Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 28, 2014 | Aug. 07, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ENGlobal Corporation | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-27 | ' |
Entity Common Stock, Shares Outstanding | ' | 27,748,515 |
Amendment Flag | 'true | ' |
Amendment Description | 'This Amendment No. 1 (this "Form 10-Q/A") to our Quarterly Report on Form 10-Q for the quarterly period ended June 28, 2014 that was originally filed with the Securities and Exchange Commission on August 8, 2014 (the "Original Filing"), is being filed to correct certain references caused by source document formula errors. For the convenience of the reader, this Form 10-Q/A amends and restates the Original Filing in its entirety. However, this Form 10-Q/A only changes the following items of the Condensed Consolidated Balance Sheet on page 4 of the Original Filing: the correct amounts for the period ended June 28, 2104 for Common stock, Additional paid-in capital and Accumulated deficit and the correct amounts for the periods ended June 28, 2014 and December 28, 2013 for Other current liabilities, Total current liabilities and Long term leases No attempt has been made in this Form 10-Q/A to modify or update other disclosures presented in the Original Filing, other than to correct the items referred to above. This Form 10-Q/A does not reflect events occurring after the filing of the Original Filing or modify or update disclosures affected by subsequent events. Accordingly, this Form 10-Q/A should be read in conjunction with our subsequent filings made with the Securities and Exchange Commission. | ' |
Entity Central Index Key | '0000933738 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 28-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Operating revenues | $27,170 | $50,648 | $54,068 | $100,411 |
Operating costs | 21,380 | 45,136 | 42,194 | 89,100 |
Gross profit | 5,790 | 5,512 | 11,874 | 11,311 |
Selling, general and administrative expenses | 4,246 | 6,367 | 8,365 | 12,579 |
Operating income (loss) | 1,544 | -855 | 3,509 | -1,268 |
Other income (expense): | ' | ' | ' | ' |
Other income (expense), net | 164 | -211 | 123 | -89 |
Interest expense, net | -11 | -422 | -43 | -1,036 |
Income (loss) from continuing operations before income taxes | 1,697 | -1,488 | 3,589 | -2,393 |
Provision for federal and state income taxes | 106 | 99 | 181 | 192 |
Income (loss) from continuing operations | 1,591 | -1,587 | 3,408 | -2,585 |
Income from discontinued operations, net of taxes | 0 | 0 | 0 | 2,935 |
Net income (loss) | $1,591 | ($1,587) | $3,408 | $350 |
Income (loss) per common share - basic: | ' | ' | ' | ' |
Income (loss) from continuing operations (in Dollars per share) | $0.06 | ($0.06) | $0.12 | ($0.10) |
Income from discontinued operations (in Dollars per share) | $0 | $0 | $0 | $0.11 |
Net income (loss) (in Dollars per share) | $0.06 | ($0.06) | $0.12 | $0.01 |
Income (loss) per common share - diluted: | ' | ' | ' | ' |
Income (loss) from continuing operations (in Dollars per share) | $0.06 | ($0.06) | $0.12 | ($0.10) |
Income from discontinued operations (in Dollars per share) | $0 | $0 | $0 | $0.11 |
Net income (loss) (in Dollars per share) | $0.06 | ($0.06) | $0.12 | $0.01 |
Weighted average shares used in computing earnings per share: | ' | ' | ' | ' |
Basic (in Shares) | 27,688 | 27,041 | 27,688 | 27,041 |
Diluted (in Shares) | 27,716 | 27,041 | 27,708 | 27,200 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash | $4,060 | $3,955 |
Trade receivables, net of allowances of $1,068 and $1,738 | 31,056 | 26,846 |
Prepaid expenses and other current assets | 549 | 1,049 |
Notes receivable | 2,255 | 1,241 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 3,571 | 1,206 |
Total Current Assets | 41,491 | 34,297 |
Property and equipment, net | 2,472 | 2,655 |
Goodwill | 2,806 | 2,806 |
Other intangible assets, net | 690 | 970 |
Long-term trade and notes receivable, net of current portion and allowances | 3,230 | 4,682 |
Other assets | 331 | 391 |
Total Assets | 51,020 | 45,801 |
Current Liabilities: | ' | ' |
Accounts payable | 8,833 | 9,070 |
Accrued compensation and benefits | 3,406 | 2,876 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 9,122 | 7,054 |
Other current liabilities | 3,087 | 3,978 |
Total Current Liabilities | 24,448 | 22,978 |
Long Term Leases | 431 | 340 |
Total Liabilities | 24,879 | 23,318 |
Commitments and Contingencies (Note 9) | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock - $0.001 par value; 75,000,000 shares authorized; 28,669,398 and 27,114,339 shares outstanding and 29,650,497 and 28,095,438 shares issued at June 28, 2014 and December 28, 2013, respectively | 28 | 28 |
Additional paid-in capital | 38,906 | 38,655 |
Accumulated deficit | -10,361 | -13,768 |
Treasury stock at cost - 981,099 shares at June 28, 2014 and December 28, 2013 | -2,362 | -2,362 |
Accumulated other comprehensive loss | -70 | -70 |
Total Stockholders' Equity | 26,141 | 22,483 |
Total Liabilities and Stockholders' Equity | $51,020 | $45,801 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Trade receivables, allowances (in Dollars) | $1,068 | $1,738 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares outstanding | 28,669,398 | 27,114,339 |
Common stock, shares issued | 29,650,497 | 28,095,438 |
Treasury stock, shares | 981,099 | 981,099 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $3,408 | $350 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 1,186 | 986 |
Share-based compensation expense | 174 | 88 |
Interest income on note receivable, net of reserve | -96 | 0 |
Gain on disposal of assets | 0 | -2,694 |
Changes in current assets and liabilities: | ' | ' |
Trade accounts receivable | -4,211 | 10,556 |
Notes receivable | 0 | -186 |
Costs and estimated earnings in excess of billings on uncompleted contracts | -2,365 | 1,964 |
Prepaid expenses and other assets | 553 | 1,603 |
Accounts payable | 298 | -5,263 |
Accrued compensation and benefits | 532 | -132 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,068 | -1,509 |
Other liabilities | -783 | -607 |
Net cash provided by operating activities | 764 | 5,156 |
Cash Flows from Investing Activities: | ' | ' |
Property and equipment acquired | -714 | -74 |
Restricted Cash | 0 | 6,105 |
Proceeds from sale of division | 0 | 1,000 |
Net cash provided by (used in) investing activities | -714 | 7,031 |
Cash Flows from Financing Activities: | ' | ' |
Borrowings on line of credit | 0 | 94,599 |
Payments on line of credit | 0 | -106,740 |
Issuance of common stock from private placement | 72 | 0 |
Borrowings on capital leases | 694 | 0 |
Payments on capitalized leases | -711 | 0 |
Net cash provided by (used in) financing activities | 55 | -12,141 |
Net change in cash | 105 | 46 |
Cash, at beginning of period | 3,955 | 738 |
Cash, at end of period | $4,060 | $784 |
NOTE_1_BASIS_OF_PRESENTATION
NOTE 1 - BASIS OF PRESENTATION | 6 Months Ended |
Jun. 28, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
NOTE 1 – BASIS OF PRESENTATION | |
The condensed consolidated financial statements of ENGlobal Corporation (which may be referred to as "ENGlobal," the "Company," "we," "us," or "our") are prepared in accordance with accounting principles generally accepted in the United States of America. The Company consolidates all of its subsidiaries' financial results, and significant inter-company accounts and transactions have been eliminated in the consolidation. | |
The condensed consolidated financial statements of the Company included herein are unaudited for the three and six month periods ended June 28, 2014 and June 29, 2013, have been prepared from the books and records of the Company pursuant to the rules and regulations of the Securities and Exchange Commission, and in the case of the condensed balance sheet as of December 28, 2013, have been derived from the audited financial statements of the Company. These financial statements reflect all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary to fairly present the results for the periods presented. Certain information and note disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements for the year ended December 28, 2013, included in the Company's 2013 Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company has assessed subsequent events through the date of filing of these condensed consolidated financial statements with the Securities and Exchange Commission and believes that the disclosures made herein are adequate to make the information presented herein not misleading. Certain reclassifications have been made to the 2013 condensed consolidated financial statements to conform the presentation to report discontinued operations. Refer to Note 2. | |
A summary of our critical accounting policies is disclosed in Note 2 to the consolidated financial statements included in our 2013 Annual Report on Form 10-K. Our critical accounting policies are further described under the caption “Critical Accounting Policies” in Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2013 Annual Report on Form 10-K. | |
Each of our quarters are comprised of 13 weeks, which includes two 4-week months and one 5-week month (4-4-5 calendar quarter). | |
NOTE_2_DISCONTINUED_OPERATIONS
NOTE 2 - DISCONTINUED OPERATIONS | 6 Months Ended | ||||
Jun. 28, 2014 | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||
NOTE 2 – DISCONTINUED OPERATIONS | |||||
On November 2, 2012, the Company divested its Land and Right-of-Way division of its Field Solutions segment to Steele & Company, LLC. On January 3, 2013, the Company completed the divestiture of the Inspection division of its Field Solutions segment to a subsidiary of Furmanite Corporation. | |||||
The operations of the Field Solutions segment (and the smaller Electrical Services division) have been classified as discontinued operations and accordingly, are presented as discontinued operations in the Company's consolidated financial statements. The results of the discontinued operations are shown on the Consolidated Statements of Operations as "Income from discontinued operations, net of taxes" for the six months ended June 29, 2013. There was no impact from discontinued operations in the three months ended June 29, 2013 or the three and six months ended June 28, 2014. Summarized financial information for the discontinued operations for the three months ended June 29, 2013 is shown below (dollars in thousands): | |||||
Revenues | $ | — | |||
Costs | — | ||||
Operating income | — | ||||
SG&A | 3 | ||||
Other income | 2,938 | ||||
Total income before taxes | 2,935 | ||||
Tax expense (benefit) | — | ||||
Net income | $ | 2,935 | |||
NOTE_3_DISPOSAL_OF_CONTINUING_
NOTE 3 - DISPOSAL OF CONTINUING OPERATIONS | 6 Months Ended | ||||||||||||
Jun. 28, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||||||||||
NOTE 3 – DISPOSAL OF CONTINUING OPERATIONS | |||||||||||||
On August 30, 2013, the Company completed the sale of substantially all of its Gulf Coast engineering and in-plant operations to a subsidiary of Furmanite Corporation. The total value of the transaction to the Company was $18 million, consisting primarily of $15 million of cash and a $3.0 million promissory note issued at 4% interest with a Furmanite Corporation guarantee. The transaction resulted in a $721,000 gain on the sale of these operations. The Company used most of the net proceeds from this transaction to repay advances under the PNC Credit Facility. As a result of this transaction, approximately 900 employees transferred from the Company to Furmanite. In conjunction with this sale, the Company reduced its corporate selling, general and administrative expenses to support ongoing continuing operations. The impact of the sale of these operations for the six months ended June 28, 2014 and the comparable period in 2013 is summarized as follows (dollars in thousands): | |||||||||||||
2014 Continuing Operations: | For the Six Months Ended | Pro Forma For the | |||||||||||
28-Jun-14 | Disposed Operations | Six Months Ended | |||||||||||
28-Jun-14 | |||||||||||||
Operating revenues | $ | 54,068 | $ | — | $ | 54,068 | |||||||
Operating costs | 42,194 | — | 42,194 | ||||||||||
Gross profit | 11,874 | — | 11,874 | ||||||||||
Selling, general and administrative expenses | 8,365 | — | 8,365 | ||||||||||
Operating income (loss) | $ | 3,509 | $ | — | $ | 3,509 | |||||||
2013 Continuing Operations: | For the Six Months Ended | Pro Forma For the | |||||||||||
29-Jun-13 | Disposed Operations | Six Months Ended | |||||||||||
29-Jun-13 | |||||||||||||
Operating revenues | $ | 100,411 | $ | 59,560 | $ | 40,851 | |||||||
Operating costs | 89,100 | 54,214 | 34,886 | ||||||||||
Gross profit | 11,311 | 5,346 | 5,965 | ||||||||||
Selling, general and administrative expenses | 12,579 | 2,104 | 10,475 | ||||||||||
Operating income (loss) | $ | (1,268 | ) | $ | 3,242 | $ | (4,510 | ) | |||||
NOTE_4_NOTES_RECEIVABLE
NOTE 4 - NOTES RECEIVABLE | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||
NOTE 4 – NOTES RECEIVABLE | |||||||||
The components of short term and long term notes receivable as of June 28, 2014 and December 28, 2013, are as follows (dollars in thousands): | |||||||||
June 28, | December 28, | ||||||||
2014 | 2013 | ||||||||
Aspen | $ | 514 | $ | 514 | |||||
SLE | 894 | 894 | |||||||
Steele | 3,288 | 3,243 | |||||||
Furmanite | 4,633 | 5,029 | |||||||
Reserve | (3,844 | ) | (3,757 | ) | |||||
Total notes receivable | 5,485 | 5,923 | |||||||
Less current portion (net of reserve) | (2,255 | ) | (1,241 | ) | |||||
Notes receivable non-current | $ | 3,230 | $ | 4,682 | |||||
The Aspen note bears interest at 6% per annum, payable in three installments based upon certain events. The Steele note is a four year note, bearing interest at 8% per annum, payable in annual installments beginning November 1, 2013 and maturing November 1, 2016. The Furmanite notes are four year notes, bearing interest at 5% and 4% per annum, payable in annual installments beginning January 4, 2014 and maturing September 1, 2017. The SLE judgment is still being held by the court pending the outcome of continuing litigation (see “Note 16 – Commitments and Contingencies” of our Annual Report on Form 10-K for 2013). | |||||||||
NOTE_5_CONTRACTS
NOTE 5 - CONTRACTS | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Contractors [Abstract] | ' | ||||||||
Long-term Contracts or Programs Disclosure [Text Block] | ' | ||||||||
NOTE 5 – CONTRACTS | |||||||||
Costs, estimated earnings and billings on uncompleted contracts consisted of the following at June 28, 2014 and December 28, 2013: | |||||||||
June 28, | December 28, | ||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Costs incurred on uncompleted contracts | $ | 49,584 | $ | 43,342 | |||||
Estimated earnings (losses) on uncompleted contracts | 15,902 | 12,022 | |||||||
Earned revenues | 65,486 | 55,364 | |||||||
Less: billings to date | 71,037 | 61,212 | |||||||
Net costs and estimated earnings in excess of billings on uncompleted contracts | $ | (5,551 | ) | $ | (5,848 | ) | |||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 3,571 | $ | 1,206 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (9,122 | ) | (7,054 | ) | |||||
Net costs and estimated earnings in excess of billings on uncompleted contracts | $ | (5,551 | ) | $ | (5,848 | ) | |||
Revenue on fixed-price contracts is recorded primarily using the percentage-of-completion (cost-to-cost) method. Revenue and gross margin on fixed-price contracts are subject to revision throughout the lives of the contracts and any required adjustments are made in the period in which the revisions become known. To manage unknown risks, management may use contingency amounts to increase the estimated costs, therefore lowering the earned revenues until the risks are better identified and quantified or have been mitigated. We currently have $3.7 million in contingency amounts as of June 28, 2014 compared to $3.6 million as of December 28, 2013. Losses on contracts are recorded in full as they are identified. | |||||||||
The Company recognizes service revenue as soon as the services are performed. For clients that we consider higher risk, due to past payment history or history of not providing written work authorizations, we have deferred revenue recognition until we receive either a written authorization or a payment. There is no revenue deferred as of June 28, 2014 compared to $0.1 million as of December 28, 2013. | |||||||||
NOTE_6_LINE_OF_CREDIT_AND_LETT
NOTE 6 - LINE OF CREDIT AND LETTER OF CREDIT FACILITIES | 6 Months Ended |
Jun. 28, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
NOTE 6 – LINE OF CREDIT AND LETTER OF CREDIT FACILITIES | |
Line of Credit Facility | |
On May 29, 2012, the Company entered into the PNC Credit Facility with PNC Bank, National Association, as administrative agent for the lenders (the "Lenders") pursuant to which the Lenders agreed to extend credit to the Company in the form of loans (each a "Loan" and collectively, the "Loans") on a revolving basis of up to $35.0 million (the "Commitment"). From September 29, 2012 until August 30, 2013, the Company was not in compliance with certain financial covenants of the PNC Credit Facility. | |
On August 30, 2013, the Company amended the PNC Credit Facility. Under the terms of the amended PNC Credit Facility, PNC consented to the disposal of the Gulf Coast engineering and construction and in-plant operations, waived the existing events of default, ceased charging interest on outstanding indebtedness at the default rate of 7% and reduced the maximum borrowing amount from $35.0 million to $10.0 million. The amended PNC Credit Facility will mature on September 30, 2014 (see “Note 9 – Credit Facilities” of our 2013 Annual Report on Form 10-K for a description of the material terms of the amended PNC Credit Facility). | |
NOTE_7_SEGMENT_INFORMATION
NOTE 7 - SEGMENT INFORMATION | 6 Months Ended | ||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE 7 – SEGMENT INFORMATION | |||||||||||||||||||||
The Engineering, Procurement and Construction Management (“EPCM”) segment provides services relating to the development, management and execution of projects requiring professional engineering and related project services primarily to the midstream and downstream sectors throughout the United States. Services provided by the EPCM segment include feasibility studies, engineering, design, procurement and construction management. The EPCM segment includes the government services group, which provides engineering, design, installation, operation and maintenance of various government, public sector and international facilities. Our Automation segment provides services related to the design, fabrication and implementation of process distributed control and analyzer systems, advanced automation, information technology projects to all of the oil and gas sectors throughout the United States as well as a few specific projects abroad. | |||||||||||||||||||||
Sales, operating income, identifiable assets, capital expenditures and depreciation for each segment are set forth in the following table. The amount identified as Corporate includes those activities that are not allocated to the operating segments and include costs related to business development, executive functions, finance, accounting, health, safety, and environmental, human resources and information technology. The Corporate function supports both business segments and therefore cannot be specifically assigned to either segment. | |||||||||||||||||||||
Segment information for the six months ended June 28, 2014 and June 29, 2013 is as follows (dollars in thousands): | |||||||||||||||||||||
For the six months ended June 28, 2014: | EPCM | EPCM | Automation | Corporate | Consolidated | ||||||||||||||||
Operations | |||||||||||||||||||||
Sold | |||||||||||||||||||||
Revenue | $ | — | $ | 25,392 | $ | 28,676 | $ | — | $ | 54,068 | |||||||||||
Gross profit | — | 4,678 | 7,196 | — | 11,874 | ||||||||||||||||
SG&A | — | 2,014 | 1,415 | 4,936 | 8,365 | ||||||||||||||||
Operating income (loss) | — | 2,664 | 5,781 | (4,936 | ) | 3,509 | |||||||||||||||
Other income | 123 | ||||||||||||||||||||
Interest expense, net | (43 | ) | |||||||||||||||||||
Tax expense | (181 | ) | |||||||||||||||||||
Net income | $ | 3,408 | |||||||||||||||||||
For the six months ended June 29, 2013: | EPCM | ||||||||||||||||||||
Operations | EPCM | Automation | Corporate | Consolidated | |||||||||||||||||
Sold | |||||||||||||||||||||
Revenue | $ | 59,560 | $ | 20,838 | $ | 20,013 | $ | — | $ | 100,411 | |||||||||||
Gross profit | 5,346 | 2,414 | 3,551 | — | 11,311 | ||||||||||||||||
SG&A | 2,104 | 1,885 | 1,780 | 6,810 | 12,579 | ||||||||||||||||
Operating income (loss) | 3,242 | 529 | 1,771 | (6,810 | ) | (1,268 | ) | ||||||||||||||
Other expense | (89 | ) | |||||||||||||||||||
Interest expense, net | (1,036 | ) | |||||||||||||||||||
Tax benefit | (192 | ) | |||||||||||||||||||
Discontinued operations - net of taxes | 2,935 | ||||||||||||||||||||
Net income | $ | 350 | |||||||||||||||||||
Total Assets by Segment | As of June 28, | As of December 28, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
EPCM | $ | 12,441 | $ | 12,311 | |||||||||||||||||
Automation | 28,537 | 23,029 | |||||||||||||||||||
Corporate | 10,042 | 10,461 | |||||||||||||||||||
Consolidated | $ | 51,020 | $ | 45,801 | |||||||||||||||||
NOTE_8_FEDERAL_AND_STATE_INCOM
NOTE 8 - FEDERAL AND STATE INCOME TAXES | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
NOTE 8 – FEDERAL AND STATE INCOME TAXES | |||||||||
The components of income tax expense (benefit) for the six months ended June 28, 2014 and June 29 2013 were as follows: | |||||||||
Six Months Ended | |||||||||
June 28, | June 29, | ||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Current | $ | 181 | $ | 192 | |||||
Deferred | — | — | |||||||
Total tax expense | $ | 181 | $ | 192 | |||||
Discontinued operations | — | — | |||||||
Total tax expense | $ | 181 | $ | 192 | |||||
Effective tax rate | 4.40% | 36.3 | % | ||||||
The Company makes its interim tax allocation by applying estimated fiscal year effective tax rates to estimated fiscal year ordinary income together with unusual or infrequently occurring activity for the year-to-date period. Our federal income tax expense continues to be impacted by the valuations taken on prior year tax assets and the release of those valuations against current year income tax. In certain states our income tax is not calculated on our net income but rather on our revenue calculations. As a result, our income tax rate for the six months ended June 28, 2014 is significantly less than the statutory rate. | |||||||||
NOTE_9_COMMITMENTS_AND_CONTING
NOTE 9 - COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 28, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
NOTE 9 – COMMITMENTS AND CONTINGENCIES | |
From time to time, ENGlobal or one or more of its subsidiaries is involved in various legal proceedings or is subject to claims that arise in the ordinary course of business alleging, among other things, claims of breach of contract or negligence in connection with the performance or delivery of goods and/or services. The outcome of any such claims or proceedings cannot be predicted with certainty. | |
In June 2008, ENGlobal filed an action in the United States District Court for the Eastern District of Louisiana; Case Number 08-3601, against South Louisiana Ethanol LLC (“SLE”) entitled ENGlobal Engineering, Inc. and ENGlobal Construction Resources, Inc. vs. South Louisiana Ethanol, LLC. The lawsuit seeks to enforce collection of $15.8 million owed to ENGlobal and its affiliates for services performed on an ethanol plant in Louisiana. In August 2009, SLE filed for Chapter 11 protection in the United States Bankruptcy Court for the Eastern District of Louisiana, Case Number 09-12676. Pursuant to the bankruptcy, the plant assets were sold for $6.8 million. On December 6, 2011, the court issued an order allocating proceeds from the sale and authorizing their distribution. Of the total amount, $1,054,418 was allocated to ENGlobal. Of that amount, $845,529 is still being held by the court pending the outcome of continuing litigation regarding the claims of one subcontractor and is recorded as a note receivable on our balance sheet. As of the date of this Report, the amount is still being held by the court. | |
The Company carries a broad range of insurance coverage, including general and business automobile liability, commercial property, professional errors and omissions, workers' compensation insurance, directors' and officers' liability insurance and a general umbrella policy. The Company is not aware of any claims in excess of insurance recoveries. ENGlobal is partially self-funded for health insurance claims. Provisions for expected future payments are accrued based on the Company's experience. Specific stop loss levels provide protection for the Company. The self-insurance liability, which is included in the Accrued compensation and benefits line of the balance sheet, was $1.1 million as of June 28, 2014 and December 28, 2013, respectively. | |
NOTE_10_STATEMENT_OF_CASH_FLOW
NOTE 10 - STATEMENT OF CASH FLOWS SUPPLEMENTAL INFORMATION | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||
NOTE 10 – STATEMENT OF CASH FLOWS SUPPLEMENTAL INFORMATION | |||||||||
The following table presents a listing of the Company's significant non-cash transactions and amounts of cash paid for interest and income taxes. | |||||||||
Transactions | As of June 28, | As of June 29, | |||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Acceptance of notes for asset sales | $ | — | $ | 1,896 | |||||
Cash paid (received): | |||||||||
Income Taxes (net of refunds) | $ | 412 | |||||||
Interest | $ | 135 | $ | 718 | |||||
NOTE_2_DISCONTINUED_OPERATIONS1
NOTE 2 - DISCONTINUED OPERATIONS (Tables) (Field Solutions [Member]) | 6 Months Ended | ||||
Jun. 28, 2014 | |||||
Field Solutions [Member] | ' | ||||
NOTE 2 - DISCONTINUED OPERATIONS (Tables) [Line Items] | ' | ||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | 'Summarized financial information for the discontinued operations for the three months ended June 29, 2013 is shown below (dollars in thousands): | ||||
Revenues | $ | — | |||
Costs | — | ||||
Operating income | — | ||||
SG&A | 3 | ||||
Other income | 2,938 | ||||
Total income before taxes | 2,935 | ||||
Tax expense (benefit) | — | ||||
Net income | $ | 2,935 |
NOTE_3_DISPOSAL_OF_CONTINUING_1
NOTE 3 - DISPOSAL OF CONTINUING OPERATIONS (Tables) (Golf Coast Engineering [Member]) | 6 Months Ended | ||||||||||||
Jun. 28, 2014 | |||||||||||||
Golf Coast Engineering [Member] | ' | ||||||||||||
NOTE 3 - DISPOSAL OF CONTINUING OPERATIONS (Tables) [Line Items] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | 'The impact of the sale of these operations for the six months ended June 28, 2014 and the comparable period in 2013 is summarized as follows (dollars in thousands): | ||||||||||||
2014 Continuing Operations: | For the Six Months Ended | Pro Forma For the | |||||||||||
28-Jun-14 | Disposed Operations | Six Months Ended | |||||||||||
28-Jun-14 | |||||||||||||
Operating revenues | $ | 54,068 | $ | — | $ | 54,068 | |||||||
Operating costs | 42,194 | — | 42,194 | ||||||||||
Gross profit | 11,874 | — | 11,874 | ||||||||||
Selling, general and administrative expenses | 8,365 | — | 8,365 | ||||||||||
Operating income (loss) | $ | 3,509 | $ | — | $ | 3,509 | |||||||
2013 Continuing Operations: | For the Six Months Ended | Pro Forma For the | |||||||||||
29-Jun-13 | Disposed Operations | Six Months Ended | |||||||||||
29-Jun-13 | |||||||||||||
Operating revenues | $ | 100,411 | $ | 59,560 | $ | 40,851 | |||||||
Operating costs | 89,100 | 54,214 | 34,886 | ||||||||||
Gross profit | 11,311 | 5,346 | 5,965 | ||||||||||
Selling, general and administrative expenses | 12,579 | 2,104 | 10,475 | ||||||||||
Operating income (loss) | $ | (1,268 | ) | $ | 3,242 | $ | (4,510 | ) |
NOTE_4_NOTES_RECEIVABLE_Tables
NOTE 4 - NOTES RECEIVABLE (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 'The components of short term and long term notes receivable as of June 28, 2014 and December 28, 2013, are as follows (dollars in thousands): | ||||||||
June 28, | December 28, | ||||||||
2014 | 2013 | ||||||||
Aspen | $ | 514 | $ | 514 | |||||
SLE | 894 | 894 | |||||||
Steele | 3,288 | 3,243 | |||||||
Furmanite | 4,633 | 5,029 | |||||||
Reserve | (3,844 | ) | (3,757 | ) | |||||
Total notes receivable | 5,485 | 5,923 | |||||||
Less current portion (net of reserve) | (2,255 | ) | (1,241 | ) | |||||
Notes receivable non-current | $ | 3,230 | $ | 4,682 |
NOTE_5_CONTRACTS_Tables
NOTE 5 - CONTRACTS (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Contractors [Abstract] | ' | ||||||||
Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block] | 'Costs, estimated earnings and billings on uncompleted contracts consisted of the following at June 28, 2014 and December 28, 2013: | ||||||||
June 28, | December 28, | ||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Costs incurred on uncompleted contracts | $ | 49,584 | $ | 43,342 | |||||
Estimated earnings (losses) on uncompleted contracts | 15,902 | 12,022 | |||||||
Earned revenues | 65,486 | 55,364 | |||||||
Less: billings to date | 71,037 | 61,212 | |||||||
Net costs and estimated earnings in excess of billings on uncompleted contracts | $ | (5,551 | ) | $ | (5,848 | ) | |||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 3,571 | $ | 1,206 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (9,122 | ) | (7,054 | ) | |||||
Net costs and estimated earnings in excess of billings on uncompleted contracts | $ | (5,551 | ) | $ | (5,848 | ) |
NOTE_7_SEGMENT_INFORMATION_Tab
NOTE 7 - SEGMENT INFORMATION (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||
NOTE 7 - SEGMENT INFORMATION (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 'Segment information for the six months ended June 28, 2014 and June 29, 2013 is as follows (dollars in thousands): | ||||||||||||||||||||
For the six months ended June 28, 2014: | EPCM | EPCM | Automation | Corporate | Consolidated | ||||||||||||||||
Operations | |||||||||||||||||||||
Sold | |||||||||||||||||||||
Revenue | $ | — | $ | 25,392 | $ | 28,676 | $ | — | $ | 54,068 | |||||||||||
Gross profit | — | 4,678 | 7,196 | — | 11,874 | ||||||||||||||||
SG&A | — | 2,014 | 1,415 | 4,936 | 8,365 | ||||||||||||||||
Operating income (loss) | — | 2,664 | 5,781 | (4,936 | ) | 3,509 | |||||||||||||||
Other income | 123 | ||||||||||||||||||||
Interest expense, net | (43 | ) | |||||||||||||||||||
Tax expense | (181 | ) | |||||||||||||||||||
Net income | $ | 3,408 | |||||||||||||||||||
For the six months ended June 29, 2013: | EPCM | ||||||||||||||||||||
Operations | EPCM | Automation | Corporate | Consolidated | |||||||||||||||||
Sold | |||||||||||||||||||||
Revenue | $ | 59,560 | $ | 20,838 | $ | 20,013 | $ | — | $ | 100,411 | |||||||||||
Gross profit | 5,346 | 2,414 | 3,551 | — | 11,311 | ||||||||||||||||
SG&A | 2,104 | 1,885 | 1,780 | 6,810 | 12,579 | ||||||||||||||||
Operating income (loss) | 3,242 | 529 | 1,771 | (6,810 | ) | (1,268 | ) | ||||||||||||||
Other expense | (89 | ) | |||||||||||||||||||
Interest expense, net | (1,036 | ) | |||||||||||||||||||
Tax benefit | (192 | ) | |||||||||||||||||||
Discontinued operations - net of taxes | 2,935 | ||||||||||||||||||||
Net income | $ | 350 | |||||||||||||||||||
Total Assets by Segment [Member] | ' | ||||||||||||||||||||
NOTE 7 - SEGMENT INFORMATION (Tables) [Line Items] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
Total Assets by Segment | As of June 28, | As of December 28, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
EPCM | $ | 12,441 | $ | 12,311 | |||||||||||||||||
Automation | 28,537 | 23,029 | |||||||||||||||||||
Corporate | 10,042 | 10,461 | |||||||||||||||||||
Consolidated | $ | 51,020 | $ | 45,801 |
NOTE_8_FEDERAL_AND_STATE_INCOM1
NOTE 8 - FEDERAL AND STATE INCOME TAXES (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 'The components of income tax expense (benefit) for the six months ended June 28, 2014 and June 29 2013 were as follows: | ||||||||
Six Months Ended | |||||||||
June 28, | June 29, | ||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Current | $ | 181 | $ | 192 | |||||
Deferred | — | — | |||||||
Total tax expense | $ | 181 | $ | 192 | |||||
Discontinued operations | — | — | |||||||
Total tax expense | $ | 181 | $ | 192 | |||||
Effective tax rate | 4.40% | 36.3 | % |
NOTE_10_STATEMENT_OF_CASH_FLOW1
NOTE 10 - STATEMENT OF CASH FLOWS SUPPLEMENTAL INFORMATION (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 'The following table presents a listing of the Company's significant non-cash transactions and amounts of cash paid for interest and income taxes. | ||||||||
Transactions | As of June 28, | As of June 29, | |||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Acceptance of notes for asset sales | $ | — | $ | 1,896 | |||||
Cash paid (received): | |||||||||
Income Taxes (net of refunds) | $ | 412 | |||||||
Interest | $ | 135 | $ | 718 |
NOTE_2_DISCONTINUED_OPERATIONS2
NOTE 2 - DISCONTINUED OPERATIONS (Details) - Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Abstract] | ' | ' |
Revenues | $0 | ' |
Costs | 0 | ' |
Operating income | 0 | ' |
SG&A | 3 | ' |
Other income | 2,938 | ' |
Total income before taxes | 2,935 | ' |
Tax expense (benefit) | 0 | 0 |
Net income | $2,935 | ' |
NOTE_3_DISPOSAL_OF_CONTINUING_2
NOTE 3 - DISPOSAL OF CONTINUING OPERATIONS (Details) (Golf Coast Engineering [Member], USD $) | 0 Months Ended | |
Aug. 30, 2013 | Aug. 30, 2013 | |
Golf Coast Engineering [Member] | ' | ' |
NOTE 3 - DISPOSAL OF CONTINUING OPERATIONS (Details) [Line Items] | ' | ' |
Proceeds from Divestiture of Businesses | $18,000,000 | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 15,000,000 | ' |
Financing Receivable, Gross | ' | 3,000,000 |
Note Receivable, Interest Rate | 4.00% | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $721,000 | ' |
Disposal Group, Number of Employees Transferred | 900 | ' |
NOTE_3_DISPOSAL_OF_CONTINUING_3
NOTE 3 - DISPOSAL OF CONTINUING OPERATIONS (Details) - Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Operating revenues | $27,170 | $50,648 | $54,068 | $100,411 |
Operating costs | 21,380 | 45,136 | 42,194 | 89,100 |
Gross profit | 5,790 | 5,512 | 11,874 | 11,311 |
Selling, general and administrative expenses | 4,246 | 6,367 | 8,365 | 12,579 |
Operating income (loss) | 1,544 | -855 | 3,509 | -1,268 |
Golf Coast Engineering [Member] | Scenario, Adjustment [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Operating revenues | ' | ' | 0 | 59,560 |
Operating costs | ' | ' | 0 | 54,214 |
Gross profit | ' | ' | 0 | 5,346 |
Selling, general and administrative expenses | ' | ' | 0 | 2,104 |
Operating income (loss) | ' | ' | 0 | 3,242 |
Golf Coast Engineering [Member] | Pro Forma [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Operating revenues | ' | ' | 54,068 | 40,851 |
Operating costs | ' | ' | 42,194 | 34,886 |
Gross profit | ' | ' | 11,874 | 5,965 |
Selling, general and administrative expenses | ' | ' | 8,365 | 10,475 |
Operating income (loss) | ' | ' | $3,509 | ($4,510) |
NOTE_4_NOTES_RECEIVABLE_Detail
NOTE 4 - NOTES RECEIVABLE (Details) (Notes Receivable [Member]) | 6 Months Ended |
Jun. 28, 2014 | |
Aspen [Member] | ' |
NOTE 4 - NOTES RECEIVABLE (Details) [Line Items] | ' |
Note Receivable, Interest Rate | 6.00% |
Receivable, Number of Payment Installments | 3 |
Steele & Company, LP [Member] | ' |
NOTE 4 - NOTES RECEIVABLE (Details) [Line Items] | ' |
Note Receivable, Interest Rate | 8.00% |
Receivable, Term of Note Receivable | '4 years |
Note Receivable, Maturity Date, Description | 'November 1, 2016 |
Furmanite Corporation [Member] | ' |
NOTE 4 - NOTES RECEIVABLE (Details) [Line Items] | ' |
Receivable, Term of Note Receivable | '4 years |
Note Receivable, Maturity Date, Description | 'September 1, 2017 |
Furmanite Corporation [Member] | Maximum [Member] | ' |
NOTE 4 - NOTES RECEIVABLE (Details) [Line Items] | ' |
Note Receivable, Interest Rate | 5.00% |
Furmanite Corporation [Member] | Minimum [Member] | ' |
NOTE 4 - NOTES RECEIVABLE (Details) [Line Items] | ' |
Note Receivable, Interest Rate | 4.00% |
NOTE_4_NOTES_RECEIVABLE_Detail1
NOTE 4 - NOTES RECEIVABLE (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Reserve | ($3,844) | ($3,757) |
Total notes receivable | 5,485 | 5,923 |
Less current portion (net of reserve) | -2,255 | -1,241 |
Notes receivable non-current | 3,230 | 4,682 |
Gulf Coast Engineering and In-Plant Operations [Member] | Furmanite Corporation [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes Receivable | 4,633 | 5,029 |
Aspen [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes Receivable | 514 | 514 |
South Louisiana Ethanol, LLC [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes Receivable | 894 | 894 |
Steele & Company, LP [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes Receivable | $3,288 | $3,243 |
NOTE_5_CONTRACTS_Details
NOTE 5 - CONTRACTS (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 28, 2014 | Dec. 28, 2013 |
Contractors [Abstract] | ' | ' |
Deferred Revenue, Description | 'Revenue on fixed-price contracts is recorded primarily using the percentage-of-completion (cost-to-cost) method. Revenue and gross margin on fixed-price contracts are subject to revision throughout the lives of the contracts and any required adjustments are made in the period in which the revisions become known. To manage unknown risks, management may use contingency amounts to increase the estimated costs, therefore lowering the earned revenues until the risks are better identified and quantified or have been mitigated. We currently have $3.7 million in contingency amounts as of June 28, 2014 compared to $3.6 million as of December 28, 2013. Losses on contracts are recorded in full as they are identified. | ' |
Loss Contingency Accrual | $3.70 | $3.60 |
Deferred Revenue, Current | $0 | $0.10 |
NOTE_5_CONTRACTS_Details_Costs
NOTE 5 - CONTRACTS (Details) - Costs in Excess of Billings and Billings in Excess of Costs (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Costs in Excess of Billings and Billings in Excess of Costs [Abstract] | ' | ' |
Costs incurred on uncompleted contracts | $49,584 | $43,342 |
Estimated earnings (losses) on uncompleted contracts | 15,902 | 12,022 |
Earned revenues | 65,486 | 55,364 |
Less: billings to date | 71,037 | 61,212 |
Net costs and estimated earnings in excess of billings on uncompleted contracts | -5,551 | -5,848 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 3,571 | 1,206 |
Billings in excess of costs and estimated earnings on uncompleted contracts | -9,122 | -7,054 |
Net costs and estimated earnings in excess of billings on uncompleted contracts | ($5,551) | ($5,848) |
NOTE_6_LINE_OF_CREDIT_AND_LETT1
NOTE 6 - LINE OF CREDIT AND LETTER OF CREDIT FACILITIES (Details) (Line of Credit [Member], USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Aug. 30, 2013 | 29-May-12 |
NOTE 6 - LINE OF CREDIT AND LETTER OF CREDIT FACILITIES (Details) [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $10 | $35 |
Line of Credit Facility, Covenant Compliance | ' | 'From September 29, 2012 until August 30, 2013, the Company was not in compliance with certain financial covenants of the PNC Credit Facility. |
Line of Credit Facility, Expiration Date | 30-Sep-14 | ' |
Maximum [Member] | ' | ' |
NOTE 6 - LINE OF CREDIT AND LETTER OF CREDIT FACILITIES (Details) [Line Items] | ' | ' |
Line of Credit Facility, Interest Rate During Period | 7.00% | ' |
NOTE_7_SEGMENT_INFORMATION_Det
NOTE 7 - SEGMENT INFORMATION (Details) - Schedule of Segment Information (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $27,170 | $50,648 | $54,068 | $100,411 |
Gross profit | 5,790 | 5,512 | 11,874 | 11,311 |
SG&A | 4,246 | 6,367 | 8,365 | 12,579 |
Operating income (loss) | 1,544 | -855 | 3,509 | -1,268 |
Other income (expense) | ' | ' | 123 | -89 |
Interest expense, net | -11 | -422 | -43 | -1,036 |
Tax expense (benefit) | -106 | -99 | -181 | -192 |
Discontinued operations - net of taxes | 0 | 0 | 0 | 2,935 |
Net income | ' | ' | 3,408 | 350 |
EPCM Operations Sold Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | ' | ' | 0 | 59,560 |
Gross profit | ' | ' | 0 | 5,346 |
SG&A | ' | ' | 0 | 2,104 |
Operating income (loss) | ' | ' | 0 | 3,242 |
EPCM Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | ' | ' | 25,392 | 20,838 |
Gross profit | ' | ' | 4,678 | 2,414 |
SG&A | ' | ' | 2,014 | 1,885 |
Operating income (loss) | ' | ' | 2,664 | 529 |
Automation Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | ' | ' | 28,676 | 20,013 |
Gross profit | ' | ' | 7,196 | 3,551 |
SG&A | ' | ' | 1,415 | 1,780 |
Operating income (loss) | ' | ' | 5,781 | 1,771 |
Corporate Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | ' | ' | 0 | 0 |
Gross profit | ' | ' | 0 | 0 |
SG&A | ' | ' | 4,936 | 6,810 |
Operating income (loss) | ' | ' | ($4,936) | ($6,810) |
NOTE_7_SEGMENT_INFORMATION_Det1
NOTE 7 - SEGMENT INFORMATION (Details) - Schedule of Segment Information (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | $51,020 | $45,801 |
EPCM Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 12,441 | 12,311 |
Automation Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 28,537 | 23,029 |
Corporate Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | $10,042 | $10,461 |
NOTE_8_FEDERAL_AND_STATE_INCOM2
NOTE 8 - FEDERAL AND STATE INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Schedule of Components of Income Tax Expense [Abstract] | ' | ' | ' | ' |
Current | ' | ' | $181 | $192 |
Deferred | ' | ' | 0 | 0 |
Total tax expense | 106 | 99 | 181 | 192 |
Discontinued operations | ' | ' | 0 | 0 |
Total tax expense | ' | ' | $181 | $192 |
Effective tax rate | ' | ' | 4.40% | 36.30% |
NOTE_9_COMMITMENTS_AND_CONTING1
NOTE 9 - COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Dec. 06, 2011 | Aug. 31, 2009 | Jun. 30, 2008 |
Self Insurance Liability [Member] | Self Insurance Liability [Member] | South Louisiana Ethanol LLC "SLE" [Member] | South Louisiana Ethanol LLC "SLE" [Member] | South Louisiana Ethanol LLC "SLE" [Member] | |||
NOTE 9 - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | ' | $15,800,000 |
Proceeds from Sale of Productive Assets | ' | ' | ' | ' | ' | 6,800,000 | ' |
Loss Contingency, Damages Awarded, Value | ' | ' | ' | ' | 1,054,418 | ' | ' |
Loss Contingency, Receivable | ' | ' | ' | ' | 845,529 | ' | ' |
Employee-related Liabilities, Current | $3,406,000 | $2,876,000 | $1,100,000 | $1,100,000 | ' | ' | ' |
NOTE_10_STATEMENT_OF_CASH_FLOW2
NOTE 10 - STATEMENT OF CASH FLOWS SUPPLEMENTAL INFORMATION (Details) - Schedule of Non-Cash Transactions (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Schedule of Non-Cash Transactions [Abstract] | ' | ' |
Acceptance of notes for asset sales | $0 | $1,896 |
Cash paid (received): | ' | ' |
Income Taxes (net of refunds) | 412 | 0 |
Interest | $135 | $718 |