Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 28, 2020 | May 12, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | RCM TECHNOLOGIES INC | |
Entity Central Index Key | 0000700841 | |
Trading Symbol | rcmt | |
Current Fiscal Year End Date | --01-02 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 13,135,970 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 28, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.05 per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 642 | $ 1,847 |
Accounts receivable, net | 50,767 | 59,760 |
Transit accounts receivable | 1,891 | 4,906 |
Prepaid expenses and other current assets | 3,944 | 4,144 |
Total current assets | 57,244 | 70,657 |
Property and equipment, net | 2,493 | 2,717 |
Other assets: | ||
Deposits | 209 | 209 |
Deferred tax asset, net, domestic | 1,799 | |
Goodwill | 16,354 | 16,354 |
Operating right of use asset | 5,516 | 5,820 |
Intangible assets, net | 336 | 416 |
Total other assets | 24,214 | 22,799 |
Total assets | 83,951 | 96,173 |
Current liabilities: | ||
Borrowings under line of credit | 32,767 | |
Accounts payable and accrued expenses | 5,969 | 6,220 |
Transit accounts payable | 2,507 | 4,552 |
Accrued payroll and related costs | 6,373 | 7,713 |
Finance lease payable | 309 | 315 |
Income taxes payable | 149 | 130 |
Operating right of use liability | 2,157 | 2,134 |
Liability for contingent consideration from acquisitions | 344 | 344 |
Total current liabilities | 50,575 | 21,408 |
Finance lease payable | 115 | 189 |
Liability for contingent consideration from acquisitions | 2,750 | 2,714 |
Operating right of use liability | 3,615 | 3,921 |
Borrowings under line of credit | 34,761 | |
Total liabilities | 57,415 | 63,770 |
Commitments and contingencies (note 16) | ||
Stockholders’ equity: | ||
Preferred stock, $1.00 par value; 5,000,000 shares authorized; no shares issued or outstanding | ||
Common stock, $0.05 par value; 40,000,000 shares authorized; 15,944,142 shares issued and 13,120,970 shares outstanding at March 28, 2020 and 15,826,891 shares issued and 13,003,719 shares outstanding at December 28, 2019 | 797 | 791 |
Additional paid-in capital | 108,655 | 108,452 |
Accumulated other comprehensive loss | (2,879) | (2,748) |
Accumulated deficit | (65,050) | (59,105) |
Treasury stock (2,823,172 shares at March 28, 2020 and December 28, 2019) at cost | (14,987) | (14,987) |
Stockholders’ equity | 26,536 | 32,403 |
Total liabilities and stockholders’ equity | 83,951 | 96,173 |
Foreign Tax Authority [Member] | ||
Current liabilities: | ||
Deferred tax liability | 360 | 382 |
Domestic Tax Authority [Member] | ||
Current liabilities: | ||
Deferred tax liability | $ 395 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 28, 2020 | Dec. 28, 2019 |
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) | 15,944,142 | 15,826,891 |
Common stock, outstanding (in shares) | 13,120,970 | 13,003,719 |
Treasury stock, shares (in shares) | 2,823,172 | 2,823,172 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Revenues | $ 45,033 | $ 51,595 |
Cost of services | 34,190 | 39,078 |
Gross profit | 10,843 | 12,517 |
Operating costs and expenses | ||
Selling, general and administrative | 10,237 | 10,466 |
Depreciation and amortization of property and equipment | 255 | 315 |
Amortization of acquired intangible assets | 80 | 82 |
Write-off of receivables related to arbitration | 8,047 | |
Operating costs and expenses | 18,619 | 10,863 |
Operating (loss) income | (7,776) | 1,654 |
Other expense (income) | ||
Interest expense and other, net | 340 | 428 |
Imputed interest on contingent consideration | 36 | 48 |
Loss (gain) on foreign currency transactions | 33 | (11) |
Other expense, net | 409 | 465 |
(Loss) income before income taxes | (8,185) | 1,189 |
Income tax benefit | (2,240) | (274) |
Net (loss) income | $ (5,945) | $ 1,463 |
Basic and diluted net (loss) earnings per share (in dollars per share) | $ (0.45) | $ 0.11 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Net (loss) income | $ (5,945) | $ 1,463 |
Other comprehensive (loss) income | (131) | 11 |
Comprehensive (loss) income | $ (6,076) | $ 1,474 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | 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. 29, 2018 | 15,578,345 | 2,823,172 | ||||
Balance at Dec. 29, 2018 | $ 778 | $ 107,326 | $ (2,755) | $ (63,163) | $ (14,987) | $ 27,199 |
Issuance of stock under employee stock purchase plan (in shares) | 59,451 | |||||
Issuance of stock under employee stock purchase plan | $ 3 | 162 | 165 | |||
Translation adjustment | 11 | 11 | ||||
Share-based compensation expense | 241 | 241 | ||||
Issuance of stock upon vesting of restricted stock units (in shares) | 57,148 | |||||
Issuance of stock upon vesting of restricted stock units | $ 3 | (3) | ||||
Net (loss) income | 1,463 | 1,463 | ||||
Balance (in shares) at Mar. 30, 2019 | 15,694,944 | 2,823,172 | ||||
Balance at Mar. 30, 2019 | $ 784 | 107,726 | (2,744) | (61,700) | $ (14,987) | 29,079 |
Balance (in shares) at Dec. 28, 2019 | 15,826,891 | 2,823,172 | ||||
Balance at Dec. 28, 2019 | $ 791 | 108,452 | (2,748) | (59,105) | $ (14,987) | 32,403 |
Issuance of stock under employee stock purchase plan (in shares) | 57,251 | |||||
Issuance of stock under employee stock purchase plan | $ 3 | 137 | 140 | |||
Translation adjustment | (131) | (131) | ||||
Share-based compensation expense | 69 | 69 | ||||
Issuance of stock upon vesting of restricted stock units (in shares) | 60,000 | |||||
Issuance of stock upon vesting of restricted stock units | $ 3 | (3) | ||||
Net (loss) income | (5,945) | (5,945) | ||||
Balance (in shares) at Mar. 28, 2020 | 15,944,142 | 2,823,172 | ||||
Balance at Mar. 28, 2020 | $ 797 | $ 108,655 | $ (2,879) | $ (65,050) | $ (14,987) | $ 26,536 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (5,945) | $ 1,463 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 335 | 397 |
Imputed interest on contingent consideration | 36 | 48 |
Share-based compensation expense | 69 | 241 |
Provision for losses on accounts receivable | 7,792 | 11 |
Deferred income tax (benefit) expense | (2,217) | 36 |
Changes in assets and liabilities: | ||
Accounts receivable | 974 | (6,264) |
Prepaid expenses and other current assets | 166 | 110 |
Net of transit accounts receivable and payable | 973 | 45 |
Accounts payable and accrued expenses | (6) | (826) |
Accrued payroll and related costs | (1,289) | (872) |
Right of use assets and liabilities | 20 | 266 |
Income taxes payable | 21 | (210) |
Total adjustments | 6,874 | (7,018) |
Net cash provided by (used in) operating activities | 929 | (5,555) |
Cash flows from investing activities: | ||
Property and equipment acquired | (35) | (101) |
Decrease in deposits | (1) | |
Net cash used in investing activities | (35) | (102) |
Cash flows from financing activities: | ||
Borrowings under line of credit | 22,279 | 27,422 |
Repayments under line of credit | (24,273) | (20,533) |
Issuance of stock for employee stock purchase plan | 140 | 165 |
Changes in finance lease obligations | (80) | 73 |
Contingent consideration paid | 0 | (244) |
Net cash (used in) provided by financing activities | (1,934) | 6,883 |
Effect of exchange rate changes on cash and cash equivalents | (165) | (15) |
(Decrease) increase in cash and cash equivalents | (1,205) | 1,211 |
Cash and cash equivalents at beginning of period | 1,847 | 482 |
Cash and cash equivalents at end of period | 642 | 1,693 |
Supplemental cash flow information: | ||
Interest | 420 | 407 |
Income taxes | 43 | 14 |
Non-cash financing activities: | ||
Vesting of restricted stock units | $ 172 | $ 217 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 28, 2020 | |
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 28, 2019 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 March 28, 2020 not may Fiscal Year The Company follows a 52/53 December 31. December 28, 2019 ( 2019 52 January 2, 2021 ( 2020 53 2020 2019 Fiscal 2020 Weeks Fiscal 2019 Weeks March 28, 2020 Thirteen March 30, 2019 Thirteen June 27, 2020 Thirteen June 29, 2019 Thirteen September 26, 2020 Thirteen September 28, 2019 Thirteen January 2, 2021 Fourteen December 28, 2019 Thirteen Current Liquidity and Revolving Credit Facility Liquidity is a measure of our ability to meet potential cash requirements, maintain our assets, fund our operations, and meet the other general cash needs of our business. Our liquidity is impacted by general economic, financial, competitive, and other factors beyond our control. Our liquidity requirements consist primarily of funds necessary to pay our expenses, principally labor-costs, and other related expenditures. We generally satisfy our liquidity needs through cash provided by operations and, when necessary, our revolving line of credit from Citizens Bank. The Company expects to have positive cash flow over at least the next two twelve The Company’s liquidity and capital resources as of March 28, 2020, $50.8 $57.2 $50.6 March 28, 2020, $6.7 $53.3 $2.7 The Company experiences volatility in its daily cash flow and, at times, relies on the revolving line of credit to provide daily liquidity for the Company’s financial operations. As of March 28, 2020, March 28, 2020. not June 27, 2020, may not no no In the event of future noncompliance with the Company’s revolving line of credit, Citizens Bank could demand different terms or repayment. While the Company believes any adverse decision by Citizens Bank is unlikely, the Company believes that it has several viable refinance options. These options include, but are not $50.8 $57.2 March 28, 2020, not $57.2 $50.8 not $17.8 $39.5 |
Note 2 - Use of Estimates and U
Note 2 - Use of Estimates and Uncertainties | 3 Months Ended |
Mar. 28, 2020 | |
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, revenue 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 estimates are based upon various factors including current and historical trends, as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID- 19. 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. Fair 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 and the line of credit’s variable interest rate. The Company does not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition The Company records revenue under Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers We evaluate our revenue contracts with customers based on the five 606: 1 2 3 4 5 The Company derives its revenue from several sources. The Company’s Engineering Services and Information Technology Services segments perform consulting and project solution services. The Healthcare segment specializes in long-term and short-term staffing and placement services to hospitals, schools and long-term care facilities amongst others. All of the Company’s segments perform staff augmentation services and derive revenue from permanent placement fees. The majority of the Company’s revenue is invoiced on a time and materials basis. The following table presents our revenue disaggregated by revenue source for the thirteen March 28, 2020 March 30, 2019: Thirteen Week Periods Ended March 28, 2020 March 30, 2019 Engineering: Time and Material $ 12,827 $ 13,843 Fixed Fee 1,314 5,169 Permanent Placement Services 22 43 Total Engineering $ 14,163 $ 19,055 Specialty Health Care: Time and Material $ 22,053 $ 23,907 Permanent Placement Services 144 264 Total Specialty Health Care $ 22,197 $ 24,171 Information Technology: Time and Material $ 8,557 $ 8,308 Permanent Placement Services 116 61 Total Information Technology $ 8,673 $ 8,369 $ 45,033 $ 51,595 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 revenue 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. Deferred revenue was $0.6 $0.4 March 28, 2020 December 28, 2019, may one thirteen March 28, 2020 March 30, 2019, $0.4 $0.1 |
Note 4 - Accounts Receivable, T
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable | 3 Months Ended |
Mar. 28, 2020 | |
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: March 28, 2020 December 28, 2019 Billed $ 29,703 $ 29,214 Accrued and unbilled 11,374 13,824 Work-in-progress 4,170 4,352 Accounts receivable subject to arbitration 7,387 14,095 Allowance for sales discounts and doubtful accounts (1,867 ) (1,725 ) Accounts receivable, net $ 50,767 $ 59,760 Unbilled receivables primarily represent revenue earned whereby those services are ready to be billed as of the balance sheet ending date. Work-in-progress primarily represents revenue 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 not $1.9 $2.5 $0.6 March 28, 2020. $4.9 $4.6 $0.3 December 28, 2019. The Company has a dispute with a customer that is a major utility in the United States. Both parties agreed in fiscal 2017 2018. not December 28, 2019, $14.1 $10.3 April 2020, $7.4 $10.3 thirteen March 28, 2020, $8.0 $6.7 not $0.7 not $0.4 $0.2 $0.7 not |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 28, 2020 | |
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: March 28, 2020 December 28, 2019 Computers and systems $ 4,852 $ 5,628 Equipment and furniture 275 319 Leasehold improvements 203 308 5,330 6,255 Less: accumulated depreciation and amortization 2,837 3,538 Property and equipment, net $ 2,493 $ 2,717 The Company periodically writes off fully depreciated and amortized assets. The Company wrote off fully depreciated and amortized assets of $960 $1,620 thirteen March 28, 2020 March 30, 2019, thirteen March 28, 2020 March 30, 2019 $255 $315, |
Note 6 - Acquisitions
Note 6 - Acquisitions | 3 Months Ended |
Mar. 28, 2020 | |
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 Future Contingent Payments As of March 28, 2020, two may 1 October 1, 2017, 2 September 30, 2018, March 28, 2020 Fiscal Year Ending Total January 2, 2021 (after March 28, 2020) $ 344 January 1, 2022 1,438 December 31, 2022 1,312 Estimated future contingent consideration payments $ 3,094 Estimates of future contingent payments are subject to significant judgment and actual payments may March 28, 2020 $6.3 March 28, 2020. thirteen March 28, 2020, 3 For acquisitions that involve contingent consideration, the Company records a liability equal to the fair value of the estimated contingent consideration obligation as of the acquisition date. The Company determines the acquisition date fair value of the contingent consideration based on the likelihood of paying the additional consideration. The fair value is estimated using projected future operating results and the corresponding future earn-out payments that can be earned upon the achievement of specified operating objectives and financial results by acquired companies using Level 3 may one The Company did not thirteen March 28, 2020 $0.2 thirteen March 30, 2019. |
Note 7 - Goodwill
Note 7 - Goodwill | 3 Months Ended |
Mar. 28, 2020 | |
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 thirteen March 28, 2020 March 30, 2019. first 2020, 19 19 two not no three March 28, 2020 no three March 30, 2019. The carrying amount of goodwill as of March 28, 2020 December 28, 2019 Engineering Specialty Health Care Information Technology Total $ 11,918 $ 2,398 $ 2,038 $ 16,354 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 3 Months Ended |
Mar. 28, 2020 | |
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 thirteen March 28, 2020, 19 19 two not no thirteen March 28, 2020 no thirteen March 30, 2019. All of the Company’s intangible assets are associated with the Engineering segment. Intangible assets other than goodwill are amortized over their useful lives. Intangible assets are carried at cost, less accumulated amortization. March 28, 2019 December 28, 2019 Restricted covenants $ 25 $ 28 Customer relationships 311 388 Total intangible assets $ 336 $ 416 Amortization expense of intangible assets for the thirteen March 28, 2020 March 30, 2019 $80 $82, |
Note 9 - Line of Credit
Note 9 - Line of Credit | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Line of Credit The Company and its subsidiaries amended and restated its Revolving Credit Facility with Citizens Bank of Pennsylvania on October 18, 2019. $45.0 no August 8, 2023. Borrowings under the Revolving Credit Facility bear interest at one two 30 not thirteen March 28, 2020 March 30, 2019 3.7% 4.7%, 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 March 28, 2020, March 28, 2020. June 28, 2020 may not no no may not March 28, 2020. Borrowings under the line of credit as of March 28, 2020 December 28, 2019 $32.8 $34.8 March 28, 2020 December 28, 2019 $1.7 $1.6 March 28, 2020, $10.5 Impact to Line of Credit from COVID- 19 The Company is negatively impacted by COVID- 19 18 19 not no two no |
Note 10 - Per Share Data
Note 10 - Per Share Data | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. 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 March 28, 2020 March 30, 2019 Thirteen Week Periods Ended March 28, 2020 March 30, 2019 Basic weighted average shares outstanding 13,111,550 12,856,533 Dilutive effect of outstanding restricted share units 32,534 44,301 Weighted average dilutive shares outstanding 13,144,084 12,900,834 For all periods presented, there were no not no Unissued shares of common stock were reserved for the following purposes: March 28, 2020 December 28, 2019 Time-based restricted stock units outstanding 281,725 151,725 Performance-based restricted stock units outstanding 160,000 240,000 Future grants of options or shares 158,326 268,326 Shares reserved for employee stock purchase plan 210,626 267,877 Total 810,677 927,928 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Share-Based Compensation At March 28, 2020, two one three 10 may The Company recognized share-based compensation expense of $69 $241 thirteen March 28, 2020, March 30, 2019, thirteen March 28, 2020 March 30, 2019 thirteen March 28, 2020, 40,000 2019. March 28, 2020, As of March 28, 2020, $0.6 two not Incentive Share-Based Plans 2014 2014 The 2014 December 2014, 2016, 2014 625,000, 500,000 1,125,000 December 1, 2026. As of March 28, 2020, 2014 281,725 160,000 158,326 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. 2018, 300,000 1,400,000 The Company has two first two two first December 30, 2019 ( first 57,251. March 28, 2020, 210,626 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. As of March 28, 2020, $40 not To date, the Company has issued time-based restricted stock units only under its 2007 2014 2007 no 2014 thirteen March 28, 2020: Number of Time-Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at December 28, 2019 151,725 $ 3.64 Granted 150,000 $ 2.82 Vested (20,000 ) $ 3.76 Forfeited or expired 0 - Outstanding non-vested at March 28, 2020 281,725 $ 3.20 Based on the closing price of the Company’s common stock of $1.30 March 27, 2020 ( March 28, 2020), March 28, 2020 $366. March 28, 2020, $0.6 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. As of March 28, 2020, no not To date, the Company has issued performance-based restricted stock units only under the 2014 thirteen March 28, 2020: Number of Performance- Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at December 28, 2019 240,000 $ 4.81 Granted 0 - Vested (40,000 ) $ 4.38 Forfeited or expired (40,000 ) $ 4.38 Outstanding non-vested at March 28, 2020 160,000 $ 5.02 As of March 28, 2020, 160,000 March 28, 2020, $0.8 |
Note 12 - Treasury Stock Transa
Note 12 - Treasury Stock Transactions | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 12. Treasury Stock Transactions For both the thirteen March 28, 2020 March 30, 2019, not not |
Note 13 - New Accounting Standa
Note 13 - New Accounting Standards and Updates from the Securities Exchange Commission ("SEC") | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 13. New Accounting Standards and Updates from the Securities Exchange Commission (“SEC”) In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 February 2020, 2020 02, Financial Instruments-Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13 December 15, 2022. not In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 In December 2019, 2019 12, Income Taxes (Topic 740 not December 15, 2020; 2019 12 December 29, 2019. 740 270 March 28, 2020, |
Note 14 - Segment Information
Note 14 - Segment Information | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. 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 28, 2019). Segment operating (loss) 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 March 28, 2020 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 14,163 $ 22,197 $ 8,673 $ - $ 45,033 Cost of services 10,205 17,812 6,173 - 34,190 Gross profit 3,958 4,385 2,500 - 10,843 Selling, general and administrative 3,424 4,400 2,413 - 10,237 Depreciation and amortization 238 77 20 - 335 Write-off of receivables related to arbitration 8,047 - - - 8,047 Operating income (loss) $ (7,751 ) $ (92 ) $ 67 $ - $ (7,776 ) Total assets as of March 28, 2020 $ 43,690 $ 25,499 $ 8,717 $ 6,045 $ 83,951 Capital expenditures $ 9 $ 10 $ 15 $ 1 $ 35 Thirteen Week Period Ended March 30, 2019 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 19,055 $ 24,171 $ 8,369 $ - $ 51,595 Cost of services 14,357 18,533 6,188 - 39,078 Gross profit 4,698 5,638 2,181 - 12,517 Selling, general and administrative 3,816 4,495 2,155 - 10,466 Depreciation and amortization 285 91 21 - 397 Operating income $ 597 $ 1,052 $ 5 $ - 1,654 Total assets as of March 30, 2019 $ 48,158 $ 29,348 $ 8,291 $ 7,014 $ 92,811 Capital expenditures $ 62 $ 16 $ 13 $ 10 $ 101 The Company derives a majority of its revenue from offices in the United States. Revenue 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. Revenue by geographic area for the thirteen March 28, 2020 March 30, 2019 Thirteen Week Periods Ended March 28, 2020 March 30, 2019 Revenue U. S. $ 39,176 $ 45,302 Canada 4,002 4,588 Puerto Rico 1,202 1,203 Serbia 653 502 $ 45,033 $ 51,595 Total assets by geographic area as of the reported periods are as follows: March 28, 2020 December 28, 2019 Total assets U. S. $ 63,470 $ 75,724 Canada 13,498 13,770 Puerto Rico 1,931 2,066 Serbia 5,052 4,613 $ 83,951 $ 96,173 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes The Company recognized $2.2 thirteen March 28, 2020, $0.3 $0.6 first 2019 27.4%. 2020 March 28, 2020, 27.0%, 28.1%, 15.5% 28.1%, 26.5%, 15.1% Differences between the effective tax rate and the applicable U.S. federal statutory rate may 2020 may 2020 not 19. |
Note 16 - Contingencies
Note 16 - Contingencies | 3 Months Ended |
Mar. 28, 2020 | |
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 March 28, 2020 no March 28, 2020, not The Company has a dispute with a customer that is a major utility in the United States. Both parties agreed in fiscal 2017 2018. not December 28, 2019, $14.1 $10.3 April 2020, $7.4 $10.3 thirteen March 28, 2020, $8.0 $6.7 not $0.7 not $0.4 $0.2 $0.7 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 - Leases
Note 17 - Leases | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 17. Leases Leases are recorded in accordance with FASB ASC 842, 12 The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not . The components of lease expense were as follows: Thirteen Week Period Ended March 28, 2020 March 30, 2019 Operating lease cost $ 656 $ 439 Finance lease cost Amortization of ROU assets $ 78 $ 73 Interest on lease liabilities $ 2 1 Total finance lease cost $ 80 $ 74 Supplemental Cash Flow information related to leases was as follows: Thirteen Week Period Ended March 28, 2020 March 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 663 $ 382 Operating cash flows from finance leases $ 2 $ 2 Financing cash flows from finance leases $ 80 $ 72 Right of use assets obtained in exchange for lease obligations Operating leases $ 250 $ 6,208 Finance leases - - Supplemental Balance Sheet information as of March 28, 2020 December 28, 2019 March 28, 2020 December 28, 2019 Operating leases Operating lease right of use assets $ 5,516 $ 5,820 Operating right of use liability - current $ (2,157 ) $ (2,134 ) Operating right of use liability - non-current (3,615 ) (3,921 ) Total operating lease liabilities $ (5,772 ) $ (6,055 ) Finance leases Property and equipment - (ROU assets) $ 984 $ 985 Accumulated depreciation (552 ) (475 ) Property and equipment, net $ 432 $ 510 Finance lease liability - current $ (309 ) $ (315 ) Finance lease liability - non-current (115 ) (189 ) Total finance lease liabilities $ (424 ) $ (504 ) Weighted average remaining lease term Operating leases 1.64 Years 2.54 Years Finance leases 1.39 Years 1.62 Years Weighted average discount rate Operating leases 4.3 % 4.11 % Finance leases 1.83 % 1.78 % Maturities of lease liabilities are as follows: Fiscal Year Operating Leases Finance Leases 2020 $ 1,856 $ 240 2021 1,831 169 2022 1,360 22 2023 905 - 2024 188 - Thereafter - - Total lease payments $ 6,140 $ 431 Less: imputed interest (368 ) (7 ) Total $ 5,772 $ 424 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. Subsequent Events In March 2020, 19 first second The Company has a dispute with a customer that is a major utility in the United States. Both parties agreed in fiscal 2017 2018. April 2020. 4 16 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Thirteen Week Periods Ended March 28, 2020 March 30, 2019 Engineering: Time and Material $ 12,827 $ 13,843 Fixed Fee 1,314 5,169 Permanent Placement Services 22 43 Total Engineering $ 14,163 $ 19,055 Specialty Health Care: Time and Material $ 22,053 $ 23,907 Permanent Placement Services 144 264 Total Specialty Health Care $ 22,197 $ 24,171 Information Technology: Time and Material $ 8,557 $ 8,308 Permanent Placement Services 116 61 Total Information Technology $ 8,673 $ 8,369 $ 45,033 $ 51,595 |
Note 4 - Accounts Receivable,_2
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 28, 2020 December 28, 2019 Billed $ 29,703 $ 29,214 Accrued and unbilled 11,374 13,824 Work-in-progress 4,170 4,352 Accounts receivable subject to arbitration 7,387 14,095 Allowance for sales discounts and doubtful accounts (1,867 ) (1,725 ) Accounts receivable, net $ 50,767 $ 59,760 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 28, 2020 December 28, 2019 Computers and systems $ 4,852 $ 5,628 Equipment and furniture 275 319 Leasehold improvements 203 308 5,330 6,255 Less: accumulated depreciation and amortization 2,837 3,538 Property and equipment, net $ 2,493 $ 2,717 |
Note 6 - Acquisitions (Tables)
Note 6 - Acquisitions (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Fiscal Year Ending Total January 2, 2021 (after March 28, 2020) $ 344 January 1, 2022 1,438 December 31, 2022 1,312 Estimated future contingent consideration payments $ 3,094 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Engineering Specialty Health Care Information Technology Total $ 11,918 $ 2,398 $ 2,038 $ 16,354 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | March 28, 2019 December 28, 2019 Restricted covenants $ 25 $ 28 Customer relationships 311 388 Total intangible assets $ 336 $ 416 |
Note 10 - Per Share Data (Table
Note 10 - Per Share Data (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Thirteen Week Periods Ended March 28, 2020 March 30, 2019 Basic weighted average shares outstanding 13,111,550 12,856,533 Dilutive effect of outstanding restricted share units 32,534 44,301 Weighted average dilutive shares outstanding 13,144,084 12,900,834 |
Unissued Shares of Common Stock [Table Text Block] | March 28, 2020 December 28, 2019 Time-based restricted stock units outstanding 281,725 151,725 Performance-based restricted stock units outstanding 160,000 240,000 Future grants of options or shares 158,326 268,326 Shares reserved for employee stock purchase plan 210,626 267,877 Total 810,677 927,928 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
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 28, 2019 151,725 $ 3.64 Granted 150,000 $ 2.82 Vested (20,000 ) $ 3.76 Forfeited or expired 0 - Outstanding non-vested at March 28, 2020 281,725 $ 3.20 Number of Performance- Based Restricted Stock Units Weighted Average Grant Date Fair Value per Share Outstanding non-vested at December 28, 2019 240,000 $ 4.81 Granted 0 - Vested (40,000 ) $ 4.38 Forfeited or expired (40,000 ) $ 4.38 Outstanding non-vested at March 28, 2020 160,000 $ 5.02 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Thirteen Week Period Ended March 28, 2020 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 14,163 $ 22,197 $ 8,673 $ - $ 45,033 Cost of services 10,205 17,812 6,173 - 34,190 Gross profit 3,958 4,385 2,500 - 10,843 Selling, general and administrative 3,424 4,400 2,413 - 10,237 Depreciation and amortization 238 77 20 - 335 Write-off of receivables related to arbitration 8,047 - - - 8,047 Operating income (loss) $ (7,751 ) $ (92 ) $ 67 $ - $ (7,776 ) Total assets as of March 28, 2020 $ 43,690 $ 25,499 $ 8,717 $ 6,045 $ 83,951 Capital expenditures $ 9 $ 10 $ 15 $ 1 $ 35 Thirteen Week Period Ended March 30, 2019 Engineering Specialty Health Care Information Technology Corporate Total Revenue $ 19,055 $ 24,171 $ 8,369 $ - $ 51,595 Cost of services 14,357 18,533 6,188 - 39,078 Gross profit 4,698 5,638 2,181 - 12,517 Selling, general and administrative 3,816 4,495 2,155 - 10,466 Depreciation and amortization 285 91 21 - 397 Operating income $ 597 $ 1,052 $ 5 $ - 1,654 Total assets as of March 30, 2019 $ 48,158 $ 29,348 $ 8,291 $ 7,014 $ 92,811 Capital expenditures $ 62 $ 16 $ 13 $ 10 $ 101 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Thirteen Week Periods Ended March 28, 2020 March 30, 2019 Revenue U. S. $ 39,176 $ 45,302 Canada 4,002 4,588 Puerto Rico 1,202 1,203 Serbia 653 502 $ 45,033 $ 51,595 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | March 28, 2020 December 28, 2019 Total assets U. S. $ 63,470 $ 75,724 Canada 13,498 13,770 Puerto Rico 1,931 2,066 Serbia 5,052 4,613 $ 83,951 $ 96,173 |
Note 17 - Leases (Tables)
Note 17 - Leases (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Thirteen Week Period Ended March 28, 2020 March 30, 2019 Operating lease cost $ 656 $ 439 Finance lease cost Amortization of ROU assets $ 78 $ 73 Interest on lease liabilities $ 2 1 Total finance lease cost $ 80 $ 74 |
Lease, Cash Flow Information [Table Text Block] | Thirteen Week Period Ended March 28, 2020 March 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 663 $ 382 Operating cash flows from finance leases $ 2 $ 2 Financing cash flows from finance leases $ 80 $ 72 Right of use assets obtained in exchange for lease obligations Operating leases $ 250 $ 6,208 Finance leases - - |
Lease, Balance Sheet Information [Table Text Block] | March 28, 2020 December 28, 2019 Operating leases Operating lease right of use assets $ 5,516 $ 5,820 Operating right of use liability - current $ (2,157 ) $ (2,134 ) Operating right of use liability - non-current (3,615 ) (3,921 ) Total operating lease liabilities $ (5,772 ) $ (6,055 ) Finance leases Property and equipment - (ROU assets) $ 984 $ 985 Accumulated depreciation (552 ) (475 ) Property and equipment, net $ 432 $ 510 Finance lease liability - current $ (309 ) $ (315 ) Finance lease liability - non-current (115 ) (189 ) Total finance lease liabilities $ (424 ) $ (504 ) Weighted average remaining lease term Operating leases 1.64 Years 2.54 Years Finance leases 1.39 Years 1.62 Years Weighted average discount rate Operating leases 4.3 % 4.11 % Finance leases 1.83 % 1.78 % |
Lease, Liability, Maturity [Table Text Block] | Fiscal Year Operating Leases Finance Leases 2020 $ 1,856 $ 240 2021 1,831 169 2022 1,360 22 2023 905 - 2024 188 - Thereafter - - Total lease payments $ 6,140 $ 431 Less: imputed interest (368 ) (7 ) Total $ 5,772 $ 424 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 50,767 | $ 59,760 |
Assets, Current, Total | 57,244 | 70,657 |
Liabilities, Current, Total | 50,575 | $ 21,408 |
Excess of Current Liabilities Including Revolving Line of Credit over Current Assets | 6,700 | |
Current Asses Excluding Prepaid Assets | 53,300 | |
Excess of Current Assets Excluding Prepaid Assets over Current Liabilities | 2,700 | |
Current Liabilities Excluding Line of Credit | 17,800 | |
Excess of Current Assets over Current Liabilities Excluding Revolving Line of Credit | $ 39,500 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | |
Contract with Customer, Liability, Revenue Recognized | $ 0.4 | $ 0.1 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Contract with Customer, Liability, Total | $ 0.6 | $ 0.4 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Revenues Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Revenues | $ 45,033 | $ 51,595 |
Engineering Services [Member] | ||
Revenues | 14,163 | 19,055 |
Health Care [Member] | ||
Revenues | 22,197 | 24,171 |
Technology Service [Member] | ||
Revenues | 8,673 | 8,369 |
Time-and-materials Contract [Member] | Engineering Services [Member] | ||
Revenues | 12,827 | 13,843 |
Time-and-materials Contract [Member] | Health Care [Member] | ||
Revenues | 22,053 | 23,907 |
Time-and-materials Contract [Member] | Technology Service [Member] | ||
Revenues | 8,557 | 8,308 |
Fixed-price Contract [Member] | Engineering Services [Member] | ||
Revenues | 1,314 | 5,169 |
Permanent Placement Services [Member] | Engineering Services [Member] | ||
Revenues | 22 | 43 |
Permanent Placement Services [Member] | Health Care [Member] | ||
Revenues | 144 | 264 |
Permanent Placement Services [Member] | Technology Service [Member] | ||
Revenues | $ 116 | $ 61 |
Note 4 - Accounts Receivable,_3
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 50,767 | $ 59,760 | |
Loss Contingency, Receivable, Ending Balance | 14,100 | ||
Loss Contingency, Estimate of Possible Loss | 10,300 | ||
Arbitration to Settle Dispute with Major Utility [Member] | |||
Litigation Settlement, Expense | 8,000 | ||
Legal Fees | 400 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 700 | ||
Arbitration to Settle Dispute with Major Utility [Member] | Expense Related to Disputed Projects not Awards by Arbitrator [Member] | |||
Litigation Settlement, Expense | 6,700 | ||
Arbitration to Settle Dispute with Major Utility [Member] | Expense Related to Other Projects not Part of Arbitration [Member] | |||
Litigation Settlement, Expense | 700 | ||
Arbitration to Settle Dispute with Major Utility [Member] | Expense Related to Disputed Projects Part of Arbitration [Member] | |||
Litigation Settlement, Expense | 200 | ||
Arbitration to Settle Dispute with Major Utility [Member] | Subsequent Event [Member] | |||
Litigation Settlement, Amount Awarded from Other Party | $ 7,400 | ||
Collectibility of Receivables [Member] | |||
Loss Contingency, Estimate of Possible Loss | 10,300 | ||
Transit Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 1,900 | 4,900 | |
Accounts Payable, Current, Total | 2,500 | ||
Accounts Payable, Net | 600 | ||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 300 | ||
Transit Accounts Payable [Member] | |||
Accounts Payable, Current, Total | $ 4,600 | ||
Accounts Receivable not Part of Arbitration [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 700 |
Note 4 - Accounts Receivable,_4
Note 4 - Accounts Receivable, Transit Accounts Receivable and Transit Accounts Payable - Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Allowance for sales discounts and doubtful accounts | $ (1,867) | $ (1,725) |
Accounts receivable, net | 50,767 | 59,760 |
Billed Revenues [Member] | ||
Accounts receivable, current | 29,703 | 29,214 |
Unbilled Revenues [Member] | ||
Accounts receivable, current | 11,374 | 13,824 |
Work In Progress [Member] | ||
Accounts receivable, current | 4,170 | 4,352 |
Accounts Receivable Subject to Arbitration [Member] | ||
Accounts receivable, current | $ 7,387 | $ 14,095 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Annual Depreciation Rate | 20.00% | |
Write Off of Fully Depreciated Property and Equipment | $ 960 | $ 1,620 |
Depreciation, Total | $ 255 | $ 315 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Property and equipment | $ 5,330 | $ 6,255 |
Less: accumulated depreciation and amortization | 2,837 | 3,538 |
Property and equipment, net | 2,493 | 2,717 |
Computers and Systems [Member] | ||
Property and equipment | 4,852 | 5,628 |
Equipment and Furniture [Member] | ||
Property and equipment | 275 | 319 |
Leasehold Improvements [Member] | ||
Property and equipment | $ 203 | $ 308 |
Note 6 - Acquisitions (Details
Note 6 - Acquisitions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 6,300 | |
Payment for Contingent Consideration Liability, Financing Activities | $ 0 | $ 244 |
Note 6 - Acquisitions - Maximum
Note 6 - Acquisitions - Maximum Deferred Consideration Payments (Details) $ in Thousands | Mar. 28, 2020USD ($) |
January 2, 2021 (after March 28, 2020) | $ 344 |
January 1, 2022 | 1,438 |
December 31, 2022 | 1,312 |
Estimated future contingent consideration payments | $ 3,094 |
Note 7 - Goodwill (Details Text
Note 7 - Goodwill (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 7 - Goodwill - Changes in
Note 7 - Goodwill - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Goodwill | $ 16,354 | $ 16,354 |
Engineering [Member] | ||
Goodwill | 11,918 | 11,918 |
Specialty Health Care [Member] | ||
Goodwill | 2,398 | 2,398 |
Information Technology [Member] | ||
Goodwill | $ 2,038 | $ 2,038 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | $ 0 |
Goodwill, Impairment Loss | 0 | 0 |
Amortization of Intangible Assets, Total | $ 80 | $ 82 |
Note 8 - Intangible Assets - In
Note 8 - Intangible Assets - Intangible Assets by Class (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Intangible assets, net | $ 336 | $ 416 |
Restricted Covenants [Member] | ||
Intangible assets, net | 25 | 28 |
Customer Relationships [Member] | ||
Intangible assets, net | $ 311 | $ 388 |
Note 9 - Line of Credit (Detail
Note 9 - Line of Credit (Details Textual) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 | Oct. 18, 2019 |
Long-term Line of Credit, Noncurrent | $ 34,761 | ||
Citizens Bank of Pennsylvania [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.70% | 4.70% | |
Long-term Line of Credit, Noncurrent | $ 32,800 | $ 34,800 | |
Letters of Credit Outstanding, Amount | 1,700 | $ 1,600 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 10,500 |
Note 10 - Per Share Data (Detai
Note 10 - Per Share Data (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Note 10 - Per Share Data - Weig
Note 10 - Per Share Data - Weighted Average Number of Common Shares (Details) - shares | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Basic weighted average shares outstanding (in shares) | 13,111,550 | 12,856,533 |
Dilutive effect of outstanding restricted share units (in shares) | 32,534 | 44,301 |
Weighted average dilutive shares outstanding (in shares) | 13,144,084 | 12,900,834 |
Note 10 - Per Share Data - Unis
Note 10 - Per Share Data - Unissued Shares of Common Stock Were Reserved for the Following Purposes (Details) - shares | Mar. 28, 2020 | Dec. 28, 2019 |
Future grants of options or shares (in shares) | 158,326 | 268,326 |
Shares reserved for employee stock purchase plan (in shares) | 210,626 | 267,877 |
Total (in shares) | 810,677 | 927,928 |
Time-based Restricted Stock Units [Member] | ||
Restricted stock units outstanding (in shares) | 281,725 | 151,725 |
Performance-based Restricted Stock Units [Member] | ||
Restricted stock units outstanding (in shares) | 160,000 | 240,000 |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Dec. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | Dec. 29, 2018 | Dec. 31, 2016 | Dec. 27, 2015 | Mar. 27, 2020 | Dec. 28, 2019 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||
Share-based Payment Arrangement, Expense | $ 69 | $ 241 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 810,677 | 927,928 | |||||||
Share Price (in dollars per share) | $ 1.30 | ||||||||
Time-based Restricted Stock Units [Member] | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 600 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | ||||||||
The 2014 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,125,000 | 625,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 500,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 158,326 | ||||||||
The 2014 Plan [Member] | Performance-based Restricted Stock Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 40,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 160,000 | 240,000 | |||||||
Dividends Payable | $ 0 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 800 | ||||||||
The 2014 Plan [Member] | Time-based Restricted Stock Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 20,000 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 600 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 281,725 | 151,725 | |||||||
Dividends Payable | $ 40 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 366 | ||||||||
Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 210,626 | ||||||||
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 (in shares) | 300,000 | 300,000 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,400,000 | 1,100,000 | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 57,251 | ||||||||
Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||
Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Note 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Restricted Stock Units Activity (Details) - The 2014 Plan [Member] | 3 Months Ended |
Mar. 28, 2020$ / sharesshares | |
Time-based Restricted Stock Units [Member] | |
Outstanding non-vested (in shares) | shares | 151,725 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.64 |
Granted (in shares) | shares | 150,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.82 |
Vested (in shares) | shares | (20,000) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.76 |
Forfeited or expired (in shares) | shares | 0 |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | |
Outstanding non-vested (in shares) | shares | 281,725 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.20 |
Performance-based Restricted Stock Units [Member] | |
Outstanding non-vested (in shares) | shares | 240,000 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.81 |
Granted (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | |
Vested (in shares) | shares | (40,000) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.38 |
Forfeited or expired (in shares) | shares | (40,000) |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.38 |
Outstanding non-vested (in shares) | shares | 160,000 |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.02 |
Note 12 - Treasury Stock Tran_2
Note 12 - Treasury Stock Transactions (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Stock Repurchase Program, 2016 [Member] | ||
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 |
Note 14 - Segment Information -
Note 14 - Segment Information - Results of the Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | |
Revenues | $ 45,033 | $ 51,595 | |
Cost of services | 34,190 | 39,078 | |
Gross profit | 10,843 | 12,517 | |
Selling, general and administrative | 10,237 | 10,466 | |
Depreciation and amortization | 335 | 397 | |
Write-off of receivables related to arbitration | 8,047 | ||
Operating income (loss) | (7,776) | 1,654 | |
Total assets | 83,951 | 92,811 | $ 96,173 |
Capital expenditures | 35 | 101 | |
Engineering [Member] | |||
Revenues | 14,163 | 19,055 | |
Cost of services | 10,205 | 14,357 | |
Gross profit | 3,958 | 4,698 | |
Selling, general and administrative | 3,424 | 3,816 | |
Depreciation and amortization | 238 | 285 | |
Write-off of receivables related to arbitration | 8,047 | ||
Operating income (loss) | (7,751) | 597 | |
Total assets | 43,690 | 48,158 | |
Capital expenditures | 9 | 62 | |
Specialty Health Care [Member] | |||
Revenues | 22,197 | 24,171 | |
Cost of services | 17,812 | 18,533 | |
Gross profit | 4,385 | 5,638 | |
Selling, general and administrative | 4,400 | 4,495 | |
Depreciation and amortization | 77 | 91 | |
Write-off of receivables related to arbitration | |||
Operating income (loss) | (92) | 1,052 | |
Total assets | 25,499 | 29,348 | |
Capital expenditures | 10 | 16 | |
Information Technology [Member] | |||
Revenues | 8,673 | 8,369 | |
Cost of services | 6,173 | 6,188 | |
Gross profit | 2,500 | 2,181 | |
Selling, general and administrative | 2,413 | 2,155 | |
Depreciation and amortization | 20 | 21 | |
Write-off of receivables related to arbitration | |||
Operating income (loss) | 67 | 5 | |
Total assets | 8,717 | 8,291 | |
Capital expenditures | 15 | 13 | |
Corporate Segment [Member] | |||
Revenues | |||
Cost of services | |||
Gross profit | |||
Selling, general and administrative | |||
Depreciation and amortization | |||
Write-off of receivables related to arbitration | |||
Operating income (loss) | |||
Total assets | 6,045 | 7,014 | |
Capital expenditures | $ 1 | $ 10 |
Note 14 - Segment Information_2
Note 14 - Segment Information - Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Revenues | $ 45,033 | $ 51,595 |
UNITED STATES | ||
Revenues | 39,176 | 45,302 |
CANADA | ||
Revenues | 4,002 | 4,588 |
PUERTO RICO | ||
Revenues | 1,202 | 1,203 |
SERBIA | ||
Revenues | $ 653 | $ 502 |
Note 14 - Segment Information_3
Note 14 - Segment Information - Total Assets by Geographic Area (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 | Mar. 30, 2019 |
Total assets | $ 83,951 | $ 96,173 | $ 92,811 |
UNITED STATES | |||
Total assets | 63,470 | 75,724 | |
CANADA | |||
Total assets | 13,498 | 13,770 | |
PUERTO RICO | |||
Total assets | 1,931 | 2,066 | |
SERBIA | |||
Total assets | $ 5,052 | $ 4,613 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Income Tax Expense (Benefit), Total | $ (2,240) | $ (274) |
Income Tax Expense (Benefit), Total | $ 600 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.40% | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 27.00% | 28.10% |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 28.10% | 26.50% |
Domestic Tax Authority [Member] | Ministry of Finance, Republic of Serbia [Member] | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 15.50% | 15.10% |
Note 16 - Contingencies (Detail
Note 16 - Contingencies (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | |
Estimated Litigation Liability | $ 0 | ||
Loss Contingency, Receivable, Ending Balance | $ 14,100 | ||
Loss Contingency, Estimate of Possible Loss | $ 10,300 | ||
Arbitration to Settle Dispute with Major Utility [Member] | |||
Litigation Settlement, Expense | 8,000 | ||
Legal Fees | 400 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 700 | ||
Arbitration to Settle Dispute with Major Utility [Member] | Expense Related to Disputed Projects not Awards by Arbitrator [Member] | |||
Litigation Settlement, Expense | 6,700 | ||
Arbitration to Settle Dispute with Major Utility [Member] | Expense Related to Other Projects not Part of Arbitration [Member] | |||
Litigation Settlement, Expense | 700 | ||
Arbitration to Settle Dispute with Major Utility [Member] | Expense Related to Disputed Projects Part of Arbitration [Member] | |||
Litigation Settlement, Expense | $ 200 | ||
Arbitration to Settle Dispute with Major Utility [Member] | Subsequent Event [Member] | |||
Litigation Settlement, Amount Awarded from Other Party | $ 7,400 |
Note 17 - Leases - Lease Expens
Note 17 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Operating lease cost | $ 656 | $ 439 |
Finance lease cost, Amortization of ROU assets | 78 | 73 |
Finance lease cost, Interest on lease liabilities | 2 | 1 |
Total finance lease cost | $ 80 | $ 74 |
Note 17 - Leases - Cash Flow In
Note 17 - Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Operating cash flows from operating leases | $ 663 | $ 382 |
Operating cash flows from finance leases | 2 | 2 |
Financing cash flows from finance leases | 80 | 72 |
Operating leases | 250 | 6,208 |
Finance leases |
Note 17 - Leases - Balance Shee
Note 17 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Operating lease right of use assets | $ 5,516 | $ 5,820 |
Operating right of use liability - current | (2,157) | (2,134) |
Operating right of use liability - non-current | (3,615) | (3,921) |
Total operating lease liabilities | (5,772) | (6,055) |
Property and equipment - (ROU assets) | 984 | 985 |
Accumulated depreciation | (552) | (475) |
Property and equipment, net | 432 | 510 |
Finance lease liability - current | (309) | (315) |
Finance lease liability - non-current | (115) | (189) |
Total finance lease liabilities | $ (424) | $ (504) |
Operating leases (Year) | 1 year 233 days | 2 years 197 days |
Finance leases (Year) | 1 year 142 days | 1 year 226 days |
Operating leases | 4.30% | 4.11% |
Finance leases | 1.83% | 1.78% |
Note 17 - Leases - Maturities o
Note 17 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
2020, operating leases | $ 1,856 | |
2020, finance leases | 240 | |
2021, operating leases | 1,831 | |
2021, finance leases | 169 | |
2022, operating leases | 1,360 | |
2022, finance leases | 22 | |
2023, operating leases | 905 | |
2023, finance leases | ||
2024, operating leases | 188 | |
2024, finance leases | ||
Thereafter, operating leases | ||
Thereafter, finance leases | ||
Total lease payments, operating leases | 6,140 | |
Total lease payments, finance leases | 431 | |
Less: imputed interest, operating leases | (368) | |
Less: imputed interest, finance leases | (7) | |
Total, operating leases | 5,772 | $ 6,055 |
Total, finance leases | $ 424 | $ 504 |