x
|
QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Commission
File No.
|
111596
|
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
(Exact
name of registrant as specified in its
charter)
|
Delaware
(State
or other jurisdiction
of
incorporation or organization)
|
58-1954497
(IRS
Employer Identification Number)
|
8302
Dunwoody Place, Suite 250, Atlanta, GA
(Address
of principal executive offices)
|
30350
(Zip
Code)
|
(770)
587-9898
(Registrant's
telephone number)
|
N/A
|
(Former
name, former address and former fiscal year, if changed since last
report)
|
Class
|
Outstanding at August 3,
2009
|
|
Common Stock, $.001 Par
Value
|
54,243,704
|
|
shares of registrant’s
|
||
Common
Stock
|
Page No.
|
||
PART I FINANCIAL INFORMATION | ||
Item
1.
|
Condensed
Financial Statements
|
|
Consolidated
Balance Sheets –
|
||
June
30, 2009 (unaudited) and December 31, 2008
|
1
|
|
Consolidated
Statements of Operations -
|
||
Three
and Six Months Ended June 30, 2009 and 2008 (unaudited)
|
3
|
|
Consolidated
Statements of Cash Flows -
|
||
Six
Months Ended June 30, 2009 and 2008 (unaudited)
|
4
|
|
Consolidated
Statement of Stockholders' Equity -
|
||
Six
Months Ended June 30, 2009 (unaudited)
|
5
|
|
Notes
to Consolidated Financial Statements
|
6
|
|
Item
2.
|
Management's
Discussion and Analysis of
|
|
Financial
Condition and Results of Operations
|
25
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures
|
|
About
Market Risk
|
51
|
|
Item
4.
|
Controls
and Procedures
|
52
|
PART II OTHER INFORMATION | ||
Item
1.
|
Legal
Proceedings
|
54
|
Item
1A.
|
Risk
Factors
|
54
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
54
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
55
|
Item
6.
|
Exhibits
|
56
|
June 30,
|
||||||||
2009
|
December 31,
|
|||||||
(Amount in Thousands, Except for Share Amounts)
|
(Unaudited)
|
2008
|
||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
|
$ | 59 | $ | 129 | ||||
Restricted
cash
|
55 | 55 | ||||||
Accounts receivable, net of
allowance for doubtful
|
||||||||
accounts of $516 and $333,
respectively
|
13,037 | 13,416 | ||||||
Unbilled receivables -
current
|
10,947 | 13,104 | ||||||
Inventories
|
259 | 344 | ||||||
Prepaid and other
assets
|
2,283 | 2,565 | ||||||
Current assets related to
discontinued operations
|
73 | 110 | ||||||
Total current
assets
|
26,713 | 29,723 | ||||||
Property and
equipment:
|
||||||||
Buildings and
land
|
26,718 | 24,726 | ||||||
Equipment
|
31,549 | 31,315 | ||||||
Vehicles
|
628 | 637 | ||||||
Leasehold
improvements
|
11,455 | 11,455 | ||||||
Office furniture and
equipment
|
1,917 | 1,904 | ||||||
Construction-in-progress
|
1,466 | 1,159 | ||||||
73,733 | 71,196 | |||||||
Less accumulated depreciation and
amortization
|
(26,125 | ) | (23,762 | ) | ||||
Net property and
equipment
|
47,608 | 47,434 | ||||||
Property and equipment related to
discontinued operations
|
651 | 651 | ||||||
Intangibles and other long term
assets:
|
||||||||
Permits
|
17,295 | 17,125 | ||||||
Goodwill
|
12,054 | 11,320 | ||||||
Unbilled receivables –
non-current
|
3,119 | 3,858 | ||||||
Finite Risk Sinking
Fund
|
14,083 | 11,345 | ||||||
Other
assets
|
2,327 | 2,256 | ||||||
Total
assets
|
$ | 123,850 | $ | 123,712 |
June 30,
|
||||||||
2009
|
December 31,
|
|||||||
(Amount in Thousands, Except for
Share Amounts)
|
(Unaudited)
|
2008
|
||||||
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 7,483 | $ | 11,076 | ||||
Current environmental
accrual
|
199 | 186 | ||||||
Accrued
expenses
|
6,187 | 8,896 | ||||||
Disposal/transportation
accrual
|
4,337 | 5,847 | ||||||
Unearned
revenue
|
3,995 | 4,371 | ||||||
Current liabilities related to
discontinued operations
|
1,391 | 1,211 | ||||||
Current portion of long-term
debt
|
3,056 | 2,022 | ||||||
Total current
liabilities
|
26,648 | 33,609 | ||||||
Environmental
accruals
|
511 | 620 | ||||||
Accrued
closure costs
|
12,131 | 10,141 | ||||||
Other
long-term liabilities
|
476 | 457 | ||||||
Long-term
liabilities related to discontinued operations
|
1,138 | 1,783 | ||||||
Long-term
debt, less current portion
|
17,707 | 14,181 | ||||||
Total
long-term liabilities
|
31,963 | 27,182 | ||||||
Total
liabilities
|
58,611 | 60,791 | ||||||
Commitments and
Contingencies
|
||||||||
Preferred
Stock of subsidiary, $1.00 par value; 1,467,396 shares authorized,
1,284,730 shares issued and outstanding, liquidation value $1.00 per
share
|
1,285 | 1,285 | ||||||
Stockholders'
equity:
|
||||||||
Preferred Stock, $.001 par value;
2,000,000 shares authorized,
|
||||||||
no shares issued and
outstanding
|
¾ | ¾ | ||||||
Common Stock, $.001 par value;
75,000,000 shares authorized,
|
||||||||
54,219,324 and 53,934,560 shares
issued and outstanding, respectively
|
54 | 54 | ||||||
Additional paid-in
capital
|
98,400 | 97,381 | ||||||
Accumulated
deficit
|
(34,500 | ) | (35,799 | ) | ||||
Total stockholders'
equity
|
63,954 | 61,636 | ||||||
Total liabilities and
stockholders' equity
|
$ | 123,850 | $ | 123,712 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Amounts in Thousands, Except for Per Share Amounts)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Net
revenues
|
$ | 23,698 | $ | 18,502 | $ | 45,700 | $ | 35,972 | ||||||||
Cost of goods
sold
|
17,673 | 12,628 | 34,587 | 25,651 | ||||||||||||
Gross
profit
|
6,025 | 5,874 | 11,113 | 10,321 | ||||||||||||
Selling, general and
administrative expenses
|
4,465 | 4,596 | 8,805 | 9,056 | ||||||||||||
Loss (gain) on disposal of
property and equipment
|
¾ | 141 | (12 | ) | 141 | |||||||||||
Income from
operations
|
1,560 | 1,137 | 2,320 | 1,124 | ||||||||||||
Other income
(expense):
|
||||||||||||||||
Interest
income
|
41 | 49 | 93 | 117 | ||||||||||||
Interest
expense
|
(468 | ) | (367 | ) | (1,015 | ) | (738 | ) | ||||||||
Interest expense-financing
fees
|
(63 | ) | (57 | ) | (76 | ) | (110 | ) | ||||||||
Other
|
9 | (12 | ) | 10 | (6 | ) | ||||||||||
Income from continuing operations
before taxes
|
1,079 | 750 | 1,332 | 387 | ||||||||||||
Income tax
expense
|
91 | 17 | 100 | 16 | ||||||||||||
Income from continuing
operations
|
988 | 733 | 1,232 | 371 | ||||||||||||
(Loss) income from discontinued
operations, net of taxes
|
(237 | ) | (383 | ) | 67 | (1,060 | ) | |||||||||
Gain on disposal of discontinued
operations, net of taxes
|
¾ | 108 | ¾ | 2,216 | ||||||||||||
Net income applicable to Common
Stockholders
|
$ | 751 | $ | 458 | $ | 1,299 | $ | 1,527 | ||||||||
Net income (loss) per common share
– basic
|
||||||||||||||||
Continuing
operations
|
$ | .02 | $ | .02 | $ | .02 | $ | .01 | ||||||||
Discontinued
operations
|
(.01 | ) | (.01 | ) | ¾ | (.02 | ) | |||||||||
Disposal of discontinued
operations
|
¾ | ¾ | ¾ | .04 | ||||||||||||
Net income per common
share
|
$ | .01 | $ | .01 | $ | .02 | $ | .03 | ||||||||
Net income (loss) per common share
– diluted
|
||||||||||||||||
Continuing
operations
|
$ | .02 | $ | .02 | $ | .02 | $ | .01 | ||||||||
Discontinued
operations
|
(.01 | ) | (.01 | ) | ¾ | (.02 | ) | |||||||||
Disposal of discontinued
operations
|
¾ | ¾ | ¾ | .04 | ||||||||||||
Net income per common
share
|
$ | .01 | $ | .01 | $ | .02 | $ | .03 | ||||||||
Number
of common shares used in computing
|
||||||||||||||||
net
income (loss) per share:
|
||||||||||||||||
Basic
|
54,124 | 53,729 | 54,054 | 53,717 | ||||||||||||
Diluted
|
54,537 | 54,173 | 54,189 | 54,035 |
Six Months Ended
|
||||||||
June 30,
|
||||||||
(Amounts in Thousands)
|
2009
|
2008
|
||||||
Cash flows from operating
activities:
|
||||||||
Net income
|
$ | 1,299 | $ | 1,527 | ||||
Less: Income on discontinued
operations
|
67 | 1,156 | ||||||
Income from continuing
operations
|
1,232 | 371 | ||||||
Adjustments to reconcile net
income to cash provided by operations:
|
||||||||
Depreciation and
amortization
|
2,381 | 2,238 | ||||||
Non-cash financing
costs
|
49 | ― | ||||||
Provision for bad debt and other
reserves
|
212 | 3 | ||||||
(Gain) loss on disposal of plant,
property and equipment
|
(12 | ) | 141 | |||||
Issuance of common stock for
services
|
129 | 28 | ||||||
Share based
compensation
|
224 | 184 | ||||||
Changes in operating assets and
liabilities of continuing operations, net of
|
||||||||
effect from business
acquisitions:
|
||||||||
Accounts
receivable
|
168 | 4,197 | ||||||
Unbilled
receivables
|
2,896 | 1,354 | ||||||
Prepaid expenses, inventories and
other assets
|
297 | 1,874 | ||||||
Accounts payable, accrued expenses
and unearned revenue
|
(9,167 | ) | (3,639 | ) | ||||
Cash (used in) provided by
continuing operations
|
(1,591 | ) | 6,751 | |||||
Cash used in discontinued
operations
|
(371 | ) | (3,023 | ) | ||||
Cash (used in) provided by
operating activities
|
(1,962 | ) | 3,728 | |||||
Cash flows from investing
activities:
|
||||||||
Purchases of property and
equipment
|
(552 | ) | (611 | ) | ||||
Proceeds from sale of plant,
property and equipment
|
12 | 27 | ||||||
Payment to finite risk sinking
fund
|
(2,738 | ) | (2,757 | ) | ||||
Cash used for acquisition
considerations, net of cash acquired
|
― | (14 | ) | |||||
Cash used in investing activities
of continuing operations
|
(3,278 | ) | (3,355 | ) | ||||
Proceeds from sale of discontinued
operations
|
― | 7,131 | ||||||
Cash provided by discontinued
operations
|
11 | 42 | ||||||
Net cash (used in) provided by
investing activities
|
(3,267 | ) | 3,818 | |||||
Cash flows from financing
activities:
|
||||||||
Net borrowing (repayments) of
revolving credit
|
3,691 | (1,435 | ) | |||||
Principal repayments of long term
debt
|
(1,514 | ) | (6,052 | ) | ||||
Proceeds from issuance of long
term debt
|
2,982 | ― | ||||||
Proceeds from issuance of
stock
|
― | 95 | ||||||
Repayment of stock subscription
receivable
|
― | 25 | ||||||
Cash provided by (used in)
financing activities of continuing operations
|
5,159 | (7,367 | ) | |||||
Principal repayment of long-term
debt for discontinued operations
|
― | (238 | ) | |||||
Cash provided by (used in)
financing activities
|
5,159 | (7,605 | ) | |||||
Decrease in
cash
|
(70 | ) | (59 | ) | ||||
Cash at beginning of
period
|
129 | 118 | ||||||
Cash at end of
period
|
$ | 59 | $ | 59 | ||||
Supplemental
disclosure:
|
||||||||
Interest paid, net of amounts
capitalized
|
$ | 3,628 | $ | 768 | ||||
Income taxes
paid
|
57 | 3 | ||||||
Non-cash investing and financing
activities:
|
||||||||
Long-term debt incurred for
purchase of property and equipment
|
― | ― | ||||||
Issuance of Common Stock for
debt
|
476 | ― | ||||||
Issuance of Warrants for
debt
|
190 | ― |
(Amounts in thousands,
|
Common Stock
|
Additional
Paid-In
|
Accumulated
|
Total
Stockholders'
|
||||||||||||||||
except for share
amounts)
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
|||||||||||||||
Balance at December 31,
2008
|
53,934,560 | $ | 54 | $ | 97,381 | $ | (35,799 | ) | $ | 61,636 | ||||||||||
Net income
|
¾ | ¾ | ¾ | 1,299 | 1,299 | |||||||||||||||
Issuance of Common Stock for
debt
|
200,000 | ¾ | 476 | ¾ | 476 | |||||||||||||||
Issuance of Warrants for
debt
|
¾ | ¾ | 190 | ¾ | 190 | |||||||||||||||
Issuance of Common Stock for
services
|
84,764 | ¾ | 129 | ¾ | 129 | |||||||||||||||
Share Based
Compensation
|
¾ | ¾ | 224 | ¾ | 224 | |||||||||||||||
Balance at June 30,
2009
|
54,219,324 | $ | 54 | $ | 98,400 | $ | (34,500 | ) | $ | 63,954 |
1.
|
Basis of
Presentation
|
2.
|
Summary of Significant
Accounting Policies
|
|
·
|
FSP
FAS 157-4, “Determining Fair Value When the Volume and Level of Activity
for the Asset or Liability have Significantly Decreased and Identifying
Transactions That Are Not Orderly” (“FSP FAS 157-4”), provides guidance
for making fair value measurements more consistent with the principles
presented in FASB Statement No, 157, “Fair Value
Measurement”. FSP FAS 157-4 must be applied prospectively and
retrospective application is not permitted. FSP FAS 157-4 is
effective for interim and annual periods ending after June 15, 2009, with
early adoption permitted for periods ending after March 15,
2009. An entity adopting FSP FAS 157-4 early must also adopt
FSP FAS 115-2 and FAS 124-2 early.
|
|
·
|
FSP
FAS 115-2 and FAS 124-2, “Recognition and Presentation of
Other-Than-Temporary Impairments” (“FSP FAS 115-2 and FSP 124-2”),
provides additional guidance designed to create greater clarity and
consistency in accounting for and presenting impairment losses on debt
securities. FSP FAS 115-2 and FAS 124-2 is effective for
interim and annual period ending after June 15, 2009, with early adoption
permitted for periods ending after March 15, 2009. An entity
may adopt this FSP early only if it also elects to adopt FSP FAS 157-4
early.
|
|
·
|
FSP
FAS 107-1 and APB 28-1, “Interim Disclosures about Fair Value of Financial
Instruments” (“FSP FAS 107-1 and APB 28-1”), enhances consistency in
financial reporting by increasing the frequency of fair value
disclosures. FSP FAS 107-1 and APB 28-1 is effective for
interim periods ending after June 15, 2009 with early adoption permitted
for periods ending after March 15, 2009. However, an entity may
adopt these interim fair value disclosure requirements early only if it
also elects to adopt FSP FAS 157-4 and FSP FAS 115-2 and FAS 124-2
early.
|
3.
|
Stock Based
Compensation
|
Employee Stock Options Granted
|
||||
as of June 30, 2009
|
||||
Weighted-average fair value per
share
|
$
|
1.42
|
||
Risk -free interest rate
(1)
|
2.07% -
2.40%
|
|||
Expected volatility of stock
(2)
|
59.16% -
60.38%
|
|||
Dividend
yield
|
None
|
|||
Expected option life (3)
|
4.6 years - 5.8
years
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
Stock Options
|
June 30,
|
June 30,
|
||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Employee Stock
Options
|
$ | 89,000 | $ | 59,000 | $ | 194,000 | $ | 141,000 | ||||||||
Director Stock
Options
|
¾ | ¾ | 30,000 | 43,000 | ||||||||||||
Total
|
$ | 89,000 | $ | 59,000 | $ | 224,000 | $ | 184,000 |
4.
|
Capital Stock, Stock
Plans, and Warrants
|
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Options outstanding Janury 1,
2009
|
3,417,347 | $ | 2.03 | |||||||||||||
Granted
|
145,000 | 1.42 | ||||||||||||||
Exercised
|
–
|
– | $ | – | ||||||||||||
Forfeited
|
(19,000 | ) | 1.38 | |||||||||||||
Options outstanding End of Period
(1)
|
3,543,347 | 2.01 | 4.0 | $ | 1,524,369 | |||||||||||
Options Exercisable at June 30,
2009 (1)
|
2,407,847 | $ | 1.95 | 3.4 | $ | 1,209,349 | ||||||||||
Options Vested and expected to be
vested at June 30, 2009
|
3,501,989 | $ | 1.95 | 4.0 | $ | 1,518,579 |
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Options outstanding Janury 1,
2008
|
2,590,026 | $ | 1.91 | |||||||||||||
Granted
|
–
|
–
|
||||||||||||||
Exercised
|
(58,334 | ) | 1.64 | $ | 46,167 | |||||||||||
Forfeited
|
(76,834 | ) | 1.78 | |||||||||||||
Options outstanding End of Period
(2)
|
2,454,858 | 1.92 | 4.1 | $ | 2,384,309 | |||||||||||
Options Exercisable at June 30,
2008 (2)
|
2,190,858 | $ | 1.93 | 4.2 | $ | 2,112,056 | ||||||||||
Options Vested and expected to be
vested at June 30, 2008
|
2,437,097 | $ | 1.92 | 4.1 | $ | 2,366,015 |
·
|
in
cash, or
|
|
·
|
subject
to certain limitations and pursuant to an exemption from registration
under Section 4(2) of the Act and/or Rule 506 of Regulation D, in shares
of Company Common Stock, with the number of shares to be issued determined
by dividing the unpaid principal balance as of the date of default, plus
accrued interest, by a dollar amount equal to the closing bid price of the
Company’s Common Stock on the date of default as reported on the National
Association of Securities Dealers Automated Quotation System (“NASDAQ”)
(“Payoff Shares”). The Payoff Amount is to be paid as
follows: 90% to Mr. Lampson and 10% to Mr.
Rettig.
|
|
·
|
the
number of shares equal to 19.9% of the number of shares of the Company’s
Common Stock issued and outstanding as of the date of the Agreement,
or
|
|
·
|
19.9%
of the voting power of all of the Company’s voting securities issued and
outstanding as of the date of the
Agreement.
|
5.
|
Earnings (Loss) Per
Share
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
(Amounts in Thousands, Except for Per Share Amounts)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Earnings per share from continuing
operations
|
||||||||||||||||
Income from continuing operations
applicable to
|
||||||||||||||||
Common
Stockholders
|
$ | 988 | $ | 733 | 1,232 | $ | 371 | |||||||||
Basic income per
share
|
$ | .02 | $ | .02 | .02 | $ | .01 | |||||||||
Diluted income per
share
|
$ | .02 | $ | .02 | .02 | $ | .01 | |||||||||
(Loss) income per share from
discontinued operations
|
||||||||||||||||
(Loss) income from discontinued
operations
|
$ | (237 | ) | $ | (383 | ) | 67 | $ | (1,060 | ) | ||||||
Basic
loss per share
|
$ | (.01 | ) | $ | (.01 | ) | — | $ | (.02 | ) | ||||||
Diluted
loss per share
|
$ | (.01 | ) | $ | (.01 | ) | — | $ | (.02 | ) | ||||||
Income
per share from disposal of discontinued
operations
|
||||||||||||||||
Gain
on disposal of discontinued operations
|
$ | — | $ | 108 | — | $ | 2,216 | |||||||||
Basic
income per share
|
$ | — | $ | — | — | $ | .04 | |||||||||
Diluted
income per share
|
$ | — | — | — | $ | .04 | ||||||||||
Weighted
average common shares outstanding – basic
|
54,124 | 53,729 | 54,053 | 53,717 | ||||||||||||
Potential
shares exercisable under stock option plans
|
367 | 444 | 111 | 318 | ||||||||||||
Potential shares upon exercise of
Warrants
|
46 | ¾ | 25 | ¾ | ||||||||||||
Weighted average shares
outstanding – diluted
|
54,537 | 54,173 | 54,189 | 54,035 | ||||||||||||
Potential shares excluded from
above weighted average share calculations due to their anti-dilutive
effect include:
|
||||||||||||||||
Upon exercise of
options
|
1,546 | 172 | 2,645 | 740 | ||||||||||||
Upon exercise of
Warrants
|
¾ | ¾ | ¾ | ¾ |
6.
|
Long Term
Debt
|
(Amounts in
Thousands)
|
June 30,
2009
|
December 31,
2008
|
||||||
Revolving
Credit facility dated
December 22, 2000, borrowings based
|
||||||||
upon eligible accounts receivable,
subject to monthly borrowing base
|
||||||||
calculation, variable interest
paid monthly at option of prime rate
|
||||||||
(3.25% at June 30,2009) plus 2.0%
or minimum floor base London
|
||||||||
InterBank Offer Rate ("LIBOR") of
2.5% plus 3.0%, balance due in
|
||||||||
July 2012. (1)
(3)
|
$ | 10,207 | $ | 6,516 | ||||
Term
Loan dated December
22, 2000, payable in equal monthly
|
||||||||
installments of principal of $83,
balance due in July 2012, variable
|
||||||||
interest
paid monthly at option of prime rate plus 2.5% or minimum
floor
|
||||||||
base
LIBOR of 2.5% plus 3.5%. (1)
(3)
|
6,167 | 6,667 | ||||||
Installment
Agreement in
the Agreement and Plan of Merger with
|
||||||||
Nuvotec and PEcoS, dated April 27,
2007, payable in three equal yearly
|
||||||||
installment of principal of $833
beginning June 2009. Interest accrues at
|
||||||||
annual rate of 8.25% on
outstanding principal balance starting
|
||||||||
June 2007 and payable yearly
starting June 2008
|
1,667 | 2,500 | ||||||
Promissory Note
dated May 8, 2009,
payable in monthly installments of
|
||||||||
principal of $87 starting June 8,
2009, balance due May 8, 2011, variable
|
||||||||
interest paid monthly at LIBOR
plus 4.5%, with LIBOR at least 1.5%.(2)
|
2,296 |
──
|
||||||
Various capital
lease and promissory note obligations, payable 2009
to
|
||||||||
2013, interest at rates ranging
from 5.0% to 12.6%.
|
426 | 520 | ||||||
20,763 | 16,203 | |||||||
Less current portion
of long-term debt
|
3,056 | 2,022 | ||||||
$ | 17,707 | $ | 14,181 |
7.
|
Commitments and
Contingencies
|
8.
|
Discontinued
Operations and Divestitures
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Amounts in Thousands)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Net
revenues
|
$ | — | $ | 808 | $ | — | $ | 3,195 | ||||||||
Interest
expense
|
$ | (139 | ) | $ | (32 | ) | $ | (159 | ) | $ | (72 | ) | ||||
Operating (loss)
income from discontinued operations (1)
|
$ | (237 | ) | $ | (383 | ) | $ | 67 | $ | (1,060 | ) | |||||
Gain on disposal of discontinued
operations (2)
|
— | $ | 108 | $ | — | $ | 2,216 | |||||||||
Income (loss) from discontinued
operations
|
$ | (237 | ) | $ | (275 | ) | $ | 67 | $ | 1,156 |
June 30,
|
December 31,
|
|||||||
(Amounts in Thousands)
|
2009
|
2008
|
||||||
Account receivable,
net
|
$ | — | $ | — | ||||
Inventories
|
— | — | ||||||
Other
assets
|
— | 22 | ||||||
Property, plant and equipment, net
(1)
|
651 | 651 | ||||||
Total assets held for
sale
|
$ | 651 | $ | 673 | ||||
Account
payable
|
$ | — | $ | — | ||||
Accrued expenses and other
liabilities
|
44 | 5 | ||||||
Note
payable
|
— | — | ||||||
Environmental
liabilities
|
— | — | ||||||
Total liabilities held for
sale
|
$ | 44 | $ | 5 |
(1)
|
net
of accumulated depreciation of $13 for as June 30, 2009 and December 31,
2008.
|
June 30,
|
December 31,
|
|||||||
(Amounts in Thousands)
|
2009
|
2008
|
||||||
Other
assets
|
$ | 73 | $ | 88 | ||||
Total assets of discontinued
operations
|
$ | 73 | $ | 88 | ||||
Account
payable
|
$ | 2 | $ | 15 | ||||
Accrued expenses and other
liabilities
|
1,536 | 1,947 | ||||||
Deferred
revenue
|
— | — | ||||||
Environmental
liabilities
|
947 | 1,027 | ||||||
Total liabilities of discontinued
operations
|
$ | 2,485 | $ | 2,989 |
9.
|
Operating
Segments
|
·
|
from
which we may earn revenue and incur
expenses;
|
·
|
whose
operating results are regularly reviewed by the segment president to make
decisions about resources to be allocated to the segment and assess its
performance; and
|
·
|
for
which discrete financial information is
available.
|
Segment Reporting for the Quarter
Ended June 30, 2009
|
||||||||||||||||||||||||
Nuclear
|
Industrial
|
Engineering
|
Segments
|