Equity Income from Unconsolidated Subsidiaries

6 Months Ended

Jun. 30, 2013

Equity Method Investments And Joint Ventures [Abstract]

Equity Income from Unconsolidated Subsidiaries

3. EQUITY INCOME FROM UNCONSOLIDATED SUBSIDIARIES

Equity income from unconsolidated subsidiaries primarily reflects the Company’s ownership of 33.33% of the members’ equity of Louisiana TIMED Managers (“LTM”). LTM is a joint venture formed in September 2002 between G.E.C. Inc., Parsons Brinckerhoff Quade & Douglas, Inc. and The LPA Group Incorporated, a subsidiary of the Company, to manage a Louisiana Department of Transportation and Development transportation construction contract. Equity income from LTM for the three months ended June 30, 2013 and July 1, 2012 was $0.4 million and $1.3 million, respectively and $0.8 million and $1.5 million for the six months ended June 30, 2013 and July 1, 2012, respectively.

The following tables present summarized financial information for the Company’s unconsolidated subsidiary, LTM:

	For the three months ended				For the six months ended
(In millions)	June 30, 2013		July 1, 2012		June 30, 2013		July 1, 2012
Contract revenue earned	$	2.5	$	5.7	$	4.9	$	8.0
Gross profit		1.3		3.9		2.6		4.4
Net income		1.3		3.9		2.6		4.4
					As of
(In millions)					June 30, 2013		December 31, 2012
Total assets					$	2.3	$	5.9
Total liabilities						2.3		5.3

As of June 30, 2013 and December 31, 2012, the Company reported no receivables or unbilled revenues on contracts in progress from LTM for work performed by the Company as a subcontractor to LTM. Revenue from LTM pursuant to such subcontract agreement was $0.1 million and $0.2 million for the three months ended June 30, 2013 and July 1, 2012, respectively, and was $0.1 million and $0.3 million for the six months ended June 30, 2013 and July 1, 2012, respectively.