2018 Q4 Form 10-Q Financial Statement

#000087423818000085 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $255.2M $291.3M $253.9M
YoY Change 0.5% -4.26% 50.83%
Cost Of Revenue $228.4M $260.0M $229.9M
YoY Change -0.65% -4.97% 42.44%
Gross Profit $28.17M $31.28M $23.97M
YoY Change 17.54% 2.12% 277.76%
Gross Profit Margin 11.04% 10.74% 9.44%
Selling, General & Admin $12.30M $11.50M $11.80M
YoY Change 4.24% -12.21% 25.53%
% of Gross Profit 43.66% 36.77% 49.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.300M $4.200M $3.900M
YoY Change 10.26% -10.64% 0.0%
% of Gross Profit 15.26% 13.43% 16.27%
Operating Expenses $17.40M $16.90M $17.00M
YoY Change 2.35% -6.11% 38.21%
Operating Profit $9.410M $14.37M $6.969M
YoY Change 35.03% 13.72% -217.03%
Interest Expense -$2.700M -$2.800M -$3.000M
YoY Change -10.0% -20.0% 650.0%
% of Operating Profit -28.69% -19.48% -43.05%
Other Income/Expense, Net
YoY Change
Pretax Income $6.700M $11.60M $3.963M
YoY Change 69.06% 26.5% -168.87%
Income Tax $500.0K $1.413M -$19.90M
% Of Pretax Income 7.46% 12.18% -502.14%
Net Earnings $5.600M $10.17M $3.100M
YoY Change 80.65% 15.21% -149.21%
Net Earnings / Revenue 2.19% 3.49% 1.22%
Basic Earnings Per Share $0.22 $0.33 $0.11
Diluted Earnings Per Share $0.21 $0.33 $0.11
COMMON SHARES
Basic Shares Outstanding 27.07M shares 26.91M shares 27.05M shares
Diluted Shares Outstanding 27.30M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.10M $89.30M $84.00M
YoY Change 12.02% 34.29% 96.26%
Cash & Equivalents $94.10M $89.34M $83.95M
Short-Term Investments
Other Short-Term Assets $11.23M $8.857M $7.529M
YoY Change 49.2% -8.26% 38.2%
Inventory $3.159M $3.140M $4.621M
Prepaid Expenses
Receivables $145.0M $160.2M $133.9M
Other Receivables $10.70M $11.60M $11.40M
Total Short-Term Assets $302.6M $313.4M $278.5M
YoY Change 8.65% 12.0% 58.34%
LONG-TERM ASSETS
Property, Plant & Equipment $52.00M $52.20M $54.41M
YoY Change -4.42% -12.22% -20.14%
Goodwill $85.23M $85.23M $85.20M
YoY Change 0.04% -0.05% 55.42%
Intangibles $42.42M $43.02M $44.82M
YoY Change -5.35% -4.83%
Long-Term Investments
YoY Change
Other Assets $309.0K $343.0K $317.0K
YoY Change -2.52% -89.61% -89.32%
Total Long-Term Assets $180.0M $180.8M $184.8M
YoY Change -2.61% -6.44% 46.74%
TOTAL ASSETS
Total Short-Term Assets $302.6M $313.4M $278.5M
Total Long-Term Assets $180.0M $180.8M $184.8M
Total Assets $482.6M $494.2M $463.3M
YoY Change 4.16% 4.47% 53.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $99.43M $106.3M $97.46M
YoY Change 2.02% 5.67% 45.25%
Accrued Expenses $4.676M $14.90M $9.348M
YoY Change -49.98% -1.9% 52.0%
Deferred Revenue $62.41M $62.37M
YoY Change 0.05%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.899M $3.000M $3.978M
YoY Change -27.12% 204.26% 3.46%
Total Short-Term Liabilities $179.2M $194.7M $182.3M
YoY Change -1.71% -0.15% 24.35%
LONG-TERM LIABILITIES
Long-Term Debt $79.12M $78.42M $86.16M
YoY Change -8.17% -11.5% 5462.3%
Other Long-Term Liabilities $1.229M $1.230M $1.271M
YoY Change -3.3% -97.38% -97.21%
Total Long-Term Liabilities $131.1M $129.8M $134.8M
YoY Change -2.73% -4.24% 185.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $179.2M $194.7M $182.3M
Total Long-Term Liabilities $131.1M $129.8M $134.8M
Total Liabilities $310.3M $324.5M $317.1M
YoY Change -2.14% -1.82% 63.68%
SHAREHOLDERS EQUITY
Retained Earnings -$64.93M -$70.54M -$90.12M
YoY Change -27.95% -24.31% -11.42%
Common Stock $271.0K $271.0K $271.0K
YoY Change 0.0% 0.37% 8.4%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.731M $0.00
YoY Change
Treasury Stock Shares 467.0K shares 0.000 shares
Shareholders Equity $164.4M $162.8M $141.3M
YoY Change
Total Liabilities & Shareholders Equity $482.6M $494.2M $463.3M
YoY Change 4.16% 4.47% 53.5%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $5.600M $10.17M $3.100M
YoY Change 80.65% 15.21% -149.21%
Depreciation, Depletion And Amortization $4.300M $4.200M $3.900M
YoY Change 10.26% -10.64% 0.0%
Cash From Operating Activities $13.30M $34.10M $31.80M
YoY Change -58.18% 543.4% 261.36%
INVESTING ACTIVITIES
Capital Expenditures -$3.700M -$4.200M -$1.100M
YoY Change 236.36% 75.0% -45.0%
Acquisitions
YoY Change
Other Investing Activities $300.0K $200.0K $2.500M
YoY Change -88.0% -95.12% 400.0%
Cash From Investing Activities -$3.400M -$4.000M $1.400M
YoY Change -342.86% -335.29% -193.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.200M -7.300M -15.70M
YoY Change -66.88% 1116.67% 106.58%
NET CHANGE
Cash From Operating Activities 13.30M 34.10M 31.80M
Cash From Investing Activities -3.400M -4.000M 1.400M
Cash From Financing Activities -5.200M -7.300M -15.70M
Net Change In Cash 4.700M 22.80M 17.50M
YoY Change -73.14% 256.25% -5933.33%
FREE CASH FLOW
Cash From Operating Activities $13.30M $34.10M $31.80M
Capital Expenditures -$3.700M -$4.200M -$1.100M
Free Cash Flow $17.00M $38.30M $32.90M
YoY Change -48.33% 397.4% 204.63%

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CY2017Q3 us-gaap Interest Income Other
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us-gaap Interest Income Other
InterestIncomeOther
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CY2018Q3 us-gaap Interest Income Other
InterestIncomeOther
274000 USD
us-gaap Interest Income Other
InterestIncomeOther
604000 USD
us-gaap Interest Paid Net
InterestPaidNet
6139000 USD
us-gaap Interest Paid Net
InterestPaidNet
8262000 USD
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CY2018Q3 us-gaap Inventory Net
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3140000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2018Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
494164000 USD
CY2017Q4 us-gaap Liabilities Current
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CY2018Q3 us-gaap Liabilities Current
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CY2017Q4 us-gaap Liabilities Noncurrent
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CY2017Q4 us-gaap Long Term Debt
LongTermDebt
98950000 USD
CY2018Q3 us-gaap Long Term Debt
LongTermDebt
88695000 USD
CY2017Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
86160000 USD
CY2018Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
78424000 USD
CY2017Q4 us-gaap Minority Interest
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4856000 USD
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6915000 USD
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MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
0 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1350000 USD
CY2016Q4 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
656000 USD
CY2017Q3 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
3622000 USD
CY2017Q4 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
4856000 USD
CY2018Q3 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
6915000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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75304000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10402000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-57336000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8034000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5788000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
23819000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2966000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3409000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7132000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8537000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8915000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
19580000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
70000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
0 USD
CY2017Q3 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
1694000 USD
us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
2966000 USD
CY2018Q3 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
1251000 USD
us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
3409000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
us-gaap Number Of Reporting Units
NumberOfReportingUnits
2 reporting_unit
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
12639000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
19207000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
14372000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
33201000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
7529000 USD
CY2018Q3 us-gaap Other Assets Current
OtherAssetsCurrent
8857000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
317000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
343000 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
9348000 USD
CY2018Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6275000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1271000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1230000 USD
CY2017Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-4863000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-9371000 USD
CY2018Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-5452000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-11960000 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
3500000 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
54861000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8305000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9533000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1350000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
85000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
887000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
2246000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
-4449000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
-869000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5830000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1499000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
8826000 USD
us-gaap Profit Loss
ProfitLoss
11503000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
10166000 USD
us-gaap Profit Loss
ProfitLoss
22989000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
153015000 USD
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
158282000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
54406000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
52196000 USD
CY2017Q4 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
133931000 USD
CY2018Q3 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
160247000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
10429000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3600000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4100000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
162783000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
141333000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-90121000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-70544000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
304219000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
704047000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
291266000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
782492000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
833000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.70
us-gaap Share Based Compensation
ShareBasedCompensation
2534000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2181000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
35464 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
398936 shares
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
146189000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
169698000 USD
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
434000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
473000 shares
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
387000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
281000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26920000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26260000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27295000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27174000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26486000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25787000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26908000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26893000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassification</font></div><div style="line-height:120%;padding-bottom:2px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reclassifications have been made to historical financial data on our condensed consolidated financial statements to conform to our current year presentation. </font></div></div>
us-gaap Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:2px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font></div><div style="line-height:120%;padding-bottom:2px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Heavy Civil Construction</font></div><div style="line-height:120%;padding-bottom:2px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company engages in various types of heavy civil construction projects principally for public (government) owners. Revenues are recognized as performance obligations are satisfied over time (also known as percentage-of-completion method), measured by the ratio of costs incurred up to a given date to estimated total costs for each contract. This cost to cost measure is used because management considers it to be the best available measure of progress on these contracts. Contract costs include all direct material, labor, subcontract and other costs and those indirect costs determined to relate to contract performance, such as indirect salaries and wages, equipment repairs and depreciation, insurance and payroll taxes. Administrative and general expenses are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, estimated profitability and associated change orders and claims, including those changes arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income and are recognized in the period in which the revisions are determined.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-bottom:2px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Residential Construction</font></div><div style="line-height:120%;padding-bottom:2px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Residential construction revenue and related profit are recognized when construction on the concrete foundation unit is completed (i.e., at a point in time). The time from starting construction to finishing is typically less than one month.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:2px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Certain of the Company&#8217;s accounting policies require higher degrees of judgment than others in their application. These include among other things the recognition of revenue and earnings from construction contracts over time, the valuation of long-term assets, income taxes, purchase accounting, intangibles and goodwill. Management continually evaluates all of its estimates and judgments based on available information and experience; however, actual results could differ from these estimates. </font></div></div>

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