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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 9 Months Ended
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Sep. 30, 2013
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS |
Schedule of the unaudited restated condensed consolidated balance sheet | The unaudited restated condensed consolidated balance sheet as of September 30, 2013 is presented below (in thousands, except per share data):
|  | September 30, 2013 |
|  | As Previously Reported |  | Restatement Adjustments |  | Restated |
ASSETS |  |  |  |  |  |  |
CURRENT ASSETS: |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 22,826 |  | $ | — |  | $ | 22,826 |
Short-term investments |  | 867 |  | — |  | 867 |
Restricted cash |  | 331 |  | — |  | 331 |
Accounts receivable, net of allowance for doubtful accounts of $179 and $453 as of September 30, 2013 and December 31, 2012, respectively |  | 21,927 |  | (150 | ) | 21,777 |
Inventories, net |  | 32,625 |  | 231 |  | 32,856 |
Prepaid expenses and other current assets |  | 2,532 |  | — |  | 2,532 |
Assets held for sale |  | 2,152 |  | — |  | 2,152 |
Total current assets |  | 83,260 |  | 81 |  | 83,341 |
Property and equipment, net |  | 72,761 |  | — |  | 72,761 |
Intangible assets, net |  | 6,014 |  | — |  | 6,014 |
Other assets |  | 2,194 |  | — |  | 2,194 |
TOTAL ASSETS |  | $ | 164,229 |  | $ | 81 |  | $ | 164,310 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
CURRENT LIABILITIES: |  |  |  |  |  |  |
Lines of credit and notes payable |  | $ | — |  | $ | — |  | $ | — |
Current maturities of long-term debt |  | 342 |  | — |  | 342 |
Current portions of capital lease obligations |  | 1,308 |  | — |  | 1,308 |
Accounts payable |  | 29,063 |  | (938 | ) | 28,125 |
Accrued liabilities |  | 6,961 |  | 69 |  | 7,030 |
Customer deposits |  | 21,482 |  | — |  | 21,482 |
Liabilities held for sale |  | — |  | — |  | — |
Total current liabilities |  | 59,156 |  | (869 | ) | 58,287 |
LONG-TERM LIABILITIES: |  |  |  |  |  |  |
Long-term debt, net of current maturities |  | 2,757 |  | — |  | 2,757 |
Long-term capital lease obligations, net of current portions |  | 1,431 |  | — |  | 1,431 |
Other |  | 3,342 |  | — |  | 3,342 |
Total long-term liabilities |  | 7,530 |  | — |  | 7,530 |
COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |  |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding |  | — |  | — |  | — |
Common stock, $0.001 par value; 30,000,000 shares authorized; 14,563,228 and 14,197,792 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively |  | 15 |  | — |  | 15 |
Additional paid-in capital |  | 375,542 |  | — |  | 375,542 |
Accumulated deficit |  | (278,014 | ) | 950 |  | (277,064 | )
Total stockholders’ equity |  | 97,543 |  | 950 |  | 98,493 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | $ | 164,229 |  | $ | 81 |  | $ | 164,310 |
Schedule of the unaudited restated condensed quarterly consolidated statement of operations | The unaudited restated condensed quarterly consolidated statement of operations for the three months ended September 30, 2013 is presented below (in thousands, except per share data):
|  | Three Months Ended September 30, |
|  | As Previously Reported |  | Restatement Adjustments |  | Restated |
Revenues |  | $ | 62,436 |  | $ | (1,574 | ) | $ | 60,862 |
Cost of sales |  | 56,783 |  | (1,636 | ) | 55,147 |
Restructuring |  | 1,097 |  | — |  | 1,097 |
Gross profit |  | 4,556 |  | 62 |  | 4,618 |
OPERATING EXPENSES: |  |  |  |  |  |  |
Selling, general and administrative |  | 5,247 |  | (31 | ) | 5,216 |
Intangible amortization |  | 111 |  | — |  | 111 |
Regulatory settlement |  | 1,500 |  | — |  | 1,500 |
Restructuring |  | 79 |  | — |  | 79 |
Total operating expenses |  | 6,937 |  | (31 | ) | 6,906 |
Operating loss |  | (2,381 | ) | 93 |  | (2,288 | )
OTHER INCOME (EXPENSE) , net: |  |  |  |  |  |  |
Interest expense, net |  | (177 | ) | — |  | (177 | )
Other, net |  | (4 | ) | — |  | (4 | )
(Loss) gain on sale of assets and restructuring |  | (1 | ) | — |  | (1 | )
Total other income (expense), net |  | (182 | ) | — |  | (182 | )
Net loss from continuing operations before provision for income taxes |  | (2,563 | ) | 93 |  | (2,470 | )
Provision (benefit) for income taxes |  | 28 |  | — |  | 28 |
LOSS FROM CONTINUING OPERATIONS |  | (2,591 | ) | 93 |  | (2,498 | )
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX |  | 100 |  | — |  | 100 |
NET LOSS |  | $ | (2,491 | ) | $ | 93 |  | $ | (2,398 | )
NET LOSS PER COMMON SHARE - BASIC AND DILUTED: |  |  |  |  |  |  |
Loss from continuing operations |  | $ | (0.18 | ) | $ | (0.00 | ) | $ | (0.18 | )
Loss from discontinued operations |  | 0.01 |  | — |  | 0.01 |
Net loss |  | $ | (0.17 | ) | $ | (0.00 | ) | $ | (0.17 | )
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - Basic and diluted |  | 14,525 |  |  |  | 14,525 |
The unaudited restated condensed quarterly consolidated statement of operations for the nine months ended September 30, 2013 is presented below (in thousands, except per share data):
|  | Nine Months Ended September 30, 2013 |
|  | As Previously Reported |  | Restatement Adjustments |  | Restated |
Revenues |  | $ | 159,463 |  | $ | (150 | ) | $ | 159,313 |
Cost of sales |  | 147,399 |  | (1,033 | ) | 146,366 |
Restructuring |  | 2,758 |  | — |  | 2,758 |
Gross profit |  | 9,306 |  | 883 |  | 10,189 |
OPERATING EXPENSES: |  |  |  |  |  |  |
Selling, general and administrative |  | 15,788 |  | (67 | ) | 15,721 |
Intangible amortization |  | 1,441 |  | — |  | 1,441 |
Regulatory settlement |  | 1,500 |  | — |  | 1,500 |
Restructuring |  | 787 |  | — |  | 787 |
Total operating expenses |  | 19,516 |  | (67 | ) | 19,449 |
Operating loss |  | (10,210 | ) | 950 |  | (9,260 | )
OTHER INCOME (EXPENSE) , net: |  |  |  |  |  |  |
Interest expense, net |  | (795 | ) | — |  | (795 | )
Other, net |  | 511 |  | — |  | 511 |
(Loss) gain on sale of assets and restructuring |  | 2,965 |  | — |  | 2,965 |
Total other income (expense), net |  | 2,681 |  | — |  | 2,681 |
Net loss from continuing operations before provision for income taxes |  | (7,529 | ) | 950 |  | (6,579 | )
Provision (benefit) for income taxes |  | 64 |  | — |  | 64 |
LOSS FROM CONTINUING OPERATIONS |  | (7,593 | ) | 950 |  | (6,643 | )
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX |  | (110 | ) | — |  | (110 | )
NET LOSS |  | $ | (7,703 | ) | $ | 950 |  | $ | (6,753 | )
NET LOSS PER COMMON SHARE - BASIC AND DILUTED: |  |  |  |  |  |  |
Loss from continuing operations |  | $ | (0.53 | ) | $ | 0.07 |  | $ | (0.46 | )
Loss from discontinued operations |  | (0.01 | ) | — |  | (0.01 | )
Net loss |  | $ | (0.53 | ) | $ | 0.07 |  | $ | (0.47 | )
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - Basic and diluted |  | 14,405 |  | — |  | 14,405 |
Schedule of the unaudited restated condensed consolidated statement of cash flows | The unaudited restated condensed consolidated statement of cash flows for the nine months ended September 30, 2013 is presented below (in thousands):
|  | Nine Months Ended September 30, 2013 |
|  | As Previously Reported |  | Restatement Adjustments |  | Restated |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net loss |  | $ | (7,703 | ) | $ | 950 |  | $ | (6,753 | )
Adjustments to reconcile net cash used in operating activities: |  |  |  |  |  |  |
Depreciation and amortization expense |  | 11,412 |  | — |  | 11,412 |
Impairment charges |  | 288 |  | — |  | 288 |
Stock-based compensation |  | 1,438 |  | — |  | 1,438 |
Allowance for doubtful accounts |  | (274 | ) | — |  | (274 | )
Common stock issued under defined contribution 401(k) plan |  | 499 |  | — |  | 499 |
(Gain) loss on disposal of assets |  | (3,576 | ) | — |  | (3,576 | )
Changes in operating assets and liabilities: |  |  |  | — |  |  |
Accounts receivable |  | (1,613 | ) | 150 |  | (1,463 | )
Inventories |  | (10,637 | ) | (231 | ) | (10,868 | )
Prepaid expenses and other current assets |  | 1,228 |  | — |  | 1,228 |
Accounts payable |  | 12,337 |  | (938 | ) | 11,399 |
Accrued liabilities |  | 1,054 |  | 69 |  | 1,123 |
Customer deposits |  | 17,419 |  | — |  | 17,419 |
Other non-current assets and liabilities |  | (365 | ) | — |  | (365 | )
Net cash provided by (used in) operating activities |  | 21,507 |  | — |  | 21,507 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |
Proceeds from sale of logistics business and related note receivable |  | 250 |  | — |  | 250 |
Purchases of available for sale securities |  | (867 | ) | — |  | (867 | )
Purchases of property and equipment |  | (5,967 | ) | 1,610 |  | (4,357 | )
Proceeds from disposals of property and equipment |  | 12,533 |  | — |  | 12,533 |
(Increase) decrease in restricted cash |  | (1 | ) | — |  | (1 | )
Net cash provided by (used in) investing activities |  | 5,948 |  |  |  | 7,558 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Payments on lines of credit and notes payable |  | (80,233 | ) | — |  | (80,233 | )
Proceeds from lines of credit and notes payable |  | 75,208 |  | — |  | 75,208 |
Proceeds from sale-leaseback transactions |  | — |  | — |  | — |
Payments for debt issuance costs |  | — |  | — |  | — |
Principal payments on capital leases |  | (120 | ) | (1,610 | ) | (1,730 | )
Net cash (used in) provided by financing activities |  | (5,145 | ) |  |  | (6,755 | )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |  | 22,310 |  | — |  | 22,310 |
CASH AND CASH EQUIVALENTS, beginning of the period |  | 516 |  | — |  | 516 |
CASH AND CASH EQUIVALENTS, end of the period |  | $ | 22,826 |  | $ | — |  | $ | 22,826 |

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