Annual report pursuant to Section 13 and 15(d)

CHANGES IN BUSINESS (Tables)

v3.19.1
CHANGES IN BUSINESS (Tables)
12 Months Ended
Dec. 31, 2018
Schedule of exit costs

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

(in thousands)

 

 

Lease

 

 

Severance

 

 

Total

Balance, December 31, 2017

 

$

 —

 

$

 —

 

$

 —

Restructuring charges

 

 

536

 

 

5,153

 

 

5,689

Payments for restructuring

 

 

(169)

 

 

(2,264)

 

 

(2,433)

Balance, December 31, 2018

 

$

367

 

$

2,889

 

$

3,256

 

Summary of restructuring expenses

 

 

 

 

 

 

 

 

 

Year Ended December 31,

(in thousands)

  

2018

 

2017

Lease

 

$

536

 

$

 —

Severance

 

 

5,153

 

 

 —

Total

 

$

5,689

 

$

 —

 

Discontinued operations disposed of by sale  
Schedule of Financial Information of Disposal Group

 

 

 

 

 

 

 

 

 

December 31,

(in thousands)

  

2018

 

2017

Assets:

 

 

 

 

 

 

Accounts receivable

 

$

 —

 

$

12,296

Inventories, net

 

 

 —

 

 

178

Cost and estimated earnings in excess of billings

 

 

 —

 

 

11,325

Other current assets

 

 

 —

 

 

493

Property, plant and equipment, net

 

 

 —

 

 

3,630

Total assets of discontinued operations*

 

$

 —

 

$

27,922

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

 —

 

$

7,004

Accrued compensation and benefits 

 

 

259

 

 

1,191

Billings in excess of costs and estimated earnings 

 

 

 —

 

 

948

Accrued warranties

 

 

 —

 

 

1,166

Other current liabilities

 

 

381

 

 

18,493

Current liabilities of discontinued operations

 

 

640

 

 

28,802

Liability for pension obligation

 

 

2,781

 

 

 —

Liability for uncertain tax positions

 

 

2,407

 

 

3,110

Long-term liabilities of discontinued operations

 

 

5,188

 

 

3,110

Total liabilities of discontinued operations

 

$

5,828

 

$

31,912

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

(in thousands)

  

2018

  

2017

Revenue

 

 

 

 

 

 

Electrical Solutions

 

$

22,259

 

$

52,942

Mechanical Solutions

 

 

 —

 

 

52,461

Total revenue

 

 

22,259

 

 

105,403

Cost of revenue

 

 

 

 

 

 

Electrical Solutions

 

 

24,613

 

 

66,232

Mechanical Solutions

 

 

 —

 

 

42,811

Total cost of revenue

 

 

24,613

 

 

109,043

 

 

 

 

 

 

 

Selling and marketing expenses

 

 

207

 

 

4,035

General and administrative expenses

 

 

2,634

 

 

14,314

Impairment expense - Electrical Solutions

 

 

 —

 

 

9,709

Other

 

 

(38)

 

 

(48)

Loss from discontinued operations before income taxes

 

 

(5,157)

 

 

(31,650)

Loss (gain) on disposal - Electrical Solutions

 

 

9,623

 

 

 —

Loss (gain) on disposal - Mechanical Solutions

 

 

222

 

 

(6,332)

Total loss from discontinued operations before income taxes

 

 

(15,002)

 

 

(25,318)

Income tax expense (benefit)

 

 

(3,357)

 

 

1,186

Loss from discontinued operations 

 

$

(11,645)

 

$

(26,504)

 

Services | Hetsco Inc. | Disposed of by sale  
Schedule of Financial Information of Disposal Group

 

 

 

 

 

 

 

 

 

Year Ended December 31,

(In thousands)

 

2018

 

2017

Income (loss) before income taxes

 

$

 —

 

$

489