Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | 9 Months Ended | |
Sep. 07, 2013 | Sep. 07, 2013 | Oct. 15, 2013 | |
Document Information [Line Items] | |||
Entity Registrant Name | Heritage-Crystal Clean, Inc. | ||
Entity Central Index Key | 1403431 | ||
Current Fiscal Year End Date | -16 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | 7-Sep-13 | ||
Document Fiscal Year Focus | 2013 | ||
Document Fiscal Period Focus | Q3 | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 18,418,593 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 07, 2013 | Dec. 29, 2012 |
Current Assets: | ||
Cash and cash equivalents | $30,888,000 | $47,766,000 |
Accounts receivable - net | 32,006,000 | 23,338,000 |
Inventory - net | 27,979,000 | 27,231,000 |
Deferred income taxes | 158,000 | 759,000 |
Income tax receivables - current | 0 | 648,000 |
Other current assets | 4,908,000 | 2,821,000 |
Total Current Assets | 95,939,000 | 102,563,000 |
Property, plant and equipment - net | 78,791,000 | 72,246,000 |
Equipment at customers - net | 18,859,000 | 17,946,000 |
Software and intangible assets - net | 9,702,000 | 4,555,000 |
Goodwill | 7,754,000 | 1,801,000 |
Total Assets | 211,045,000 | 199,111,000 |
Current Liabilities: | ||
Accounts payable | 18,953,000 | 16,509,000 |
Accrued salaries, wages, and benefits | 4,020,000 | 2,544,000 |
Taxes payable | 1,481,000 | 1,066,000 |
Current maturities of long-term debt and term loan | 2,389,000 | 1,803,000 |
Other accrued expenses | 2,842,000 | 2,512,000 |
Total Current Liabilities | 29,685,000 | 24,434,000 |
Term loan, less current maturities | 18,250,000 | 18,250,000 |
Long-term debt, less current maturities | 850,000 | 828,000 |
Contingent consideration, less current portion | 185,000 | 451,000 |
Deferred income taxes | 6,430,000 | 5,757,000 |
Total Liabilities | 55,400,000 | 49,720,000 |
STOCKHOLDERS' EQUITY: | ||
Total Heritage-Crystal Clean, Inc. Stockholders' Equity | 154,739,000 | 149,391,000 |
Noncontrolling Interest | 906,000 | 0 |
Total Equity | 155,645,000 | 149,391,000 |
Total Liabilities and Stockholders' Equity | 211,045,000 | 199,111,000 |
Additional Paid-in Capital [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Additional paid-in capital | 145,059,000 | 141,612,000 |
Retained Earnings [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Retained earnings | 9,497,000 | 7,598,000 |
Common Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common stock - 22,000,000 shares authorized at $0.01 par value, 18,312,211 and 18,068,852 shares issued and outstanding at September 7, 2013 and December 29, 2012, respectively | $183,000 | $181,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (USD $) | Mar. 23, 2013 | Dec. 29, 2012 |
Common stock, shares authorized | 22,000,000 | 22,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 18,152,691 | 18,068,852 |
Common stock, shares outstanding | 18,152,691 | 18,068,852 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 07, 2013 |
Product Revenues | $87,766 |
Service Revenues | 103,394 |
Total revenues | 191,160 |
Operating expenses - | |
Operating Costs | 160,185 |
Selling, general, and administrative expenses | 20,691 |
Depreciation and amortization | 6,246 |
Other expense (income) - net | 231 |
Operating income | 3,807 |
Income before income taxes | 3,497 |
Provision for income taxes | 1,526 |
Net income | 1,971 |
Income attributable to noncontrolling interest | 72 |
Net Income Attributable to Parent | 1,899 |
Net income per share: basic | $0.10 |
Net income per share: diluted | $0.10 |
Number of weighted average shares outstanding: basic | 18,174 |
Number of weighted average shares outstanding: diluted | 18,494 |
Unallocated Amount to Segment [Member] | |
Operating expenses - | |
Selling, general, and administrative expenses | 20,691 |
Other expense (income) - net | -231 |
Interest expense – net | 310 |
Retained Earnings [Member] | |
Operating expenses - | |
Net Income Attributable to Parent | $1,899 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 07, 2013 | Sep. 07, 2013 | Dec. 29, 2012 |
Shares | 18,312,211 | 18,312,211 | 18,068,852 |
Total Heritage-Crystal Clean, Inc. Stockholders' Equity | $154,739 | $154,739 | $149,391 |
Noncontrolling Interest | 906 | 906 | 0 |
Total Equity | 155,645 | 155,645 | 149,391 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Mirachem Acquisition | 834 | ||
Income attributable to noncontrolling interest | 26 | 72 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,334 | 1,971 | |
Issuance of common stock - acquisitions | 151,322 | ||
Issuance of common stock - acquisitions | 2,230 | ||
Issuance of common stock - ESPP | 23,521 | 23,521 | |
Issuance of common stock - ESPP | 335 | ||
Proceeds from Issuance of Common Stock | 335 | ||
Exercise of stock options | 7,192 | ||
Exercise of stock options | 76 | ||
Share-based compensation | 61,324 | ||
Share-based compensation | 808 | ||
Common Stock [Member] | |||
Par Value Common | 183 | 183 | 181 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Issuance of common stock - acquisitions | 1 | ||
Share-based compensation | 1 | ||
Additional Paid-in Capital [Member] | |||
Additional Paid-in Capital | 145,059 | 145,059 | 141,612 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Issuance of common stock - acquisitions | 2,229 | ||
Issuance of common stock - ESPP | 335 | ||
Exercise of stock options | 76 | ||
Share-based compensation | 807 | ||
Retained Earnings [Member] | |||
Retained earnings | 9,497 | 9,497 | 7,598 |
Parent [Member] | |||
Total Heritage-Crystal Clean, Inc. Stockholders' Equity | 154,739 | 154,739 | 149,391 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net income attributable to Heritage-Crystal Clean, Inc. common shareholders | 1,899 | ||
Issuance of common stock - acquisitions | 2,230 | ||
Exercise of stock options | 76 | ||
Share-based compensation | 808 | ||
Noncontrolling Interest [Member] | |||
Noncontrolling Interest | 906 | 906 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Mirachem Acquisition | $834 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 07, 2013 | Sep. 08, 2012 |
Cash flows from Operating Activities: | ||
Net income | $1,971 | $2,523 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,246 | 5,587 |
Bad debt provision | 446 | 694 |
Share-based Compensation | 808 | 763 |
Deferred taxes | 1,274 | 781 |
Other, net | 33 | 51 |
Changes in operating assets and liabilities: | ||
Increase in accounts receivable | -8,547 | -12,691 |
Decrease in income tax receivables | 648 | 1,120 |
Decrease (increase) in inventory | 36 | -5,155 |
Increase in other current assets | -2,087 | -1,454 |
Increase in accounts payable | 1,439 | 3,883 |
Increases (decrease) in accrued expenses | 2,375 | -152 |
Cash provided by (used in) operating activities | 4,642 | -4,050 |
Cash flows from Investing Activities: | ||
Capital expenditures | -10,625 | -18,518 |
Business acquisitions, net of cash acquired | -10,195 | 0 |
Cash used in investing activities | -20,820 | -18,518 |
Cash flows from Financing Activities: | ||
Proceeds from Term Loan | 750 | 0 |
Payments on Term Loan | -750 | -250 |
Payments of notes payable | -688 | -415 |
Payments of Contingent Consideration | -423 | 0 |
Stock Issued During Period, Value, Employee Stock Purchase Plan | 335 | |
Proceeds from Issuance of Common Stock | 335 | 65,843 |
Proceeds from Stock Options Exercised | 76 | 1,583 |
Borrowings under revolving credit facility | 0 | 28,180 |
Payments on revolving credit facility | 0 | -28,180 |
Cash (used in) provided by financing activities | -700 | 66,761 |
Net (decrease) increase in cash and cash equivalents | -16,878 | 44,193 |
Cash and cash equivalents, beginning of period | 47,766 | 2,186 |
Cash and cash equivalents, end of period | 30,888 | 46,379 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 218 | 519 |
Cash paid for interest, net of capitalized interest of $84 and $65 respectively | 354 | -230 |
Supplemental disclosure of non-cash information: | ||
Payables for construction in process | 466 | 1,497 |
Business acquisition, note issued | 1,235 | 0 |
Stock Issued During Period, Value, Acquisitions | 2,230 | 0 |
Equity Component [Domain] | ||
Supplemental disclosure of non-cash information: | ||
Stock Issued During Period, Value, Acquisitions | $2,230 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 07, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | ORGANIZATION AND NATURE OF OPERATIONS |
Heritage-Crystal Clean, Inc., a Delaware corporation and its subsidiaries (collectively the “Company”), provides parts cleaning and hazardous and non-hazardous waste services to small and mid-sized customers in both the manufacturing and vehicle service sectors. The Company's service programs include parts cleaning, containerized waste management, used oil collection, vacuum truck services, and waste antifreeze collection and recycling. The Company also owns and operates a used oil re-refinery through which it recycles used oil into high quality lubricant base oil and byproducts. The Company also sells recycled antifreeze products. The Company's locations are in the United States. The Company conducts its primary business operations through Heritage-Crystal Clean, LLC, its wholly owned subsidiary, and all intercompany balances have been eliminated in consolidation. | |
The Company’s fiscal year ends on the Saturday closest to December 31. The most recent fiscal year ended on December 29, 2012. Each of the Company's first three fiscal quarters consists of twelve weeks while the last fiscal quarter consists of sixteen or seventeen weeks. | |
In the Company's Environmental Services segment, product revenues include sales of solvent, machines, antifreeze, and accessories to customers; and service revenues include drum waste removal services, servicing of parts cleaning machines, vacuum truck services, and other services. In the Company's Oil Business segment, product revenues include sales of re-refined base oil, byproducts, and used oil; and service revenues include revenues from collecting and disposing of waste water. Due to the Company's integrated business model, it is impracticable to separately present costs of tangible products and costs of services. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||
Sep. 07, 2013 | |||||||||||||
Accounting Policies Abstract [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires the use of certain estimates by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting period. Significant items subject to such estimates and assumptions are the allowance for doubtful accounts receivable, valuation of inventory at lower of cost or market, valuation of goodwill and other intangible assets, and income taxes. Actual results could differ from those estimates. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company derives its revenues primarily from the services it performs and from the sale of processed oil from its used oil re-refinery. Parts cleaning and other service revenues are recognized as the service is performed. Product revenues are recognized at the time risk of loss passes to the customer. The risk of loss passes to customers at various times depending on the particular terms of the sales contract in force with each individual customer. Common thresholds for when risk of loss passes to the customer are at the time that product is loaded onto the shipping vessel or at the time that product is offloaded at the customer’s receiving location. Revenues are recognized only if collection of the relevant receivable is probable, persuasive evidence of an arrangement exists, and the sales price is fixed or determinable. | |||||||||||||
Operating Costs | |||||||||||||
Within operating costs are cost of sales. Cost of sales in the Environmental Services segment includes the costs of the materials the Company sells and provides in its services, such as solvents and other chemicals, cleaning machines sold to customers, transportation of inventory and waste, and payments to third parties to recycle or dispose of the waste materials that the Company collects. The Company’s used solvent that it retrieves from customers in its product reuse program is accounted for as a reduction in net cost of solvent under cost of sales, whether placed in inventory or sold to a purchaser for reuse. If the used solvent is placed in inventory it is recorded at lower of cost or net realizable value. Cost of sales in the Oil Business include the costs paid to customers for used oil, transportation out to customers, and costs to operate the used oil re-refinery, including personnel costs and utilities. | |||||||||||||
Operating costs also include the Company's costs of operating its branch system and hubs. These costs include personnel costs (including commissions), facility rent and utilities, truck leases, fuel, transportation, and maintenance. Operating costs are not presented separately for products and services. | |||||||||||||
Acquisitions | |||||||||||||
The Company accounts for acquired businesses using the purchase method of accounting, which requires that the assets acquired, liabilities assumed, and contingent consideration be recorded at the date of acquisition at their respective fair values. It further requires that acquisition-related costs be recognized separately from the acquisition and expensed as incurred and restructuring costs to be expensed in periods subsequent to the acquisition date. The Company records a preliminary purchase price allocation for its acquisitions and finalizes purchase price allocations as additional information relative to the fair values of the assets acquired becomes known. | |||||||||||||
Identifiable Intangible Assets | |||||||||||||
The fair value of identifiable intangible assets is based on significant judgments made by management. The Company may engage third party valuation appraisal firms to assist the Company in determining the fair values and useful lives of the assets acquired. Such valuations and useful life determinations require the Company to make significant estimates and assumptions. These estimates and assumptions are based on historical experience and information obtained from the management of the acquired companies and also include, but are not limited to, future expected cash flows to be earned from the continued operation of the acquired business and discount rates applied in determining the present value of those cash flows. Unanticipated events and circumstances may occur that could affect the accuracy or validity of such assumptions, estimates, or actual results. Acquisition-related finite lived intangible assets are amortized on a straight-line basis over their estimated economic lives. The Company evaluates the estimated benefit periods and recoverability of its intangible assets when facts and circumstances indicate that the lives may not be appropriate and/or the carrying value of the asset may not be recoverable. If the carrying value is not recoverable, impairment is measured as the amount by which the carrying value exceeds its estimated fair value. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. | |||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, notes payable, contingent consideration, and term debt. As of September 7, 2013 and December 29, 2012, the carrying values of cash and cash equivalents, trade receivables, trade payables, notes payable, and contingent consideration, are considered to be representative of their respective fair values due to the short maturity of these instruments. Term debt is representative of its fair value due to the interest rates being applied. | |||||||||||||
Goodwill | |||||||||||||
Goodwill is measured as a residual amount as of the acquisition date, which in most cases results in measuring goodwill as an excess of the purchase consideration transferred plus the fair value of any noncontrolling interest in the acquiree over the fair value of the net assets acquired, including any contingent consideration. The Company tests goodwill for impairment annually in the fourth quarter and in interim periods if changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. The Company's determination of fair value requires certain assumptions and estimates, such as margin expectations, growth expectations, expected changes in working capital, etc., regarding future profitability and cash flows of acquired businesses and market conditions. In the fourth quarter of fiscal 2012, the Company tested goodwill for impairment and determined goodwill not to be impaired. The Company intends to test goodwill for impairment in the fourth quarter of fiscal 2013. | |||||||||||||
The change in the carrying amount of goodwill by segment from December 29, 2012 to September 7, 2013 is as follows (in thousands): | |||||||||||||
Oil Business | Environmental Services | Total | |||||||||||
Balance at December 29, 2012 | $ | 1,801 | $ | — | $ | 1,801 | |||||||
Mirachem Acquisition | — | 809 | 809 | ||||||||||
RFTI Acquisition | — | 3,227 | 3,227 | ||||||||||
RTI Acquisition | — | 1,917 | 1,917 | ||||||||||
Balance at September 7, 2013 | $ | 1,801 | $ | 5,953 | $ | 7,754 | |||||||
Business_Combination
Business Combination | 9 Months Ended | ||||||||||||||||
Sep. 07, 2013 | |||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||
Business Combination Disclosure [Text Block] | BUSINESS COMBINATIONS | ||||||||||||||||
On December 31, 2012, the Company, through a new Delaware subsidiary, Mirachem, LLC, purchased substantially all of the operating assets of Mirachem Corporation. Since 2004, Mirachem Corporation had provided the Company with cleaning chemistry used in the Company's aqueous parts cleaning service. The Company made an initial payment of approximately $2.5 million in cash at the time of closing and provided a note payable for an additional $0.8 million over two years. | |||||||||||||||||
In a separate transaction, the Company acquired from a third party additional aqueous technologies in exchange for a 20% interest in Mirachem, LLC. The Company has an option to repurchase this 20% interest, and the holder of this 20% interest has a right to sell the interest to the Company after January 1, 2016, at a price based on the trailing EBITDA of Mirachem, LLC, subject to potential modifications. | |||||||||||||||||
The Company completed these transactions in order to secure the supply of its aqueous parts cleaning chemistry which, together with the Company's patented aqueous parts cleaning equipment, should provide the Company with a strong platform from which to compete in the aqueous parts cleaning market. | |||||||||||||||||
On June 26, 2013, the Company purchased substantially all of the operating assets of Recycling Fluid Technologies, Inc. (RFTI), which was based in Battle Creek, Michigan. RFTI 's business consisted of collecting waste antifreeze and recycling the waste antifreeze, producing a line of high quality antifreeze products which were sold for use in vehicle engine applications. The Company purchased RFTI for $4.9 million in cash and $1.2 million of the Company's common stock, or 82,000 shares. | |||||||||||||||||
On July 19, 2013, the Company purchased substantially all of the operating assets of Recycle Technologies, Inc. (RTI), which was based in Wood Dale, Illinois. RTI's business and operations were very similar to the business and operations of the former RFTI, which is described above. The Company purchased RTI for $2.9 million in cash at the time of closing, $0.4 million in the form of a note payable, and $1.0 million of the Company's common stock or 69,322 shares. | |||||||||||||||||
The acquisitions of RFTI and RTI provide the Company with a presence in the antifreeze recycling market. | |||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, net of cash acquired, related to the each acquisition (in thousands): | |||||||||||||||||
Mirachem | RFTI | RTI | |||||||||||||||
Accounts Receivable | $ | — | $ | 364 | $ | 203 | |||||||||||
Inventory | 476 | 188 | 121 | ||||||||||||||
Property, Plant, & Equipment | 218 | 1,283 | 793 | ||||||||||||||
Intangible Assets | 2,710 | 1,390 | 1,340 | ||||||||||||||
Goodwill | 809 | 3,227 | 1,917 | ||||||||||||||
Accounts Payable | (139 | ) | (91 | ) | — | ||||||||||||
Non-controlling interest | (834 | ) | — | — | |||||||||||||
Total purchase price, net of cash acquired | $ | 3,240 | $ | 6,361 | $ | 4,374 | |||||||||||
Less: common stock issued | — | (1,230 | ) | (1,000 | ) | ||||||||||||
Less: note issued | (835 | ) | — | (430 | ) | ||||||||||||
Less: working capital adjustment | — | (211 | ) | (74 | ) | ||||||||||||
Net cash paid | $ | 2,405 | $ | 4,920 | $ | 2,870 | |||||||||||
The Company is continuing to evaluate the purchase price allocations. Preliminary purchase price allocations are tentative and subject to revision as the Company finalizes appraisals and other analyses. Final determination of the fair values may result in further adjustments to the values presented above. The Company has consolidated the acquisitions into its financial statements as part of the Environmental Services segment. | |||||||||||||||||
Unaudited Pro Forma Financial Information | |||||||||||||||||
The pro forma financial information in the table below presents the combined results of the Company as if the Mirachem, RFTI, and RTI acquisitions had occurred January 1, 2012 (in thousands, except per share data). The pro forma information is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transactions been in effect for the periods presented. This pro forma information is not intended to represent or be indicative of actual results had the acquisition occurred as of the beginning of each period. Additionally, certain one-time transaction expenses that are a direct result of the acquisitions have been excluded from the quarter and first three quarters ended September 7, 2013 and September 8, 2012. | |||||||||||||||||
Third Quarter Ended, | First Three Quarters Ended, | ||||||||||||||||
September 7, 2013 | September 8, 2012 | September 7, 2013 | September 8, 2012 | ||||||||||||||
Total Revenues | $ | 67,944 | $ | 64,046 | $ | 194,070 | $ | 180,112 | |||||||||
Net Income | 1,371 | 1,062 | 2,146 | 2,743 | |||||||||||||
Income per Share | |||||||||||||||||
Basic | $ | 0.07 | $ | 0.06 | $ | 0.12 | $ | 0.17 | |||||||||
Diluted | 0.07 | 0.06 | 0.12 | 0.17 | |||||||||||||
Accounts_Receivable
Accounts Receivable | 9 Months Ended | |||||||
Sep. 07, 2013 | ||||||||
Accounts Receivable [Abstract] | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS RECEIVABLE | |||||||
Accounts receivable consisted of the following (in thousands): | ||||||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Trade | $ | 32,295 | $ | 24,026 | ||||
Less allowance for doubtful accounts | (1,338 | ) | (1,244 | ) | ||||
Trade - net | 30,957 | 22,782 | ||||||
Related parties | 792 | 410 | ||||||
Other | 257 | 146 | ||||||
Total accounts receivable - net | $ | 32,006 | $ | 23,338 | ||||
The following table provides the changes in the Company’s allowance for doubtful accounts for the first three quarters ended September 7, 2013 and the fiscal year ended December 29, 2012 (in thousands): | ||||||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Balance at beginning of period | $ | 1,244 | $ | 698 | ||||
Bad debt provision | 446 | 1,122 | ||||||
Accounts written off, net of recoveries | (352 | ) | (576 | ) | ||||
Balance at end of period | $ | 1,338 | $ | 1,244 | ||||
Inventory
Inventory | 9 Months Ended | |||||||
Sep. 07, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory | INVENTORY | |||||||
The carrying value of inventory consisted of the following (in thousands): | ||||||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Oil | $ | 13,534 | $ | 11,549 | ||||
Solvents | 8,561 | 10,076 | ||||||
Machines | 2,537 | 2,470 | ||||||
Drums | 1,808 | 1,859 | ||||||
Other | 1,736 | 1,518 | ||||||
Total inventory | 28,176 | 27,472 | ||||||
Less: Machine refurbishing reserve | (197 | ) | (241 | ) | ||||
Total inventory - net | $ | 27,979 | $ | 27,231 | ||||
Inventory consists primarily of used oil, processed oil, catalyst, new and used solvents, new and refurbished parts cleaning machines, drums, accessories, and absorbents. Inventories are valued at the lower of first-in, first-out (FIFO) cost or market, net of any reserves for excess, obsolete, or unsalable inventory. The Company continually monitors its inventory levels at each of its locations and evaluates inventories for excess or slow-moving items. If circumstances indicate the cost of inventories exceed their recoverable value, inventories are reduced to net realizable value. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||
Sep. 07, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | PROPERTY, PLANT, AND EQUIPMENT | |||||||
Property, plant, and equipment consisted of the following (in thousands): | ||||||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Buildings and storage tanks (a) | $ | 48,252 | $ | 45,813 | ||||
Machinery, vehicles, and equipment (a) | 30,967 | 30,040 | ||||||
Leasehold improvements (a) | 1,992 | 3,180 | ||||||
Land (a) | 835 | 414 | ||||||
Construction in progress | 11,631 | 4,658 | ||||||
Total property, plant and equipment | 93,677 | 84,105 | ||||||
Less accumulated depreciation | (14,886 | ) | (11,859 | ) | ||||
Property, plant and equipment - net | $ | 78,791 | $ | 72,246 | ||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Equipment at customers | $ | 45,404 | $ | 41,884 | ||||
Less accumulated depreciation | (26,545 | ) | (23,938 | ) | ||||
Equipment at customers - net | $ | 18,859 | $ | 17,946 | ||||
_______________ | ||||||||
(a) Fiscal 2013 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. |
Intangible_Assets_Notes
Intangible Assets (Notes) | 9 Months Ended | |||||||||||||||||||||||
Sep. 07, 2013 | ||||||||||||||||||||||||
Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | SOFTWARE AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||
Following is a summary of software and other intangible assets (in thousands): | ||||||||||||||||||||||||
September 7, 2013 | December 29, 2012 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Customer relationships(a) | $ | 5,379 | $ | 484 | $ | 4,895 | $ | 1,729 | $ | 274 | $ | 1,455 | ||||||||||||
Software | 4,457 | 2,749 | 1,708 | 4,296 | 2,635 | 1,661 | ||||||||||||||||||
Patents, formulae, and licenses(a) | 1,822 | 331 | 1,491 | 1,059 | 262 | 797 | ||||||||||||||||||
Non-compete agreements(a) | 1,297 | 622 | 675 | 777 | 510 | 267 | ||||||||||||||||||
Other (a) | 1,132 | 199 | 933 | 539 | 164 | 375 | ||||||||||||||||||
Total software and intangible assets | $ | 14,087 | $ | 4,385 | $ | 9,702 | $ | 8,400 | $ | 3,845 | $ | 4,555 | ||||||||||||
_______________ | ||||||||||||||||||||||||
(a) Fiscal 2013 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. | ||||||||||||||||||||||||
Amortization expense was $0.2 million for the third quarter ended September 7, 2013 and $0.2 million for third quarter ended September 8, 2012. Amortization expense was $0.6 million for the first three quarters ended September 7, 2013 and $0.5 million for the first three quarters ended September 8, 2012. The weighted average useful lives of software; customer relationships; patents, formulae, and licenses; non-compete agreements, and other intangibles were 10 years, 14 years, 15 years, 5 years, and 8 years, respectively. | ||||||||||||||||||||||||
The expected amortization expense for the remainder of fiscal 2013 and for fiscal years 2014, 2015, 2016, and 2017 is $0.3 million, $1.0 million, $0.9 million, $0.9 million, and $0.8 million, respectively. The preceding expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, disposal of intangible assets, accelerated amortization of intangible assets, and other events. |
Accounts_Payable
Accounts Payable | 9 Months Ended | |||||||
Sep. 07, 2013 | ||||||||
Accounts Payable Disclosure [Abstract] | ||||||||
Accounts Payable | ACCOUNTS PAYABLE | |||||||
Accounts payable consisted of the following (in thousands): | ||||||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Accounts payable | $ | 18,667 | $ | 16,202 | ||||
Accounts payable - related parties | 286 | 307 | ||||||
Total accounts payable | $ | 18,953 | $ | 16,509 | ||||
Debt_And_Financing_Arrangement
Debt And Financing Arrangements | 9 Months Ended |
Sep. 07, 2013 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | DEBT AND FINANCING ARRANGEMENTS |
Bank Credit Facility | |
On February 5, 2013, the Company entered into an Amended and Restated Credit Agreement ("Credit Agreement") that allows for up to $40.0 million in borrowings. As of both September 7, 2013 and December 29, 2012, the Company's total borrowings were $19.5 million, under the term loan which has a maturity date of February 5, 2018. The remaining portion of the credit facility is a revolving loan which expires on February 5, 2018. There were no amounts outstanding under the revolver at September 7, 2013 and December 29, 2012. | |
During the third quarter and first three quarters of fiscal 2013, the Company recorded interest of $0.1 million and $0.3 million on the term loan, respectively. The Company capitalized less than $0.1 million for various capital projects during the first three quarters of fiscal 2013. During the first three quarters of fiscal 2012, the Company recorded interest of $0.4 million on both the term loan and revolving credit facility, of which less than $0.1 million was capitalized for various capital projects. | |
The Company's weighted average interest rate as of September 7, 2013 and September 8, 2012 was 2.5% and 2.8%, respectively. The Company's effective interest rate as of September 7, 2013 and September 8, 2012 was 2.6% and 2.9%, respectively. | |
As of September 7, 2013 and December 29, 2012, the Company was in compliance with all covenants under the Credit Agreement. As of September 7, 2013, and December 29, 2012, the Company had $0.3 million of standby letters of credit issued, respectively, and $17.4 million and $19.7 million was available for borrowing under the bank credit facility, respectively. The actual amount available under the revolving loan portion of the Credit Agreement is limited by the Company's total leverage ratio. | |
Notes Payable | |
At September 7, 2013 and December 29, 2012, the Company had outstanding notes payable related to business acquisitions of $2.0 million and $1.4 million, respectively, of which $1.1 million and $0.6 million were recorded as current maturities. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||
Sep. 07, 2013 | ||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION | |||||||||||||||||
The Company reports in two segments: "Environmental Services" and "Oil Business." The Environmental Services segment consists of the Company's parts cleaning, containerized waste management, vacuum truck service, and antifreeze recycling activities. The Oil Business segment consists of the Company's used oil collection and used oil re-refining activities. | ||||||||||||||||||
No single customer in either segment accounted for more than 10.0% of consolidated revenues in any of the periods presented. There were no intersegment revenues. | ||||||||||||||||||
Operating segment results for the third quarters and first three quarters ended September 7, 2013, and September 8, 2012 were as follows (in thousands): | ||||||||||||||||||
Third Quarter Ended, | ||||||||||||||||||
September 7, 2013 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 3,498 | $ | 28,804 | $ | — | $ | 32,302 | ||||||||||
Service revenues | 33,176 | 2,125 | 35,301 | |||||||||||||||
Total revenues | $ | 36,674 | $ | 30,929 | $ | — | $ | 67,603 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 26,790 | 28,908 | — | 55,698 | ||||||||||||||
Operating depreciation and amortization | 1,160 | 790 | — | 1,950 | ||||||||||||||
Profit before corporate selling, general, and administrative expenses | $ | 8,724 | $ | 1,231 | $ | — | $ | 9,955 | ||||||||||
Selling, general, and administrative expenses | 7,051 | 7,051 | ||||||||||||||||
Depreciation and amortization from SG&A | 274 | 274 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 7,325 | $ | 7,325 | ||||||||||||||
Other expense - net | 138 | 138 | ||||||||||||||||
Operating Income | 2,492 | |||||||||||||||||
Interest expense – net | 97 | 97 | ||||||||||||||||
Income before income taxes | $ | 2,395 | ||||||||||||||||
Third Quarter Ended, | ||||||||||||||||||
September 8, 2012 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 2,638 | $ | 28,710 | $ | — | $ | 31,348 | ||||||||||
Service revenues | 29,501 | 1,217 | 30,718 | |||||||||||||||
Total revenues | $ | 32,139 | $ | 29,927 | $ | — | $ | 62,066 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 24,985 | 27,733 | — | 52,718 | ||||||||||||||
Operating depreciation and amortization | 1,084 | 665 | — | 1,749 | ||||||||||||||
Profit before corporate selling, general, and administrative expenses | $ | 6,070 | $ | 1,529 | $ | — | $ | 7,599 | ||||||||||
Selling, general, and administrative expenses | 5,575 | 5,575 | ||||||||||||||||
Depreciation and amortization from SG&A | 155 | 155 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 5,730 | $ | 5,730 | ||||||||||||||
Other income - net | — | — | ||||||||||||||||
Operating income | 1,869 | |||||||||||||||||
Interest expense – net | 112 | 112 | ||||||||||||||||
Income before income taxes | $ | 1,757 | ||||||||||||||||
First Three Quarters Ended, | ||||||||||||||||||
September 7, 2013 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 9,020 | $ | 78,746 | $ | — | $ | 87,766 | ||||||||||
Service revenues | 98,278 | 5,116 | 103,394 | |||||||||||||||
Total revenues | $ | 107,298 | $ | 83,862 | $ | — | $ | 191,160 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 77,129 | 83,056 | — | 160,185 | ||||||||||||||
Operating depreciation and amortization | 3,320 | 2,228 | — | 5,548 | ||||||||||||||
Profit (loss) before corporate selling, general, and administrative expenses | $ | 26,849 | $ | (1,422 | ) | $ | — | $ | 25,427 | |||||||||
Selling, general, and administrative expenses | 20,691 | 20,691 | ||||||||||||||||
Depreciation and amortization from SG&A | 698 | 698 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 21,389 | $ | 21,389 | ||||||||||||||
Other expense - net | 231 | 231 | ||||||||||||||||
Operating income | 3,807 | |||||||||||||||||
Interest expense – net | 310 | 310 | ||||||||||||||||
Income before income taxes | $ | 3,497 | ||||||||||||||||
First Three Quarters Ended, | ||||||||||||||||||
September 8, 2012 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 7,813 | $ | 76,692 | $ | — | $ | 84,505 | ||||||||||
Service revenues | 86,886 | 3,455 | 90,341 | |||||||||||||||
Total revenues | $ | 94,699 | $ | 80,147 | $ | — | $ | 174,846 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 73,053 | 73,910 | — | 146,963 | ||||||||||||||
Operating depreciation and amortization | 3,195 | 1,956 | — | 5,151 | ||||||||||||||
Profit before corporate selling, general, and administrative expenses | $ | 18,451 | $ | 4,281 | $ | — | $ | 22,732 | ||||||||||
Selling, general, and administrative expenses | 17,569 | 17,569 | ||||||||||||||||
Depreciation and amortization from SG&A | 436 | 436 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 18,005 | $ | 18,005 | ||||||||||||||
Other income - net | -3 | -3 | ||||||||||||||||
Operating income | 4,730 | |||||||||||||||||
Interest expense – net | 445 | 445 | ||||||||||||||||
Income before income taxes | $ | 4,285 | ||||||||||||||||
Total assets by segment as of September 7, 2013 and December 29, 2012 were as follows (in thousands): | ||||||||||||||||||
September 7, 2013 | December 29, 2012 | |||||||||||||||||
Total Assets: | ||||||||||||||||||
Environmental Services | $ | 75,212 | $ | 57,092 | ||||||||||||||
Oil Business | 98,277 | 87,222 | ||||||||||||||||
Unallocated Corporate Assets | 37,556 | 54,797 | ||||||||||||||||
Total | $ | 211,045 | $ | 199,111 | ||||||||||||||
Segment assets for the Environmental Services and Oil Business segments consist of property, plant, and equipment, intangible assets, accounts receivable, goodwill, and inventories. Assets for the corporate unallocated amounts consist of property, plant, and equipment used at the corporate headquarters, as well as cash and net deferred tax assets. Presentation has been adjusted as of December 29, 2012 to allocate accounts receivable to each segment, compared to previous presentation in which accounts receivable were listed as Unallocated Corporate Assets. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 07, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES |
The Company may enter into purchase obligations with certain vendors. They represent expected payments to third party service providers and other commitments entered into during the normal course of our business. These purchase obligations are generally cancelable with or without notice, without penalty, although certain vendor agreements provide for cancellation fees or penalties depending on the terms of the contract. | |
The Company has purchase obligations in the form of open purchase orders of $13.8 million as of September 7, 2013, primarily for used oil, solvent, machine purchases, disposal and transportation expenses, and capital expenditures. | |
The Company may be subject to investigations, claims or lawsuits as a result of operating its business, including matters governed by environmental laws and regulations. When claims are asserted, the Company evaluates the likelihood that a loss will occur and records a liability for those instances when the likelihood is deemed probable and the exposure is reasonably estimable. The Company carries insurance at levels it believes are adequate to cover loss contingencies based on historical claims activity. When the potential loss exposure is limited to the insurance deductible and the likelihood of loss is determined to be probable, the Company accrues for the amount of the required deductible, unless a lower amount of exposure is estimated. As of September 7, 2013 and December 29, 2012, the Company had accrued $0.3 million and $0.2 million related to loss contingencies, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 07, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES |
In fiscal 2011, as a result of temporary differences related to the tax treatment of the federal bonus depreciation, the Company recorded a gross Net Operating Loss ("NOL") of $44.7 million, which will expire in 2031. The balance remaining on the NOL as of September 7, 2013 was $44.1 million. As of September 7, 2013, the remaining deferred tax asset related to the Company's state and federal NOL was a tax effected balance of $16.3 million. | |
The Company recognizes windfall tax benefits associated with the exercise of stock options directly to stockholders' equity only when realized. Consequently, deferred tax assets are not recognized for NOLs resulting from windfall tax benefits. At September 7, 2013, deferred tax assets do not include $0.8 million of excess tax benefits from share-based compensation. | |
The Company's effective tax rate for the third quarter of fiscal 2013 was 44.3% compared to 41.1% in the third quarter of fiscal 2012. The Company's effective tax rate for the first three quarters of fiscal 2013 was 43.6% compared to 41.1% in the first three quarters of fiscal 2012. The rate increase is attributed to a higher projected state income tax rate, as well as permanent book to tax differences having a greater effect on the rate in fiscal 2013 than in the same period in fiscal 2012. | |
The Company establishes reserves when it is more likely than not that the Company will not realize the full tax benefit of a position. The Company had a reserve of $0.2 million for uncertain tax positions as of September 7, 2013 and December 29, 2012, respectively. The gross unrecognized tax benefits would, if recognized, decrease the Company's effective tax rate. |
Sharebased_Compensation
Share-based Compensation | 9 Months Ended | |||||||||||||
Sep. 07, 2013 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | SHARE-BASED COMPENSATION | |||||||||||||
The aggregate number of shares of common stock which may be issued under the Company’s 2008 Omnibus Plan ("Plan") is 1,902,077 plus any common stock that becomes available for issuance pursuant to the reusage provision of the Plan. As of September 7, 2013, the number of shares available for issuance under the Plan was 777,741 shares. | ||||||||||||||
Stock Option Awards | ||||||||||||||
A summary of stock option activity under this Plan is as follows: | ||||||||||||||
Outstanding Stock Options | Number of | Weighted Average | Weighted Average | Aggregate | ||||||||||
Options | Exercise Price | Remaining | Intrinsic Value as of Date Listed | |||||||||||
Outstanding | Contractual Term | (in thousands) | ||||||||||||
(in years) | ||||||||||||||
Options outstanding at December 29, 2012 | 629,048 | $ | 10.76 | 5.4 | $ | 2,607 | ||||||||
Exercised | (7,192 | ) | 10.59 | |||||||||||
Options outstanding at September 7, 2013 | 621,856 | $ | 10.76 | 4.72 | $ | 2,757 | ||||||||
Nonvested Stock Options | Number of Options | Weighted Average Grant-Date Fair Value Per Option | ||||||||||||
Nonvested stock options at December 29, 2012 | 39,403 | $ | 3.24 | |||||||||||
Less: Shares vested during period | (39,403 | ) | 3.24 | |||||||||||
Nonvested stock options at September 7, 2013 | — | $ | — | |||||||||||
The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model. This fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. | ||||||||||||||
On March 25, 2013, stock options issued on March 25, 2009 became fully vested. These options had vested equally over four years beginning on the first anniversary following the grant date. In the first three quarters of both fiscal 2013 and 2012, less than $0.1 million was recorded as expense related to these stock options. | ||||||||||||||
Restricted Stock Compensation/Awards | ||||||||||||||
Annually, the Company grants restricted shares to its Board of Directors. The shares become fully vested one year from their grant date. The fair value of each restricted stock grant is based on the closing price of the Company's stock on the date of grant. The Company amortizes the expense over the service period, which is the fiscal year in which the award is granted. On May 3, 2013, the Company granted 18,666 restricted shares for service in fiscal 2013. Expense related to the Board of Directors' restricted stock in the first three quarters of fiscal 2013 and 2012 was $0.2 million and $0.2 million, respectively. As of September 7, 2013, there was $0.1 million unrecognized expense associated with these awards, which will be recorded throughout fiscal 2013. The 11,493 shares that were granted to the Board in fiscal 2012 vested on May 4, 2013. | ||||||||||||||
In March 2011, the Company granted 92,909 restricted shares to certain members of management under the Company's 2010 Long Term Incentive Plan (LTIP). These restricted shares are subject to a graded vesting schedule over a three year period starting January 1, 2012. In October 2011, the Company granted 12,783 restricted shares based on the completion of the front part of the used oil re-refinery. As of September 7, 2013 and December 29, 2012, there was approximately $0.1 million and $0.4 million of unrecognized compensation expense related to these awards, respectively. The Company continues to record compensation expense through the vesting period of these awards. In the first three quarters of fiscal 2013 and 2012, the Company recorded expense of approximately $0.3 million and $0.2 million related to these awards, respectively. | ||||||||||||||
In February 2012, the Company granted 59,502 restricted shares to certain members of management under the Company's 2011 LTIP. These restricted shares are subject to a graded vesting schedule over a three year period starting January 1, 2013. There was approximately $0.4 million and $0.7 million of unrecognized compensation expense remaining related to these awards as of September 7, 2013 and December 29, 2012 respectively. In the first three quarters of fiscal 2013 and 2012, $0.2 million and $0.2 million of compensation expense was recorded related to these awards, respectively. | ||||||||||||||
On February 7, 2013, the Company granted 10,000 restricted shares to a member of management based on the performance of the individual in fiscal 2012 and having met certain goals. The restricted shares are subject to a graded vesting schedule over a three year period. Based on the relevant guidance, the Company determined that the service inception date was prior to the grant date, and therefore the Company began accruing compensation expense related to these awards in fiscal 2012. There was approximately $0.1 million of unrecognized compensation expense remaining related to this award as of September 7, 2013 and December 29, 2012. In each of the first three quarters of fiscal 2013 and 2012, less than $0.1 million and $0.1 million of compensation expense was recorded related to this award, respectively. | ||||||||||||||
In February 2013, as part of management's annual compensation for fiscal 2013, the Company approved a plan to grant certain members of management restricted shares in the future based on the Company's performance in fiscal 2013. Based on the relevant guidance, the Company determined that the service inception date for these awards was prior to the grant date and therefore began accruing compensation expense in fiscal 2013, based on the Company's assessment as to the probability that the performance criteria would be achieved. As such, there was approximately $1.5 million in unrecognized compensation expense remaining related to these awards as of September 7, 2013. In the first three quarters of fiscal 2013, $0.3 million of compensation expense was recorded related to these awards. | ||||||||||||||
The following table summarizes information about restricted stock awards for the period ended September 7, 2013: | ||||||||||||||
Restricted Stock (Nonvested Shares) | Number of Shares | Weighted Average Grant-Date Fair Value Per Share | ||||||||||||
Nonvested shares outstanding at December 29, 2012 | 141,269 | $ | 17.11 | |||||||||||
Granted | 28,666 | 15.26 | ||||||||||||
Vested | (69,782 | ) | 16.55 | |||||||||||
Nonvested shares outstanding at September 7, 2013 | 100,153 | $ | 16.97 | |||||||||||
Employee Stock Purchase Plan | ||||||||||||||
As of September 7, 2013, the Company had reserved 45,036 shares of common stock available for purchase under the Employee Stock Purchase Plan of 2008. In the first three quarters of fiscal 2013, employees purchased 23,521 shares of the Company’s common stock with a weighted average fair market value of $15.06 per share. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 07, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share [Text Block] | EARNINGS PER SHARE | |||||||||||||||
The following table reconciles the number of shares outstanding for the third quarters and first three quarters of fiscal 2013 and 2012, respectively, to the number of weighted average basic shares outstanding and the number of weighted average diluted shares outstanding for the purposes of calculating basic and diluted earnings per share (in thousands, except per share data): | ||||||||||||||||
Third Quarter Ended, | First Three Quarters Ended, | |||||||||||||||
September 7, 2013 | September 8, 2012 | September 7, 2013 | September 8, 2012 | |||||||||||||
Net income | $ | 1,334 | $ | 1,034 | $ | 1,971 | $ | 2,523 | ||||||||
Less: Income attributable to noncontrolling interest | 26 | — | 72 | — | ||||||||||||
Net income attributable to Heritage-Crystal Clean, Inc. available to common stockholders | $ | 1,308 | $ | 1,034 | $ | 1,899 | $ | 2,523 | ||||||||
Weighted average basic shares outstanding | 18,272 | 18,060 | 18,174 | 16,412 | ||||||||||||
Dilutive shares for share–based compensation plans | 313 | 352 | 320 | 371 | ||||||||||||
Weighted average diluted shares outstanding | 18,585 | 18,412 | 18,494 | 16,783 | ||||||||||||
Net income per share: basic | $ | 0.07 | $ | 0.06 | $ | 0.1 | $ | 0.15 | ||||||||
Net income per share: diluted | $ | 0.07 | $ | 0.06 | $ | 0.1 | $ | 0.15 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 07, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of financial statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires the use of certain estimates by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting period. Significant items subject to such estimates and assumptions are the allowance for doubtful accounts receivable, valuation of inventory at lower of cost or market, valuation of goodwill and other intangible assets, and income taxes. Actual results could differ from those estimates. | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
The Company derives its revenues primarily from the services it performs and from the sale of processed oil from its used oil re-refinery. Parts cleaning and other service revenues are recognized as the service is performed. Product revenues are recognized at the time risk of loss passes to the customer. The risk of loss passes to customers at various times depending on the particular terms of the sales contract in force with each individual customer. Common thresholds for when risk of loss passes to the customer are at the time that product is loaded onto the shipping vessel or at the time that product is offloaded at the customer’s receiving location. Revenues are recognized only if collection of the relevant receivable is probable, persuasive evidence of an arrangement exists, and the sales price is fixed or determinable. | |
Cost of Sales, Policy [Policy Text Block] | Operating Costs |
Within operating costs are cost of sales. Cost of sales in the Environmental Services segment includes the costs of the materials the Company sells and provides in its services, such as solvents and other chemicals, cleaning machines sold to customers, transportation of inventory and waste, and payments to third parties to recycle or dispose of the waste materials that the Company collects. The Company’s used solvent that it retrieves from customers in its product reuse program is accounted for as a reduction in net cost of solvent under cost of sales, whether placed in inventory or sold to a purchaser for reuse. If the used solvent is placed in inventory it is recorded at lower of cost or net realizable value. Cost of sales in the Oil Business include the costs paid to customers for used oil, transportation out to customers, and costs to operate the used oil re-refinery, including personnel costs and utilities. | |
Operating costs also include the Company's costs of operating its branch system and hubs. These costs include personnel costs (including commissions), facility rent and utilities, truck leases, fuel, transportation, and maintenance. Operating costs are not presented separately for products and services. | |
Business Combinations Policy [Policy Text Block] | Acquisitions |
The Company accounts for acquired businesses using the purchase method of accounting, which requires that the assets acquired, liabilities assumed, and contingent consideration be recorded at the date of acquisition at their respective fair values. It further requires that acquisition-related costs be recognized separately from the acquisition and expensed as incurred and restructuring costs to be expensed in periods subsequent to the acquisition date. The Company records a preliminary purchase price allocation for its acquisitions and finalizes purchase price allocations as additional information relative to the fair values of the assets acquired becomes known. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Identifiable Intangible Assets |
The fair value of identifiable intangible assets is based on significant judgments made by management. The Company may engage third party valuation appraisal firms to assist the Company in determining the fair values and useful lives of the assets acquired. Such valuations and useful life determinations require the Company to make significant estimates and assumptions. These estimates and assumptions are based on historical experience and information obtained from the management of the acquired companies and also include, but are not limited to, future expected cash flows to be earned from the continued operation of the acquired business and discount rates applied in determining the present value of those cash flows. Unanticipated events and circumstances may occur that could affect the accuracy or validity of such assumptions, estimates, or actual results. Acquisition-related finite lived intangible assets are amortized on a straight-line basis over their estimated economic lives. The Company evaluates the estimated benefit periods and recoverability of its intangible assets when facts and circumstances indicate that the lives may not be appropriate and/or the carrying value of the asset may not be recoverable. If the carrying value is not recoverable, impairment is measured as the amount by which the carrying value exceeds its estimated fair value. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. | |
The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, notes payable, contingent consideration, and term debt. As of September 7, 2013 and December 29, 2012, the carrying values of cash and cash equivalents, trade receivables, trade payables, notes payable, and contingent consideration, are considered to be representative of their respective fair values due to the short maturity of these instruments. Term debt is representative of its fair value due to the interest rates being applied. | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill |
Goodwill is measured as a residual amount as of the acquisition date, which in most cases results in measuring goodwill as an excess of the purchase consideration transferred plus the fair value of any noncontrolling interest in the acquiree over the fair value of the net assets acquired, including any contingent consideration. The Company tests goodwill for impairment annually in the fourth quarter and in interim periods if changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. The Company's determination of fair value requires certain assumptions and estimates, such as margin expectations, growth expectations, expected changes in working capital, etc., regarding future profitability and cash flows of acquired businesses and market conditions. In the fourth quarter of fiscal 2012, the Company tested goodwill for impairment and determined goodwill not to be impaired. The Company intends to test goodwill for impairment in the fourth quarter of fiscal 2013. | |
Fiscal Period, Policy [Policy Text Block] | The Company’s fiscal year ends on the Saturday closest to December 31. The most recent fiscal year ended on December 29, 2012. Each of the Company's first three fiscal quarters consists of twelve weeks while the last fiscal quarter consists of sixteen or seventeen weeks. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||
Sep. 07, 2013 | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||||||||||||
Schedule of Goodwill [Table Text Block] | The change in the carrying amount of goodwill by segment from December 29, 2012 to September 7, 2013 is as follows (in thousands): | ||||||||||||
Oil Business | Environmental Services | Total | |||||||||||
Balance at December 29, 2012 | $ | 1,801 | $ | — | $ | 1,801 | |||||||
Mirachem Acquisition | — | 809 | 809 | ||||||||||
RFTI Acquisition | — | 3,227 | 3,227 | ||||||||||
RTI Acquisition | — | 1,917 | 1,917 | ||||||||||
Balance at September 7, 2013 | $ | 1,801 | $ | 5,953 | $ | 7,754 | |||||||
Business_Combination_Tables
Business Combination (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 07, 2013 | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, net of cash acquired, related to the each acquisition (in thousands): | ||||||||||||||||
Mirachem | RFTI | RTI | |||||||||||||||
Accounts Receivable | $ | — | $ | 364 | $ | 203 | |||||||||||
Inventory | 476 | 188 | 121 | ||||||||||||||
Property, Plant, & Equipment | 218 | 1,283 | 793 | ||||||||||||||
Intangible Assets | 2,710 | 1,390 | 1,340 | ||||||||||||||
Goodwill | 809 | 3,227 | 1,917 | ||||||||||||||
Accounts Payable | (139 | ) | (91 | ) | — | ||||||||||||
Non-controlling interest | (834 | ) | — | — | |||||||||||||
Total purchase price, net of cash acquired | $ | 3,240 | $ | 6,361 | $ | 4,374 | |||||||||||
Less: common stock issued | — | (1,230 | ) | (1,000 | ) | ||||||||||||
Less: note issued | (835 | ) | — | (430 | ) | ||||||||||||
Less: working capital adjustment | — | (211 | ) | (74 | ) | ||||||||||||
Net cash paid | $ | 2,405 | $ | 4,920 | $ | 2,870 | |||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Unaudited Pro Forma Financial Information | ||||||||||||||||
The pro forma financial information in the table below presents the combined results of the Company as if the Mirachem, RFTI, and RTI acquisitions had occurred January 1, 2012 (in thousands, except per share data). The pro forma information is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transactions been in effect for the periods presented. This pro forma information is not intended to represent or be indicative of actual results had the acquisition occurred as of the beginning of each period. Additionally, certain one-time transaction expenses that are a direct result of the acquisitions have been excluded from the quarter and first three quarters ended September 7, 2013 and September 8, 2012. | |||||||||||||||||
Third Quarter Ended, | First Three Quarters Ended, | ||||||||||||||||
September 7, 2013 | September 8, 2012 | September 7, 2013 | September 8, 2012 | ||||||||||||||
Total Revenues | $ | 67,944 | $ | 64,046 | $ | 194,070 | $ | 180,112 | |||||||||
Net Income | 1,371 | 1,062 | 2,146 | 2,743 | |||||||||||||
Income per Share | |||||||||||||||||
Basic | $ | 0.07 | $ | 0.06 | $ | 0.12 | $ | 0.17 | |||||||||
Diluted | 0.07 | 0.06 | 0.12 | 0.17 | |||||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | |||||||
Sep. 07, 2013 | ||||||||
Accounts Receivable [Abstract] | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following (in thousands): | |||||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Trade | $ | 32,295 | $ | 24,026 | ||||
Less allowance for doubtful accounts | (1,338 | ) | (1,244 | ) | ||||
Trade - net | 30,957 | 22,782 | ||||||
Related parties | 792 | 410 | ||||||
Other | 257 | 146 | ||||||
Total accounts receivable - net | $ | 32,006 | $ | 23,338 | ||||
The following table provides the changes in the Company’s allowance for doubtful accounts for the first three quarters ended September 7, 2013 and the fiscal year ended December 29, 2012 (in thousands): | ||||||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Balance at beginning of period | $ | 1,244 | $ | 698 | ||||
Bad debt provision | 446 | 1,122 | ||||||
Accounts written off, net of recoveries | (352 | ) | (576 | ) | ||||
Balance at end of period | $ | 1,338 | $ | 1,244 | ||||
Inventory_Tables
Inventory (Tables) | 9 Months Ended | |||||||
Sep. 07, 2013 | ||||||||
INVENTORY [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | The carrying value of inventory consisted of the following (in thousands): | |||||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Oil | $ | 13,534 | $ | 11,549 | ||||
Solvents | 8,561 | 10,076 | ||||||
Machines | 2,537 | 2,470 | ||||||
Drums | 1,808 | 1,859 | ||||||
Other | 1,736 | 1,518 | ||||||
Total inventory | 28,176 | 27,472 | ||||||
Less: Machine refurbishing reserve | (197 | ) | (241 | ) | ||||
Total inventory - net | $ | 27,979 | $ | 27,231 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 07, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant, and equipment consisted of the following (in thousands): | |||||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Buildings and storage tanks (a) | $ | 48,252 | $ | 45,813 | ||||
Machinery, vehicles, and equipment (a) | 30,967 | 30,040 | ||||||
Leasehold improvements (a) | 1,992 | 3,180 | ||||||
Land (a) | 835 | 414 | ||||||
Construction in progress | 11,631 | 4,658 | ||||||
Total property, plant and equipment | 93,677 | 84,105 | ||||||
Less accumulated depreciation | (14,886 | ) | (11,859 | ) | ||||
Property, plant and equipment - net | $ | 78,791 | $ | 72,246 | ||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Equipment at customers | $ | 45,404 | $ | 41,884 | ||||
Less accumulated depreciation | (26,545 | ) | (23,938 | ) | ||||
Equipment at customers - net | $ | 18,859 | $ | 17,946 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 07, 2013 | ||||||||||||||||||||||||
Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Intangible Assets [Table Text Block] | Following is a summary of software and other intangible assets (in thousands): | |||||||||||||||||||||||
September 7, 2013 | December 29, 2012 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Customer relationships(a) | $ | 5,379 | $ | 484 | $ | 4,895 | $ | 1,729 | $ | 274 | $ | 1,455 | ||||||||||||
Software | 4,457 | 2,749 | 1,708 | 4,296 | 2,635 | 1,661 | ||||||||||||||||||
Patents, formulae, and licenses(a) | 1,822 | 331 | 1,491 | 1,059 | 262 | 797 | ||||||||||||||||||
Non-compete agreements(a) | 1,297 | 622 | 675 | 777 | 510 | 267 | ||||||||||||||||||
Other (a) | 1,132 | 199 | 933 | 539 | 164 | 375 | ||||||||||||||||||
Total software and intangible assets | $ | 14,087 | $ | 4,385 | $ | 9,702 | $ | 8,400 | $ | 3,845 | $ | 4,555 | ||||||||||||
_______________ | ||||||||||||||||||||||||
(a) Fiscal 2013 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. |
Accounts_Payable_Tables
Accounts Payable (Tables) | 9 Months Ended | |||||||
Sep. 07, 2013 | ||||||||
Accounts Payable, Current [Abstract] | ||||||||
Accounts Payable [Table Text Block] | Accounts payable consisted of the following (in thousands): | |||||||
September 7, | December 29, | |||||||
2013 | 2012 | |||||||
Accounts payable | $ | 18,667 | $ | 16,202 | ||||
Accounts payable - related parties | 286 | 307 | ||||||
Total accounts payable | $ | 18,953 | $ | 16,509 | ||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 07, 2013 | ||||||||||||||||||
SEGMENT INFORMATION [Abstract] | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Operating segment results for the third quarters and first three quarters ended September 7, 2013, and September 8, 2012 were as follows (in thousands): | |||||||||||||||||
Third Quarter Ended, | ||||||||||||||||||
September 7, 2013 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 3,498 | $ | 28,804 | $ | — | $ | 32,302 | ||||||||||
Service revenues | 33,176 | 2,125 | 35,301 | |||||||||||||||
Total revenues | $ | 36,674 | $ | 30,929 | $ | — | $ | 67,603 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 26,790 | 28,908 | — | 55,698 | ||||||||||||||
Operating depreciation and amortization | 1,160 | 790 | — | 1,950 | ||||||||||||||
Profit before corporate selling, general, and administrative expenses | $ | 8,724 | $ | 1,231 | $ | — | $ | 9,955 | ||||||||||
Selling, general, and administrative expenses | 7,051 | 7,051 | ||||||||||||||||
Depreciation and amortization from SG&A | 274 | 274 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 7,325 | $ | 7,325 | ||||||||||||||
Other expense - net | 138 | 138 | ||||||||||||||||
Operating Income | 2,492 | |||||||||||||||||
Interest expense – net | 97 | 97 | ||||||||||||||||
Income before income taxes | $ | 2,395 | ||||||||||||||||
Third Quarter Ended, | ||||||||||||||||||
September 8, 2012 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 2,638 | $ | 28,710 | $ | — | $ | 31,348 | ||||||||||
Service revenues | 29,501 | 1,217 | 30,718 | |||||||||||||||
Total revenues | $ | 32,139 | $ | 29,927 | $ | — | $ | 62,066 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 24,985 | 27,733 | — | 52,718 | ||||||||||||||
Operating depreciation and amortization | 1,084 | 665 | — | 1,749 | ||||||||||||||
Profit before corporate selling, general, and administrative expenses | $ | 6,070 | $ | 1,529 | $ | — | $ | 7,599 | ||||||||||
Selling, general, and administrative expenses | 5,575 | 5,575 | ||||||||||||||||
Depreciation and amortization from SG&A | 155 | 155 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 5,730 | $ | 5,730 | ||||||||||||||
Other income - net | — | — | ||||||||||||||||
Operating income | 1,869 | |||||||||||||||||
Interest expense – net | 112 | 112 | ||||||||||||||||
Income before income taxes | $ | 1,757 | ||||||||||||||||
First Three Quarters Ended, | ||||||||||||||||||
September 7, 2013 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 9,020 | $ | 78,746 | $ | — | $ | 87,766 | ||||||||||
Service revenues | 98,278 | 5,116 | 103,394 | |||||||||||||||
Total revenues | $ | 107,298 | $ | 83,862 | $ | — | $ | 191,160 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 77,129 | 83,056 | — | 160,185 | ||||||||||||||
Operating depreciation and amortization | 3,320 | 2,228 | — | 5,548 | ||||||||||||||
Profit (loss) before corporate selling, general, and administrative expenses | $ | 26,849 | $ | (1,422 | ) | $ | — | $ | 25,427 | |||||||||
Selling, general, and administrative expenses | 20,691 | 20,691 | ||||||||||||||||
Depreciation and amortization from SG&A | 698 | 698 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 21,389 | $ | 21,389 | ||||||||||||||
Other expense - net | 231 | 231 | ||||||||||||||||
Operating income | 3,807 | |||||||||||||||||
Interest expense – net | 310 | 310 | ||||||||||||||||
Income before income taxes | $ | 3,497 | ||||||||||||||||
First Three Quarters Ended, | ||||||||||||||||||
September 8, 2012 | ||||||||||||||||||
Environmental | Oil Business | Corporate and | Consolidated | |||||||||||||||
Services | Eliminations | |||||||||||||||||
Revenues | ||||||||||||||||||
Product revenues | $ | 7,813 | $ | 76,692 | $ | — | $ | 84,505 | ||||||||||
Service revenues | 86,886 | 3,455 | 90,341 | |||||||||||||||
Total revenues | $ | 94,699 | $ | 80,147 | $ | — | $ | 174,846 | ||||||||||
Operating expenses | ||||||||||||||||||
Operating costs | 73,053 | 73,910 | — | 146,963 | ||||||||||||||
Operating depreciation and amortization | 3,195 | 1,956 | — | 5,151 | ||||||||||||||
Profit before corporate selling, general, and administrative expenses | $ | 18,451 | $ | 4,281 | $ | — | $ | 22,732 | ||||||||||
Selling, general, and administrative expenses | 17,569 | 17,569 | ||||||||||||||||
Depreciation and amortization from SG&A | 436 | 436 | ||||||||||||||||
Total selling, general, and administrative expenses | $ | 18,005 | $ | 18,005 | ||||||||||||||
Other income - net | -3 | -3 | ||||||||||||||||
Operating income | 4,730 | |||||||||||||||||
Interest expense – net | 445 | 445 | ||||||||||||||||
Income before income taxes | $ | 4,285 | ||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets by segment as of September 7, 2013 and December 29, 2012 were as follows (in thousands): | |||||||||||||||||
September 7, 2013 | December 29, 2012 | |||||||||||||||||
Total Assets: | ||||||||||||||||||
Environmental Services | $ | 75,212 | $ | 57,092 | ||||||||||||||
Oil Business | 98,277 | 87,222 | ||||||||||||||||
Unallocated Corporate Assets | 37,556 | 54,797 | ||||||||||||||||
Total | $ | 211,045 | $ | 199,111 | ||||||||||||||
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 9 Months Ended | |||||||||||||
Sep. 07, 2013 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity under this Plan is as follows: | |||||||||||||
Outstanding Stock Options | Number of | Weighted Average | Weighted Average | Aggregate | ||||||||||
Options | Exercise Price | Remaining | Intrinsic Value as of Date Listed | |||||||||||
Outstanding | Contractual Term | (in thousands) | ||||||||||||
(in years) | ||||||||||||||
Options outstanding at December 29, 2012 | 629,048 | $ | 10.76 | 5.4 | $ | 2,607 | ||||||||
Exercised | (7,192 | ) | 10.59 | |||||||||||
Options outstanding at September 7, 2013 | 621,856 | $ | 10.76 | 4.72 | $ | 2,757 | ||||||||
Nonvested Stock Options | Number of Options | Weighted Average Grant-Date Fair Value Per Option | ||||||||||||
Nonvested stock options at December 29, 2012 | 39,403 | $ | 3.24 | |||||||||||
Less: Shares vested during period | (39,403 | ) | 3.24 | |||||||||||
Nonvested stock options at September 7, 2013 | — | $ | — | |||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes information about restricted stock awards for the period ended September 7, 2013: | |||||||||||||
Restricted Stock (Nonvested Shares) | Number of Shares | Weighted Average Grant-Date Fair Value Per Share | ||||||||||||
Nonvested shares outstanding at December 29, 2012 | 141,269 | $ | 17.11 | |||||||||||
Granted | 28,666 | 15.26 | ||||||||||||
Vested | (69,782 | ) | 16.55 | |||||||||||
Nonvested shares outstanding at September 7, 2013 | 100,153 | $ | 16.97 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 07, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles the number of shares outstanding for the third quarters and first three quarters of fiscal 2013 and 2012, respectively, to the number of weighted average basic shares outstanding and the number of weighted average diluted shares outstanding for the purposes of calculating basic and diluted earnings per share (in thousands, except per share data): | |||||||||||||||
Third Quarter Ended, | First Three Quarters Ended, | |||||||||||||||
September 7, 2013 | September 8, 2012 | September 7, 2013 | September 8, 2012 | |||||||||||||
Net income | $ | 1,334 | $ | 1,034 | $ | 1,971 | $ | 2,523 | ||||||||
Less: Income attributable to noncontrolling interest | 26 | — | 72 | — | ||||||||||||
Net income attributable to Heritage-Crystal Clean, Inc. available to common stockholders | $ | 1,308 | $ | 1,034 | $ | 1,899 | $ | 2,523 | ||||||||
Weighted average basic shares outstanding | 18,272 | 18,060 | 18,174 | 16,412 | ||||||||||||
Dilutive shares for share–based compensation plans | 313 | 352 | 320 | 371 | ||||||||||||
Weighted average diluted shares outstanding | 18,585 | 18,412 | 18,494 | 16,783 | ||||||||||||
Net income per share: basic | $ | 0.07 | $ | 0.06 | $ | 0.1 | $ | 0.15 | ||||||||
Net income per share: diluted | $ | 0.07 | $ | 0.06 | $ | 0.1 | $ | 0.15 | ||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | Sep. 07, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income taxes | $6,430 | $5,757 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 07, 2013 | Sep. 08, 2012 | Sep. 07, 2013 | Sep. 08, 2012 |
Amortization of Intangible Assets | $0.20 | $0.20 | $0.60 | $0.50 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1 | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 0.9 | 0.9 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0.9 | 0.9 | ||
Schedule of Expected Amortization Expense [Table Text Block] | $0.80 | $0.80 | ||
Software [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 8 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Goodwill (Details) (USD $) | Sep. 07, 2013 | Dec. 29, 2012 | Sep. 07, 2013 | Dec. 29, 2012 | Sep. 07, 2013 | Dec. 29, 2012 | Sep. 07, 2013 | Dec. 31, 2012 | Sep. 07, 2013 | Sep. 07, 2013 | Jun. 26, 2013 | Sep. 07, 2013 | Sep. 07, 2013 | Jul. 19, 2013 | Sep. 07, 2013 |
Oil Business Segment [Member] | Oil Business Segment [Member] | Environmental Services Segment [Member] | Environmental Services Segment [Member] | Mirachem Acquisition [Member] | Mirachem Acquisition [Member] | Mirachem Acquisition [Member] | RFTI [Member] | RFTI [Member] | RFTI [Member] | RTI [Member] | RTI [Member] | RTI [Member] | |||
Oil Business Segment [Member] | Environmental Services Segment [Member] | Environmental Services Segment [Member] | |||||||||||||
Goodwill [Line Items] | |||||||||||||||
Goodwill | $7,754,000 | $1,801,000 | $1,801,000 | $1,801,000 | $5,953,000 | $0 | $809,000 | $3,227,000 | $1,917,000 | ||||||
Goodwill, Acquired During Period | $809,000 | $0 | $3,227,000 | $3,227,000 | $1,917,000 | $1,917,000 |
Business_Combination_Details
Business Combination (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | |||||||
Sep. 07, 2013 | Sep. 08, 2012 | Sep. 07, 2013 | Sep. 08, 2012 | Dec. 31, 2012 | Dec. 29, 2012 | Sep. 07, 2013 | Dec. 31, 2012 | Sep. 07, 2013 | Jun. 26, 2013 | Sep. 07, 2013 | Jul. 19, 2013 | |
Mirachem Acquisition [Member] | Mirachem Acquisition [Member] | RFTI [Member] | RFTI [Member] | RTI [Member] | RTI [Member] | |||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to Acquire Businesses, Gross | $2,500,000 | $4,900,000 | $2,900,000 | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | |||||||||||
Stock Issued During Period, Value, Acquisitions | 2,230,000 | 0 | 1,200,000 | 1,000,000 | ||||||||
Stock Issued During Period, Shares, Acquisitions | 151,322 | 82,000 | 69,322 | |||||||||
Accounts Receivable, Net | 364,000 | 203,000 | ||||||||||
Inventory | 476,000 | 188,000 | 121,000 | |||||||||
Property, Plant, & Equipment | 218,000 | 1,283,000 | 793,000 | |||||||||
Intangible Assets | 2,710,000 | 1,390,000 | 1,340,000 | |||||||||
Goodwill | 7,754,000 | 7,754,000 | 1,801,000 | 809,000 | 3,227,000 | 1,917,000 | ||||||
Accounts Payable | -139,000 | -91,000 | ||||||||||
Non-controlling Interest | -834,000 | |||||||||||
Total purchase price - net of cash acquired | 3,240,000 | 6,361,000 | 4,374,000 | |||||||||
Less: common stock issued | -1,230,000 | -1,000,000 | ||||||||||
Less: note issued | -835,000 | -430,000 | ||||||||||
Less: working capital adjustment | -211,000 | -74,000 | ||||||||||
Net cash paid | 2,405,000 | 4,920,000 | 2,870,000 | |||||||||
Total Revenues | 67,944,000 | 64,046,000 | 194,070,000 | 180,112,000 | ||||||||
Net Income | $1,371,000 | $1,062,000 | $2,146,000 | $2,743,000 | ||||||||
Basic | $0.07 | $0.06 | $0.12 | $0.17 | ||||||||
Diluted | $0.07 | $0.06 | $0.12 | $0.17 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 07, 2013 | Sep. 08, 2012 | Dec. 29, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Trade | $32,295 | $24,026 | ||
Less allowance for doubtful accounts | -1,338 | -1,244 | -698 | |
Trade - net | 30,957 | 22,782 | ||
Trade - affiliates | 792 | 410 | ||
Other | 257 | 146 | ||
Total accounts receivable - net | 32,006 | 23,338 | ||
Bad debt provision | 446 | 694 | 1,122 | |
Accounts written off, net of recoveries | ($352) | ($576) |
Inventory_Details
Inventory (Details) (USD $) | Sep. 07, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Oil inventory | $13,534 | $11,549 |
Solvents Inventory | 8,561 | 10,076 |
Machines Inventory | 2,537 | 2,470 |
Drums Inventory | 1,808 | 1,859 |
Other Inventory, Gross | 1,736 | 1,518 |
Inventory, Gross | 28,176 | 27,472 |
Less: Machine refurbishing reserve | -197 | -241 |
Inventory - net | $27,979 | $27,231 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Sep. 07, 2013 | Dec. 29, 2012 | ||
In Thousands, unless otherwise specified | ||||
Property, Plant and Equipment [Line Items] | ||||
Buildings and storage tanks | $48,252 | [1] | $45,813 | [1] |
Machinery, vehicles and equipment (a) | 30,967 | [1] | 30,040 | [1] |
Leasehold improvements | 1,992 | 3,180 | ||
Land | 835 | 414 | ||
Construction in progress | 11,631 | 4,658 | ||
Total property, plant and equipment | 93,677 | 84,105 | ||
Less accumulated depreciation | -14,886 | -11,859 | ||
Property, plant and equipment - net | 78,791 | 72,246 | ||
Equipment at customers | 45,404 | 41,884 | ||
Less accumulated depreciation | -26,545 | -23,938 | ||
Equipment at customers - net | $18,859 | $17,946 | ||
[1] | (a) Fiscal 2013 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 07, 2013 | Sep. 08, 2012 | Sep. 07, 2013 | Sep. 08, 2012 | Dec. 29, 2012 | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization of Intangible Assets | $200,000 | $200,000 | $600,000 | $500,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 300,000 | 300,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,000,000 | 1,000,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 900,000 | 900,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 900,000 | 900,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 800,000 | 800,000 | |||||
Intangible Assets, Gross | 14,087,000 | 14,087,000 | 8,400,000 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 4,385,000 | 4,385,000 | 3,845,000 | ||||
Intangible Assets, Net (Excluding Goodwill) | 9,702,000 | 9,702,000 | 4,555,000 | ||||
Customer Relationships [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 14 years | ||||||
Software [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||
Patents, formulae, and licenses [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||
Noncompete Agreements [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||
Other Intangible Assets [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||||||
Customer Relationships [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets, Gross | 5,379,000 | 5,379,000 | 1,729,000 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 484,000 | 484,000 | 274,000 | ||||
Intangible Assets, Net (Excluding Goodwill) | 4,895,000 | 4,895,000 | 1,455,000 | ||||
Software [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets, Gross | 4,457,000 | 4,457,000 | 4,296,000 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 2,749,000 | 2,749,000 | 2,635,000 | ||||
Intangible Assets, Net (Excluding Goodwill) | 1,708,000 | 1,708,000 | 1,661,000 | ||||
Patents, formulae, and licenses [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets, Gross | 1,822,000 | [1] | 1,822,000 | [1] | 1,059,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 331,000 | [1] | 331,000 | [1] | 262,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 1,491,000 | [1] | 1,491,000 | [1] | 797,000 | ||
Noncompete Agreements [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets, Gross | 1,297,000 | [1] | 1,297,000 | [1] | 777,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 622,000 | [1] | 622,000 | [1] | 510,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 675,000 | [1] | 675,000 | [1] | 267,000 | ||
Other Intangible Assets [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets, Gross | 1,132,000 | [1] | 1,132,000 | [1] | 539,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 199,000 | [1] | 199,000 | [1] | 164,000 | ||
Intangible Assets, Net (Excluding Goodwill) | $933,000 | [1] | $933,000 | [1] | $375,000 | ||
[1] | (a) Fiscal 2013 numbers include preliminary fair values of assets acquired in the acquisitions described in Note 3 that may be adjusted as additional information becomes known. |
Accounts_Payable_Details
Accounts Payable (Details) (USD $) | Sep. 07, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Accounts payable | $18,667 | $16,202 |
Accounts payable - related parties | 286 | 307 |
Accounts payable | $18,953 | $16,509 |
Debt_And_Financing_Arrangement1
Debt And Financing Arrangements (Details) (USD $) | Sep. 07, 2013 | Dec. 29, 2012 | Sep. 08, 2012 | Sep. 07, 2013 | Sep. 07, 2013 | Sep. 08, 2012 | Sep. 07, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $40 | |||||||
Long-term Debt | 19.5 | 19.5 | ||||||
Line of Credit Facility, Amount Outstanding | 0 | 0 | ||||||
Interest Costs Incurred | 0.1 | 0.3 | 0.4 | |||||
Interest Costs Capitalized | 0.1 | 0.1 | ||||||
Debt, Weighted Average Interest Rate | 2.50% | 2.80% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.60% | 2.90% | ||||||
Letters of Credit Outstanding, Amount | 0.3 | 0.3 | ||||||
Line of Credit Facility, Current Borrowing Capacity | 17.4 | 19.7 | ||||||
Long-term Debt, Fair Value | 2 | 1.4 | ||||||
Notes Payable, Current | $1.10 | $0.60 |
Debt_And_Financing_Arrangement2
Debt And Financing Arrangements Future Maturities of Long Term Debt (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 07, 2013 | Sep. 08, 2012 |
Repayments of Long-term Debt | $750 | $250 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 07, 2013 | Sep. 08, 2012 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | ||
Payments of Contingent Consideration | $423 | $0 | |
Payments to Acquire Businesses, Net of Cash Acquired | 10,195 | 0 | |
Proceeds from Issuance of Common Stock | $335 | $65,843 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 07, 2013 | Sep. 08, 2012 | Sep. 07, 2013 | Sep. 08, 2012 | Dec. 29, 2012 |
Segment Reporting Information [Line Items] | |||||
Product Revenues | $32,302 | $31,348 | $87,766 | $84,505 | |
Service Revenues | 35,301 | 30,718 | 103,394 | 90,341 | |
Total revenues | 67,603 | 62,066 | 191,160 | 174,846 | |
Operating Costs | 55,698 | 52,718 | 160,185 | 146,963 | |
Operating depreciation and amortization | 1,950 | 1,749 | 5,548 | 5,151 | |
Profit Before Corporate Selling General and Administrative Expenses | 9,955 | 7,599 | 25,427 | 22,732 | |
Selling, general, and administrative expenses | 7,051 | 5,575 | 20,691 | 17,569 | |
Depreciation and amortization from SG&A | 274 | 155 | 698 | 436 | |
Total selling, general, and administrative expenses | 7,325 | 5,730 | 21,389 | 18,005 | |
Other expense (income) - net | -138 | 0 | -231 | 3 | |
Operating income (loss) | 2,492 | 1,869 | 3,807 | 4,730 | |
Income before income taxes | 2,395 | 1,757 | 3,497 | 4,285 | |
Provision for income taxes | 1,061 | 723 | 1,526 | 1,762 | |
Net income | 1,308 | 1,034 | 1,899 | 2,523 | |
Total Assets | 211,045 | 211,045 | 199,111 | ||
Environmental Services Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Entity-Wide Revenue, Major Customer, Percentage | 10.00% | 10.00% | 10.00% | 10.00% | |
Product Revenues | 3,498 | 2,638 | 9,020 | 7,813 | |
Service Revenues | 33,176 | 29,501 | 98,278 | 86,886 | |
Total revenues | 36,674 | 32,139 | 107,298 | 94,699 | |
Operating Costs | 26,790 | 24,985 | 77,129 | 73,053 | |
Operating depreciation and amortization | 1,160 | 1,084 | 3,320 | 3,195 | |
Profit Before Corporate Selling General and Administrative Expenses | 8,724 | 6,070 | 26,849 | 18,451 | |
Total Assets | 75,212 | 75,212 | 57,092 | ||
Oil Business Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Entity-Wide Revenue, Major Customer, Percentage | 10.00% | 10.00% | 10.00% | 10.00% | |
Product Revenues | 28,804 | 28,710 | 78,746 | 76,692 | |
Service Revenues | 2,125 | 1,217 | 5,116 | 3,455 | |
Total revenues | 30,929 | 29,927 | 83,862 | 80,147 | |
Operating Costs | 28,908 | 27,733 | 83,056 | 73,910 | |
Operating depreciation and amortization | 790 | 665 | 2,228 | 1,956 | |
Profit Before Corporate Selling General and Administrative Expenses | 1,231 | 1,529 | -1,422 | 4,281 | |
Total Assets | 98,277 | 98,277 | 87,222 | ||
Corporate and Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Selling, general, and administrative expenses | 7,051 | 5,575 | 20,691 | 17,569 | |
Depreciation and amortization from SG&A | 274 | 155 | 698 | 436 | |
Total selling, general, and administrative expenses | 7,325 | 5,730 | 21,389 | 18,005 | |
Other expense (income) - net | 138 | 231 | 3 | ||
Interest expense b net | 97 | 112 | 310 | 445 | |
Total Assets | $37,556 | $37,556 | $54,797 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Sep. 07, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Purchase Commitment, Remaining Minimum Amount Committed | $13.80 | |
Loss Contingency Accrual, at Carrying Value | $0.30 | $0.20 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 07, 2013 | Sep. 08, 2012 | Sep. 07, 2013 | Sep. 08, 2012 | Dec. 29, 2012 | Dec. 31, 2011 |
Operating Loss Carryforwards | $44.10 | $44.10 | $44.70 | |||
Deferred Tax Assets, Gross | 16.3 | 16.3 | ||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 0.8 | 0.8 | ||||
Effective Income Tax Rate, Continuing Operations | 44.30% | 41.10% | 43.60% | 41.10% | ||
Valuation Allowances and Reserves, Balance | $0.20 | $0.20 | $0.20 |
Sharebased_Compensation_Detail
Share-based Compensation (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 4 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||
Sep. 07, 2013 | Dec. 29, 2012 | Sep. 07, 2013 | Mar. 23, 2013 | Sep. 07, 2013 | Mar. 24, 2012 | Sep. 07, 2013 | Mar. 26, 2011 | Dec. 31, 2011 | Sep. 07, 2013 | Sep. 08, 2012 | Dec. 29, 2012 | Mar. 24, 2012 | Sep. 07, 2013 | Sep. 08, 2012 | Dec. 29, 2012 | Sep. 07, 2013 | Sep. 08, 2012 | Dec. 29, 2012 | Sep. 07, 2013 | |
2009 Stock Options [Member] | 2013 Board of Director Stock [Member] | 2013 Board of Director Stock [Member] | 2012 Board of Director Stock [Member] | 2012 Board of Director Stock [Member] | 2010 LTI Grant [Member] | 2010 LTI Grant [Member] | 2010 LTI Grant [Member] | 2010 LTI Grant [Member] | 2010 LTI Grant [Member] | 2011 LTI Grant [Member] | 2011 LTI Grant [Member] | 2011 LTI Grant [Member] | 2011 LTI Grant [Member] | 2012 Performance Grant [Member] | 2012 Performance Grant [Member] | 2012 Performance Grant [Member] | 2013 Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Stock Options Outstanding, Weighted Average Remaining Contractual Term | 4 years 8 months 18 days | 5 years 4 months 24 days | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,902,077 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 777,741 | |||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $100,000 | $100,000 | $400,000 | $400,000 | $700,000 | $100,000 | $1,500,000 | |||||||||||||
Allocated Share-based Compensation Expense | $808,000 | $100,000 | $200,000 | $200,000 | $300,000 | $200,000 | $200,000 | $200,000 | $100,000 | $100,000 | $300,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||||
Nonvested shares outstanding at Period Start, Number of Shares | 141,269 | |||||||||||||||||||
Granted, Number of Shares | 61,324 | 18,666 | 92,909 | 12,783 | 59,502 | 10,000 | ||||||||||||||
Vested, Number of Shares | -69,782 | 39,403 | -11,493 | |||||||||||||||||
Nonvested shares outstanding at Period End, Number of Shares | 100,153 | 141,269 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||||||||||||||||
Nonvested shares outstanding at Period Start, Weighted Average Grant Date Fair Value Per Share | $17.11 | |||||||||||||||||||
Granted, Weighted Average Grant Date Fair Value Per Share | $15.26 | |||||||||||||||||||
Vested, Weighted Average Grant Date Fair Value Per Share (dollars per share) | $16.55 | $3.24 | ||||||||||||||||||
Nonvested shares outstanding at Period End, Weighted Average Grant Date Fair Value Per Share | $16.97 | $17.11 |
Sharebased_Compensation_Stock_
Share-based Compensation Stock Option Vesting Schedule (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 07, 2013 | Dec. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Options Outstanding at Period Start | 629,048 | |
Exercised, Granted, Number of Options Outstanding | -7,192 | |
Number of Options Outstanding at Period End | 621,856 | 629,048 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Weighted Average Exercise Price of Stock Options Outstanding at Period Start (dollars per share) | $10.76 | |
Exercised, Weighted Average Exercise Price of Stock Options Outstanding (dollars per share) | $10.59 | |
Weighted Average Exercise Price of Stock Options Outstanding at Period End (dollars per share) | $10.76 | $10.76 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Nonvested stock options, Number of Options Outstanding | 0 | 39,403 |
Stock Options Outstanding, Aggregate Intrinsic Value as of Date Listed | $2,757 | $2,607 |
Stock Options Outstanding, Weighted Average Remaining Contractual Term | 4 years 8 months 18 days | 5 years 4 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested stock options outstanding at Period Start, Number of Options | 39,403 | |
Nonvested stock options outstanding at Period Ending, Number of Options | 0 | 39,403 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Nonvested stock options, Weighted Average Grant-Date Fair Value Per Option at Period End | $0 | $3.24 |
Nonvested stock options, Weighted Average Grant-Date Fair Value Per Option at Period Start | $3.24 |
Sharebased_Compensation_Employ
Share-based Compensation Employee Stock Purchase Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 07, 2013 | Sep. 07, 2013 | |
Share-based Compensation [Abstract] | ||
Shares Available Employee Stock Purchase Plan | 45,036 | 45,036 |
Issuance of common stock - ESPP | 23,521 | 23,521 |
Weighted Average Fair Value Per Share ESPP | $15.06 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 07, 2013 | Sep. 08, 2012 | Sep. 07, 2013 | Sep. 08, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $1,334 | $1,034 | $1,971 | $2,523 |
Net Income (Loss) Attributable to Noncontrolling Interest | 26 | 0 | 72 | 0 |
Net Income Attributable to Parent | $1,308 | $1,034 | $1,899 | $2,523 |
Number of weighted average shares outstanding: basic | 18,272 | 18,060 | 18,174 | 16,412 |
Dilutive shares for sharebbased compensation plans | 313 | 352 | 320 | 371 |
Number of weighted average shares outstanding: diluted | 18,585 | 18,412 | 18,494 | 16,783 |
Net income per share: basic | $0.07 | $0.06 | $0.10 | $0.15 |
Net income per share: diluted | $0.07 | $0.06 | $0.10 | $0.15 |
Selected_Quarterly_Data_Detail
Selected Quarterly Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 07, 2013 | Sep. 08, 2012 | Sep. 07, 2013 | Sep. 08, 2012 |
Product Revenues | $32,302 | $31,348 | $87,766 | $84,505 |
Service Revenues | 35,301 | 30,718 | 103,394 | 90,341 |
Total revenues | 67,603 | 62,066 | 191,160 | 174,846 |
Selling, general, and administrative expenses | 7,051 | 5,575 | 20,691 | 17,569 |
Depreciation and amortization | 2,224 | 1,904 | 6,246 | 5,587 |
Other expense (income) - net | -138 | 0 | -231 | 3 |
Operating income (loss) | 2,492 | 1,869 | 3,807 | 4,730 |
Income (loss) before income taxes | 2,395 | 1,757 | 3,497 | 4,285 |
Provision for income taxes | 1,061 | 723 | 1,526 | 1,762 |
Net Income Attributable to Parent | 1,308 | 1,034 | 1,899 | 2,523 |
Basic | 18,272 | 18,060 | 18,174 | 16,412 |
Diluted | 18,585 | 18,412 | 18,494 | 16,783 |
Unallocated Amount to Segment [Member] | ||||
Selling, general, and administrative expenses | 7,051 | 5,575 | 20,691 | 17,569 |
Other expense (income) - net | $138 | $231 | $3 |