NOTE 4 - DISCONTINUED OPERATIONS

12 Months Ended

Dec. 29, 2012

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE 4 - DISCONTINUED OPERATIONS

During the third quarter of 2011, as part of its strategic evaluation of operations, the Company determined that the expected future profitability of the Electrical Services group was not sufficient to support maintaining it as a viable business and that it did not fit within the future strategic plan due to its operational differences.  As a result, effective July 1, 2011, the Company initiated a plan to sell the operations of its Electrical Services group. The Company was unable to sell the Electrical Services group as planned and decided to dispose of substantially all of the group’s remaining assets. During the third quarter of 2012, the Company completed the disposal of the group’s remaining assets concurrent with the completion of the last remaining lump sum project. The Company has no continuing involvement with these operations.

On September 10, 2012, the Company entered into a definitive agreement to sell its Field Solutions segment. The Field Solutions segment included the Land and Right-of-Way and Inspection divisions, primarily serving pipeline and electric power companies. On November 2, 2012, the Company completed the divestiture of its Land and Right-of-Way division of its Field Solutions segment effective October 26, 2012, and retained the Inspection division pursuant to the terms of the amended definitive agreement.  The transaction was valued at approximately $7.5 million, consisting of approximately $4.5 million in retained working capital and a $3.0 million promissory note payable to the Company over four years.  

Subsequent to year end, effective January 3, 2013, the Company completed the divestiture of the Inspection division.  The transaction was valued at approximately $7.9 million, consisting of $1.0 million cash at closing, $5.0 million in retained working capital and a $1.9 million promissory note payable to the Company over four years.

The operations of the Electrical Services group and the Field Solutions segment have been classified as discontinued operations and accordingly, are presented as discontinued operations in the Company's consolidated financial statements. The remaining net assets and liabilities related to the discontinued operations are shown on the Consolidated Balance Sheet as "Assets held for sale" and "Liabilities held for sale," respectively. The results of the discontinued operations are shown on the Consolidated Statements of Operations as "Loss from discontinued operations, net of taxes".  Summarized financial information for the discontinued operations is shown below:

	December 29,			December 31,
Statement of Operations Data:	2012			2011
	(dollars in thousands)
Revenues	$	60,822		$	92,551
Operating costs		62,076			96,708
Operating loss		(1,254	)		(4,157	)
Goodwill impairment		(2,397	)		—
Other income/Gain on sale		113			1
Total loss before taxes		(3,538	)		(4,156	)
Tax expense (benefit)		—			(1,482	)
Net loss	$	(3,538	)	$	(2,674	)

Balance Sheet Data:	December 29, 2012		December 31, 2011
	(dollars in thousands)
Assets:
Trade receivables	$	—	$	2,391
Cost/earnings in excess of billings on uncompleted contracts		—		138
Property and equipment, net		48		372
Goodwill and other assets		9		6,234
Total assets held for sale	$	57	$	9,135
Liabilities:
Accounts payable	$	—		430
Accrued compensation and benefits		99		(50)
Billings/earnings in excess of costs on uncompleted contracts		—		158
Other current liabilities		—		802
Total liabilities held for sale	$	99	$	1,340