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Quarterly Financial Data (Unaudited) - (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Data [Abstract]  
Schedule of Quarterly Financial Information

 

 

 

Quarters

 

 

 

 

 

 

 

First (1)

 

 

Second

 

 

Third (1)

 

 

Fourth

 

 

Total

 

(amounts in thousands, except per-share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

85,850

 

 

$

83,486

 

 

$

78,065

 

 

$

77,492

 

 

$

324,893

 

Direct costs

 

 

71,305

 

 

 

67,574

 

 

 

64,193

 

 

 

62,639

 

 

 

265,711

 

Gross profit

 

 

14,545

 

 

 

15,912

 

 

 

13,872

 

 

 

14,853

 

 

 

59,182

 

Selling, general, and administrative expenses

 

 

13,467

 

 

 

14,026

 

 

 

14,567

 

 

 

13,140

 

 

 

55,200

 

Goodwill impairment charges

 

 

21,544

 

 

 

—

 

 

 

15,785

 

 

 

—

 

 

 

37,329

 

Operating income

 

 

(20,466

)

 

 

1,886

 

 

 

(16,480

)

 

 

1,713

 

 

 

(33,347

)

Interest and other income (expense), net

 

 

(62

)

 

 

(97

)

 

 

77

 

 

 

(107

)

 

 

(189

)

Income before income taxes

 

 

(20,528

)

 

 

1,789

 

 

 

(16,403

)

 

 

1,606

 

 

 

(33,536

)

Provision for income taxes

 

 

329

 

 

 

530

 

 

 

(220

)

 

 

463

 

 

 

1,102

 

Net income

 

$

(20,857

)

 

$

1,259

 

 

$

(16,183

)

 

$

1,143

 

 

$

(34,638

)

Basic net income per share

 

$

(1.34

)

 

$

0.08

 

 

$

(1.03

)

 

$

0.07

 

 

$

(2.22

)

Diluted net income per share

 

$

(1.34

)

 

$

0.08

 

 

$

(1.03

)

 

$

0.07

 

 

$

(2.22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividend declared per share

 

$

0.06

 

 

$

0.06

 

 

$

0.06

 

 

$

—

 

 

$

0.18

 

 

(1)

The Company incurred goodwill impairment charges totaling $37.3 million during the 2016 first and third quarters.  These charges reduced basic and diluted earnings per share by $2.39. During the 2016 third quarter, the Company incurred severance charges included in selling, general and administrative expenses of approximately $1.5 million, or $1.0 million net of tax, or $0.06 basic and diluted net income per share, relating to severance for two of the Company’s former executives.

 

 

 

Quarters

 

 

 

 

 

 

 

First

 

 

Second (2)

 

 

Third

 

 

Fourth  (3)

 

 

Total

 

(amounts in thousands, except per-share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

97,477

 

 

$

94,744

 

 

$

93,055

 

 

$

84,202

 

 

$

369,478

 

Direct costs

 

 

80,172

 

 

 

79,143

 

 

 

75,587

 

 

 

67,416

 

 

 

302,318

 

Gross profit

 

 

17,305

 

 

 

15,601

 

 

 

17,468

 

 

 

16,786

 

 

 

67,160

 

Selling, general, and administrative expenses

 

 

15,092

 

 

 

14,485

 

 

 

13,901

 

 

 

13,045

 

 

 

56,523

 

Operating income

 

 

2,213

 

 

 

1,116

 

 

 

3,567

 

 

 

3,741

 

 

 

10,637

 

Interest and other income (expense), net

 

 

(10

)

 

 

(42

)

 

 

(24

)

 

 

168

 

 

 

92

 

Income before income taxes

 

 

2,203

 

 

 

1,074

 

 

 

3,543

 

 

 

3,909

 

 

 

10,729

 

Provision for income taxes

 

 

936

 

 

 

520

 

 

 

1,472

 

 

 

1,291

 

 

 

4,219

 

Net income

 

$

1,267

 

 

$

554

 

 

$

2,071

 

 

$

2,618

 

 

$

6,510

 

Basic net income per share

 

$

0.08

 

 

$

0.04

 

 

$

0.13

 

 

$

0.17

 

 

$

0.42

 

Diluted net income per share

 

$

0.08

 

 

$

0.03

 

 

$

0.13

 

 

$

0.16

 

 

$

0.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividend declared per share

 

$

0.06

 

 

$

0.06

 

 

$

0.06

 

 

$

0.06

 

 

$

0.24

 

 

(2)

Included in 2015 second quarter direct costs is approximately $1.1 million, or $0.6 million, net of tax, or $0.04 basic and diluted net income per share, relating to the disposal of one of the Company's capitalized software projects. Also included in the second quarter, primarily in direct costs and, in part, in selling, general and administrative expenses, is approximately $1.2 million, or $0.6 million, net of tax, or $0.04 basic and diluted net income per share, relating to severance charges in Europe.

(3)

Included in the fourth quarter, primarily in direct costs, is approximately $1.7 million from the reversal of costs accrued for fringe benefit expenses (primarily medical) resulting from a significant reduction in medical costs actually incurred in the 2015 fourth quarter as compared with the 2014 fourth quarter. Also included in interest and other income, net, is $0.2 million for a non-taxable life insurance gain for a former executive that passed away in the 2015 fourth quarter.