form10q.htm

0001140361-12-029939.txt : 20120614 0001140361-12-029939.hdr.sgml : 20120614 20120614132845 ACCESSION NUMBER: 0001140361-12-029939 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120430 FILED AS OF DATE: 20120614 DATE AS OF CHANGE: 20120614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL TECHNICAL SYSTEMS INC /CA/ CENTRAL INDEX KEY: 0000110536 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TESTING LABORATORIES [8734] IRS NUMBER: 954134955 STATE OF INCORPORATION: CA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34882 FILM NUMBER: 12907134 BUSINESS ADDRESS: STREET 1: 24007 VENTURA BLVD CITY: CALABASAS STATE: CA ZIP: 91302 BUSINESS PHONE: 8185910776 MAIL ADDRESS: STREET 1: 24007 VENTURA BLVD CITY: CALABASAS STATE: CA ZIP: 91302 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL TECHNICAL SYSTEMS /DE/ DATE OF NAME CHANGE: 19880218 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL TECHNICAL SERVICES INC DATE OF NAME CHANGE: 19810712 FORMER COMPANY: FORMER CONFORMED NAME: LINCOLN FUND INC DATE OF NAME CHANGE: 19760315 10-Q 1 form10q.htm NATIONAL TECHNICAL SYSTEMS INC 10-Q 4-30-2012 form10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2012

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number 000-16438

NATIONAL TECHNICAL SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

California		95-4134955
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

24007 Ventura Boulevard, Suite 200 Calabasas, California		91302
(Address of principal executive offices)		(Zip Code)

(818) 591-0776

(Issuer’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨	Accelerated filer ¨	Non-accelerated filer ¨	Smaller reporting company x
	(do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:

Class		Outstanding at June 11, 2012
Common Stock, no par value		11,335,910 shares

NATIONAL TECHNICAL SYSTEMS, INC. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2012

TABLE OF CONTENTS

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS		ii

PART I—FINANCIAL INFORMATION		1

Item 1.	FINANCIAL STATEMENTS	1

	Consolidated Balance Sheets as of April 30, 2012 (unaudited) and January 31, 2012	1

	Unaudited Consolidated Statements of Operations For the Three Months Ended April 30, 2012 and 2011	2

	Unaudited Consolidated Statements of Comprehensive Income For the Three Months Ended April 30, 2012 and 2011	3

	Unaudited Consolidated Statements of Cash Flows For the Three Months Ended April 30, 2012 and 2011	4

	Notes to Unaudited Consolidated Financial Statements	5

Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	10

Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	19

Item 4.	CONTROLS AND PROCEDURES	19

PART II—OTHER INFORMATION		20

Item 1.	LEGAL PROCEEDINGS	20

Item 1A.	RISK FACTORS	20

Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	20

Item 3.	DEFAULTS UPON SENIOR SECURITIES	20

Item 4.	MINE SAFETY DISCLOSURES	20

Item 5.	OTHER INFORMATION	20

Item 6.	EXHIBITS	20

SIGNATURES		21

EXHIBIT INDEX		22

-i-

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EXPLANATORY NOTE

In this report, unless the context otherwise requires, the terms “NTS,” “Company,” “we,” “us,” and “our” refer to National Technical Systems, Inc., a California corporation, and our consolidated subsidiaries.

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain statements in this report, including information incorporated by reference, are “forward-looking statements.” Forward-looking statements reflect current views about future events and financial performance based on certain assumptions. They include opinions, forecasts, intentions, plans, goals, projections, guidance, expectations, beliefs or other statements that are not statements of historical fact. Words such as “may,” “should,” “could,” “would,” “expects,” “plans,” “believes,” “anticipates,” “intends,” “estimates,” “approximates,” “predicts,” or “projects,” or the negative or other variation of such words, and similar expressions may identify a statement as a forward-looking statement. Any statements that refer to projections of our future financial performance, anticipated trends in our business, our goals, strategies, focus and plans, and other characterizations of future events or circumstances, including statements expressing general optimism about future operating results and the development of our business, are forward-looking statements. Forward-looking statements in this report may include statements about:

●

anticipated results of operations including expected trends in our revenues, gross margins, operating expenses, adjusted EBITDA and net income;

●

the future actions of our competitors, including pricing decisions and new service offerings;

●

our ability to obtain future financing or capital when needed;

●

anticipated economic trends in the industries that we serve;

●

our ability to complete or achieve the anticipated benefits from acquisitions, business combinations, strategic partnerships, divestitures and other significant transactions.

The forward-looking statements in this report speak only as of the date of this report and caution should be taken not to place undue reliance on any such forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may be outside of our control. When considering forward-looking statements, you should carefully review the risks, uncertainties and other cautionary statements in this report as they identify certain important factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. These factors include, among others, the risks described under Item 1A and elsewhere in this report and in our 2012 Annual Report on Form 10-K, as well as in other reports and documents we file with the SEC.

-ii-

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PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

NATIONAL TECHNICAL SYSTEMS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

	At			At
	April 30,			January 31,
	2012			2012
ASSETS	(unaudited)
CURRENT ASSETS:
Cash and cash equivalents	$	5,028,000		$	4,335,000
Investments		2,841,000			3,318,000
Accounts receivable, less allowance for doubtful accounts of $758,000 at April 30, 2012 and $671,000 at January 31, 2012		40,331,000			34,775,000
Income taxes receivable, net		1,968,000			2,691,000
Inventories, net		3,559,000			4,247,000
Deferred income taxes		4,051,000			3,900,000
Prepaid expenses		2,817,000			2,964,000
Total current assets		60,595,000			56,230,000

Property, plant and equipment, at cost		142,269,000			137,131,000
Less: accumulated depreciation		(80,910,000	)		(78,979,000	)
Net property, plant and equipment		61,359,000			58,152,000

Goodwill		21,399,000			19,444,000
Intangible assets, net		17,783,000			16,986,000
Other assets		1,860,000			1,891,000

TOTAL ASSETS	$	162,996,000		$	152,703,000

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	7,825,000		$	10,708,000
Accrued expenses		10,889,000			8,129,000
Deferred income		3,160,000			2,017,000
Current installments of long-term debt		4,626,000			4,478,000
Total current liabilities		26,500,000			25,332,000

Long-term debt, excluding current installments		50,583,000			45,710,000
Deferred income taxes		15,314,000			13,490,000
Deferred compensation		1,677,000			1,672,000
Other long-term liabilites		2,750,000			1,800,000
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Preferred stock, no par value, 2,000,000 shares authorized; none issued		-			-
Common stock, no par value. Authorized, 20,000,000 shares; issued and outstanding, 11,323,000 as of April 30, 2012 and 11,306,000 as of January 31, 2012		28,784,000			28,654,000
Retained earnings		35,806,000			34,852,000
Accumulated other comprehensive loss		(67,000	)		(188,000	)
Total shareholders' equity		64,523,000			63,318,000
Noncontrolling interests		1,649,000			1,381,000
Total equity		66,172,000			64,699,000

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	162,996,000		$	152,703,000

See accompanying notes.

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NATIONAL TECHNICAL SYSTEMS, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Operations

for the Three Months Ended April 30, 2012 and 2011

	2012			2011

Net revenues	$	43,453,000		$	37,078,000
Cost of sales		32,132,000			27,817,000
Gross profit		11,321,000			9,261,000

Selling, general and administrative expense		8,412,000			7,789,000
Equity loss (income) from non-consolidated subsidiary		13,000			(21,000	)
Operating income		2,896,000			1,493,000
Other income (expense):
Interest expense, net		(877,000	)		(291,000	)
Other income, net		28,000			58,000
Total other income (expense), net		(849,000	)		(233,000	)

Income before income taxes and noncontrolling interests		2,047,000			1,260,000
Income taxes		833,000			526,000

Net income from continuing operations		1,214,000			734,000
Income (loss) from discontinued operations, net of tax		8,000			(9,000	)
Net income		1,222,000			725,000

Net income attributable to noncontrolling interests		(268,000	)		(165,000	)

Net income attributable to NTS	$	954,000		$	560,000

Net income from continuing operations attributable to NTS	$	946,000		$	569,000
Net income (loss) from discontinued operations attributable to NTS	$	8,000		$	(9,000	)

Basic earnings attributable to NTS per common share:
Net income from continuing operations	$	0.08		$	0.06
Net income (loss) from discontinued operations		-			-
Net income attributable to NTS	$	0.08		$	0.05

Diluted earnings attributable to NTS per common share:
Net income from continuing operations	$	0.08		$	0.05
Net income (loss) from discontinued operations		-			-
Net income attributable to NTS	$	0.08		$	0.05

Weighted average common shares outstanding		11,320,000			10,243,000
Dilutive effect of stock options, nonvested shares and warrants		506,000			407,000
Weighted average common shares outstanding, assuming dilution
		11,826,000			10,650,000

See accompanying notes.

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NATIONAL TECHNICAL SYSTEMS, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Comprehensive Income

for the Three Months Ended April 30, 2012 and 2011

	2012			2011

Net income	$	1,222,000		$	725,000
Other comprehensive income, net of tax:
Foreign currency translation adjustment		121,000			30,000
Comprehensive income	$	1,343,000		$	755,000
Comprehensive income attributable to non-controlling interest		(268,000	)		(165,000	)
Comprehensive income attributable to NTS	$	1,075,000		$	590,000

See accompanying notes.

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NATIONAL TECHNICAL SYSTEMS, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Cash Flows

for the Three Months Ended April 30, 2012 and 2011

	2012			2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,222,000		$	725,000

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,434,000			2,028,000
Amortization of debt issuance cost and debt discount		175,000			-
Allowance for doubtful accounts		87,000			67,000
Gain on investments		(9,000	)		(96,000	)
Deferred income taxes		(5,000	)		(17,000	)
Share based compensation		152,000			73,000
Changes in operating assets and liabilities (net of acquisitions):
Accounts receivable		(4,852,000	)		(2,765,000	)
Inventories		688,000			(311,000	)
Prepaid expenses		47,000			(168,000	)
Other assets		65,000			(905,000	)
Income taxes receivable, net		723,000			(233,000	)
Accounts payable		(3,040,000	)		50,000
Accrued expenses		1,371,000			261,000
Deferred income		1,143,000			1,406,000
Deferred compensation		5,000			78,000
Net cash provided by operating activities		206,000			193,000

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(2,000,000	)		(1,385,000	)
Investment in life insurance		(1,000	)		-
Cash surrender of insurance policy		476,000			-
Acquisition of Garwood Laboratories, net of cash aquired		(3,116,000	)		-
Investment in retirement funds		-			(187,000	)
Net cash used in investing activities		(4,641,000	)		(1,572,000	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from current and long-term debt		7,111,000			872,000
Repayments of current and long-term debt		(2,165,000	)		(867,000	)
Proceeds from stock options exercised		34,000			-
Tax benefit from restricted stock issuance and stock options exercised		27,000			28,000
Net cash provided by financing activities		5,007,000			33,000
Effect of exchange rate changes on cash		121,000			30,000

Net increase (decrease) in cash and cash equivalents		693,000			(1,316,000	)
Beginning cash and cash equivalents balance		4,335,000	(c)		8,924,000	(a)

ENDING CASH AND CASH EQUIVALENTS BALANCE	$	5,028,000	(d)	$	7,608,000	(b)

(a)	Cash and cash equivalents at January 31, 2011 includes cash from discontinued operations of $376,000.

(b)	Cash and cash equivalents at April 30, 2011 includes cash from discontinued operations of $464,000.

(c)	Cash and cash equivalents at January 31, 2012 includes cash from discontinued operations of $15,000.

(d)	Cash and cash equivalents at April 30, 2012 includes cash from discontinued operations of $18,000.

See accompanying notes.

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NATIONAL TECHNICAL SYSTEMS, INC. AND SUBSIDIARIES

Notes to the Unaudited Consolidated Financial Statements

1.	Basis of Presentation

The consolidated financial statements include the accounts of National Technical Systems, Inc. (“NTS” or the “Company”) and its majority-owned or otherwise controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investments in equity interests on the consolidated balance sheets.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for Form 10-Q. Accordingly, certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted pursuant to such rules and regulations. Certain prior period amounts have been reclassified to conform to the current period presentation.

The statements presented as of April 30, 2012 and for the three months ended April 30, 2012 and 2011 are unaudited. In the opinion of management, these financial statements reflect all normal recurring and other adjustments necessary for a fair presentation, and to make the financial statements not misleading. These financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2012.

Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year or any other future periods.

2.	Income Taxes

Income taxes for the interim periods are computed using the effective tax rates estimated to be applicable for the full fiscal year, as adjusted for any discrete taxable events that occur during the period.

The Company files income tax returns in the United States (“U.S.”) on a federal basis and in many U.S. state and foreign jurisdictions. Certain tax years remain open to examination by the major taxing jurisdictions to which the Company is subject. The Company does not anticipate that its total unrecognized tax benefits or obligations will significantly change due to the settlement of examinations or the expiration of statutes of limitation during the next twelve months.

3.	Comprehensive Income

In June 2011, the Financial Accounting Standards Board (“FASB”) amended its guidance on the presentation of comprehensive income. Under the amended guidance, an entity has the option to present comprehensive income in either one continuous statement or two consecutive financial statements. A single statement must present the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income. In a two-statement approach, an entity must present the components of net income and total net income in the first statement. That statement must be immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income, and a total for comprehensive income. The option under the current guidance that permits the presentation of components of other comprehensive income as part of the statement of changes in stockholders’ equity has been eliminated. The amendment became effective for the Company on February 1, 2012. This guidance did not have an impact on the Company’s consolidated financial position, results of operations or cash flows as it is disclosure-only in nature.

Accumulated other comprehensive income (loss) on the Company’s consolidated balance sheets consists of cumulative equity adjustments from foreign currency. During the three months ended April 30, 2012, total comprehensive income was $1,343,000 which included foreign currency translation gain of $121,000.

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4.	Inventories

Inventories consist of accumulated costs applicable to uncompleted contracts and are stated at actual cost which is not in excess of estimated net realizable value.

5.	Noncontrolling Interests

Noncontrolling interest in the Company’s NQA, Inc. subsidiary is a result of 50% of the stock of NQA, Inc. being issued to Ascertiva Group Limited formerly NICEIC Group Limited. Profits and losses are allocated 50.1% to NTS, and 49.9% to Ascertiva Group Limited. The balance in noncontrolling interests as of January 31, 2012 was $1,381,000. Net income attributable to noncontrolling interests for the three months ended April 30, 2012 was $268,000, resulting in a noncontrolling interest balance of $1,649,000 as of April 30, 2012.

6.	Earnings Per Share

Basic earnings per share have been computed using the weighted average number of shares of common stock outstanding during the year. Basic earnings per share exclude any dilutive effects of options, warrants, non-vested restricted shares and convertible securities.

7.	Intangible Assets

The following table summarizes the Company’s intangible assets as at April 30, 2012 and January 31, 2012:

	April 30, 2012							January 31, 2012
	Gross				Net		Estimated	Gross				Net		Estimated
	Carrying		Accum.		Carrying		Useful	Carrying		Accum.		Carrying		Useful
	Amount		Amort.		Amount		Life	Amount		Amort.		Amount		Life

Intangible assets subject to amortization:

Covenants not to compete	$	990,000	$	651,000	$	339,000	3-5 years	$	790,000	$	615,000	$	175,000	3 years
Customer relationships		20,647,000		4,193,000		16,454,000	3-15 years		19,547,000		3,757,000		15,790,000	3-15 years
Accreditations and certifications		20,000		18,000		2,000	5 years		20,000		17,000		3,000	5 years
Trademarks and tradenames		258,000		60,000		198,000	3-10 years		258,000		50,000		208,000	3-10 years
GSA Schedule		800,000		110,000		690,000	10 years		800,000		90,000		710,000	10 years
Total	$	22,715,000	$	5,032,000	$	17,683,000		$	21,415,000	$	4,529,000	$	16,886,000

Intangible assets not subject to amortization:

Goodwill					$	21,399,000						$	19,444,000
Trademarks and tradenames						100,000							100,000
Total					$	21,499,000						$	19,544,000

Equity

Equity Incentive Plans

The Company has two employee incentive stock option plans: the “2002 stock option plan” and the “2006 equity incentive plan.” The 2006 equity incentive plan replaced the 2002 stock option plan, which was terminated and no further options will be granted under the 2002 stock option plan.

A summary of our stock option activity under the 2002 stock option plan and 2006 equity incentive plan as of April 30, 2012 is as follows:

	Shares			Weighted Avg. Exercise Price		Weighted Avg. Remaining Contract Life in years		Aggregate Intrinsic Value
Outstanding at January 31, 2012		484,050		$	4.39		2.18	$	438,000
Granted		-			-
Exercised		(10,000	)		1.35
Canceled, forfeited or expired		-			-
Outstanding at April 30, 2012		474,050		$	4.45		1.98	$	498,000
Exercisable at April 30, 2012		474,050		$	4.45		1.98	$	498,000

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There was no compensation expense related to stock options for the three months ended April 30, 2012 and 2011. As of April 30, 2012, there was no unamortized stock-based compensation expense related to unvested stock options, as the options are fully vested.

The Company’s restricted shares, which were issued under the 2006 equity incentive plan, vest at 25% per year commencing with the first anniversary of the grant date. Compensation expense, representing the fair market value of the shares at the date of grant, net of assumptions regarding estimated future forfeitures, is charged to earnings over the vesting period. Compensation expense included in general and administrative expenses in the Company’s consolidated statement of operations, relating to these grants was $69,000 for the three months ended April 30, 2012. As of April 30, 2012, 115,000 non-vested restricted shares were outstanding at a weighted average grant date value of $5.08. As of April 30, 2012, there was $429,000 of unamortized stock-based compensation cost related to these non-vested shares which is expected to be recognized over a remaining period of 41 months.

Shareholders Rights Plan

On September 21, 2010 our Board of Directors adopted a shareholders rights plan. Pursuant to the Shareholders Rights Agreement entered into in order to effect the rights plan, the Board of Directors declared a dividend distribution of one right for each outstanding share of common stock on the record date of October 1, 2010. The rights also attach to subsequently issued shares of common stock. Each right, when it becomes exercisable, entitles the registered holder to purchase from the Company one one-hundredth (1/100th) of a share of the Company's Series A Junior Participating Preferred Stock, no par value ("Preferred Stock"), at a per-share exercise price of $30.00 in cash, subject to adjustment. The rights will expire at the close of business on September 20, 2020, unless earlier redeemed or exchanged by the Company. The Board will review the rights plan at least once every year to determine whether any action by the Board is necessary or appropriate. This summary description of the shareholders rights plan does not purport to be complete and is qualified in its entirety by reference to the Shareholder Rights Agreement and the other documents referenced therein.

On September 12, 2011, the Company announced in a Current Report on Form 8-K that, unless the Rights Agreement has been previously terminated, the Board of Directors will submit the Shareholder Rights Agreement to the Company’s shareholders for approval on or before September 20, 2012. Unless a Triggering Event shall have occurred before that date, the Board will take any action necessary to redeem all of the then outstanding Rights and effectively terminate the rights plan if the Shareholder Rights Agreement has not been ratified by a vote of the Company’s shareholders by September 20, 2012.

9.	Fair Value Measurement

The accounting standard for fair value establishes a framework for measuring fair value and requires disclosures about fair value measurements by establishing a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Basis of Fair Value Measurement at Reporting Date Using

Level 1

Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2

Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or the liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3

Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

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The following table summarizes the input levels that were used to determine the fair value of the Company’s investment securities, contingent consideration obligations and embedded derivative at April 30, 2012:

	Total			(Level 1)		(Level 2)		(Level 3)
SERP investment in mutual funds	$	2,841,000		$	2,841,000	$	-	$	-
Liability on earn-out for MSI acquisition		(100,000	)		-		-		(100,000	)
Liability on earn-out for Ingenium acquisition		(400,000	)		-		-		(400,000	)
Liability on earn-out for LTI acquisition		(500,000	)		-		-		(500,000	)
Liability on earn-out for Garwood acquisition		(200,000	)		-		-		(200,000	)
Embedded derivative in Mill Road debt		(61,000	)		-		-		(61,000	)

The following inputs were used to determine the fair value of the Company’s investment securities and contingent consideration obligation at January 31, 2012:

	Total			(Level 1)		(Level 2)		(Level 3)
SERP investment in mutual funds	$	3,318,000		$	3,318,000	$	-	$	-
Liability on earn-out for MSI acquisition		(100,000	)		-		-		(100,000	)
Liability on earn-out for Ingenium acquisition		(400,000	)		-		-		(400,000	)
Liability on earn-out for LTI acquisition		(500,000	)		-		-		(500,000	)
Embedded derivative in Mill Road debt		(61,000	)		-		-		(61,000	)

The fair value of the contingent earn-out consideration related to the MSI, Ingenium, LTI and Garwood acquisitions was estimated by applying the income approach. That measure is based on significant inputs not observable in the market, which are considered to be Level 3 inputs. Key assumptions in establishing the fair value of these liabilities include the discount rate and probability adjusted future revenues.

10.	Acquisition of Garwood Laboratories

On April 17, 2012, The Company acquired all of the outstanding common stock of Garwood Laboratories, Inc. (Garwood), with testing facilities in Pico Rivera and San Clemente, CA. The acquisition expands NTS’ customer relationships and market share in Southern California as well as the greater Western U.S. region. The aggregate purchase price was $5,092,000. Cash paid at closing was $3,165,000, and was funded by a draw down on the Company’s acquisition line of credit under its senior credit facility. $750,000 of the purchase price was held back to secure Garwood’s indemnification obligations under the purchase agreement and is payable 18 months after closing. $1,175,000 of the purchase price was paid in the form of a promissory note which is due and payable to the seller on or before April 17, 2013. In addition to the base purchase price, the Company agreed to pay an additional earn-out consideration up to a maximum amount of $450,000 (earn-out) if Garwood meets certain targets related to customer retention and revenues for the 24 months following the purchase date. A liability of $200,000 has been recorded as an estimated fair value or the earn-out liability at April 30, 2012. A working capital adjustment receivable has been recorded at a preliminary amount of $198,000.

The intangible assets acquired consist of customer relations of $1,100,000 which will be amortized over 10 years and a covenant not to compete of $200,000 which will be amortized over the 5-year life of the agreement. The valuation techniques that were used by the Company to determine the fair value of the assets acquired and liabilities assumed are a combination of the market approach, the income approach and the cost approach and therefore the fair value is based on level 3 inputs. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value based on current market expectations about those future amounts, including present value techniques, option-pricing models and the excess earnings method. The cost approach is based on the amount that would be required to replace the service capacity of an asset (replacement cost). The Company used significant assumptions in the valuation techniques used including the discount rate and forecasted profitability.

The acquisition-related costs for the three months ended April 30, 2012 were $73,000 and were recorded to selling, general and administrative expense. Amortization of the goodwill and other intangibles on this transaction is not tax deductible. The Company’s consolidated statements of operations include Garwood’s results of operations for the period from April 17, 2012, the acquisition date, to April 30, 2012.

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The fair values of the acquired assets have not been finalized pending further information that may impact the valuation of certain assets or liabilities. The Company has preliminarily estimated fair value at the date of acquisition of the acquired tangible and intangible assets and liabilities of Garwood as follows:

Cash paid	$	3,165,000
Note payable		1,175,000
Purchase price held back		750,000
Working capital adjustment receivable		(198,000	)
Estimated fair value of earn-out		200,000
Aggregate purchase price	$	5,092,000

Cash		49,000
Account Recievable, net		593,000
Property, plant and equipment		3,138,000
Other assets		23,000
Intangible assets		1,300,000
Accounts payable		(157,000	)
Accrued expenses		(131,000	)
Deferred taxes		(1,678,000	)

Estimated fair value of assets and liabilities acquired		3,137,000
Goodwill	$	1,955,000

11.	Subsequent Events

Subsequent events have been evaluated up to and including the date these financial statements were issued.

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ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Except for the historical information contained herein, the matters addressed in this Item 2 contain forward-looking statements. These forward-looking statements involve risks and uncertainties, including those described in the Company’s Annual Report on Form 10-K. Actual results, events and performance may differ materially from those anticipated in the forward looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. See the note at the beginning of this report.

Overview

NTS is a leading provider of testing solutions and highly trained technical personnel for product design and evaluation, safety testing, certification and supply chain management to enable customers to sell their products in world markets. NTS is accredited by numerous national and international technical organizations which allow the Company to have its test data accepted in most countries. In addition, it performs management registration and certification services to ISO related standards.

NTS serves customers primarily in the aerospace, defense, telecommunications, automotive, energy, consumer products, commercial and industrial products and medical markets. The Company operates facilities throughout the United States and in Japan, Vietnam and Germany.

The following discussion should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2012 and the consolidated quarterly financial statements and notes thereto contained in this report. All information in this report is based upon unaudited operating results of the Company for the three-month periods ended April 30, 2012 and 2011.

Markets

Aerospace.

NTS offers integrated life cycle product services to the aerospace market. These services include engineering, testing and supply chain management. From concept development and design, through detail design, certification, production and in-service life, NTS provides support throughout the full life cycle of the aerospace product. These integrated services fill the capability gaps that have developed in the aerospace supply chains after years of large scale integration, outsourcing and globalization.

NTS’ engineering services consist of design and analysis of aerospace structures, systems, components and detailed parts as part of customers’ design teams or as a fixed-price work package. Specific capabilities include engineering program management, managed engineering services (on-site management of customer engineering teams), design engineering, analysis, test engineering, test system engineering, failure forensics and expert witnessing.

Testing services include a wide range of test capabilities for structures and airborne equipment. For structures, NTS has extensive capability and expertise in large component static and fatigue testing, including full scale airframe static and fatigue, sonic fatigue, vibration, modal, ground vibration, high pressure/high flow air and fluid compatibility. Airborne equipment testing spans the full range of RTCA DO-160 requirements, including static and dynamic, electromagnetic effects (EME, EMI, EMC), electrostatic discharge (ESD), environmental, material and system compatibility, high intensity radiated field (HIRF), indirect lightning effects and highly accelerated life testing/stress screening (HALT/HASS).

Supply chain management services span a wide range of development, oversight, and certification/accreditation activities including product inspection, production monitoring and expediting, test witnessing and support, corrective action follow-up, supplier surveillance, sub-tier supplier management, new supplier surveys, systems evaluations and audits (including special processes), development of quality assurance protocols, supplier development and improvement, quality management system audit, certification and registration.

The Company’s initial sector focus in the aerospace market has been in the large commercial transport and general aviation sectors. NTS is increasingly providing engineering services that design, develop, test, and integrate pods and payloads for unmanned aerial systems (UAS). This group has expanded from airborne platforms into ground, sea (surface and subsurface), and robotic platforms. NTS has conducted test programs for UAS components, systems, payloads and completely integrated air vehicles. NTS is actively engaged in a variety of unmanned system test programs, and has performed environmental, vibration and EMI testing on a number of UAS systems.

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Defense.

NTS plays an active role in numerous U.S. defense-related programs, performing a wide variety of defense technology research, development, test, and evaluation (RDT&E) services for the Department of Defense (DOD), military, government and commercial industry. These services evaluate the weapons, ordnance, munitions, avionics, electronics, hydraulic and pneumatic controls, engines and communication systems that make up the elements of today’s modern battlefield. The Company’s testing platforms for the defense industry include fixed wing aircraft, helicopters, submarines, aircraft carriers and other naval ships, tanks and other tracked vehicles, trucks and road vehicles, command, control and communication systems and missiles and weapons systems. Testing includes associated system and component level tests of structures, hardware, electronics, personal protective equipment, armor, weapons and ammunition.

NTS has facilities that are specially constructed to store, handle, and test ordnance, munitions and hazardous materials. Routine testing includes live fire, function, environmental, dynamics, safety, MIL-STD-901 shipboard shock, insensitive munitions (IM), hazard classification, transportation and packaging safety. These tests are done for prototype, developmental, qualification and production/lot acceptance testing (LAT). Multiple NTS facilities around the country provide 200 v/m up to 40 GHz EMI/EMC testing of electronic and communications equipment. Custom designed NTS data acquisition systems are capable of collecting data at speeds of 2,000,000 data points per second and digital photography capability of over 160,000 color photos per second.

NTS’ defense group is expanding to include energetic and prototype engineering services, including 2D and 3D CAD modeling; technical data package (TDP) development and modification; finite element analysis (FEA), projectile design and analysis; interior and exterior ballistics analysis, and design and development of custom test hardware and fixtures. Other services include support of, and procurement and delivery of precision metal parts and explosive loading of prototype hardware. Additional defense services include design, development, fabrication, and fielding of specialized high speed instrumentation and diagnostics for energetics and hazardous materials and ordnance testing. This includes custom sensor suite design, fabrication and deployment, often through specialized test facility design.

Telecommunications.

NTS provides engineering design, test evaluation and certification services for manufacturers of a broad array of telecommunications networking and storage equipment intended for commercial data centers, central/telecom office and customer premise environments. The Company’s services are performed in accordance with domestic and international regulatory standards, the network equipment building systems (NEBS) specifications and fiber optics general requirements (GRs) as required by the telecommunications industry. Globally, NTS represents the largest network of independent test laboratories (ITL) certified and recognized by most regional bell operating companies’ (RBOCs) carriers. The Company is also certified and accredited to support formal witness testing on behalf of the RBOC carriers at approved manufacturer’s internal test facilities. As the wireless telecom industry continues to see significant growth, globally, the need for engineering design, testing evaluation and certification services for faster and more robust backhaul networking equipment will continue to increase. The Company is well positioned to support this accelerated growth currently providing accredited ITL services at laboratories in California, Massachusetts, New Jersey, Texas, and Germany.

Automotive.

NTS supports the commercial and military vehicle industries with testing, including dynamometer operations on power train components, vibration and shock on mechanical and electrical assemblies, thermal and corrosion exposures on control and monitoring systems, pressure pulsing and burst on fluid handling items and fatigue and ultimate strength on mechanical components. NTS performs testing to support requirements in emerging markets of pure electric vehicles and electrical hybrid vehicles. This includes electric motors, integrated motor/transmissions, specialized high speed transmissions, batteries and control/distribution modules. It also performs highly accelerated life tests (HALT) and highly accelerated stress screen (HASS). These tests combine extremes of temperature, rapid temperature change, and multi-axis vibration to rapidly expose design weaknesses and process flaws. NTS is accredited to ISO 17025 through the American Accreditation of Laboratories Association (A2LA). This accreditation allows NTS automotive test reports to be accepted throughout the U.S. and internationally.

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Energy.

NTS Energy offers multi-disciplinary expertise and capabilities to provide smart solutions to complex engineering, and scientific problems in the areas of nuclear energy, renewable energy, energy storage and smartgrid. The services provided are:

Technical functional knowledge of engineering fundamentals: mechanical, structural, electrical, reliability, and high technology communication and security software system test and monitoring solutions.

Testing on a variety of smart energy/smart grid products with a focus on the communications functionality and network protocols of smart meters, smart outlets, thermostats/in-home displays and smart appliances.

Supply chain management focusing on assuring product integrity through quality process and product auditing, supplier improvement plans, and management of quality systems.

Multi-disciplinary expertise in global compliance and certification for components, devices, communication products, software/hardware interoperability, and system security vulnerability assessments and validation.

Seismic, environmental, EMI/RFI, radiation, equipment qualification, commercial grade dedication, mechanical aging, thermal aging, vacuum testing, leak detection, and high expansion line breaks. Seismic and vibration simulation tests conducted on our single axis, dependent biaxial systems, or independent tri-axial and electro-mechanical shaker tables are used for a variety of customer products.

Certification and evaluation services to nuclear utilities and suppliers worldwide.

A full range of products, engineering and testing services under our NUPIC and NIAC audited 10CFR50, Appendix B Quality Program.

Consumer Products.

NTS provides engineering design, test evaluation and domestic and international certification services for a broad array of consumer products normally procured for use in a residence, school and recreation environments. This typically includes personal computing, PC peripheral, residential networking and personal wireless devices. These products are subjected to a wide range of electromagnetic compatibility, product safety, reliability, usability, interoperability tests and certifications to assure market compliance, reliability and effective use. The Company has been approved as an exclusive independent test laboratory (ITL) to offer Internet TV Set-top Box multimedia over coax (MoCA) certification. The Company is the exclusive certifications provider for Sirius/XM Radio Ready program and holds a number of domestic and international test accreditations throughout its network of commercial laboratories. NTS is an accredited Telecommunication Certification Body (TCB) in North America and an appointed Notified Body for wireless devices in the European Union. With the increased integration of wireless technology into traditional consumer products, the dramatic population growth, income gains, global macroeconomic shifts and the urbanization in regions throughout Asia, Central and South America and Africa, NTS is well positioned to support the growing market spaces to which manufacturers are seeking to sell. The Company’s service offerings offer a ‘one-stop-shop’ to the consumer product market, ensuring a shorter time to market in the fierce ‘to market’ race manufacturers find themselves competing within.

Commercial & Industrial.

NTS provides engineering design, testing evaluation and domestic and international certification services to manufacturers of a broad array of commercial and industrial products normally procured for light and heavy industrial applications. This covers a wide range of industries from shipbuilding, semiconductor manufacturing equipment, automation, robotics, laboratory and materials handling devices. Various types of commercial grade electronic, hydraulic and pneumatic systems are subjected to electrical, environmental and safety testing to ensure regulatory compliance and safe and reliable use. Special combined mechanical and environmental testing processes such as highly accelerated life testing (HALT) are used to accelerate the effects of aging and wear to allow manufacturers to produce a more reliable product. Once this has been accomplished, similar highly accelerated stress screening (HASS) testing can be used to ensure consistent quality on the production line. Market trends are showing increased integration of Wireless Local Area Network (WLAN) and Wide Wireless Access Network (WWAN) communication technologies in such product lines. NTS offers a complete turnkey engineering design, testing evaluation and domestic and international certification services for industrial products, including customer driven requirements.

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Medical.

NTS provides engineering design, testing evaluation and domestic and international certification services to manufacturers of a broad array of medical products typically including non-invasive devices. Services include electromagnetic compatibility, electrical product safety and quality control/risk analysis consultation. Through various industry partnerships, the Company has affiliations with consultants and Notified Bodies to support medical approval in North America and throughout the European Union. With the increased integration of wireless communications into traditional medical device products, NTS is also well equipped to support domestic and international testing and approvals.

Growth Strategy

Over the last few years, NTS restructured its executive leadership team and initiated a new growth strategy to provide significant focus on corporate development activities within the mid-to longer-term time horizon, while continuing to drive efficiencies and market penetration within the shorter-term fiscal planning time horizon.

NTS’ strategies for continued growth in fiscal 2013 include:

increasing market share through superior service;

investing in human resources and physical assets to strengthen existing capabilities;

enhancing utilization of resources;

adding new, innovative service offerings;

identifying, qualifying and acquiring businesses with the potential to add significant value

Recent Developments

Consolidated revenues for the three months ended April 30, 2012, were $43,453,000, an increase of $6,375,000 or 17.2% over the same period last year. Despite continuing weakness in western economies, the majority of this increase came from organic growth particularly in the aerospace, automotive and energy markets. The increased revenues combined with prudent cost controls resulted in net income for the period of $1,222,000.

During the fiscal quarter ended April 30, 2012, the Company continued the roll out of an integrated Enterprise Resource Planning or ERP solution across a number of its operating units. The ERP solution is intended to improve internal controls over financial reporting in a number of respects. The new system will provide a unified platform for financial and accounting information, superseding a number of disparate legacy systems. The ERP solution will enable the Company to conduct more accounting operations on the system, and reduce the utilization of “off system” records such as accounting workpapers. Finally the system is designed to provide enhanced project management for open contracts, improving visibility into the status of completion and costs for longer term contracts. At April 30, 2012 the ERP system had been rolled out at 18 facilities. The remaining facilities are expected to be integrated during fiscal 2013.

On April 17, 2012, The Company acquired all of the outstanding common stock of Garwood Laboratories, Inc. (Garwood), with testing facilities in Pico Rivera and San Clemente, CA. The acquisition expands NTS’ customer relationships and market share in Southern California as well as the greater Western U.S. region. The aggregate purchase price was $5,092,000. Cash paid at closing was $3,165,000, and was funded by a draw down on the Company’s acquisition line of credit under its senior credit facility. $750,000 of the purchase price was held back to secure Garwood’s indemnification obligations under the purchase agreement and is payable 18 months after closing. $1,175,000 of the purchase price was paid in the form of a promissory note which is due and payable to the seller on or before April 17, 2013. In addition to the base purchase price, the Company agreed to pay an additional earn-out consideration up to a maximum amount of $450,000 (earn-out) if Garwood meets certain targets related to customer retention and revenues for the 24 months following the purchase date. A liability of $200,000 has been recorded as an estimated fair value or the earn-out liability at April 30, 2012. The purchase price was established based on a set amount of working capital in the business. A working capital adjustment receivable has been recorded at a preliminary amount of $198,000. The Company’s consolidated statement of operations includes the operations of Garwood from April 17, 2012 to April 30, 2012.

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Unaudited Results of Operations for the Three Months Ended April 30, 2012

Revenues

REVENUES
Three months ended April 30,	2012		% Change			2011		Diff
(Dollars in thousands)
Total revenues	$	43,453		17.2	%	$	37,078	$	6,375

For the three months ended April 30, 2012, consolidated revenues increased by $6,375,000 or 17.2% when compared to the same period in fiscal 2012. Organic revenues (revenues from businesses owned throughout both reporting periods) increased by $3,842,000 or 10.4% which was primarily related to an increase in the aerospace, automotive and energy markets. The Company’s aerospace business increased in part as a result of the federal government’s commercialization of the space program to private industry. Revenues from acquisitions were $2,533,000 or 6.8% from the purchase of Ingenium Testing on July 20, 2011, Lightning Technologies on September 1, 2011, and Garwood Laboratories on April 17, 2012.

Gross Profit

GROSS PROFIT
Three months ended April 30,	2012			% Change			2011			Diff
(Dollars in thousands)

Total	$	11,321			22.2	%	$	9,261		$	2,060
% to total revenues		26.1	%					25.0	%		1.1	%

Gross profit for the three months ended April 30, 2012 increased by $2,060,000 or 22.2% when compared to the same period in fiscal 2012. Gross profit as a percentage of revenue, or gross margin, increased from 25.0% to 26.1%. This increase in gross profit was primarily due to the increase in revenues discussed above as well as improvement at our MSI facility, which had experienced losses on contracts in the first quarter of fiscal 2012.

Selling, General & Administrative

SELLING, GENERAL & ADMINISTRATIVE
Three months ended April 30,	2012			% Change			2011			Diff
(Dollars in thousands)

Total	$	8,412			8.0	%	$	7,789		$	623
% to total revenues		19.4	%					21.0	%		(1.6	)%

Total selling, general and administrative expenses increased by $623,000 or 8.0% for the three months ended April 30, 2012 when compared to the same period in fiscal 2012. Selling, general and administrative expenses related to acquisitions were $379,000, consisting primarily of intangible amortization and legal expense. The remaining increase of $244,000 or 3.1% was primarily due to an increase in compensation, severance and incentive related expense, partially offset by a decrease in legal expenses.

Operating Income

OPERATING INCOME
Three months ended April 30,	2012			% Change			2011			Diff
(Dollars in thousands)

Total	$	2,896			94.0	%	$	1,493		$	1,403
% to total revenues		6.7	%					4.0	%		2.6	%

Operating income for the three months ended April 30, 2012 increased by $1,403,000 or 94.0% when compared to the same period in fiscal 2012, primarily as a result of the increase in gross profit, partially offset by the increase in selling, general and administrative expense.

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Interest Expense

Net interest expense increased by $586,000 to $877,000 in the three months ended April 30, 2012 when compared to the same period in fiscal 2012. The increase was due to interest on additional borrowings, higher overall interest rates, as well as $175,000 in debt issuance cost and debt discount amortization related to the Mill Road Capital financing and the Comerica senior credit facility.

Other Income

Other income was $28,000 for the three months ended April 30, 2012, consisting of various minor transactions.

Income Taxes

The income tax provision rate for the three months ended April 30, 2012 was 40.7% compared to 41.7% for the same period in the prior year. Management has determined that it is more likely than not that the deferred tax assets will be realized on the basis of offsetting them against the reversal of deferred tax liabilities. The Company analyzes the value of the deferred income tax asset quarterly.

Net Income

Net income for the three months ended April 30, 2012 was $1,222,000 compared to $725,000 for the same period in fiscal 2012. This increase was primarily due to higher operating income, partially offset by higher interest expense and income taxes.

For the three months ended April 30, 2012, net income attributable to noncontrolling interests was $268,000 compared to $165,000 in the prior year, an increase of $103,000 or 62.4%. This increase was due to higher net income for the Company’s 50% owned NQA, Inc. subsidiary in the first quarter of fiscal year 2013.

Net income from continuing operations for the three months ended April 30, 2012 was $946,000 compared to $569,000 for the same period in fiscal 2012. This increase was primarily due to higher net income partially offset by the increase in net income attributable to noncontrolling interests.

On October 31, 2011, the Company closed its Calgary facility. Net income from the discontinued Calgary operation for the three months ended April 30, 2012 was $8,000 compared to a $9,000 loss in the same period in fiscal 2012.

Net income attributable to NTS for the three months ended April 30, 2012 was $954,000 compared to $560,000 for the same period in fiscal 2012. This increase was primarily due to higher net income from continuing operations in the current quarter.

Adjusted EBITDA

EBITDA (earnings before interest, taxes, depreciation and amortization) as adjusted to remove the effect of share based compensation expense or "adjusted EBITDA", was $5,518,000 for the first three months of fiscal 2013 compared to $3,643,000 in the same period for the prior year.

Management uses adjusted EBITDA to evaluate the Company's core operations without reference to the impact of interest and tax payments resulting from its capital structure and tax jurisdictions, or depreciation and amortization which can fluctuate based on acquisition activity. Our senior credit facility also includes covenants related to adjusted EBITDA.

Adjusted EBITDA is a non-GAAP financial measure. The Company calculates adjusted EBITDA by taking net income, and adding back the expenses related to interest, taxes, depreciation, amortization, share based compensation expense and non-cash impairment loss, as each of those elements are calculated in accordance with GAAP. A reconciliation of the Company's adjusted EBITDA to net income for the three months ended April 30, 2012 and 2011 is included in the table below.

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	Three months ended
	April 30,
	2012		2011

Net Income	$	1,222,000	$	725,000
Add
Interest		877,000		291,000
Taxes		833,000		526,000
Depreciation		1,931,000		1,707,000
Amortization		503,000		321,000
EBITDA		5,366,000		3,570,000
Add
Share based compensation		152,000		73,000
Adjusted EBITDA	$	5,518,000	$	3,643,000

Outlook

For fiscal 2013, the Company is projecting revenues of between $164 million and $169 million. The Company also expects gross margins for the full fiscal year to be between 26.5% and 27.5% of revenues and Adjusted EBITDA to be between $20 million and $22 million. Selling, general and administrative expenses are expected to decline as a percentage of revenue from fiscal year 2012. Additionally, the Company does not expect acquisition and legal costs at the levels experienced in fiscal year 2012.

The foregoing outlook is based on management's expectations based on assumptions about market conditions and the Company's future operating performance, which the Company believes to be reasonable at this time. The Company's business involves procuring and performing on larger contracts, the timing of receipt of those contracts can have a significant impact on operating results for any quarter. Consequently the Company's results may vary significantly from quarter to quarter. In addition, changes in macroeconomic conditions, delays in government spending and other factors can cause actual results to vary from expectations. See the note on "Forward-Looking Statements" at the beginning of this report.

Off Balance Sheet Arrangements

None.

Liquidity and Capital Resources

Liquidity

At April 30, 2012 cash and cash equivalents were $5,028,000 compared to $4,335,000 at January 31, 2012. In addition, at April 30, 2012, investments and accounts receivable were $2,841,000 and $40,331,000, respectively, compared to $3,318,000 and $34,775,000 at January 31, 2012. At April 30, 2012 the Company had working capital of $34,095,000, compared to working capital of $30,898,000 at January 31, 2012.

Net cash provided by operating activities was $206,000 in the three months ended April 30, 2012 and consisted of net income of $1,222,000 adjusted for depreciation and amortization of $2,434,000, amortization of debt issuance cost and debt discount of $175,000, share-based compensation of $152,000 and allowance for doubtful accounts of $87,000, partially offset by changes in working capital, net of acquired assets and liabilities of $3,850,000, gain on investments of $9,000, deferred income taxes of $5,000.

Net cash used in investing activities in the three months ended April 30, 2012 was $4,641,000 and was primarily attributable to net cash used for acquisitions of businesses of $3,116,000 for the Garwood acquisition. Additional cash used for investing activities included capital spending of $2,000,000 and investment in life insurance of $1,000, partially offset by cash surrender of insurance policy of $476,000.

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Net cash provided by financing activities in the three months ended April 30, 2012 was $5,007,000 and consisted of proceeds from borrowing of $7,111,000, proceeds from stock options exercised of $34,000 and tax benefit from restricted stock issuance and stock options exercised of $27,000, partially offset by repayment of debt of $2,165,000.

Capital Resources

At April 30, 2012, the Company had cash and cash equivalents of $5,028,000 and working capital of $34,095,000. In addition to its cash and cash generated from operations, the Company has a $65 million senior credit facility that is comprised of a $20 million term loan, a $25 million revolving credit line, and a $20 million acquisition line. The senior credit facility is described in more detail under “Long-term Debt” below.

Under the revolving credit line the Company can borrow up to 85% of eligible accounts receivable. At April 30, 2012, 85% of eligible accounts receivable was $19,885,000 and the amount of available credit under the revolving credit line on that date was $12,885,000.

Under the acquisition line, the Company can borrow for the purposes of financing eligible machinery or equipment. Advances under the acquisition line can be made at up to 100% of the invoice cost of new eligible equipment and 80% of the invoice cost of used eligible equipment. At April 30, 2012, the Company had borrowed $19,759,000 under the acquisition line and had available credit on that date of $241,000 that could be used to finance eligible acquisitions.

Long-term Debt

On November 10, 2010, the Company secured a senior credit facility of up to $65 million from a banking group led by Comerica Bank that includes Bank of the West and U.S. Bank. The credit facility includes a $20 million term loan, a $25 million revolving credit line and a $20 million acquisition line. Interest rates under the credit agreement are at either LIBOR plus a range of 175 to 275 basis points, or at Comerica Bank's prime rate plus a range of 75 to 175 basis points. Commitment fees on the revolving credit line and acquisition line are 25 basis points and 35 basis points, respectively.

On June 27, 2011, the Company completed a $14 million private placement of debt and equity with Mill Road Capital (MRC). Of the $14 million, $7 million was in the form of an interest-bearing, five-year subordinated note. The fair value of the $7 million in debt was estimated to be $5,960,000 as of June 27, 2011.

Debt as of April 30, 2012 and January 31, 2012 consisted of the following:

	April 30,2012		January 31,2012
Revolving credit line (a)	$	7,000,000	$	5,000,000
Term loan (b)		16,650,000		17,150,000
Acquisition credit line (c)		19,205,000		16,251,000
Mill Road debt (d)		6,504,000		6,337,000
Secured and other notes payable (e)		5,850,000		5,450,000
Subtotal		55,209,000		50,188,000
Less current installments		4,626,000		4,478,000
Total	$	50,583,000	$	45,710,000

(a)

The Company is required to repay the outstanding principal under the revolving credit line on November 10, 2015. Interest accrues at the Company’s option at either (i) the Base Rate plus a specified margin ranging between 75 and 150 basis points depending on the Company’s consolidated total debt to consolidated EBITDA ratio or (ii) the Eurodollar Rate plus a specified margin ranging between 175 and 250 basis points depending on the Company’s consolidated total debt to consolidated EBITDA ratio. When interest is incurred at the Base Rate, interest is payable monthly in arrears on the first day of each month. When interest is incurred at the Eurodollar Rate, interest is payable at the end of each interest period, which is defined as one, two, three or six months after the applicable advance is disbursed to the Company (except that with respect to six month interest periods, interest is payable at three month intervals).

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(b)

The Company is required to repay the $20 million five-year term loan in equal quarterly principal installments of $500,000 commencing on February 1, 2011 until November 10, 2015, the maturity date, when all remaining outstanding principal plus accrued interest thereon is due and payable in full. Interest accrues at a specified margin plus either: (i) the greatest of (a) the prime rate announced by Comerica Bank, (b) the federal funds effective rate as published by the Federal Reserve Bank of New York plus 1.0%, and (c) a daily adjusting LIBOR rate plus 1.0%; or (ii) a rate based on LIBOR. The Company refers to the rates described in clauses (i) and (ii) in the preceding sentence, respectively, as the "Base Rate" and as the "Eurodollar Rate." The specific per annum interest rate will be, at the Company’s option, either the Base Rate plus a specified margin ranging between 100 and 175 basis points depending on the Company’s consolidated total debt to consolidated EBITDA ratio or the Eurodollar Rate plus a specified margin ranging between 200 and 275 basis points depending on the company’s consolidated total debt to consolidated EBITDA ratio. When interest is based on the Base Rate, interest is payable monthly in arrears on the first day of each month. When interest is based on the Eurodollar Rate, interest is payable at the end of each interest period, which is defined as one, two, three or six months after the applicable loan is disbursed to the Company (except that with respect to six month interest periods, interest is payable at three month intervals). Excess cash flow payments as required under the credit agreement are applied to the term loan.

(c)

With respect to any credit advance under this line that is used to finance eligible acquisitions, the Company is required to make quarterly principal payments commencing one year after the date such credit advance is made, until November 10, 2015, the maturity date, when all remaining outstanding principal plus accrued interest thereon is due and payable in full. No principal payments are due during the first year. The amount of such quarterly principal payments is 1.25% of the aggregate original principal amount of such credit advance during the second year, increasing to 2.50% during the third year and increasing to 3.75% during the fourth and fifth years.

Interest on the acquisition credit line accrues at the Company’s option at either (i) the Base Rate plus a specified margin ranging between 100 and 175 basis points depending on the Company’s consolidated total debt to consolidated EBITDA ratio or (ii) the Eurodollar Rate plus a specified margin ranging between 200 and 275 basis points depending on the Company’s consolidated total debt to consolidated EBITDA ratio. When interest is based on the Base Rate, interest is payable monthly in arrears on the first day of each month following the disbursement of an advance. When interest is based on the Eurodollar Rate, interest is payable at the end of each interest period, which is defined as one, two, three or six months after the applicable advance is disbursed to us (except that with respect to six month interest periods, interest is payable at three month intervals). The outstanding balance from acquisitions at April 30, 2012 was $17,084,000.

With respect to any credit advance under this line that is used to finance the purchase of eligible machinery and equipment, the Company is required to make quarterly principal payments in an amount equal to 5% of the aggregate original principal amount of such credit advance. Such principal payments are due quarterly after the date such credit advance is made, until November 10, 2015, the maturity date, when all remaining outstanding principal plus accrued interest thereon is due and payable in full. The outstanding balance from equipment credit advances at April 30, 2012 was $2,121,000.

(d)

The outstanding principal and accrued and unpaid interest on the Mill Road subordinated note is due and payable on June 27, 2016. Cash based interest accrues at a rate of 10.0% per annum and is payable quarterly. Additional interest accrues at a rate of 5.0% per annum and is added automatically to the unpaid principal amount of the subordinated note on each date that cash interest is payable. The outstanding balance at April 30, 2012 was $6,504,000 calculated based on the fair value of the debt.

(e)

The Company has an additional $4,720,000 at April 30, 2012 in equipment line balances which were used to finance various test equipment with terms of 60 months for each equipment schedule at interest rates ranging from 4.39% to 7.42%.

The Company’s 50% owned subsidiary, NQA, Inc., has total borrowings of $1,130,000 at April 30, 2012, stemming from the acquisitions of Unitek Technical Services, Inc., TRA Certification, Inc. and International Management Systems, Inc. Advances under the business acquisitions line of credit bear interest, at the option of NQA, at a fluctuating rate equal to the lender’s corporate base rate plus 0.5% or at a fixed rate based on the Federal Home Loan Bank Advance Rate plus 3.0%. Advances under the business acquisitions line of credit are due and payable, at the option of NQA, 3 or 5 years from the advance date and are subject to additional interest charges in the event of prepayment.

Table of Contents

Substantially all of the Company’s assets are pledged as collateral to secure its outstanding long term debt.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in the Company’s quantitative and qualitative market risk since the disclosure in the Company’s Annual Report on Form 10-K for the year ended January 31, 2012, filed with the Securities and Exchange Commission on May 1, 2012.

ITEM 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to provide reasonable assurance that material information is: (1) gathered and communicated to our management, including our principal executive and principal financial officer, on a timely basis; and (2) recorded, processed, summarized, reported and filed with the SEC as required under the Securities Exchange Act of 1934, as amended.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of April 30, 2012, based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective for their intended purpose described above.

Changes in Internal Controls Over Financial Reporting

Limitations of the Effectiveness

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the internal control system are met. Controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and any design may not succeed in achieving its stated goals under all potential future conditions. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations of any internal control system, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected.

Table of Contents

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of the date of this report, we are not a party to any litigation which we believe would have a material adverse effect on our business operations or financial condition.

ITEM 1A. RISK FACTORS

Please see the risk factors set for in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended January 31, 2012 filed with the SEC on May 1 2012 for a discussion of factors which could materially affect our business, financial position and results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

See the Exhibit Index immediately following the signature page of this report.

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	National Technical Systems, Inc.

Date: June 14, 2012	/s/ Raffy Lorentzian
	Raffy Lorentzian, Chief Financial Officer
	(Principal Accounting Officer)

Table of Contents

EXHIBIT INDEX

Exhibit Number		Description of Exhibit

10.1		Letter Agreement dated April 5, 2012 between National Technical Systems, Inc. and Raffy Lorentzian (incorporated by reference to Exhibit 10.8 of the registrant’s Annual Report on Form 10-K filed with the Commission on May 1, 2012).
31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Chief Executive Officer pursuant to 18 U.S.C, Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Chief Financial Officer pursuant to 18 U.S.C, Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		XBRL Instance.
101.SCH*		XBRL Taxonomy Extension Schema.
101.CAL*		XBRL Taxonomy Extension Calculation.
101.LAB*		XBRL Taxonomy Extension Labels.
101.PRE*		XBRL Taxonomy Extension Presentation.

* Furnished herewith.

EX-31.1 2 ex31_1.htm EXHIBIT 31.1 ex31_1.htm

EXHIBIT 31.1

CERTIFICATION

I, William McGinnis, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of National Technical Systems, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f), for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ William McGinnis
	William McGinnis,
	Chief Executive Officer
	(Principal Executive Officer)
	June 14, 2012

EX-31.2 3 ex31_2.htm EXHIBIT 31.2 ex31_2.htm

EXHIBIT 31.2

CERTIFICATION

I, Raffy Lorentzian, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of National Technical Systems, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Raffy Lorentzian
	Raffy Lorentzian,
	Senior Vice President and
	Chief Financial Officer
	June 14, 2012

EX-32.1 4 ex32_1.htm EXHIBIT 32.1 ex32_1.htm

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of NATIONAL TECHNICAL SYSTEMS, INC. (the "Company") on Form 10-Q for the period ended April 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William McGinnis, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods presented in the Report.

	/s/ William McGinnis
	William McGinnis,
	Chief Executive Officer
	(Principal Executive Officer)
	June 14, 2012

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 ex32_2.htm EXHIBIT 32.2 ex32_2.htm

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of NATIONAL TECHNICAL SYSTEMS, INC (the "Company") on Form 10-Q for the period ended April 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Raffy Lorentzian, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

	/s/ Raffy Lorentzian
	Raffy Lorentzian,
	Senior Vice President and
	Chief Financial Officer
	(Principal Financial and Accounting Officer)
	June 14, 2012

EX-101.INS 6 ntsc-20120430.xml XBRL INSTANCE. 0000110536 2012-02-01 2012-04-30 0000110536 2012-06-11 0000110536 2012-04-30 0000110536 2012-01-31 0000110536 2011-02-01 2011-04-30 0000110536 2011-01-31 0000110536 2011-04-30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares

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<div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td align="right" style="width: 36pt;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">3. </div></td><td align="left"><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Comprehensive Income</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">In June 2011, the Financial Accounting Standards Board ("FASB") amended its guidance on the presentation of comprehensive income. Under the amended guidance, an entity has the option to present comprehensive income in either one continuous statement or two consecutive financial statements. A single statement must present the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income. In a two-statement approach, an entity must present the components of net income and total net income in the first statement. That statement must be immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income, and a total for comprehensive income. The option under the current guidance that permits the presentation of components of other comprehensive income as part of the statement of changes in stockholders' equity has been eliminated. The amendment became effective for the Company on February 1, 2012. This guidance did not have an impact on the Company's consolidated financial position, results of operations or cash flows as it is disclosure-only in nature.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">Accumulated other comprehensive income (loss) on the Company's consolidated balance sheets consists of cumulative equity adjustments from foreign currency. During the three months ended April 30, 2012, total comprehensive income was $1,343,000 which included foreign currency translation gain of $121,000.</div></div></div>

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<div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td align="right" style="width: 36pt;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">2.</div></td><td align="left"><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Income Taxes</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">Income taxes for the interim periods are computed using the effective tax rates estimated to be applicable for the full fiscal year, as adjusted for any discrete taxable events that occur during the period.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">The Company files income tax returns in the United States ("U.S.") on a federal basis and in many U.S. state and foreign jurisdictions. Certain tax years remain open to examination by the major taxing jurisdictions to which the Company is subject. The Company does not anticipate that its total unrecognized tax benefits or obligations will significantly change due to the settlement of examinations or the expiration of statutes of limitation during the next twelve months.</div></div></div>

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<div><div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td style="width: 36pt;"><div style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">5.</div></td><td><div style="text-align: justify; font-family: Times New Roman; font-size: 10pt;">Noncontrolling Interests</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">Noncontrolling interest in the Company's NQA, Inc. subsidiary is a result of 50% of the stock of NQA, Inc. being issued to Ascertiva Group Limited formerly NICEIC Group Limited. Profits and losses are allocated 50.1% to NTS, and 49.9% to Ascertiva Group Limited. The balance in noncontrolling interests as of January 31, 2012 was $1,381,000. Net income attributable to noncontrolling interests for the three months ended April 30, 2012 was $268,000, resulting in a noncontrolling interest balance of $1,649,000 as of April 30, 2012.</div></div></div>

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<div><div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td align="right" style="width: 36pt;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">1.</div></td><td align="left"><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Basis of Presentation</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">The consolidated financial statements include the accounts of National Technical Systems, Inc. ("NTS" or the "Company") and its majority-owned or otherwise controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investments in equity interests on the consolidated balance sheets.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for Form 10-Q. Accordingly, certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted pursuant to such rules and regulations. Certain prior period amounts have been reclassified to conform to the current period presentation.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">The statements presented as of April 30, 2012 and for the three months ended April 30, 2012 and 2011 are unaudited. In the opinion of management, these financial statements reflect all normal recurring and other adjustments necessary for a fair presentation, and to make the financial statements not misleading. These financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended January 31, 2012.</div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year or any other future periods.</div></div></div>

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<div><div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td align="right" style="width: 36pt;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">8. </div></td><td align="left"><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Equity</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; font-style: italic; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">Equity Incentive Plans</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">The Company has two employee incentive stock option plans: the "2002 stock option plan" and the "2006 equity incentive plan." The 2006 equity incentive plan replaced the 2002 stock option plan, which was terminated and no further options will be granted under the 2002 stock option plan.</div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"></div><div style="text-indent: 0pt; display: block;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">A summary of our stock option activity under the 2002 stock option plan and 2006 equity incentive plan as of April 30, 2012 is as follows:</div><br /></div><div style="text-align: left; margin-left: 36pt;"><table cellpadding="0" cellspacing="0" style="width: 90%; font-family: times new roman; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; width: 42%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid; width: 10%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Shares</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; width: 10%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Weighted Avg. </div><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Exercise Price</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; width: 10%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Weighted Avg. </div><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Remaining Contract </div><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Life in years</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; width: 10%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Aggregate Intrinsic </div><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Value</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="padding-bottom: 4px; width: 42%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">Outstanding at January 31, 2012</div></td><td align="right" valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">484,050</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">4.39</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="right" valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">2.18</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">438,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 42%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Granted</div></td><td align="right" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">-</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">-</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 42%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Exercised</div></td><td align="right" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">(10,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">)</td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">1.35</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="padding-bottom: 2px; width: 42%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Canceled, forfeited or expired</div></td><td align="right" valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">-</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">-</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 9%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 9%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="padding-bottom: 4px; width: 42%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">Outstanding at April 30, 2012</div></td><td align="right" valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">474,050</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">4.45</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="right" valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">1.98</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">498,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="padding-bottom: 4px; width: 42%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; font-weight: bold; margin-right: 0pt;">Exercisable at April 30, 2012</div></td><td align="right" valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">474,050</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">4.45</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="right" valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">1.98</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">498,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr></table></div><div style="text-align: left; margin-left: 36pt;"> </div><div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">There was no compensation expense related to stock options for the three months ended April 30, 2012 and 2011. As of April 30, 2012, there was no unamortized stock-based compensation expense related to unvested stock options, as the options are fully vested.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">The Company's restricted shares, which were issued under the 2006 equity incentive plan, vest at 25% per year commencing with the first anniversary of the grant date. Compensation expense, representing the fair market value of the shares at the date of grant, net of assumptions regarding estimated future forfeitures, is charged to earnings over the vesting period. Compensation expense included in general and administrative expenses in the Company's consolidated statement of operations, relating to these grants was $69,000 for the three months ended April 30, 2012. As of April 30, 2012, 115,000 non-vested restricted shares were outstanding at a weighted average grant date value of $5.08. As of April 30, 2012, there was $429,000 of unamortized stock-based compensation cost related to these non-vested shares which is expected to be recognized over a remaining period of 41 months.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; font-style: italic; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">Shareholders Rights Plan</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">On September 21, 2010 our Board of Directors adopted a shareholders rights plan. Pursuant to the Shareholders Rights Agreement entered into in order to effect the rights plan, the Board of Directors declared a dividend distribution of one right for each outstanding share of common stock on the record date of October 1, 2010. The rights also attach to subsequently issued shares of common stock. Each right, when it becomes exercisable, entitles the registered holder to purchase from the Company one one-hundredth (1/100th) of a share of the Company's Series A Junior Participating Preferred Stock, no par value ("Preferred Stock"), at a per-share exercise price of $30.00 in cash, subject to adjustment. The rights will expire at the close of business on September 20, 2020, unless earlier redeemed or exchanged by the Company. The Board will review the rights plan at least once every year to determine whether any action by the Board is necessary or appropriate. This summary description of the shareholders rights plan does not purport to be complete and is qualified in its entirety by reference to the Shareholder Rights Agreement and the other documents referenced therein.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">On September 12, 2011, the Company announced in a Current Report on Form 8-K that, unless the Rights Agreement has been previously terminated, the Board of Directors will submit the Shareholder Rights Agreement to the Company's shareholders for approval on or before September 20, 2012. Unless a Triggering Event shall have occurred before that date, the Board will take any action necessary to redeem all of the then outstanding Rights and effectively terminate the rights plan if the Shareholder Rights Agreement has not been ratified by a vote of the Company's shareholders by September 20, 2012.</div></div></div>

<div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td align="right" style="width: 36pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">7. </div></td><td align="left"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Intangible Assets</div></td></tr></table></div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div><div style="text-indent: 0pt; display: block;"></div><div style="text-indent: 0pt; display: block;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">The following table summarizes the Company's intangible assets as at April 30, 2012 and January 31, 2012:</div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"></div></div><div style="text-align: left; margin-left: 36pt;"><table cellpadding="0" cellspacing="0" style="width: 90%; font-family: times new roman; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; width: 14%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td colspan="12" valign="bottom" style="border-bottom: black 2px solid; width: 37%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">April 30, 2012</div></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="12" valign="bottom" style="border-bottom: black 2px solid; width: 37%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">January 31, 2012</div></td></tr><tr><td valign="bottom" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Gross</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Net</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Estimated</div></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Gross</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Net</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Estimated</div></td></tr><tr><td valign="bottom" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Carrying</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Accum.</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Carrying</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Useful</div></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Carrying</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Accum.</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Carrying</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Useful</div></td></tr><tr><td valign="bottom" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Amount</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Amort.</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Amount</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Life</div></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Amount</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Amort.</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Amount</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%;"><div style="text-align: center; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Life</div></td></tr><tr><td valign="bottom" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td></tr><tr><td align="left" valign="bottom" style="width: 14%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Intangible assets subject to amortization:</div></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td></tr><tr><td valign="bottom" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td colspan="2" valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 14%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Covenants not to compete</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">990,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">651,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">339,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" nowrap="nowrap" valign="bottom" style="width: 8%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">3-5 years</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">790,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">615,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">175,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 8%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">3 years</div></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 14%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Customer relationships</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">20,647,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">4,193,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">16,454,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" nowrap="nowrap" valign="bottom" style="width: 8%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">3-15 years</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">19,547,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">3,757,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">15,790,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" nowrap="nowrap" valign="bottom" style="width: 8%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">3-15 years</div></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 14%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Accreditations and certifications</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">20,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">18,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">2,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" nowrap="nowrap" valign="bottom" style="width: 8%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">5 years</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">20,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">17,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">3,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 8%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">5 years</div></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 14%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Trademarks and tradenames</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">258,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">60,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">198,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" nowrap="nowrap" valign="bottom" style="width: 8%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">3-10 years</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">258,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">50,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">208,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" nowrap="nowrap" valign="bottom" style="width: 8%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">3-10 years</div></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="padding-bottom: 2px; width: 14%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">GSA Schedule</div></td><td align="left" valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">800,000</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="border-bottom: black 2px solid; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">110,000</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="border-bottom: black 2px solid; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">690,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="padding-bottom: 2px; width: 8%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">10 years</div></td><td align="left" valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">800,000</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="border-bottom: black 2px solid; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">90,000</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="border-bottom: black 2px solid; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">710,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="padding-bottom: 2px; width: 8%;"><div style="text-align: left; text-indent: 0pt; display: block; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">10 years</div></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="padding-bottom: 4px; width: 14%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 18pt; font-size: 10pt; margin-right: 0pt;">Total</div></td><td align="left" valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">22,715,000</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="border-bottom: black 4px double; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">5,032,000</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="border-bottom: black 4px double; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">17,683,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 4px; width: 8%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">21,415,000</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="border-bottom: black 4px double; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">4,529,000</td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="border-bottom: black 4px double; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">16,886,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 4px; width: 8%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 14%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Intangible assets not subject to amortization:</div></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="width: 14%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 14%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Goodwill</div></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">21,399,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">19,444,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 8%; display: inline; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="padding-bottom: 2px; width: 14%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Trademarks and tradenames</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">100,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 8%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">100,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 8%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="padding-bottom: 4px; width: 14%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 18pt; font-size: 10pt; margin-right: 0pt;">Total</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">21,499,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 4px; width: 8%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 7%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td align="left" valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 7%; font-family: times new roman; font-size: 10pt;">19,544,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 4px; width: 8%; font-family: times new roman; font-size: 10pt;"></td></tr></table></div></div></div>

27000

28000

60595000

56230000

11826000

10650000

506000

407000

11320000

10243000

376000

464000

15000

18000

162996000

152703000

2750000

1800000

1143000

1406000

1860000

1891000

64523000

63318000

833000

526000

<div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td align="right" style="width: 36pt;"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">6. </div></td><td align="left"><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Earnings Per Share</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">Basic earnings per share have been computed using the weighted average number of shares of common stock outstanding during the year. Basic earnings per share exclude any dilutive effects of options, warrants, non-vested restricted shares and convertible securities.</div></div>

1222000

725000

268000

165000

1214000

734000

8000

-9000

2434000

2028000

1343000

755000

-268000

-165000

66172000

64699000

<div><div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><div style="text-align: center;"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td style="width: 36pt;"><div style="text-indent: 0pt; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">10.</div></td><td><div style="text-align: justify; font-family: times new roman; font-size: 10pt;">Acquisition of Garwood Laboratories</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">On April 17, 2012, The Company acquired all of the outstanding common stock of Garwood Laboratories, Inc. (Garwood), with testing facilities in Pico Rivera and San Clemente, CA. The acquisition expands NTS' customer relationships and market share in Southern California as well as the greater Western U.S. region. The aggregate purchase price was $5,092,000. Cash paid at closing was $3,165,000, and was funded by a draw down on the Company's acquisition line of credit under its senior credit facility. $750,000 of the purchase price was held back to secure Garwood's indemnification obligations under the purchase agreement and is payable 18 months after closing. $1,175,000 of the purchase price was paid in the form of a promissory note which is due and payable to the seller on or before April 17, 2013. In addition to the base purchase price, the Company agreed to pay an additional earn-out consideration up to a maximum amount of $450,000 (earn-out) if Garwood meets certain targets related to customer retention and revenues for the 24 months following the purchase date. A liability of $200,000 has been recorded as an estimated fair value or the earn-out liability at April 30, 2012. A working capital adjustment receivable has been recorded at a preliminary amount of $198,000.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">The intangible assets acquired consist of customer relations of $1,100,000 which will be amortized over 10 years and a covenant not to compete of $200,000 which will be amortized over the 5-year life of the agreement. The valuation techniques that were used by the Company to determine the fair value of the assets acquired and liabilities assumed are a combination of the market approach, the income approach and the cost approach and therefore the fair value is based on level 3 inputs. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value based on current market expectations about those future amounts, including present value techniques, option-pricing models and the excess earnings method. The cost approach is based on the amount that would be required to replace the service capacity of an asset (replacement cost). The Company used significant assumptions in the valuation techniques used including the discount rate and forecasted profitability.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">The acquisition-related costs for the three months ended April 30, 2012 were $73,000 and were recorded to selling, general and administrative expense. Amortization of the goodwill and other intangibles on this transaction is not tax deductible. The Company's consolidated statements of operations include Garwood's results of operations for the period from April 17, 2012, the acquisition date, to April 30, 2012.</div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"></div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;">The fair values of the acquired assets have not been finalized pending further information that may impact the valuation of certain assets or liabilities. The Company has preliminarily estimated fair value at the date of acquisition of the acquired tangible and intangible assets and liabilities of Garwood as follows:</div><div style="text-align: justify; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 36pt; font-size: 10pt; margin-right: 0pt;"> </div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"></div><div style="text-align: left; text-indent: 0pt; margin-left: 36pt; margin-right: 0pt;"><table cellpadding="0" cellspacing="0" style="width: 90%; font-family: times new roman; font-size: 10pt;"><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Cash paid</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">3,165,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Note payable</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">1,175,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Purchase price held back</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">750,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Working capital adjustment receivable</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">(198,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">)</td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="padding-bottom: 2px; width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Estimated fair value of earn-out</div></td><td align="left" valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">200,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Aggregate purchase price</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">5,092,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="width: 78%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Cash</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">49,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Account Recievable, net</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">593,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Property, plant and equipment</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">3,138,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Other assets</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">23,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Intangible assets</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">1,300,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Accounts payable</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">(157,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">)</td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Accrued expenses</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">(131,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">)</td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Deferred taxes</div></td><td align="left" valign="bottom" style="width: 1%; display: inline; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">(1,678,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">)</td></tr><tr bgcolor="white"><td valign="bottom" style="padding-bottom: 2px; width: 78%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;"></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="padding-bottom: 2px; width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Estimated fair value of assets and liabilities acquired</div></td><td align="left" valign="bottom" style="padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">3,137,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="padding-bottom: 4px; width: 78%;"><div style="text-align: left; text-indent: -9pt; display: block; font-family: times new roman; margin-left: 9pt; font-size: 10pt; margin-right: 0pt;">Goodwill</div></td><td align="left" valign="bottom" style="padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td><td valign="bottom" style="border-bottom: black 4px double; text-align: left; width: 1%; font-family: times new roman; font-size: 10pt;">$</td><td valign="bottom" style="border-bottom: black 4px double; text-align: right; width: 9%; font-family: times new roman; font-size: 10pt;">1,955,000</td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; font-family: times new roman; font-size: 10pt;"></td></tr></table></div><br /></div></div>

7825000

10708000

10889000

8129000

1677000

1672000

2047000

1260000

2165000

867000

7111000

872000

<div><div style="text-align: center;"><div style="text-align: center;"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: times new roman; font-size: 10pt;"><tr valign="top"><td style="width: 36pt;"><div style="text-indent: 0pt; font-family: times new roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">11.</div></td><td><div style="text-align: left; font-family: times new roman; font-size: 10pt;">Subsequent Events</div></td></tr></table></div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: justify; text-indent: 36pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">Subsequent events have been evaluated up to and including the date these financial statements were issued.</div></div></div>

false --01-31 2012-04-30 No No Yes Smaller Reporting Company NATIONAL TECHNICAL SYSTEMS INC /CA/ 0000110536 11335910 2013 Q1 10-Q 476000 0 Cash and cash equivalents at April 30, 2012 includes cash from discontinued operations of $18,000. Cash and cash equivalents at January 31, 2012 includes cash from discontinued operations of $15,000. Cash and cash equivalents at January 31, 2011 includes cash from discontinued operations of $376,000. Cash and cash equivalents at April 30, 2011 includes cash from discontinued operations of $464,000.

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Income Taxes

3 Months Ended

Apr. 30, 2012

Income Taxes [Abstract]

Income Taxes

2.	Income Taxes

The Company files income tax returns in the United States ("U.S.") on a federal basis and in many U.S. state and foreign jurisdictions. Certain tax years remain open to examination by the major taxing jurisdictions to which the Company is subject. The Company does not anticipate that its total unrecognized tax benefits or obligations will significantly change due to the settlement of examinations or the expiration of statutes of limitation during the next twelve months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-Paragraph 136, 172

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-Publisher FASB

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-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.

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Basis of Presentation

3 Months Ended

Apr. 30, 2012

Basis of Presentation [Abstract]

Basis of Presentation

1.	Basis of Presentation

The consolidated financial statements include the accounts of National Technical Systems, Inc. ("NTS" or the "Company") and its majority-owned or otherwise controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investments in equity interests on the consolidated balance sheets.

The statements presented as of April 30, 2012 and for the three months ended April 30, 2012 and 2011 are unaudited. In the opinion of management, these financial statements reflect all normal recurring and other adjustments necessary for a fair presentation, and to make the financial statements not misleading. These financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended January 31, 2012.

Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year or any other future periods.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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Consolidated Balance Sheets (unaudited) (USD $)

Apr. 30, 2012

Jan. 31, 2012

CURRENT ASSETS:

Cash and cash equivalents

$ 5,028,000

^[1]

$ 4,335,000

^[2]

Investments

2,841,000

3,318,000

Accounts receivable, less allowance for doubtful accounts of $758,000 at April 30, 2012 and $671,000 at January 31, 2012

40,331,000

34,775,000

Income taxes receivable, net

1,968,000

2,691,000

Inventories, net

3,559,000

4,247,000

Deferred income taxes

4,051,000

3,900,000

Prepaid expenses

2,817,000

2,964,000

Total current assets

60,595,000

56,230,000

Property, plant and equipment, at cost

142,269,000

137,131,000

Less: accumulated depreciation

(80,910,000)

(78,979,000)

Net property, plant and equipment

61,359,000

58,152,000

Goodwill

21,399,000

19,444,000

Intangible assets, net

17,783,000

16,986,000

Other assets

1,860,000

1,891,000

TOTAL ASSETS

162,996,000

152,703,000

CURRENT LIABILITIES:

Accounts payable

7,825,000

10,708,000

Accrued expenses

10,889,000

8,129,000

Deferred income

3,160,000

2,017,000

Current installments of long-term debt

4,626,000

4,478,000

Total current liabilities

26,500,000

25,332,000

Long-term debt, excluding current installments

50,583,000

45,710,000

Deferred income taxes

15,314,000

13,490,000

Deferred compensation

1,677,000

1,672,000

Other long-term liabilites

2,750,000

1,800,000

Commitments and contingencies

SHAREHOLDERS' EQUITY:

Preferred stock, no par value, 2,000,000 shares authorized; none issued

Common stock, no par value. Authorized, 20,000,000 shares; issued and outstanding, 11,323,000 as of April 30, 2012 and 11,306,000 as of January 31, 2012

28,784,000

28,654,000

Retained earnings

35,806,000

34,852,000

Accumulated other comprehensive loss

(67,000)

(188,000)

Total shareholders' equity

64,523,000

63,318,000

Noncontrolling interests

1,649,000

1,381,000

Total equity

66,172,000

64,699,000

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$ 162,996,000

$ 152,703,000

[1]	Cash and cash equivalents at April 30, 2012 includes cash from discontinued operations of $18,000.
[2]	Cash and cash equivalents at January 31, 2012 includes cash from discontinued operations of $15,000.

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Unaudited Consolidated Statements of Cash Flows (USD $)
3 Months Ended

Apr. 30, 2012

Apr. 30, 2011

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 1,222,000 $ 725,000

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 2,434,000 2,028,000

Amortization of debt issuance cost and debt discount 175,000 0

Allowance for doubtful accounts 87,000 67,000

Gain on investments (9,000) (96,000)

Deferred income taxes (4,000) (17,000)

Share based compensation 152,000 73,000

Changes in operating assets and liabilities (net of acquisitions):

Accounts receivable (4,853,000) (2,765,000)

Inventories 688,000 (311,000)

Prepaid expenses 47,000 (168,000)

Other assets 65,000 (905,000)

Income taxes receivable, net 723,000 (233,000)

Accounts payable (3,040,000) 50,000

Accrued expenses 1,371,000 261,000

Deferred income 1,143,000 1,406,000

Deferred compensation 5,000 78,000

Net cash provided by operating activities 206,000 193,000

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment (2,000,000) (1,385,000)

Investment in life insurance (1,000) 0

Cash surrender of insurance policy 476,000 0

Acquisition of Garwood Laboratories, net of cash aquired (3,116,000) 0

Investment in retirement funds 0 (187,000)

Net cash used in investing activities (4,641,000) (1,572,000)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from current and long-term debt 7,111,000 872,000

Repayments of current and long-term debt (2,165,000) (867,000)

Proceeds from stock options exercised 34,000 0

Tax benefit from restricted stock issuance and stock options exercised 27,000 28,000

Net cash provided by financing activities 5,007,000 33,000

Effect of exchange rate changes on cash 121,000 30,000

Net increase (decrease) in cash and cash equivalents 693,000 (1,316,000)

Beginning cash and cash equivalents balance 4,335,000 ^[1] 8,924,000 ^[2]

ENDING CASH AND CASH EQUIVALENTS BALANCE $ 5,028,000 ^[3] $ 7,608,000 ^[4]

[1] Cash and cash equivalents at January 31, 2012 includes cash from discontinued operations of $15,000.

[2] Cash and cash equivalents at January 31, 2011 includes cash from discontinued operations of $376,000.

[3] Cash and cash equivalents at April 30, 2012 includes cash from discontinued operations of $18,000.

[4] Cash and cash equivalents at April 30, 2011 includes cash from discontinued operations of $464,000.

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Unaudited Consolidated Statements of Cash Flows (Parenthetical) (USD $)

Apr. 30, 2012

Jan. 31, 2012

Apr. 30, 2011

Jan. 31, 2011

Unaudited Consolidated Statements of Cash Flows [Abstract]

Cash from discontinued operations $ 18,000 $ 15,000 $ 464,000 $ 376,000

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Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $)

Apr. 30, 2012

Jan. 31, 2012

CURRENT ASSETS:

Accounts receivable, less allowance for doubtful accounts $ 758,000 $ 671,000

SHAREHOLDERS' EQUITY:

Preferred stock, par value (in dollars per share) $ 0 $ 0

Preferred stock, shares authorized (in shares) 2,000,000 2,000,000

Preferred stock, shares issued (in shares) 0 0

Common stock, par value (in dollars per share) $ 0 $ 0

Common stock, shares authorized (in shares) 20,000,000 20,000,000

Common stock, shares issued (in shares) 11,323,000 11,306,000

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Acquisition of Garwood Laboratories
3 Months Ended

Apr. 30, 2012

Acquisition of Garwood Laboratories [Abstract]

Acquisition of Garwood Laboratories
10.
Acquisition of Garwood Laboratories

On April 17, 2012, The Company acquired all of the outstanding common stock of Garwood Laboratories, Inc. (Garwood), with testing facilities in Pico Rivera and San Clemente, CA. The acquisition expands NTS' customer relationships and market share in Southern California as well as the greater Western U.S. region. The aggregate purchase price was $5,092,000. Cash paid at closing was $3,165,000, and was funded by a draw down on the Company's acquisition line of credit under its senior credit facility. $750,000 of the purchase price was held back to secure Garwood's indemnification obligations under the purchase agreement and is payable 18 months after closing. $1,175,000 of the purchase price was paid in the form of a promissory note which is due and payable to the seller on or before April 17, 2013. In addition to the base purchase price, the Company agreed to pay an additional earn-out consideration up to a maximum amount of $450,000 (earn-out) if Garwood meets certain targets related to customer retention and revenues for the 24 months following the purchase date. A liability of $200,000 has been recorded as an estimated fair value or the earn-out liability at April 30, 2012. A working capital adjustment receivable has been recorded at a preliminary amount of $198,000.

The intangible assets acquired consist of customer relations of $1,100,000 which will be amortized over 10 years and a covenant not to compete of $200,000 which will be amortized over the 5-year life of the agreement. The valuation techniques that were used by the Company to determine the fair value of the assets acquired and liabilities assumed are a combination of the market approach, the income approach and the cost approach and therefore the fair value is based on level 3 inputs. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value based on current market expectations about those future amounts, including present value techniques, option-pricing models and the excess earnings method. The cost approach is based on the amount that would be required to replace the service capacity of an asset (replacement cost). The Company used significant assumptions in the valuation techniques used including the discount rate and forecasted profitability.

The acquisition-related costs for the three months ended April 30, 2012 were $73,000 and were recorded to selling, general and administrative expense. Amortization of the goodwill and other intangibles on this transaction is not tax deductible. The Company's consolidated statements of operations include Garwood's results of operations for the period from April 17, 2012, the acquisition date, to April 30, 2012.

The fair values of the acquired assets have not been finalized pending further information that may impact the valuation of certain assets or liabilities. The Company has preliminarily estimated fair value at the date of acquisition of the acquired tangible and intangible assets and liabilities of Garwood as follows:

Cash paid
$ 3,165,000
Note payable
1,175,000
Purchase price held back
750,000
Working capital adjustment receivable
(198,000 )
Estimated fair value of earn-out
200,000
Aggregate purchase price
$ 5,092,000
Cash
49,000
Account Recievable, net
593,000
Property, plant and equipment
3,138,000
Other assets
23,000
Intangible assets
1,300,000
Accounts payable
(157,000 )
Accrued expenses
(131,000 )
Deferred taxes
(1,678,000 )
Estimated fair value of assets and liabilities acquired
3,137,000
Goodwill
$ 1,955,000

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Document and Entity Information
3 Months Ended

Apr. 30, 2012

Jun. 11, 2012

Document and Entity Information [Abstract]

Entity Registrant Name NATIONAL TECHNICAL SYSTEMS INC /CA/

Entity Central Index Key 0000110536

Current Fiscal Year End Date --01-31

Entity Well-known Seasoned Issuer No

Entity Voluntary Filers No

Entity Current Reporting Status Yes

Entity Filer Category Smaller Reporting Company

Entity Common Stock, Shares Outstanding 11,335,910

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Noncontrolling Interests
3 Months Ended

Apr. 30, 2012

Noncontrolling Interests [Abstract]

Noncontrolling Interests
5.
Noncontrolling Interests

Noncontrolling interest in the Company's NQA, Inc. subsidiary is a result of 50% of the stock of NQA, Inc. being issued to Ascertiva Group Limited formerly NICEIC Group Limited. Profits and losses are allocated 50.1% to NTS, and 49.9% to Ascertiva Group Limited. The balance in noncontrolling interests as of January 31, 2012 was $1,381,000. Net income attributable to noncontrolling interests for the three months ended April 30, 2012 was $268,000, resulting in a noncontrolling interest balance of $1,649,000 as of April 30, 2012.

X

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The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

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Inventories
3 Months Ended

Apr. 30, 2012

Inventories [Abstract]

Inventories
4.
Inventories

Inventories consist of accumulated costs applicable to uncompleted contracts and are stated at actual cost which is not in excess of estimated net realizable value.

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Equity
3 Months Ended

Apr. 30, 2012

Equity [Abstract]

Equity
8.
Equity

Equity Incentive Plans

The Company has two employee incentive stock option plans: the "2002 stock option plan" and the "2006 equity incentive plan." The 2006 equity incentive plan replaced the 2002 stock option plan, which was terminated and no further options will be granted under the 2002 stock option plan.

A summary of our stock option activity under the 2002 stock option plan and 2006 equity incentive plan as of April 30, 2012 is as follows:

Shares
Weighted Avg.
Exercise Price
Weighted Avg.
Remaining Contract
Life in years
Aggregate Intrinsic
Value
Outstanding at January 31, 2012
484,050 $ 4.39 2.18 $ 438,000
Granted
- -
Exercised
(10,000 ) 1.35
Canceled, forfeited or expired
- -
Outstanding at April 30, 2012
474,050 $ 4.45 1.98 $ 498,000
Exercisable at April 30, 2012
474,050 $ 4.45 1.98 $ 498,000

There was no compensation expense related to stock options for the three months ended April 30, 2012 and 2011. As of April 30, 2012, there was no unamortized stock-based compensation expense related to unvested stock options, as the options are fully vested.

The Company's restricted shares, which were issued under the 2006 equity incentive plan, vest at 25% per year commencing with the first anniversary of the grant date. Compensation expense, representing the fair market value of the shares at the date of grant, net of assumptions regarding estimated future forfeitures, is charged to earnings over the vesting period. Compensation expense included in general and administrative expenses in the Company's consolidated statement of operations, relating to these grants was $69,000 for the three months ended April 30, 2012. As of April 30, 2012, 115,000 non-vested restricted shares were outstanding at a weighted average grant date value of $5.08. As of April 30, 2012, there was $429,000 of unamortized stock-based compensation cost related to these non-vested shares which is expected to be recognized over a remaining period of 41 months.

Shareholders Rights Plan

On September 21, 2010 our Board of Directors adopted a shareholders rights plan. Pursuant to the Shareholders Rights Agreement entered into in order to effect the rights plan, the Board of Directors declared a dividend distribution of one right for each outstanding share of common stock on the record date of October 1, 2010. The rights also attach to subsequently issued shares of common stock. Each right, when it becomes exercisable, entitles the registered holder to purchase from the Company one one-hundredth (1/100th) of a share of the Company's Series A Junior Participating Preferred Stock, no par value ("Preferred Stock"), at a per-share exercise price of $30.00 in cash, subject to adjustment. The rights will expire at the close of business on September 20, 2020, unless earlier redeemed or exchanged by the Company. The Board will review the rights plan at least once every year to determine whether any action by the Board is necessary or appropriate. This summary description of the shareholders rights plan does not purport to be complete and is qualified in its entirety by reference to the Shareholder Rights Agreement and the other documents referenced therein.

On September 12, 2011, the Company announced in a Current Report on Form 8-K that, unless the Rights Agreement has been previously terminated, the Board of Directors will submit the Shareholder Rights Agreement to the Company's shareholders for approval on or before September 20, 2012. Unless a Triggering Event shall have occurred before that date, the Board will take any action necessary to redeem all of the then outstanding Rights and effectively terminate the rights plan if the Shareholder Rights Agreement has not been ratified by a vote of the Company's shareholders by September 20, 2012.

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Earnings Per Share
3 Months Ended

Apr. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share
6.
Earnings Per Share

Basic earnings per share have been computed using the weighted average number of shares of common stock outstanding during the year. Basic earnings per share exclude any dilutive effects of options, warrants, non-vested restricted shares and convertible securities.

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Intangible Assets
3 Months Ended

Apr. 30, 2012

Intangible Assets [Abstract]

Intangible Assets
7.
Intangible Assets

The following table summarizes the Company's intangible assets as at April 30, 2012 and January 31, 2012:

April 30, 2012
January 31, 2012
Gross
Net
Estimated
Gross
Net
Estimated
Carrying
Accum.
Carrying
Useful
Carrying
Accum.
Carrying
Useful
Amount
Amort.
Amount
Life
Amount
Amort.
Amount
Life
Intangible assets subject to amortization:
Covenants not to compete
$ 990,000 $ 651,000 $ 339,000
3-5 years
$ 790,000 $ 615,000 $ 175,000
3 years
Customer relationships
20,647,000 4,193,000 16,454,000
3-15 years
19,547,000 3,757,000 15,790,000
3-15 years
Accreditations and certifications
20,000 18,000 2,000
5 years
20,000 17,000 3,000
5 years
Trademarks and tradenames
258,000 60,000 198,000
3-10 years
258,000 50,000 208,000
3-10 years
GSA Schedule
800,000 110,000 690,000
10 years
800,000 90,000 710,000
10 years
Total
$ 22,715,000 $ 5,032,000 $ 17,683,000 $ 21,415,000 $ 4,529,000 $ 16,886,000
Intangible assets not subject to amortization:
Goodwill
$ 21,399,000 $ 19,444,000
Trademarks and tradenames
100,000 100,000
Total
$ 21,499,000 $ 19,544,000

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The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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Fair Value Measurement
3 Months Ended

Apr. 30, 2012

Fair Value Measurement [Abstract]

Fair Value Measurement
9.
Fair Value Measurement

The accounting standard for fair value establishes a framework for measuring fair value and requires disclosures about fair value measurements by establishing a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Basis of Fair Value Measurement at Reporting Date Using

Level 1
Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2
Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or the liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3
Unobservable inputs reflecting the Company's own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

The following table summarizes the input levels that were used to determine the fair value of the Company's investment securities, contingent consideration obligations and embedded derivative at April 30, 2012:

Total
(Level 1)
(Level 2)
(Level 3)
SERP investment in mutual funds
$ 2,841,000 $ 2,841,000 $ - $ -
Liability on earn-out for MSI acquisition
(100,000 ) - - (100,000 )
Liability on earn-out for Ingenium acquisition
(400,000 ) - - (400,000 )
Liability on earn-out for LTI acquisition
(500,000 ) - - (500,000 )
Liability on earn-out for Garwood acquisition
(200,000 ) - - (200,000 )
Embedded derivative in Mill Road debt
(61,000 ) - - (61,000 )

The following inputs were used to determine the fair value of the Company's investment securities and contingent consideration obligation at January 31, 2012:

Total
(Level 1)
(Level 2)
(Level 3)
SERP investment in mutual funds
$ 3,318,000 $ 3,318,000 $ - $ -
Liability on earn-out for MSI acquisition
(100,000 ) - - (100,000 )
Liability on earn-out for Ingenium acquisition
(400,000 ) - - (400,000 )
Liability on earn-out for LTI acquisition
(500,000 ) - - (500,000 )
Embedded derivative in Mill Road debt
(61,000 ) - - (61,000 )

The fair value of the contingent earn-out consideration related to the MSI, Ingenium, LTI and Garwood acquisitions was estimated by applying the income approach. That measure is based on significant inputs not observable in the market, which are considered to be Level 3 inputs. Key assumptions in establishing the fair value of these liabilities include the discount rate and probability adjusted future revenues.

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Unaudited Consolidated Statements of Comprehensive Income (USD $)
3 Months Ended

Apr. 30, 2012

Apr. 30, 2011

Unaudited Consolidated Statements of Comprehensive Income [Abstract]

Net income $ 1,222,000 $ 725,000

Other comprehensive income, net of tax:

Foreign currency translation adjustment 121,000 30,000

Comprehensive income 1,343,000 755,000

Comprehensive income attributable to the non-controlling interest (268,000) (165,000)

Comprehensive income attributable to NTS $ 1,075,000 $ 590,000

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Comprehensive Income (Loss)
3 Months Ended

Apr. 30, 2012

Comprehensive Income (Loss) [Abstract]

Comprehensive Income (Loss)
3.
Comprehensive Income

In June 2011, the Financial Accounting Standards Board ("FASB") amended its guidance on the presentation of comprehensive income. Under the amended guidance, an entity has the option to present comprehensive income in either one continuous statement or two consecutive financial statements. A single statement must present the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income. In a two-statement approach, an entity must present the components of net income and total net income in the first statement. That statement must be immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income, and a total for comprehensive income. The option under the current guidance that permits the presentation of components of other comprehensive income as part of the statement of changes in stockholders' equity has been eliminated. The amendment became effective for the Company on February 1, 2012. This guidance did not have an impact on the Company's consolidated financial position, results of operations or cash flows as it is disclosure-only in nature.

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Unaudited Consolidated Statements of Cash Flows [Abstract]
Cash from discontinued operations	$ 18,000	$ 15,000	$ 464,000	$ 376,000

Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $)	Apr. 30, 2012	Jan. 31, 2012
CURRENT ASSETS:
Accounts receivable, less allowance for doubtful accounts	$ 758,000	$ 671,000
SHAREHOLDERS' EQUITY:
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	11,323,000	11,306,000
Common stock, shares outstanding (in shares)	11,323,000	11,306,000

Document and Entity Information	3 Months Ended
Document and Entity Information	Apr. 30, 2012	Jun. 11, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	NATIONAL TECHNICAL SYSTEMS INC /CA/
Entity Central Index Key	0000110536
Current Fiscal Year End Date	--01-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		11,335,910
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2012

Unaudited Consolidated Statements of Operations (USD $)	3 Months Ended
Unaudited Consolidated Statements of Operations (USD $)	Apr. 30, 2012	Apr. 30, 2011
Unaudited Consolidated Statements of Operations [Abstract]
Net revenues	$ 43,453,000	$ 37,078,000
Cost of sales	32,132,000	27,817,000
Gross profit	11,321,000	9,261,000
Selling, general and administrative expense	8,412,000	7,789,000
Equity loss (income) from non-consolidated subsidiary	13,000	(21,000)
Operating income	2,896,000	1,493,000
Other income (expense):
Interest expense, net	(877,000)	(291,000)
Other income, net	28,000	58,000
Total other income (expense), net	(849,000)	(233,000)
Income before income taxes and noncontrolling interests	2,047,000	1,260,000
Income taxes	833,000	526,000
Net income from continuing operations	1,214,000	734,000
Income (loss) from discontinued operations, net of tax	8,000	(9,000)
Net income	1,222,000	725,000
Net income attributable to noncontrolling interests	(268,000)	(165,000)
Net income attributable to NTS	954,000	560,000
Net income from continuing operations attributable to NTS	946,000	569,000
Net income (loss) from discontinued operations attributable to NTS	$ 8,000	$ (9,000)
Basic earnings attributable to NTS per common share:
Net income from continuing operations (in dollars per share)	$ 0.08	$ 0.06
Net income (loss) from discontinued operations (in dollars per share)	$ 0	$ 0
Net income attributable to NTS (in dollars per share)	$ 0.08	$ 0.06
Diluted earnings attributable to NTS per common share:
Net income from continuing operations (in dollars per share)	$ 0.08	$ 0.05
Net income (loss) from discontinued operations (in dollars per share)	$ 0	$ 0
Net income attributable to NTS (in dollars per share)	$ 0.08	$ 0.05
Weighted average common shares outstanding (in shares)	11,320,000	10,243,000
Dilutive effect of stock options, nonvested shares and warrants (in shares)	506,000	407,000
Weighted average common shares outstanding, assuming dilution (in shares)	11,826,000	10,650,000