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New Accounting Standards Implemented (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Condensed Balance Sheet

The table below presents the cumulative effect of the changes made to the consolidated January 1, 2018 balance sheet due to the adoption of ASC 606.

		December 31, 2017 As Reported Under ASC 605				Adjustments Due to ASC 606				January 1, 2018 As Adjusted Under ASC 606
ASSETS
Trade accounts receivable, net		$	110,464			$	(30,223	)		$	80,241
Inventories			71,656				1,975				73,631
Unbilled receivables on uncompleted contracts			9,996				(9,996	)			-
Contract assets			-				45,468				45,468
Other Assets			275,884				-				275,884
Total Assets		$	468,000			$	7,224			$	475,224
LIABILITIES
Contract liabilities - current			-				18,945				18,945
Current portion of customer advances on uncompleted contracts			11,429				(11,429	)			-
Other current liabilities			13,626				(105	)			13,521
Current portion of customer advances on uncompleted contracts			1,571				(1,571	)			-
Contract liabilities - current			-				1,571				1,571
Other Liabilities			319,709				-				319,709
Total liabilities		$	346,335			$	7,411			$	353,746
SHAREHOLDERS’ EQUITY
Retained earnings			22,212				(187	)			22,025
Total shareholders’ equity		$	121,665			$	(187	)		$	121,478

The table below presents the impact of the adoption of ASC 606 on the Company’s balance sheet.

		September 30, 2018
		Under ASC 605				Effect of ASC 606				As Reported Under ASC 606
ASSETS
Trade accounts receivable, net		$	122,411			$	(30,559	)		$	91,852
Inventories			87,214				1,238				88,452
Unbilled receivables on uncompleted contracts			17,071				17,071				-
Contract assets - current portion			-				45,836				45,836
Other Assets			259,217				(314	)			258,903
Contract assets - Non-current			-				5,531				5,531
Total Assets		$	485,913			$	4,661			$	490,574
LIABILITIES
Contract liabilities - current			-				17,915				17,915
Current portion of customer advances on uncompleted contracts			12,828				(12,828	)			-
Other current liabilities			92,317				-				92,317
Customer advances on uncompleted contracts - non-current			1,750				(1,750	)			-
Contract liabilities - non-current			-				1,750				1,750
Other Liabilities			231,672				(342	)			231,330
Total liabilities		$	338,567			$	4,745			$	343,312
SHAREHOLDERS’ EQUITY
Retained earnings			20,155				(84	)			20,071
Total shareholders’ equity		$	147,346			$	(84	)		$	147,262

Schedule of Statement of Operations

The table below presents the impact of the adoption of ASC 606 on the Company’s statement of operations.

		Three months ended September 30, 2018
		Under ASC 605				Effect of ASC 606				As Reported Under ASC 606
Operating Revenues		$	96,512			$	480			$	96,992
Cost of Sales			61,888				411				62,299
Gross Profit			34,624				69				34,693
Operating Expenses			(19,426	)			-				(19,426	)
Other Income and Expenses			(6,854	)			-				(6,854	)
Income Before Tax			8,344				69				8,413
Income Tax Benefit (Provision)			(2,243	)			(18	)			(2,261	)
Net Income			6,101				51				6,152
Net Income Attributable to Parent		$	6,246			$	51			$	6,297
Basic earnings per share		$	0.16			$	-			$	0.16
Diluted earnings per share		$	0.16			$	-			$	0.16

		Nine months ended September 30, 2018
		Under ASC 605				Effect of ASC 606				As Reported Under ASC 606
Operating Revenues		$	274,472			$	(1,351	)		$	273,121
Cost of Sales			188,276				(1,238	)			187,038
Gross Profit			86,196				(113	)			86,083
Operating Expenses			(53,204	)			-				(53,204	)
Other Income and Expenses			(13,791	)			-				(13,791	)
Income Before Tax			19,201				(113	)			19,088
Income Tax Provision			(6,216	)			29				(6,187	)
Net Income			12,985				(84	)			12,901
Net Income Attributable to Parent		$	13,414			$	(84	)		$	13,330
Basic earnings per share		$	0.35			$	-			$	0.35
Diluted earnings per share		$	0.35			$	-			$	0.35

Schedule of Disaggregation by Revenue

The Company disaggregates its sales with customers by revenue recognition method for its only segment, as the Company believes these factors affect the nature, amount, timing, and uncertainty of the Company’s revenue and cash flows.

		Three months ended September 30,								Nine months ended September 30,
		2018				2017				2018				2017
Fixed price contracts		$	39,703			$	46,256			$	119,733			$	108,796
Product sales			57,289				37,128				153,388				121,381
Total Revenues		$	96,992			$	83,384			$	273,121			$	230,177

Schedule of Geographical Information of Revenue from External Customer

The following table presents geographical information about revenues.

		Three months ended September 30,								Nine months ended September 30,
		2018				2017				2018				2017
Colombia		$	12,138			$	13,339			$	49,519			$	45,292
United States			82,223				68,117				215,068				174,767
Panama			1,253				1,095				3,110				3,187
Other			1,378				833				5,424				6,931
Total Revenues		$	96,992			$	83,384			$	273,121			$	230,177

Schedule of Contract Assets and Liabilities

The table below presents the components of net contract assets (liabilities).

		September 30, 2018				January 1 2018
Contract assets — current		$	45,836			$	45,468
Contract assets — non-current			5,531				-
Contract liabilities — current			(17,915	)			(18,945	)
Contract liabilities — non-current			(1,750	)			(1,571	)
Net contract assets (liabilities)		$	31,702			$	24,952

Contract Liabilities [Member]

Schedule of Contract Assets and Liabilities

The components of contract liabilities are presented in the table below.

		September 30, 2018				January 1 2018
Billings in excess of costs		$	5,087			$	7,516
Advances from customers on uncompleted contracts			14,578				13,000
Total contract liabilties			19,665				20,516
Less: current portion			17,915				18,945
Contract liabilities – non-current		$	1,750			$	1,571

Contract Assets [Member]

Schedule of Contract Assets and Liabilities

The components of contract assets are presented in the table below.

		September 30, 2018				January 1 2018
Unbilled contract receivables, gross		$	20,808			$	15,245
Retainage			30,559				30,223
Total contract assets			51,367				45,468
Less: current portion			45,836				45,468
Contract Assets – non-current		$	5,531			$	-

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