NOTE 4 - DISPOSAL OF CONTINUING OPERATIONS

12 Months Ended

Dec. 27, 2014

Disclosure Text Block Supplement [Abstract]

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

NOTE 4 – DISPOSAL OF CONTINUING OPERATIONS

On August 30, 2013, the Company completed the sale of substantially all of its Gulf Coast engineering and construction and in-plant operations to a subsidiary of Furmanite Corporation. The total value of the transaction to the Company was $16 million, consisting primarily of $13 million of net cash and a $3.0 million promissory note issued at 4% interest with a Furmanite Corporation guarantee.  The transaction resulted in a $0.7 million gain on the sale of these operations.  The Company used most of the net proceeds from this transaction to repay advances under its former credit facility.  As a result of this transaction, approximately 900 employees transferred from the Company to Furmanite.  In conjunction with this sale, the Company reduced its corporate selling, general and administrative expenses to support ongoing continuing operations.  The impact of the sale of these operations is summarized as follows (dollars in thousands):

2013 Continuing Operations:	Year Ended December 28, 2013			Disposed Continuing Operations		Ongoing Continuing Operations
Operating revenues	$	168,963		$	79,768	$	89,195
Operating costs		147,661			72,954		74,707
Gross profit		21,302			6,814		14,488
Selling, general and administrative expenses		22,080			2,748		19,332
Operating income (loss)	$	(778	)	$	4,066	$	(4,844	)

Selling, general and administrative expenses for disposed continuing operations only include expenses incurred at the facilities that were purchased by Furmanite.  Selling, general and administrative expenses incurred at Corporate are excluded.