SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2015

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16.SUBSEQUENT EVENTS

Quarterly Dividend

On July 1, 2015, we declared a quarterly dividend of $0.18 per common share to stockholders of record on July 21, 2015. The dividend was paid using cash on hand on July 28, 2015 in an aggregate amount of $3.9 million.

Definitive Agreement

On August 4, 2015, we entered into a definitive agreement to sell our Allstate Power Vac., Inc. (“Allstate”) subsidiary to a private investor group for approximately $58.0 million cash, subject to adjustments for working capital and capital expenditures.  The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2015, with the cash proceeds from the transaction expected to be used to repay indebtedness. Allstate represents the majority of the industrial services business we acquired with the acquisition of EQ.  As a result of this agreement and management’s strategic review, we evaluated the recoverability of the assets associated with our industrial services business. Based on this analysis, we recorded a non-cash goodwill impairment charge of $6.7 million, or $0.31 per diluted share, in the second quarter of 2015.