NOTE 3 - DISCONTINUED OPERATIONS

3 Months Ended

Mar. 30, 2013

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

NOTE 3 – 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.  The Company subsequently completed the divestiture of the Inspection division of its Field Solutions segment effective January 3, 2013.  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, resulting in a gain of $2.9 million.

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 "Income from discontinued operations, net of taxes".  Summarized financial information for the discontinued operations is shown below:

	For the Three Months Ended
	March 30,  2013		March 31, 2012
	(dollars in thousands)
Revenues	$	—	$	17,530
Costs		—		15,866
Operating income	$	—	$	1,664
SG&A		3		1,061
Other income		2,938		1
Total income before taxes		2,935		604
Tax expense (benefit)		—		(107	)
Net income	$	2,935	$	711

	March 30, 2013		December 29, 2012
	(dollars in thousands)
Assets
Prepaid expenses and other current assets	$	—		$	9
Property and equipment, net		—			48
Total assets held for sale	$	—		$	57
Liabilities
Accrued compensation and benefits	$	—		$	99
Total liabilities held for sale	$	—		$	99