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Quarterly Financial Data (Unaudited) - (Tables)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Data [Abstract]  
Schedule of Quarterly Financial Information

 

 

 

Quarters

 

 

 

 

 

 

 

First

 

 

Second (1)

 

 

Third (2)

 

 

Fourth (3)

 

 

Total

 

(amounts in thousands, except per-share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

77,006

 

 

$

75,521

 

 

$

74,039

 

 

$

74,644

 

 

$

301,210

 

Direct costs

 

 

62,777

 

 

 

61,864

 

 

 

61,010

 

 

 

59,476

 

 

 

245,127

 

Gross profit

 

 

14,229

 

 

 

13,657

 

 

 

13,029

 

 

 

15,168

 

 

 

56,083

 

Selling, general, and administrative expenses

 

 

12,923

 

 

 

12,940

 

 

 

12,619

 

 

 

13,657

 

 

 

52,139

 

Operating income

 

 

1,306

 

 

 

717

 

 

 

410

 

 

 

1,511

 

 

 

3,944

 

Interest and other income (expense), net

 

 

(29

)

 

 

(67

)

 

 

(111

)

 

 

320

 

 

 

113

 

Income before income taxes

 

 

1,277

 

 

 

650

 

 

 

299

 

 

 

1,831

 

 

 

4,057

 

Provision for income taxes

 

 

526

 

 

 

216

 

 

 

259

 

 

 

2,250

 

 

 

3,251

 

Net income (loss)

 

$

751

 

 

$

434

 

 

$

40

 

 

$

(419

)

 

$

806

 

Basic net income (loss) per share

 

$

0.05

 

 

$

0.03

 

 

$        0.00

 

 

$

(0.03

)

 

$

0.05

 

Diluted net income (loss) per share

 

$

0.05

 

 

$

0.03

 

 

$        0.00

 

 

$

(0.03

)

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividend declared per share

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

(1)

During the 2017 second quarter, the Company incurred $0.8 million in severance charges, which reduced net income by $0.5 million and basic and diluted earnings per share by $0.03. The Company recorded the severance charges in direct costs ($0.4 million) and selling, general, and administrative expenses ($0.4 million).

 

(2)

During the 2017 third quarter, the Company incurred $1.2 million of unexpected costs associated with the Company’s self-insured medical plan, which reduced net income by $0.7 million and basic and diluted earnings per share by $0.05.

 

(3)

During the 2017 fourth quarter, the Company incurred a $1.7 million charge due to tax law changes that required the Company to reduce its deferred tax assets. Also included in interest and other income (expense) in the 2017 fourth quarter is a $0.4 million non-taxable life insurance gain for a former executive that passed away in the 2017 fourth quarter.

           

 

 

Quarters

 

 

 

 

 

 

 

First (4)

 

 

Second

 

 

Third (4)

 

 

Fourth

 

 

Total

 

(amounts in thousands, except per-share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

85,850

 

 

$

83,486

 

 

$

78,065

 

 

$

77,492

 

 

$

324,893

 

Direct costs

 

 

71,305

 

 

 

67,574

 

 

 

64,193

 

 

 

62,639

 

 

 

265,711

 

Gross profit

 

 

14,545

 

 

 

15,912

 

 

 

13,872

 

 

 

14,853

 

 

 

59,182

 

Selling, general, and administrative expenses

 

 

13,467

 

 

 

14,026

 

 

 

14,567

 

 

 

13,140

 

 

 

55,200

 

Goodwill impairment charges

 

 

21,544

 

 

 

—

 

 

 

15,785

 

 

 

—

 

 

 

37,329

 

Operating income (loss)

 

 

(20,466

)

 

 

1,886

 

 

 

(16,480

)

 

 

1,713

 

 

 

(33,347

)

Interest and other income (expense), net

 

 

(62

)

 

 

(97

)

 

 

77

 

 

 

(107

)

 

 

(189

)

Income (loss) before income taxes

 

 

(20,528

)

 

 

1,789

 

 

 

(16,403

)

 

 

1,606

 

 

 

(33,536

)

Provision for income taxes

 

 

329

 

 

 

530

 

 

 

(220

)

 

 

463

 

 

 

1,102

 

Net income (loss)

 

$

(20,857

)

 

$

1,259

 

 

$

(16,183

)

 

$

1,143

 

 

$

(34,638

)

Basic net income (loss) per share

 

$

(1.34

)

 

$

0.08

 

 

$

(1.03

)

 

$

0.07

 

 

$

(2.22

)

Diluted net income (loss) per share

 

$

(1.34

)

 

$

0.08

 

 

$

(1.03

)

 

$

0.07

 

 

$

(2.22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividend declared per share

 

$

0.06

 

 

$

0.06

 

 

$

0.06

 

 

$

—

 

 

$

0.18

 

 

(4)

The Company incurred goodwill impairment charges totaling $37.3 million during the 2016 first and third quarters.  These charges reduced basic and diluted earnings per share by $2.39. During the 2016 third quarter, the Company incurred severance charges included in selling, general and administrative expenses of approximately $1.5 million, or $1.0 million net of tax, or $0.06 basic and diluted net income per share, relating to severance for two of the Company’s former executives.