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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Sales and service revenue                      
Product sales                 $ 323,611 $ 321,284 $ 324,133
Service revenues                 51,485 66,533 88,424
Net sales $ 89,438 $ 95,633 $ 97,550 $ 92,475 $ 88,794 $ 97,335 $ 105,937 $ 95,751 375,096 387,817 412,557
Cost of sales and service revenue                      
Cost of product sales                 259,610 254,775 255,261
Cost of service revenues                 46,700 57,672 77,434
Cost of sales                 306,310 312,447 332,695
Gross profit 16,193 [1] 16,626 [2] 18,770 17,197 16,732 22,043 [3] 19,134 17,461 68,786 75,370 79,862
Selling, general and administrative expenses                 45,678 55,204 55,862
Goodwill and intangible asset impairment                 0 26,439 77,750
Contingent consideration write-off                 0 0 (7,950)
Restructuring expense                 2,322 2,585 3,073
Acquisitions expense                 0 0 247
Income (loss) from operations                 20,786 (8,858) [4] (49,120) [5],[6],[7]
Other income (expense):                      
Interest expense                 (22,439) (29,280) (16,962)
Other, net                 (236) 223 618
Total other expense                 (22,675) (29,057) (16,344)
Loss before income taxes                 (1,889) (37,915) (65,464)
Provision (benefit) for income taxes         (6,396)       352 (8,953) (6,979)
Net loss $ (1,188) [1] $ 34 [2] $ 378 [8] $ (1,465) [9] $ (22,505) [10] $ 1,396 [3] $ (7,411) [11] $ (442) [12] (2,241) (28,962) (58,485)
Other comprehensive income (loss):                      
Change in foreign currency translation adjustment                 (41) (98) (23)
Reclassification adjustment for losses on interest rate hedges included in net earnings, net of tax of $0, $157 and $0                 0 278 0
Unrealized gain/(loss) arising during period from interest rate hedges, net of tax of $0, $0 and $(157)                 0 0 (278)
Total comprehensive loss                 $ (2,282) $ (28,782) $ (58,786)
Amounts per common share:                      
Net (loss) income per common share (in dollars per share) $ (0.09) [1] $ 0.00 [2] $ 0.03 [8] $ (0.11) [9] $ (1.76) [10] $ 0.11 [3] $ (0.58) [11] $ (0.03) [12] $ (0.17) $ (2.28) $ (4.64)
Net (loss) income per common share assuming dilution (in dollars per share) $ (0.09) [1] $ 0.00 [2] $ 0.03 [8] $ (0.11) [9] $ (1.76) [10] $ 0.11 [3] $ (0.58) [11] $ (0.03) [12] $ (0.17) $ (2.28) $ (4.64)
Weighted average common shares outstanding (in shares)                 12,869,353 12,716,976 12,607,833
Weighted average dilutive common shares outstanding (in shares)                 12,869,353 12,716,976 12,607,833
[1] Gross profit in the fourth quarter of 2015 includes an unfavorable forward loss reserve adjustment of $1,010 related to a long-term contract. Net loss for the fourth quarter of 2015 includes a restructuring benefit of $46.
[2] Gross profit in the third quarter of 2015 includes an unfavorable adjustment of $1,738 related to a long-term contract for which a forward loss reserve was established. Net income for the the third quarter of 2015 included a net gain of $3,325 related to a legal settlement and $1,575 of restructuring expenses.
[3] Gross profit in the third quarter of 2014 includes a $5,286 favorable cumulative catch-up adjustment related to the settlement of an unpriced change order and the Company's ability to secure more favorable future material pricing on a long-term production contract. In addition, net income in the third quarter of 2014 includes $765 of restructuring expenses.
[4] Includes a charge of $26,439 for goodwill impairment in 2014.
[5] Includes a benefit of $7,950 related to the write-off of contingent consideration in 2013.
[6] Includes a charge of $4,222 for impairment of intangible assets in 2013.
[7] Includes a charge of $73,528 for goodwill impairment in 2013.
[8] Included in the net loss for the the second quarter of 2015 were $518 of restructuring expenses.
[9] Included in the net loss for the the first quarter of 2015 were $275 of restructuring expenses.
[10] Net loss in the fourth quarter of 2014 includes a $26,439 goodwill impairment charge related to the Engineering Services reporting unit, $297 of restructuring expenses and a $6,396 income tax benefit resulting from the decision to carry the 2014 tax loss back to previous years.
[11] Net loss in the second quarter of 2014 includes $793 of interest expense related to the termination of interest rate derivatives and $8,340 related to the write-off of debt issuance costs associated with the modification of the Company's revolving credit facility and the termination of its long-term credit agreement. Net loss in the second quarter of 2014 also includes $1,095 of restructuring expenses.
[12] Included in the net loss for the the first quarter of 2014 were $428 of restructuring expenses.