Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 25, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'GSE SYSTEMS INC | ' | ' |
Entity Central Index Key | '0000944480 | ' | ' |
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 | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $26,662,881 |
Entity Common Stock, Shares Outstanding | ' | 17,887,859 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $15,643 | $22,386 |
Restricted cash | 45 | 743 |
Contract receivables, net | 24,557 | 23,716 |
Prepaid expenses and other current assets | 3,699 | 3,212 |
Total current assets | 43,944 | 50,057 |
Equipment, software and leasehold improvements | 7,090 | 6,733 |
Accumulated depreciation | -5,175 | -4,653 |
Equipment, software and leasehold improvements, net | 1,915 | 2,080 |
Software development costs, net | 1,020 | 2,426 |
Goodwill | 0 | 4,502 |
Intangible assets, net | 709 | 911 |
Long-term restricted cash | 1,021 | 1,192 |
Other assets | 218 | 1,396 |
Total assets | 48,827 | 62,564 |
Current liabilities | ' | ' |
Accounts payable | 3,554 | 4,980 |
Accrued expenses | 1,903 | 2,287 |
Accrued compensation and payroll taxes | 2,497 | 2,715 |
Billings in excess of revenue earned | 6,545 | 5,993 |
Accrued warranty | 1,851 | 2,107 |
Other current liabilities | 1,603 | 2,193 |
Total current liabilities | 17,953 | 20,275 |
Other liabilities | 487 | 1,459 |
Total liabilities | 18,440 | 21,734 |
Commitments and contingencies | ' | ' |
Stockholder's equity | ' | ' |
Preferred stock $.01 par value, 2,000,000 shares authorized, shares issued and outstanding none in 2013 and 2012 | 0 | 0 |
Common stock $.01 par value, 30,000,000 shares authorized, shares issued 19,486,770 in 2013 and 19,435,324 in 2012 | 195 | 194 |
Additional paid-in capital | 72,205 | 71,352 |
Accumulated deficit | -38,400 | -27,889 |
Accumulated other comprehensive loss | -614 | -647 |
Treasury stock at cost, 1,598,911 shares in 2013 and 1,104,487 shares in 2012 | -2,999 | -2,180 |
Total stockholders' equity | 30,387 | 40,830 |
Total liabilities and stockholders' equity | $48,827 | $62,564 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholder's equity | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 19,486,770 | 19,435,324 |
Treasury stock at cost (in shares) | 1,598,911 | 1,104,487 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' |
Contract revenue | $47,562 | $52,246 | $51,126 |
Cost of revenue | 34,981 | 34,509 | 34,781 |
Write down of capitalized software development costs | 2,174 | 0 | 0 |
Gross profit | 10,407 | 17,737 | 16,345 |
Operating expenses | ' | ' | ' |
Selling, general and administrative | 15,836 | 14,865 | 12,672 |
Goodwill impairment loss | 4,462 | 0 | 0 |
Depreciation | 570 | 562 | 497 |
Amortization of definite-lived intangible assets | 207 | 313 | 948 |
Total operating expenses | 21,075 | 15,740 | 14,117 |
Operating income (loss) | -10,668 | 1,997 | 2,228 |
Interest income, net | 105 | 162 | 131 |
Gain (loss) on derivative instruments, net | 265 | -121 | -68 |
Other income (expense), net | -67 | -175 | 72 |
Income (loss) before income taxes | -10,365 | 1,863 | 2,363 |
Provision (benefit) for income taxes | 146 | 689 | -438 |
Net income (loss) | ($10,511) | $1,174 | $2,801 |
Basic income (loss) per common share (in dollars per share) | ($0.58) | $0.06 | $0.15 |
Diluted income (loss) per common share (in dollars per share) | ($0.58) | $0.06 | $0.15 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Net income (loss) | ($10,511) | $1,174 | $2,801 |
Foreign currency translation adjustment | 82 | 218 | -145 |
Non-cash tax provision | -49 | 0 | 0 |
Comprehensive income (loss) | ($10,478) | $1,392 | $2,656 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | $192 | $69,298 | ($31,864) | ($720) | $0 | $36,906 |
Balance (in shares) at Dec. 31, 2010 | 19,171,855 | ' | ' | ' | 0 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | 727 | ' | ' | ' | 727 |
Net issuances of stock pursuant to stock compensation plans | 1 | 132 | ' | ' | ' | 133 |
Net issuances of stock pursuant to stock compensation plans (in shares) | 77,176 | ' | ' | ' | ' | ' |
Common stock issued for warrants exercised | ' | 10 | ' | ' | ' | 10 |
Common stock issued for warrants exercised (in shares) | 5,650 | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | -145 | ' | -145 |
Non-cash income tax adjustment | ' | ' | ' | ' | ' | 0 |
Treasury stock at cost | ' | ' | ' | ' | -1,649 | -1,649 |
Treasury stock at cost (in shares) | ' | ' | ' | ' | -824,374 | ' |
Net income (loss) | ' | ' | 2,801 | ' | ' | 2,801 |
Balance at Dec. 31, 2011 | 193 | 70,167 | -29,063 | -865 | -1,649 | 38,783 |
Balance (in shares) at Dec. 31, 2011 | 19,254,681 | ' | ' | ' | -824,374 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | 914 | ' | ' | ' | 914 |
Net issuances of stock pursuant to stock compensation plans | 1 | 271 | ' | ' | ' | 272 |
Net issuances of stock pursuant to stock compensation plans (in shares) | 180,643 | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | 218 | ' | 218 |
Non-cash income tax adjustment | ' | ' | ' | ' | ' | 0 |
Treasury stock at cost | ' | ' | ' | ' | -531 | -531 |
Treasury stock at cost (in shares) | ' | ' | ' | ' | -280,113 | ' |
Net income (loss) | ' | ' | 1,174 | ' | ' | 1,174 |
Balance at Dec. 31, 2012 | 194 | 71,352 | -27,889 | -647 | -2,180 | 40,830 |
Balance (in shares) at Dec. 31, 2012 | 19,435,324 | ' | ' | ' | -1,104,487 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | 810 | ' | ' | ' | 810 |
Net issuances of stock pursuant to stock compensation plans | 1 | 43 | ' | ' | ' | 44 |
Net issuances of stock pursuant to stock compensation plans (in shares) | 51,446 | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | 82 | ' | 82 |
Non-cash income tax adjustment | ' | ' | ' | -49 | ' | -49 |
Treasury stock at cost | ' | ' | ' | ' | -819 | -819 |
Treasury stock at cost (in shares) | ' | ' | ' | ' | -494,424 | ' |
Net income (loss) | ' | ' | -10,511 | ' | ' | -10,511 |
Balance at Dec. 31, 2013 | $195 | $72,205 | ($38,400) | ($614) | ($2,999) | $30,387 |
Balance (in shares) at Dec. 31, 2013 | 19,486,770 | ' | ' | ' | -1,598,911 | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income (loss) | ($10,511) | $1,174 | $2,801 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' | ' |
Goodwill impairment loss | 4,462 | 0 | 0 |
Write down of capitalized software development costs | 2,174 | 0 | 0 |
Depreciation | 570 | 562 | 497 |
Amortization of definite-lived intangible assets | 207 | 313 | 948 |
Capitalized software amortization | 541 | 704 | 813 |
Amortization of deferred financing costs | 10 | 12 | 2 |
Change in fair value of contingent consideration | 254 | 354 | -322 |
Stock-based compensation expense | 810 | 914 | 727 |
Equity loss on investments | 156 | 238 | 41 |
(Gain) loss on derivative instruments | -265 | 121 | 68 |
Deferred income taxes | -262 | 86 | -1,143 |
Changes in assets and liabilities | ' | ' | ' |
Contract receivables | -26 | -3,331 | -2,099 |
Prepaid expenses and other assets | 204 | 1,293 | -351 |
Accounts payable, accrued compensation and accrued expenses | -1,947 | 1,403 | -855 |
Billings in excess of revenue earned | 531 | 792 | 856 |
Accrued warranty reserves | -256 | -193 | 620 |
Other liabilities | 172 | -702 | -1,035 |
Net cash (used in) provided by operating activities | -3,176 | 3,740 | 1,568 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -399 | -1,551 | -520 |
Capitalized software development costs | -1,309 | -1,315 | -838 |
Investment in GSE-RUS LLC | -46 | 0 | 0 |
Investment in GSE-UNIS Simulation Technology Co. Ltd. | 0 | -469 | -456 |
Acquisition, net of cash acquired | 0 | 0 | -830 |
Restrictions of cash as collateral under letters of credit | -228 | -1,777 | -5,668 |
Releases of cash as collateral under letters of credit | 1,099 | 4,244 | 1,717 |
Drawdown of cash collateral on Emirates Simulation Academy, LLC line of credit | 0 | 0 | -78 |
Net cash used in investing activities | -883 | -868 | -6,673 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of common stock | 44 | 272 | 143 |
Treasury stock purchases | -819 | -531 | -1,649 |
Payments of the liability-classified contingent consideration arrangements | -1,899 | -845 | -167 |
Release of cash for credit facility collateral | 0 | 0 | 600 |
Deferred financing costs | 0 | 0 | -24 |
Net cash used in financing activities | -2,674 | -1,104 | -1,097 |
Effect of exchange rate changes on cash | -10 | 292 | -49 |
Net increase (decrease) in cash and cash equivalents | -6,743 | 2,060 | -6,251 |
Cash and cash equivalents at beginning of year | 22,386 | 20,326 | 26,577 |
Cash and cash equivalents at end of period | $15,643 | $22,386 | $20,326 |
Business_and_Basis_of_Presenta
Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Business and Basis of Presentation [Abstract] | ' |
Business and Basis of Presentation | ' |
1. Business and Basis of Presentation | |
GSE Systems, Inc. ("GSE Systems", "GSE" or the "Company") provides training simulators and educational solutions to the energy, process, and government sectors. | |
The Company's operations are subject to certain risks and uncertainties including, among others, rapid technological changes, success of the Company's product development, marketing and distribution strategies, the need to manage growth, the need to retain key personnel and protect intellectual property, and the availability of additional financing on terms acceptable to the Company. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
2. Summary of Significant Accounting Policies | |||||||||||||
Principles of consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. | |||||||||||||
Accounting estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates the estimates used, including but not limited to those related to revenue recognition, the allowance for doubtful accounts receivable, estimates of future warranty costs, impairments of intangible assets, valuation of intangible assets acquired and contingent consideration to be paid in business acquisitions, and income taxes. Actual results could differ from these estimates. | |||||||||||||
Revenue recognition | |||||||||||||
The majority of the Company's revenue is derived through the sale of uniquely designed systems containing hardware, software and other materials under fixed-price contracts. In accordance with U.S. generally accepted accounting principles, the revenue under these fixed-price contracts is accounted for on the percentage-of-completion method. This methodology recognizes revenue and earnings as work progresses on the contract and is based on an estimate of the revenue and earnings earned to date, less amounts recognized in prior periods. The Company bases its estimate of the degree of completion of the contract by reviewing the relationship of costs incurred to date to the expected total costs that will be incurred on the project. Estimated contract earnings are reviewed and revised periodically as the work progresses, and the cumulative effect of any change in estimate is recognized in the period in which the change is identified. Estimated losses are charged against earnings in the period such losses are identified. The Company recognizes revenue arising from contract claims either as income or as an offset against a potential loss only when the amount of the claim can be estimated reliably and realization is probable and there is a legal basis of the claim. | |||||||||||||
As the Company recognizes revenue under the percentage-of-completion method, it provides an accrual for estimated future warranty costs based on historical and projected claims experience. The Company's long-term contracts generally provide for a one-year warranty on parts, labor and any bug fixes as it relates to software embedded in the systems. | |||||||||||||
The Company's system design contracts do not normally provide for "post customer support service" (PCS) in terms of software upgrades, software enhancements or telephone support. In order to obtain PCS, the customers must normally purchase a separate contract. Such PCS arrangements are generally for a one-year period renewable annually and include customer support, unspecified software upgrades, and maintenance releases. The Company recognizes revenue from these contracts ratably over the life of the agreements. | |||||||||||||
Revenue from the sale of software licenses which do not require significant modifications or customization for the Company's modeling tools are recognized when the license agreement is signed, the license fee is fixed and determinable, delivery has occurred, and collection is considered probable. | |||||||||||||
Revenue for contracts with multiple elements is recognized in accordance with ASC 605-25 Revenue Recognition-Multiple Element Arrangements. | |||||||||||||
Revenue from certain consulting contracts is recognized on a time-and-material basis. For time-and-material type contracts, revenue is recognized based on hours incurred at a contracted labor rate plus expenses. | |||||||||||||
Cash and cash equivalents | |||||||||||||
Cash and cash equivalents consist of cash on hand and highly liquid investments with maturities of three months or less at the date of purchase. | |||||||||||||
The Company had $9.5 million and $16.4 million deposited in an unrestricted money market account with Susquehanna Bank on December 31, 2013 and 2012, respectively. | |||||||||||||
Contract receivables | |||||||||||||
Contract receivables include recoverable costs and accrued profit not billed which represents revenue recognized in excess of amounts billed. The liability "Billings in excess of revenue earned" represents billings in excess of revenue recognized. | |||||||||||||
Billed receivables are recorded at invoiced amounts. The allowance for doubtful accounts is based on historical trends of past due accounts, write-offs, and specific identification and review of customer accounts. | |||||||||||||
The activity in the allowance for doubtful accounts is as follows: | |||||||||||||
(in thousands) | As of and for the | ||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 2 | $ | 136 | $ | 2,040 | |||||||
Current year provision | 38 | - | (230 | ) | |||||||||
Current year write-offs | (38 | ) | (134 | ) | (1,674 | ) | |||||||
Ending balance | $ | 2 | $ | 2 | $ | 136 | |||||||
In 2011, the Company wrote off the $1.6 million outstanding trade receivable from the Emirates Simulation Academy, LLC. | |||||||||||||
Equipment, software and leasehold improvements, net | |||||||||||||
Equipment and purchased software are recorded at cost and depreciated using the straight-line method with estimated useful lives ranging from three to ten years. Leasehold improvements are amortized over the life of the lease or the estimated useful life, whichever is shorter, using the straight-line method. Upon sale or retirement, the cost and related depreciation are eliminated from the respective accounts and any resulting gain or loss is included in operations. Maintenance and repairs are charged to expense as incurred. | |||||||||||||
Software development costs | |||||||||||||
Certain computer software development costs are capitalized in the accompanying consolidated balance sheets in accordance with U.S. generally accepted accounting principles. Capitalization of computer software development costs begins upon the establishment of technological feasibility. Capitalization ceases and amortization of capitalized costs begins when the software product is commercially available for general release to customers. Amortization of capitalized computer software development costs is included in cost of revenue and is determined using the straight-line method over the remaining estimated economic life of the product, typically three years. On an annual basis, and more frequently as conditions indicate, the Company assesses the recovery of the unamortized software development costs by estimating the net undiscounted cash flows expected to be generated by the sale of the product. If the undiscounted cash flows are not sufficient to recover the unamortized software costs the Company will write-down the investment to its estimated fair value based on the future undiscounted cash flows. The excess of any unamortized computer software costs over the related net realizable value is written down and charged to operations. | |||||||||||||
During the second quarter of 2013, the Company incurred a charge of $2.2 million related to the write-down of certain capitalized software development costs based on the net realizable value analysis performed in conjunction with our goodwill impairment test. | |||||||||||||
Development expenditures | |||||||||||||
Development expenditures incurred to meet customer specifications under contracts are charged to contract costs. Company sponsored development expenditures are either charged to operations as incurred and are included in selling, general and administrative expenses or are capitalized as software development costs. See Note 8, Software development costs. The amounts incurred for Company sponsored development activities relating to the development of new products and services or the improvement of existing products and services, were approximately $2.9 million, $2.4 million, and $1.8 million, for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Impairment of long-lived assets | |||||||||||||
Long-lived assets, such as property, plant, and equipment, capitalized computer software costs subject to amortization, and intangibles 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 at 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 would no longer be depreciated. | |||||||||||||
Goodwill and Intangible Assets | |||||||||||||
The Company's intangible assets include amounts recognized in connection with business acquisitions, including customer relationships, contract backlog and software. Intangible assets are initially valued at fair market value using generally accepted valuation methods appropriate for the type of intangible asset. Amortization is recognized on a straight-line basis over the estimated useful life of the intangible assets, except for contract backlog and contractual customer relationships which are recognized in proportion to the related projected revenue streams. Intangible assets with definite lives are reviewed for impairment if indicators of impairment arise. The Company does not have any intangible assets with indefinite useful lives. | |||||||||||||
We review goodwill for impairment annually as of November 30 and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable in accordance with Accounting Standards Codification 350, Intangibles — Goodwill and Other (ASC 350). The provisions of ASC 350 require that we perform a two-step impairment test on goodwill. In the first step, we compare the fair value of our reporting unit to its carrying value. The Company has only one reporting unit. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not impaired and we are not required to perform further testing. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then we must perform the second step of the impairment test in order to determine the implied fair value of the reporting unit's goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit's assets and liabilities in a manner similar to a purchase price allocation, with any residual fair value allocated to goodwill. If the carrying value of the reporting unit's goodwill exceeds its implied fair value, then we record an impairment loss equal to the difference. Refer to Note 4, Goodwill and Intangible Assets, for information on the $4.5 million goodwill impairment loss taken during 2013. No impairment losses were recognized during 2012 or 2011. | |||||||||||||
Foreign currency translation | |||||||||||||
Balance sheet accounts for foreign operations are translated at the exchange rate as of the balance sheet date, and income statement accounts are translated at the average exchange rate for the period. The resulting translation adjustments are included in accumulated other comprehensive income (loss). Transaction gains and losses, resulting from changes in exchange rates, are recorded in operating income in the period in which they occur. For the years ended December 31, 2013, 2012, and 2011, foreign currency transaction gains (losses) were approximately $(111,000), $313,000, and $(136,000), respectively. | |||||||||||||
Warranty | |||||||||||||
As the Company recognizes revenue under the percentage-of-completion method, it provides an accrual for estimated future warranty costs based on historical experience and projected claims. | |||||||||||||
The activity in the warranty accounts is as follows: | |||||||||||||
(in thousands) | As of and for the | ||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 2,107 | $ | 2,300 | $ | 1,680 | |||||||
Current year provision | 809 | 993 | 987 | ||||||||||
Current year claims | (1,065 | ) | (1,215 | ) | (352 | ) | |||||||
Currency adjustment | - | 29 | (15 | ) | |||||||||
Ending balance | $ | 1,851 | $ | 2,107 | $ | 2,300 | |||||||
Income taxes | |||||||||||||
Income taxes are provided under the asset and liability method. Under this method, deferred income taxes are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. A provision is made for the Company's current liability for federal, state and foreign income taxes and the change in the Company's deferred income tax assets and liabilities. | |||||||||||||
Stock-based compensation | |||||||||||||
Compensation expense related to share based awards is recognized on a pro rata straight-line basis based on the value of share awards that are scheduled to vest during the requisite service period. During the twelve months ended December 31, 2013, 2012, and 2011 the Company recognized $810,000, $914,000 and $727,000, respectively, of pre-tax stock-based compensation expense under the fair value method. As of December 31, 2013, the Company had $1.5 million of unrecognized compensation expense related to the unvested portion of outstanding stock option awards expected to be recognized through November 2016. | |||||||||||||
Income (Loss) per share | |||||||||||||
Basic income (loss) per share is based on the weighted average number of outstanding common shares for the period. Diluted income (loss) per share adjusts the weighted average shares outstanding for the potential dilution that could occur if stock options or warrants were exercised. | |||||||||||||
The number of common shares and common share equivalents used in the determination of basic and diluted income (loss) per share were as follows: | |||||||||||||
(in thousands, except for share and per share amounts) | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net income (loss) attributed to common stockholders | $ | (10,511 | ) | $ | 1,174 | $ | 2,801 | ||||||
Denominator: | |||||||||||||
Weighted-average shares outstanding for basic earnings per share | 18,150,915 | 18,383,564 | 18,952,401 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock options and warrants | - | 74,893 | 170,502 | ||||||||||
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share | 18,150,915 | 18,458,457 | 19,122,903 | ||||||||||
Shares related to dilutive securities excluded because inclusion would be anti-dilutive | 2,919,521 | 2,885,809 | 1,701,794 | ||||||||||
Conversion of outstanding stock options and warrants was not assumed for the year ended December 31, 2013 because the impact was anti-dilutive. Included in the shares related to dilutive securities excluded from the diluted earnings per share calculation for the year ended December 31, 2013 were in the money options and warrants totaling 3,056 shares. | |||||||||||||
Concentration of credit risk | |||||||||||||
The Company is subject to concentration of credit risk with respect to contract receivables. Credit risk on contract receivables is mitigated by the nature of the Company's worldwide customer base and its credit policies. The Company's customers are not concentrated in any specific geographic region, but are concentrated in the energy industry. The following customers have provided more than 10% of the Company's consolidated contract receivables for the indicated periods: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Slovenské elektrárne, a.s. | 35.90% | 17.40% | |||||||||||
Shandong Nuclear Power Co. Ltd. | 8.10% | 13.80% | |||||||||||
Fair values of financial instruments | |||||||||||||
The carrying amounts of current assets and current liabilities reported in the consolidated balance sheets approximate fair value due to their short term duration. | |||||||||||||
Contingent Consideration for Business Acquisitions | |||||||||||||
Acquisitions may include contingent consideration payments based on future financial measures of an acquired company. Contingent consideration is required to be recognized at fair value as of the acquisition date. We estimate the fair value of these liabilities based on financial projections of the acquired companies and estimated probabilities of achievement. At each reporting date, the contingent consideration obligation is revalued to estimated fair value and changes in fair value subsequent to the acquisition are reflected in income or expense in the consolidated statements of operations, and could cause a material impact to our operating results. Changes in the fair value of contingent consideration obligations may result from changes in discount periods and rates, changes in the timing and amount of revenue and/or earnings estimates and changes in probability assumptions with respect to the likelihood of achieving the various earn-out criteria. | |||||||||||||
Deferred financing fees | |||||||||||||
The Company amortizes the cost incurred to obtain debt financing using the straight-line method over the term of the underlying obligations. The amortization of deferred financing costs is included in interest expense. Deferred financing costs are classified within other assets in the consolidated balance sheets. | |||||||||||||
Derivative instruments | |||||||||||||
The Company utilizes forward foreign currency exchange contracts to manage market risks associated with the fluctuations in foreign currency exchange rates. It is the Company's policy to use such derivative financial instruments to protect against market risk arising in the normal course of business in order to reduce the impact of these exposures. The Company minimizes credit exposure by limiting counterparties to nationally recognized financial institutions. | |||||||||||||
As of December 31, 2013, the Company had foreign exchange contracts outstanding of approximately 0.2 million Pounds Sterling, 13.3 million Euro, and 10.1 million Japanese Yen at fixed rates. At December 31, 2012, the Company had foreign exchange contracts outstanding of approximately 0.8 million Pounds Sterling, 9.9 million Euro, and 61.8 million Japanese Yen at fixed rates. The contracts expire on various dates through May 2016. The Company had not designated the foreign exchange contracts as hedges and had recorded the estimated fair value of the contracts in the consolidated balance sheet as follows: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Asset derivatives | |||||||||||||
Prepaid expenses and other current assets | $ | 140 | $ | 296 | |||||||||
Other assets | 2 | 20 | |||||||||||
142 | 316 | ||||||||||||
Liability derivatives | |||||||||||||
Other current liabilities | (637 | ) | (190 | ) | |||||||||
Other liabilities | (18 | ) | (149 | ) | |||||||||
(655 | ) | (339 | ) | ||||||||||
Net fair value | $ | (513 | ) | $ | (23 | ) | |||||||
The changes in the fair value of the foreign exchange contracts are included in gain (loss) on derivative instruments in the consolidated statement of operations. | |||||||||||||
The foreign currency denominated trade receivables, unbilled receivables, billings in excess of revenue earned and subcontractor accruals that are related to the outstanding foreign exchange contracts are remeasured at the end of each period into the functional currency using the current exchange rate at the end of the period. The gain or loss resulting from such remeasurement is also included in gain (loss) on derivative instruments in the consolidated statement of operations. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recognized a net gain (loss) on its derivative instruments as outlined below: | |||||||||||||
Years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Foreign exchange contracts- change in fair value | $ | (489 | ) | $ | (202 | ) | $ | 73 | |||||
Remeasurement of related contract receivables and billings in excess of revenue earned | 754 | 81 | (141 | ) | |||||||||
$ | 265 | $ | (121 | ) | $ | (68 | ) | ||||||
Reclassifications | |||||||||||||
Certain prior year amounts have been reclassified to conform with the current year presentation. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Acquisitions [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
3. Acquisitions | |||||||||
The following table summarizes the purchase price and purchase price allocation for the acquisition of EnVision Systems, Inc., acquired on January 4, 2011. | |||||||||
(Dollars in thousands) | |||||||||
EnVision Systems, Inc. | |||||||||
Cash purchase price | $ | 1,200 | |||||||
Fair value of contingent consideration | 1,998 | ||||||||
Payable to EnVision Shareholders - contracts receivable | 687 | ||||||||
Working capital retained by EnVision Shareholders - cash | 109 | ||||||||
Total purchase price | $ | 3,994 | |||||||
Purchase price allocation: | |||||||||
Cash | $ | 553 | |||||||
Contract receivables | 1,124 | ||||||||
Prepaid expenses and other current assets | 62 | ||||||||
Property and equipment, net | 22 | ||||||||
Intangible assets | 1,509 | ||||||||
Goodwill | 1,854 | ||||||||
Other assets | 321 | ||||||||
Total assets | 5,445 | ||||||||
Accounts payable, accrued expenses, and other liabilities | 429 | ||||||||
Billings in excess of revenue earned | 46 | ||||||||
Deferred tax liability | 976 | ||||||||
Total liabilities | 1,451 | ||||||||
Net assets acquired | $ | 3,994 | |||||||
EnVision Systems, Inc. | |||||||||
On January 4, 2011, (the "Closing Date") the Company completed the acquisition of all outstanding common stock of EnVision Systems, Inc. ("EnVision"), acquiring 100% ownership in EnVision. EnVision was headquartered in Madison, NJ and has an Indian subsidiary based in Chennai, India. EnVision's tutorials and simulation models serve the entry-level training market for the oil & gas, refining, and specialty chemicals industries. EnVision operates as a wholly-owned subsidiary of GSE and has been re-named GSE EnVision LLC. The purchase price allocation included $1.5 million of intangible assets, which consisted of $438,000 for contractual customer relationships, $433,000 for non-contractual customer relationships, $471,000 for developed technology, $152,000 of in-process research and development and $15,000 related to domain names and other marketing related intangibles. These intangible assets are being amortized over three to eight years. None of the goodwill recorded for financial statement purposes is deductible for tax purposes. | |||||||||
EnVision's results of operations are included in the consolidated financial statements for the period beginning January 4, 2011. | |||||||||
Pro forma results. Our consolidated financial statements include the operating results of EnVision as of the date of acquisition. For the twelve months ended December 31, 2011 and 2010, the unaudited pro forma financial information below assumes that our material business acquisition of EnVision occurred on January 1, 2010. | |||||||||
(in thousands except per share data) | (unaudited) | ||||||||
Twelve Months ended | |||||||||
December 31, | |||||||||
Pro forma financial information including the acquisition of EnVision | 2011 | 2010 | |||||||
Revenue | $ | 51,126 | $ | 50,410 | |||||
Operating income (loss) | 2,590 | (708 | ) | ||||||
Net income (loss) | 3,163 | (1,711 | ) | ||||||
Earnings (loss) per common share — basic | $ | 0.17 | $ | (0.09 | ) | ||||
Earnings (loss) per common share — diluted | $ | 0.17 | $ | (0.09 | ) | ||||
Contingent Consideration | |||||||||
ASC Topic 805 requires that contingent consideration be recognized at fair value on the acquisition date and be re-measured each reporting period with subsequent adjustments recognized in the consolidated statement of operations. We estimate the fair value of contingent consideration liabilities based on financial projections of the acquired companies and estimated probabilities of achievement and discount the liabilities to present value using a weighted-average cost of capital. Contingent consideration is valued using significant inputs that are not observable in the market which are defined as Level 3 inputs pursuant to fair value measurement accounting. We believe our estimates and assumptions are reasonable, however, there is significant judgment involved. At each reporting date, the contingent consideration obligation is revalued to estimated fair value, and changes in fair value subsequent to the acquisitions are reflected in income or expense in the consolidated statements of operations, and could cause a material impact to, and volatility in, our operating results. Changes in the fair value of contingent consideration obligations may result from changes in discount periods, changes in the timing and amount of revenue and/or earnings estimates and changes in probability assumptions with respect to the likelihood of achieving the various earn-out criteria. | |||||||||
As of December 31, 2013 and 2012, contingent consideration included in the other current liabilities on the consolidated balance sheet totaled $492,000 and $1.6 million, respectively. As of December 31, 2013 and 2012, we also had accrued contingent consideration totaling $409,000 and $902,000, respectively, which is included in other long-term liabilities on the consolidated balance sheet and represents the portion of contingent consideration estimated to be payable greater than twelve months from the balance sheet date. | |||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
4. Goodwill and Intangible Assets | |||||||||||||
Changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 were as follows (in thousands): | |||||||||||||
Net book value at December 31, 2011 | $ | 4,462 | |||||||||||
2012 Activity | |||||||||||||
Goodwill impairment loss | - | ||||||||||||
Acquisitions | - | ||||||||||||
Foreign currency translation | 40 | ||||||||||||
Net book value at December 31, 2012 | 4,502 | ||||||||||||
2013 Activity | |||||||||||||
Goodwill impairment loss | (4,462 | ) | |||||||||||
Acquisitions | - | ||||||||||||
Foreign currency translation | (40 | ) | |||||||||||
Net book value at December 31, 2013 | $ | - | |||||||||||
Based upon indicators of impairment in the second quarter of 2013, which included a substantial decrease in the Company's market capitalization following the announcement of the Company's first quarter 2013 earnings, and significantly lower than projected revenue and profits as a result of a change in market conditions, the Company performed an interim impairment test as of June 30, 2013. | |||||||||||||
The fair value of our reporting unit was estimated using a combination of appropriately weighted income and market approaches. The cash flows employed in the income approach were based on our most recent forecasts and business plans developed in the second quarter of 2013, as well as various growth rate assumptions for the years beyond the current business plan period, discounted using an estimated weighted average cost of capital ("WACC"). The WACC is comprised of (1) a risk free rate of return, (2) an equity and size risk premium that is based on the rate of return on equity of publicly traded companies with business characteristics comparable to our reporting unit, (3) the current after-tax market rate of return on debt of companies with business characteristics similar to our reporting unit, each weighted by the relative market value percentages of our equity and debt, and (4) an industry and specific company risk factor. | |||||||||||||
The results of the ASC 350 Step 1 goodwill impairment analysis indicated that the estimated fair value of our reporting unit was less than the carrying value. The reporting unit was unfavorably impacted by a combination of lower current and projected cash flows. Because our reporting unit's fair value estimate was lower than its carrying value, we applied the second step of the goodwill test, in accordance with ASC 350. | |||||||||||||
The second step of the goodwill impairment analysis indicated that the carrying values of the goodwill associated with the reporting unit exceeded its implied fair value resulting in a $4.5 million non-deductible goodwill impairment charge. As a result of the analysis, the company recorded a full impairment loss. The impairment was non-cash in nature and did not affect the Company's current liquidity, and did not impact the debt covenants under the Company's existing credit facility. | |||||||||||||
Intangible Assets Subject to Amortization | |||||||||||||
The following table shows the gross carrying amount and accumulated amortization of definite-lived intangibles related to continuing operations: | |||||||||||||
(in thousands) | As of December 31, 2013 | ||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||
Amortized intangible assets: | |||||||||||||
Customer relationships | $ | 646 | $ | (646 | ) | $ | - | ||||||
Non-contractual customer relationships | 911 | (557 | ) | 354 | |||||||||
Developed technology | 471 | (177 | ) | 294 | |||||||||
In process research and development | 152 | (127 | ) | 25 | |||||||||
Contract backlog | 36 | (36 | ) | - | |||||||||
Trade names and other | 29 | (29 | ) | - | |||||||||
Foreign currency translation | 52 | (16 | ) | 36 | |||||||||
Total | $ | 2,297 | $ | (1,588 | ) | $ | 709 | ||||||
(in thousands) | As of December 31, 2012 | ||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||
Amortized intangible assets: | |||||||||||||
Customer relationships | $ | 646 | $ | (621 | ) | $ | 25 | ||||||
Non-contractual customer relationships | 911 | (453 | ) | 458 | |||||||||
Developed technology | 471 | (118 | ) | 353 | |||||||||
In process research and development | 152 | (112 | ) | 40 | |||||||||
Contract backlog | 36 | (36 | ) | - | |||||||||
Trade names and other | 29 | (23 | ) | 6 | |||||||||
Foreign currency translation | 37 | (8 | ) | 29 | |||||||||
Total | $ | 2,282 | $ | (1,371 | ) | $ | 911 | ||||||
Amortization is recognized on a straight-line basis over the estimated useful life of the intangible assets, except for contractual customer relationships and contract backlog, which is recognized in proportion to the related projected revenue streams. In 2011, the Company accelerated the amortization expense related to the acquisition of TAS Engineering Consultants Ltd., an English Limited Liability Company, and the completion of a customer contract. The acceleration resulted in an additional $116,000 of amortization expense in 2011. The Company reviews specific definite-lived intangibles for impairment when events occur that may impact their value in accordance with the respective accounting guidance for long-lived assets. There were no impairment charges recorded for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||
Amortization expense related to definite-lived intangible assets totaled $207,000 $313,000 and $948,000 for the years ended December 31, 2013, 2012, and 2011, respectively. The following table shows the estimated amortization expense of the definite-lived intangible assets for the next five years and thereafter: | |||||||||||||
(in thousands) | |||||||||||||
Fiscal year ending: | |||||||||||||
2014 | $ | 143 | |||||||||||
2015 | 132 | ||||||||||||
2016 | 125 | ||||||||||||
2017 | 121 | ||||||||||||
2018 | 120 | ||||||||||||
Thereafter | 68 | ||||||||||||
$ | 709 | ||||||||||||
Contract_Receivables
Contract Receivables | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Contract Receivables [Abstract] | ' | ||||||||
Contract Receivables | ' | ||||||||
5. Contract Receivables | |||||||||
Contract receivables represent balances due from a broad base of both domestic and international customers. All contract receivables are considered to be collectible within twelve months. Recoverable costs and accrued profit not billed represent costs incurred and associated profit accrued on contracts that will become billable upon future milestones or completion of contracts. The components of contract receivables are as follows: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Billed receivables | $ | 19,040 | $ | 12,403 | |||||
Recoverable costs and accrued profit not billed | 5,519 | 11,315 | |||||||
Allowance for doubtful accounts | (2 | ) | (2 | ) | |||||
Total contract receivables, net | $ | 24,557 | $ | 23,716 | |||||
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Prepaid Expenses and Other Current Assets [Abstract] | ' | ||||||||
Prepaid Expenses and Other Current Assets | ' | ||||||||
6. Prepaid Expenses and Other Current Assets | |||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Prepaid expenses | $ | 630 | $ | 608 | |||||
Deferred income taxes- current | 13 | 119 | |||||||
Value added tax receivable | 409 | 128 | |||||||
Unrestricted certificates of deposit | - | 846 | |||||||
Receivable from sale of 49% stake in GSE-UNIS | 1,183 | - | |||||||
Other current assets | 1,464 | 1,511 | |||||||
Total | $ | 3,699 | $ | 3,212 | |||||
In 2013, the Company agreed to sell its 49% stake in GSE-UNIS to its partner, Beijing Unis Venture Capital Co., Ltd. and terminate the joint venture agreement as of July 31, 2013. The sales price was basically equivalent to the Company's investment in GSE-UNIS as of the closing date. The Company reclassified $1.2 million from Other Assets to Other Current Assets as of December 31, 2013. |
Equipment_Software_and_Leaseho
Equipment, Software, and Leasehold Improvements | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equipment, Software and Leasehold Improvements [Abstract] | ' | ||||||||
Equipment, Software and Leasehold Improvements | ' | ||||||||
7. Equipment, Software and Leasehold Improvements | |||||||||
Equipment, software and leasehold improvements consist of the following: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Computer equipment | $ | 3,304 | $ | 3,246 | |||||
Software | 1,348 | 1,266 | |||||||
Leasehold improvements | 446 | 369 | |||||||
Furniture and fixtures | 1,992 | 1,852 | |||||||
7,090 | 6,733 | ||||||||
Accumulated depreciation | (5,175 | ) | (4,653 | ) | |||||
Equipment, software and leasehold improvements, net | $ | 1,915 | $ | 2,080 | |||||
Depreciation expense was $570,000, $562,000, and $497,000 for the years ended December 31, 2013, 2012, and 2011, respectively. During 2012, the Company implemented a new Enterprise Resource Planning (ERP) system across our global operations and placed it in service in October 2012. The Company capitalized $68,000 and $1.1 million of costs related to this project during the year ended December 31, 2013 and 2012, respectively. | |||||||||
Software_Development_Costs_net
Software Development Costs, net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Software Development Costs, net [Abstract] | ' | ||||||||||||
Software Development Costs | ' | ||||||||||||
8. Software Development Costs, net | |||||||||||||
Software development costs, net consist of the following: | |||||||||||||
(in thousands) | December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning Balance | $ | 2,426 | $ | 1,815 | $ | 1,790 | |||||||
Additions | 1,309 | 1,315 | 838 | ||||||||||
Amortization | (541 | ) | (704 | ) | (813 | ) | |||||||
Impairments | (2,174 | ) | - | - | |||||||||
Ending Balance | $ | 1,020 | $ | 2,426 | $ | 1,815 | |||||||
Software development costs capitalized were $1.3 million, $1.3 million, and $838,000 for the years ended December 31, 2013, 2012, and 2011, respectively. Amortization of software development costs capitalized was $541,000, $704,000, and $813,000, for the years ended December 31, 2013, 2012, and 2011, respectively, and was included in cost of revenue. | |||||||||||||
During the second quarter of 2013, the Company incurred an impairment charge of $2.2 million related to the write-down of certain capitalized software development costs based on the net realizable value analysis. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
9. Fair Value of Financial Instruments | |||||||||||||||||
ASC 820 Fair Value Measurements and Disclosures defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||||||
The levels of the fair value hierarchy established by ASC 820 are: | |||||||||||||||||
Level 1: inputs are quoted prices, unadjusted, in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | |||||||||||||||||
Level 2: inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. A Level 2 input must be observable for substantially the full term of the asset or liability. | |||||||||||||||||
Level 3: inputs are unobservable and reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability. | |||||||||||||||||
The Company considers the recorded value of certain of its financial assets and liabilities, which consist primarily of cash equivalents, accounts receivable and accounts payable, to approximate the fair value of the respective assets and liabilities at December 31, 2013 and December 31, 2012 based upon the short-term nature of the assets and liabilities. | |||||||||||||||||
The Company had $9.5 million and $16.4 million deposited in an unrestricted money market account with Susquehanna Bank on December 31, 2013 and 2012, respectively. | |||||||||||||||||
As of December 31, 2013, the Company was contingently liable for ten standby letters of credit and two surety bonds totaling $4.9 million which represent advance payment and performance bonds on eleven contracts. The Company has deposited the full value of four standby letters of credit, $1.1 million, into money market escrow accounts which have been restricted in that the Company does not have access to these funds until the related letters of credit have expired. The cash has been recorded on the Company's balance sheet at December 31, 2013 as restricted cash and long-term restricted cash depending on the expiration date of the underlying letters of credit. An additional six letters of credit for $3.6 million have been collateralized using the Company's line of credit at December 31, 2013. | |||||||||||||||||
The following table presents assets and liabilities measured at fair value at December 31, 2013: | |||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active Markets | Other Observable | Unobservable | |||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
Money market funds | $ | 10,553 | $ | - | $ | - | 10,553 | ||||||||||
Foreign exchange contracts | - | 142 | - | 142 | |||||||||||||
Total assets | $ | 10,553 | $ | 142 | $ | - | $ | 10,695 | |||||||||
Foreign exchange contracts | $ | - | $ | (655 | ) | $ | - | $ | (655 | ) | |||||||
Total liabilities | $ | - | $ | (655 | ) | $ | - | $ | (655 | ) | |||||||
The following table presents assets and liabilities measured at fair value at December 31, 2012: | |||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active Markets | Other Observable | Unobservable | |||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
Money market funds | $ | 18,082 | $ | - | $ | - | 18,082 | ||||||||||
Certificates of deposit | 890 | - | - | 890 | |||||||||||||
Foreign exchange contracts | - | 316 | - | 316 | |||||||||||||
Total assets | $ | 18,972 | $ | 316 | $ | - | $ | 19,288 | |||||||||
Foreign exchange contracts | $ | - | $ | (339 | ) | $ | - | $ | (339 | ) | |||||||
Total liabilities | $ | - | $ | (339 | ) | $ | - | $ | (339 | ) | |||||||
For the years ended December 31, 2013 and 2012, the Company did not have any transfers between fair value Level 1 and Level 2. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||
Dec. 31, 2013 | |||
Long-Term Debt [Abstract] | ' | ||
Long-Term Debt | ' | ||
10. Long-Term Debt | |||
At December 31, 2013 and 2012, the Company had no long-term debt. | |||
Line of Credit | |||
At December 31, 2013, the Company had a Master Loan and Security Agreement and Revolving Credit Note with Susquehanna Bank ("Susquehanna"). The Company and its subsidiaries, GSE Power Systems, Inc., and GSE EnVision LLC, were jointly and severally liable as co-borrowers. The Loan Agreement provides a $7.5 million revolving line of credit for the purpose of (i) issuing stand-by letters of credit and (ii) providing working capital. Working capital advances bear interest at a rate equal to the Wall Street Journal Prime Rate of Interest, floating with a floor of 4 1/2%. The two-year agreement expires on June 30, 2014. | |||
As collateral for the Company's obligations, the Company granted a first lien and security interest in all of the assets of the Company, including but not limited to, accounts receivable, proceeds and products, intangibles, trademarks, patents, intellectual property, machinery and equipment. | |||
Issuances of stand-by letters of credit and advances of working capital (collectively referred to as the "Advances") require that the Company maintain a minimum cash balance of $3.0 million at all times (the "Cash Balance Requirement"). The Cash Balance Requirement will remain at the minimum amount as long as the Company's quarterly net income (exclusive of gains and losses on derivative instruments and stock option expense) as defined ("Net Income") remains positive and the Company is in compliance with the covenants. If the Company's quarterly consolidated Net Income is negative or the Company is not in compliance with the covenants, the Cash Balance Requirement will revert to the amount of the Advances, until the Company attains positive Net Income for two consecutive quarters. The credit agreements contain certain restrictive covenants regarding future acquisitions and incurrence of debt. In addition, the credit agreements contain financial covenants with respect to the Company's cash flow coverage ratio, minimum tangible capital base, quick ratio, and tangible capital base ratio. At December 31, 2013, the Company had not paid any interest or principal payments related to any borrowings for over one year. As such, the cash flow coverage ratio is not applicable at December 31, 2013. | |||
As of | |||
Covenant | 31-Dec-13 | ||
Minimum tangible capital base | Must Exceed $26.0 million | $28.7 million | |
Quick ratio | Must Exceed 2.00 : 1.00 | 2.45 : 1.00 | |
Tangible capital base ratio | Not to Exceed .75 : 1.00 | .64 : 1.00 | |
As the Company did not record two consecutive quarters of positive net income as of December 31, 2013, the Company will currently be required to maintain cash balances of $3.6 million at Susquehanna which is equivalent to the amount of Advances at December 31, 2013. All of the Company's outstanding Advances as of December 31, 2013 consisted of stand-by letters of credit. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
11. Income Taxes | |||||||||||||
The consolidated income (loss) before income taxes, by domestic and foreign sources, is as follows: | |||||||||||||
(in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | (7,797 | ) | $ | 127 | $ | 1,204 | ||||||
Foreign | (2,568 | ) | 1,736 | 1,159 | |||||||||
Total | $ | (10,365 | ) | $ | 1,863 | $ | 2,363 | ||||||
The provision (benefit) for income taxes is as follows: | |||||||||||||
(in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 4 | $ | 22 | $ | 62 | |||||||
State | 22 | 19 | 181 | ||||||||||
Foreign | 382 | 562 | 462 | ||||||||||
Subtotal | 408 | 603 | 705 | ||||||||||
Deferred: | |||||||||||||
Federal | - | - | (1,002 | ) | |||||||||
Foreign | (262 | ) | 86 | (141 | ) | ||||||||
Subtotal | (262 | ) | 86 | (1,143 | ) | ||||||||
Total | $ | 146 | $ | 689 | $ | (438 | ) | ||||||
The Company is entitled to a deduction for federal and state tax purposes with respect to employees' stock option activity. As of December 31, 2013, the Company had $5.4 million of unrecognized excess tax deductions related to compensation for stock option exercises which will be recognized when the net operating loss carryforwards are fully utilized and those excess tax benefits result in a reduction to income taxes payable. | |||||||||||||
The effective income tax rate differed from the statutory federal income tax rate due to the following: | |||||||||||||
Effective Tax Rate Percentage (%) | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 34.00% | 34.00% | 34.00% | ||||||||||
State income taxes, net of federal tax benefit | -0.10% | 0.70% | 5.00% | ||||||||||
Effect of foreign operations | -6.90% | -9.50% | -12.00% | ||||||||||
Tax benefit resulting from OCI allocation | 0.50% | 0.00% | 0.00% | ||||||||||
Change in valuation allowance | -12.10% | -13.40% | -68.30% | ||||||||||
Other, principally permanent differences | -16.80% | 25.20% | 22.80% | ||||||||||
Effective tax rate | -1.40% | 37.00% | -18.50% | ||||||||||
For the year ended December 31, 2013, the Company's effective income tax rate was (1.4)% which was composed of a 0.5% non-cash tax provision. The Company recorded a $49,000 non-cash income tax adjustment for operations during the fourth quarter of 2013. Under current accounting rules, the Company is required to consider all items (including items recorded in other comprehensive income) in determining the tax benefit that results from a loss from operations and that should be allocated to operations. As a result, the Company recorded a tax benefit on the loss from operations for the year, which is exactly offset by income tax expense on other comprehensive income. However, while the income tax benefit from operations is reported on the income statement, the income tax expense on other comprehensive income is recorded directly to accumulated other comprehensive income (loss) ("AOCI"), which is a component of stockholders' equity. Because the income tax expense on other comprehensive income is equal to the income tax benefit from operations for this item, the Company's year-end net deferred tax position is not impacted by this tax allocation. The resulting residual income tax expense will remain in AOCI until all amounts in AOCI that relate to the plan or program that gave rise to the residual income taxes are recognized in the Consolidated Statement of Operations. | |||||||||||||
Deferred income taxes arise from temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. A summary of the tax effect of the significant components of the deferred income tax liabilities is as follows: | |||||||||||||
(in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 5,589 | $ | 4,352 | $ | 4,850 | |||||||
Capital loss carryforwards | 703 | 2,446 | 2,351 | ||||||||||
Accruals | 337 | 145 | 135 | ||||||||||
Reserves | 611 | 1,353 | 1,494 | ||||||||||
Alternative minimum tax credit carryforwards | 166 | 166 | 166 | ||||||||||
Other | 1,701 | 1,568 | 1,449 | ||||||||||
Total deferred tax asset | 9,107 | 10,030 | 10,445 | ||||||||||
Valuation allowance | (7,057 | ) | (7,026 | ) | (6,869 | ) | |||||||
Total deferred tax asset less valuation allowance | 2,050 | 3,004 | 3,576 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Undistributed earnings of foreign subsidiary | (1,228 | ) | (1,473 | ) | (1,950 | ) | |||||||
Software development costs | (384 | ) | (934 | ) | (690 | ) | |||||||
Other | (491 | ) | (910 | ) | (1,145 | ) | |||||||
Total deferred tax liability | (2,103 | ) | (3,317 | ) | (3,785 | ) | |||||||
Net deferred tax liability | $ | (53 | ) | $ | (313 | ) | $ | (209 | ) | ||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities and projected future income in making this assessment. | |||||||||||||
Management believes that the Company will achieve profitable operations in future years that will enable the Company to recover the benefit of its deferred tax assets. However, other than for a portion of the deferred tax assets that are related to the Company's Indian, and Chinese subsidiaries, the Company presently does not have sufficient objective evidence to substantiate the recovery of the deferred tax assets. Accordingly, the Company has established a full $6.8 million valuation allowance on its U.S. deferred tax assets at December 31, 2013. The valuation allowance for deferred tax assets increased by $31,000 in 2013, increased by $0.2 million in 2012 and decreased by $1.8 million in 2011. | |||||||||||||
At December 31, 2013, the Company's largest deferred tax asset of $5.2 million primarily relates to a U.S. net operating loss carryforward of $14.7 million which expires in various amounts between 2020 and 2033. The amount of U.S. loss carryforward which can be used by the Company each year is limited due to changes in the Company's ownership which occurred in 2003. Thus, a portion of the Company's loss carryforward may expire unutilized. | |||||||||||||
Uncertain Tax Positions | |||||||||||||
The Company, through its acquisition of EnVision on January 4, 2011, recorded $320,000 of unrecognized tax benefits as well as a receivable from the EnVision shareholders for the same amount as indemnity for this tax position. During 2012, the Company partially reduced both the liability and receivable from the EnVision acquisition by $269,000 as the related period is now outside the applicable statute of limitations. During 2013 and 2012, the Company also recorded $187,000 and $165,000, respectively, of tax liabilities for certain foreign tax contingencies, respectively. The Company made payments of $103,000 and $8,000 during 2013 and 2012, respectively, related to these foreign tax liabilities. The Company recorded these uncertain tax positions in other current liabilities on the consolidated balance sheet, and recorded the associated interest and penalties as a component of income tax expense. In 2013 and 2012, the Company accrued $2,000 and $4,000 of interest and penalties, respectively. | |||||||||||||
Intraperiod tax allocation | |||||||||||||
The Company utilizes the with-and-without intraperiod tax allocation approach as described in ASC 740-20-45-12 which results in the use of the windfall tax benefits being utilized last. |
Capital_Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2013 | |
Capital Stock [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
12. Capital Stock | |
The Company's Board of Directors has authorized 32,000,000 total shares of capital stock, of which 30,000,000 are designated as common stock and 2,000,000 are designated as preferred stock. The Board of Directors has the authority to establish one or more classes of preferred stock and to determine, within any class of preferred stock, the preferences, rights and other terms of such class. | |
As of December 31, 2013, the Company has reserved 3,856,240 shares of common stock for issuance 3,035,987 shares upon exercise of outstanding stock options; and 820,253 shares for future grants under the Company's 1995 Long-Term Incentive Plan. | |
Share Repurchase Plan | |
On March 21, 2011, the Board of Directors authorized the purchase of up to $3.0 million of the Company's common stock in accordance with the safe harbor provisions of Rule 10b-18 of the Securities Exchange Act of 1934. The Company repurchased 494,424 shares at an aggregate cost of $819,000, 280,113 shares at an aggregate cost of $531,000, and 824,374 shares at an aggregated cost of $1.6 million in the years ended December 31, 2013, 2012, and 2011, respectively. | |
Preferred Stock Rights | |
On March 21, 2011, the Board of Directors of the Company declared a dividend, payable to holders of record as of the close of business on April 1, 2011, of one preferred stock purchase right (a "Right") for each outstanding share of common stock, par value $0.01 per share, of the Company (the "Common Stock"). In addition, the Company will issue one Right with each new share of Common Stock issued. In connection therewith, on March 21, 2011, the Company entered into a Stockholder Protection Rights Agreement (as amended from time to time, the Rights Agreement) with Continental Stock Transfer & Trust Company, as Rights Agent, which has a term of three years, unless amended by the Board of Directors in accordance with the terms of the Rights Agreement. On March 21, 2014, the Rights Agreement was amended to extend the term an additional two years. The Rights Agreement will now expire on March 21, 2016. The Rights will initially trade with and be inseparable from the Common Stock and will not be evidenced by separate certificates unless they become exercisable. Each Right entitles its holder to purchase from the Company one-hundredth of a share of participating preferred stock having economic and voting terms similar to the Common Stock at an exercise price of $8.00 per Right, subject to adjustment in accordance with the terms of the Rights Agreement, once the Rights become exercisable. Under the Rights Agreement, the Rights become exercisable if any person or group acquires 20% or more of the Common Stock or, in the case of any person or group that owned 20% or more of the Common Stock as of March 21, 2011, upon the acquisition of any additional shares by such person or group. The Company, its subsidiaries, employee benefit plans of the Company or any of its subsidiaries and any entity holding Common Stock for or pursuant to the terms of any such plan are accepted. Upon exercise of the Right in accordance with the Rights Agreement, the holder would be able to purchase a number of shares of Common Stock from the Company having an aggregate market price (as defined in the Rights Agreement) equal to twice the then-current exercise price for an amount in cash equal to the then-current exercise price. In addition, the Company may, in certain circumstances and pursuant to the terms of the Rights Agreement, exchange the Rights for one share of Common Stock or an equivalent security for each Right or, alternatively, redeem the Rights for $0.001 per Right. The Rights will not prevent a takeover of our Company, but may cause substantial dilution to a person that acquires 20% or more of the Company's Common Stock. | |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
13. Stock-Based Compensation | |||||||||||||||||
Long-term incentive plan | |||||||||||||||||
During 1995, the Company established the 1995 Long-Term Incentive Stock Option Plan (the "Plan"), which permits the granting of stock options (including incentive stock options and nonqualified stock options) stock appreciation rights, restricted or unrestricted stock awards, phantom stock, performance awards or any combination of these to employees, directors or consultants. Options to purchase shares of the Company's common stock under the Plan expire in either seven or ten years from the date of grant and become exercisable in three, five, or seven installments with a certain percentage of options vesting on the first anniversary of the grant date and additional options vesting on each of the subsequent anniversaries of the grant date, subject to acceleration under certain circumstances. The Plan expires on June 30, 2018; the total number of shares that could be issued under the Plan is 5,500,000. As of December 31, 2013, 3,035,987 stock options were outstanding under the Plan, while 820,253 stock options remained to be granted under the Plan. | |||||||||||||||||
The Company recognizes compensation expense on a pro rata straight-line basis over the requisite service period for stock-based compensation awards with both graded and cliff vesting terms. The Company recognizes the cumulative effect of a change in the number of awards expected to vest in compensation expense in the period of change. The Company has not capitalized any portion of its stock-based compensation. | |||||||||||||||||
During the years ended December 31, 2013, 2012, and 2011, the Company recognized $810,000, $914,000 and $727,000, respectively, of stock-based compensation expense under the fair value method. | |||||||||||||||||
Stock option activity | |||||||||||||||||
During the year ended December 31, 2013, the Company granted stock options to purchase 293,000 shares of common stock to GSE directors and employees. During the year ended December 31, 2012, the Company granted stock options to purchase 212,870 shares of common stock to GSE directors and employers. | |||||||||||||||||
Information with respect to stock option activity as of and for the year ended December 31, 2013 is as follows: | |||||||||||||||||
Number | Weighted | Aggregate | Weighted | ||||||||||||||
of Shares | Average | Intrinsic | Average | ||||||||||||||
Exercise | Value (in thousands) | Remaining | |||||||||||||||
Price | Contractual Life | ||||||||||||||||
(Years) | |||||||||||||||||
Options outstanding at December 31, 2012 | 3,070,803 | $ | 3.4 | ||||||||||||||
Options granted | 293,000 | 1.76 | |||||||||||||||
Options exercised | (162,000 | ) | 1.62 | ||||||||||||||
Options forfeited | (165,816 | ) | 2.71 | ||||||||||||||
Options outstanding at December 31, 2013 | 3,035,987 | 3.38 | $ | - | 4.32 | ||||||||||||
Options expected to vest | 1,287,801 | 2.37 | $ | - | 5.28 | ||||||||||||
Options exercisable at December 31, 2013 | 1,748,186 | $ | 4.12 | $ | - | 3.62 | |||||||||||
A summary of the status of the Company's nonvested options as of and for the year ended December 31, 2013 is presented below. | |||||||||||||||||
Number of Shares | Weighted Average Fair Value | ||||||||||||||||
Nonvested options at December 31, 2012 | 1,750,107 | $ | 1.43 | ||||||||||||||
Options granted | 293,000 | 0.9 | |||||||||||||||
Options forfeited | (120,646 | ) | 1.19 | ||||||||||||||
Options vested during the period | (634,660 | ) | 1.45 | ||||||||||||||
Nonvested options at December 31, 2013 | 1,287,801 | $ | 1.33 | ||||||||||||||
The fair value of the options granted in 2013, 2012 and 2011 were estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rates | .85 - 1.68% | .34 - 1.16% | 1.06 - 2.28% | ||||||||||||||
Dividend yield | 0% | 0% | 0% | ||||||||||||||
Expected life | 5.49 - 7.00 years | 2.00 - 6.28 years | 3.75 - 6.98 years | ||||||||||||||
Volatility | 51.31 - 56.80% | 52.13 - 57.85% | 49.49 - 60.24% | ||||||||||||||
Weighted average volatility | 52.46% | 53.85% | 55.04% | ||||||||||||||
As of December 31, 2013, the Company had $1.5 million of unrecognized compensation expense related to the unvested portion of outstanding stock options expected to be recognized on a pro-rata straight line basis over a weighted average remaining service period of approximately 5.28 years. | |||||||||||||||||
The Company received cash for the exercise price associated with stock options exercised of $44,000 and $272,000 during the years ended December 31, 2013 and 2012, respectively. The Company received cash for the exercise price associated with stock options and warrants exercised of $133,000 and $10,000, respectively, during the year ended December 31, 2011. The total intrinsic value realized by participants on stock options exercised was $57,000, $94,000 and $103,000 during the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
14. Commitments and Contingencies | |||||
Leases | |||||
The Company is obligated under certain noncancelable operating leases for office facilities and equipment. Future minimum lease payments under noncancelable operating leases as of December 31, 2013 are as follows: | |||||
(in thousands) | Gross Future | ||||
Minimum Lease | |||||
Payments | |||||
2014 | $ | 1,169 | |||
2015 | 1,109 | ||||
2016 | 982 | ||||
2017 | 806 | ||||
2018 | 463 | ||||
Thereafter | 190 | ||||
Total | $ | 4,719 | |||
Total rent expense under operating leases for the years ended December 31, 2013, 2012, and 2011 was approximately $1.1 million, $1.0 million, and $1.1 million, respectively. | |||||
Standby Letters of credit, bank guarantees, surety bonds and performance bonds | |||||
As of December 31, 2013, the Company was contingently liable for ten standby letters of credit and two surety bonds totaling $4.9 million which represent advance payment and performance bonds on eleven contracts. The Company has deposited the full value of four standby letters of credit, $1.1 million, into money market escrow accounts which have been restricted in that the Company does not have access to these funds until the related letters of credit have expired. The cash has been recorded on the Company's balance sheet at December 31, 2013 as restricted cash and long-term restricted cash depending on the expiration date of the underlying letters of credit. An additional six letters of credit for $3.6 million have been collateralized using the Company's line of credit at December 31, 2013. | |||||
Contingencies | |||||
Various actions and proceedings are presently pending to which the Company is a party. In the opinion of management, the aggregate liabilities, if any, arising from such actions are not expected to have a material adverse effect on the financial position, results of operations or cash flows of the Company. | |||||
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefits [Abstract] | ' |
Employee Benefits | ' |
15. Employee Benefits | |
The Company has a qualified defined contribution plan that covers substantially all U.S. employees under Section 401(k) of the Internal Revenue Code. Under this plan, the Company's stipulated basic contribution matches a portion of the participants' contributions based upon a defined schedule. The Company's contributions to the plan were approximately $270,000, $287,000, and $271,000 for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
16. Segment Information | |||||||||||||||||||||
The Company has one reportable business segment that provides simulation solutions and services to the nuclear and fossil fuel power industry, and to the chemical and petrochemical industries. Contracts typically range from 10 months to three years. | |||||||||||||||||||||
For the years ended December 31, 2013, 2012, and 2011, 65%, 59%, and 67%, respectively, of the Company's consolidated revenue was from customers in the nuclear power industry. The Company designs, develops and delivers business and technology solutions to the energy industry worldwide. Revenue, operating income (loss) and total assets for the Company's United States, European, and Asian subsidiaries as of and for the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||||||||||
(in thousands) | Year ended December 31, 2013 | ||||||||||||||||||||
United States | Europe | Asia | Eliminations | Consolidated | |||||||||||||||||
Contract revenue | $ | 33,419 | $ | 8,639 | $ | 5,504 | $ | - | $ | 47,562 | |||||||||||
Transfers between geographic locations | 5,602 | 446 | 636 | (6,684 | ) | - | |||||||||||||||
Total contract revenue | $ | 39,021 | $ | 9,085 | $ | 6,140 | $ | (6,684 | ) | $ | 47,562 | ||||||||||
Operating income (loss) | $ | (7,767 | ) | $ | (3,053 | ) | $ | 152 | $ | - | $ | (10,668 | ) | ||||||||
Total assets, at December 31 | $ | 67,255 | $ | 11,206 | $ | 6,508 | $ | (36,142 | ) | $ | 48,827 | ||||||||||
(in thousands) | Year ended December 31, 2012 | ||||||||||||||||||||
United States | Europe | Asia | Eliminations | Consolidated | |||||||||||||||||
Contract revenue | $ | 36,222 | $ | 15,005 | $ | 1,019 | $ | - | $ | 52,246 | |||||||||||
Transfers between geographic locations | 2,226 | 494 | 661 | (3,381 | ) | - | |||||||||||||||
Total contract revenue | $ | 38,448 | $ | 15,499 | $ | 1,680 | $ | (3,381 | ) | $ | 52,246 | ||||||||||
Operating income | $ | 585 | $ | 1,285 | $ | 127 | $ | - | $ | 1,997 | |||||||||||
Total assets, at December 31 | $ | 81,792 | $ | 15,543 | $ | 1,640 | $ | (36,411 | ) | $ | 62,564 | ||||||||||
(in thousands) | Year ended December 31, 2011 | ||||||||||||||||||||
United States | Europe | Asia | Eliminations | Consolidated | |||||||||||||||||
Contract revenue | $ | 37,587 | $ | 12,443 | $ | 1,096 | $ | - | $ | 51,126 | |||||||||||
Transfers between geographic locations | 1,379 | - | 416 | (1,795 | ) | - | |||||||||||||||
Total contract revenue | $ | 38,966 | $ | 12,443 | $ | 1,512 | $ | (1,795 | ) | $ | 51,126 | ||||||||||
Operating income | $ | 745 | $ | 1,293 | $ | 190 | $ | - | $ | 2,228 | |||||||||||
Total assets, at December 31 | $ | 78,900 | $ | 13,429 | $ | 1,002 | $ | (34,516 | ) | $ | 58,815 | ||||||||||
Approximately 67%, 70%, and 66 % of the Company's 2013, 2012, and 2011 revenue, respectively, was derived from international sales of its products and services from all of its subsidiaries. | |||||||||||||||||||||
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Disclosure of Cash Flow Information [Abstract] | ' | ||||||||||||
Supplemental Disclosure of Cash Flow Information | ' | ||||||||||||
17. Supplemental Disclosure of Cash Flow Information | |||||||||||||
(in thousands) | Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash paid: | |||||||||||||
Interest | $ | - | $ | - | $ | - | |||||||
Income taxes | $ | 539 | $ | 1,094 | $ | 813 |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
18. Quarterly Financial Data (Unaudited) | |||||||||||||||||
The Company's quarterly financial information has not been audited but, in management's opinion, includes all adjustments necessary for a fair presentation. | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Year ended December 31, 2013 Quarterly Data | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Contract revenue | $ | 12,383 | $ | 11,034 | $ | 11,883 | $ | 12,262 | |||||||||
Operating loss | (1,289 | ) | (7,965 | ) | (922 | ) | (492 | ) | |||||||||
Net income (loss) | (1,155 | ) | (8,199 | ) | (995 | ) | (162 | ) | |||||||||
Basic income (loss) per common share | $ | (0.06 | ) | $ | (0.45 | ) | $ | (0.06 | ) | $ | (0.01 | ) | |||||
Diluted income (loss) per common share | $ | (0.06 | ) | $ | (0.45 | ) | $ | (0.06 | ) | $ | (0.01 | ) | |||||
Year ended December 31, 2012 Quarterly Data | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Contract revenue | $ | 13,389 | $ | 13,183 | $ | 13,009 | $ | 12,665 | |||||||||
Operating income (loss) | 218 | 560 | 1,356 | (137 | ) | ||||||||||||
Net income (loss) | 530 | 158 | 816 | (330 | ) | ||||||||||||
Basic income (loss) per common share | $ | 0.03 | $ | 0.01 | $ | 0.04 | $ | (0.02 | ) | ||||||||
Diluted income (loss) per common share | $ | 0.03 | $ | 0.01 | $ | 0.04 | $ | (0.02 | ) | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||
Principles of consolidation | ' | ||||||||||||
Principles of consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. | |||||||||||||
Accounting estimates | ' | ||||||||||||
Accounting estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates the estimates used, including but not limited to those related to revenue recognition, the allowance for doubtful accounts receivable, estimates of future warranty costs, impairments of intangible assets, valuation of intangible assets acquired and contingent consideration to be paid in business acquisitions, and income taxes. Actual results could differ from these estimates. | |||||||||||||
Revenue recognition | ' | ||||||||||||
Revenue recognition | |||||||||||||
The majority of the Company's revenue is derived through the sale of uniquely designed systems containing hardware, software and other materials under fixed-price contracts. In accordance with U.S. generally accepted accounting principles, the revenue under these fixed-price contracts is accounted for on the percentage-of-completion method. This methodology recognizes revenue and earnings as work progresses on the contract and is based on an estimate of the revenue and earnings earned to date, less amounts recognized in prior periods. The Company bases its estimate of the degree of completion of the contract by reviewing the relationship of costs incurred to date to the expected total costs that will be incurred on the project. Estimated contract earnings are reviewed and revised periodically as the work progresses, and the cumulative effect of any change in estimate is recognized in the period in which the change is identified. Estimated losses are charged against earnings in the period such losses are identified. The Company recognizes revenue arising from contract claims either as income or as an offset against a potential loss only when the amount of the claim can be estimated reliably and realization is probable and there is a legal basis of the claim. | |||||||||||||
As the Company recognizes revenue under the percentage-of-completion method, it provides an accrual for estimated future warranty costs based on historical and projected claims experience. The Company's long-term contracts generally provide for a one-year warranty on parts, labor and any bug fixes as it relates to software embedded in the systems. | |||||||||||||
The Company's system design contracts do not normally provide for "post customer support service" (PCS) in terms of software upgrades, software enhancements or telephone support. In order to obtain PCS, the customers must normally purchase a separate contract. Such PCS arrangements are generally for a one-year period renewable annually and include customer support, unspecified software upgrades, and maintenance releases. The Company recognizes revenue from these contracts ratably over the life of the agreements. | |||||||||||||
Revenue from the sale of software licenses which do not require significant modifications or customization for the Company's modeling tools are recognized when the license agreement is signed, the license fee is fixed and determinable, delivery has occurred, and collection is considered probable. | |||||||||||||
Revenue for contracts with multiple elements is recognized in accordance with ASC 605-25 Revenue Recognition-Multiple Element Arrangements. | |||||||||||||
Revenue from certain consulting contracts is recognized on a time-and-material basis. For time-and-material type contracts, revenue is recognized based on hours incurred at a contracted labor rate plus expenses. | |||||||||||||
Cash and cash equivalents | ' | ||||||||||||
Cash and cash equivalents | |||||||||||||
Cash and cash equivalents consist of cash on hand and highly liquid investments with maturities of three months or less at the date of purchase. | |||||||||||||
The Company had $9.5 million and $16.4 million deposited in an unrestricted money market account with Susquehanna Bank on December 31, 2013 and 2012, respectively. | |||||||||||||
Contract receivables | ' | ||||||||||||
Contract receivables | |||||||||||||
Contract receivables include recoverable costs and accrued profit not billed which represents revenue recognized in excess of amounts billed. The liability "Billings in excess of revenue earned" represents billings in excess of revenue recognized. | |||||||||||||
Billed receivables are recorded at invoiced amounts. The allowance for doubtful accounts is based on historical trends of past due accounts, write-offs, and specific identification and review of customer accounts. | |||||||||||||
The activity in the allowance for doubtful accounts is as follows: | |||||||||||||
(in thousands) | As of and for the | ||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 2 | $ | 136 | $ | 2,040 | |||||||
Current year provision | 38 | - | (230 | ) | |||||||||
Current year write-offs | (38 | ) | (134 | ) | (1,674 | ) | |||||||
Ending balance | $ | 2 | $ | 2 | $ | 136 | |||||||
In 2011, the Company wrote off the $1.6 million outstanding trade receivable from the Emirates Simulation Academy, LLC. | |||||||||||||
Equipment, software and leasehold improvements, net | ' | ||||||||||||
Equipment, software and leasehold improvements, net | |||||||||||||
Equipment and purchased software are recorded at cost and depreciated using the straight-line method with estimated useful lives ranging from three to ten years. Leasehold improvements are amortized over the life of the lease or the estimated useful life, whichever is shorter, using the straight-line method. Upon sale or retirement, the cost and related depreciation are eliminated from the respective accounts and any resulting gain or loss is included in operations. Maintenance and repairs are charged to expense as incurred. | |||||||||||||
Software development costs | ' | ||||||||||||
Software development costs | |||||||||||||
Certain computer software development costs are capitalized in the accompanying consolidated balance sheets in accordance with U.S. generally accepted accounting principles. Capitalization of computer software development costs begins upon the establishment of technological feasibility. Capitalization ceases and amortization of capitalized costs begins when the software product is commercially available for general release to customers. Amortization of capitalized computer software development costs is included in cost of revenue and is determined using the straight-line method over the remaining estimated economic life of the product, typically three years. On an annual basis, and more frequently as conditions indicate, the Company assesses the recovery of the unamortized software development costs by estimating the net undiscounted cash flows expected to be generated by the sale of the product. If the undiscounted cash flows are not sufficient to recover the unamortized software costs the Company will write-down the investment to its estimated fair value based on the future undiscounted cash flows. The excess of any unamortized computer software costs over the related net realizable value is written down and charged to operations. | |||||||||||||
During the second quarter of 2013, the Company incurred a charge of $2.2 million related to the write-down of certain capitalized software development costs based on the net realizable value analysis performed in conjunction with our goodwill impairment test. | |||||||||||||
Development expenditures | ' | ||||||||||||
Development expenditures | |||||||||||||
Development expenditures incurred to meet customer specifications under contracts are charged to contract costs. Company sponsored development expenditures are either charged to operations as incurred and are included in selling, general and administrative expenses or are capitalized as software development costs. See Note 8, Software development costs. The amounts incurred for Company sponsored development activities relating to the development of new products and services or the improvement of existing products and services, were approximately $2.9 million, $2.4 million, and $1.8 million, for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Impairment of long-lived assets | ' | ||||||||||||
Impairment of long-lived assets | |||||||||||||
Long-lived assets, such as property, plant, and equipment, capitalized computer software costs subject to amortization, and intangibles 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 at 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 would no longer be depreciated. | |||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
Goodwill and Intangible Assets | |||||||||||||
The Company's intangible assets include amounts recognized in connection with business acquisitions, including customer relationships, contract backlog and software. Intangible assets are initially valued at fair market value using generally accepted valuation methods appropriate for the type of intangible asset. Amortization is recognized on a straight-line basis over the estimated useful life of the intangible assets, except for contract backlog and contractual customer relationships which are recognized in proportion to the related projected revenue streams. Intangible assets with definite lives are reviewed for impairment if indicators of impairment arise. The Company does not have any intangible assets with indefinite useful lives. | |||||||||||||
We review goodwill for impairment annually as of November 30 and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable in accordance with Accounting Standards Codification 350, Intangibles — Goodwill and Other (ASC 350). The provisions of ASC 350 require that we perform a two-step impairment test on goodwill. In the first step, we compare the fair value of our reporting unit to its carrying value. The Company has only one reporting unit. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not impaired and we are not required to perform further testing. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then we must perform the second step of the impairment test in order to determine the implied fair value of the reporting unit's goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit's assets and liabilities in a manner similar to a purchase price allocation, with any residual fair value allocated to goodwill. If the carrying value of the reporting unit's goodwill exceeds its implied fair value, then we record an impairment loss equal to the difference. Refer to Note 4, Goodwill and Intangible Assets, for information on the $4.5 million goodwill impairment loss taken during 2013. No impairment losses were recognized during 2012 or 2011. | |||||||||||||
Foreign currency translation | ' | ||||||||||||
Foreign currency translation | |||||||||||||
Balance sheet accounts for foreign operations are translated at the exchange rate as of the balance sheet date, and income statement accounts are translated at the average exchange rate for the period. The resulting translation adjustments are included in accumulated other comprehensive income (loss). Transaction gains and losses, resulting from changes in exchange rates, are recorded in operating income in the period in which they occur. For the years ended December 31, 2013, 2012, and 2011, foreign currency transaction gains (losses) were approximately $(111,000), $313,000, and $(136,000), respectively. | |||||||||||||
Warranty | ' | ||||||||||||
Warranty | |||||||||||||
As the Company recognizes revenue under the percentage-of-completion method, it provides an accrual for estimated future warranty costs based on historical experience and projected claims. | |||||||||||||
The activity in the warranty accounts is as follows: | |||||||||||||
(in thousands) | As of and for the | ||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 2,107 | $ | 2,300 | $ | 1,680 | |||||||
Current year provision | 809 | 993 | 987 | ||||||||||
Current year claims | (1,065 | ) | (1,215 | ) | (352 | ) | |||||||
Currency adjustment | - | 29 | (15 | ) | |||||||||
Ending balance | $ | 1,851 | $ | 2,107 | $ | 2,300 | |||||||
Income taxes | ' | ||||||||||||
Income taxes | |||||||||||||
Income taxes are provided under the asset and liability method. Under this method, deferred income taxes are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. A provision is made for the Company's current liability for federal, state and foreign income taxes and the change in the Company's deferred income tax assets and liabilities. | |||||||||||||
Stock-based compensation | ' | ||||||||||||
Stock-based compensation | |||||||||||||
Compensation expense related to share based awards is recognized on a pro rata straight-line basis based on the value of share awards that are scheduled to vest during the requisite service period. During the twelve months ended December 31, 2013, 2012, and 2011 the Company recognized $810,000, $914,000 and $727,000, respectively, of pre-tax stock-based compensation expense under the fair value method. As of December 31, 2013, the Company had $1.5 million of unrecognized compensation expense related to the unvested portion of outstanding stock option awards expected to be recognized through November 2016. | |||||||||||||
Income (Loss) per share | ' | ||||||||||||
Income (Loss) per share | |||||||||||||
Basic income (loss) per share is based on the weighted average number of outstanding common shares for the period. Diluted income (loss) per share adjusts the weighted average shares outstanding for the potential dilution that could occur if stock options or warrants were exercised. | |||||||||||||
The number of common shares and common share equivalents used in the determination of basic and diluted income (loss) per share were as follows: | |||||||||||||
(in thousands, except for share and per share amounts) | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net income (loss) attributed to common stockholders | $ | (10,511 | ) | $ | 1,174 | $ | 2,801 | ||||||
Denominator: | |||||||||||||
Weighted-average shares outstanding for basic earnings per share | 18,150,915 | 18,383,564 | 18,952,401 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock options and warrants | - | 74,893 | 170,502 | ||||||||||
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share | 18,150,915 | 18,458,457 | 19,122,903 | ||||||||||
Shares related to dilutive securities excluded because inclusion would be anti-dilutive | 2,919,521 | 2,885,809 | 1,701,794 | ||||||||||
Conversion of outstanding stock options and warrants was not assumed for the year ended December 31, 2013 because the impact was anti-dilutive. Included in the shares related to dilutive securities excluded from the diluted earnings per share calculation for the year ended December 31, 2013 were in the money options and warrants totaling 3,056 shares. | |||||||||||||
Concentration of credit risk | ' | ||||||||||||
Concentration of credit risk | |||||||||||||
The Company is subject to concentration of credit risk with respect to contract receivables. Credit risk on contract receivables is mitigated by the nature of the Company's worldwide customer base and its credit policies. The Company's customers are not concentrated in any specific geographic region, but are concentrated in the energy industry. The following customers have provided more than 10% of the Company's consolidated contract receivables for the indicated periods: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Slovenské elektrárne, a.s. | 35.90% | 17.40% | |||||||||||
Shandong Nuclear Power Co. Ltd. | 8.10% | 13.80% | |||||||||||
Fair values of financial instruments | ' | ||||||||||||
Fair values of financial instruments | |||||||||||||
The carrying amounts of current assets and current liabilities reported in the consolidated balance sheets approximate fair value due to their short term duration. | |||||||||||||
Contingent Consideration for Business Acquisitions | ' | ||||||||||||
Contingent Consideration for Business Acquisitions | |||||||||||||
Acquisitions may include contingent consideration payments based on future financial measures of an acquired company. Contingent consideration is required to be recognized at fair value as of the acquisition date. We estimate the fair value of these liabilities based on financial projections of the acquired companies and estimated probabilities of achievement. At each reporting date, the contingent consideration obligation is revalued to estimated fair value and changes in fair value subsequent to the acquisition are reflected in income or expense in the consolidated statements of operations, and could cause a material impact to our operating results. Changes in the fair value of contingent consideration obligations may result from changes in discount periods and rates, changes in the timing and amount of revenue and/or earnings estimates and changes in probability assumptions with respect to the likelihood of achieving the various earn-out criteria. | |||||||||||||
Deferred financing fees | ' | ||||||||||||
Deferred financing fees | |||||||||||||
The Company amortizes the cost incurred to obtain debt financing using the straight-line method over the term of the underlying obligations. The amortization of deferred financing costs is included in interest expense. Deferred financing costs are classified within other assets in the consolidated balance sheets. | |||||||||||||
Derivative instruments | ' | ||||||||||||
Derivative instruments | |||||||||||||
The Company utilizes forward foreign currency exchange contracts to manage market risks associated with the fluctuations in foreign currency exchange rates. It is the Company's policy to use such derivative financial instruments to protect against market risk arising in the normal course of business in order to reduce the impact of these exposures. The Company minimizes credit exposure by limiting counterparties to nationally recognized financial institutions. | |||||||||||||
As of December 31, 2013, the Company had foreign exchange contracts outstanding of approximately 0.2 million Pounds Sterling, 13.3 million Euro, and 10.1 million Japanese Yen at fixed rates. At December 31, 2012, the Company had foreign exchange contracts outstanding of approximately 0.8 million Pounds Sterling, 9.9 million Euro, and 61.8 million Japanese Yen at fixed rates. The contracts expire on various dates through May 2016. The Company had not designated the foreign exchange contracts as hedges and had recorded the estimated fair value of the contracts in the consolidated balance sheet as follows: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Asset derivatives | |||||||||||||
Prepaid expenses and other current assets | $ | 140 | $ | 296 | |||||||||
Other assets | 2 | 20 | |||||||||||
142 | 316 | ||||||||||||
Liability derivatives | |||||||||||||
Other current liabilities | (637 | ) | (190 | ) | |||||||||
Other liabilities | (18 | ) | (149 | ) | |||||||||
(655 | ) | (339 | ) | ||||||||||
Net fair value | $ | (513 | ) | $ | (23 | ) | |||||||
The changes in the fair value of the foreign exchange contracts are included in gain (loss) on derivative instruments in the consolidated statement of operations. | |||||||||||||
The foreign currency denominated trade receivables, unbilled receivables, billings in excess of revenue earned and subcontractor accruals that are related to the outstanding foreign exchange contracts are remeasured at the end of each period into the functional currency using the current exchange rate at the end of the period. The gain or loss resulting from such remeasurement is also included in gain (loss) on derivative instruments in the consolidated statement of operations. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recognized a net gain (loss) on its derivative instruments as outlined below: | |||||||||||||
Years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Foreign exchange contracts- change in fair value | $ | (489 | ) | $ | (202 | ) | $ | 73 | |||||
Remeasurement of related contract receivables and billings in excess of revenue earned | 754 | 81 | (141 | ) | |||||||||
$ | 265 | $ | (121 | ) | $ | (68 | ) | ||||||
Reclassification | ' | ||||||||||||
Reclassifications | |||||||||||||
Certain prior year amounts have been reclassified to conform with the current year presentation. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Allowance for Doubtful Accounts | ' | ||||||||||||
The activity in the allowance for doubtful accounts is as follows: | |||||||||||||
(in thousands) | As of and for the | ||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 2 | $ | 136 | $ | 2,040 | |||||||
Current year provision | 38 | - | (230 | ) | |||||||||
Current year write-offs | (38 | ) | (134 | ) | (1,674 | ) | |||||||
Ending balance | $ | 2 | $ | 2 | $ | 136 | |||||||
Schedule of Warranties | ' | ||||||||||||
The activity in the warranty accounts is as follows: | |||||||||||||
(in thousands) | As of and for the | ||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 2,107 | $ | 2,300 | $ | 1,680 | |||||||
Current year provision | 809 | 993 | 987 | ||||||||||
Current year claims | (1,065 | ) | (1,215 | ) | (352 | ) | |||||||
Currency adjustment | - | 29 | (15 | ) | |||||||||
Ending balance | $ | 1,851 | $ | 2,107 | $ | 2,300 | |||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||
The number of common shares and common share equivalents used in the determination of basic and diluted income (loss) per share were as follows: | |||||||||||||
(in thousands, except for share and per share amounts) | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net income (loss) attributed to common stockholders | $ | (10,511 | ) | $ | 1,174 | $ | 2,801 | ||||||
Denominator: | |||||||||||||
Weighted-average shares outstanding for basic earnings per share | 18,150,915 | 18,383,564 | 18,952,401 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock options and warrants | - | 74,893 | 170,502 | ||||||||||
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share | 18,150,915 | 18,458,457 | 19,122,903 | ||||||||||
Shares related to dilutive securities excluded because inclusion would be anti-dilutive | 2,919,521 | 2,885,809 | 1,701,794 | ||||||||||
Percentage of Receivable by Major Customers | ' | ||||||||||||
The Company is subject to concentration of credit risk with respect to contract receivables. Credit risk on contract receivables is mitigated by the nature of the Company's worldwide customer base and its credit policies. The Company's customers are not concentrated in any specific geographic region, but are concentrated in the energy industry. The following customers have provided more than 10% of the Company's consolidated contract receivables for the indicated periods: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Slovenské elektrárne, a.s. | 35.90% | 17.40% | |||||||||||
Shandong Nuclear Power Co. Ltd. | 8.10% | 13.80% | |||||||||||
Schedule of Foreign Exchange Contracts, Statement of Financial Position | ' | ||||||||||||
As of December 31, 2013, the Company had foreign exchange contracts outstanding of approximately 0.2 million Pounds Sterling, 13.3 million Euro, and 10.1 million Japanese Yen at fixed rates. At December 31, 2012, the Company had foreign exchange contracts outstanding of approximately 0.8 million Pounds Sterling, 9.9 million Euro, and 61.8 million Japanese Yen at fixed rates. The contracts expire on various dates through May 2016. The Company had not designated the foreign exchange contracts as hedges and had recorded the estimated fair value of the contracts in the consolidated balance sheet as follows: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Asset derivatives | |||||||||||||
Prepaid expenses and other current assets | $ | 140 | $ | 296 | |||||||||
Other assets | 2 | 20 | |||||||||||
142 | 316 | ||||||||||||
Liability derivatives | |||||||||||||
Other current liabilities | (637 | ) | (190 | ) | |||||||||
Other liabilities | (18 | ) | (149 | ) | |||||||||
(655 | ) | (339 | ) | ||||||||||
Net fair value | $ | (513 | ) | $ | (23 | ) | |||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recognized a net gain (loss) on its derivative instruments as outlined below: | |||||||||||||
Years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Foreign exchange contracts- change in fair value | $ | (489 | ) | $ | (202 | ) | $ | 73 | |||||
Remeasurement of related contract receivables and billings in excess of revenue earned | 754 | 81 | (141 | ) | |||||||||
$ | 265 | $ | (121 | ) | $ | (68 | ) |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Acquisitions [Abstract] | ' | ||||||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||||||
The following table summarizes the purchase price and purchase price allocation for the acquisition of EnVision Systems, Inc., acquired on January 4, 2011. | |||||||||
(Dollars in thousands) | |||||||||
EnVision Systems, Inc. | |||||||||
Cash purchase price | $ | 1,200 | |||||||
Fair value of contingent consideration | 1,998 | ||||||||
Payable to EnVision Shareholders - contracts receivable | 687 | ||||||||
Working capital retained by EnVision Shareholders - cash | 109 | ||||||||
Total purchase price | $ | 3,994 | |||||||
Purchase price allocation: | |||||||||
Cash | $ | 553 | |||||||
Contract receivables | 1,124 | ||||||||
Prepaid expenses and other current assets | 62 | ||||||||
Property and equipment, net | 22 | ||||||||
Intangible assets | 1,509 | ||||||||
Goodwill | 1,854 | ||||||||
Other assets | 321 | ||||||||
Total assets | 5,445 | ||||||||
Accounts payable, accrued expenses, and other liabilities | 429 | ||||||||
Billings in excess of revenue earned | 46 | ||||||||
Deferred tax liability | 976 | ||||||||
Total liabilities | 1,451 | ||||||||
Net assets acquired | $ | 3,994 | |||||||
Schedule of Pro Forma Results | ' | ||||||||
Pro forma results. Our consolidated financial statements include the operating results of EnVision as of the date of acquisition. For the twelve months ended December 31, 2011 and 2010, the unaudited pro forma financial information below assumes that our material business acquisition of EnVision occurred on January 1, 2010. | |||||||||
(in thousands except per share data) | (unaudited) | ||||||||
Twelve Months ended | |||||||||
December 31, | |||||||||
Pro forma financial information including the acquisition of EnVision | 2011 | 2010 | |||||||
Revenue | $ | 51,126 | $ | 50,410 | |||||
Operating income (loss) | 2,590 | (708 | ) | ||||||
Net income (loss) | 3,163 | (1,711 | ) | ||||||
Earnings (loss) per common share — basic | $ | 0.17 | $ | (0.09 | ) | ||||
Earnings (loss) per common share — diluted | $ | 0.17 | $ | (0.09 | ) |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||
Schedule of Goodwill | ' | ||||||||||||
Changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 were as follows (in thousands): | |||||||||||||
Net book value at December 31, 2011 | $ | 4,462 | |||||||||||
2012 Activity | |||||||||||||
Goodwill impairment loss | - | ||||||||||||
Acquisitions | - | ||||||||||||
Foreign currency translation | 40 | ||||||||||||
Net book value at December 31, 2012 | 4,502 | ||||||||||||
2013 Activity | |||||||||||||
Goodwill impairment loss | (4,462 | ) | |||||||||||
Acquisitions | - | ||||||||||||
Foreign currency translation | (40 | ) | |||||||||||
Net book value at December 31, 2013 | $ | - | |||||||||||
Schedule of Intangible Assets | ' | ||||||||||||
Intangible Assets Subject to Amortization | |||||||||||||
The following table shows the gross carrying amount and accumulated amortization of definite-lived intangibles related to continuing operations: | |||||||||||||
(in thousands) | As of December 31, 2013 | ||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||
Amortized intangible assets: | |||||||||||||
Customer relationships | $ | 646 | $ | (646 | ) | $ | - | ||||||
Non-contractual customer relationships | 911 | (557 | ) | 354 | |||||||||
Developed technology | 471 | (177 | ) | 294 | |||||||||
In process research and development | 152 | (127 | ) | 25 | |||||||||
Contract backlog | 36 | (36 | ) | - | |||||||||
Trade names and other | 29 | (29 | ) | - | |||||||||
Foreign currency translation | 52 | (16 | ) | 36 | |||||||||
Total | $ | 2,297 | $ | (1,588 | ) | $ | 709 | ||||||
(in thousands) | As of December 31, 2012 | ||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||
Amortized intangible assets: | |||||||||||||
Customer relationships | $ | 646 | $ | (621 | ) | $ | 25 | ||||||
Non-contractual customer relationships | 911 | (453 | ) | 458 | |||||||||
Developed technology | 471 | (118 | ) | 353 | |||||||||
In process research and development | 152 | (112 | ) | 40 | |||||||||
Contract backlog | 36 | (36 | ) | - | |||||||||
Trade names and other | 29 | (23 | ) | 6 | |||||||||
Foreign currency translation | 37 | (8 | ) | 29 | |||||||||
Total | $ | 2,282 | $ | (1,371 | ) | $ | 911 | ||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | ||||||||||||
Amortization expense related to definite-lived intangible assets totaled $207,000 $313,000 and $948,000 for the years ended December 31, 2013, 2012, and 2011, respectively. The following table shows the estimated amortization expense of the definite-lived intangible assets for the next five years and thereafter: | |||||||||||||
(in thousands) | |||||||||||||
Fiscal year ending: | |||||||||||||
2014 | $ | 143 | |||||||||||
2015 | 132 | ||||||||||||
2016 | 125 | ||||||||||||
2017 | 121 | ||||||||||||
2018 | 120 | ||||||||||||
Thereafter | 68 | ||||||||||||
$ | 709 | ||||||||||||
Contract_Receivables_Tables
Contract Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Contract Receivables [Abstract] | ' | ||||||||
Components of Contract Receivables | ' | ||||||||
Contract receivables represent balances due from a broad base of both domestic and international customers. All contract receivables are considered to be collectible within twelve months. Recoverable costs and accrued profit not billed represent costs incurred and associated profit accrued on contracts that will become billable upon future milestones or completion of contracts. The components of contract receivables are as follows: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Billed receivables | $ | 19,040 | $ | 12,403 | |||||
Recoverable costs and accrued profit not billed | 5,519 | 11,315 | |||||||
Allowance for doubtful accounts | (2 | ) | (2 | ) | |||||
Total contract receivables, net | $ | 24,557 | $ | 23,716 | |||||
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Prepaid Expenses and Other Current Assets [Abstract] | ' | ||||||||
Schedule of Prepaid Expenses and Other Current Assets | ' | ||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Prepaid expenses | $ | 630 | $ | 608 | |||||
Deferred income taxes- current | 13 | 119 | |||||||
Value added tax receivable | 409 | 128 | |||||||
Unrestricted certificates of deposit | - | 846 | |||||||
Receivable from sale of 49% stake in GSE-UNIS | 1,183 | - | |||||||
Other current assets | 1,464 | 1,511 | |||||||
Total | $ | 3,699 | $ | 3,212 |
Equipment_Software_and_Leaseho1
Equipment, Software, and Leasehold Improvements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equipment, Software and Leasehold Improvements [Abstract] | ' | ||||||||
Equipment, Software and Leasehold Improvements | ' | ||||||||
Equipment, software and leasehold improvements consist of the following: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Computer equipment | $ | 3,304 | $ | 3,246 | |||||
Software | 1,348 | 1,266 | |||||||
Leasehold improvements | 446 | 369 | |||||||
Furniture and fixtures | 1,992 | 1,852 | |||||||
7,090 | 6,733 | ||||||||
Accumulated depreciation | (5,175 | ) | (4,653 | ) | |||||
Equipment, software and leasehold improvements, net | $ | 1,915 | $ | 2,080 |
Software_Development_Costs_Tab
Software Development Costs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Software Development Costs, net [Abstract] | ' | ||||||||||||
Schedule of Software Development Costs | ' | ||||||||||||
Software development costs, net consist of the following: | |||||||||||||
(in thousands) | December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning Balance | $ | 2,426 | $ | 1,815 | $ | 1,790 | |||||||
Additions | 1,309 | 1,315 | 838 | ||||||||||
Amortization | (541 | ) | (704 | ) | (813 | ) | |||||||
Impairments | (2,174 | ) | - | - | |||||||||
Ending Balance | $ | 1,020 | $ | 2,426 | $ | 1,815 | |||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||
Assets and Liabilities Measured at Fair Value | ' | ||||||||||||||||
The following table presents assets and liabilities measured at fair value at December 31, 2013: | |||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active Markets | Other Observable | Unobservable | |||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
Money market funds | $ | 10,553 | $ | - | $ | - | 10,553 | ||||||||||
Foreign exchange contracts | - | 142 | - | 142 | |||||||||||||
Total assets | $ | 10,553 | $ | 142 | $ | - | $ | 10,695 | |||||||||
Foreign exchange contracts | $ | - | $ | (655 | ) | $ | - | $ | (655 | ) | |||||||
Total liabilities | $ | - | $ | (655 | ) | $ | - | $ | (655 | ) | |||||||
The following table presents assets and liabilities measured at fair value at December 31, 2012: | |||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active Markets | Other Observable | Unobservable | |||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
Money market funds | $ | 18,082 | $ | - | $ | - | 18,082 | ||||||||||
Certificates of deposit | 890 | - | - | 890 | |||||||||||||
Foreign exchange contracts | - | 316 | - | 316 | |||||||||||||
Total assets | $ | 18,972 | $ | 316 | $ | - | $ | 19,288 | |||||||||
Foreign exchange contracts | $ | - | $ | (339 | ) | $ | - | $ | (339 | ) | |||||||
Total liabilities | $ | - | $ | (339 | ) | $ | - | $ | (339 | ) |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Long-Term Debt [Abstract] | ' | ||
Susquehanna Bank Loan Agreement Debt Covenants | ' | ||
Issuances of stand-by letters of credit and advances of working capital (collectively referred to as the "Advances") require that the Company maintain a minimum cash balance of $3.0 million at all times (the "Cash Balance Requirement"). The Cash Balance Requirement will remain at the minimum amount as long as the Company's quarterly net income (exclusive of gains and losses on derivative instruments and stock option expense) as defined ("Net Income") remains positive and the Company is in compliance with the covenants. If the Company's quarterly consolidated Net Income is negative or the Company is not in compliance with the covenants, the Cash Balance Requirement will revert to the amount of the Advances, until the Company attains positive Net Income for two consecutive quarters. The credit agreements contain certain restrictive covenants regarding future acquisitions and incurrence of debt. In addition, the credit agreements contain financial covenants with respect to the Company's cash flow coverage ratio, minimum tangible capital base, quick ratio, and tangible capital base ratio. At December 31, 2013, the Company had not paid any interest or principal payments related to any borrowings for over one year. As such, the cash flow coverage ratio is not applicable at December 31, 2013. | |||
As of | |||
Covenant | 31-Dec-13 | ||
Minimum tangible capital base | Must Exceed $26.0 million | $28.7 million | |
Quick ratio | Must Exceed 2.00 : 1.00 | 2.45 : 1.00 | |
Tangible capital base ratio | Not to Exceed .75 : 1.00 | .64 : 1.00 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | ||||||||||||
The consolidated income (loss) before income taxes, by domestic and foreign sources, is as follows: | |||||||||||||
(in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | (7,797 | ) | $ | 127 | $ | 1,204 | ||||||
Foreign | (2,568 | ) | 1,736 | 1,159 | |||||||||
Total | $ | (10,365 | ) | $ | 1,863 | $ | 2,363 | ||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The provision (benefit) for income taxes is as follows: | |||||||||||||
(in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 4 | $ | 22 | $ | 62 | |||||||
State | 22 | 19 | 181 | ||||||||||
Foreign | 382 | 562 | 462 | ||||||||||
Subtotal | 408 | 603 | 705 | ||||||||||
Deferred: | |||||||||||||
Federal | - | - | (1,002 | ) | |||||||||
Foreign | (262 | ) | 86 | (141 | ) | ||||||||
Subtotal | (262 | ) | 86 | (1,143 | ) | ||||||||
Total | $ | 146 | $ | 689 | $ | (438 | ) | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
The effective income tax rate differed from the statutory federal income tax rate due to the following: | |||||||||||||
Effective Tax Rate Percentage (%) | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 34.00% | 34.00% | 34.00% | ||||||||||
State income taxes, net of federal tax benefit | -0.10% | 0.70% | 5.00% | ||||||||||
Effect of foreign operations | -6.90% | -9.50% | -12.00% | ||||||||||
Tax benefit resulting from OCI allocation | 0.50% | 0.00% | 0.00% | ||||||||||
Change in valuation allowance | -12.10% | -13.40% | -68.30% | ||||||||||
Other, principally permanent differences | -16.80% | 25.20% | 22.80% | ||||||||||
Effective tax rate | -1.40% | 37.00% | -18.50% | ||||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Deferred income taxes arise from temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. A summary of the tax effect of the significant components of the deferred income tax liabilities is as follows: | |||||||||||||
(in thousands) | Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 5,589 | $ | 4,352 | $ | 4,850 | |||||||
Capital loss carryforwards | 703 | 2,446 | 2,351 | ||||||||||
Accruals | 337 | 145 | 135 | ||||||||||
Reserves | 611 | 1,353 | 1,494 | ||||||||||
Alternative minimum tax credit carryforwards | 166 | 166 | 166 | ||||||||||
Other | 1,701 | 1,568 | 1,449 | ||||||||||
Total deferred tax asset | 9,107 | 10,030 | 10,445 | ||||||||||
Valuation allowance | (7,057 | ) | (7,026 | ) | (6,869 | ) | |||||||
Total deferred tax asset less valuation allowance | 2,050 | 3,004 | 3,576 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Undistributed earnings of foreign subsidiary | (1,228 | ) | (1,473 | ) | (1,950 | ) | |||||||
Software development costs | (384 | ) | (934 | ) | (690 | ) | |||||||
Other | (491 | ) | (910 | ) | (1,145 | ) | |||||||
Total deferred tax liability | (2,103 | ) | (3,317 | ) | (3,785 | ) | |||||||
Net deferred tax liability | $ | (53 | ) | $ | (313 | ) | $ | (209 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ||||||||||||||||
Information with respect to stock option activity as of and for the year ended December 31, 2013 is as follows: | |||||||||||||||||
Number | Weighted | Aggregate | Weighted | ||||||||||||||
of Shares | Average | Intrinsic | Average | ||||||||||||||
Exercise | Value (in thousands) | Remaining | |||||||||||||||
Price | Contractual Life | ||||||||||||||||
(Years) | |||||||||||||||||
Options outstanding at December 31, 2012 | 3,070,803 | $ | 3.4 | ||||||||||||||
Options granted | 293,000 | 1.76 | |||||||||||||||
Options exercised | (162,000 | ) | 1.62 | ||||||||||||||
Options forfeited | (165,816 | ) | 2.71 | ||||||||||||||
Options outstanding at December 31, 2013 | 3,035,987 | 3.38 | $ | - | 4.32 | ||||||||||||
Options expected to vest | 1,287,801 | 2.37 | $ | - | 5.28 | ||||||||||||
Options exercisable at December 31, 2013 | 1,748,186 | $ | 4.12 | $ | - | 3.62 | |||||||||||
Schedule of Nonvested Share Activity | ' | ||||||||||||||||
A summary of the status of the Company's nonvested options as of and for the year ended December 31, 2013 is presented below. | |||||||||||||||||
Number of Shares | Weighted Average Fair Value | ||||||||||||||||
Nonvested options at December 31, 2012 | 1,750,107 | $ | 1.43 | ||||||||||||||
Options granted | 293,000 | 0.9 | |||||||||||||||
Options forfeited | (120,646 | ) | 1.19 | ||||||||||||||
Options vested during the period | (634,660 | ) | 1.45 | ||||||||||||||
Nonvested options at December 31, 2013 | 1,287,801 | $ | 1.33 | ||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | ' | ||||||||||||||||
The fair value of the options granted in 2013, 2012 and 2011 were estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rates | .85 - 1.68% | .34 - 1.16% | 1.06 - 2.28% | ||||||||||||||
Dividend yield | 0% | 0% | 0% | ||||||||||||||
Expected life | 5.49 - 7.00 years | 2.00 - 6.28 years | 3.75 - 6.98 years | ||||||||||||||
Volatility | 51.31 - 56.80% | 52.13 - 57.85% | 49.49 - 60.24% | ||||||||||||||
Weighted average volatility | 52.46% | 53.85% | 55.04% |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
The Company is obligated under certain noncancelable operating leases for office facilities and equipment. Future minimum lease payments under noncancelable operating leases as of December 31, 2013 are as follows: | |||||
(in thousands) | Gross Future | ||||
Minimum Lease | |||||
Payments | |||||
2014 | $ | 1,169 | |||
2015 | 1,109 | ||||
2016 | 982 | ||||
2017 | 806 | ||||
2018 | 463 | ||||
Thereafter | 190 | ||||
Total | $ | 4,719 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||
For the years ended December 31, 2013, 2012, and 2011, 65%, 59%, and 67%, respectively, of the Company's consolidated revenue was from customers in the nuclear power industry. The Company designs, develops and delivers business and technology solutions to the energy industry worldwide. Revenue, operating income (loss) and total assets for the Company's United States, European, and Asian subsidiaries as of and for the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||||||||||
(in thousands) | Year ended December 31, 2013 | ||||||||||||||||||||
United States | Europe | Asia | Eliminations | Consolidated | |||||||||||||||||
Contract revenue | $ | 33,419 | $ | 8,639 | $ | 5,504 | $ | - | $ | 47,562 | |||||||||||
Transfers between geographic locations | 5,602 | 446 | 636 | (6,684 | ) | - | |||||||||||||||
Total contract revenue | $ | 39,021 | $ | 9,085 | $ | 6,140 | $ | (6,684 | ) | $ | 47,562 | ||||||||||
Operating income (loss) | $ | (7,767 | ) | $ | (3,053 | ) | $ | 152 | $ | - | $ | (10,668 | ) | ||||||||
Total assets, at December 31 | $ | 67,255 | $ | 11,206 | $ | 6,508 | $ | (36,142 | ) | $ | 48,827 | ||||||||||
(in thousands) | Year ended December 31, 2012 | ||||||||||||||||||||
United States | Europe | Asia | Eliminations | Consolidated | |||||||||||||||||
Contract revenue | $ | 36,222 | $ | 15,005 | $ | 1,019 | $ | - | $ | 52,246 | |||||||||||
Transfers between geographic locations | 2,226 | 494 | 661 | (3,381 | ) | - | |||||||||||||||
Total contract revenue | $ | 38,448 | $ | 15,499 | $ | 1,680 | $ | (3,381 | ) | $ | 52,246 | ||||||||||
Operating income | $ | 585 | $ | 1,285 | $ | 127 | $ | - | $ | 1,997 | |||||||||||
Total assets, at December 31 | $ | 81,792 | $ | 15,543 | $ | 1,640 | $ | (36,411 | ) | $ | 62,564 | ||||||||||
(in thousands) | Year ended December 31, 2011 | ||||||||||||||||||||
United States | Europe | Asia | Eliminations | Consolidated | |||||||||||||||||
Contract revenue | $ | 37,587 | $ | 12,443 | $ | 1,096 | $ | - | $ | 51,126 | |||||||||||
Transfers between geographic locations | 1,379 | - | 416 | (1,795 | ) | - | |||||||||||||||
Total contract revenue | $ | 38,966 | $ | 12,443 | $ | 1,512 | $ | (1,795 | ) | $ | 51,126 | ||||||||||
Operating income | $ | 745 | $ | 1,293 | $ | 190 | $ | - | $ | 2,228 | |||||||||||
Total assets, at December 31 | $ | 78,900 | $ | 13,429 | $ | 1,002 | $ | (34,516 | ) | $ | 58,815 |
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Disclosure of Cash Flow Information [Abstract] | ' | ||||||||||||
Schedule of Supplemental Disclosure of Cash Flow Information | ' | ||||||||||||
(in thousands) | Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash paid: | |||||||||||||
Interest | $ | - | $ | - | $ | - | |||||||
Income taxes | $ | 539 | $ | 1,094 | $ | 813 |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
The Company's quarterly financial information has not been audited but, in management's opinion, includes all adjustments necessary for a fair presentation. | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Year ended December 31, 2013 Quarterly Data | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Contract revenue | $ | 12,383 | $ | 11,034 | $ | 11,883 | $ | 12,262 | |||||||||
Operating loss | (1,289 | ) | (7,965 | ) | (922 | ) | (492 | ) | |||||||||
Net income (loss) | (1,155 | ) | (8,199 | ) | (995 | ) | (162 | ) | |||||||||
Basic income (loss) per common share | $ | (0.06 | ) | $ | (0.45 | ) | $ | (0.06 | ) | $ | (0.01 | ) | |||||
Diluted income (loss) per common share | $ | (0.06 | ) | $ | (0.45 | ) | $ | (0.06 | ) | $ | (0.01 | ) | |||||
Year ended December 31, 2012 Quarterly Data | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Contract revenue | $ | 13,389 | $ | 13,183 | $ | 13,009 | $ | 12,665 | |||||||||
Operating income (loss) | 218 | 560 | 1,356 | (137 | ) | ||||||||||||
Net income (loss) | 530 | 158 | 816 | (330 | ) | ||||||||||||
Basic income (loss) per common share | $ | 0.03 | $ | 0.01 | $ | 0.04 | $ | (0.02 | ) | ||||||||
Diluted income (loss) per common share | $ | 0.03 | $ | 0.01 | $ | 0.04 | $ | (0.02 | ) | ||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | |
Segment | |||||
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Term of warranty | ' | '1 year | ' | ' | ' |
Period of post customer support service (PCS) | ' | '1 year | ' | ' | ' |
Cash and Cash Equivalents [Abstract] | ' | ' | ' | ' | ' |
Money market accounts | ' | $9,500,000 | $16,400,000 | ' | ' |
Maximum maturity period for highly liquid investments to be considered cash equivalents | ' | '3 months | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | ' | 2,000 | 136,000 | 2,040,000 | ' |
Current year provision | ' | 38,000 | 0 | -230,000 | 1,600,000 |
Allowance for Doubtful Accounts Receivable, Write-offs | ' | -38,000 | -134,000 | -1,674,000 | ' |
Ending balance | ' | 2,000 | 2,000 | 136,000 | ' |
Software Development Costs, net [Abstract] | ' | ' | ' | ' | ' |
Software Development Costs Useful Life | ' | '3 years | ' | ' | ' |
Write down of capitalized software development costs | 2,174,000 | 2,174,000 | 0 | 0 | ' |
Development Expenditures [Abstract] | ' | ' | ' | ' | ' |
Development Expenditures | ' | 2,900,000 | 2,400,000 | 1,800,000 | ' |
Goodwill and Intangible Assets [Abstract] | ' | ' | ' | ' | ' |
Number of reporting units | ' | 1 | ' | ' | ' |
Goodwill impairment loss | ' | 4,462,000 | 0 | 0 | ' |
Foreign Currency Translation [Abstract] | ' | ' | ' | ' | ' |
Foreign currency transaction gains (losses) | ' | -111,000 | 313,000 | -136,000 | ' |
Product Warranty [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | ' | 2,107,000 | 2,300,000 | 1,680,000 | ' |
Current year provision | ' | 809,000 | 993,000 | 987,000 | ' |
Current year claims | ' | -1,065,000 | -1,215,000 | -352,000 | ' |
Currency adjustment | ' | 0 | 29,000 | -15,000 | ' |
Ending balance | ' | 1,851,000 | 2,107,000 | 2,300,000 | ' |
Stock-Based Compensation [Abstract] | ' | ' | ' | ' | ' |
Share based compensation expense | ' | 810,000 | 914,000 | 727,000 | ' |
Unrecognized compensation expense | ' | 1,500,000 | ' | ' | ' |
Numerator: [Abstract] | ' | ' | ' | ' | ' |
Net income (loss) attributed to common stockholders | ' | ($10,511,000) | $1,174,000 | $2,801,000 | ' |
Denominator: [Abstract] | ' | ' | ' | ' | ' |
Weighted-average shares outstanding for basic earnings per share (in shares) | ' | 18,150,915 | 18,383,564 | 18,952,401 | ' |
Effect of Dilutive Securities: [Abstract] | ' | ' | ' | ' | ' |
Employee stock options and warrants (in shares) | ' | 0 | 74,893 | 170,502 | ' |
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share (in shares) | ' | 18,150,915 | 18,458,457 | 19,122,903 | ' |
Shares related to dilutive securities excluded because inclusion would be anti-dilutive (in shares) | ' | 2,919,521 | 2,885,809 | 1,701,794 | ' |
In the money options and warrants (in shares) | ' | 3,056 | ' | ' | ' |
Equipment, Software and Leasehold Improvements, net [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Equipment, software and leasehold improvements, net [Abstract] | ' | ' | ' | ' | ' |
Estimated useful life | ' | '10 years | ' | ' | ' |
Equipment, Software and Leasehold Improvements, net [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Equipment, software and leasehold improvements, net [Abstract] | ' | ' | ' | ' | ' |
Estimated useful life | ' | '3 years | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies, Concentration of Credit Risk (Details) (Net Receivables [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Slovenske elektrarne, a.s. [Member] | ' | ' |
Receivable by major customers [Abstract] | ' | ' |
Percentage of receivables contributed by major customers (in hundredths) | 35.90% | 17.40% |
Shandong Nuclear Power Co. Ltd. [Member] | ' | ' |
Receivable by major customers [Abstract] | ' | ' |
Percentage of receivables contributed by major customers (in hundredths) | 8.10% | 13.80% |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies, Derivative Instruments (Details) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | EUR (€) | GBP (£) | JPY (¥) | EUR (€) | GBP (£) | JPY (¥) | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | |
Not designated as Hedges [Member] | Not designated as Hedges [Member] | Not designated as Hedges [Member] | Not designated as Hedges [Member] | Not designated as Hedges [Member] | Not designated as Hedges [Member] | Not designated as Hedges [Member] | Not designated as Hedges [Member] | Not designated as Hedges [Member] | Not designated as Hedges [Member] | ||||||||||
USD ($) | USD ($) | Prepaid expenses and other current assets [Member] | Prepaid expenses and other current assets [Member] | Other assets [Member] | Other assets [Member] | Other current liabilities [Member] | Other current liabilities [Member] | Other liabilities [Member] | Other liabilities [Member] | ||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
Notional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Maturity Date | 31-May-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange contract outstanding | ' | ' | ' | € 13,300,000 | £ 200,000 | ¥ 10,100,000 | € 9,900,000 | £ 800,000 | ¥ 61,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of the contracts in the consolidated balance sheets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,000 | 316,000 | 140,000 | 296,000 | 2,000 | 20,000 | ' | ' | ' | ' |
Liability derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | -655,000 | -339,000 | ' | ' | ' | ' | -637,000 | -190,000 | -18,000 | -149,000 |
Net fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | -513,000 | -23,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) from derivative instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange contracts- change in fair value | -489,000 | -202,000 | 73,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remeasurement of related contract receivables, billings in excess of revenue earned, and subcontractor accruals | 754,000 | 81,000 | -141,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on derivative, net | $265,000 | ($121,000) | ($68,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 04, 2011 | Jan. 31, 2011 | Jan. 31, 2011 | Jan. 04, 2011 | Jan. 04, 2011 | Jan. 04, 2011 | Jan. 04, 2011 | Jan. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
EnVision Systems, Inc. [Member] | EnVision Systems, Inc. [Member] | EnVision Systems, Inc. [Member] | EnVision Systems, Inc. [Member] | EnVision Systems, Inc. [Member] | EnVision Systems, Inc. [Member] | EnVision Systems, Inc. [Member] | EnVision Systems, Inc. [Member] | EnVision Systems, Inc. [Member] | Other current liabilities [Member] | Other current liabilities [Member] | Other non current liabilities [Member] | Other non current liabilities [Member] | |||||
Minimum [Member] | Maximum [Member] | Contractual Customer Relationships [Member] | Customer Relationships [Member] | Developed Technology [Member] | In Process Research and Development [Member] | Domain Names and Other Marketing Related [Member] | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | ' | ' | ' | 4-Jan-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash purchase price | ' | ' | ' | ' | $1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of contingent consideration | ' | ' | ' | ' | 1,998,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payable to EnVision Shareholders - contracts receivable | ' | ' | ' | ' | 687,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working Capital To Be Retained By The Acquirer | ' | ' | ' | ' | 109,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Total | ' | ' | ' | ' | 3,994,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combinations Purchase Price Allocation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | 553,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract receivables | ' | ' | ' | ' | 1,124,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | 62,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | 1,509,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 4,462,000 | ' | 0 | 4,502,000 | 1,854,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' | 321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | 5,445,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable, accrued expenses and other liabilities | ' | ' | ' | ' | 429,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Billings in excess of revenue earned | ' | ' | ' | ' | 46,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liability | ' | ' | ' | ' | 976,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | ' | ' | ' | ' | 1,451,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired | ' | ' | ' | ' | 3,994,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest acquired (in hundredths) | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite Intangible Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired intangible asset | ' | ' | ' | ' | ' | ' | ' | ' | 438,000 | 433,000 | 471,000 | 152,000 | 15,000 | ' | ' | ' | ' |
Weighted average useful life | ' | ' | ' | ' | ' | ' | '3 years | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 492,000 | 1,644,000 | 409,000 | 902,000 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 51,126,000 | 50,410,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | 2,590,000 | -708,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $3,163,000 | ($1,711,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) per common share - basic | $0.17 | ($0.09) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) per common share - diluted | $0.17 | ($0.09) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Beginning balance | $4,502 | $4,462 | ' |
Goodwill impairment loss | 4,462 | 0 | 0 |
Acquisitions | 0 | 0 | ' |
Foreign currency translation | -40 | 40 | ' |
Ending balance | 0 | 4,502 | 4,462 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 2,297 | 2,282 | ' |
Accumulated amortization | -1,588 | -1,371 | ' |
Total | 709 | 911 | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 143 | ' | ' |
2015 | 132 | ' | ' |
2016 | 125 | ' | ' |
2017 | 121 | ' | ' |
2018 | 120 | ' | ' |
Thereafter | 68 | ' | ' |
Total | 709 | 911 | ' |
Amortization of definite-lived intangible assets | 207 | 313 | 948 |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 646 | 646 | ' |
Accumulated amortization | -646 | -621 | ' |
Total | 0 | 25 | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Total | 0 | 25 | ' |
Non Contractual Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 911 | 911 | ' |
Accumulated amortization | -557 | -453 | ' |
Total | 354 | 458 | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Total | 354 | 458 | ' |
Developed Technology [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 471 | 471 | ' |
Accumulated amortization | -177 | -118 | ' |
Total | 294 | 353 | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Total | 294 | 353 | ' |
In Process Research and Development [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 152 | 152 | ' |
Accumulated amortization | -127 | -112 | ' |
Total | 25 | 40 | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Total | 25 | 40 | ' |
Contract Backlog [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 36 | 36 | ' |
Accumulated amortization | -36 | -36 | ' |
Total | 0 | 0 | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Total | 0 | 0 | ' |
Trade Names and Other [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 29 | 29 | ' |
Accumulated amortization | -29 | -23 | ' |
Total | 0 | 6 | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Total | 0 | 6 | ' |
Foreign Currency Translation [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 52 | 37 | ' |
Accumulated amortization | -16 | -8 | ' |
Total | 36 | 29 | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Total | 36 | 29 | ' |
Tas Holdings Ltd [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Accelerated Amortization of Intangible Assets | ' | ' | $116 |
Contract_Receivables_Details
Contract Receivables (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Contract Receivables [Abstract] | ' | ' | ' | ' |
Maximum term of contract receivables | '12 months | ' | ' | ' |
Components of contract receivables [Abstract] | ' | ' | ' | ' |
Billed receivables | $19,040 | $12,403 | ' | ' |
Recoverable costs and accrued profit not billed | 5,519 | 11,315 | ' | ' |
Allowance for doubtful accounts | -2 | -2 | -136 | -2,040 |
Total contract receivables, net | $24,557 | $23,716 | ' | ' |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | GSE-UNIS Simulation Technology , Ltd. [Member] | ||
Prepaid Expenses and Other Current Assets [Abstract] | ' | ' | ' |
Prepaid expenses | $630 | $608 | ' |
Deferred income taxes - current | 13 | 119 | ' |
Value added tax receivable | 409 | 128 | ' |
Unrestricted certificates of deposit | 0 | 846 | ' |
Receivable from sale of 49% stake in GSE-UNIS | 1,183 | 0 | 1,183 |
Other current assets | 1,464 | 1,511 | ' |
Total | 3,699 | 3,212 | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | 49.00% |
Disposal Date | ' | ' | 31-Jul-13 |
Receivable from sale of 49% stake in GSE-UNIS | $1,183 | $0 | $1,183 |
Equipment_Software_and_Leaseho2
Equipment, Software, and Leasehold Improvements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equipment, Software and Leasehold Improvements [Line Items] | ' | ' | ' |
Equipment, software and leasehold improvements | $7,090 | $6,733 | ' |
Accumulated depreciation | -5,175 | -4,653 | ' |
Equipment, software and leasehold improvements, net | 1,915 | 2,080 | ' |
Depreciation | 570 | 562 | 497 |
Capitalized ERP software cost | 68 | 1,100 | 0 |
Computer Equipment [Member] | ' | ' | ' |
Equipment, Software and Leasehold Improvements [Line Items] | ' | ' | ' |
Equipment, software and leasehold improvements | 3,304 | 3,246 | ' |
Software [Member] | ' | ' | ' |
Equipment, Software and Leasehold Improvements [Line Items] | ' | ' | ' |
Equipment, software and leasehold improvements | 1,348 | 1,266 | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Equipment, Software and Leasehold Improvements [Line Items] | ' | ' | ' |
Equipment, software and leasehold improvements | 446 | 369 | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Equipment, Software and Leasehold Improvements [Line Items] | ' | ' | ' |
Equipment, software and leasehold improvements | $1,992 | $1,852 | ' |
Software_Development_Costs_Det
Software Development Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capitalized Development Costs [Line Items] | ' | ' | ' |
Capitalized Computer Software, Net, Beginning Balance | $2,426 | $1,815 | $1,790 |
Capitalized Computer Software, Additions | 1,309 | 1,315 | 838 |
Capitalized Computer Software, Amortization | 541 | 704 | 813 |
Capitalized Computer Software, Impairments | 2,174 | 0 | 0 |
Capitalized Computer Software, Net, Ending Balance | $1,020 | $2,426 | $1,815 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Letter | ||
Bond | ||
Contract | ||
Assets and liabilities measured at fair value [Abstract] | ' | ' |
Money market funds | $10,553,000 | $18,082,000 |
Certificates of deposit | 0 | 890,000 |
Foreign exchange contracts - Assets | 142,000 | 316,000 |
Total assets | 10,695,000 | 19,288,000 |
Foreign exchange contracts - Liabilities | -655,000 | -339,000 |
Total liabilities | -655,000 | -339,000 |
Unrestricted cash | 9,500,000 | 16,400,000 |
Standby letters of credit and surety bonds | 4,900,000 | ' |
Number of standby letters of credit | 10 | ' |
Number of surety bonds | 2 | ' |
Number of bid bonds contract | 11 | ' |
Number of stand by letters of credit deposited in certificates of deposit | 4 | ' |
Restricted cash and investments | 1,100,000 | ' |
Number of additional letters of credit collateralized using the line of credit | 6 | ' |
Issuances of stand-by letters of credit and advances as of period end | 3,600,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Assets and liabilities measured at fair value [Abstract] | ' | ' |
Money market funds | 10,553,000 | 18,082,000 |
Certificates of deposit | 0 | 890,000 |
Foreign exchange contracts - Assets | 0 | 0 |
Total assets | 10,553,000 | 18,972,000 |
Foreign exchange contracts - Liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets and liabilities measured at fair value [Abstract] | ' | ' |
Money market funds | 0 | 0 |
Certificates of deposit | 0 | 0 |
Foreign exchange contracts - Assets | 142,000 | 316,000 |
Total assets | 142,000 | 316,000 |
Foreign exchange contracts - Liabilities | -655,000 | -339,000 |
Total liabilities | -655,000 | -339,000 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets and liabilities measured at fair value [Abstract] | ' | ' |
Money market funds | 0 | 0 |
Certificates of deposit | 0 | 0 |
Foreign exchange contracts - Assets | 0 | 0 |
Total assets | 0 | 0 |
Foreign exchange contracts - Liabilities | 0 | 0 |
Total liabilities | $0 | $0 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Quarter | |
Line of Credit Facility [Line Items] | ' |
Issuances of stand-by letters of credit and advances as of period end | $3.60 |
Line of Credit [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Principal amount of the Susquehanna line of credit | 7.5 |
Interest rate floor related to Susquehanna Bank agreement (in hundredths) | 4.50% |
Line of credit facility term | '2 years |
Expiration date of credit agreement with Susquehanna Bank | 30-Jun-14 |
Minimum Cash Balance Requirement | 3 |
Number of consecutive quarters entity must attain positive net income | 2 |
Minimum tangible capital base Covenant Requirement | 'Must Exceed $26.0 million |
Minimum tangible capital base - Covenant Compliance | '$28.7 million |
Quick ratio Covenant Requirement | 'Must Exceed 2.00 : 1.00 |
Quick ratio- Covenant Compliance | '2.45 : 1.00 |
Tangible capital base ratio Covenant Requirements | 'Not to Exceed .75 : 1.00 |
Tangible capital base ratio - Covenant Compliance | '.64 : 1.00 |
Issuances of stand-by letters of credit and advances as of period end | $3.60 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 04, 2011 | |
Income (Loss) from Continuing Operations [Abstract] | ' | ' | ' | ' |
Domestic | ($7,797,000) | $127,000 | $1,204,000 | ' |
Foreign | -2,568,000 | 1,736,000 | 1,159,000 | ' |
Income (loss) before income taxes | -10,365,000 | 1,863,000 | 2,363,000 | ' |
Current: [Abstract] | ' | ' | ' | ' |
Federal | 4,000 | 22,000 | 62,000 | ' |
State | 22,000 | 19,000 | 181,000 | ' |
Foreign | 382,000 | 562,000 | 462,000 | ' |
Subtotal | 408,000 | 603,000 | 705,000 | ' |
Deferred [Abstract] | ' | ' | ' | ' |
Federal | 0 | 0 | -1,002,000 | ' |
Foreign | -262,000 | 86,000 | -141,000 | ' |
Subtotal | -262,000 | 86,000 | -1,143,000 | ' |
Total | 146,000 | 689,000 | -438,000 | ' |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' | ' |
Statutory federal income tax rate (in hundredths) | 34.00% | 34.00% | 34.00% | ' |
State income taxes, net of federal tax benefit (in hundredths) | -0.10% | 0.70% | 5.00% | ' |
Effect of foreign operations (in hundredths) | -6.90% | -9.50% | -12.00% | ' |
Tax benefit resulting from OCI allocation | 0.50% | 0.00% | 0.00% | ' |
Change in valuation allowance (in hundredths) | -12.10% | -13.40% | -68.30% | ' |
Other, principally permanent differences (in hundredths) | -16.80% | 25.20% | 22.80% | ' |
Effective tax rate (in hundredths) | -1.40% | 37.00% | -18.50% | ' |
Non-cash income tax adjustment | -49,000 | 0 | 0 | ' |
Deferred Tax Assets, Net [Abstract] | ' | ' | ' | ' |
Net operating loss carryforwards | 5,589,000 | 4,352,000 | 4,850,000 | ' |
Capital loss carryforwards | 703,000 | 2,446,000 | 2,351,000 | ' |
Accruals | 337,000 | 145,000 | 135,000 | ' |
Reserves | 611,000 | 1,353,000 | 1,494,000 | ' |
Alternative minimum tax credit carryforwards | 166,000 | 166,000 | 166,000 | ' |
Other | 1,701,000 | 1,568,000 | 1,449,000 | ' |
Total deferred tax asset | 9,107,000 | 10,030,000 | 10,445,000 | ' |
Valuation allowance | -7,057,000 | -7,026,000 | -6,869,000 | ' |
Total deferred tax assets less valuation allowance | 2,050,000 | 3,004,000 | 3,576,000 | ' |
Deferred Tax Liabilities: [Abstract] | ' | ' | ' | ' |
Undistributed earnings of foreign subsidiaries | -1,228,000 | -1,473,000 | -1,950,000 | ' |
Software development costs | -384,000 | -934,000 | -690,000 | ' |
Other | -491,000 | -910,000 | -1,145,000 | ' |
Total deferred tax liabilities | -2,103,000 | -3,317,000 | -3,785,000 | ' |
Net deferred tax asset (liability) | -53,000 | -313,000 | -209,000 | ' |
Change in valuation allowance | 31,000 | 157,000 | -1,793,000 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 5,200,000 | ' | ' | ' |
Operating loss carryforwards | 14,700,000 | ' | ' | ' |
Operating Loss Carryforwards, expiration dates [Line Items] | ' | ' | ' | ' |
Valuation allowance | 7,057,000 | 7,026,000 | 6,869,000 | ' |
Unrecognized tax benefits from stock option exercises | 5,400,000 | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Receivable from acquisition shareholders related to unrecognized tax benefit | ' | ' | ' | 320,000 |
Reduction of the tax liability and receivable from acquisition shareholders related to unrecognized tax benefit | ' | 269,000 | ' | ' |
Income tax penalties and interest expense on tax liabilities for certain foreign tax contingencies | 2,000 | 4,000 | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' | ' |
Deferred Tax Assets, Net [Abstract] | ' | ' | ' | ' |
Valuation allowance | -6,800,000 | ' | ' | ' |
Operating Loss Carryforwards, expiration dates [Line Items] | ' | ' | ' | ' |
Valuation allowance | 6,800,000 | ' | ' | ' |
Foreign Tax Authority [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Tax liabilities for certain foreign tax contingencies | 187,000 | 165,000 | ' | ' |
Payments made for tax liabilities for certain foreign tax contingencies | $103,000 | $8,000 | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards, expiration dates [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards, Expiration Date | 31-Dec-33 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards, expiration dates [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards, Expiration Date | 31-Dec-20 | ' | ' | ' |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 21, 2011 | |
Capital Stock [Abstract] | ' | ' | ' | ' |
Capital stock, shares authorized (in shares) | 32,000,000 | ' | ' | ' |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 | ' | ' |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 | ' | ' |
Common stock reserved for issuance (in shares) | 3,856,240 | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' | $0.01 |
Share Repurchase Program | ' | ' | ' | ' |
Stock repurchased during period | $819,000 | $531,000 | $1,649,000 | ' |
Preferred Stock Rights Agreement [Member] | ' | ' | ' | ' |
Preferred Stock Rights | ' | ' | ' | ' |
Date on which dividends payable was declared by Board of Directors | ' | ' | 21-Mar-11 | ' |
Number of preferred stock purchase right declared for each outstanding common stock (per right) | ' | ' | ' | 1 |
Number of rights issued with each issuance of common stock (per right) | ' | ' | ' | 1 |
Term of stockholder protection rights agreement | ' | ' | ' | '3 years |
Rights Agreement Amendment Date | 21-Mar-14 | ' | ' | ' |
Term of the Rights Agreement extension | ' | ' | ' | '2 years |
Rights Agreement Expiration Date | 21-Mar-16 | ' | ' | ' |
Fraction of participating preferred stock that can be exercised as a result of right | ' | ' | ' | $0.01 |
Exercise price of right (in dollars per share) | ' | ' | ' | $8 |
Percentage of common stock required to exercise the right (in hundredths) | ' | ' | ' | 20.00% |
Minimum percentage of common stock owned for right to become exercisable (in hundredths) | ' | ' | ' | 20.00% |
Redemption price per right (in dollars per share) | ' | ' | ' | $0.00 |
Number of common stock exchange for rights (in shares) | ' | ' | ' | 1 |
Percentage of common stock acquired to cause substantial dilution (in hundredths) | ' | ' | ' | 20.00% |
Treasury Stock [Member] | ' | ' | ' | ' |
Share Repurchase Program | ' | ' | ' | ' |
Authorized amount under share repurchase plan by Board of Directors | 3,000,000 | ' | ' | ' |
Stock repurchased during period (in shares) | 494,424 | 280,113 | 824,374 | ' |
Stock repurchased during period | $819,000 | $531,000 | $1,649,000 | ' |
Long Term Incentive Stock Option Plan 1995 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares under options and warrants outstanding (in shares) | 3,035,987 | 3,070,803 | ' | ' |
Shares of common stock remaining to be granted (in shares) | 820,253 | ' | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock-Based Compensation [Abstract] | ' | ' | ' |
Share based compensation expense | $810,000 | $914,000 | $727,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Unrecognized compensation expense | 1,500,000 | ' | ' |
Weighted average remaining service period | '5 years 3 months 11 days | ' | ' |
Cash received from exercise of stock options | 44,000 | 272,000 | 133,000 |
Cash received from exercise of warrants | ' | ' | 10,000 |
Aggregate intrinsic value of stock options exercised | 57,000 | 94,000 | 103,000 |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Risk free interest rate, minimum (in hundredths) | 0.85% | 0.34% | 1.06% |
Risk free interest rate, maximum (in hundredths) | 1.68% | 1.16% | 2.28% |
Dividend yield (in hundredths) | 0.00% | 0.00% | 0.00% |
Volatility rate, minimum (in hundredths) | 51.31% | 52.13% | 49.49% |
Volatility rate, maximum (in hundredths) | 56.80% | 57.85% | 60.24% |
Weighted average volatility (in hundredths) | 52.46% | 53.85% | 55.04% |
Employee Stock Option [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Expected life | '5 years 5 months 26 days | '2 years | '3 years 9 months |
Employee Stock Option [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Expected life | '7 years | '6 years 3 months 11 days | '6 years 11 months 23 days |
Long Term Incentive Stock Option Plan 1995 [Member] | ' | ' | ' |
Share-based Payment Award [Line Items] | ' | ' | ' |
Term expiration for option to purchase shares, minimum | '7 years | ' | ' |
Term expiration for option to purchase shares, maximum | '10 years | ' | ' |
Plan Expiration | 30-Jun-18 | ' | ' |
Number of shares authorized (in shares) | 5,500,000 | ' | ' |
Stock options remaining to be granted (in shares) | 820,253 | ' | ' |
Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Shares under option and warrant, beginning balance (in shares) | 3,070,803 | ' | ' |
Options granted (in shares) | 293,000 | 212,870 | ' |
Options exercised (in shares) | -162,000 | ' | ' |
Options forfeited (in shares) | -165,816 | ' | ' |
Shares under options and warrant, ending balance (in shares) | 3,035,987 | 3,070,803 | ' |
Options expected to vest (in shares) | 1,287,801 | ' | ' |
Options and warrants exercisable, ending balance (in shares) | 1,748,186 | ' | ' |
Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Weighted average exercise price, shares under option and warrant, beginning balance (in dollars per share) | $3.40 | ' | ' |
Weighted average exercise price, options granted (in dollars per share) | $1.76 | ' | ' |
Weighted average exercise price, options exercised (in dollars per share) | $1.62 | ' | ' |
Weighted average exercise price, options forfeited (in dollars per share) | $2.71 | ' | ' |
Weighted average exercise price, shares under options and warrant, ending balance (in dollars per share) | $3.38 | $3.40 | ' |
Weighted average exercise price, options expected to vest (in dollars per share) | $2.37 | ' | ' |
Weighted average exercise price, options and warrants exercisable, beginning balance (in dollars per share) | $4.12 | ' | ' |
Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Aggregate intrinsic value, shares under option and warrant, beginning of period | 0 | ' | ' |
Aggregate intrinsic value, options expected to vest | 0 | ' | ' |
Aggregate intrinsic value, options and warrants exercisable, ending balance | $0 | ' | ' |
Weighted average remaining contractual life, shares under option and warrant, beginning of period | '4 years 3 months 25 days | ' | ' |
Weighted average remaining contractual life, options expected to vest | '5 years 3 months 11 days | ' | ' |
Weighted average remaining contractual life, options and warrants exercisable, end of period | '3 years 7 months 13 days | ' | ' |
Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Options granted (in shares) | 293,000 | 212,870 | ' |
Long Term Incentive Stock Option Plan 1995 [Member] | Installments One [Member] | ' | ' | ' |
Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Installments | 3 | ' | ' |
Long Term Incentive Stock Option Plan 1995 [Member] | Installments Two [Member] | ' | ' | ' |
Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Installments | 5 | ' | ' |
Long Term Incentive Stock Option Plan 1995 [Member] | Installments Three [Member] | ' | ' | ' |
Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Installments | 7 | ' | ' |
Long Term Incentive Stock Option Plan 1995 [Member] | Non-vested Share Activity [Member] | ' | ' | ' |
Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options granted (in shares) | 293,000 | ' | ' |
Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Nonvested options, beginning balance (in shares) | 1,750,107 | ' | ' |
Options granted (in shares) | 293,000 | ' | ' |
Options forfeited | -120,646 | ' | ' |
Options vested during the period | -634,660 | ' | ' |
Nonvested options, ending balance (in shares) | 1,287,801 | ' | ' |
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Weighted average fair value at beginning of period (in dollars per share) | $1.43 | ' | ' |
Weighted average fair value, options granted (in dollars per share) | $0.90 | ' | ' |
Weighted average fair value, options forfeited (in dollars per share) | $1.19 | ' | ' |
Weighted average fair value, options vested during the period (in dollars per share) | $1.45 | ' | ' |
Weighted average fair value at end of period (in dollars per share) | $1.33 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Bond | |||
Letter | |||
Contract | |||
Operating Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' |
2014 | $1,169,000 | ' | ' |
2015 | 1,109,000 | ' | ' |
2016 | 982,000 | ' | ' |
2017 | 806,000 | ' | ' |
2018 | 463,000 | ' | ' |
Thereafter | 190,000 | ' | ' |
Total | 4,719,000 | ' | ' |
Rent Expense [Abstract] | ' | ' | ' |
Rent expense | 1,100,000 | 1,000,000 | 1,100,000 |
Standby Letters of Credit, Bank Guarantees, Surety Bonds and Performance Bonds [Abstract] | ' | ' | ' |
Standby letters of credit and surety bonds | 4,900,000 | ' | ' |
Number of standby letters of credit | 10 | ' | ' |
Number of surety bonds | 2 | ' | ' |
Number of bid bonds contract | 11 | ' | ' |
Number of stand by letters of credit deposited in certificates of deposit | 4 | ' | ' |
Restricted cash and investments | 1,100,000 | ' | ' |
Number of additional letters of credit collateralized using the line of credit | 6 | ' | ' |
Issuances of stand-by letters of credit and advances as of period end | $3,600,000 | ' | ' |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Benefits [Abstract] | ' | ' | ' |
Company's contribution to the plan | $270,000 | $287,000 | $271,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||||||||||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of revenues derived from customers in the nuclear power industry | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | 59.00% | 67.00% |
Number of reportable business segments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Contract range, minimum | ' | ' | ' | ' | ' | ' | ' | ' | '10 months | ' | ' |
Contract range, maximum | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenue | $12,262 | $11,883 | $11,034 | $12,383 | $12,665 | $13,009 | $13,183 | $13,389 | $47,562 | $52,246 | $51,126 |
Transfers between geographic locations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total contract revenue | ' | ' | ' | ' | ' | ' | ' | ' | 47,562 | 52,246 | 51,126 |
Operating income (loss) | -492 | -922 | -7,965 | -1,289 | -137 | 1,356 | 560 | 218 | -10,668 | 1,997 | 2,228 |
Assets | 48,827 | ' | ' | ' | 62,564 | ' | ' | ' | 48,827 | 62,564 | 58,815 |
Percentage of revenues derived from international sales | ' | ' | ' | ' | ' | ' | ' | ' | 67.00% | 70.00% | 66.00% |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenue | ' | ' | ' | ' | ' | ' | ' | ' | 33,419 | 36,222 | 37,587 |
Transfers between geographic locations | ' | ' | ' | ' | ' | ' | ' | ' | 5,602 | 2,226 | 1,379 |
Total contract revenue | ' | ' | ' | ' | ' | ' | ' | ' | 39,021 | 38,448 | 38,966 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -7,767 | 585 | 745 |
Assets | 67,255 | ' | ' | ' | 81,792 | ' | ' | ' | 67,255 | 81,792 | 78,900 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenue | ' | ' | ' | ' | ' | ' | ' | ' | 8,639 | 15,005 | 12,443 |
Transfers between geographic locations | ' | ' | ' | ' | ' | ' | ' | ' | 446 | 494 | 0 |
Total contract revenue | ' | ' | ' | ' | ' | ' | ' | ' | 9,085 | 15,499 | 12,443 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3,053 | 1,285 | 1,293 |
Assets | 11,206 | ' | ' | ' | 15,543 | ' | ' | ' | 11,206 | 15,543 | 13,429 |
Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,504 | 1,019 | 1,096 |
Transfers between geographic locations | ' | ' | ' | ' | ' | ' | ' | ' | 636 | 661 | 416 |
Total contract revenue | ' | ' | ' | ' | ' | ' | ' | ' | 6,140 | 1,680 | 1,512 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 152 | 127 | 190 |
Assets | 6,508 | ' | ' | ' | 1,640 | ' | ' | ' | 6,508 | 1,640 | 1,002 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Transfers between geographic locations | ' | ' | ' | ' | ' | ' | ' | ' | -6,684 | -3,381 | -1,795 |
Total contract revenue | ' | ' | ' | ' | ' | ' | ' | ' | -6,684 | -3,381 | -1,795 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Assets | ($36,142) | ' | ' | ' | ($36,411) | ' | ' | ' | ($36,142) | ($36,411) | ($34,516) |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash paid [Abstract] | ' | ' | ' |
Interest | $0 | $0 | $0 |
Income taxes | $539 | $1,094 | $813 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenue | $12,262 | $11,883 | $11,034 | $12,383 | $12,665 | $13,009 | $13,183 | $13,389 | $47,562 | $52,246 | $51,126 |
Operating income (loss) | -492 | -922 | -7,965 | -1,289 | -137 | 1,356 | 560 | 218 | -10,668 | 1,997 | 2,228 |
Net income (loss) | ($162) | ($995) | ($8,199) | ($1,155) | ($330) | $816 | $158 | $530 | ($10,511) | $1,174 | $2,801 |
Basic income (loss) per common share (in dollars per share) | ($0.01) | ($0.06) | ($0.45) | ($0.06) | ($0.02) | $0.04 | $0.01 | $0.03 | ($0.58) | $0.06 | $0.15 |
Diluted income (loss) per common share (in dollars per share) | ($0.01) | ($0.06) | ($0.45) | ($0.06) | ($0.02) | $0.04 | $0.01 | $0.03 | ($0.58) | $0.06 | $0.15 |