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Restatement of Financial Statement | 12 Months Ended
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Sep. 30, 2011
Restatement Of Financial Statement [Abstract] |
Restatement of Financial Statement | 18. RESTATEMENT The September 30, 2011 consolidated financial statements included in our Original Form 10-K filed on Decem ber 20, 2011, contained errors p rimarily related to the understa tement of our vacation accrual that should have been recorded at September 30, 2008 and in each subsequent annual and interim period to September 30, 2011. Additionally, for all restated periods we recorded other immaterial adjustments. These adjustments include, but are not limited to, recording billing, payroll and other accruals, in the proper accounting period. In many cases, as a result of recording these adjustments, additional revenues are also recognized with an immaterial effect on gross margin, due to the use of the percentage of completion method of accounting and estimated margins on contracts in progress. As such, t hese adjust ments impact multiple line items, including revenue, cost of revenue, selling general & administrative expenses, and their related balance sheet accounts. Accordingly, the September 30, 2011 consolidated financial statements have been restated to properly record these transactions and other immaterial adjustments. This restatement amends the following notes: 5, 6, 7, 10, 11 and 17. The v acation accrual adjustment decreased beginning Retained Earnings at October 1, 2008 in the amount of $1,733 thousand, and increased (decreased) net loss by $(475) thousand, $(215) thousand, and $35 thousand for the years ended September 30, 2009, 2010 and 2011, respectively. The additional immaterial adjustments increased beginning Retained Earnings at October 1, 2008 in the amount of $607 thousand, and increased (decreased) net loss by $722 thousand, $(777) thousand, and $95 thousand for the years ended September 30, 2009, 2010 and 2011, respectively. The following schedules represent the effect of correcting these errors in our co nsolidated financial statements:
|  |  |  |  |  | Year ended September 30, 2009
|  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
|  | Revenues |  | $ | 665,997 |  | $ | 1,040 |  | $ | 667,037
|  | Cost of services |  |  | 556,469 |  |  | 1,444 |  |  | 557,913
|  |  | Gross profit |  |  | 109,528 |  |  | (404) |  |  | 109,124
|  | Selling, general and administrative expenses |  |  | 108,328 |  |  | (157) |  |  | 108,171
|  | Gain on sale of assets |  |  | (465) |  |  | - |  |  | (465)
|  | Restructuring charges |  |  | 7,407 |  |  | - |  |  | 7,407
|  |  | Loss from operations |  |  | (5,742) |  |  | (247) |  |  | (5,989)
|  | Interest and other (income) expense: |  |  |  |  |  |  |  |  |
|  |  | Interest expense |  |  | 4,526 |  |  | - |  |  | 4,526
|  |  | Interest income |  |  | (432) |  |  | - |  |  | (432)
|  |  | Other (income) expense, net |  |  | 1,608 |  |  | - |  |  | 1,608
|  |  |  | Interest and other expense, net |  |  | 5,702 |  |  | - |  |  | 5,702
|  | Loss from operations before income taxes |  |  | (11,444) |  |  | (247) |  |  | (11,691)
|  | Provision (benefit) for income taxes |  |  | 495 |  |  | - |  |  | 495
| Net loss from continuing operations |  | $ | (11,939) |  | $ | (247) |  | $ | (12,186)
| Discontinued operations |  |  |  |  |  |  |  |  |
|  | Income (loss) from discontinued operations |  |  | 187 |  |  | - |  |  | 187
|  | Provision (benefit) for income taxes |  |  | 68 |  |  | - |  |  | 68
| Net income (loss) from discontinued operations |  |  | 119 |  |  | - |  |  | 119
|  | Net loss |  | $ | (11,820) |  | $ | (247) |  | $ | (12,067)
|  | Basic loss per share: |  |  |  |  |  |  |  |  |
|  |  | Continuing operations |  | $ | (0.83) |  | $ | (0.02) |  | $ | (0.85)
|  |  | Discontinued operations |  | $ | 0.01 |  | $ | - |  | $ | 0.01
|  |  | Total |  | $ | (0.82) |  | $ | (0.02) |  | $ | (0.84)
|  | Diluted loss per share: |  |  |  |  |  |  |  |  |
|  |  | Continuing operations |  | $ | (0.83) |  | $ | (0.02) |  | $ | (0.85)
|  |  | Discontinued operations |  | $ | 0.01 |  | $ | - |  | $ | 0.01
|  | Total |  | $ | (0.82) |  | $ | (0.02) |  | $ | (0.84)
|  | Shares used in the computation of loss per share |  |  |  |  |  |  |  |  |
|  |  | Basic |  |  | 14,331,614 |  |  | 14,331,614 |  |  | 14,331,614
|  |  | Diluted |  |  | 14,331,614 |  |  | 14,331,614 |  |  | 14,331,614
|  |  |  |  |  | Year Ended September 30, 2009
|  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
| Net loss |  | $ | (11,820) |  | $ | (247) |  | $ | (12,067)
| Adjustments to reconcile net loss to net cash provided by operating activities |  |  |  |  |  |  |  |  |
|  | Net income (loss) from discontinued operations |  |  | (119) |  |  | - |  |  | (119)
|  | Bad debt expense |  |  | 2,539 |  |  | - |  |  | 2,539
|  | Deferred financing cost amortization |  |  | 263 |  |  | - |  |  | 263
|  | Depreciation and amortization |  |  | 8,258 |  |  | 67 |  |  | 8,325
|  | Loss (gain) on sale of assets |  |  | (465) |  |  | - |  |  | (465)
|  | Non-cash compensation expense |  |  | 2,520 |  |  | - |  |  | 2,520
|  | Impairment of investment |  |  | 2,850 |  |  | - |  |  | 2,850
|  | Paid in kind interest |  |  | 678 |  |  | - |  |  | 678
|  | Equity in losses of investment |  |  | 13 |  |  | - |  |  | 13
|  | Goodwill adjustment - utilization of deferred tax assets |  |  | 911 |  |  | (607) |  |  | 304
|  | Deferred income tax |  |  | (1,924) |  |  | - |  |  | (1,924)
| Changes in operation assets and liabilities |  |  |  |  |  |  |  |  |
|  | Accounts receivable |  |  | 29,567 |  |  | 281 |  |  | 29,848
|  | Inventories |  |  | 2,701 |  |  | - |  |  | 2,701
|  | Costs and estimated earnings in excess of billings |  |  | 1,189 |  |  | (1,687) |  |  | (498)
|  | Prepaid expenses and other current assets |  |  | 1,096 |  |  | - |  |  | 1,096
|  | Other non-current assets |  |  | 6,598 |  |  | (281) |  |  | 6,317
|  | Accounts payable and accrued expenses |  |  | (23,547) |  |  | 2,396 |  |  | (21,151)
|  | Billings in excess of costs and estimated earnings |  |  | (12,546) |  |  | 395 |  |  | (12,151)
|  | Other non-current liabilities |  |  | 910 |  |  | (317) |  |  | 593
Net cash (used in) provided by continuing operations |  |  | 9,672 |  |  | 0 |  |  | 9,672
Net cash provided by discontinued operations |  |  | 1,635 |  |  | - |  |  | 1,635
Net cash (used in) provided by operating activities |  |  | 11,307 |  |  | 0 |  |  | 11,307
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
| Purchases of property and equipment |  |  | (4,740) |  |  | - |  |  | (4,740)
| Proceeds from sales of property and equipment |  |  | 935 |  |  | - |  |  | 935
| Investment in unconsolidated affiliates |  |  | (2,150) |  |  | - |  |  | (2,150)
Net cash (used in) provided by continuing operations |  |  | (5,955) |  |  | - |  |  | (5,955)
Net cash provided by discontinued operations |  |  | 65 |  |  | - |  |  | 65
Net cash (used in) provided by investing activities |  |  | (5,890) |  |  | - |  |  | (5,890)
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
| Borrowings of debt |  |  | 792 |  |  | - |  |  | 792
| Repayments of debt |  |  | (2,427) |  |  | - |  |  | (2,427)
| Purchase of treasury stock |  |  | (4,317) |  |  | - |  |  | (4,317)
Net used in financing activities |  |  | (5,952) |  |  | - |  |  | (5,952)
NET INCREASE (DECREASE) IN CASH EQUIVALENTS |  |  | (535) |  |  | 0 |  |  | (535)
CASH AND CASH EQUIVALENTS, beginning of period |  |  | 64,709 |  |  | - |  |  | 64,709
CASH AND CASH EQUIVALENTS, end of period |  | $ | 64,174 |  | $ | 0 |  | $ | 64,174
|  |  |  |  | As of September 30, 2010
|  |  |  |  | As Reported |  | Adjustments |  | As Restated
ASSETS |  |  |  |  |  |  |  |  |
| CURRENT ASSETS: |  |  |  |  |  |  |  |  |
|  | Cash and cash equivalents |  | $ | 32,924 |  | $ | - |  | $ | 32,924
|  | Accounts receivable: |  |  |  |  |  |  |  |  |
|  |  | Trade, Net |  |  | 88,252 |  |  | - |  |  | 88,252
|  |  | Retainage |  |  | 17,083 |  |  | - |  |  | 17,083
|  | Inventories |  |  | 12,682 |  |  | 115 |  |  | 12,797
|  | Costs and estimated earnings in excess of billings on uncompleted contracts |  |  | 12,566 |  |  | 1,983 |  |  | 14,549
|  | Prepaid expenses and other current assets |  |  | 5,449 |  |  | - |  |  | 5,449
| Total current assets |  |  | 168,956 |  |  | 2,098 |  |  | 171,054
| LONG TERM NOTES RECEIVABLES, net |  |  | 440 |  |  | - |  |  | 440
| PROPERTY AND EQUIPMENT, net |  |  | 19,846 |  |  | 50 |  |  | 19,896
| GOODWILL |  |  | 3,981 |  |  | 607 |  |  | 4,588
| OTHER NON-CURRENT ASSETS, net |  |  | 11,882 |  |  | - |  |  | 11,882
Total assets |  | $ | 205,105 |  | $ | 2,755 |  | $ | 207,860
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
| CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
|  | Current maturities of long-term debt |  | $ | 808 |  | $ | - |  | $ | 808
|  | Accounts payable and accrued expenses |  |  | 67,799 |  |  | 5,000 |  |  | 72,799
|  | Billings in excess of costs and estimated earnings on uncompleted contracts |  |  | 17,109 |  |  | (1,865) |  |  | 15,244
| Total current liabilities |  |  | 85,716 |  |  | 3,135 |  |  | 88,851
| LONG-TERM DEBT, net of current maturities |  |  | 10,448 |  |  | - |  |  | 10,448
| LONG-TERM DEFERRED TAX LIABILITY |  |  | 1,046 |  |  | - |  |  | 1,046
| OTHER NON-CURRENT LIABILITIES |  |  | 6,314 |  |  | - |  |  | 6,314
Total liabilities |  |  | 103,524 |  |  | 3,135 |  |  | 106,659
| STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
|  | Preferred stock, $0.01 par value |  |  | - |  |  | - |  |  | -
|  | Common stock, $0.01 par value |  |  | 154 |  |  | - |  |  | 154
|  | Treasury stock, at cost |  |  | (13,677) |  |  | - |  |  | (13,677)
|  | Additional paid-in capital |  |  | 171,510 |  |  | - |  |  | 171,510
|  | Accumulated other comprehensive income |  |  | (88) |  |  | - |  |  | (88)
|  | Retained deficit |  |  | (56,318) |  |  | (380) |  |  | (56,698)
Total stockholders’ equity |  |  | 101,581 |  |  | (380) |  |  | 101,201
Total liabilities and stockholders’ equity |  | $ | 205,105 |  | $ | 2,755 |  | $ | 207,860
|  |  |  |  |  | Year ended September 30, 2010
|  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
|  | Revenues |  | $ | 460,633 |  | $ | 2,797 |  | $ | 463,430
|  | Cost of services |  |  | 404,140 |  |  | 1,848 |  |  | 405,988
|  |  | Gross profit |  |  | 56,493 |  |  | 949 |  |  | 57,442
|  | Selling, general and administrative expenses |  |  | 84,920 |  |  | (43) |  |  | 84,877
|  | Gain on sale of assets |  |  | (174) |  |  | - |  |  | (174)
|  | Restructuring charges |  |  | 763 |  |  | - |  |  | 763
|  |  | Loss from operations |  |  | (29,016) |  |  | 992 |  |  | (28,024)
|  | Interest and other (income) expense: |  |  |  |  |  |  |  |  |
|  |  | Interest expense |  |  | 3,513 |  |  | - |  |  | 3,513
|  |  | Interest income |  |  | (242) |  |  | - |  |  | (242)
|  |  | Other (income) expense, net |  |  | (109) |  |  | - |  |  | (109)
|  |  |  | Interest and other expense, net |  |  | 3,162 |  |  | - |  |  | 3,162
|  | Loss from operations before income taxes |  |  | (32,178) |  |  | 992 |  |  | (31,186)
|  | Provision (benefit) for income taxes |  |  | (31) |  |  | - |  |  | (31)
|  | Net loss |  | $ | (32,147) |  | $ | 992 |  | $ | (31,155)
|  | Basic loss per share: |  |  |  |  |  |  |  |  |
|  |  | Continuing operations |  | $ | (2.23) |  | $ | 0.07 |  | $ | (2.16)
|  |  | Total |  | $ | (2.23) |  | $ | 0.07 |  | $ | (2.16)
|  | Diluted loss per share: |  |  |  |  |  |  |  |  |
|  |  | Continuing operations |  | $ | (2.23) |  | $ | 0.07 |  | $ | (2.16)
|  | Total |  | $ | (2.23) |  | $ | 0.07 |  | $ | (2.16)
|  | Shares used in the computation of loss per share |  |  |  |  |  |  |  |  |
|  |  | Basic |  |  | 14,409,368 |  |  | 14,409,368 |  |  | 14,409,368
|  |  | Diluted |  |  | 14,409,368 |  |  | 14,409,368 |  |  | 14,409,368
|  |  |  |  |  | Year Ended September 30, 2010
|  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
| Net loss |  | $ | (32,147) |  | $ | 992 |  | $ | (31,155)
| Adjustments to reconcile net loss to net cash provided by operating activities |  |  |  |  |  |  |  |  |
|  | Bad debt expense |  |  | 7,440 |  |  | - |  |  | 7,440
|  | Deferred financing cost amortization |  |  | 314 |  |  | - |  |  | 314
|  | Depreciation and amortization |  |  | 5,291 |  |  | - |  |  | 5,291
|  | Loss (gain) on sale of assets |  |  | (174) |  |  | - |  |  | (174)
|  | Non-cash compensation expense |  |  | 1,370 |  |  | - |  |  | 1,370
|  | Impairment of investment |  |  | 150 |  |  | - |  |  | 150
|  | Deferred income tax |  |  | (1,244) |  |  | - |  |  | (1,244)
| Changes in operation assets and liabilities |  |  |  |  |  |  |  |  |
|  | Accounts receivable |  |  | 17,768 |  |  | - |  |  | 17,768
|  | Inventories |  |  | (2,527) |  |  | (115) |  |  | (2,642)
|  | Costs and estimated earnings in excess of billings |  |  | 988 |  |  | (1,983) |  |  | (995)
|  | Prepaid expenses and other current assets |  |  | 1,820 |  |  | - |  |  | 1,820
|  | Other non-current assets |  |  | 1,463 |  |  | - |  |  | 1,463
|  | Accounts payable and accrued expenses |  |  | (8,679) |  |  | 2,971 |  |  | (5,708)
|  | Billings in excess of costs and estimated earnings |  |  | (4,033) |  |  | (1,865) |  |  | (5,898)
|  | Other non-current liabilities |  |  | (966) |  |  | - |  |  | (966)
Net cash (used in) provided by continuing operations |  |  | (13,166) |  |  | - |  |  | (13,166)
Net cash (used in) provided by operating activities |  |  | (13,166) |  |  | - |  |  | (13,166)
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
| Purchases of property and equipment |  |  | (924) |  |  | - |  |  | (924)
| Proceeds from sales of property and equipment |  |  | 328 |  |  | - |  |  | 328
| Distribution from unconsolidated affiliates |  |  | 393 |  |  | - |  |  | 393
Net cash (used in) provided by continuing operations |  |  | (203) |  |  | - |  |  | (203)
Net cash (used in) provided by investing activities |  |  | (203) |  |  | - |  |  | (203)
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
| Borrowings of debt |  |  | 753 |  |  | - |  |  | 753
| Repayments of debt |  |  | (18,184) |  |  | - |  |  | (18,184)
| Purchase of treasury stock |  |  | (172) |  |  | - |  |  | (172)
| Payments for debt issuance costs |  |  | (278) |  |  | - |  |  | (278)
Net used in financing activities |  |  | (17,881) |  |  | - |  |  | (17,881)
NET INCREASE (DECREASE) IN CASH EQUIVALENTS |  |  | (31,250) |  |  | - |  |  | (31,250)
CASH AND CASH EQUIVALENTS, beginning of period |  |  | 64,174 |  |  | - |  |  | 64,174
CASH AND CASH EQUIVALENTS, end of period |  | $ | 32,924 |  | $ | - |  | $ | 32,924
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |  |  |  |  |  |  |  |  |
|  |  |  |  | As of September 30, 2011
|  |  |  |  | As Reported |  | Adjustments |  | As Restated
ASSETS |  |  |  |  |  |  |  |  |
| CURRENT ASSETS: |  |  |  |  |  |  |  |  |
|  | Cash and cash equivalents |  | $ | 35,577 |  | $ | - |  | $ | 35,577
|  | Accounts receivable: |  |  |  |  |  |  |  |  |
|  |  | Trade, Net |  |  | 85,728 |  |  | - |  |  | 85,728
|  |  | Retainage |  |  | 17,944 |  |  | - |  |  | 17,944
|  | Inventories |  |  | 8,443 |  |  | - |  |  | 8,443
|  | Costs and estimated earnings in excess of billings on uncompleted contracts |  |  | 10,592 |  |  | (629) |  |  | 9,963
|  | Prepaid expenses and other current assets |  |  | 2,840 |  |  | - |  |  | 2,840
| Total current assets |  |  | 161,124 |  |  | (629) |  |  | 160,495
| LONG TERM NOTES RECEIVABLES, net |  |  | 200 |  |  | - |  |  | 200
| PROPERTY AND EQUIPMENT, net |  |  | 8,016 |  |  | - |  |  | 8,016
| GOODWILL |  |  | 3,839 |  |  | 607 |  |  | 4,446
| OTHER NON-CURRENT ASSETS, net |  |  | 7,087 |  |  | - |  |  | 7,087
Total assets |  | $ | 180,266 |  | $ | (22) |  | $ | 180,244
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
| CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
|  | Current maturities of long-term debt |  | $ | 209 |  | $ | - |  | $ | 209
|  | Accounts payable and accrued expenses |  |  | 79,858 |  |  | (878) |  |  | 78,980
|  | Billings in excess of costs and estimated earnings on uncompleted contracts |  |  | 18,220 |  |  | 1,365 |  |  | 19,585
| Total current liabilities |  |  | 98,287 |  |  | 487 |  |  | 98,774
| LONG-TERM DEBT, net of current maturities |  |  | 10,289 |  |  | - |  |  | 10,289
| LONG-TERM DEFERRED TAX LIABILITY |  |  | 284 |  |  | - |  |  | 284
| OTHER NON-CURRENT LIABILITIES |  |  | 6,596 |  |  | - |  |  | 6,596
Total liabilities |  |  | 115,456 |  |  | 487 |  |  | 115,943
| STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
|  | Preferred stock, $0.01 par value |  |  | - |  |  | - |  |  | -
|  | Common stock, $0.01 par value |  |  | 154 |  |  | - |  |  | 154
|  | Treasury stock, at cost |  |  | (5,595) |  |  | - |  |  | (5,595)
|  | Additional paid-in capital |  |  | 164,262 |  |  | - |  |  | 164,262
|  | Retained deficit |  |  | (94,011) |  |  | (509) |  |  | (94,520)
Total stockholders’ equity |  |  | 64,810 |  |  | (509) |  |  | 64,301
Total liabilities and stockholders’ equity |  | $ | 180,266 |  | $ | (22) |  | $ | 180,244
|  |  |  |  |  | Year ended September 30, 2011
|  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
|  | Revenues |  | $ | 481,607 |  | $ | (6,244) |  | $ | 475,363
|  | Cost of services |  |  | 445,585 |  |  | (5,607) |  |  | 439,978
|  |  | Gross profit |  |  | 36,022 |  |  | (637) |  |  | 35,385
|  | Selling, general and administrative expenses |  |  | 69,365 |  |  | (507) |  |  | 68,858
|  | Gain on sale of assets |  |  | (6,583) |  |  | - |  |  | (6,583)
|  | Asset Impairment |  |  | 4,804 |  |  | - |  |  | 4,804
|  | Restructuring charges |  |  | 3,784 |  |  | - |  |  | 3,784
|  |  | Loss from operations |  |  | (35,348) |  |  | (130) |  |  | (35,478)
|  | Interest and other (income) expense: |  |  |  |  |  |  |  |  |
|  |  | Interest expense |  |  | 2,277 |  |  | - |  |  | 2,277
|  |  | Interest income |  |  | (68) |  |  | - |  |  | (68)
|  |  | Other (income) expense, net |  |  | (10) |  |  | - |  |  | (10)
|  |  |  | Interest and other expense, net |  |  | 2,199 |  |  | - |  |  | 2,199
|  | Loss from operations before income taxes |  |  | (37,547) |  |  | (130) |  |  | (37,677)
|  | Provision (benefit) for income taxes |  |  | 146 |  |  | - |  |  | 146
|  | Net loss |  | $ | (37,693) |  | $ | (130) |  | $ | (37,823)
|  | Basic loss per share: |  |  |  |  |  |  |  |  |
|  |  | Continuing operations |  | $ | (2.60) |  | $ | (0.01) |  | $ | (2.61)
|  |  | Total |  | $ | (2.60) |  | $ | (0.01) |  | $ | (2.61)
|  | Diluted loss per share: |  |  |  |  |  |  |  |  |
|  |  | Continuing operations |  | $ | (2.60) |  | $ | (0.01) |  | $ | (2.61)
|  | Total |  | $ | (2.60) |  | $ | (0.01) |  | $ | (2.61)
|  | Shares used in the computation of loss per share |  |  |  |  |  |  |  |  |
|  |  | Basic |  |  | 14,493,747 |  |  | 14,493,747 |  |  | 14,493,747
|  |  | Diluted |  |  | 14,493,747 |  |  | 14,493,747 |  |  | 14,493,747
|  |  |  |  |  | Year Ended September 30, 2011
|  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
| Net loss |  | $ | (37,693) |  | $ | (130) |  | $ | (37,823)
| Adjustments to reconcile net loss to net cash provided by operating activities |  |  |  |  |  |  |  |  |
|  | Bad debt expense |  |  | (715) |  |  | - |  |  | (715)
|  | Deferred financing cost amortization |  |  | 338 |  |  | - |  |  | 338
|  | Depreciation and amortization |  |  | 6,356 |  |  | - |  |  | 6,356
|  | Gain on sale of business units |  |  | (6,657) |  |  | - |  |  | (6,657)
|  | Loss (gain) on sale of assets |  |  | 88 |  |  | - |  |  | 88
|  | Non-cash compensation expense |  |  | 906 |  |  | - |  |  | 906
|  | Impairment of investment |  |  | 4,804 |  |  | 50 |  |  | 4,854
|  | Deferred income tax |  |  | (107) |  |  | - |  |  | (107)
| Changes in operation assets and liabilities |  |  |  |  |  |  |  |  |
|  | Accounts receivable |  |  | (2,761) |  |  | - |  |  | (2,761)
|  | Inventories |  |  | (537) |  |  | - |  |  | (537)
|  | Costs and estimated earnings in excess of billings |  |  | 1,592 |  |  | 630 |  |  | 2,222
|  | Prepaid expenses and other current assets |  |  | 1,206 |  |  | - |  |  | 1,206
|  | Other non-current assets |  |  | 3,092 |  |  | - |  |  | 3,092
|  | Accounts payable and accrued expenses |  |  | 16,777 |  |  | (1,915) |  |  | 14,862
|  | Billings in excess of costs and estimated earnings |  |  | 1,111 |  |  | 1,365 |  |  | 2,476
|  | Other non-current liabilities |  |  | 348 |  |  | - |  |  | 348
Net cash (used in) provided by continuing operations |  |  | (11,852) |  |  | - |  |  | (11,852)
Net cash (used in) provided by operating activities |  |  | (11,852) |  |  | - |  |  | (11,852)
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
| Purchases of property and equipment |  |  | (2,688) |  |  | - |  |  | (2,688)
| Proceeds from sales of property and equipment |  |  | 1,268 |  |  | - |  |  | 1,268
| Proceeds from sales of facilities |  |  | 16,763 |  |  | - |  |  | 16,763
Net cash (used in) provided by continuing operations |  |  | 15,343 |  |  | - |  |  | 15,343
Net cash (used in) provided by investing activities |  |  | 15,343 |  |  | - |  |  | 15,343
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
| Repayments of debt |  |  | (766) |  |  | - |  |  | (766)
| Purchase of treasury stock |  |  | (72) |  |  | - |  |  | (72)
Net used in financing activities |  |  | (838) |  |  | - |  |  | (838)
NET INCREASE (DECREASE) IN CASH EQUIVALENTS |  |  | 2,653 |  |  | - |  |  | 2,653
CASH AND CASH EQUIVALENTS, beginning of period |  |  | 32,924 |  |  | - |  |  | 32,924
CASH AND CASH EQUIVALENTS, end of period |  | $ | 35,577 |  | $ | - |  | $ | 35,577

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