |
Federal [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Estimated net operating loss carryforwards | ' | 6,091,000 | ' |
State [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Estimated net operating loss carryforwards | ' | $46,205,000 | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Sep. 28, 2010 | Aug. 31, 2005 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2012 | Mar. 31, 2012 | |
Installment | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | First Installment [Member] | Second Installment [Member] | ||||
Earn-Out Amount [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum earn out amount | $4,552,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earn out amount paid | 3,896,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earn out amount paid in cash | 2,574,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earn out amount paid in promissory note | ' | ' | 1,322,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of monthly installments | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Periodic payment | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offset amount representing indemnification obligation | 656,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum offset amount relating to merger agreement | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offset amount relating to excise tax issue and refund request | 93,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anticipated offset amount relating to nonconforming waste | 563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension Liability [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension withdrawal liability | 301,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Demand letter from central states teamsters pension fund for amending liability | ' | ' | ' | 1,629,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Demand notice from Central States Teamsters Pension Fund for per month payment | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on pension liability (in hundredths) | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for payment of demand notice per month from Pension Fund Authority | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of finite risk insurance policy (in years) | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum allowable coverage of insurance policy | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final payment to insurer | 18,305,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,073,000 | 1,054,000 |
Number of installments for insurance policy | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final payment to insurer deposited in sinking fund account | 14,472,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final payment to insurer representing terrorism premium | 2,883,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final payment to insurer representing fee payable | 950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial assurance coverage amount under insurance policy | 37,524,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sinking fund related to the insurance policy | 15,382,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest earned on sinking fund | 911,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income on sinking fund during the period | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurer's obligation to entity on termination of contract (in hundredths) | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract termination election minimum period | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial assurance coverage amount under second insurance policy | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual growth rate of financial assurance coverage amount under second insurance policy (in hundredths) | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of finite second insurance policy (in years) | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum financial assurance coverage amount under second insurance policy | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total payment under second policy | 7,158,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of annual payment deposited in sinking fund under second insurance policy | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial payment representing premium under second insurance policy | 1,458,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sinking fund related to the second insurance policy | 5,890,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest earned sinking fund | 190,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance annual fee | 46,000 | 46,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 | 883,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 802,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 733,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 587,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 529,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
beyond 2017 | 174,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 3,708,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total rent expenses | ' | ' | ' | ' | 1,569,000 | 1,289,000 | 1,025,000 | 42,000 | 239,000 | 269,000 | ' | ' |
Payments on non-cancelable operating leases | ' | ' | ' | ' | $972,000 | $762,000 | $653,000 | $5,000 | $135,000 | $216,000 | ' | ' |
PROFIT_SHARING_PLAN_Details
PROFIT SHARING PLAN (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Age | |||
Period | |||
PROFIT SHARING PLAN [Abstract] | ' | ' | ' |
Minimum age for full time employees to participate in the plan | 18 | ' | ' |
Number of yearly open periods for enrollment | 2 | ' | ' |
Maximum percentage of employees contribution towards plan (in hundredths) | 100.00% | ' | ' |
Employers contribution vesting period | '5 years | ' | ' |
Employer matching contribution, maximum (in hundredths) | 25.00% | ' | ' |
Employer contribution, amount | $348,000 | $432,000 | $431,000 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||
Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | |
Mr. Robert Schreiber, Jr [Member] | Mr. David Centofanti [Member] | Mr. Robert Ferguson [Member] | Mr. Christopher Leichtweis [Member] | Mr. Christopher Leichtweis [Member] | ||
Safety & Ecology Corporation [Member] | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
New lease term | ' | '5 years | ' | ' | ' | ' |
Monthly rent under lease agreement | ' | $11,400 | ' | ' | $29,000 | ' |
Director of IT compensation | ' | ' | 165,000 | ' | ' | ' |
Minority ownership interest in subsidiary (in hundredths) | ' | ' | ' | 21.29% | ' | ' |
Indemnification bond | ' | ' | ' | ' | 10,900,000 | ' |
Rate of compensation under indemnification agreement (in hundredths) | ' | ' | ' | ' | 0.75% | ' |
Percentage of compensation paid under indemnification agreement (in hundredths) | ' | ' | ' | ' | 60.00% | ' |
Restricted shares of common stock issued (in shares) | ' | ' | ' | ' | 149,422 | 162,601 |
Total consideration from restricted shares issued | ' | ' | ' | ' | $918,945 | $1,000,000 |
Restricted shares issued, price per share (in dollars per share) | ' | ' | ' | ' | $6.15 | $6.15 |
Number of years base salary to be paid at the time of termination under employment agreement | '1 year | ' | ' | ' | ' | ' |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | ||||||
Segment | |||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of reporting segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | |||||
Financial information of our reporting segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue from external customers | ' | ' | ' | ' | ' | ' | ' | ' | $127,509,000 | [1] | $118,097,000 | [1] | $97,790,000 | [1] | ' | ||
Intercompany revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Gross profit | 3,279,000 | 4,226,000 | 3,930,000 | 4,369,000 | 6,040,000 | 11,301,000 | 8,049,000 | 3,030,000 | 15,804,000 | 28,420,000 | [2] | 20,615,000 | ' | ||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 41,000 | 58,000 | 65,000 | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 818,000 | 657,000 | 755,000 | ' | |||||
Interest expense-financing fees | ' | ' | ' | ' | ' | ' | ' | ' | 107,000 | 207,000 | 412,000 | ' | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,470,000 | 4,816,000 | [2] | 4,530,000 | ' | ||||
Segment profit (loss) | -861,000 | -472,000 | -1,009,000 | -807,000 | -41,000 | 4,421,000 | 2,552,000 | -533,000 | -3,149,000 | 6,399,000 | [2] | 4,882,000 | ' | ||||
Segment assets | 139,691,000 | ' | ' | ' | 163,654,000 | ' | ' | ' | 139,691,000 | 163,654,000 | 125,737,000 | ' | |||||
Expenditures for segment assets | ' | ' | ' | ' | ' | ' | ' | ' | 412,000 | 2,303,000 | 1,642,000 | ' | |||||
Total debt | 14,196,000 | ' | ' | ' | 17,716,000 | ' | ' | ' | 14,196,000 | 17,716,000 | 10,249,000 | ' | |||||
Debt discount | 0 | ' | ' | ' | -12,000 | ' | ' | ' | 0 | -12,000 | -117,000 | ' | |||||
Number of warrants issued for promissory note (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | |||||
Number of common shares issued for promissory note (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | |||||
Promissory note issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | |||||
CH Plateau Remediation Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue from major customer | ' | ' | ' | ' | ' | ' | ' | ' | 24,652,000 | 59,136,000 | 51,929,000 | ' | |||||
Percentage of revenue from major customer (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 19.30% | 49.90% | 53.10% | ' | |||||
U.S. Department of Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue from major customer | ' | ' | ' | ' | ' | ' | ' | ' | 26,265,000 | 4,136,000 | 0 | ' | |||||
Percentage of revenue from major customer (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 20.60% | 3.50% | 0.00% | ' | |||||
Treatment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Financial information of our reporting segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 45,882,000 | 65,836,000 | 53,363,000 | ' | |||||
Intercompany revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,785,000 | 1,928,000 | 2,962,000 | ' | |||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 9,268,000 | 21,299,000 | 12,733,000 | ' | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,000 | 72,000 | 138,000 | ' | |||||
Interest expense-financing fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 3,000 | ' | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,448,000 | 4,535,000 | 4,469,000 | ' | |||||
Segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,951,000 | 10,226,000 | 7,715,000 | ' | |||||
Segment assets | 75,405,000 | ' | ' | ' | 81,197,000 | ' | ' | ' | 75,405,000 | 81,197,000 | 91,881,000 | ' | |||||
Expenditures for segment assets | ' | ' | ' | ' | ' | ' | ' | ' | 263,000 | 2,278,000 | 1,601,000 | ' | |||||
Total debt | 85,000 | ' | ' | ' | 142,000 | ' | ' | ' | 85,000 | 142,000 | 1,105,000 | ' | |||||
Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Financial information of our reporting segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 81,627,000 | 52,261,000 | 44,427,000 | ' | |||||
Intercompany revenues | ' | ' | ' | ' | ' | ' | ' | ' | 845,000 | 585,000 | 502,000 | ' | |||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 6,536,000 | 7,121,000 | 7,882,000 | ' | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | 7,000 | 3,000 | ' | |||||
Interest expense-financing fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 949,000 | 192,000 | 39,000 | ' | |||||
Segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,474,000 | 3,983,000 | 4,508,000 | ' | |||||
Segment assets | 36,120,000 | ' | ' | ' | 43,293,000 | ' | ' | ' | 36,120,000 | 43,293,000 | 2,570,000 | ' | |||||
Expenditures for segment assets | ' | ' | ' | ' | ' | ' | ' | ' | 145,000 | 4,000 | 19,000 | ' | |||||
Total debt | 5,000 | ' | ' | ' | 12,000 | ' | ' | ' | 5,000 | 12,000 | 18,000 | ' | |||||
Segments Total [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Financial information of our reporting segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 127,509,000 | 118,097,000 | 97,790,000 | ' | |||||
Intercompany revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,630,000 | 2,513,000 | 3,464,000 | ' | |||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 15,804,000 | 28,420,000 | 20,615,000 | ' | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 21,000 | 79,000 | 141,000 | ' | |||||
Interest expense-financing fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 3,000 | ' | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,397,000 | 4,727,000 | 4,508,000 | ' | |||||
Segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 4,425,000 | 14,209,000 | 12,223,000 | ' | |||||
Segment assets | 111,525,000 | ' | ' | ' | 124,490,000 | ' | ' | ' | 111,525,000 | 124,490,000 | 94,451,000 | ' | |||||
Expenditures for segment assets | ' | ' | ' | ' | ' | ' | ' | ' | 408,000 | 2,282,000 | 1,620,000 | ' | |||||
Total debt | 90,000 | ' | ' | ' | 154,000 | ' | ' | ' | 90,000 | 154,000 | 1,123,000 | ' | |||||
Corporate And Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Financial information of our reporting segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] | ' | ||
Intercompany revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] | ' | ||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] | ' | ||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 41,000 | [3] | 58,000 | [3] | 65,000 | [3] | ' | ||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 797,000 | [3] | 578,000 | [3] | 614,000 | [3] | ' | ||
Interest expense-financing fees | ' | ' | ' | ' | ' | ' | ' | ' | 107,000 | [3] | 207,000 | [3] | 409,000 | [3] | ' | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 73,000 | [3] | 89,000 | [3] | 22,000 | [3] | ' | ||
Segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -7,574,000 | [3] | -7,810,000 | [3] | -7,341,000 | [3] | ' | ||
Segment assets | 28,166,000 | [3],[4] | ' | ' | ' | 39,164,000 | [3],[4] | ' | ' | ' | 28,166,000 | [3],[4] | 39,164,000 | [3],[4] | 31,286,000 | [3],[4] | ' |
Expenditures for segment assets | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | [3] | 21,000 | [3] | 22,000 | [3] | ' | ||
Total debt | 14,106,000 | [3],[5] | ' | ' | ' | 17,562,000 | [3],[5] | ' | ' | ' | 14,106,000 | [3],[5] | 17,562,000 | [3],[5] | 9,126,000 | [3],[5] | ' |
Segment discontinued operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Financial information of our reporting segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment assets | $2,113,000 | ' | ' | ' | $2,343,000 | ' | ' | ' | $2,113,000 | $2,343,000 | $7,433,000 | ' | |||||
[1] | The consolidated revenues included the CH Plateau Remediation Company ("CHPRC") revenue of $24,652,000 or 19.3%, $59,136,000 or 50.1%, and $51,929,000 or 53.1%, for 2012, 2011, and 2010, respectively, of our total consolidated revenue from continuing operations. Also, the consolidated revenues included revenues generated directly from the U.S. Department of Energy ("DOE") of $26,265,000 or 20.6%, $4,136,000 or 3.5%, and $0 or 0%, for 2012, 2011, and 2010, respectively, of our total consolidated revenue from continuing operations. The increase in revenues generated directly from the DOE was attributed to the acquisition of SEC on October 31, 2011. | ||||||||||||||||
[2] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. | ||||||||||||||||
[3] | Amounts reflect the activity for corporate headquarters, not included in the segment information. | ||||||||||||||||
[4] | Amount includes assets from our discontinued operations of $2,113,000, $2,343,000, and $7,433,000, as of December 31, 2012, 2011, and 2010, respectively. | ||||||||||||||||
[5] | Net of debt discount of ($0), ($12,000), and (117,000) for 2012 2011, and 2010, respectively, based on the estimated fair value at issuance of two Warrants and 40,000 shares of the Company's Common Stock issued on May 8, 2009 in connection with a $3,000,000 promissory note entered into by the Company and Mr. William Lampson and Mr. Diehl Rettig. The promissory note and the Warrants were modified on April 18, 2011. See Note 9 – "Long-Term Debt – Promissory Note and Installment Agreement" for additional information." |
QUARTERLY_OPERATING_RESULTS_UN2
QUARTERLY OPERATING RESULTS (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Unaudited quarterly operating results are summarized as follows: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $26,684,000 | $29,190,000 | $33,698,000 | $37,936,000 | $32,782,000 | $32,787,000 | $28,913,000 | $23,615,000 | $127,509,000 | $118,097,000 | [1] | $97,790,000 | ||
Gross profit | 3,279,000 | 4,226,000 | 3,930,000 | 4,369,000 | 6,040,000 | 11,301,000 | 8,049,000 | 3,030,000 | 15,804,000 | 28,420,000 | [1] | 20,615,000 | ||
(Loss) income from continuing operations | -861,000 | -472,000 | -1,009,000 | -807,000 | -41,000 | 4,421,000 | 2,552,000 | -533,000 | -3,149,000 | 6,399,000 | [1] | 4,882,000 | ||
(Loss) income from discontinued operations, net of taxes | 229,000 | -61,000 | -60,000 | -138,000 | 189,000 | -187,000 | -32,000 | 212,000 | -30,000 | 1,691,000 | -919,000 | |||
Net (loss) income | -632,000 | -533,000 | -1,069,000 | -945,000 | -120,000 | 6,011,000 | 2,520,000 | -321,000 | -3,179,000 | 8,090,000 | [1] | 3,963,000 | ||
Gain (loss) on disposal of discontinued operations, net of taxes | ' | ' | ' | ' | -268,000 | 1,777,000 | 0 | 0 | 0 | [2] | 1,509,000 | [2] | 0 | [2] |
Net income attributable to noncontrolling interest | 1,000 | 21,000 | 102,000 | 56,000 | 22,000 | 0 | 0 | 0 | 180,000 | 22,000 | 0 | |||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders | -633,000 | -554,000 | -1,171,000 | -1,001,000 | -142,000 | 6,011,000 | 2,520,000 | -321,000 | -3,359,000 | 8,068,000 | [1] | 3,963,000 | ||
Basic net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | ($0.08) | ($0.04) | ($0.10) | ($0.08) | $0 | $0.40 | $0.23 | ($0.05) | ($0.30) | $0.58 | $0.44 | |||
Discontinued operations (in dollars per share) | $0.02 | ($0.01) | $0 | ($0.01) | $0.01 | ($0.02) | $0 | $0.02 | $0 | $0.01 | ($0.08) | |||
Gain on disposal of discontinued operations, net of taxes (in dollars per share) | ' | ' | ' | ' | ($0.02) | $0.16 | $0 | $0 | $0 | $0.14 | $0 | |||
Net (loss) income per common share (in dollars per share) | ($0.06) | ($0.05) | ($0.10) | ($0.09) | ($0.01) | $0.54 | $0.23 | ($0.03) | ($0.30) | $0.73 | [1] | $0.36 | ||
Diluted net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | ($0.08) | ($0.04) | ($0.10) | ($0.08) | $0 | $0.40 | $0.23 | ($0.05) | ($0.30) | $0.58 | $0.44 | |||
Discontinued operations (in dollars per share) | $0.02 | ($0.01) | $0 | ($0.01) | $0.01 | ($0.02) | $0 | $0.02 | $0 | $0.01 | ($0.08) | |||
Gain on disposal of discontinued operations, net of taxes (in dollars per share) | ' | ' | ' | ' | ($0.02) | $0.16 | $0 | $0 | $0 | $0.14 | $0 | |||
Net (loss) income per common share (in dollars per share) | ($0.06) | ($0.05) | ($0.10) | ($0.09) | ($0.01) | $0.54 | $0.23 | ($0.03) | ($0.30) | $0.73 | [1] | $0.36 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
(Loss) income from continuing operations, net of taxes | -861,000 | -472,000 | -1,009,000 | -807,000 | -41,000 | 4,421,000 | 2,552,000 | -533,000 | -3,149,000 | 6,399,000 | [1] | 4,882,000 | ||
Loss from discontinued operations, net of taxes | 229,000 | ' | ' | ' | 189,000 | ' | ' | ' | ' | ' | ' | |||
Net (loss) income | -632,000 | -533,000 | -1,069,000 | -945,000 | -120,000 | 6,011,000 | 2,520,000 | -321,000 | -3,179,000 | 8,090,000 | [1] | 3,963,000 | ||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders | -633,000 | -554,000 | -1,171,000 | -1,001,000 | -142,000 | 6,011,000 | 2,520,000 | -321,000 | -3,359,000 | 8,068,000 | [1] | 3,963,000 | ||
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | ($0.08) | ($0.04) | ($0.10) | ($0.08) | $0 | $0.40 | $0.23 | ($0.05) | ($0.30) | $0.58 | $0.44 | |||
Discontinued operations (in dollars per share) | $0.02 | ($0.01) | $0 | ($0.01) | $0.01 | ($0.02) | $0 | $0.02 | $0 | $0.01 | ($0.08) | |||
Gain on disposal of discontinued operations, net of taxes (in dollars per share) | ' | ' | ' | ' | ($0.02) | $0.16 | $0 | $0 | $0 | $0.14 | $0 | |||
Net (loss) income per common share (in dollars per share) | ($0.06) | ($0.05) | ($0.10) | ($0.09) | ($0.01) | $0.54 | $0.23 | ($0.03) | ($0.30) | $0.73 | [1] | $0.36 | ||
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | ($0.08) | ($0.04) | ($0.10) | ($0.08) | $0 | $0.40 | $0.23 | ($0.05) | ($0.30) | $0.58 | $0.44 | |||
Discontinued operations (in dollars per share) | $0.02 | ($0.01) | $0 | ($0.01) | $0.01 | ($0.02) | $0 | $0.02 | $0 | $0.01 | ($0.08) | |||
Gain on disposal of discontinued operations, net of taxes (in dollars per share) | ' | ' | ' | ' | ($0.02) | $0.16 | $0 | $0 | $0 | $0.14 | $0 | |||
Net (loss) income per common share (in dollars per share) | ($0.06) | ($0.05) | ($0.10) | ($0.09) | ($0.01) | $0.54 | $0.23 | ($0.03) | ($0.30) | $0.73 | [1] | $0.36 | ||
As Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Unaudited quarterly operating results are summarized as follows: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
(Loss) income from continuing operations | -4,262,000 | ' | ' | ' | 5,132,000 | ' | ' | ' | -6,550,000 | 11,572,000 | 3,271,000 | |||
(Loss) income from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -458,000 | -2,286,000 | 663,000 | |||
Net (loss) income | -3,545,000 | ' | ' | ' | 5,648,000 | ' | ' | ' | -6,092,000 | 13,858,000 | 2,608,000 | |||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders | -3,546,000 | ' | ' | ' | 5,626,000 | ' | ' | ' | -6,272,000 | 13,836,000 | 2,608,000 | |||
Basic net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | ($0.38) | ' | ' | ' | $0.46 | ' | ' | ' | ($0.60) | $1.04 | $0.30 | |||
Discontinued operations (in dollars per share) | $0.06 | ' | ' | ' | $0.07 | ' | ' | ' | $0.04 | $0.07 | ($0.06) | |||
Net (loss) income per common share (in dollars per share) | ($0.32) | ' | ' | ' | $0.51 | ' | ' | ' | ($0.56) | $1.25 | $0.24 | |||
Diluted net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | ($0.38) | ' | ' | ' | $0.46 | ' | ' | ' | ($0.60) | $1.04 | $0.30 | |||
Discontinued operations (in dollars per share) | $0.06 | ' | ' | ' | $0.07 | ' | ' | ' | $0.04 | $0.07 | ($0.06) | |||
Net (loss) income per common share (in dollars per share) | ($0.32) | ' | ' | ' | $0.51 | ' | ' | ' | ($0.56) | $1.25 | $0.24 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
(Loss) income from continuing operations, net of taxes | -4,262,000 | ' | ' | ' | 5,132,000 | ' | ' | ' | -6,550,000 | 11,572,000 | 3,271,000 | |||
Loss from discontinued operations, net of taxes | 717,000 | ' | ' | ' | 784,000 | ' | ' | ' | ' | ' | ' | |||
Net (loss) income | -3,545,000 | ' | ' | ' | 5,648,000 | ' | ' | ' | -6,092,000 | 13,858,000 | 2,608,000 | |||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders | -3,546,000 | ' | ' | ' | 5,626,000 | ' | ' | ' | -6,272,000 | 13,836,000 | 2,608,000 | |||
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | ($0.38) | ' | ' | ' | $0.46 | ' | ' | ' | ($0.60) | $1.04 | $0.30 | |||
Discontinued operations (in dollars per share) | $0.06 | ' | ' | ' | $0.07 | ' | ' | ' | $0.04 | $0.07 | ($0.06) | |||
Net (loss) income per common share (in dollars per share) | ($0.32) | ' | ' | ' | $0.51 | ' | ' | ' | ($0.56) | $1.25 | $0.24 | |||
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | ($0.38) | ' | ' | ' | $0.46 | ' | ' | ' | ($0.60) | $1.04 | $0.30 | |||
Discontinued operations (in dollars per share) | $0.06 | ' | ' | ' | $0.07 | ' | ' | ' | $0.04 | $0.07 | ($0.06) | |||
Net (loss) income per common share (in dollars per share) | ($0.32) | ' | ' | ' | $0.51 | ' | ' | ' | ($0.56) | $1.25 | $0.24 | |||
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Unaudited quarterly operating results are summarized as follows: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | ' | ||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | ' | ||
(Loss) income from continuing operations | 3,401,000 | ' | ' | ' | -5,173,000 | ' | ' | ' | 3,401,000 | -5,173,000 | 1,611,000 | |||
(Loss) income from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 488,000 | 595,000 | 256,000 | |||
Net (loss) income | 2,913,000 | ' | ' | ' | -5,768,000 | ' | ' | ' | 2,913,000 | -5,768,000 | 1,355,000 | |||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders | 2,913,000 | ' | ' | ' | -5,768,000 | ' | ' | ' | 2,913,000 | -5,768,000 | 1,355,000 | |||
Basic net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | $0.30 | ' | ' | ' | ($0.46) | ' | ' | ' | $0.30 | ($0.46) | $0.14 | |||
Discontinued operations (in dollars per share) | ($0.04) | ' | ' | ' | ($0.06) | ' | ' | ' | ($0.04) | ($0.06) | ($0.02) | |||
Net (loss) income per common share (in dollars per share) | $0.26 | ' | ' | ' | ($0.52) | ' | ' | ' | $0.26 | ($0.52) | $0.12 | |||
Diluted net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | $0.30 | ' | ' | ' | ($0.46) | ' | ' | ' | $0.30 | ($0.46) | $0.14 | |||
Discontinued operations (in dollars per share) | ($0.04) | ' | ' | ' | ($0.06) | ' | ' | ' | ($0.04) | ($0.06) | ($0.02) | |||
Net (loss) income per common share (in dollars per share) | $0.26 | ' | ' | ' | ($0.52) | ' | ' | ' | $0.26 | ($0.52) | $0.12 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
(Loss) income from continuing operations, net of taxes | 3,401,000 | ' | ' | ' | -5,173,000 | ' | ' | ' | 3,401,000 | -5,173,000 | 1,611,000 | |||
Loss from discontinued operations, net of taxes | -488,000 | ' | ' | ' | -595,000 | ' | ' | ' | ' | ' | ' | |||
Net (loss) income | 2,913,000 | ' | ' | ' | -5,768,000 | ' | ' | ' | 2,913,000 | -5,768,000 | 1,355,000 | |||
Net (loss) income attributable to Perma-Fix Environmental Services, Inc., common stockholders | $2,913,000 | ' | ' | ' | ($5,768,000) | ' | ' | ' | $2,913,000 | ($5,768,000) | $1,355,000 | |||
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | $0.30 | ' | ' | ' | ($0.46) | ' | ' | ' | $0.30 | ($0.46) | $0.14 | |||
Discontinued operations (in dollars per share) | ($0.04) | ' | ' | ' | ($0.06) | ' | ' | ' | ($0.04) | ($0.06) | ($0.02) | |||
Net (loss) income per common share (in dollars per share) | $0.26 | ' | ' | ' | ($0.52) | ' | ' | ' | $0.26 | ($0.52) | $0.12 | |||
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing operations (in dollars per share) | $0.30 | ' | ' | ' | ($0.46) | ' | ' | ' | $0.30 | ($0.46) | $0.14 | |||
Discontinued operations (in dollars per share) | ($0.04) | ' | ' | ' | ($0.06) | ' | ' | ' | ($0.04) | ($0.06) | ($0.02) | |||
Net (loss) income per common share (in dollars per share) | $0.26 | ' | ' | ' | ($0.52) | ' | ' | ' | $0.26 | ($0.52) | $0.12 | |||
[1] | As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1. | |||||||||||||
[2] | Net of taxes of $1,276,000 for year ended December 31, 2011. | |||||||||||||
[3] | Reflects effect of restatement as discussed in “Note 1A – Restatement of Consolidated Financial Statements†in this Form 10-K/A – Amendment No. 1. |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | Oct. 15, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 15, 2013 | Dec. 31, 2012 | Sep. 12, 2013 | Sep. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Minimum [Member] | Maximum [Member] | Leichtweis Parties [Member] | Mr Christopher Leichtweis [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of compensation under indemnification agreement (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' |
Percentage of compensation paid under indemnification agreement (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' |
Officers' Compensation | ' | ' | ' | ' | ' | ' | ' | ' | $324,480 |
Officers compensation effective period | ' | ' | ' | ' | ' | ' | ' | ' | '4 years |
Annual officers salaries rate of change | ' | ' | ' | ' | ' | ' | ' | ' | -30,000 |
Annual officers salaries change, Term | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Potential civil penalties | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' |
Proposed consent agreement and final order | ' | ' | ' | ' | $215,500 | ' | ' | ' | ' |
Reverse Stock Split Ratio | '1-for-5 | ' | ' | '1-for-5 | ' | '1-for-2 | '1-for-7 | ' | ' |
Reverse Stock Split Ratio | '1-for-5 | ' | ' | '1-for-5 | ' | '1-for-2 | '1-for-7 | ' | ' |
Reverse Stock Split Ratio | '1-for-5 | ' | ' | '1-for-5 | ' | '1-for-2 | '1-for-7 | ' | ' |
Number of outstanding Common Stock and treasury shares converted to one common share (in shares) | ' | ' | ' | 5 | ' | ' | ' | ' | ' |
Par value of common stock (in dollars per share) | ' | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' |
Number of authorized shares of Common Stock (in shares) | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | ' | ' | ' | ' | ' |
Fractional shares of Common Stock will be issued as a result of the reverse stock split (in shares) | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Restated) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Valuation And Qualifying Accounts [Roll Forward] | ' | ' | ' | |||
Balance at End of Year | ' | $2,441 | ' | |||
Allowance for doubtful accounts-continuing operations [Member] | ' | ' | ' | |||
Valuation And Qualifying Accounts [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | 2,441 | 215 | 226 | |||
Additions Charged to Costs, Expenses and Other | 160 | 83 | 59 | |||
Additions Due to Acquisition | 0 | 2,660 | 0 | |||
Deductions | 94 | [1] | 117 | [1] | 70 | [1] |
Balance at End of Year | 2,507 | 2,441 | 215 | |||
Allowance for doubtful accounts-discontinued operations [Member] | ' | ' | ' | |||
Valuation And Qualifying Accounts [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | 48 | 97 | 70 | |||
Additions Charged to Costs, Expenses and Other | 6 | 175 | 75 | |||
Additions Due to Acquisition | 0 | -163 | 0 | |||
Deductions | 9 | [1] | 61 | [1] | 48 | [1] |
Balance at End of Year | 45 | 48 | 97 | |||
Allowance for deferred tax assets (Restated) [Member] | ' | ' | ' | |||
Valuation And Qualifying Accounts [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | 6,428 | 6,024 | 5,774 | |||
Additions Charged to Costs, Expenses and Other | -699 | [2] | 99 | 250 | ||
Additions Due to Acquisition | 0 | 503 | 0 | |||
Deductions | 0 | 0 | 0 | [1] | ||
Balance at End of Year | $5,729 | $6,428 | $6,024 | |||
[1] | Customer receivables deemed to be uncollectible. | |||||
[2] | Reversal of allowance on deferred tax asset primarily from valuation provided for state net operating loss ("NOL"). |