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Quarterly Results Of Operations (Unaudited)
12 Months Ended
Sep. 30, 2011
Quarterly Results Of Operations (Unaudited) [Abstract]  
Quarterly Results Of Operations (Unaudited)

17. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

 

Quarterly financial information for the years ended September 30, 2011 and 2010, are summarized as follows:

 

   Fiscal Year Ended September 30, 2011
   First Second Third Fourth
   Quarter Quarter Quarter Quarter
   Restated Restated Restated Restated
Revenues $ 109,811 $ 118,326 $ 122,714 $ 124,512
Gross profit $ 11,058 $ 5,327 $ 9,046 $ 9,955
Restructuring charges $ - $ - $ 1,667 $ 2,117
Net loss $ (4,299) $ (10,131) $ (11,375) $ (12,018)
Loss per share from continuing            
 operations:            
 Basic $ (0.30) $ (0.70) $ (0.78) $ (0.83)
 Diluted $ (0.30) $ (0.70) $ (0.78) $ (0.83)
Earnings loss per share:            
 Basic $ (0.30) $ (0.70) $ (0.78) $ (0.83)
 Diluted $ (0.30) $ (0.70) $ (0.78) $ (0.83)

The sum of the individual quarterly earnings per share amounts may not agree with year-to-date earnings per share as each period's computation is based on the weighted average number of shares outstanding during the period.

 

In the quarter ended December 31, 2010, we recorded an impairment charge of $3,551 associated with internally developed software we discontinued and we recorded a gain of $6,763 relating to the sale of a non core manufacturing facility.

 

In the fourth quarter of fiscal 2011, we determined that $2,157 of accelerated amortization expenses attributable to the decision in October, 2010 to replace certain software earlier than its original assigned life should have been recorded in the first, second and third quarterly reporting periods of fiscal 2011. Additionally, during the fourth quarter of fiscal 2011 we determined an error was made in recording a change order for $475 on one job. These adjustments are reflected in the “as reported” column in the tables below and as reflected in Note 17 – Quarterly Results of Operations (Unaudited) in the previously filed form 10K for the year ended September 30, 2011. We have restated the quarterly information in the tables above to correct these errors as well as the vacation accrual and other errors described in Note 18 – Restatement, and have provided restated financial information in the tables below.

   Fiscal Year Ended September 30, 2010
   First Second Third Fourth
   Quarter Quarter Quarter Quarter
   Restated Restated Restated Restated
Revenues $ 119,207 $ 107,619 $ 121,405 $ 115,199
Gross profit $ 20,766 $ 13,603 $ 15,050 $ 8,023
Restructuring charges $ 698 $ 65 $ - $ -
Net income (loss) $ 210 $ (13,205) $ (6,603) $ (11,557)
Loss per share from continuing operations            
 Basic $ (0.06) $ (0.92) $ (0.45) $ (0.80)
 Diluted $ (0.06) $ (0.92) $ (0.45) $ (0.80)
Loss per share:            
 Basic $ (0.06) $ (0.92) $ (0.45) $ (0.80)
 Diluted $ (0.06) $ (0.92) $ (0.45) $ (0.80)

The sum of the individual quarterly earnings per share amounts may not agree with year-to-date earnings per share as each period's computation is based on the weighted average number of shares outstanding during the period.

 

In the second quarter of fiscal 2010, we had a charge of $3,714 related to a reserve placed on a long-term receivable. We ultimately recovered $2,850 in connection with a settlement in connection with a breach of contract and mechanic's lien foreclosure actions related to this receivable in the second quarter of fiscal 2011.

 

In conjunction with this Amendment No. 1 to our form 10-K, we made adjustments to correct errors within our quarterly financial statements. For a detailed explanation of these adjustments, please refer to Note 18 – Restatement. The “as reported” column represents amounts reported in Note 17 – Quarterly Results of Operations (Unaudited) of our previously filed form 10-K for the year ended September 30, 2011. The effect of correcting these errors in our consolidated quarterly financial statements was as follows:

 

     As of December 31, 2009
     As Reported Adjustments As Restated
ASSETS         
 CURRENT ASSETS:         
  Cash and cash equivalents $ 55,795 $ - $ 55,795
  Accounts receivable:         
   Trade, Net   92,870   -   92,870
   Retainage   24,224   -   24,224
  Inventories   9,280   -   9,280
  Costs and estimated earnings in excess of billings on uncompleted contracts   12,118   -   12,118
  Prepaid expenses and other current assets   6,582   -   6,582
 Total current assets   200,869   -   200,869
 LONG TERM NOTES RECEIVABLES, net   3,732   -   3,732
 PROPERTY AND EQUIPMENT, net   23,023   50   23,073
 GOODWILL   3,981   607   4,588
 OTHER NON-CURRENT ASSETS, net   14,726   -   14,726
Total assets $ 246,331 $ 657 $ 246,988
LIABILITIES AND STOCKHOLDERS’ EQUITY         
 CURRENT LIABILITIES:         
  Current maturities of long-term debt $ 2,227 $ - $ 2,227
  Accounts payable and accrued expenses   60,129   1,015   61,144
  Billings in excess of costs and estimated earnings on uncompleted contracts   16,418   -   16,418
 Total current liabilities   78,774   1,015   79,789
 LONG-TERM DEBT, net of current maturities   26,407   -   26,407
 LONG-TERM DEFERRED TAX LIABILITY   2,291   -   2,291
 OTHER NON-CURRENT LIABILITIES   6,891   -   6,891
Total liabilities   114,363   1,015   115,378
 STOCKHOLDERS’ EQUITY:         
  Preferred stock, $0.01 par value   -   -   -
  Common stock, $0.01 par value   154   -   154
  Treasury stock, at cost   (14,301)   -   (14,301)
  Additional paid-in capital   171,156   -   171,156
  Accumulated other comprehensive income   (66)   -   (66)
  Retained deficit   (24,975)   (358)   (25,333)
Total stockholders’ equity   131,968   (358)   131,610
Total liabilities and stockholders’ equity $ 246,331 $ 657 $ 246,988
             

      Three months ended December 31, 2009
      As Reported Adjustments As Restated
              
  Revenues $ 120,248 $ (1,041) $ 119,207
  Cost of services   100,327   (1,875)   98,452
   Gross profit   19,921   834   20,755
  Selling, general and administrative expenses   19,267   (181)   19,086
  Gain on sale of assets   (65)   -   (65)
  Restructuring charges   698   -   698
   Gain from operations   21   1,015   1,036
  Interest and other (income) expense:         
   Interest expense   1,068   -   1,068
   Interest income   (57)   -   (57)
   Other (income) expense, net   (119)   -   (119)
    Interest and other expense, net   892   -   892
  Loss from operations before income taxes   (871)   1,015   144
  Provision (benefit) for income taxes   (56)   -   (56)
 Net (loss) income from continuing operations $ (815) $ 1,015 $ 200
 Discontinued operations          
  Income (loss) from discontinued operations   11   -   11
  Provision (benefit) for income taxes   1   -   1
 Net income (loss) from discontinued operations   10   -   10
  Net (loss) income $ (805) $ 1,015 $ 210
              
  Basic loss per share:         
   Continuing operations $ (0.06) $ 0.07 $ 0.01
   Total $ (0.06) $ 0.07 $ 0.01
              
  Diluted loss per share:         
   Continuing operations $ (0.06) $ 0.07 $ 0.01
  Total $ (0.06) $ 0.07 $ 0.01
  Shares used in the computation of loss per share          
   Basic   14,396,017   14,396,017   14,396,017
   Diluted   14,396,017   14,396,017   14,396,017

     As of March 31, 2010
     As Reported Adjustments As Restated
ASSETS         
 CURRENT ASSETS:         
  Cash and cash equivalents $ 54,182 $ - $ 54,182
  Accounts receivable:         
   Trade, Net   86,631   -   86,631
   Retainage   17,416   -   17,416
  Inventories   9,456   -   9,456
  Costs and estimated earnings in excess of billings on uncompleted contracts   12,885   -   12,885
  Prepaid expenses and other current assets   6,030   -   6,030
 Total current assets   186,600   -   186,600
 PROPERTY AND EQUIPMENT, net   21,967   50   22,017
 GOODWILL   3,981   607   4,588
 OTHER NON-CURRENT ASSETS, net   14,056   -   14,056
Total assets $ 226,604 $ 657 $ 227,261
LIABILITIES AND STOCKHOLDERS’ EQUITY         
 CURRENT LIABILITIES:         
  Current maturities of long-term debt $ 1,997 $ - $ 1,997
  Accounts payable and accrued expenses   56,657   991   57,648
  Billings in excess of costs and estimated earnings on uncompleted contracts   13,601   -   13,601
 Total current liabilities   72,255   991   73,246
 LONG-TERM DEBT, net of current maturities   25,985   -   25,985
 LONG-TERM DEFERRED TAX LIABILITY   2,291   -   2,291
 OTHER NON-CURRENT LIABILITIES   6,706   -   6,706
Total liabilities   107,237   991   108,228
 STOCKHOLDERS’ EQUITY:         
  Preferred stock, $0.01 par value   -   -   -
  Common stock, $0.01 par value   154   -   154
  Treasury stock, at cost   (14,226)   -   (14,226)
  Additional paid-in capital   171,727   -   171,727
  Accumulated other comprehensive income   (81)   -   (81)
  Retained deficit   (38,207)   (334)   (38,541)
Total stockholders’ equity   119,367   (334)   119,033
Total liabilities and stockholders’ equity $ 226,604 $ 657 $ 227,261
             

      Three months ended March 31, 2010   Six months ended March 31, 2010
      As Reported Adjustments As Restated   As Reported Adjustments As Restated
                         
  Revenues $ 107,619 $ - $ 107,619   $ 227,867 $ (1,041) $ 226,826
  Cost of services   94,031   (15)   94,016     194,358   (1,890)   192,468
   Gross profit   13,588   15   13,603     33,509   849   34,358
  Selling, general and administrative expenses   25,709   (10)   25,699     44,976   (191)   44,785
  Gain on sale of assets   13   -   13     (52)   -   (52)
  Restructuring charges   65   -   65     763   -   763
   Loss from operations   (12,199)   25   (12,174)     (12,178)   1,040   (11,138)
  Interest and other (income) expense:                    
   Interest expense   1,017   -   1,017     2,085   -   2,085
   Interest income   (59)   -   (59)     (116)   -   (116)
   Other (income) expense, net   (107)   -   (107)     (226)   -   (226)
    Interest and other expense, net   851   -   851     1,743   -   1,743
  Loss from operations before income taxes   (13,050)   25   (13,025)     (13,921)   1,040   (12,881)
  Provision (benefit) for income taxes   180   -   180     124   -   124
 Net loss from continuing operations $ (13,230) $ 25 $ (13,205)   $ (14,045) $ 1,040 $ (13,005)
 Discontinued operations                     
  Income (loss) from discontinued operations   -   -   -     11   -   11
  Provision (benefit) for income taxes   -   -   -     1   -   1
 Net income (loss) from discontinued operations   -   -   -     10   -   10
  Net loss $ (13,230) $ 25 $ (13,205)   $ (14,035) $ 1,040 $ (12,995)
                         
  Basic loss per share:                    
   Continuing operations $ (0.92) $ - $ (0.92)   $ (0.98) $ 0.07 $ (0.90)
  Total $ (0.92) $ - $ (0.92)   $ (0.98) $ 0.07 $ (0.90)
                         
  Diluted loss per share:                    
   Continuing operations $ (0.92) $ - $ (0.92)   $ (0.98) $ 0.07 $ (0.91)
  Total $ (0.92) $ 0.00 $ (0.92)   $ (0.98) $ 0.07 $ (0.90)
  Shares used in the computation of loss per share                     
   Basic   14,390,580   14,390,580   14,390,580     14,393,328   14,393,328   14,393,328
   Diluted   14,390,580   14,390,580   14,390,580     14,393,328   14,393,328   14,393,328

     As of June 30, 2010
     As Reported Adjustments As Restated
ASSETS         
 CURRENT ASSETS:         
  Cash and cash equivalents $ 30,725 $ - $ 30,725
  Accounts receivable:         
   Trade, Net   85,963   -   85,963
   Retainage   17,608   -   17,608
  Inventories   9,831   -   9,831
  Costs and estimated earnings in excess of billings on uncompleted contracts   12,588   -   12,588
  Prepaid expenses and other current assets   5,903   -   5,903
 Total current assets   162,618   -   162,618
 LONG TERM NOTES RECEIVABLES, net   312   -   312
 PROPERTY AND EQUIPMENT, net   20,808   50   20,858
 GOODWILL   3,981   607   4,588
 OTHER NON-CURRENT ASSETS, net   13,507   -   13,507
Total assets $ 201,226 $ 657 $ 201,883
LIABILITIES AND STOCKHOLDERS’ EQUITY         
 CURRENT LIABILITIES:         
  Current maturities of long-term debt $ 1,266 $ - $ 1,266
  Accounts payable and accrued expenses   56,410   1,036   57,446
  Billings in excess of costs and estimated earnings on uncompleted contracts   11,402   -   11,402
 Total current liabilities   69,078   1,036   70,114
 LONG-TERM DEBT, net of current maturities   10,632   -   10,632
 LONG-TERM DEFERRED TAX LIABILITY   2,290   -   2,290
 OTHER NON-CURRENT LIABILITIES   6,385   -   6,385
Total liabilities   88,385   1,036   89,421
 STOCKHOLDERS’ EQUITY:         
  Preferred stock, $0.01 par value   -   -   -
  Common stock, $0.01 par value   154   -   154
  Treasury stock, at cost   (14,411)   -   (14,411)
  Additional paid-in capital   171,944   -   171,944
  Accumulated other comprehensive income   (82)   -   (82)
  Retained deficit   (44,764)   (379)   (45,143)
Total stockholders’ equity   112,841   (379)   112,462
Total liabilities and stockholders’ equity $ 201,226 $ 657 $ 201,883
             

     Three months ended June 30, 2010   Nine months ended June 30, 2010
     As Reported Adjustments As Restated   As Reported Adjustments As Restated
                        
 Revenues $ 121,405 $ - $ 121,405   $ 349,272 $ (1,041) $ 348,231
 Cost of services   106,328   27   106,355     300,686   (1,863)   298,823
  Gross profit   15,077   (27)   15,050     48,586   822   49,408
 Selling, general and administrative expenses   21,098   18   21,116     66,074   (173)   65,901
 Gain on sale of assets   (113)   -   (113)     (165)   -   (165)
 Restructuring charges   -   -   -     763   -   763
  Loss from operations   (5,908)   (45)   (5,953)     (18,086)   995   (17,091)
 Interest and other (income) expense:                    
  Interest expense   784   -   784     2,869   -   2,869
  Interest income   (92)   -   (92)     (208)   -   (208)
  Other (income) expense, net   55   -   55     (171)   -   (171)
   Interest and other expense, net   747   -   747     2,490   -   2,490
 Loss from operations before income taxes   (6,655)   (45)   (6,700)     (20,576)   995   (19,581)
 Provision (benefit) for income taxes   (98)   -   (98)     26   -   26
Net loss from continuing operations $ (6,557) $ (45) $ (6,602)   $ (20,602) $ 995 $ (19,607)
Discontinued operations                     
 Income (loss) from discontinued operations   -   -   -     11   -   11
 Provision (benefit) for income taxes   -   -   -     1   -   1
Net income (loss) from discontinued operations   -   -   -     10   -   10
 Net loss $ (6,557) $ (45) $ (6,602)   $ (20,592) $ 995 $ (19,597)
                        
 Basic loss per share:                    
  Continuing operations $ (0.45) $ - $ (0.46)   $ (1.43) $ 0.07 $ (1.36)
 Total $ (0.45) $ - $ (0.46)   $ (1.43) $ 0.07 $ (1.36)
                        
 Diluted loss per share:                    
  Continuing operations $ (0.45) $ - $ (0.46)   $ (1.43) $ 0.07 $ (1.36)
 Total $ (0.45) $ (0.00) $ (0.46)   $ (1.43) $ 0.07 $ (1.36)
 Shares used in the computation of loss per share                     
  Basic  14,425,119  14,425,119  14,425,119    14,403,925  14,403,925  14,403,925
  Diluted  14,425,119  14,425,119  14,425,119    14,403,925  14,403,925  14,403,925

     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
             

     Three months ended September 30, 2010   Twelve months ended September 30, 2010
     As Reported Adjustments As Restated   As Reported Adjustments As Restated
                        
 Revenues $ 111,361 $ 3,838 $ 115,199   $ 460,633 $ 2,797 $ 463,430
 Cost of services   103,465   3,700   107,165     404,140   1,848   405,988
  Gross profit   7,896   138   8,034     56,493   949   57,442
 Selling, general and administrative expenses   18,846   129   18,975     84,920   (44)   84,877
 Gain on sale of assets   (9)   -   (9)     (174)   -   (174)
 Restructuring charges   -   -   -     763   -   763
  Loss from operations   (10,941)   9   (10,932)     (29,016)   992   (28,024)
 Interest and other (income) expense:                    
  Interest expense   644   -   644     3,513   -   3,513
  Interest income   (34)   -   (34)     (242)   -   (242)
  Other (income) expense, net   62   -   62     (109)   -   (109)
   Interest and other expense, net   672   -   672     3,162   -   3,162
 Loss from operations before income taxes   (11,613)   9   (11,604)     (32,178)   992   (31,186)
 Provision (benefit) for income taxes   (57)   -   (57)     (31)   -   (31)
Net loss from continuing operations $ (11,556) $ 9 $ (11,547)   $ (32,147) $ 992 $ (31,155)
Discontinued operations                    
 Income (loss) from discontinued operations   (11)   -   (11)     -   -   -
 Provision (benefit) for income taxes   (1)   -   (1)     -   -   -
Net income (loss) from discontinued operations   (10)   -   (10)     -   -   -
 Net loss $ (11,566) $ 9 $ (11,557)   $ (32,147) $ 992 $ (31,155)
                        
 Basic loss per share:                    
  Continuing operations $ (0.80) $ - $ (0.80)   $ (2.23) $ 0.07 $ (2.16)
 Total $ (0.80) $ - $ (0.80)   $ (2.23) $ 0.07 $ (2.16)
                        
 Diluted loss per share:                    
  Continuing operations $ (0.80) $ - $ (0.80)   $ (2.23) $ 0.07 $ (2.16)
 Total $ (0.80) $ 0.00 $ (0.80)   $ (2.23) $ 0.07 $ (2.16)
 Shares used in the computation of loss per share                     
  Basic  14,425,818  14,425,818  14,425,818    14,409,490  14,409,490  14,409,490
  Diluted  14,425,818  14,425,818  14,425,818    14,409,490  14,409,490  14,409,490

     As of December 31, 2010
     As Reported Adjustments As Restated
ASSETS         
 CURRENT ASSETS:         
  Cash and cash equivalents $ 26,946 $ - $ 26,946
  Accounts receivable:         
   Trade, Net   82,630   -   82,630
   Retainage   17,281   -   17,281
  Inventories   13,542   -   13,542
  Costs and estimated earnings in excess of billings on uncompleted contracts   13,545   -   13,545
  Prepaid expenses and other current assets   4,976   -   4,976
 Total current assets   158,920   -   158,920
 LONG TERM NOTES RECEIVABLES, net   422   -   422
 PROPERTY AND EQUIPMENT, net   11,700   -   11,700
 GOODWILL   3,981   607   4,588
 OTHER NON-CURRENT ASSETS, net   11,561   -   11,561
Total assets $ 186,584 $ 607 $ 187,191
LIABILITIES AND STOCKHOLDERS’ EQUITY         
 CURRENT LIABILITIES:         
  Current maturities of long-term debt $ 609 $ - $ 609
  Accounts payable and accrued expenses   55,841   1,013   56,854
  Billings in excess of costs and estimated earnings on uncompleted contracts   14,992   -   14,992
 Total current liabilities   71,442   1,013   72,455
 LONG-TERM DEBT, net of current maturities   10,405   -   10,405
 LONG-TERM DEFERRED TAX LIABILITY   1,045   -   1,045
 OTHER NON-CURRENT LIABILITIES   6,190   -   6,190
Total liabilities   89,082   1,013   90,095
 STOCKHOLDERS’ EQUITY:         
  Preferred stock, $0.01 par value   -   -   -
  Common stock, $0.01 par value   154   -   154
  Treasury stock, at cost   (9,770)   -   (9,770)
  Additional paid-in capital   167,710   -   167,710
  Retained deficit   (60,592)   (406)   (60,998)
Total stockholders’ equity   97,502   (406)   97,096
Total liabilities and stockholders’ equity $ 186,584 $ 607 $ 187,191
             

      Three months ended December 31, 2010
      As Reported Adjustments As Restated
              
  Revenues $ 113,649 $ (3,838) $ 109,811
  Cost of services   102,477   (3,724)   98,753
   Gross profit   11,172   (114)   11,058
  Selling, general and administrative expenses   18,740   (88)   18,652
  Gain on sale of assets   (6,729)   -   (6,729)
  Asset Impairment   3,551   -   3,551
   Loss from operations   (4,390)   (26)   (4,416)
  Interest and other (income) expense:         
   Interest expense   599   -   599
   Interest income   (25)   -   (25)
   Other (income) expense, net   (15)   -   (15)
    Interest and other expense, net   559   -   559
  Loss from operations before income taxes   (4,949)   (26)   (4,975)
  Provision (benefit) for income taxes   (676)   -   (676)
  Net loss $ (4,273) $ (26) $ (4,299)
              
  Basic loss per share:         
   Continuing operations $ (0.30) $ - $ (0.30)
   Total $ (0.30) $ - $ (0.30)
              
  Diluted loss per share:         
   Continuing operations $ (0.30) $ - $ (0.30)
  Total $ (0.30) $ (0.00) $ (0.30)
  Shares used in the computation of loss per share          
   Basic   14,447,357   14,447,357   14,447,357
   Diluted   14,447,357   14,447,357   14,447,357

     As of March 31, 2011
     As Reported Adjustments As Restated
ASSETS         
 CURRENT ASSETS:         
  Cash and cash equivalents $ 36,707 $ - $ 36,707
  Accounts receivable:         
   Trade, Net   82,915   -   82,915
   Retainage   18,397   -   18,397
  Inventories   9,454   -   9,454
  Costs and estimated earnings in excess of billings on uncompleted contracts   15,115   -   15,115
  Prepaid expenses and other current assets   5,031   -   5,031
 Total current assets   167,619   -   167,619
 LONG TERM NOTES RECEIVABLES, net   315   -   315
 PROPERTY AND EQUIPMENT, net   10,204   -   10,204
 GOODWILL   3,981   607   4,588
 OTHER NON-CURRENT ASSETS, net   8,942   -   8,942
Total assets $ 191,061 $ 607 $ 191,668
LIABILITIES AND STOCKHOLDERS’ EQUITY         
 CURRENT LIABILITIES:         
  Current maturities of long-term debt $ 447 $ - $ 447
  Accounts payable and accrued expenses   71,075   1,063   72,138
  Billings in excess of costs and estimated earnings on uncompleted contracts   14,212   -   14,212
 Total current liabilities   85,734   1,063   86,797
 LONG-TERM DEBT, net of current maturities   10,418   -   10,418
 LONG-TERM DEFERRED TAX LIABILITY   1,046   -   1,046
 OTHER NON-CURRENT LIABILITIES   6,177   -   6,177
Total liabilities   103,375   1,063   104,438
 STOCKHOLDERS’ EQUITY:         
  Preferred stock, $0.01 par value   -   -   -
  Common stock, $0.01 par value   154   -   154
  Treasury stock, at cost   (6,861)   -   (6,861)
  Additional paid-in capital   165,065   -   165,065
  Retained deficit   (70,672)   (456)   (71,128)
Total stockholders’ equity   87,686   (456)   87,230
Total liabilities and stockholders’ equity $ 191,061 $ 607 $ 191,668
             

      Three months ended March 31, 2011   Six months ended March 31, 2011
      As Reported Adjustments As Restated   As Reported Adjustments As Restated
                         
  Revenues $ 118,326 $ - $ 118,326   $ 231,975 $ (3,838) $ 228,137
  Cost of services   112,969   30   112,999     215,446   (3,694)   211,752
   Gross profit   5,357   (30)   5,327     16,529   (144)   16,385
  Selling, general and administrative expenses   14,052   20   14,072     32,792   (68)   32,724
  Gain on sale of assets   (87)   -   (87)     (6,816)   -   (6,816)
  Asset Impairment   -   -   -     3,551   -   3,551
   Loss from operations   (8,608)   (50)   (8,658)     (12,998)   (76)   (13,074)
  Interest and other (income) expense:                    
   Interest expense   576   -   576     1,175   -   1,175
   Interest income   (24)   -   (24)     (49)   -   (49)
   Other (income) expense, net   (8)   -   (8)     (23)   -   (23)
    Interest and other expense, net   544   -   544     1,103   -   1,103
  Loss from operations before income taxes   (9,152)   (50)   (9,202)     (14,101)   (76)   (14,177)
  Provision (benefit) for income taxes   929   -   929     253   -   253
  Net loss $ (10,081) $ (50) $ (10,131)   $ (14,354) $ (76) $ (14,430)
                         
  Basic loss per share:                    
   Continuing operations $ (0.70) $ - $ (0.70)   $ (0.99) $ (0.01) $ (1.00)
  Total $ (0.70) $ - $ (0.70)   $ (0.99) $ (0.01) $ (1.00)
                         
  Diluted loss per share:                    
   Continuing operations $ (0.70) $ - $ (0.70)   $ (0.99) $ (0.01) $ (1.00)
  Total $ (0.70) $ (0.00) $ (0.70)   $ (0.99) $ (0.01) $ (1.00)
  Shares used in the computation of loss per share                     
   Basic   14,481,005   14,481,005   14,481,005     14,463,996   14,463,996   14,463,996
   Diluted   14,481,005   14,481,005   14,481,005     14,463,996   14,463,996   14,463,996

     As of June 30, 2011
     As Reported Adjustments As Restated
ASSETS         
 CURRENT ASSETS:         
  Cash and cash equivalents $ 23,039 $ - $ 23,039
  Accounts receivable:         
   Trade, Net   85,749   -   85,749
   Retainage   19,845   -   19,845
  Inventories   6,203   -   6,203
  Costs and estimated earnings in excess of billings on uncompleted contracts   11,563   -   11,563
  Prepaid expenses and other current assets   4,600   -   4,600
 Total current assets   150,999   -   150,999
 LONG TERM NOTES RECEIVABLES, net   235   -   235
 PROPERTY AND EQUIPMENT, net   9,940   -   9,940
 GOODWILL   3,981   607   4,588
 OTHER NON-CURRENT ASSETS, net   8,895   -   8,895
Total assets $ 174,050 $ 607 $ 174,657
LIABILITIES AND STOCKHOLDERS’ EQUITY         
 CURRENT LIABILITIES:         
  Current maturities of long-term debt $ 265 $ - $ 265
  Accounts payable and accrued expenses   67,142   1,091   68,233
  Billings in excess of costs and estimated earnings on uncompleted contracts   12,644   -   12,644
 Total current liabilities   80,051   1,091   81,142
 LONG-TERM DEBT, net of current maturities   10,346   -   10,346
 LONG-TERM DEFERRED TAX LIABILITY   1,046   -   1,046
 OTHER NON-CURRENT LIABILITIES   6,022   -   6,022
Total liabilities   97,465   1,091   98,556
 STOCKHOLDERS’ EQUITY:         
  Preferred stock, $0.01 par value   -   -   -
  Common stock, $0.01 par value   154   -   154
  Treasury stock, at cost   (7,081)   -   (7,081)
  Additional paid-in capital   165,531   -   165,531
  Retained deficit   (82,019)   (484)   (82,503)
Total stockholders’ equity   76,585   (484)   76,101
Total liabilities and stockholders’ equity $ 174,050 $ 607 $ 174,657
             

     Three months ended June 30, 2011   Nine months ended June 30, 2011
     As Reported Adjustments As Restated   As Reported Adjustments As Restated
                        
 Revenues $ 122,714 $ - $ 122,714   $ 354,689 $ (3,838) $ 350,851
 Cost of services   113,651   17   113,668     329,097   (3,678)   325,420
  Gross profit   9,063   (17)   9,046     25,592   (161)   25,432
 Selling, general and administrative expenses   18,131   11   18,142     50,923   (57)   50,866
 Gain on sale of assets   136   -   136     (6,680)   -   (6,680)
 Asset Impairment   -   -   -     3,551   -   3,551
 Restructuring charges   1,667   -   1,667     1,667   -   1,667
  Loss from operations   (10,871)   (28)   (10,899)     (23,869)   (104)   (23,973)
 Interest and other (income) expense:                    
  Interest expense   571   -   571     1,746   -   1,746
  Interest income   (13)   -   (13)     (62)   -   (62)
  Other (income) expense, net   21   -   21     (2)   -   (2)
   Interest and other expense, net   579   -   579     1,682   -   1,682
 Loss from operations before income taxes   (11,450)   (28)   (11,478)     (25,551)   (104)   (25,655)
 Provision (benefit) for income taxes   (103)   -   (103)     150   -   150
 Net loss $ (11,347) $ (28) $ (11,375)   $ (25,701) $ (104) $ (25,805)
                        
 Basic loss per share:                    
  Continuing operations $ (0.78) $ - $ (0.78)   $ (1.78) $ (0.01) $ (1.78)
 Total $ (0.78) $ - $ (0.78)   $ (1.78) $ (0.01) $ (1.78)
                        
 Diluted loss per share:                    
  Continuing operations $ (0.78) $ - $ (0.78)   $ (1.78) $ (0.01) $ (1.78)
 Total $ (0.78) $ (0.00) $ (0.78)   $ (1.78) $ (0.01) $ (1.78)
 Shares used in the computation of loss per share                     
  Basic  14,491,966  14,491,966  14,491,966    14,472,441  14,472,441  14,472,441
  Diluted  14,491,966  14,491,966  14,491,966    14,472,441  14,472,441  14,472,441

     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   98,775
 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   115,944
 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 $ (23) $ 180,244
             

     Three months ended September 30, 2011   Twelve months ended September 30, 2011
     As Reported Adjustments As Restated   As Reported Adjustments As Restated
                        
 Revenues $ 126,918 $ (2,406) $ 124,512   $ 481,607 $ (6,244) $ 475,363
 Cost of services   116,488   (1,930)   114,558     445,585   (5,607)   439,978
  Gross profit   10,430   (476)   9,954     36,022   (637)   35,385
 Selling, general and administrative expenses   18,442   (450)   17,992     69,365   (507)   68,858
 Gain on sale of assets   97   -   97     (6,583)   -   (6,583)
 Asset Impairment   1,253   -   1,253     4,804   -   4,804
 Restructuring charges   2,117   -   2,117     3,784   -   3,784
  Loss from operations   (11,479)   (26)   (11,505)     (35,348)   (130)   (35,478)
 Interest and other (income) expense:                    
  Interest expense   531   -   531     2,277   -   2,277
  Interest income   (6)   -   (6)     (68)   -   (68)
  Other (income) expense, net   (8)   -   (8)     (10)   -   (10)
   Interest and other expense, net   517   -   517     2,199   -   2,199
 Loss from operations before income taxes   (11,996)   (26)   (12,022)     (37,547)   (130)   (37,677)
 Provision (benefit) for income taxes   (4)   -   (4)     146   -   146
 Net loss $ (11,992) $ (26) $ (12,018)   $ (37,693) $ (130) $ (37,823)
                        
 Basic loss per share:                    
  Continuing operations $ (0.82) $ - $ (0.83)   $ (2.60) $ (0.01) $ (2.61)
 Total $ (0.82) $ - $ (0.83)   $ (2.60) $ (0.01) $ (2.61)
                        
 Diluted loss per share:                    
  Continuing operations $ (0.82) $ - $ (0.83)   $ (2.60) $ (0.01) $ (2.61)
 Total $ (0.82) $ (0.00) $ (0.83)   $ (2.60) $ (0.01) $ (2.61)
 Shares used in the computation of loss per share                     
  Basic  14,558,314  14,558,314  14,558,314    14,493,747  14,493,747  14,493,747
  Diluted  14,558,314  14,558,314  14,558,314    14,493,747  14,493,747  14,493,747