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Basis of Presentation | 6 Months Ended
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Jun. 30, 2014
Accounting Policies [Abstract] |
Basis of Presentation |
1. | Basis of Presentation
The condensed consolidated financial statements include the accounts of Northwest Pipe Company (the “Company”) and its subsidiaries in which the Company exercises control as of the financial statement date. Intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. The financial information as of December 31, 2013 is derived from the audited consolidated financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Form 10-K”). Certain information or footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments necessary (which are of a normal and recurring nature) for the fair statement of the results of the interim periods presented. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto together with management’s discussion and analysis of financial condition and results of operations contained in the Company’s 2013 Form 10-K. On March 30, 2014 the Company completed the sale of substantially all of the assets and liabilities associated with its oil country tubular goods (“OCTG”) business. See Note 2, “Acquisitions and Disposals” for further information regarding the sale. The Company’s results of operations for its disposed OCTG business have been presented as discontinued operations for all periods presented within the condensed consolidated statements of operations. Certain amounts from the prior year financial statements have been reclassified in order to conform to the current year presentation. Operating results for the six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the entire fiscal year ending December 31, 2014. Revision to Income Tax Benefit from Discontinued Operations During the preparation of the income tax provision for the six months ended June 30, 2014, the Company identified an error in its application of the accounting guidance included in ASC 740-270-45, as it relates to the allocation of taxes to the disposal of discontinued operations for the three months ended March 31, 2014. This resulted in an overstatement of the tax benefit associated with the loss from discontinued operations of $2.2 million. The Company assessed the materiality of this error on the previously filed financial statements in accordance with ASC 250 (SEC Staff Accounting Bulletin No. 99, “Materiality”), and concluded the error was not material. Accordingly, the Company has revised certain amounts previously reported as of and for the three months ended March 31, 2014 as follows (in thousands, except for per share amounts):
|  | Three Months Ended March 31, 2014 |
Condensed Consolidated Statement of Operations |  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Loss from continuing operations |  | $ | (1,211 | ) |  | $ | — |  |  | $ | (1,211 | )
Income tax expense (benefit) from discontinued operations |  |  | (6,066 | ) |  |  | 2,214 |  |  |  | (3,852 | )
Loss on discontinued operations |  |  | (8,679 | ) |  |  | (2,214 | ) |  |  | (10,893 | )
Net Loss |  | $ | (9,890 | ) |  | $ | (2,214 | ) |  | $ | (12,104 | )
Basic loss per share - discontinued operations |  | $ | (0.91 | ) |  | $ | (0.23 | ) |  | $ | (1.14 | )
Basic loss per share - total |  | $ | (1.04 | ) |  | $ | (0.23 | ) |  | $ | (1.27 | )
Diluted loss per share - discontinued operations |  | $ | (0.91 | ) |  | $ | (0.23 | ) |  | $ | (1.14 | )
Diluted loss per share - total |  | $ | (1.04 | ) |  | $ | (0.23 | ) |  | $ | (1.27 | )
|  | March 31, 2014 |
Condensed Consolidated Balance Sheet |  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Refundable income taxes |  | $ | 11,474 |  |  | $ | (2,214 | ) |  | $ | 9,260 |
Total current assets |  |  | 182,600 |  |  |  | (2,214 | ) |  |  | 180,386 |
Total assets |  | $ | 362,596 |  |  | $ | (2,214 | ) |  | $ | 360,382 |
Retained earnings |  | $ | 138,568 |  |  | $ | (2,214 | ) |  | $ | 136,354 |
Total stockholders’ equity |  |  | 251,098 |  |  |  | (2,214 | ) |  |  | 248,884 |
Total liabilities and stockholders’ equity |  | $ | 362,596 |  |  | $ | (2,214 | ) |  | $ | 360,382 |
|  | Three Months Ended March 31, 2014 |
Condensed Consolidated Statement of Cash Flows |  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Net loss |  | $ | (9,890 | ) |  | $ | (2,214 | ) |  | $ | (12,104 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Refundable income taxes |  |  | (10,401 | ) |  |  | 2,214 |  |  |  | (8,187 | )
Net cash provided by operating activities |  |  | 40,139 |  |  |  | — |  |  |  | 40,139 |

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