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
|
Delaware
|
58-1954497
|
(State
or other jurisdiction
|
(IRS
Employer Identification Number)
|
of
incorporation or organization)
|
|
8302
Dunwoody Place, Suite 250, Atlanta, GA
|
30350
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Class
|
Outstanding at November 2, 2009
|
|
Common Stock, $.001 Par Value
|
54,529,415
|
|
shares of registrant’s
|
||
Common Stock
|
Page
No.
|
|||
PART
I
|
FINANCIAL
INFORMATION
|
||
Item
1.
|
Condensed
Financial Statements
|
||
Consolidated
Balance Sheets -
|
|||
September
30, 2009 (unaudited) and December 31, 2008
|
1
|
||
Consolidated
Statements of Operations -
|
|||
Three
and Nine Months Ended September 30, 2009 and 2008
(unaudited)
|
3
|
||
Consolidated
Statements of Cash Flows -
|
|||
Nine
Months Ended September 30, 2009 and 2008 (unaudited)
|
4
|
||
Consolidated
Statement of Stockholders’ Equity -
|
|||
Nine
Months Ended September 30, 2009 (unaudited)
|
5
|
||
|
|||
Notes
to Consolidated Financial Statements
|
6
|
||
Item
2.
|
Management’s
Discussion and Analysis of
|
||
Financial
Condition and Results of Operations
|
26
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures
|
||
About
Market Risk
|
53
|
||
Item
4.
|
Controls
and Procedures
|
54
|
|
PART
II
|
OTHER
INFORMATION
|
||
Item
1.
|
Legal
Proceedings
|
56
|
|
Item
1A.
|
Risk
Factors
|
56
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
56
|
|
Item
6.
|
Exhibits
|
58
|
September 30,
|
||||||||
2009
|
December 31,
|
|||||||
(Amount in Thousands, Except for Share Amounts)
|
(Unaudited)
|
2008
|
||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
|
$ | 73 | $ | 129 | ||||
Restricted
cash
|
55 | 55 | ||||||
Accounts
receivable, net of allowance for doubtful
|
||||||||
accounts
of $218 and $333, respectively
|
18,275 | 13,416 | ||||||
Unbilled
receivables – current
|
9,746 | 13,104 | ||||||
Inventories
|
335 | 344 | ||||||
Prepaid
and other assets
|
3,315 | 2,565 | ||||||
Current
assets related to discontinued operations
|
74 | 110 | ||||||
Total
current assets
|
31,873 | 29,723 | ||||||
Property
and equipment:
|
||||||||
Buildings
and land
|
26,718 | 24,726 | ||||||
Equipment
|
31,561 | 31,315 | ||||||
Vehicles
|
650 | 637 | ||||||
Leasehold
improvements
|
11,455 | 11,455 | ||||||
Office
furniture and equipment
|
1,929 | 1,904 | ||||||
Construction-in-progress
|
2,003 | 1,159 | ||||||
74,316 | 71,196 | |||||||
Less
accumulated depreciation and amortization
|
(27,287 | ) | (23,762 | ) | ||||
Net
property and equipment
|
47,029 | 47,434 | ||||||
Property
and equipment related to discontinued operations
|
651 | 651 | ||||||
Intangibles
and other long term assets:
|
||||||||
Permits
|
17,286 | 17,125 | ||||||
Goodwill
|
12,054 | 11,320 | ||||||
Unbilled
receivables – non-current
|
2,896 | 3,858 | ||||||
Finite
Risk Sinking Fund
|
15,457 | 11,345 | ||||||
Other
assets
|
2,429 | 2,256 | ||||||
Total
assets
|
$ | 129,675 | $ | 123,712 |
September 30,
|
||||||||
2009
|
December 31,
|
|||||||
(Amount in Thousands, Except for Share Amounts)
|
(Unaudited)
|
2008
|
||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 5,423 | $ | 11,076 | ||||
Current
environmental accrual
|
187 | 186 | ||||||
Accrued
expenses
|
7,564 | 8,896 | ||||||
Disposal/transportation
accrual
|
3,129 | 5,847 | ||||||
Unearned
revenue
|
8,624 | 4,371 | ||||||
Current
liabilities related to discontinued operations
|
1,188 | 1,211 | ||||||
Current
portion of long-term debt
|
3,064 | 2,022 | ||||||
Total
current liabilities
|
29,179 | 33,609 | ||||||
Environmental
accruals
|
466 | 620 | ||||||
Accrued
closure costs
|
12,136 | 10,141 | ||||||
Other
long-term liabilities
|
492 | 457 | ||||||
Long-term
liabilities related to discontinued operations
|
1,040 | 1,783 | ||||||
Long-term
debt, less current portion
|
17,794 | 14,181 | ||||||
Total
long-term liabilities
|
31,928 | 27,182 | ||||||
Total
liabilities
|
61,107 | 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
|
— | — | ||||||
Common
Stock, $.001 par value; 75,000,000 shares authorized,
|
||||||||
54,502,037
and 53,934,560 shares issued and outstanding, respectively
|
54 | 54 | ||||||
Additional
paid-in capital
|
99,107 | 97,381 | ||||||
Accumulated
deficit
|
(31,878 | ) | (35,799 | ) | ||||
Total
stockholders' equity
|
67,283 | 61,636 | ||||||
Total
liabilities and stockholders' equity
|
$ | 129,675 | $ | 123,712 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(Amounts in Thousands, Except for Per Share Amounts)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Net
revenues
|
$ | 26,534 | $ | 15,989 | $ | 72,234 | $ | 51,961 | ||||||||
Cost
of goods sold
|
18,846 | 11,884 | 53,433 | 37,536 | ||||||||||||
Gross
profit
|
7,688 | 4,105 | 18,801 | 14,425 | ||||||||||||
Selling,
general and administrative expenses
|
4,486 | 4,648 | 13,290 | 13,704 | ||||||||||||
Asset
impairment recovery
|
— | (507 | ) | — | (507 | ) | ||||||||||
(Gain)
loss on disposal of property and equipment
|
(3 | ) | (2 | ) | (15 | ) | 139 | |||||||||
Income
(loss) from operations
|
3,205 | (34 | ) | 5,526 | 1,089 | |||||||||||
Other
income (expense):
|
||||||||||||||||
Interest
income
|
29 | 52 | 121 | 170 | ||||||||||||
Interest
expense
|
(331 | ) | (294 | ) | (1,346 | ) | (1,031 | ) | ||||||||
Interest
expense-financing fees
|
(104 | ) | (14 | ) | (180 | ) | (124 | ) | ||||||||
Other
|
(5 | ) | — | 5 | (5 | ) | ||||||||||
Income
(loss) from continuing operations before taxes
|
2,794 | (290 | ) | 4,126 | 99 | |||||||||||
Income
tax expense (benefit)
|
165 | (14 | ) | 265 | 3 | |||||||||||
Income
(loss) from continuing operations
|
2,629 | (276 | ) | 3,861 | 96 | |||||||||||
(Loss)
income from discontinued operations, net of taxes
|
(7 | ) | (159 | ) | 60 | (1,218 | ) | |||||||||
Gain
on disposal of discontinued operations, net of taxes
|
— | 94 | — | 2,309 | ||||||||||||
Net
income (loss) applicable to Common Stockholders
|
$ | 2,622 | $ | (341 | ) | $ | 3,921 | $ | 1,187 | |||||||
Net
income (loss) per common share – basic
|
||||||||||||||||
Continuing
operations
|
$ | .05 | $ | (.01 | ) | $ | .07 | $ | — | |||||||
Discontinued
operations
|
— | — | — | (.02 | ) | |||||||||||
Disposal
of discontinued operations
|
— | — | — | .04 | ||||||||||||
Net
income (loss) per common share
|
$ | .05 | $ | (.01 | ) | $ | .07 | $ | .02 | |||||||
Net
income (loss) per common share – diluted
|
||||||||||||||||
Continuing
operations
|
$ | .05 | $ | (.01 | ) | $ | .07 | $ | — | |||||||
Discontinued
operations
|
— | — | — | (.02 | ) | |||||||||||
Disposal
of discontinued operations
|
— | — | — | .04 | ||||||||||||
Net
income (loss) per common share
|
$ | .05 | $ | (.01 | ) | $ | .07 | $ | .02 | |||||||
Number
of common shares used in computing
|
||||||||||||||||
net
income (loss) per share:
|
||||||||||||||||
Basic
|
54,281 | 53,844 | 54,130 | 53,760 | ||||||||||||
Diluted
|
54,954 | 53,844 | 54,412 | 54,149 |
September 30,
|
||||||||
(Amounts in Thousands)
|
2009
|
2008
|
||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 3,921 | $ | 1,187 | ||||
Less:
Income on discontinued operations
|
60 | 1,091 | ||||||
Income
from continuing operations
|
3,861 | 96 | ||||||
Adjustments
to reconcile net income to cash provided by operations:
|
||||||||
Depreciation
and amortization
|
3,569 | 3,817 | ||||||
Asset
impairment recovery
|
― | (507 | ) | |||||
Non-cash
financing costs
|
133 | ― | ||||||
Provision
for bad debt and other reserves
|
274 | 33 | ||||||
(Gain)
loss on disposal of plant, property and equipment
|
(15 | ) | 139 | |||||
Issuance
of common stock for services
|
189 | 201 | ||||||
Share
based compensation
|
390 | 335 | ||||||
Changes
in operating assets and liabilities of continuing operations, net
of
|
||||||||
effect
from business acquisitions:
|
||||||||
Accounts
receivable
|
(5,134 | ) | 6,387 | |||||
Unbilled
receivables
|
4,320 | (742 | ) | |||||
Prepaid
expenses, inventories and other assets
|
1,052 | 2,367 | ||||||
Accounts
payable, accrued expenses and unearned revenue
|
(8,460 | ) | (7,720 | ) | ||||
Cash
provided by continuing operations
|
179 | 4,406 | ||||||
Cash
used in discontinued operations
|
(679 | ) | (3,306 | ) | ||||
Cash
(used in) provided by operating activities
|
(500 | ) | 1,100 | |||||
Cash
flows from investing activities:
|
||||||||
Purchases
of property and equipment
|
(1,016 | ) | (810 | ) | ||||
Proceeds
from sale of plant, property and equipment
|
16 | 31 | ||||||
Payment
to finite risk sinking fund
|
(4,112 | ) | (4,704 | ) | ||||
Payment
of earn-out to Nuvotec shareholders
|
(734 | ) | ― | |||||
Cash
used for acquisition considerations, net of cash acquired
|
― | (14 | ) | |||||
Cash
used in investing activities of continuing operations
|
(5,846 | ) | (5,497 | ) | ||||
Proceeds
from sale of discontinued operations
|
― | 6,620 | ||||||
Cash
provided by discontinued operations
|
11 | 42 | ||||||
Net
cash (used in) provided by investing activities
|
(5,835 | ) | 1,165 | |||||
Cash
flows from financing activities:
|
||||||||
Net
borrowing (repayments) of revolving credit
|
4,136 | (3,483 | ) | |||||
Principal
repayments of long term debt
|
(2,073 | ) | (6,658 | ) | ||||
Proceeds
from issuance of long term debt
|
2,982 | 7,000 | ||||||
Proceeds
from issuance of stock
|
481 | 184 | ||||||
Proceeds
from finite risk financing
|
753 | 878 | ||||||
Repayment
of stock subscription receivable
|
― | 25 | ||||||
Cash
provided by (used in) financing activities of continuing
operations
|
6,279 | (2,054 | ) | |||||
Principal
repayment of long-term debt for discontinued operations
|
― | (238 | ) | |||||
Cash
provided by (used in) financing activities
|
6,279 | (2,292 | ) | |||||
Decrease
in cash
|
(56 | ) | (27 | ) | ||||
Cash
at beginning of period
|
129 | 118 | ||||||
Cash
at end of period
|
$ | 73 | $ | 91 | ||||
Supplemental
disclosure:
|
||||||||
Interest
paid, net of amounts capitalized
|
$ | 3,832 | $ | 1,032 | ||||
Income
taxes paid
|
261 | 29 | ||||||
Non-cash
investing and financing activities:
|
||||||||
Long-term
debt incurred for purchase of property and equipment
|
125 | 20 | ||||||
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
|
— | — | — | 3,921 | 3,921 | |||||||||||||||
Issuance
of Common Stock for debt
|
200,000 | — | 476 | — | 476 | |||||||||||||||
Issuance
of Warrants for debt
|
— | — | 190 | — | 190 | |||||||||||||||
Issuance
of Common Stock for services
|
109,144 | — | 189 | — | 189 | |||||||||||||||
Issuance
of Common Stock upon
|
||||||||||||||||||||
exercise
of Options
|
258,333 | — | 481 | — | 481 | |||||||||||||||
Share
Based Compensation
|
— | — | 390 | — | 390 | |||||||||||||||
Balance
at September 30, 2009
|
54,502,037 | $ | 54 | $ | 99,107 | $ | (31,878 | ) | $ | 67,283 |
Employee Stock Options Granted
|
||||||||
September 30, 2009
|
September 30, 2008
|
|||||||
Weighted-average
fair value per share
|
$ | .76 | $ | 1.17 | ||||
Risk -free interest
rate (1)
|
2.07%
- 2.40
|
% | 3.28 | % | ||||
Expected volatility
of stock (2)
|
59.16%
- 60.38
|
% | 55.54 | % | ||||
Dividend
yield
|
None
|
None
|
||||||
Expected option life
(3)
|
4.6
years - 5.8 years
|
5.1
years
|
Outside Director Stock Options Granted
|
||||||||
September 30, 2009
|
September 30, 2008
|
|||||||
Weighted-average
fair value per share
|
$ | 1.97 | $ | 1.79 | ||||
Risk
-free interest rate (1)
|
3.69 | % | 4.04 | % | ||||
Expected
volatility of stock (2)
|
63.37 | % | 66.53 | % | ||||
Dividend
yield
|
None
|
None
|
||||||
Expected
option life (3)
|
10.0
years
|
10.0
years
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Stock Options
|
September 30,
|
September 30,
|
||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Employee
Stock Options
|
$ | 110,000 | $ | 106,000 | $ | 304,000 | $ | 247,000 | ||||||||
Director
Stock Options
|
56,000 | 45,000 | 86,000 | 88,000 | ||||||||||||
Total
|
$ | 166,000 | $ | 151,000 | $ | 390,000 | $ | 335,000 |
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Options
outstanding Janury 1, 2009
|
3,417,347 | $ | 2.03 | |||||||||||||
Granted
|
229,000 | 1.88 | ||||||||||||||
Exercised
|
(258,333 | ) | 1.86 | $ | 152,750 | |||||||||||
Forfeited
|
(119,000 | ) | 2.14 | |||||||||||||
Options
outstanding End of Period (1)
|
3,269,014 | 2.03 | 4.0 | $ | 1,124,662 | |||||||||||
Options
Exercisable at September 30, 2009 (1)
|
2,424,681 | $ | 1.99 | 3.5 | $ | 922,992 | ||||||||||
Options
Vested and expected to be vested at September 30, 2009
|
3,231,231 | $ | 2.03 | 4.0 | $ | 1,122,395 |
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Options
outstanding Janury 1, 2008
|
2,590,026 | $ | 1.91 | |||||||||||||
Granted
|
1,002,000 | 2.29 | ||||||||||||||
Exercised
|
(111,179 | ) | 1.66 | $ | 95,103 | |||||||||||
Forfeited
|
(81,001 | ) | 1.80 | |||||||||||||
Options
outstanding End of Period (2)
|
3,399,846 | 2.03 | 4.6 | $ | 572,397 | |||||||||||
Options
Exercisable at September 30, 2008 (2)
|
2,138,013 | $ | 1.94 | 4.0 | $ | 511,727 | ||||||||||
Options
Vested and expected to be vested at September 30, 2008
|
3,336,346 | $ | 2.03 | 4.6 | $ | 568,341 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(Amounts in Thousands, Except for Per Share Amounts)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Income (loss) per share from continuing
operations
|
||||||||||||||||
Income
(loss) from continuing operations applicable to
|
||||||||||||||||
Common
Stockholders
|
$ | 2,629 | $ | (276 | ) | 3,861 | $ | 96 | ||||||||
Basic
income (loss) per share
|
$ | .05 | $ | (.01 | ) | .07 | $ | — | ||||||||
Diluted
income (loss) per share
|
$ | .05 | $ | (.01 | ) | .07 | $ | — | ||||||||
(Loss) income per share from discontinued
operations
|
||||||||||||||||
(Loss)
income from discontinued operations
|
$ | (7 | ) | $ | (159 | ) | 60 | $ | (1,218 | ) | ||||||
Basic
loss per share
|
$ | — | $ | — | — | $ | (.02 | ) | ||||||||
Diluted
loss per share
|
$ | — | $ | — | — | $ | (.02 | ) | ||||||||
Income per share from disposal of discontinued
operations
|
||||||||||||||||
Gain
on disposal of discontinued operations
|
$ | — | $ | 94 | — | $ | 2,309 | |||||||||
Basic
income per share
|
$ | — | $ | — | — | $ | .04 | |||||||||
Diluted
income per share
|
$ | — | $ | — | — | $ | .04 | |||||||||
Weighted
average common shares outstanding – basic
|
54,281 | 53,844 | 54,130 | 53,760 | ||||||||||||
Potential
shares exercisable under stock option plans
|
614 | — | 243 | 389 | ||||||||||||
Potential
shares upon exercise of Warrants
|
59 | — | 39 | — | ||||||||||||
Weighted
average shares outstanding – diluted
|
54,954 | 53,844 | 54,412 | 54,149 | ||||||||||||
Potential
shares excluded from above weighted average share calculations due to
their anti-dilutive effect include:
|
||||||||||||||||
Upon
exercise of options
|
241 | 157 | 1,785 | 1,172 | ||||||||||||
Upon
exercise of Warrants
|
— | — | — | — |
(Amounts in Thousands)
|
September
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 September 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)
|
$ | 10,652 | $ | 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)
|
5,917 | 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)
|
2,117 |
──
|
||||||
Various
capital lease and promissory note obligations, payable 2009
to
|
||||||||
2013,
interest at rates ranging from 5.0% to 12.6%.
|
505 | 520 | ||||||
20,858 | 16,203 | |||||||
Less
current portion of long-term debt
|
3,064 | 2,022 | ||||||
$ | 17,794 | $ | 14,181 |
|
·
|
The
termination of the escrow arrangement. As a result, the
earn-out amount for the fiscal period ended June 30, 2009 in the amount of
approximately $734,000 was deposited by us on September 30, 2009, with the
paying agent in full and complete satisfaction of our obligations in
connection with the earn-out for the fiscal period ended June 30,
2009.
|
|
·
|
Any
indemnification obligations payable to us under the merger agreement will
be deducted (“Offset Amount”) from any earn-out amounts payable by us for
the fiscal periods ended June 30, 2010, and June 30, 2011. The
Offset Amount for the fiscal year ended June 30, 2010, will include the
sum of approximately $93,000, of which approximately $60,000 represents
excise tax assessment issued by the State of Washington for the annual
periods 2005 to 2007, with the remaining representing a refund request
from a PEcoS customer in connection with service for waste treatment prior
to our acquisition of PFNWR and PFNW. The Offset Amount may be
revised by us by written notice to the representatives pursuant to the
merger agreement.
|
|
·
|
We
may elect to pay any future earn-out amounts payable under the merger
agreement for each of the fiscal periods ended June 30, 2010, and 2011,
less the Offset Amount, in excess of $1,000,000 by means of a three year
unsecured promissory note bearing an annual rate of 6.0%, payable in 36
equal monthly installments.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(Amounts in Thousands)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Net
revenues
|
$ | — | $ | — | $ | — | $ | 3,195 | ||||||||
Interest
recovery (expense)
|
$ | 95 | $ | (28 | ) | $ | (64 | ) | $ | (99 | ) | |||||
Operating (loss) income from
discontinued operations (1)
|
$ | (7 | ) | $ | (159 | ) | $ | 60 | $ | (1,218 | ) | |||||
Gain
on disposal of discontinued operations (2)
|
$ | — | $ | 94 | $ | — | $ | 2,309 | ||||||||
(Loss)
income from discontinued operations
|
$ | (7 | ) | $ | (65 | ) | $ | 60 | $ | 1,091 |
September 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
|
— | 5 | ||||||
Note
payable
|
— | — | ||||||
Environmental
liabilities
|
— | — | ||||||
Total
liabilities held for sale
|
$ | — | $ | 5 |
|
(1)
net of accumulated depreciation of $13 for as of September 30, 2009
and December 31, 2008.
|
September 30,
|
December 31,
|
|||||||
(Amounts in Thousands)
|
2009
|
2008
|
||||||
Other
assets
|
$ | 74 | $ | 88 | ||||
Total
assets of discontinued operations
|
$ | 74 | $ | 88 | ||||
Account
payable
|
$ | 2 | $ | 15 | ||||
Accrued
expenses and other liabilities
|
1,348 | 1,947 | ||||||
Deferred
revenue
|
— | — | ||||||
Environmental
liabilities
|
878 | 1,027 | ||||||
Total
liabilities of discontinued operations
|
$ | 2,228 | $ | 2,989 |
9.
|
Change in Estimate -
Legacy Waste Accrual - Perma-Fix Northwest, Inc. (“PFNW”) and Perma-Fix
Northwest Richland, Inc.
(“PFNWR”)
|
·
|
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.
|
Nuclear
|
Industrial
|
Engineering
|
Segments
Total
|
Corporate (2)
|
Consolidated
Total
|
|||||||||||||||||||
Revenue
from external customers
|
$ | 23,518 |
(3)
|
$ | 2,128 | $ | 888 | $ | 26,534 | $ | — | $ | 26,534 | |||||||||||
Intercompany
revenues
|
366 | 150 | 91 | 607 | — | 607 | ||||||||||||||||||
Gross
profit
|
6,689 | 741 | 258 | 7,688 | — | 7,688 | ||||||||||||||||||
Interest
income
|
— | — | — | — | 29 | 29 | ||||||||||||||||||
Interest
expense (recovery)
|
67 | (25 | ) | 1 | 43 | 288 | 331 | |||||||||||||||||
Interest
expense-financing fees
|
— | — | — | — | 104 | 104 | ||||||||||||||||||
Depreciation
and amortization
|
1,066 | 107 | 8 | 1,181 | 7 | 1,188 | ||||||||||||||||||
Segment
profit (loss)
|
4,220 | 266 | 74 | 4,560 | (1,931 | ) | 2,629 | |||||||||||||||||
Segment
assets(1)
|
100,642 | 5,322 | 2,222 | 108,186 | 21,489 |
(4)
|
129,675 | |||||||||||||||||
Expenditures
for segment assets
|
425 | 14 | 1 | 440 | 24 | 464 | ||||||||||||||||||
Total
long-term debt
|
2,032 | 116 | 24 | 2,172 | 18,686 |
(5)
|
20,858 |
Nuclear
|
Industrial
|
Engineering
|
Segments
Total
|
Corporate (2)
|
Consolidated
Total
|
|||||||||||||||||||
Revenue
from external customers
|
$ | 12,519 |
(3)
|
$ | 2,624 | $ | 846 | $ | 15,989 | $ | — | $ | 15,989 | |||||||||||
Intercompany
revenues
|
802 | 213 | 200 | 1,215 | — | 1,215 | ||||||||||||||||||
Gross
profit
|
3,168 | 590 | 347 | 4,105 | — | 4,105 | ||||||||||||||||||
Interest
income
|
— | — | — | — | 52 | 52 | ||||||||||||||||||
Interest
expense
|
134 | 4 | 1 | 139 | 155 | 294 | ||||||||||||||||||
Interest
expense-financing fees
|
2 | — | — | 2 | 12 | 14 | ||||||||||||||||||
Depreciation
and amortization
|
1,073 | 485 | 8 | 1,566 | 13 | 1,579 | ||||||||||||||||||
Segment
profit (loss)
|
782 | 309 | 170 | 1,261 | (1,537 | ) | (276 | ) | ||||||||||||||||
Segment
assets(1)
|
93,044 | 6,021 | 2,110 | 101,175 | 16,984 |
(4)
|
118,159 | |||||||||||||||||
Expenditures
for segment assets
|
207 | 3 | 3 | 213 | 5 | 218 | ||||||||||||||||||
Total
long-term debt
|
4,655 | 171 | — | 4,826 | 10,283 | 15,109 |
Nuclear
|
Industrial
|
Engineering
|
Segments
Total
|
Corporate (2)
|
Consolidated
Total
|
|||||||||||||||||||
Revenue
from external customers
|
$ | 63,364 |
(3)
|
$ | 6,200 | $ | 2,670 | $ | 72,234 | $ | — | $ | 72,234 | |||||||||||
Intercompany
revenues
|
1,807 | 525 | 314 | 2,646 | — | 2,646 | ||||||||||||||||||
Gross
profit
|
16,281 | 1,723 | 797 | 18,801 | — | 18,801 | ||||||||||||||||||
Interest
income
|
— | — | — | — | 121 | 121 | ||||||||||||||||||
Interest
expense
|
592 | 14 | 3 | 609 | 737 | 1,346 | ||||||||||||||||||
Interest
expense-financing fees
|
— | — | — | — | 180 | 180 | ||||||||||||||||||
Depreciation
and amortization
|
3,196 | 320 | 27 | 3,543 | 26 | 3,569 | ||||||||||||||||||
Segment
profit (loss)
|
8,682 | 180 | 319 | 9,181 | (5,320 | ) | 3,861 | |||||||||||||||||
Segment
assets(1)
|
100,642 | 5,322 | 2,222 | 108,186 | 21,489 |