Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 26, 2015 | Nov. 05, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ENGlobal Corporation | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-26 | |
Entity Common Stock, Shares Outstanding | 28,062,894 | |
Amendment Flag | false | |
Entity Central Index Key | 933,738 | |
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 | Sep. 26, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Operating revenues | $ 18,210 | $ 26,927 | $ 62,365 | $ 80,994 |
Operating costs | 14,437 | 20,844 | 49,861 | 63,038 |
Gross profit | 3,773 | 6,083 | 12,504 | 17,956 |
Selling, general and administrative expenses | 3,350 | 4,000 | 10,909 | 12,365 |
Operating income | 423 | 2,083 | 1,595 | 5,591 |
Other income (expense): | ||||
Other income (expense), net | (4) | (5) | 641 | 118 |
Interest expense, net | (32) | (37) | (98) | (79) |
Income from operations before income taxes | 387 | 2,041 | 2,138 | 5,630 |
Provision for federal and state income taxes | 67 | 231 | 219 | 412 |
Net income | $ 320 | $ 1,810 | $ 1,919 | $ 5,218 |
Basic and diluted income per common share: (in Dollars per share) | $ 0.01 | $ 0.07 | $ 0.07 | $ 0.19 |
Basic and diluted weighted average shares used in computing earnings per share: (in Shares) | 28,103 | 27,731 | 28,001 | 27,669 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 11,878 | $ 6,213 |
Trade receivables, net of allowances of $1,150 and $1,184 | 24,615 | 30,026 |
Prepaid expenses and other current assets | 384 | 898 |
Notes receivable | 0 | 2,165 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,386 | 3,546 |
Total Current Assets | 39,263 | 42,848 |
Property and equipment, net | 2,319 | 2,074 |
Goodwill | 2,806 | 2,806 |
Long-term trade and notes receivable, net of current portion and allowances | 0 | 2,964 |
Other assets | 775 | 964 |
Total Assets | 45,163 | 51,656 |
Current Liabilities: | ||
Accounts payable | 2,720 | 5,855 |
Accrued compensation and benefits | 3,497 | 3,637 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 5,439 | 9,832 |
Other current liabilities | 1,794 | 3,084 |
Total Current Liabilities | 13,450 | 22,408 |
Long Term Leases | 400 | 216 |
Total Liabilities | $ 13,850 | $ 22,624 |
Commitments and Contingencies (Note 9) | ||
Stockholders' Equity: | ||
Common stock - $0.001 par value; 75,000,000 shares authorized; 28,088,724 and 27,732,030 shares outstanding and 28,099,943 and 28,713,129 shares issued at September 26, 2015 and December 27, 2014, respectively | $ 28 | $ 28 |
Additional paid-in capital | 37,114 | 39,103 |
Accumulated deficit | (5,818) | (7,737) |
Treasury stock at cost – 11,299 and 981,099 shares at September 26, 2015 and December 27, 2014, respectively | (11) | (2,362) |
Total Stockholders' Equity | 31,313 | 29,032 |
Total Liabilities and Stockholders' Equity | $ 45,163 | $ 51,656 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Trade receivables, allowances (in Dollars) | $ 1,150 | $ 1,184 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares outstanding | 28,088,724 | 27,732,030 |
Common stock, shares issued | 28,099,943 | 28,713,129 |
Treasury stock, shares | 11,299 | 981,099 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Cash Flows from Operating Activities: | ||
Net income | $ 1,919 | $ 5,218 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,110 | 1,797 |
Share-based compensation expense | 374 | 280 |
Interest income on note receivable, net of reserve | 0 | (144) |
Non cash change in note receivable | (635) | 0 |
Changes in current assets and liabilities: | ||
Trade accounts receivable | 5,411 | (3,700) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,159 | (2,321) |
Prepaid expenses and other assets | 532 | 688 |
Accounts payable | (3,135) | (3,427) |
Accrued compensation and benefits | (140) | 1,599 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (4,393) | 3,243 |
Income taxes payable | (299) | 0 |
Other liabilities | (954) | (78) |
Net cash provided by operating activities | 949 | 3,155 |
Cash Flows from Investing Activities: | ||
Property and equipment acquired | (873) | (187) |
Net cash used in investing activities | (873) | (187) |
Cash Flows from Financing Activities: | ||
Purchase of treasury stock | (11) | 0 |
Debt issuance costs | (7) | (143) |
Proceeds from Note Receivable | 6,083 | 0 |
Issuance of common stock from private placement | 0 | 72 |
Payments on capitalized leases | (476) | (1,111) |
Net cash provided by (used in) financing activities | 5,589 | (1,182) |
Net change in cash | 5,665 | 1,786 |
Cash, at beginning of period | 6,213 | 3,955 |
Cash, at end of period | 11,878 | 5,741 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 134 | 224 |
Cash paid during the period for income taxes (net of refunds) | 517 | 434 |
Supplemental disclosure of noncash investing activities: | ||
Property and equipment purchased through capital lease assignment | $ 304 | $ 694 |
NOTE 1 - BASIS OF PRESENTATION
NOTE 1 - BASIS OF PRESENTATION | 9 Months Ended |
Sep. 26, 2015 | |
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 nine month periods ended September 26, 2015 and September 27, 2014, 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 27, 2014, 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 27, 2014, included in the Company's 2014 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. A summary of the critical accounting policies is disclosed in Note 2 to the consolidated financial statements included in the Company’s 2014 Annual Report on Form 10-K. The 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 the Company’s 2014 Annual Report on Form 10-K. Each of the quarters are comprised of 13 weeks, which includes two 4-week months and one 5-week month (4-4-5 calendar quarter). |
NOTE 2 - NOTES RECEIVABLE
NOTE 2 - NOTES RECEIVABLE | 9 Months Ended |
Sep. 26, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 2 – NOTES RECEIVABLE The components of short term and long term notes receivable as of September 26, 2015 and December 27, 2014 are as follows (dollars in thousands): September 26, 2015 December 27, 2014 Aspen $ 514 $ 514 SLE — 448 Steele — 3,365 Furmanite — 4,704 Reserve (514 ) (3,902 ) Total notes receivable — 5,129 Less current portion (net of reserve) — (2,165 ) Notes receivable non-current $ — $ 2,964 The Aspen note bears interest at 6% per annum, was due and payable in September 2011, and is fully reserved. The SLE matter was settled in December 2014 and the related note was extinguished in January 2015. On March 28, 2015, the Steele note was adjusted to its net realizable value and the reserve was eliminated. The note was subsequently collected in the second fiscal quarter on March 30, 2015. The Furmanite notes were two separate four year notes (“Four Year Notes”), respectively dated January 1, 2013 and August 30, 2013, bearing interest at 5% and 4% per annum, payable in annual installments beginning January 1, 2014 and September 1, 2014 and maturing January 2, 2017 and September 1, 2017. On April 21, 2015, the Company and Furmanite finalized a closing working capital adjustment on the 2013 sale of ENGlobal’s Gulf Coast Operations to Furmanite. In connection with the final resolution, ENGlobal agreed to retain certain lease obligations which were originally assigned to Furmanite as part of the 2013 sale and Furmanite agreed to pay ENGlobal $3.6 million to fully extinguish the Four Year Notes, accrued interest, and related Furmanite parent company guarantees. The Four Year Notes were adjusted to their net realizable value at March 28, 2015 and were subsequently collected in April 2015. |
NOTE 3 - CONTRACTS
NOTE 3 - CONTRACTS | 9 Months Ended |
Sep. 26, 2015 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | NOTE 3 – CONTRACTS Costs, estimated earnings and billings on uncompleted contracts consisted of the following at September 26, 2015 and December 27, 2014: September 26, 2015 December 27, 2014 (dollars in thousands) Costs incurred on uncompleted contracts $ 51,897 $ 52,103 Estimated earnings (losses) on uncompleted contracts 19,921 19,543 Earned revenues 71,818 71,646 Less: billings to date 74,871 77,932 Net costs and estimated earnings in excess of billings on uncompleted contracts $ (3,053 ) $ (6,286 ) Costs and estimated earnings in excess of billings on uncompleted contracts $ 2,386 $ 3,546 Billings in excess of costs and estimated earnings on uncompleted contracts (5,439 ) (9,832 ) Net costs and estimated earnings in excess of billings on uncompleted contracts $ (3,053 ) $ (6,286 ) 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. The Company currently has $2.8 million in contingency amounts as of September 26, 2015 compared to $2.9 million as of December 27, 2014. 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 the Company considers higher risk, due to past payment history or history of not providing written work authorizations, the Company has deferred revenue recognition until the Company receives written authorization or a payment. There is less than $0.01 million of revenue deferred as of September 26, 2015 compared to $0.3 million as of December 27, 2014. |
NOTE 4 - LINE OF CREDIT AND LET
NOTE 4 - LINE OF CREDIT AND LETTER OF CREDIT FACILITIES | 9 Months Ended |
Sep. 26, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 4 – LINE OF CREDIT AND LETTER OF CREDIT FACILITIES Line of Credit Facility On September 16, 2014, the Company entered into a three year Loan and Security Agreement (“Loan Agreement”) with Regions Bank (“Lender”) pursuant to which the Lender agreed to extend credit to the Company in the form of revolving loans of up to the lesser of $10.0 million (the "Commitment") or the Borrowing Base (as defined in the Loan Agreement). The Loan Agreement includes a sub-facility for standby and / or trade letters of credit up to an amount not to exceed $2.5 million. On April 16, 2015, the Company entered into the First Amendment to the Loan Agreement with the Lender in order to, among other things, permit the Company to repurchase up to $2 million of the Company’s common stock pursuant to the Company’s announced stock repurchase program. See “Note 8 – Credit Facilities” of the Company’s 2014 Annual Report on Form 10-K for a description of the material terms of the Loan Agreement and the Current Report on Form 8-K filed with the SEC on April 21, 2015 for a description of the material terms of the First Amendment to the Loan Agreement. There were no loans outstanding under, and the Company was in compliance with all of the material covenants of, the Loan Agreement as of September 26, 2015. See Note 7 for further detail regarding the Stock Repurchase Program. |
NOTE 5 - SEGMENT INFORMATION
NOTE 5 - SEGMENT INFORMATION | 9 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 5 – 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 energy industry throughout the United States. The EPCM segment includes the government services group, which provides engineering, design, installation and operation and maintenance of various government, public sector and international facilities. The Automation segment provides services related to the design, fabrication and implementation of process distributed control and analyzer systems, advanced automation, information technology and electrical projects primarily to the upstream and downstream sectors throughout the United States as well as a specific project in Central Asia. Revenues, operating income, and identifiable assets 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, safety, human resources and information technology that are not specifically identifiable with the segments. Segment information for the nine months ended September 26, 2015 and September 27, 2014 is as follows (dollars in thousands): For the nine months ended September 26, 2015: EPCM Automation Corporate Consolidated Revenue $ 38,174 $ 24,191 $ — $ 62,365 Gross profit 5,852 6,652 — 12,504 SG&A 2,116 1,869 6,924 10,909 Operating income (loss) 3,736 4,783 (6,924 ) 1,595 Other income 641 Interest expense, net (98 ) Tax expense (219 ) Net income $ 1,919 For the nine months ended September 27, 2014: EPCM Automation Corporate Consolidated Revenue $ 37,742 $ 43,252 $ — $ 80,994 Gross profit 6,268 11,688 — 17,956 SG&A 2,883 2,170 7,312 12,365 Operating income (loss) 3,385 9,518 (7,312 ) 5,591 Other expense 118 Interest expense, net (79 ) Tax expense (412 ) Net income $ 5,218 Total Assets by Segment As of September 26, 2015 As of December 27, 2014 (dollars in thousands) EPCM $ 10,321 $ 12,172 Automation 21,119 26,690 Corporate 13,723 12,794 Consolidated $ 45,163 $ 51,656 |
NOTE 6 - STOCK COMPENSATION PLA
NOTE 6 - STOCK COMPENSATION PLANS | 9 Months Ended |
Sep. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 6 - STOCK COMPENSATION PLANS In June 2009, the Company's stockholders approved the 2009 Equity Incentive Plan (the “Equity Plan,” or the “Plan”) that provided for the issuance of up to 480,000 shares of common stock. On April 26, 2012, the Board approved, and the stockholders subsequently approved, an amendment to the Plan to increase the number of shares available for issuance under the Plan by 500,000 from 480,000 to 980,000. On October 20, 2013, the Board approved, and the stockholders subsequently approved, an amendment to the Plan to increase the number of shares available for issuance under the Plan by 850,000 from 980,000 to 1,830,000. On June 18, 2015, the Board approved, and the stockholders subsequently approved, an amendment to the Plan to increase the number of shares available for issuance under the Plan by 750,000 from 1,830,000 to 2,580,000 and to establish the individual limits, eligible individuals and performance measures for certain awards included in the Plan for purposes of meeting the performance-based compensation exception under Section 162(m) of the Internal Revenue Code. (See “Note 11 – Stock Compensation Plans” of the Company’s 2014 Annual Report on Form 10-K for additional information on the stock compensation plans. See the Company’s definitive Proxy Statement for its 2015 Annual Meeting of Stockholders on Schedule 14A filed with the Securities and Exchange Commission on April 24, 2015 for additional information on the June 18, 2015 amendment to the Plan). |
NOTE 7 - STOCK REPURCHASE PROGR
NOTE 7 - STOCK REPURCHASE PROGRAM | 9 Months Ended |
Sep. 26, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 – STOCK REPURCHASE PROGRAM On April 21, 2015, the Company announced that its Board of Directors authorized the repurchase of up to $2 million of the Company’s common stock from time to time through open market or privately negotiated transactions, based on prevailing market conditions. The Company is not obligated to repurchase any dollar amount or specific number of shares of common stock under the repurchase program, which may be suspended or discontinued at any time. As of September 26, 2015, the Company had purchased 11,299 shares for $11 thousand under the repurchase program. |
NOTE 8 - FEDERAL AND STATE INCO
NOTE 8 - FEDERAL AND STATE INCOME TAXES | 9 Months Ended |
Sep. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 8 – FEDERAL AND STATE INCOME TAXES 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. The components of income tax expense for the nine months ended September 26, 2015 and September 27, 2014 were all current income tax and did not include any deferred income tax, due to the valuation allowance on the deferred tax assets. |
NOTE 9 - COMMITMENTS AND CONTIN
NOTE 9 - COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 26, 2015 | |
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. Management is not aware of any pending or threatened lawsuits or proceedings that are expected to have a material effect on the Company’s financial position, results of operations or liquidity. 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, all with standard self-insured retentions/deductibles. The Company also provides health insurance to its employees (including vision and dental), and is partially self-funded for these claims. Provisions for expected future payments are accrued based on the Company's experience, and specific stop loss levels provide protection for the Company. The Company believes it has adequate reserves for the self-funded portion of its insurance policies. The Company is not aware of any material litigation or claims that are not covered by these policies or which are likely to materially exceed the Company’s insurance limits. (See “Note 15 – Commitments and Contingencies” in the Company’s 2014 Annual Report on Form 10-K for additional information on the commitments and contingencies). |
NOTE 2 - NOTES RECEIVABLE (Tabl
NOTE 2 - NOTES RECEIVABLE (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Notes Receivable [Member] | |
NOTE 2 - NOTES RECEIVABLE (Tables) [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The components of short term and long term notes receivable as of September 26, 2015 and December 27, 2014 are as follows (dollars in thousands): September 26, 2015 December 27, 2014 Aspen $ 514 $ 514 SLE — 448 Steele — 3,365 Furmanite — 4,704 Reserve (514 ) (3,902 ) Total notes receivable — 5,129 Less current portion (net of reserve) — (2,165 ) Notes receivable non-current $ — $ 2,964 |
NOTE 3 - CONTRACTS (Tables)
NOTE 3 - CONTRACTS (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
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 September 26, 2015 and December 27, 2014: September 26, 2015 December 27, 2014 (dollars in thousands) Costs incurred on uncompleted contracts $ 51,897 $ 52,103 Estimated earnings (losses) on uncompleted contracts 19,921 19,543 Earned revenues 71,818 71,646 Less: billings to date 74,871 77,932 Net costs and estimated earnings in excess of billings on uncompleted contracts $ (3,053 ) $ (6,286 ) Costs and estimated earnings in excess of billings on uncompleted contracts $ 2,386 $ 3,546 Billings in excess of costs and estimated earnings on uncompleted contracts (5,439 ) (9,832 ) Net costs and estimated earnings in excess of billings on uncompleted contracts $ (3,053 ) $ (6,286 ) |
NOTE 5 - SEGMENT INFORMATION (T
NOTE 5 - SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Segment information for the nine months ended September 26, 2015 and September 27, 2014 is as follows (dollars in thousands): For the nine months ended September 26, 2015: EPCM Automation Corporate Consolidated Revenue $ 38,174 $ 24,191 $ — $ 62,365 Gross profit 5,852 6,652 — 12,504 SG&A 2,116 1,869 6,924 10,909 Operating income (loss) 3,736 4,783 (6,924 ) 1,595 Other income 641 Interest expense, net (98 ) Tax expense (219 ) Net income $ 1,919 For the nine months ended September 27, 2014: EPCM Automation Corporate Consolidated Revenue $ 37,742 $ 43,252 $ — $ 80,994 Gross profit 6,268 11,688 — 17,956 SG&A 2,883 2,170 7,312 12,365 Operating income (loss) 3,385 9,518 (7,312 ) 5,591 Other expense 118 Interest expense, net (79 ) Tax expense (412 ) Net income $ 5,218 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment information for the nine months ended September 26, 2015 and September 27, 2014 is as follows (dollars in thousands): Total Assets by Segment As of September 26, 2015 As of December 27, 2014 (dollars in thousands) EPCM $ 10,321 $ 12,172 Automation 21,119 26,690 Corporate 13,723 12,794 Consolidated $ 45,163 $ 51,656 |
NOTE 2 - NOTES RECEIVABLE (Deta
NOTE 2 - NOTES RECEIVABLE (Details) - USD ($) $ in Thousands | Apr. 21, 2015 | Aug. 30, 2013 | Jan. 01, 2013 | Sep. 26, 2015 | Sep. 27, 2014 |
NOTE 2 - NOTES RECEIVABLE (Details) [Line Items] | |||||
Proceeds from Collection of Notes Receivable | $ 6,083 | $ 0 | |||
Notes Receivable [Member] | Aspen [Member] | |||||
NOTE 2 - NOTES RECEIVABLE (Details) [Line Items] | |||||
Note Receivable, Interest Rate | 6.00% | ||||
Note Receivable, Maturity Date, Description | September 2,011 | ||||
Notes Receivable [Member] | Furmanite Corporation [Member] | |||||
NOTE 2 - NOTES RECEIVABLE (Details) [Line Items] | |||||
Note Receivable, Interest Rate | 4.00% | 5.00% | |||
Note Receivable, Maturity Date, Description | September 1, 2017 | January 2, 2017 and September 1, 2017 | |||
Receivable, Term of Note Receivable | 4 years | 4 years | |||
Proceeds from Collection of Notes Receivable | $ 3,600 |
NOTE 2 - NOTES RECEIVABLE (Det
NOTE 2 - NOTES RECEIVABLE (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Reserve | $ (514) | $ (3,902) |
Total notes receivable | 0 | 5,129 |
Less current portion (net of reserve) | 0 | (2,165) |
Notes receivable non-current | 0 | 2,964 |
Aspen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes Receivable, Gross | 514 | 514 |
South Louisiana Ethanol, LLC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes Receivable, Gross | 0 | 448 |
Steele & Company, LP [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes Receivable, Gross | 0 | 3,365 |
Gulf Coast Engineering and In-Plant Operations [Member] | Furmanite Corporation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes Receivable, Gross | $ 0 | $ 4,704 |
NOTE 3 - CONTRACTS (Details)
NOTE 3 - CONTRACTS (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Dec. 27, 2014 | |
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. | |
Loss Contingency Accrual | $ 2,800 | $ 2,900 |
Deferred Revenue, Current | $ 10 | $ 300 |
NOTE 3 - CONTRACTS (Details) -
NOTE 3 - CONTRACTS (Details) - Costs in Excess of Billings and Billings in Excess of Costs - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Costs in Excess of Billings and Billings in Excess of Costs [Abstract] | ||
Costs incurred on uncompleted contracts | $ 51,897 | $ 52,103 |
Estimated earnings (losses) on uncompleted contracts | 19,921 | 19,543 |
Earned revenues | 71,818 | 71,646 |
Less: billings to date | 74,871 | 77,932 |
Net costs and estimated earnings in excess of billings on uncompleted contracts | (3,053) | (6,286) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,386 | 3,546 |
Billings in excess of costs and estimated earnings on uncompleted contracts | $ (5,439) | $ (9,832) |
NOTE 4 - LINE OF CREDIT AND L22
NOTE 4 - LINE OF CREDIT AND LETTER OF CREDIT FACILITIES (Details) - Line of Credit [Member] - USD ($) $ in Millions | Sep. 16, 2014 | Sep. 26, 2015 | Apr. 16, 2015 |
NOTE 4 - LINE OF CREDIT AND LETTER OF CREDIT FACILITIES (Details) [Line Items] | |||
Line of Credit Facility, Expiration Period | 3 years | ||
Line of Credit Facility, Description | revolving loans of up to the lesser of $10.0 million (the "Commitment") or the Borrowing Base (as defined in the Loan Agreement). | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10 | ||
Stock Repurchase Program, Authorized Amount | $ 2 | ||
Line of Credit Facility, Covenant Terms | Company was in compliance with all of the material covenants of, the Loan Agreement | ||
Maximum [Member] | |||
NOTE 4 - LINE OF CREDIT AND LETTER OF CREDIT FACILITIES (Details) [Line Items] | |||
Pledged Financial Instruments, Not Separately Reported, Securities for Letter of Credit Facilities | $ 2.5 |
NOTE 5 - SEGMENT INFORMATION (
NOTE 5 - SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | $ 18,210 | $ 26,927 | $ 62,365 | $ 80,994 |
Gross profit | 3,773 | 6,083 | 12,504 | 17,956 |
SG&A | 3,350 | 4,000 | 10,909 | 12,365 |
Operating income (loss) | 423 | 2,083 | 1,595 | 5,591 |
Other income (expense) | 641 | 118 | ||
Interest expense, net | (32) | (37) | (98) | (79) |
Tax expense | (67) | (231) | (219) | (412) |
Net income | $ 320 | $ 1,810 | 1,919 | 5,218 |
Engineering and Construction [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 38,174 | 37,742 | ||
Gross profit | 5,852 | 6,268 | ||
SG&A | 2,116 | 2,883 | ||
Operating income (loss) | 3,736 | 3,385 | ||
Automation Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 24,191 | 43,252 | ||
Gross profit | 6,652 | 11,688 | ||
SG&A | 1,869 | 2,170 | ||
Operating income (loss) | 4,783 | 9,518 | ||
Corporate Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 0 | 0 | ||
Gross profit | 0 | 0 | ||
SG&A | 6,924 | 7,312 | ||
Operating income (loss) | $ (6,924) | $ (7,312) |
NOTE 5 - SEGMENT INFORMATION 24
NOTE 5 - SEGMENT INFORMATION (Details) - Schedule of Segment Reporting Information, by Segment - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 45,163 | $ 51,656 |
Engineering and Construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 10,321 | 12,172 |
Automation Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 21,119 | 26,690 |
Corporate Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 13,723 | $ 12,794 |
NOTE 6 - STOCK COMPENSATION P25
NOTE 6 - STOCK COMPENSATION PLANS (Details) - 2009 Equity Incentive Plan [Member] - shares | Jun. 18, 2015 | Oct. 20, 2013 | Apr. 26, 2012 | Jun. 30, 2009 |
NOTE 6 - STOCK COMPENSATION PLANS (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,580,000 | 1,830,000 | 980,000 | 480,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 750,000 | 850,000 | 500,000 |
NOTE 7 - STOCK REPURCHASE PRO26
NOTE 7 - STOCK REPURCHASE PROGRAM (Details) - Stock Repurchase Program [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Apr. 21, 2015 | |
NOTE 7 - STOCK REPURCHASE PROGRAM (Details) [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 2,000 | |
Stock Repurchased During Period and Held in Treasury, Shares (in Shares) | 11,299 | |
Stock Repurchased During Period and Held in Treasury, Value | $ 11 |