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Discontinued operations | 12 Months Ended
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Mar. 31, 2013
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued operations | Discontinued operations During the year ended March 31, 2013, the Company elected to sell its pipeline related assets and piling related assets and discontinue the operations of these businesses. Prior to this decision, the Company had two reportable business segments consisting of Heavy Construction and Mining and Commercial and Industrial Construction. The Commercial and Industrial Construction segment was comprised of pipeline and piling operations. The operations and balance sheets of the discontinued Commercial and Industrial Construction segment are summarized in this note and the Heavy Construction and Mining operations and balance sheet are presented on the face of the financial statements. a) Pipeline On November 22, 2012, the Company reached an agreement with an independent third party to sell its pipeline integrity and maintenance industry related assets for total consideration of approximately $16,250. The selling costs were $781 rendering net proceeds of $15,469. The Company does not have any continuing significant involvement in the operations of pipeline. For all periods presented, the results of its pipeline operations and cash flows have been reported as discontinued operations. The following table summarizes the book value of the disposed pipeline related assets:
Inventory | $ | 1,254 |
Property, plant and equipment, gross | 17,491 |
Accumulated depreciation | (5,459 | )
Pipeline related assets | $ | 13,286 |
The results of pipeline discontinued operations are summarized as follows:
Year ended March 31, | 2013 |  |  | 2012 |  |  | 2011 |
Revenue | $ | 35,901 |  |  | $ | 150,504 |  |  | $ | 85,452 |
Project costs | 36,090 |  |  | 164,278 |  |  | 87,703 |
Depreciation | 196 |  |  | 1,045 |  |  | 550 |
Gross loss | $ | (385 | ) |  | $ | (14,819 | ) |  | $ | (2,801 | )
General and administrative expenses | 1,246 |  |  | 1,371 |  |  | 1,449 |
Gain on disposal of property, plant and equipment | (375 | ) |  | — |  |  | — |
Recovery of previously expensed tools, supplies and equipment parts | (1,095 | ) |  | — |  |  | — |
Gain on sale of inventory | (714 | ) |  | — |  |  | — |
Operating Income (loss) | $ | 553 |  |  | $ | (16,190 | ) |  | $ | (4,250 | )
Interest expense | 700 |  |  | 1,050 |  |  | 1,050 |
Loss before income taxes | $ | (147 | ) |  | $ | (17,240 | ) |  | $ | (5,300 | )
Deferred income tax expense (benefit) | 173 |  |  | (4,282 | ) |  | (1,389 | )
Net loss from discontinued operations | $ | (320 | ) |  | $ | (12,958 | ) |  | $ | (3,911 | )
Cash provided by (used in) the pipeline discontinued operations is summarized as follows:
Year ended March 31, | 2013 |  |  | 2012 |  |  | 2011 |
Operating activities | $ | 928 |  |  | $ | (16,195 | ) |  | $ | (4,750 | )
Investing activities | 11,986 |  |  | (4,110 | ) |  | (1,124 | )
| $ | 12,914 |  |  | $ | (20,305 | ) |  | $ | (5,874 | )
b) Piling At March 31, 2013, as part of its ongoing strategic evaluation of operations, the Company made the decision to sell its piling assets and liabilities, excluding accounts receivable and unbilled revenue on a certain customer contract, and exit the piling, foundation, pipeline anchor and tank services businesses. On June 10, 2013, the Company reached an agreement with Keller Group plc (the "Purchaser") to sell its piling assets and liabilities, subject to majority approval by the Purchaser's shareholders and subject to the Purchaser securing certain anti-trust approvals, for initial consideration of approximately $227,500, plus or minus customary working capital adjustments, less capital lease obligations at the closing date. The terms of the agreement entitle the Company to additional proceeds of $92,500 over the next three years, contingent on the Purchaser achieving prescribed profit milestones from the piling business. These contingent proceeds will be recognized as the profit milestones are achieved. The assets and liabilities being sold have been classified as held for sale on the Consolidated Balance Sheets. Upon finalization of the sale the Company will not have any significant continuing involvement in piling operations. For all periods presented, the results of piling operations and cash flows are included in discontinued operations. The following table summarizes the book value of the piling related assets classified as held for sale:
Accounts receivable, net | $ | 44,297 |
Unbilled revenue | 9,324 |
Inventories | 7,754 |
Prepaid expenses | 181 |
Intangible assets | 4,220 |
Property, plant and equipment, gross | 83,359 |
Accumulated depreciation | (29,566 | )
Goodwill | 32,901 |
Deferred tax assets | 2,270 |
Assets held for sale | $ | 154,740 |
The following table summarizes the book value of the piling related liabilities classified as held for sale:
Accounts payable | $ | 17,048 |
Accrued liabilities | 23 |
Billings in excess | 3,115 |
Capital lease obligation | 5,927 |
Deferred tax liabilities | 12,733 |
Liabilities held for sale | $ | 38,846 |
The results of piling discontinued operations are summarized as follows:
Year ended March 31, | 2013 |  |  | 2012 |  |  | 2011 |
Revenue | $ | 236,459 |  |  | $ | 185,321 |  |  | $ | 105,559 |
Project costs | 172,593 |  |  | 136,080 |  |  | 84,175 |
Equipment operating lease expense | 2,315 |  |  | 2,315 |  |  | 1,071 |
Depreciation | 3,592 |  |  | 3,213 |  |  | 3,828 |
Gross profit | $ | 57,959 |  |  | $ | 43,713 |  |  | $ | 16,485 |
General and administrative expenses | 12,451 |  |  | 11,696 |  |  | 9,654 |
Amortization of intangible assets | 1,408 |  |  | 1,415 |  |  | 1,390 |
Operating income | $ | 44,100 |  |  | $ | 30,602 |  |  | $ | 5,441 |
Interest expense | 7,639 |  |  | 7,129 |  |  | 6,408 |
Income (loss) before income taxes | $ | 36,461 |  |  | $ | 23,473 |  |  | $ | (967 | )
Deferred income tax expense | 9,295 |  |  | 6,294 |  |  | 46 |
Net income (loss) from discontinued operations | $ | 27,166 |  |  | $ | 17,179 |  |  | $ | (1,013 | )
Cash provided by (used in) the piling discontinued operations is summarized as follows:
Year ended March 31, | 2013 |  |  | 2012 |  |  | 2011 |
Operating activities | $ | 37,263 |  |  | $ | 22,370 |  |  | $ | 16,431 |
Investing activities | (34,047 | ) |  | (8,184 | ) |  | (26,198 | )
Financing activities | (848 | ) |  | (337 | ) |  | — |
| $ | 2,368 |  |  | $ | 13,849 |  |  | $ | (9,767 | )

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 + Details
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