Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 14, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | RCM TECHNOLOGIES INC | |
Entity Central Index Key | 700,841 | |
Trading Symbol | rcmt | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 12,285,227 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2018 | Dec. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 431,000 | $ 2,851,000 |
Accounts receivable, net | 51,741,000 | 46,080,000 |
Transit accounts receivable | 1,227,000 | 3,002,000 |
Prepaid expenses and other current assets | 3,056,000 | 3,706,000 |
Total current assets | 56,455,000 | 55,639,000 |
Property and equipment, net | 3,259,000 | 3,446,000 |
Other assets: | ||
Deposits | 230,000 | 215,000 |
Goodwill | 11,685,000 | 11,685,000 |
Intangible assets, net | 71,000 | 105,000 |
Deferred tax assets, net, domestic | 2,113,000 | 2,189,000 |
Total other assets | 14,099,000 | 14,194,000 |
Total assets | 73,813,000 | 73,279,000 |
Current liabilities: | ||
Accounts payable and accrued expenses | 6,878,000 | 8,634,000 |
Transit accounts payable | 1,789,000 | 4,661,000 |
Accrued payroll and related costs | 9,414,000 | 7,780,000 |
Income taxes payable | 658,000 | 372,000 |
Liability for contingent consideration from acquisitions | 482,000 | 741,000 |
Total current liabilities | 19,221,000 | 22,188,000 |
Liability for contingent consideration from acquisitions | 1,251,000 | 1,350,000 |
Borrowings under line of credit | 29,202,000 | 27,279,000 |
Total liabilities | 50,096,000 | 51,248,000 |
Stockholders’ equity: | ||
Preferred stock, $1.00 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.05 par value; 40,000,000 shares authorized; 15,062,930 shares issued and 12,239,758 shares outstanding at June 30, 2018 and 15,017,522 shares issued and 12,194,350 shares outstanding at December 30, 2017 | 753,000 | 751,000 |
Additional paid-in capital | 104,933,000 | 104,540,000 |
Accumulated other comprehensive loss | (2,536,000) | (2,395,000) |
Accumulated deficit | (64,446,000) | (65,878,000) |
Treasury stock (2,823,172 shares at June 30, 2018 and December 30, 2017) at cost | (14,987,000) | (14,987,000) |
Stockholders’ equity | 23,717,000 | 22,031,000 |
Total liabilities and stockholders’ equity | 73,813,000 | 73,279,000 |
Foreign Tax Authority [Member] | ||
Current liabilities: | ||
Deferred tax liability | $ 422,000 | $ 431,000 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2018 | Dec. 30, 2017 |
Preferred stock par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.05 | $ 0.05 |
Common stock, authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, issued (in shares) | 15,062,930 | 15,017,522 |
Common stock, outstanding (in shares) | 12,239,758 | 12,194,350 |
Treasury stock, shares (in shares) | 2,823,172 | 2,823,172 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jul. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | |
Revenues | $ 51,710,000 | $ 45,512,000 | $ 102,522,000 | $ 91,853,000 |
Cost of services | 38,975,000 | 33,399,000 | 77,232,000 | 67,988,000 |
Gross profit | 12,735,000 | 12,113,000 | 25,290,000 | 23,865,000 |
Operating costs and expenses | ||||
Selling, general and administrative | 10,076,000 | 10,075,000 | 20,497,000 | 20,392,000 |
Depreciation and amortization | 398,000 | 410,000 | 812,000 | 807,000 |
Severance, professional fees and other charges | 1,371,000 | 1,371,000 | ||
Change in contingent consideration | 781,000 | 781,000 | ||
Operating costs and expenses | 11,845,000 | 11,266,000 | 22,680,000 | 21,980,000 |
Operating income | 890,000 | 847,000 | 2,610,000 | 1,885,000 |
Other (expense) income | ||||
Interest expense and other, net | (400,000) | (134,000) | (666,000) | (272,000) |
Gain (loss) on foreign currency transactions | 12,000 | 53,000 | (29,000) | 55,000 |
Other (expense) income | (388,000) | (81,000) | (695,000) | (217,000) |
Income before income taxes | 502,000 | 766,000 | 1,915,000 | 1,668,000 |
Income tax expense | 121,000 | 577,000 | 483,000 | 929,000 |
Net income | $ 381,000 | $ 189,000 | $ 1,432,000 | $ 739,000 |
Basic and diluted net earnings per share (in dollars per share) | $ 0.03 | $ 0.02 | $ 0.12 | $ 0.06 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jul. 01, 2017 | |
Net income | $ 1,432,000 | $ 739,000 |
Other comprehensive loss | (141,000) | (3,000) |
Comprehensive income | $ 1,291,000 | $ 736,000 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 30, 2017 | 15,017,522 | 2,823,172 | ||||
Balance at Dec. 30, 2017 | $ 751,000 | $ 104,540,000 | $ (2,395,000) | $ (65,878,000) | $ (14,987,000) | $ 22,031,000 |
Issuance of stock under employee stock purchase plan (in shares) | 45,408 | |||||
Issuance of stock under employee stock purchase plan | $ 2,000 | 192,000 | 194,000 | |||
Translation adjustment | (141,000) | (141,000) | ||||
Share-based compensation expense | 201,000 | 201,000 | ||||
Net income | 1,432,000 | 1,432,000 | ||||
Balance (in shares) at Jun. 30, 2018 | 15,062,930 | 2,823,172 | ||||
Balance at Jun. 30, 2018 | $ 753,000 | $ 104,933,000 | $ (2,536,000) | $ (64,446,000) | $ (14,987,000) | $ 23,717,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jul. 01, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 1,432,000 | $ 739,000 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 812,000 | 807,000 |
Change in contingent consideration | 781,000 | |
Share-based compensation expense | 201,000 | 395,000 |
Provision for losses on accounts receivable | 323,000 | 428,000 |
Deferred income tax expense | 66,000 | 196,000 |
Changes in assets and liabilities: | ||
Accounts receivable | (6,160,000) | 1,607,000 |
Prepaid expenses and other current assets | 274,000 | 251,000 |
Net of transit accounts receivable and payable | (1,094,000) | (272,000) |
Accounts payable and accrued expenses | (1,425,000) | (536,000) |
Accrued payroll and related costs | 1,665,000 | 468,000 |
Income taxes payable | 296,000 | 466,000 |
Total adjustments | (5,042,000) | 4,591,000 |
Net cash (used in) provided by operating activities | (3,610,000) | 5,330,000 |
Cash flows from investing activities: | ||
Property and equipment acquired | (598,000) | (552,000) |
Decrease in deposits | (15,000) | 1,000 |
Net cash used in investing activities | (613,000) | (551,000) |
Cash flows from financing activities: | ||
Borrowings under line of credit | 44,044,000 | 42,569,000 |
Repayments under line of credit | (42,121,000) | (46,787,000) |
Issuance of stock for employee stock purchase plan | 194,000 | 192,000 |
Common stock repurchases | (365,000) | |
Contingent consideration paid | (300,000) | (258,000) |
Net cash provided by (used in) financing activities | 1,817,000 | (4,649,000) |
Effect of exchange rate changes on cash and cash equivalents | (14,000) | (18,000) |
(Decrease) increase in cash and cash equivalents | (2,420,000) | 112,000 |
Cash and cash equivalents at beginning of period | 2,851,000 | 279,000 |
Cash and cash equivalents at end of period | 431,000 | 391,000 |
Supplemental cash flow information: | ||
Interest | 446,000 | 236,000 |
Income taxes | 338,000 | 231,000 |
Non-cash investing activities: | ||
Non-cash consideration for business acquisition | 133 | |
Non-cash financing activities: | ||
Vesting of restricted stock units | $ 117 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation The accompanying consolidated interim financial statements of RCM Technologies, Inc. and subsidiaries (“RCM” or the “Company”) are unaudited. The year-end consolidated balance sheet was derived from audited statements but does not 10 December 30, 2017 10 The consolidated financial statements for the unaudited interim periods presented include all adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for such interim periods. Results for the thirteen twenty-six June 30, 2018 not may Fiscal Year The Company follows a 52/53 December 31. December 30, 2017 52 second 2018 2017 Period Ended Weeks in Quarter Weeks in Year to Date June 30, 2018 Thirteen Twenty-Six July 1, 2017 Thirteen Twenty-Six |
Note 2 - Use of Estimates and U
Note 2 - Use of Estimates and Uncertainties | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Use of Estimates and Uncertainties The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. The Company uses estimates to calculate an allowance for doubtful accounts on its accounts receivables, adequacy of reserves, goodwill impairment, if any, equity compensation, the tax rate applied and the valuation of certain assets and liability accounts. These estimates can be significant to the operating results and financial position of the Company. The Company has risk participation arrangements with respect to workers compensation and health care insurance. The amounts included in the Company’s costs related to this risk participation are estimated and can vary based on changes in assumptions, the Company’s claims experience or the providers included in the associated insurance programs. The Company can be affected by a variety of factors including uncertainty relating to the performance of the general economy, competition, demand for the Company’s services, adverse litigation and claims and the hiring, training and retention of key employees. F air Value of Financial Instruments The Company’s carrying value of financial instruments, consisting primarily of accounts receivable, transit accounts receivable, accounts payable and accrued expenses, and transit accounts payable and borrowings under line of credit approximates fair value due to their liquidity or their short-term nature. The Company does not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition As of December 31, 2017, 2014 09, Revenue from Contracts with Customers ("ASC 606" , 606 not December 31, 2017. We evaluate our revenue contracts with customers based on the five 606: 1 2 3 4 5 The Company derives its revenues from several sources. The Company’s Engineering Services and Information Technology Services segments perform consulting and project solution services. All of the Company’s segments perform staff augmentation services and derive revenue from permanent placement fees. The majority of the Company’s revenues are invoiced on a time and materials basis. The following table presents our revenues disaggregated by revenue source for the twenty-six June 30, 2018 July 1, 2017: June 30, 2018 July 1, 2017 Engineering: Time and Material $ 38,460 $ 34,078 Fixed Fee 4,528 5,732 Total Engineering $ 42,988 $ 39,810 Specialty Health Care: Time and Material $ 44,697 $ 33,726 Permanent Placement Services 795 1,150 Total Specialty Health Care $ 45,492 $ 34,876 Information Technology: Time and Material $ 13,950 $ 16,921 Permanent Placement Services 92 246 Total Information Technology $ 14,042 $ 17,167 $ 102,522 $ 91,853 Time and Material The Company’s IT and Healthcare segments predominantly recognize revenue through time and material work while its Engineering segment recognizes revenue through both time and material and fixed fee work. The Company’s time and material contracts are typically based on the number of hours worked at contractually agreed upon rates, therefore revenues associated with these time and materials contracts are recognized based on hours worked at contracted rates. Fixed fee From time to time and predominantly in our Engineering segment, the Company will enter into contracts requiring the completion of specific deliverables. The Company has master services agreements with many of its customers that broadly define terms and conditions. Actual services performed under fixed fee arrangements are typically delivered under purchase orders that more specifically define terms and conditions related to that fixed fee project. While these master services agreements can often span several years, the Company’s fixed fee purchase orders are typically performed over six nine not not Permanent Placement Services The Company earns permanent placement fees from providing permanent placement services. These fees are typically based on a percentage of the compensation paid to the person placed with the Company’s client. There was no June 30, 2018. December 30, 2017 $596 may one twenty-six June 30, 2018, $596 |
Note 4 - Accounts Receivable, T
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable The Company’s accounts receivable are comprised as follows: June 30, 2018 December 30, 2017 Billed $ 37,934 $ 31,448 Accrued and unbilled 9,891 10,573 Work-in-progress 5,173 5,026 Allowance for sales discounts and doubtful accounts (1,257 ) (967 ) Accounts receivable, net $ 51,741 $ 46,080 Unbilled receivables primarily represent revenues earned whereby those services are ready to be billed as of the balance sheet ending date. Work-in-progress primarily represents revenues earned under contracts which the Company contractually invoices at future dates. From time to time, the Company’s Engineering segment enters into agreements to provide, among other things, construction management and engineering services. Pursuant to these agreements, the Company a) may no not not $1.2 $1.8 $0.6 June 30, 2018. $3.0 $4.7 $1.7 December 30, 2017. The Company has a dispute with a customer that is a major utility in the United States. Essentially, the customer has not June 30, 2018 $6.4 $9.3 not no 2018 2019. no not one not |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and Equipment Property and equipment are stated at cost and are depreciated on the straight-line method at rates calculated to provide for retirement of assets at the end of their estimated useful lives. The annual rates are 20% Property and equipment are comprised of the following: June 30, 2018 December 30, 2017 Equipment and furniture $ 691 $ 938 Computers and systems 6,503 6,172 Leasehold improvements 702 899 7,896 8,009 Less: accumulated depreciation and amortization 4,637 4,563 Property and equipment, net $ 3,259 $ 3,446 The Company periodically writes off fully depreciated and amortized assets. The Company wrote off fully depreciated and amortized assets of $711 $367 twenty-six June 30, 2018 July 1, 2017, twenty-six June 30, 2018 July 1, 2017 $778 $774, |
Note 6 - Acquisitions
Note 6 - Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 6. Acquisitions The Company has acquired numerous companies throughout its history and those acquisitions have generally included significant future contingent consideration. The Company gives no no The Company made the following acquisitions during fiscal 2018 2017: RAF April 16, 2017, 1991 $133, 1 $123; 2 $10 2017. PSR Effective October 1, 2017 2006 3D 30 three $3,248 $1,000, $1,763 $485 $237. $58 Future Contingent Payments As of June 30, 2018, three may 1 July 1, 2012 2 July 5, 2015, 3 October 1, 2017, June 30, 2018 Fiscal Years Ending Total December 29, 2018 (after June 30, 2018) $ 482 December 28, 2019 526 January 2, 2021 725 Estimated future contingent consideration payments $ 1,733 Estimates of future contingent payments are subject to significant judgment and actual payments may $2.3 June 30, 2018. not 820 10 35 3 no twenty-six June 30, 2018. The Company paid contingent consideration of $0.3 twenty-six June 30, 2018 July 1, 2017. |
Note 7 - Goodwill
Note 7 - Goodwill | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 7. Goodwill Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired in business combinations. The Company tests goodwill for impairment on an annual basis as of the last day of the Company's fiscal year or more frequently if events occur or circumstances change indicating that the fair value of goodwill may no twenty-six June 30, 2018. There were no twenty-six June 30, 2018. Engineering Specialty Health Care Information Technology Total Balance as of June 30, 2018 and December 30, 2017 $ 7,249 $ 2,398 $ 2,038 $ 11,685 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8. Intangible Assets The Company evaluates long-lived assets and intangible assets with definite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not no Intangible assets are substantially attributable to the Company’s Engineering segment and include the following: Twenty-Six Week Periods Ended June 30, 2018 July 1, 2017 Customer contracts and relations $ 59 $ 115 Non-compete agreements 12 22 Intangible assets $ 71 $ 137 Amortization expense of intangible assets for the twenty-six June 30, 2018 July 1, 2017 $34 $33, |
Note 9 - Line of Credit
Note 9 - Line of Credit | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Line of Credit The Company and its subsidiaries are party to a loan agreement with Citizens Bank of Pennsylvania which, as of June 30, 2018, $40 $5 December 11, 2019. May 21, 2018 February 14, 2018 $40 $35 December 8, 2017 $12.4 $1.3 2017, $1.0 179D four $4.6 one two 30 not twenty-six June 30, 2018 3.6%. The Company and its subsidiaries amended and restated the Revolving Credit Facility on August 9, 2018 18 All borrowings under the Revolving Credit Facility are collateralized by all of the assets of the Company and its subsidiaries and a pledge of the stock of its subsidiaries. The Revolving Credit Facility also contains various financial and non-financial covenants, such as a covenant that restricts on the Company’s ability to borrow in order to pay dividends. As of June 30, 2018, Borrowings under the line of credit as of June 30, 2018 December 30, 2017 $29.2 $27.3 June 30, 2018 December 30, 2017 $0.8 June 30, 2018, $10.0 |
Note 10 - Per Share Data
Note 10 - Per Share Data | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 0 . Per Share Data The Company uses the treasury stock method to calculate the weighted-average shares used for diluted earnings per share. The number of common shares used to calculate basic and diluted earnings per share for the thirteen twenty-six June 30, 2018 July 1, 2017 Thirteen Week Periods Ended Twenty-Six Week Periods Ended June 30, 2018 July1, 2017 June 30, 2018 July1, 2017 Basic weighted average shares outstanding 12,239,758 11,961,967 12,239,259 11,954,310 Dilutive effect of outstanding restricted stock awards 21,895 107,321 20,200 104,052 Weighted average dilutive shares outstanding 12,261,653 12,069,288 12,259,459 12,058,362 For both the thirteen twenty-six June 30, 2018, no not no thirteen twenty-six July 1, 2017 40,000 not Unissued shares of common stock were reserved for the following purposes: June 30, 2018 December 30, 2017 Time-based restricted stock units outstanding 96,195 87,034 Performance-based restricted stock units outstanding 240,000 400,000 Future grants of options or shares 483,071 332,232 Shares reserved for employee stock purchase plan 131,872 177,280 Total 951,138 996,546 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. Share-Based Compensation At June 30, 2018, two one three 10 may Share-based compensation expense of $201 $395 twenty-six June 30, 2018 July 1, 2017, twenty-six June 30, 2018 not June 30, 2018, As of June 30, 2018, $344 two not may Incentive S hare-Based Plans 2014 2014 The 2014 December 2014, 625,000 2016, 2014 500,000 1,125,000 December 1, 2026. As of June 30, 2018, 2014 96,195 240,000 483,071 Employee Stock Purchase Plan The Company implemented the 2001 January 1, 2001. 85% 10% In fiscal 2015, 300,000 1,100,000 December 31, 2025. The Company has two first two two first January 2, 2018) 45,408. June 30, 2018, 131,872 Time-Based Restricted Stock Units From time-to-time the Company issues time-based restricted stock units. These time-based restricted stock units typically include dividend accrual equivalents, which means that any dividends paid by the Company during the vesting period become due and payable after the vesting period assuming the grantee’s restricted stock unit fully vests. Dividends for these grants are accrued on the dividend payment dates and included in accounts payable and accrued expenses on the accompanying consolidated balance sheet. Dividends for time-based restricted stock units that ultimately do not To date, the Company has issued time-based restricted stock units only under the 2007 2014 2007 no 2014 twenty-six June 30, 2018: Number of Time-Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at December 30, 2017 87,034 $ 5.88 Granted 15,000 $ 5.33 Vested - - Forfeited or expired 5,839 $ 6.85 Outstanding non-vested at June 30, 2018 96,195 $ 5.74 Based on the closing price of the Company’s common stock of $4.94 June 29, 2018 ( June 30, 2018), June 30, 2018 $475. June 30, 2018, $344 Performance Based Restricted Stock Units From time-to-time the Company issues performance-based restricted stock units to its executives. Performance-based restricted stock units are typically vested based on certain multi-year performance metrics as determined by the Board of Directors Compensation Committee. These performance-based restricted stock units typically include dividend accrual equivalents, which means that any dividends paid by the Company during the vesting period become due and payable after the vesting period on any stock units that actually vest, if any. Dividends for these grants are accrued on the dividend payment dates and included in accounts payable and accrued expenses on the accompanying consolidated balance sheet. Dividends for performance-based restricted stock units that ultimately do not To date, the Company has issued performance-based restricted stock units only under the 2014 2018: Number of Performance- Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at December 30, 2017 400,000 $ 5.11 Granted 200,000 $ 5.66 Vested - - Forfeited or expired 360,000 $ 5.29 Outstanding non-vested at June 30, 2018 240,000 $ 5.29 As of June 30, 2018, 240,000 no no |
Note 12 - Treasury Stock Transa
Note 12 - Treasury Stock Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 12. Treasury Stock Transactions On October 28, 2013, $5.0 12 September 30, 2014, October 31, 2015. September 11, 2015, December 31, 2016. August 9, 2016, $5.0 December 31, 2017. twenty-six June 30, 2018, not twenty-six July 1, 2017, 59,312 $6.16. |
Note 13 - New Accounting Standa
Note 13 - New Accounting Standards | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 13. New Accounting Standards In May 2014, No. 2014 09, 606 606 605 2018 first 3 In February 2016, 2016 02, Leases (Topic 842 , 2016 02 2016 02 December 15, 2018 ( 2016 02 first 2019. In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 2016 09 May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 2017 09 718. 2016 09 2017 first not 2017 09 December 15, 2017. 2017 09 2018 first not In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 December 15, 2018, may In August 2016, No. 2016 15, Statement of Cash Flows ( Topic 230 Classification of Certain Cash Receipts and Cash Payments 2016 15 2016 15 2018 first not In January 2017, No. 2017 01, Business Combinations” 805 2017 01 2018 first not |
Note 14 - Segment Information
Note 14 - Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 4 . Segment Information The Company follows “Disclosures about Segments of an Enterprise and Related Information,” which establishes standards for companies to report information about operating segments, geographic areas and major customers. The accounting policies of each reportable segment are the same as those described in the summary of significant accounting policies (see Note 1 10 December 30, 2017). Segment operating income includes selling, general and administrative expenses directly attributable to that segment as well as charges for allocating corporate costs to each of the operating segments. The following tables reflect the results of the reportable segments consistent with the Company’s management system: Thirteen Week Period Ended June 30, 2018 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 21,571 $ 22,858 $ 7,281 $ - $ 51,710 Cost of services 15,934 17,771 5,270 - 38,975 Gross profit 5,637 5,087 2,011 - 12,735 Selling, general and administrative 4,104 4,137 1,835 - 10,076 Depreciation and amortization 265 106 27 - 398 Severance, professional fees and other charges - - - 1,371 1,371 Operating income (loss) $ 1,268 $ 844 $ 149 $ (1,371 ) $ 890 Total assets as of June 30, 2018 $ 35,602 $ 26,069 $ 6,497 $ 5,645 $ 73,813 Capital expenditures $ 282 $ 16 $ 9 $ 2 $ 309 Thirteen Week Period Ended July 1, 2017 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 20,586 $ 16,369 $ 8,557 $ - $ 45,512 Cost of services 14,889 12,310 6,200 - 33,399 Gross profit 5,697 4,059 2,357 - 12,113 Selling, general and administrative 4,184 3,747 2,144 - 10,075 Change in contingent consideration - - - 781 781 Depreciation and amortization 282 88 40 - 410 Operating income (loss) $ 1,231 $ 224 $ 173 $ (781 ) $ 847 Total assets as of July 1, 2017 $ 34,050 $ 16,742 $ 11,260 $ 3,574 $ 65,626 Capital expenditures $ 40 $ 415 - $ 5 $ 460 Twenty-Six Week Period Ended June 30, 2018 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 42,988 $ 45,492 $ 14,042 $ - $ 102,522 Cost of services 31,658 35,156 10,418 - 77,232 Gross profit 11,330 10,336 3,624 - 25,290 Selling, general and administrative 8,225 8,608 3,664 - 20,497 Depreciation and amortization 548 211 53 - 812 Severance, professional fees and other charges - - - $ 1,371 1,371 Operating income (loss) $ 2,557 $ 1,517 $ (93 ) $ (1,371 ) $ 2,610 Total assets as of June 30, 2018 $ 35,602 $ 26,069 $ 6,497 $ 5,645 $ 73,813 Capital expenditures $ 391 $ 56 $ 18 $ 133 $ 598 Twenty-Six Week Period Ended July 1, 2017 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 39,810 $ 34,876 $ 17,167 $ - $ 91,853 Cost of services 29,076 26,255 12,657 - 67,988 Gross profit 10,734 8,621 4,510 - 23,865 Selling, general and administrative 8,219 7,676 4,497 - 20,392 Change in contingent consideration - - - 781 781 Depreciation and amortization 566 160 81 - 807 Operating income (loss) $ 1,949 $ 785 $ (68 ) $ (781 ) $ 1,885 Total assets as of July 1, 2017 $ 34,050 $ 16,742 $ 11,260 $ 3,574 $ 65,626 Capital expenditures $ 109 $ 415 - $ 28 $ 552 The Company derives a majority of its revenue from offices in the United States. Revenues reported for each operating segment are all from external customers. The Company is domiciled in the United States and its segments operate in the United States, Canada, Puerto Rico and Serbia. Revenues by geographic area for the twenty-six June 30, 2018 July 1, 2017 Thirteen Week Periods Ended Twenty-Six Week Periods Ended June 30, 2018 July 1, 2017 June 30, 2018 July 1, 2017 Revenues U. S. $ 42,044 $ 37,158 $ 83,635 $ 75,876 Canada 8,005 7,222 15,634 13,717 Puerto Rico 1,046 1,132 2,029 2,260 Serbia 615 - 1,224 - $ 51,710 $ 45,512 $ 102,522 $ 91,853 Total assets by geographic area as of the reported periods are as follows: June 30, 2018 December 30, 2017 Total assets U. S. $ 53,934 $ 52,595 Canada 14,146 15,419 Puerto Rico 1,854 1,891 Serbia 3,879 3,374 $ 73,813 $ 73,279 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes On December 22, 2017, No. 118, 118” not may one December 29, 2018. 118 fifty-two December 30, 2017. 2017 $1.2 $1.0 $0.2 2017 2018 June 30, 2018, 2017 The projected fiscal 2018 June 30, 2018 twenty-six June 30, 2018 28.3%, 26.5% 17.3% 25.2% twenty-six June 30, 2018. 41.6% 26.5% 37.9% twenty-six July 1, 2017. not twenty-six June 30, 2018 21.0% 34.0% |
Note 16 - Contingencies
Note 16 - Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 16. Contingencies From time to time, the Company is a defendant or plaintiff in various legal actions that arise in the normal course of business. As such, the Company is required to assess the likelihood of any adverse outcomes to these matters as well as potential ranges of losses and possible recoveries. The Company may not may $9.4 $9.3 June 30, 2018. June 30, 2018, The Company has a dispute with a customer that is a major utility in the United States. Essentially, the customer has not June 30, 2018 $6.4 $9.3 not no 2018 2019. no not one not The Company is also subject to other pending legal proceedings and claims that arise from time to time in the ordinary course of its business, which may not |
Note 17 - Severance, Profession
Note 17 - Severance, Professional Fees and Other Charges | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Severance, Professional Fees and Other Charges Disclosure [Text Block] | 17. Severance , Professional Fees and Other Charges The Company experienced $1.4 thirteen June 30, 2018. $0.9 $0.5 not |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. Subsequent Events The Company and its subsidiaries amended and restated its Revolving Credit Facility with Citizens Bank of Pennsylvania on August 9, 2018. $45.0 $40.0 no $5.0 August 8, 2023 $1.4 December 31, 2018 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | June 30, 2018 July 1, 2017 Engineering: Time and Material $ 38,460 $ 34,078 Fixed Fee 4,528 5,732 Total Engineering $ 42,988 $ 39,810 Specialty Health Care: Time and Material $ 44,697 $ 33,726 Permanent Placement Services 795 1,150 Total Specialty Health Care $ 45,492 $ 34,876 Information Technology: Time and Material $ 13,950 $ 16,921 Permanent Placement Services 92 246 Total Information Technology $ 14,042 $ 17,167 $ 102,522 $ 91,853 |
Note 4 - Accounts Receivable,27
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2018 December 30, 2017 Billed $ 37,934 $ 31,448 Accrued and unbilled 9,891 10,573 Work-in-progress 5,173 5,026 Allowance for sales discounts and doubtful accounts (1,257 ) (967 ) Accounts receivable, net $ 51,741 $ 46,080 |
Note 5 - Property and Equipme28
Note 5 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2018 December 30, 2017 Equipment and furniture $ 691 $ 938 Computers and systems 6,503 6,172 Leasehold improvements 702 899 7,896 8,009 Less: accumulated depreciation and amortization 4,637 4,563 Property and equipment, net $ 3,259 $ 3,446 |
Note 6 - Acquisitions (Tables)
Note 6 - Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Fiscal Years Ending Total December 29, 2018 (after June 30, 2018) $ 482 December 28, 2019 526 January 2, 2021 725 Estimated future contingent consideration payments $ 1,733 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Engineering Specialty Health Care Information Technology Total Balance as of June 30, 2018 and December 30, 2017 $ 7,249 $ 2,398 $ 2,038 $ 11,685 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Twenty-Six Week Periods Ended June 30, 2018 July 1, 2017 Customer contracts and relations $ 59 $ 115 Non-compete agreements 12 22 Intangible assets $ 71 $ 137 |
Note 10 - Per Share Data (Table
Note 10 - Per Share Data (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Thirteen Week Periods Ended Twenty-Six Week Periods Ended June 30, 2018 July1, 2017 June 30, 2018 July1, 2017 Basic weighted average shares outstanding 12,239,758 11,961,967 12,239,259 11,954,310 Dilutive effect of outstanding restricted stock awards 21,895 107,321 20,200 104,052 Weighted average dilutive shares outstanding 12,261,653 12,069,288 12,259,459 12,058,362 |
Unissued Shares of Common Stock [Table Text Block] | June 30, 2018 December 30, 2017 Time-based restricted stock units outstanding 96,195 87,034 Performance-based restricted stock units outstanding 240,000 400,000 Future grants of options or shares 483,071 332,232 Shares reserved for employee stock purchase plan 131,872 177,280 Total 951,138 996,546 |
Note 11 - Share-based Compens33
Note 11 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Time-Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at December 30, 2017 87,034 $ 5.88 Granted 15,000 $ 5.33 Vested - - Forfeited or expired 5,839 $ 6.85 Outstanding non-vested at June 30, 2018 96,195 $ 5.74 Number of Performance- Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at December 30, 2017 400,000 $ 5.11 Granted 200,000 $ 5.66 Vested - - Forfeited or expired 360,000 $ 5.29 Outstanding non-vested at June 30, 2018 240,000 $ 5.29 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Thirteen Week Period Ended June 30, 2018 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 21,571 $ 22,858 $ 7,281 $ - $ 51,710 Cost of services 15,934 17,771 5,270 - 38,975 Gross profit 5,637 5,087 2,011 - 12,735 Selling, general and administrative 4,104 4,137 1,835 - 10,076 Depreciation and amortization 265 106 27 - 398 Severance, professional fees and other charges - - - 1,371 1,371 Operating income (loss) $ 1,268 $ 844 $ 149 $ (1,371 ) $ 890 Total assets as of June 30, 2018 $ 35,602 $ 26,069 $ 6,497 $ 5,645 $ 73,813 Capital expenditures $ 282 $ 16 $ 9 $ 2 $ 309 Thirteen Week Period Ended July 1, 2017 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 20,586 $ 16,369 $ 8,557 $ - $ 45,512 Cost of services 14,889 12,310 6,200 - 33,399 Gross profit 5,697 4,059 2,357 - 12,113 Selling, general and administrative 4,184 3,747 2,144 - 10,075 Change in contingent consideration - - - 781 781 Depreciation and amortization 282 88 40 - 410 Operating income (loss) $ 1,231 $ 224 $ 173 $ (781 ) $ 847 Total assets as of July 1, 2017 $ 34,050 $ 16,742 $ 11,260 $ 3,574 $ 65,626 Capital expenditures $ 40 $ 415 - $ 5 $ 460 Twenty-Six Week Period Ended June 30, 2018 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 42,988 $ 45,492 $ 14,042 $ - $ 102,522 Cost of services 31,658 35,156 10,418 - 77,232 Gross profit 11,330 10,336 3,624 - 25,290 Selling, general and administrative 8,225 8,608 3,664 - 20,497 Depreciation and amortization 548 211 53 - 812 Severance, professional fees and other charges - - - $ 1,371 1,371 Operating income (loss) $ 2,557 $ 1,517 $ (93 ) $ (1,371 ) $ 2,610 Total assets as of June 30, 2018 $ 35,602 $ 26,069 $ 6,497 $ 5,645 $ 73,813 Capital expenditures $ 391 $ 56 $ 18 $ 133 $ 598 Twenty-Six Week Period Ended July 1, 2017 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 39,810 $ 34,876 $ 17,167 $ - $ 91,853 Cost of services 29,076 26,255 12,657 - 67,988 Gross profit 10,734 8,621 4,510 - 23,865 Selling, general and administrative 8,219 7,676 4,497 - 20,392 Change in contingent consideration - - - 781 781 Depreciation and amortization 566 160 81 - 807 Operating income (loss) $ 1,949 $ 785 $ (68 ) $ (781 ) $ 1,885 Total assets as of July 1, 2017 $ 34,050 $ 16,742 $ 11,260 $ 3,574 $ 65,626 Capital expenditures $ 109 $ 415 - $ 28 $ 552 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Thirteen Week Periods Ended Twenty-Six Week Periods Ended June 30, 2018 July 1, 2017 June 30, 2018 July 1, 2017 Revenues U. S. $ 42,044 $ 37,158 $ 83,635 $ 75,876 Canada 8,005 7,222 15,634 13,717 Puerto Rico 1,046 1,132 2,029 2,260 Serbia 615 - 1,224 - $ 51,710 $ 45,512 $ 102,522 $ 91,853 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | June 30, 2018 December 30, 2017 Total assets U. S. $ 53,934 $ 52,595 Canada 14,146 15,419 Puerto Rico 1,854 1,891 Serbia 3,879 3,374 $ 73,813 $ 73,279 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 30, 2017 | |
Contract with Customer, Liability, Revenue Recognized | $ 596 | |
Accounts Payable and Accrued Liabilities [Member] | ||
Contract with Customer, Liability, Total | $ 0 | $ 596 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Revenues Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jul. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | |
Revenues | $ 51,710 | $ 45,512 | $ 102,522 | $ 91,853 |
Engineering Services [Member] | ||||
Revenues | 42,988 | 39,810 | ||
Health Care [Member] | ||||
Revenues | 45,492 | 34,876 | ||
Technology Service [Member] | ||||
Revenues | 14,042 | 17,167 | ||
Time-and-materials Contract [Member] | Engineering Services [Member] | ||||
Revenues | 38,460 | 34,078 | ||
Time-and-materials Contract [Member] | Health Care [Member] | ||||
Revenues | 44,697 | 33,726 | ||
Time-and-materials Contract [Member] | Technology Service [Member] | ||||
Revenues | 13,950 | 16,921 | ||
Fixed-price Contract [Member] | Engineering Services [Member] | ||||
Revenues | 4,528 | 5,732 | ||
Permanent Placement Services [Member] | Health Care [Member] | ||||
Revenues | 795 | 1,150 | ||
Permanent Placement Services [Member] | Technology Service [Member] | ||||
Revenues | $ 92 | $ 246 |
Note 4 - Accounts Receivable,37
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details Textual) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 30, 2017 |
Liabilities, Net | $ 0.6 | $ 1.7 |
Loss Contingency, Receivable, Ending Balance | 6.4 | |
Loss Contingency, Estimate of Possible Loss | 9.3 | |
Collectibility of Receivables [Member] | ||
Loss Contingency, Estimate of Possible Loss | 9.3 | |
Transit Accounts Payable [Member] | ||
Accounts Payable, Current, Total | 4.7 | |
Transit Accounts Receivable [Member] | ||
Accounts Receivable, Gross, Current | 1.2 | $ 3 |
Transit Accounts Payable [Member] | ||
Accounts Receivable, Gross, Current | $ 1.8 |
Note 4 - Accounts Receivable,38
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable - Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 30, 2017 |
Allowance for sales discounts and doubtful accounts | $ (1,257) | $ (967) |
Accounts receivable, net | 51,741 | 46,080 |
Billed Revenues [Member] | ||
Accounts receivable, current | 37,934 | 31,448 |
Unbilled Revenues [Member] | ||
Accounts receivable, current | 9,891 | 10,573 |
Work In Progress [Member] | ||
Accounts receivable, current | $ 5,173 | $ 5,026 |
Note 5 - Property and Equipme39
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jul. 01, 2017 | |
Annual Depreciation Rate | 20.00% | |
Write Off of Fully Depreciated Property and Equipment | $ 711 | $ 367 |
Depreciation, Total | $ 778 | $ 774 |
Note 5 - Property and Equipme40
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 30, 2017 |
Property and equipment | $ 7,896 | $ 8,009 |
Less: accumulated depreciation and amortization | 4,637 | 4,563 |
Property and equipment, net | 3,259 | 3,446 |
Equipment and Furniture [Member] | ||
Property and equipment | 691 | 938 |
Computers and Systems [Member] | ||
Property and equipment | 6,503 | 6,172 |
Leasehold Improvements [Member] | ||
Property and equipment | $ 702 | $ 899 |
Note 6 - Acquisitions (Details
Note 6 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2017 | Apr. 16, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Dec. 30, 2017 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 2,300 | ||||
Payments to Acquire Businesses, Gross | $ 300 | $ 300 | |||
RAF Services, Inc [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 133 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | $ 123 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 10 | ||||
PSR Engineering Solutions d.o.o. Beograd (Voždovac) [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 3,248 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,763 | ||||
Payments to Acquire Businesses, Gross | 1,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 485 | ||||
Cash Acquired from Acquisition | 237 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | $ 58 |
Note 6 - Acquisitions - Maximum
Note 6 - Acquisitions - Maximum Deferred Consideration Payments (Details) $ in Thousands | Jun. 30, 2018USD ($) |
December 29, 2018 (after June 30, 2018) | $ 482 |
December 28, 2019 | 526 |
January 2, 2021 | 725 |
Estimated future contingent consideration payments | $ 1,733 |
Note 7 - Goodwill (Details Text
Note 7 - Goodwill (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Goodwill, Impairment Loss | $ 0 |
Goodwill, Period Increase (Decrease), Total | $ 0 |
Note 7 - Goodwill - Changes in
Note 7 - Goodwill - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 30, 2017 |
Balance | $ 11,685 | $ 11,685 |
Engineering [Member] | ||
Balance | 7,249 | |
Specialty Health Care [Member] | ||
Balance | 2,398 | |
Information Technology [Member] | ||
Balance | $ 2,038 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jul. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets, Total | $ 34 | $ 33 |
Note 8 - Intangible Assets - In
Note 8 - Intangible Assets - Intangible Assets by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 30, 2017 | Jul. 01, 2017 |
Intangible assets, net | $ 71 | $ 105 | $ 137 |
Customer-Related Intangible Assets [Member] | |||
Intangible assets, net | 59 | 115 | |
Noncompete Agreements [Member] | |||
Intangible assets, net | $ 12 | $ 22 |
Note 9 - Line of Credit (Detail
Note 9 - Line of Credit (Details Textual) - USD ($) $ in Thousands | Dec. 08, 2017 | Jun. 30, 2018 | Feb. 13, 2018 | Dec. 30, 2017 |
Long-term Line of Credit, Noncurrent | $ 29,202 | $ 27,279 | ||
Citizens Bank of Pennsylvania [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | $ 35,000 | ||
Line of Credit, Loan Covenants, Cash Dividend | $ 12,400 | |||
Line of Credit, Loan Covenants, Waiver Granted, Amount of Legal Settlement and Office Closure Expenses Excluded | 1,300 | |||
Line of Credit, Loan Covenants, Waiver Granted, Consulting Expenses Excluded | 1,000 | |||
Line of Credit, Loan Covenants, Waiver Granted, Goodwill Impairment Expenses Excluded | $ 4,600 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.60% | |||
Long-term Line of Credit, Noncurrent | $ 29,200 | 27,300 | ||
Letters of Credit Outstanding, Amount | 800 | $ 800 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 10,000 | |||
Citizens Bank of Pennsylvania [Member] | Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 |
Note 10 - Per Share Data (Detai
Note 10 - Per Share Data (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jul. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 40,000 | 0 | 40,000 |
Note 10 - Per Share Data - Weig
Note 10 - Per Share Data - Weighted Average Number of Common Shares (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jul. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | |
Basic weighted average shares outstanding (in shares) | 12,239,758 | 11,961,967 | 12,239,259 | 11,954,310 |
Dilutive effect of outstanding restricted stock awards (in shares) | 21,895 | 107,321 | 20,200 | 104,052 |
Weighted average dilutive shares outstanding (in shares) | 12,261,653 | 12,069,288 | 12,259,459 | 12,058,362 |
Note 10 - Per Share Data - Unis
Note 10 - Per Share Data - Unissued Shares of Common Stock Were Reserved for the Following Purposes (Details) - shares | Jun. 30, 2018 | Dec. 30, 2017 |
Future grants of options or shares (in shares) | 483,071 | 332,232 |
Shares reserved for employee stock purchase plan (in shares) | 131,872 | 177,280 |
Total (in shares) | 951,138 | 996,546 |
Time-based Restricted Stock Units [Member] | ||
Restricted stock units outstanding (in shares) | 96,195 | 87,034 |
Performance-based Restricted Stock Units [Member] | ||
Restricted stock units outstanding (in shares) | 240,000 | 400,000 |
Note 11 - Share-based Compens51
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018 | Jul. 01, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | Jun. 29, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||
Allocated Share-based Compensation Expense, Total | $ 201 | $ 395 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 951,138 | 996,546 | ||||||
Share Price | $ 4.94 | |||||||
The 2014 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,125,000 | 625,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 500,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 483,071 | |||||||
Employee Stock Purchase Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 131,872 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | |||||||
Additional Shares of Common Stock Reserved for Future Issuance | 300,000 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,100,000 | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 45,408 | |||||||
Performance-based Restricted Stock Units [Member] | ||||||||
Allocated Share-based Compensation Expense, Total | $ 0 | |||||||
Performance-based Restricted Stock Units [Member] | The 2014 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 240,000 | 400,000 | ||||||
Time-based Restricted Stock Units [Member] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 344 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 475 | |||||||
Time-based Restricted Stock Units [Member] | The 2014 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 96,195 | 87,034 | ||||||
Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||
Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note 11 - Share-based Compens52
Note 11 - Share-based Compensation - Restricted Stock Units Activity (Details) - The 2014 Plan [Member] | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Time-based Restricted Stock Units [Member] | |
Outstanding non-vested (in shares) | shares | 87,034 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.88 |
Granted (in shares) | shares | 15,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.33 |
Vested (in shares) | shares | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | |
Forfeited or expired (in shares) | shares | 5,839 |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.85 |
Outstanding non-vested (in shares) | shares | 96,195 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.74 |
Performance-based Restricted Stock Units [Member] | |
Outstanding non-vested (in shares) | shares | 400,000 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.11 |
Granted (in shares) | shares | 200,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.66 |
Vested (in shares) | shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeited or expired (in shares) | shares | 360,000 |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.29 |
Outstanding non-vested (in shares) | shares | 240,000 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.29 |
Note 12 - Treasury Stock Tran53
Note 12 - Treasury Stock Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |||
Jun. 30, 2018 | Jul. 01, 2017 | Aug. 09, 2016 | Oct. 28, 2013 | |
Stock Repurchase Program 2013 [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 5 | |||
Stock Repurchase Program, 2016 [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 5 | |||
Treasury Stock, Shares, Acquired | 0 | 59,312 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 6.16 |
Note 14 - Segment Information -
Note 14 - Segment Information - Results of the Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jul. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Dec. 30, 2017 | |
Revenues | $ 51,710,000 | $ 45,512,000 | $ 102,522,000 | $ 91,853,000 | |
Cost of services | 38,975,000 | 33,399,000 | 77,232,000 | 67,988,000 | |
Gross profit | 12,735,000 | 12,113,000 | 25,290,000 | 23,865,000 | |
Selling, general and administrative | 10,076,000 | 10,075,000 | 20,497,000 | 20,392,000 | |
Depreciation and amortization | 398,000 | 410,000 | 812,000 | 807,000 | |
Severance, professional fees and other charges | 1,371,000 | 1,371,000 | |||
Operating income (loss) | 890,000 | 847,000 | 2,610,000 | 1,885,000 | |
Total assets | 73,813,000 | 65,626,000 | 73,813,000 | 65,626,000 | $ 73,279,000 |
Capital expenditures | 309,000 | 460,000 | 598,000 | 552,000 | |
Change in contingent consideration | 781,000 | 781,000 | |||
Engineering [Member] | |||||
Revenues | 21,571,000 | 20,586,000 | 42,988,000 | 39,810,000 | |
Cost of services | 15,934,000 | 14,889,000 | 31,658,000 | 29,076,000 | |
Gross profit | 5,637,000 | 5,697,000 | 11,330,000 | 10,734,000 | |
Selling, general and administrative | 4,104,000 | 4,184,000 | 8,225,000 | 8,219,000 | |
Depreciation and amortization | 265,000 | 282,000 | 548,000 | 566,000 | |
Severance, professional fees and other charges | |||||
Operating income (loss) | 1,268,000 | 1,231,000 | 2,557,000 | 1,949,000 | |
Total assets | 35,602,000 | 34,050,000 | 35,602,000 | 34,050,000 | |
Capital expenditures | 282,000 | 40,000 | 391,000 | 109,000 | |
Change in contingent consideration | |||||
Specialty Health Care [Member] | |||||
Revenues | 22,858,000 | 16,369,000 | 45,492,000 | 34,876,000 | |
Cost of services | 17,771,000 | 12,310,000 | 35,156,000 | 26,255,000 | |
Gross profit | 5,087,000 | 4,059,000 | 10,336,000 | 8,621,000 | |
Selling, general and administrative | 4,137,000 | 3,747,000 | 8,608,000 | 7,676,000 | |
Depreciation and amortization | 106,000 | 88,000 | 211,000 | 160,000 | |
Severance, professional fees and other charges | |||||
Operating income (loss) | 844,000 | 224,000 | 1,517,000 | 785,000 | |
Total assets | 26,069,000 | 16,742,000 | 26,069,000 | 16,742,000 | |
Capital expenditures | 16,000 | 415,000 | 56,000 | 415,000 | |
Change in contingent consideration | |||||
Information Technology [Member] | |||||
Revenues | 7,281,000 | 8,557,000 | 14,042,000 | 17,167,000 | |
Cost of services | 5,270,000 | 6,200,000 | 10,418,000 | 12,657,000 | |
Gross profit | 2,011,000 | 2,357,000 | 3,624,000 | 4,510,000 | |
Selling, general and administrative | 1,835,000 | 2,144,000 | 3,664,000 | 4,497,000 | |
Depreciation and amortization | 27,000 | 40,000 | 53,000 | 81,000 | |
Severance, professional fees and other charges | |||||
Operating income (loss) | 149,000 | 173,000 | (93,000) | (68,000) | |
Total assets | 6,497,000 | 11,260,000 | 6,497,000 | 11,260,000 | |
Capital expenditures | 9,000 | 18,000 | |||
Change in contingent consideration | |||||
Corporate Segment [Member] | |||||
Revenues | |||||
Cost of services | |||||
Gross profit | |||||
Selling, general and administrative | |||||
Depreciation and amortization | |||||
Severance, professional fees and other charges | 1,371,000 | 1,371,000 | |||
Operating income (loss) | (1,371,000) | (781,000) | (1,371,000) | (781,000) | |
Total assets | 5,645,000 | 3,574,000 | 5,645,000 | 3,574,000 | |
Capital expenditures | $ 2,000 | 5,000 | $ 133,000 | 28,000 | |
Change in contingent consideration | $ 781,000 | $ 781,000 |
Note 14 - Segment Information55
Note 14 - Segment Information - Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jul. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | |
Revenues | $ 51,710 | $ 45,512 | $ 102,522 | $ 91,853 |
UNITED STATES | ||||
Revenues | 42,044 | 37,158 | 83,635 | 75,876 |
CANADA | ||||
Revenues | 8,005 | 7,222 | 15,634 | 13,717 |
PUERTO RICO | ||||
Revenues | 1,046 | 1,132 | 2,029 | 2,260 |
SERBIA | ||||
Revenues | $ 615 | $ 1,224 |
Note 14 - Segment Information56
Note 14 - Segment Information - Total Assets by Geographic Area (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 30, 2017 | Jul. 01, 2017 |
Total assets | $ 73,813 | $ 73,279 | $ 65,626 |
UNITED STATES | |||
Total assets | 53,934 | 52,595 | |
CANADA | |||
Total assets | 14,146 | 15,419 | |
PUERTO RICO | |||
Total assets | 1,854 | 1,891 | |
SERBIA | |||
Total assets | $ 3,879 | $ 3,374 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jul. 01, 2017 | Dec. 30, 2017 | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 1.2 | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 1 | ||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 0.2 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 25.20% | 37.90% | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 28.30% | 41.60% | |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 26.50% | 26.50% | |
Foreign Tax Authority [Member] | Ministry of Finance, Republic of Serbia [Member] | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 17.30% |
Note 16 - Contingencies (Detail
Note 16 - Contingencies (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Loss Contingency, Damages Sought, Value | $ 9.4 |
Loss Contingency, Receivable, Ending Balance | 6.4 |
Loss Contingency, Estimate of Possible Loss | $ 9.3 |
Note 17 - Severance, Professi59
Note 17 - Severance, Professional Fees and Other Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jul. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | |
Severance, Professional Fees and Other Charges | $ 1,371 | $ 1,371 | ||
Transactional Advisory Fees, Legal Fees, and Search Fees [Member] | ||||
Severance, Professional Fees and Other Charges | 500 | |||
Former Chief Executive Officer [Member] | Severance Accrued and Related Payroll Taxes, Continuation of Certain Benefits and Professional Fees [Member] | ||||
Severance, Professional Fees and Other Charges | $ 900 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) - Citizens Bank of Pennsylvania [Member] - USD ($) $ in Millions | Aug. 09, 2018 | Aug. 08, 2018 | Jun. 30, 2018 | Feb. 13, 2018 |
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40 | $ 35 | ||
Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 | |||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45 | $ 40 | ||
Line of Credit Facility, Expiration Date | Aug. 8, 2023 | |||
Line of Credit, Waivers from Certain Financial Covenant Calculations | $ 1.4 |