Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 01, 2018 | Aug. 03, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Unique Fabricating, Inc. | |
Entity Central Index Key | 1,617,669 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 1, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-30 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,771,587 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jul. 01, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 980,533 | $ 1,430,937 |
Accounts receivable – net | 32,120,004 | 27,203,296 |
Inventory – net | 16,740,865 | 16,330,084 |
Prepaid expenses and other current assets: | ||
Prepaid expenses and other | 3,337,405 | 3,962,012 |
Refundable taxes | 508,937 | 646,253 |
Asset held for sale | 733,059 | 0 |
Total current assets | 54,420,803 | 49,572,582 |
Property, plant, and equipment – net | 24,361,811 | 22,975,401 |
Goodwill | 28,871,179 | 28,871,179 |
Intangible assets– net | 17,574,955 | 19,635,782 |
Other assets | ||
Investments – at cost | 1,054,120 | 1,054,120 |
Deposits and other assets | 219,491 | 353,719 |
Deferred tax asset | 418,435 | 342,552 |
Total assets | 126,920,794 | 122,805,335 |
Current liabilities | ||
Accounts payable | 13,616,243 | 11,708,175 |
Current maturities of long-term debt | 4,606,248 | 3,799,998 |
Income taxes payable | 123,593 | 348,910 |
Accrued compensation | 3,204,671 | 2,840,559 |
Other accrued liabilities | 824,538 | 1,027,489 |
Total current liabilities | 22,375,293 | 19,725,131 |
Long-term debt – net of current portion | 24,718,880 | 27,288,846 |
Line of credit-net | 26,058,832 | 22,476,525 |
Deferred tax liability | 2,453,095 | 2,432,754 |
Total liabilities | 75,606,100 | 71,923,256 |
Stockholders’ Equity | ||
Common stock, $0.001 par value – 15,000,000 shares authorized and 9,771,587 and 9,757,563 issued and outstanding at July 1, 2018 and December 31, 2017, respectively | 9,772 | 9,758 |
Additional paid-in-capital | 45,812,494 | 45,712,568 |
Retained earnings | 5,492,428 | 5,159,753 |
Total stockholders’ equity | 51,314,694 | 50,882,079 |
Total liabilities and stockholders’ equity | $ 126,920,794 | $ 122,805,335 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jul. 01, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 9,771,587 | 9,757,563 |
Common stock, shares outstanding (in shares) | 9,771,587 | 9,757,563 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 45,742,370 | $ 44,518,039 | $ 93,046,523 | $ 92,375,135 |
Cost of sales | 34,553,348 | 33,851,948 | 70,777,354 | 70,601,883 |
Gross profit | 11,189,022 | 10,666,091 | 22,269,169 | 21,773,252 |
Selling, general, and administrative expenses | 7,378,506 | 7,595,317 | 15,345,488 | 15,187,021 |
Restructuring expenses | 538,117 | 0 | 980,384 | 0 |
Operating income | 3,272,399 | 3,070,774 | 5,943,297 | 6,586,231 |
Non-operating (expense) income | ||||
Other (expense) income, net | (28,299) | 29,859 | (64,333) | 44,075 |
Interest expense | (860,714) | (703,211) | (1,596,473) | (1,318,907) |
Total non-operating expense, net | (889,013) | (673,352) | (1,660,806) | (1,274,832) |
Income – before income taxes | 2,383,386 | 2,397,422 | 4,282,491 | 5,311,399 |
Income tax expense | 632,377 | 729,012 | 1,019,593 | 1,596,152 |
Net income | $ 1,751,009 | $ 1,668,410 | $ 3,262,898 | $ 3,715,247 |
Net income per share | ||||
Basic (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.33 | $ 0.38 |
Diluted (in dollars per share) | 0.18 | 0.17 | 0.33 | 0.38 |
Cash dividends declared per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.3 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings |
Stockholders' Equity, beginning balance (in shares) at Jan. 01, 2017 | 9,719,772 | |||
Stockholders' Equity, beginning balance at Jan. 01, 2017 | $ 50,058,563 | $ 9,720 | $ 45,525,237 | $ 4,523,606 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 3,715,247 | 3,715,247 | ||
Stock option expense | $ 75,016 | 75,016 | ||
Exercise of warrants and options for common stock (in shares) | 36,686 | |||
Exercise of warrants and options for common stock | $ 37,001 | 37 | 36,964 | |
Cash dividends paid | $ (2,923,259) | (2,923,259) | ||
Stockholders' Equity, ending balance (in shares) at Jul. 02, 2017 | 9,756,458 | |||
Stockholders' Equity, ending balance at Jul. 02, 2017 | $ 50,962,568 | 9,757 | 45,637,217 | 5,315,594 |
Stockholders' Equity, beginning balance (in shares) at Dec. 31, 2017 | 9,757,563 | |||
Stockholders' Equity, beginning balance at Dec. 31, 2017 | $ 50,882,079 | 9,758 | 45,712,568 | 5,159,753 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 3,262,898 | 3,262,898 | ||
Stock option expense | $ 65,940 | 65,940 | ||
Exercise of warrants and options for common stock (in shares) | 14,024 | |||
Exercise of warrants and options for common stock | $ 34,000 | 14 | 33,986 | |
Cash dividends paid | $ (2,930,223) | (2,930,223) | ||
Stockholders' Equity, ending balance (in shares) at Jul. 01, 2018 | 9,771,587 | |||
Stockholders' Equity, ending balance at Jul. 01, 2018 | $ 51,314,694 | $ 9,772 | $ 45,812,494 | $ 5,492,428 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jul. 01, 2018 | Jul. 02, 2017 | |
Cash flows from operating activities | ||
Net income | $ 3,262,898 | $ 3,715,247 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 3,285,818 | 3,107,637 |
Amortization of debt issuance costs | 71,072 | 66,039 |
Loss (gain) on sale of assets | 12,138 | (17,105) |
Bad debt adjustment | 125,698 | 64,731 |
Gain on derivative instrument | (25,098) | (189,161) |
Stock option expense | 65,940 | 75,016 |
Deferred income taxes | (55,542) | 240,067 |
Changes in operating assets and liabilities that provided (used) cash: | ||
Accounts receivable | (5,042,406) | (3,580,565) |
Inventory | (410,782) | 344,766 |
Prepaid expenses and other assets | 921,250 | (1,575,970) |
Accounts payable | 2,214,196 | 213,985 |
Accrued and other liabilities | (64,156) | (751,609) |
Net cash provided by operating activities | 4,361,026 | 1,713,078 |
Cash flows from investing activities | ||
Purchases of property and equipment | (3,368,448) | (2,415,599) |
Proceeds from sale of property and equipment | 11,850 | 23,647 |
Net cash used in investing activities | (3,356,598) | (2,391,952) |
Cash flows from financing activities | ||
Net change in bank overdraft | (306,128) | (805,182) |
Payments on term loans | (1,800,000) | (1,774,546) |
Proceeds from revolving credit facilities, net | 3,547,519 | 6,246,763 |
Proceeds from exercise of stock options and warrants | 34,000 | 37,001 |
Distribution of cash dividends | (2,930,223) | (2,923,259) |
Net cash (used in) provided by financing activities | (1,454,832) | 780,777 |
Net increase (decrease) in cash and cash equivalents | (450,404) | 101,903 |
Cash and cash equivalents – beginning of period | 1,430,937 | 705,535 |
Cash and cash equivalents – end of period | 980,533 | 807,438 |
Supplemental disclosure of cash flow Information – cash paid for | ||
Interest | 1,510,524 | 1,237,849 |
Income taxes | $ 962,500 | $ 1,670,064 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 6 Months Ended |
Jul. 01, 2018 | |
Accounting Policies [Abstract] | |
Nature of Business and Significant Accounting Policies | Nature of Business and Significant Accounting Policies Nature of Business — UFI Acquisition, Inc. (“UFI”), a Delaware corporation, was formed on January 14, 2013, for the purpose of acquiring Unique Fabricating, Inc. and its subsidiaries (“Unique Fabricating”) (collectively, the “Company” or “Unique”) on March 18, 2013. The Company operates as one operating and reportable segment to fabricate and broker foam and rubber products, which are primarily sold to original equipment manufacturers (“OEMs”) and tiered suppliers in the automotive, appliance, water heater and heating, ventilation and air conditioning (HVAC) industries. In September 2014, UFI changed its name to Unique Fabricating, Inc. which is now the parent company of the consolidated group. As a result of the name change, the subsidiary previously named Unique Fabricating, Inc. became Unique Fabricating NA, Inc. Basis of Presentation — The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The information furnished in the Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of such financial statements. The interim results for the periods presented may not be indicative of the Company's actual annual results. Principles of Consolidation — The consolidated financial statements include the accounts of the Company and all subsidiaries over which the Company exercises control. All intercompany transactions and balances have been eliminated upon consolidation. Fiscal Years — The Company’s quarterly periods end on the Sunday closest to the end of the calendar quarterly period. For 2018, the quarterly and year to date periods, which were 13 and 26 weeks, ended on July 1, 2018 , and for 2017, the quarterly and year to date period, which were 13 and 26 weeks, ended on July 2, 2017 . Fiscal year 2017 ended on Sunday, December 31, 2017 . Cash and Cash Equivalents — The Company considers all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Accounts Receivable — Accounts receivable are stated at the invoiced amount and do not bear interest. The allowance for doubtful accounts is management’s best estimate of the amount of probable credit losses in the existing accounts receivable. Management determines the allowance based on historical write-off experience and an understanding of individual customer payment history and financial condition. Management reviews the allowance for doubtful accounts at regular intervals. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. The allowance for doubtful accounts was $583,615 and $768,500 at July 1, 2018 and December 31, 2017 , respectively. Inventory — Inventory is stated at the lower of cost or market, with cost determined on the first in, first out method (FIFO). Inventory acquired as part of a business combination is recorded at its estimated fair value at the time of the business combination. The Company periodically evaluates inventory for obsolescence, excess quantities, slow moving goods and other impairments of value and establishes reserves for any identified impairments. Valuation of Long-Lived Assets — The carrying value of long-lived assets held for use is periodically evaluated when events or circumstances warrant such a review. The carrying value of a long-lived asset held for use is considered impaired when the anticipated separately identifiable undiscounted cash flows from the asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The Company determined that no impairment indicators were present and all originally assigned useful lives remained appropriate during the 13 and 26 weeks ended July 1, 2018 and 13 and 26 weeks ended July 2, 2017 , respectively. Property, Plant, and Equipment — Property, plant, and equipment purchases are recorded at cost. Property, plant, and equipment acquired as part of a business combination are recorded at estimated fair value at the time of the business combination. Depreciation is calculated using the straight line method over the estimated useful life of each asset. Leasehold improvements are depreciated over the shorter of the estimated useful life of the asset or the period of the related leases. Upon retirement or disposal, the initial cost or valuation and accumulated depreciation are removed from the accounts, and any gain or loss is included in net income. Repair and maintenance costs are expensed as incurred. Intangible Assets — The Company does not hold any intangible assets with indefinite lives. Identifiable intangible assets recognized as part of a business combination are recorded at their estimated fair value at the time of the business combination. Acquired intangible assets subject to amortization are amortized on a straight line basis, which approximates the pattern in which the economic benefit of the respective intangible is realized, over their respective estimated useful lives. Amortizable intangible assets are reviewed for impairment whenever events or circumstances indicate that the related carrying amount may be impaired. The remaining useful lives of intangible assets are reviewed to determine whether events and circumstances warrant a revision to the remaining period of amortization. The Company determined that no impairment indicators were present and all originally assigned useful lives remained appropriate during the 13 and 26 weeks ended July 1, 2018 and 13 and 26 weeks ended July 2, 2017 , respectively. Goodwill — Goodwill represents the excess of the acquisition cost of consideration transferred over the fair value of the identifiable assets acquired and liabilities assumed from business combinations at the date of acquisition. Goodwill is not amortized, but rather is assessed at least on an annual basis for impairment. If it is determined that it is more likely than not that the fair value is greater than the carrying value of a reporting unit then a qualitative assessment may be used for the annual impairment test. Otherwise, a one-step process is used which requires estimating the fair value of each reporting unit compared to its carrying value. If the carrying value exceeds the estimated fair value, goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The Company has one reporting unit for goodwill testing purposes. There were no impairment charges recognized during the 13 and 26 weeks ended July 1, 2018 and the 13 and 26 weeks ended July 2, 2017 , respectively. Debt Issuance Costs — Debt issuance costs represent legal, consulting, and other financial costs associated with debt financing and are reported netted against the related debt instrument. Amounts paid to or on behalf of lenders are presented as a debt discount and are also shown as a reduction of the associated debt instrument. Debt issuance costs on term debt are amortized using the straight line basis over the term of the related debt (which is immaterially different from the required effective interest method) while those related to revolving debt are amortized using a straight line basis over the term of the related debt. At July 1, 2018 and December 31, 2017 , debt issuance costs were $197,257 and $232,045 , respectively, while amounts paid to or on behalf of lenders presented as debt discounts were $205,774 and $242,059 , respectively. Amortization expense of both debt issuance costs and debt discounts has been recognized as a component of interest expense in the amounts of $35,536 and $71,072 for the 13 and 26 weeks ended July 1, 2018 , respectively, and $33,019 and $66,039 for the 13 and 26 weeks ended July 2, 2017 , respectively. Investments — Investments in entities in which the Company has less than a 20 percent interest or is not able to exercise significant influence are carried at cost. Dividends received are included in income, except for those dividends received in excess of the Company’s proportionate share of accumulated earnings, which are applied as a reduction of the cost of the investment. Impairment losses due to a decline in the value of the investment that is other than temporary are recognized when incurred. No dividend income or impairment loss was recognized for the 13 and 26 weeks ended July 1, 2018 and 13 and 26 weeks ended July 2, 2017 , respectively. Accounts Payable — Under the Company’s cash management system, checks issued but not yet presented to the Company’s bank frequently result in overdraft balances for accounting purposes and are classified as accounts payable on the consolidated balance sheets. Accounts payable included $2,711,940 and $2,919,460 of checks issued in excess of available cash balances at July 1, 2018 and December 31, 2017 , respectively. Stock Based Compensation — The Company accounts for its stock based compensation using the fair value of the award estimated at the grant date of the award. The Company estimates the fair value of awards, consisting of stock options, using the Black Scholes option pricing model. Compensation expense is recognized in earnings using the straight line method over the vesting period, which represents the requisite service period. Revenue Recognition — Revenue is recognized by the Company upon shipment to customers when the customer takes ownership and assumes the risk of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists, and the sale price is fixed and determinable. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. Shipping and Handling — Shipping and handling costs are included in costs of sales as they are incurred. Income Taxes — A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the period. Deferred tax liabilities or assets are recognized for the estimated future tax effects of temporary differences between financial reporting and tax accounting measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company also evaluates the need for valuation allowances to reduce the deferred tax assets to realizable amounts. Management evaluates all positive and negative evidence and uses judgment regarding past and future events, including operating results, to help determine when it is more likely than not that all or some portion of the deferred tax assets may not be realized. When appropriate, a valuation allowance is recorded against deferred tax assets to reserve for future tax benefits that may not be realized. The Company recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon settlement with the relevant tax authority. The Company assesses all tax positions for which the statute of limitations remain open. The Company had no unrecognized tax benefits as of July 1, 2018 and July 2, 2017 . The Company recognizes any penalties and interest when necessary as income tax expense. There were no penalties or interest recorded during the 13 and 26 weeks ended July 1, 2018 or July 2, 2017 . Foreign Currency Adjustments — The Company’s functional currency for all operations worldwide is the United States dollar. Nonmonetary assets and liabilities of foreign operations are remeasured at historical rates and monetary assets and liabilities are remeasured at exchange rates in effect at the end of each reporting period. Income statement accounts are remeasured at average exchange rates for the year. Gains and losses from translation of foreign currency financial statements into United States dollars are classified in other income in the consolidated statements of operations. Concentration Risks — The Company is exposed to various significant concentration risks as follows: Customer and Credit — During the 13 and 26 weeks ended July 1, 2018 and 13 and 26 weeks ended July 2, 2017 , the Company’s net sales were derived from customers principally engaged in the North American automotive industry. Company sales directly and indirectly to General Motors Company (GM), Fiat Chrysler Automobiles (FCA), and Ford Motor Company (Ford) as a percentage of total net sales were: 13 , 17 , and 10 percent, respectively, during the 13 weeks ended July 1, 2018 ; 13 , 17 , and 11 percent, respectively, during the 26 weeks ended July 1, 2018 ; 15 , 12 , and 12 percent, respectively, during the 13 weeks ended July 2, 2017 ; and 15 , 11 , and 12 percent, respectively, during the 26 weeks ended July 2, 2017 . No customer represented more than 10 percent of direct Company sales for any period noted above. No customer accounted for more than 10 percent of direct accounts receivable as of July 1, 2018 . GM accounted for 11 percent of direct accounts receivable as of December 31, 2017 . Labor Markets — At July 1, 2018 , of the Company’s hourly plant employees working in the United States manufacturing facilities, 30 percent were covered under a collective bargaining agreement which expires in August 2019 while another 4 percent were covered under a separate collective bargaining agreement that expires in February 2020. Foreign Currency Exchange — The expression of assets and liabilities in a currency other than the Company's functional currency, which is the United States dollar, gives rise to exchange gains and losses when such assets and obligations are paid in another currency. Foreign currency exchange rate adjustments (i.e., differences between amounts recorded and actual amounts owed or paid) are reported in the consolidated statements of operations as the foreign currency fluctuations occur. Foreign currency exchange rate adjustments are reported in the consolidated statements of cash flows using the exchange rates in effect at the time of the cash flows. At July 1, 2018 , the Company’s exposure to assets and liabilities denominated in another currency was not significant. To the extent there is a fluctuation in the exchange rates, the amount of local currency to be paid or received to satisfy foreign currency obligations in 2018 may increase or decrease. International Operations — The Company manufactures and sells products outside of the United States primarily in Mexico and Canada. Foreign operations are subject to various political, economic and other risks and uncertainties inherent in foreign countries. Among other risks, the Company’s operations may be subject to the risks of: restrictions on transfers of funds; export duties, quotas, and embargoes; domestic and international customs and tariffs; changing taxation policies; foreign exchange restrictions; political conditions; and governmental regulations. During the 13 and 26 weeks ended July 1, 2018 and 13 and 26 weeks ended July 2, 2017 , 17 , 17 , 13 , and 14 percent, respectively, of the Company’s production occurred in Mexico. During the 13 and 26 weeks ended July 1, 2018 and 13 and 26 weeks ended July 2, 2017 , 10 , 10 , 9 , and 9 percent, respectively, of the Company's production occurred in Canada. Sales derived from customers located in Mexico, Canada, and other foreign countries were 16 , 10 , and 2 percent, respectively, during the 13 weeks ended July 1, 2018 ; 16 , 10 , and 2 percent, respectively during the 26 weeks ended July 1, 2018 ; 15 , 11 , and 1 percent, respectively, during the 13 weeks ended July 2, 2017 ; and 14 , 11 , and 1 percent, respectively, during the 26 weeks ended July 2, 2017 . Derivative Financial Instruments — All derivative instruments are required to be reported on the consolidated balance sheets at fair value unless the transactions qualify and are designated as normal purchases or sales. Changes in fair value are reported currently through earnings unless they meet hedge accounting criteria. See Note 7 for further information regarding the Company's derivative instrument makeup. Use of Estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Recently Issued Accounting Pronouncements — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . This ASU supersedes most of the existing guidance on revenue recognition in ASC Topic 605, Revenue Recognition, and establishes a broad principle that would require an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity identifies the contract with a customer, identifies the separate performance obligations in the contract, determines the transaction price, allocates the transaction price to the separate performance obligations and recognizes revenue when each separate performance obligation is satisfied. In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts with Customers (Topic 606): Deferral of the Effective Date, to defer implementation of ASU 2014-09 by one year. The guidance is now currently effective for fiscal years beginning after December 15, 2018 and is to be applied retrospectively at the entity's election either to each prior reporting period presented or with the cumulative effect of application recognized at the date of initial application. The ASU allows for early adoption for fiscal years beginning after December 15, 2016, however, the Company plans to adopt the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments to all contracts using the modified retrospective method in its first quarter of 2019. To assess the impact of the new standard, the Company analyzed the standard's impact on customer contracts, comparing its historical accounting policies and practices to the requirements of the new standard, and identifying potential differences from application of the new standard's requirements. The Company reviewed material contracts and related agreements with customers and confirmed that the performance obligations do not change under ASC No. 606. In addition, the Company considered all relevant commercial variables to identify transaction consideration and has concluded there is not a material change in the determination of transaction pricing. Therefore, the Company has concluded that the adoption of the new revenue standards will not have a material impact on its Consolidated Financial Statements as the method for recognizing revenue subsequent to the implementation of ASC No. 606 will not vary significantly from the revenue recognition practices under current GAAP. There are certain considerations related to internal control over financial reporting that are associated with implementing the new guidance under ASC No. 606 and the Company is currently implementing the necessary changes to its control framework for revenue recognition. In February 2016, the FASB issued ASU 2016-02, Leases, which will supersede the current lease requirements in Topic 840. The ASU requires lessees to recognize a right of use asset and related lease liability for all leases, with a limited exception for short-term leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the statement of operations. Currently, leases are classified as either capital or operating, with only capital leases recognized on the balance sheet. The reporting of lease related expenses in the consolidated statements of operations and cash flows will be generally consistent with current guidance. The ASU is effective for the Company for financial statements issued for fiscal years beginning after December 15, 2019. The Company believes the impact that the adoption of this guidance will have on its consolidated financial statements will be to materially increase assets and liabilities on the consolidated balance sheet, but it is not expected to materially impact the consolidated statements of operations. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , accounting guidance which removes Step 2 of the goodwill impairment test. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The ASU is effective for annual or interim reporting periods beginning after December 15, 2021. Early adoption is permitted. The Company adopted the provisions related to this ASU during fiscal year 2017 and the impact was not material. |
Business Combinations
Business Combinations | 6 Months Ended |
Jul. 01, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations The Company will selectively continue to pursue opportunistic acquisitions that provide additional products and processes, as well as entrance into new growth markets. There were no new acquisitions for the 13 and 26 weeks ended July 1, 2018 or for the 13 and 26 weeks ended July 2, 2017 . |
Inventory
Inventory | 6 Months Ended |
Jul. 01, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory consists of the following: July 1, December 31, Raw materials $ 8,661,634 $ 9,005,335 Work in progress 877,423 578,056 Finished goods 7,201,808 6,746,693 Total inventory $ 16,740,865 $ 16,330,084 The allowance for obsolete inventory was $693,049 and $434,712 at July 1, 2018 and December 31, 2017 , respectively. Included in inventory are assets located in Mexico with a carrying amount of $3,323,839 at July 1, 2018 and $3,173,944 at December 31, 2017 , and assets located in Canada with a carrying amount of $1,236,080 at July 1, 2018 and $1,072,430 at December 31, 2017 . |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Jul. 01, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment consists of the following: July 1, December 31, Depreciable Life – Years Land $ 1,663,153 $ 1,663,153 Buildings 6,806,125 7,606,125 23 – 40 Shop equipment 18,154,900 16,654,811 7 – 10 Leasehold improvements 1,059,276 997,277 3 – 10 Office equipment 1,566,319 1,442,082 3 – 7 Mobile equipment 271,269 223,474 3 Construction in progress 2,833,472 1,253,760 Total cost 32,354,514 29,840,682 Accumulated depreciation 7,992,703 6,865,281 Net property, plant, and equipment $ 24,361,811 $ 22,975,401 Depreciation expense was $ 621,030 and $1,224,990 for the 13 and 26 weeks ended July 1, 2018 , respectively, and $ 548,201 and $1,047,355 for the 13 and 26 weeks ended July 2, 2017 , respectively. Included in property, plant, and equipment are assets located in Mexico with a carrying amount of $3,208,486 and $2,659,920 at July 1, 2018 and December 31, 2017 , respectively, and assets located in Canada with a carrying amount of $642,159 and $684,431 at July 1, 2018 and December 31, 2017 , respectively. Please refer to Note 8 for further information on the held for sale amount regarding the closure of the Fort Smith facility. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jul. 01, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets of the Company consist of the following at July 1, 2018 : Gross Carrying Amount Accumulated Amortization Weighted Average Life – Years Customer contracts $ 26,523,065 $ 13,262,536 8.16 Trade names 4,673,044 1,306,423 16.43 Non-compete agreements 1,161,790 1,083,557 2.53 Unpatented technology $ 1,534,787 $ 665,215 5.00 Total $ 33,892,686 $ 16,317,731 Intangible assets of the Company consist of the following at December 31, 2017 : Gross Carrying Accumulated Weighted Average Customer contracts $ 26,523,065 $ 11,588,946 8.16 Trade names 4,673,044 1,160,569 16.43 Non-compete agreements 1,161,790 995,233 2.53 Unpatented technology 1,534,787 $ 512,156 5.00 Total $ 33,892,686 $ 14,256,904 The weighted average amortization period for all intangible assets is 8.96 years . Amortization expense for intangible assets totaled $ 1,030,414 and $2,060,828 for the 13 and 26 weeks ended July 1, 2018 , respectively, and $ 1,030,593 and $2,060,282 for the 13 and 26 weeks ended July 2, 2017 , respectively. Estimated amortization expense is as follows: 2018 $ 2,006,572 2019 3,945,264 2020 3,913,627 2021 2,455,712 2022 1,305,314 Thereafter 3,948,466 Total $ 17,574,955 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jul. 01, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Credit Agreement On April 29, 2016, Unique Fabricating NA, Inc. (the “US Borrower”) and Unique-Intasco Canada, Inc. (the “CA Borrower”) and Citizens Bank, National Association (“Citizens”), acting as syndication agent, and other lenders, entered into a credit agreement (the “Credit Agreement”) providing for borrowings of up to the aggregate principal amount of $62.0 million. The Credit Agreement is a senior secured credit facility and consisted of a revolving line of credit of up to $30.0 million (the “Revolver”) to the US Borrower, a $17.0 million principal amount term loan (the “US Term Loan”) to the US Borrower, and a $15.0 million principal amount term loan (the “CA Term Loan”) to the CA Borrower. At Closing, the US Term Loan and the CA Term Loan were fully funded and the US Borrower borrowed approximately $22.9 million under the Revolver. On August 18, 2017, the US Borrower and the CA Borrower entered into the Second Amendment (the “Amendment”) to the Credit Agreement, with Citizens acting as syndication agent, and other lenders. The Amendment converted $4.0 million of outstanding borrowings under the Revolver into an additional $4.0 million term loan to the US Borrower (the “US Term Loan II”). The conversion of a portion of the outstanding borrowings under the Revolver did not reduce the aggregate amount available to be borrowed under it. On August 8, 2018 the US Borrower and the CA Borrower entered into the Fourth Amendment (the “Fourth Amendment”) to the Credit Agreement. The Fourth Amendment requires the Company to use the net proceeds from the sale of the Ft. Smith, Arkansas building to reduce the outstanding borrowings under the Revolver. The application of the net proceeds will not permanently reduce the amounts that may be borrowed under the Revolver. The Fourth Amendment also eases, for the fiscal quarter ended September 30, 2018, the financial covenant ratio which determines the Company's ability to pay dividends. The Revolver, US Term Loan, US Term Loan II, and CA Term Loan all mature on April 28, 2021 and bear interest at the Company's election of either (i) the greater of the Prime Rate or the Federal Funds Effective Rate (the “Base Rate”) or (ii) the LIBOR rate, plus an applicable margin ranging from 1.75% to 2.75% per annum in the case of the Base Rate and 2.75% to 3.75% per annum in the case of the LIBOR rate, in each case, based on senior leverage ratio thresholds, measured quarterly. In addition, the Credit Agreement allows for increases in the principal amount of the Revolver and the US and CA Term Loans not to exceed a $10.0 million principal amount, in the aggregate, provided that before and after giving effect to the proposed increase (and any transactions to be consummated using proceeds of the increase), the total leverage and debt service coverage ratios do not exceed specified amounts. The Credit Agreement also provides for the issuance of letters of credit with a face amount of up to a $2.0 million, in the aggregate, provided that any letter of credit that is issued will reduce availability under the Revolver. As of July 1, 2018 , $26,256,089 was outstanding under the Revolver. This amount is gross of debt issuance costs which are further described in Note 1. The Revolver had an effective interest rate of 5.7256% percent per annum at July 1, 2018 , and is secured by substantially all of the Company’s assets. At July 1, 2018 , the maximum additional available borrowings under the Revolver were $3,643,911 , which includes a reduction for a $100,000 letter of credit issued for the benefit of the landlord of one of the Company’s leased facilities. The maximum amount available to be borrowed under the Revolver is further subject to borrowing base restrictions. Long term debt consists of the following: July 1, December 31, US Term Loan, payable to lenders in quarterly installments of $318,750 through March 31, 2018, $425,000 through March 31, 2019, and $531,250 through March 31, 2021, with a lump sum due at maturity. The effective interest rate was 5.7256% per annum at July 1, 2018. At July 1, 2018, the balance of the US Term Loan is presented net of a debt discount of $118,661 from costs paid to or on behalf of the lenders. $ 13,337,241 $ 14,060,065 US Term Loan II, payable to lenders in quarterly installments of $200,000 through March 31, 2021, with a lump sum due at maturity. The effective interest rate was 5.7256% per annum at July 1, 2018. At July 1, 2018, the balance of the US Term Loan II is presented net of a debt discount of $28,569 from costs paid to or on behalf of the lenders. $ 3,171,431 $ 3,566,398 CA Term Loan, payable to lenders in quarterly installments of $281,250 through March 31, 2018, $375,000 through March 31, 2019, and $468,750 through March 31, 2021, with a lump sum due at maturity. The effective interest rate was 5.7256% per annum at July 1, 2018. At July 1, 2018, the balance of the CA Term Loan is presented net of a debt discount of $58,544 from costs paid to or on behalf of the lenders. $ 12,316,456 $ 12,962,381 Note payable to the seller of former owner of business Unique acquired in 2014 which is unsecured and subordinated to the Credit Agreement. Interest accrues monthly at an annual rate of 6.00%. The note payable is due in full on February 6, 2019. 500,000 500,000 Other debt — — Total debt excluding Revolver 29,325,128 31,088,844 Less current maturities 4,606,248 3,799,998 Long-term debt – Less current maturities $ 24,718,880 $ 27,288,846 The senior credit facility contains customary negative covenants and requires that the Company comply with various financial covenants, including a total leverage ratio and debt service coverage ratio, as defined in the Credit Agreement. Also, the senior credit facility restricts dividends being paid to the Company from its subsidiaries. As of July 1, 2018 and December 31, 2017 , the Company was in compliance with these financial covenants. Additionally, the US Term Loan and CA Term Loan each contains a provision that requires an excess cash flow payment to be made to the lenders to reduce the US Term Loan and CA Term Loan if the Company’s cash flow exceeds certain thresholds as defined by the Credit Agreement and certain performance thresholds are not met. Maturities on the Company’s Credit Agreement and other long term debt obligations for the remainder of the current fiscal year and future fiscal years are as follows: 2018 $ 2,000,000 2019 5,100,000 2020 4,800,000 2021 43,886,991 2022 — Thereafter — Total 55,786,991 Discounts (205,774 ) Debt issuance costs (197,257 ) Total debt – Net $ 55,383,960 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jul. 01, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Interest Rate Swap The Company holds a derivative financial instrument, in the form of an interest rate swap, as required by its Credit Agreement, for the purpose of hedging certain identifiable transactions in order to mitigate risks relating to the variability of future earnings and cash flows caused by interest rate fluctuations. The Company has elected not to apply hedge accounting for financial reporting purposes. The interest rate swap is recognized in the accompanying consolidated balance sheets at its fair value. Monthly settlement payments due on the interest rate swap and changes in its fair value are recognized currently in net income as interest expense in the accompanying consolidated statements of operations. Effective June 30, 2016, as required under the Credit Agreement, the Company entered into an interest rate swap which requires the Company to pay a fixed rate of 1.055 percent per annum while receiving a variable rate per annum based on the one month LIBOR for a net monthly settlement based on the notional amount. The notional amount at the effective date was $16,681,250 which decreased by $318,750 each quarter until June 30, 2017, and began decreasing by $425,000 per quarter until June 29, 2018, when it will begin decreasing by $531,250 per quarter until it expires on June 28, 2019. Effective October 2, 2017, as required under the Second Amendment to the Credit Agreement, the Company entered into an additional interest rate swap with requires the Company to pay a fixed rate of 1.093 percent per annum while receiving a variable interest rate per annum based on the one month LIBOR, for a net monthly settlement based on half of the notional amount beginning immediately. The notional amount at the effective date was $1,900,000 which decreases by $100,000 each quarter until it expires on September 30, 2020. At July 1, 2018 , the fair value of both swaps was $184,418 , and was included in both other short and long term assets in the consolidated balance sheet. The Company paid $ (30,859) and $(48,894) in the aggregate, in net monthly settlements with respect to the interest rate swaps for the 13 and 26 weeks ended July 1, 2018 , respectively. At December 31, 2017 , the fair value of the swaps was $159,320 , and was included in other long-term assets in the consolidated balance sheets. The Company paid $ 1,922 and $11,308 with respect to the interest rate swaps for the 13 and 26 weeks ended July 2, 2017 . Both the change in fair value and the monthly settlements were included in interest expense in the consolidated statements of operations. Foreign Currency Forward Contract Effective June 29, 2016, the Company entered into a foreign currency forward contract to hedge the Mexican Peso. The forward contract had an equivalent USD notional amount of $3,300,000 and expired on June 30, 2017. The Company is exposed to market risk, including fluctuations in foreign currency exchange rates which may result in cash flow risks, and as a result from time to time may enter into forward contracts to mitigate risks relating to the variability of future earnings and cash flows caused by foreign currency rate fluctuations. The Company elected not to apply hedge accounting for financial reporting purposes. The foreign currency forward contract was recognized in the accompanying consolidated balance sheets at its fair value and changes in its fair value were recognized currently in net income as gain/losses on foreign currency exchange (which is part of other income (expense), net) in the consolidated statements of operations. At July 1, 2018 , the fair value of this foreign currency forward contract was $0 . |
Restructuring
Restructuring | 6 Months Ended |
Jul. 01, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring Unique's restructuring activities are undertaken as necessary to implement management's strategy, streamline operations, take advantage of available capacity and resources, and achieve net cost reductions. The restructuring activities generally relate to realignment of existing manufacturing capacity and closure of facilities and other exit or disposal activities, either in the normal course of business or pursuant to specific restructuring programs. Fort Smith Restructuring On February 13, 2018, the Company made the decision to close its manufacturing facility in Fort Smith, Arkansas. The Company ceased operations at the Fort Smith facility in July of 2018, subsequent to quarter end, and approximately 20 positions were eliminated as a result of the closure. The Company's decision resulted from its desire to streamline operations and to utilize some of the available excess capacity in other of our facilities. As such, the Company moved existing Fort Smith production to its manufacturing facilities in Evansville, Indiana and Monterrey, Mexico. The Company also provided the affected employees severance pay, health benefits continuation and job search assistance. The Company evaluated whether or not this closing met the criteria for discontinued operations and concluded that the closing did not meet the definition as it did not represent a strategic shift in the Company's operations and the Company will have continuing cash flows from the production being moved to other facilities within the Company. The Company incurred one-time severance costs as a result of this plant closure of $ (58,933) and $173,359 in the 13 and 26 weeks ended July 1, 2018 . The amount of other costs incurred associated with this plant closure, which primarily consisted of preparing and moving existing production equipment and inventory at Fort Smith to other facilities was $ 423,705 and $444,358 in the 13 and 26 weeks ended July 1, 2018 . Further charges to be incurred in 2018 subsequent to quarter end are expected to be immaterial. All of these costs will be recorded to the restructuring expense line in continuing operations in the Company's consolidated statement of operations. Following the closure, the Company intended to sell the building in Fort Smith, which currently has a net book value of $0.7 million . The building qualified as held for sale, and is presented properly as such in the consolidated balance sheet as a current asset. Subsequent to the end of the quarter, the Company reached an agreement to sell the building for approximately $1.0 million. The sale is expected to close in August of 2018. Port Huron Restructuring On February 1, 2018, the Company made the decision to close its manufacturing facility in Port Huron, Michigan. The Company ceased operations at the Port Huron facility in June of 2018 and 7 positions were eliminated as a result of the closure. The Company's decision resulted from its desire to streamline operations and to utilize some of the available excess capacity in other of its facilities. As such, the Company moved existing Port Huron production to our manufacturing facilities in London, Ontario, Auburn Hills, Michigan, and Louisville, Kentucky. The Company provided the affected employees severance pay, health benefits continuation and job search assistance. The Company evaluated whether or not this closing met the criteria for discontinued operations and concluded that the closing did not meet the definition as it did not represent a strategic shift in the Company's operations and the Company will have continuing cash flows from the production being moved to other facilities within the Company. The Company incurred one-time severance costs as a result of this plant closure of $ (17,125) and $64,768 in the 13 and 26 weeks ended July 1, 2018 . The amount of other costs incurred associated with this plant closure, which primarily consisted of preparing and moving existing production equipment and inventory at Port Huron to other facilities was $ 190,470 and $297,899 in the 13 and 26 weeks ended July 1, 2018 . No further charges are expected to be incurred in 2018. All of these costs were recorded to the restructuring expense line in continuing operations in the Company's consolidated statement of operations. The table below summarizes the activity in the restructuring liability for the 13 and 26 weeks ended July 1, 2018 . Employee Termination Benefits Liability Other Exit Costs Liability Total Accrual balance at January 1, 2018 $ — $ — $ — Provision for estimated expenses incurred during the year 238,128 742,256 980,384 Payments made during the year 163,440 705,873 869,313 Accrual balance at July 1, 2018 74,688 36,383 111,071 |
Stock Incentive Plans
Stock Incentive Plans | 6 Months Ended |
Jul. 01, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans 2013 Stock Incentive Plan The Company’s board of directors approved a stock incentive plan (the “Plan”) in 2013. The Plan permits the Company to grant 495,000 non statutory or incentive stock options to the employees, directors and consultants of the Company. 495,000 shares of unissued common stock are required to be reserved for the Plan. The board of directors has the authority to determine the participants to whom stock options shall be awarded as well as any restrictions to be placed upon the awards. The exercise price cannot be less than the fair value of the underlying shares at the time the stock options are issued and the maximum length of an award is ten years . On July 17, 2013 and January 1, 2014, the board of directors approved the issuance of 375,000 and 120,000 non statutory stock option awards, respectively, to employees of the Company with an exercise price of $3.33 per share with a weighted average grant date fair value of $0.23 and $0.35 per share, respectively. On April 29, 2016, the Company issued 7,200 non statutory stock option awards to employees of the Company with an exercise price of $12.58 and with a weighted average grant date fair value of $2.80 per share. On September 15, 2017, the Company issued 5,000 non statutory stock option awards to employees of the Company with an exercise price of $7.65 and with a weighted average grant date fair value of $1.41 per share. All 4 grants of awards vest 20 percent on the grant date and an additional 20 percent on each of the first, second, third and fourth anniversaries thereafter. Vested awards can only be exercised while the participants are employed by the Company. Upon termination, the Company may repurchase the vested awards at their fair value (or their exercise price if terminated for cause) prior to their exercise. The fair value of each option award is estimated on the grant date using a Black Scholes option pricing model that uses the weighted average assumptions noted in the following table. The expected volatility is based on the historical volatility of comparable companies. The expected term of the awards was estimated based on findings from academic studies investigating the average holding period for options adjusted for the Company’s size and risk factors. The risk free rate for periods within the contractual life of the option is based on the United States Treasury yield curve in effect at the time of grant. September 15, 2017 April 29, 2016 January 1, 2014 July 17, 2013 Expected volatility 40.00 % 40.00 % 34.00 % 34.00 % Dividend yield 7.00 % 5.00 % — % — % Expected term (in years) 5 5 4 4 Risk-free rate 1.81 % 1.28 % 1.27 % 0.96 % 2014 Omnibus Performance Award Plan In 2014, the board of directors and stockholders adopted the Unique Fabricating, Inc. 2014 Omnibus Performance Award Plan, or the 2014 Plan. The 2014 Plan provides for the grant of cash awards, stock options, stock appreciation rights, or SARs, shares of restricted stock and restricted stock units, or RSUs, performance shares and performance units. The 2014 Plan initially authorized the grant of awards relating to 250,000 shares of our common stock. In the event of any transaction that causes a change in capitalization, the Compensation Committee, such other committee administering the 2014 Plan or the board of directors will make such adjustments to the number of shares of common stock delivered, and the number and/or price of shares of common stock subject to outstanding awards granted under the 2014 Plan, as it deems appropriate and equitable to prevent dilution or enlargement of participants’ rights. An amendment approved in March 2016 by our board of directors which was approved by our stockholders at our annual meeting of stockholders in June 2016, increased the number of shares authorized for grant of awards under the 2014 Plan to a total of 450,000 shares of our common stock. On August 17, 2015, the board of directors approved the issuance of a total of 230,000 stock option awards of which 45,000 non statutory awards were granted to the board of directors and 185,000 incentive stock options were granted to employees of the Company. All of the awards had an exercise price of $12.50 per share with a weighted average grant date fair value of $2.72 per share. These awards vest 20 percent on the grant date and an additional 20 percent on each of the first, second, third and fourth anniversaries thereafter. Vested awards can only be exercised while the participants are employed by the Company. On November 20, 2015, the board of directors approved the issuance of incentive stock option awards for 15,000 shares to employees of the Company. All of the awards had an exercise price of $11.50 per share with a weighted average grant date fair value of $2.23 per share. The vesting schedule, vesting percentage, and capability of the employees to exercise these options have the same conditions as the August 17, 2015 grants discussed above. On April 29, 2016, the board of directors approved the issuance of incentive stock option awards for 5,000 shares to employees of the Company. All of the awards had an exercise price of $12.58 per share with a weighted average grant date fair value of $2.80 per share. The vesting schedule, vesting percentage, and capability of the employees to exercise these options have the same conditions as the November 20 and August 17, 2015 grants discussed above. On September 15, 2017, the board of directors approved the issuance of incentive stock option awards for 15,000 shares to employees of the Company. All of the awards had an exercise price of $7.65 with a weighted average grant date fair value of $1.41 per share. The vesting schedule, vesting percentage, and capability of the employees to exercise these options have the same conditions as the November 20, August 17, 2015, and April 29, 2016 grants discussed above. The fair value of each option award is estimated on the grant date using a Black Scholes option pricing model that uses the weighted average assumptions noted in the following table. The expected volatility is based on the historical volatility of comparable companies. The expected term of the awards was estimated based on findings from academic studies investigating the average holding period for options for adjusted for the Company’s size and risk factors. The risk free rate for periods within the contractual life of the option is based on the United States Treasury yield curve in effect at the time of grant. September 15, 2017 April 29, 2016 November 20, 2015 August 17, 2015 Expected volatility 40.00 % 40.00 % 35.00 % 38.00 % Dividend yield 7.00 % 5.00 % 5.00 % 4.80 % Expected term (in years) 5 5 5 5 Risk-free rate 1.81 % 1.28 % 1.70 % 1.58 % A summary of option activity under both plans is presented below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2017 602,480 $ 7.06 6.58 Granted — $ — 0.00 Exercised 16,200 $ 3.33 0 Forfeited or expired 5,000 $ 11.50 0 Outstanding at July 1, 2018 581,280 $ 7.13 6.09 $ 935,861 Vested and exercisable at July 1, 2018 474,360 $ 6.05 5.76 $ 1,276,028 (1) The aggregate intrinsic value above is obtained by subtracting the weighted average exercise price from the estimated fair value of the underlying shares as of July 1, 2018 and multiplying this result by the related number of options outstanding and exercisable at July 1, 2018 . The estimated fair value of the shares is based on the closing price of the stock of $8.74 as of July 1, 2018 . The Company recorded compensation expense of $ 32,681 and $65,940 for the 13 and 26 weeks ended July 1, 2018 and $ 37,508 and $75,016 for the 13 and 26 weeks ended July 2, 2017 in its consolidated statements of operations, as a component of sales, general and administrative expenses. The income tax benefit related to share based compensation expense was $ 8,919 and $15,700 for the 13 and 26 weeks ended July 1, 2018 and $ 11,380 and $22,542 for the 13 and 26 weeks ended July 2, 2017 . As of July 1, 2018 , there was $165,681 of total unrecognized compensation cost related to nonvested stock option awards under the plans. That cost is expected to be recognized over a weighted average period of 1.49 years . |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 01, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For interim tax reporting we estimate our annual effective tax rate and apply it to our year to date income before income taxes. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and the effect of changes in tax laws or rates, are reported in the interim period in which they occur, if applicable. On December 22, 2017 the Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act changed many aspects of U.S. corporate income taxation and included the reduction of the corporate income tax rate from 35% to 21%. The Act also included implementation of a territorial system and imposition of a one-time tax on deemed repatriated earnings of foreign subsidiaries. In the period ending December 31, 2017, in accordance with SEC Staff Accounting Bulletin No. 118, we recorded provisional amounts related to the Act, including the re-measurement of our U.S. net deferred tax liabilities, as well as the one-time transition tax on deemed repatriated earnings of foreign subsidiaries. As of July 1, 2018, the amounts recorded for the Act remain provisional. These estimates may be impacted by further analysis and future clarification and guidance. We are continuing to evaluate the provisions of the Act, including those related to GILTI and have not included an estimate of the tax expense related items that we are unable to reasonably estimate. Income tax expense for the 13 and 26 weeks ended July 1, 2018 was $632,377 and $1,019,593 , respectively, compared to $729,012 and $1,596,152 , respectively, for the 13 and 26 weeks ended July 2, 2017 . During the 13 and 26 weeks ended July 1, 2018 , the differences between the actual effective tax rate of 26.5% and 23.8% , respectively, and the statutory rate of 21.0% was mainly a result of earnings generated in Mexico and Canada, which both have higher income tax rates than the U.S. During the 13 and 26 weeks ended July 2, 2017 , the difference between the actual effective tax rate of 30.4% and 30.1% , respectively, and the statutory rate 34.0% was due to income earning in jurisdictions with tax rates lower than the U.S. statutory rate, and the manufacturing incentives in the U.S. |
Operating Leases
Operating Leases | 6 Months Ended |
Jul. 01, 2018 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The Company leases office space, production facilities and equipment under operating leases with various expiration dates through the year 2023. The leases for office space and production facilities require the Company to pay taxes, insurance, utilities and maintenance costs. Five of the leases for office space and production facilities provide for escalating rents over the life of the respective leases and rent expense for these leases is recognized over the term of the lease on a straight line basis, with the difference between lease payments and rent expense recorded as deferred rent in other accrued liabilities in the consolidated balance sheets. Total rent expense charged to operations was approximately $ 665,269 and $1,334,451 , respectively, for the 13 and 26 weeks ended July 1, 2018 and $ 565,355 and $1,110,630 , respectively, for the 13 and 26 weeks ended July 2, 2017 . Future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year are as follows at July 1, 2018 : 2018 $ 1,334,451 2019 2,240,731 2020 1,694,667 2021 867,196 2022 735,500 Thereafter 31,274 Total $ 6,903,819 |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jul. 01, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Company maintains a defined contribution plan covering certain full time salaried employees. Employees can make elective contributions to the plan. The Company contributes 100 percent of an employee’s contribution in an amount up to the first 3 percent of such employee’s total compensation and 50 percent of the contribution in an amount equal up to the next 2 percent of such employee’s total compensation. In addition, the Company, at the discretion of the board of directors, may make additional contributions to the plan on behalf of the plan participants. The Company contributed $132,363 and $259,882 , respectively, for the 13 and 26 weeks ended July 1, 2018 and $ 114,597 and $235,417 , respectively, for the 13 and 26 weeks ended July 2, 2017 . The Intasco operations acquired in April 2016 had separate retirement plans. The United States facility sponsored a SIMPLE IRA account for qualifying employees. The plan made a contribution equal to 3% percent of a participant's gross wages to the participating employees' SIMPLE IRA accounts. Contributions by Intasco in the United States totaled $194 and $1,502 , respectively, for the 13 and 26 weeks ended July 1, 2018 and $ 677 and $1,955 , respectively, for the 13 weeks ended April 2, 2017. The Canadian facility sponsors a retirement plan whereby Intasco makes a matching contribution of participant contributions up to a maximum amount based on the participants' number of years of service. Contributions by Intasco in Canada totaled $ 12,707 and $28,365 , respectively, for the 13 and 26 weeks ended July 1, 2018 and $ 11,230 and $25,319 for the 13 and 26 weeks ended July 2, 2017 . |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jul. 01, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Effective March 18, 2013, the Company is under a five year management agreement with a firm related to several stockholders. The agreement initially required annual management fees of $300,000 and additional fees for assistance provided in connection with acquisitions. Effective upon completion of the initial public offering by the Company in July 2015, the agreement was amended to reduce the annual management fee by an amount equal to the total, if any, of annual cash retainers and equity awards paid as compensation for service on the board of directors to any person who is a related person of Taglich Private Equity, LLC or Taglich Brothers, Inc. The Company incurred management fees of $ 56,250 and $112,500 , respectively, for the 13 and 26 weeks ended July 1, 2018 and $ 56,250 and $112,500 , respectively, for the 13 and 26 weeks ended July 2, 2017 . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 01, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial instruments consist of cash equivalents, accounts receivable, accounts payable and debt. The carrying amount of all significant financial instruments approximates fair value due to either the short maturity or the existence of variable interest rates that approximate prevailing market rates. Accounting standards require certain other items be reported at fair value in the financial statements and provides a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the valuation techniques and inputs used to measure fair value. Fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. Level 2 inputs may include quoted prices for similar items in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related item. Level 3 fair value measurements are based primarily on management’s own estimates using inputs such as pricing models, discounted cash flow methodologies or similar techniques taking into account the characteristics of the item. In instances whereby inputs used to measure fair value fall into different levels of the fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each item. The Company measures its interest rate swap at fair value on a recurring basis based primarily on Level 2 inputs using an income model based on disparity between variance and fixed interest rates, the scheduled balance of principal outstanding, yield curves and other information readily available in the market. The Company measures its foreign currency forward contract on a recurring basis based primarily on Level 2 inputs using the present value of future cash flows to be incurred on the contracts. In accordance with market standards and conventions for valuing such contracts, the transactions reflect the current direction and amounts expected in each currency, spot exchange rates at period-end, discount factors and forward interest rate curves for each relevant currency pair and future maturity date. This forward contract expired in fiscal year 2017. |
Contingencies
Contingencies | 6 Months Ended |
Jul. 01, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company is engaged from time to time in legal matters and proceedings arising out of its normal course of business. The Company establishes a liability related to its legal proceedings and claims when it has determined that it is probable that the Company has incurred a liability and the related amount can be reasonably estimated. If the Company determines that an obligation is reasonably possible, the Company will, if material, disclose the nature of the loss contingency and the estimated range of possible loss, or include a statement that no estimate of loss can be made. While uncertainties are inherent in the final outcome of such matters, the Company believes that there are no pending proceedings in which the Company is currently involved that will have a material effect on its financial position, results of operations or cash flow. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 01, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed giving effect to all potentially weighted average dilutive shares including options and warrants. The dilutive effect of outstanding awards, if any, is reflected in diluted earnings per share by application of the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share. Thirteen Weeks Ended July 1, 2018 Thirteen Weeks Ended July 2, 2017 Twenty-Six Weeks Ended July 1, 2018 Twenty-Six Weeks Ended July 2, 2017 Basic earnings per share calculation: Net income $ 1,751,009 $ 1,668,410 $ 3,262,898 $ 3,715,247 Net income attributable to common stockholders $ 1,751,009 $ 1,668,410 $ 3,262,898 $ 3,715,247 Weighted average shares outstanding 9,768,159 9,755,744 9,767,180 9,744,261 Net income per share-basic $ 0.18 $ 0.17 $ 0.33 $ 0.38 Diluted earnings per share calculation: Net income $ 1,751,009 $ 1,668,410 $ 3,262,898 $ 3,715,247 Weighted average shares outstanding 9,768,159 9,755,744 9,767,180 9,744,261 Effect of dilutive securities: Stock options (1)(2) 148,115 152,879 146,802 159,558 Warrants (1)(2) 725 1,575 706 1,644 Diluted weighted average shares outstanding 9,916,999 9,910,198 9,914,688 9,905,463 Net income per share-diluted $ 0.18 $ 0.17 $ 0.33 $ 0.38 (1) Options to purchase 329,080 shares of common stock remaining to be exercised under the 2013 plan were considered in the computation of diluted earnings per share using the treasury stock method in the 2018 calculation. Options to purchase 220,000 shares of common stock that were granted in August 2015 and November 2015 remaining to be exercised, as discussed in Note 9, under the 2014 plan, options to purchase 7,200 shares of common stock and 5,000 shares of common stock that were granted under the 2013 and 2014 plan, respectively, in April 2016, options to purchase 5,000 and 15,000 shares of common stock that were granted under the 2013 and 2014 plan, respectively, in September 2017, warrants to purchase 1,185 shares of common stock remaining to be exercised, and warrants to purchase 141,000 shares of common stock issued to the underwriters of the Company's IPO in July 2015, were not included in the computation of diluted earnings per share in the 2018 period because the effect would have been anti-dilutive. (2) Options to purchase 347,080 shares of common stock remaining to be exercised under the 2013 plan, and warrants to purchase 1,185 shares of common stock remaining to be exercised, were considered in the computation of diluted earnings per share using the treasury stock method in the 2017 calculation. Warrants to purchase 141,000 shares of common stock issued to the underwriters of the Company's IPO in July 2015, options to purchase 237,200 shares of common stock that were granted in August 2015 and November 2015 remaining to be exercised, as discussed in Note 9, under the 2014 plan, and options to purchase 7,200 shares of common stock and 5,000 shares of common stock that were granted under the 2013 and 2014 plan, respectively, in April 2016, were not included in the computation of diluted earnings per share in the 2017 period because the effect would have been anti-dilutive. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jul. 01, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Declaration of Cash Dividend On August 9, 2018, our board of directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be payable on September 7, 2018 to stockholders of record at the close of business on August 31, 2018. The aggregate amount of the dividend is approximately $1.5 million. |
Nature of Business and Signif24
Nature of Business and Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 01, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The information furnished in the Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of such financial statements. The interim results for the periods presented may not be indicative of the Company's actual annual results. |
Principles of Consolidation | The consolidated financial statements include the accounts of the Company and all subsidiaries over which the Company exercises control. All intercompany transactions and balances have been eliminated upon consolidation. |
Fiscal Years | The Company’s quarterly periods end on the Sunday closest to the end of the calendar quarterly period. For 2018, the quarterly and year to date periods, which were 13 and 26 weeks, ended on July 1, 2018 , and for 2017, the quarterly and year to date period, which were 13 and 26 weeks, ended on July 2, 2017 . Fiscal year 2017 ended on Sunday, December 31, 2017 . |
Cash and Cash Equivalents and Accounts Payable | Under the Company’s cash management system, checks issued but not yet presented to the Company’s bank frequently result in overdraft balances for accounting purposes and are classified as accounts payable on the consolidated balance sheets. The Company considers all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. |
Accounts Receivable | Accounts receivable are stated at the invoiced amount and do not bear interest. The allowance for doubtful accounts is management’s best estimate of the amount of probable credit losses in the existing accounts receivable. Management determines the allowance based on historical write-off experience and an understanding of individual customer payment history and financial condition. Management reviews the allowance for doubtful accounts at regular intervals. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. |
Inventory | Inventory is stated at the lower of cost or market, with cost determined on the first in, first out method (FIFO). Inventory acquired as part of a business combination is recorded at its estimated fair value at the time of the business combination. The Company periodically evaluates inventory for obsolescence, excess quantities, slow moving goods and other impairments of value and establishes reserves for any identified impairments. |
Valuation of Long-Lived Assets | The carrying value of long-lived assets held for use is periodically evaluated when events or circumstances warrant such a review. The carrying value of a long-lived asset held for use is considered impaired when the anticipated separately identifiable undiscounted cash flows from the asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. |
Property, Plant, and Equipment | Property, plant, and equipment purchases are recorded at cost. Property, plant, and equipment acquired as part of a business combination are recorded at estimated fair value at the time of the business combination. Depreciation is calculated using the straight line method over the estimated useful life of each asset. Leasehold improvements are depreciated over the shorter of the estimated useful life of the asset or the period of the related leases. Upon retirement or disposal, the initial cost or valuation and accumulated depreciation are removed from the accounts, and any gain or loss is included in net income. Repair and maintenance costs are expensed as incurred. |
Intangible Assets | The Company does not hold any intangible assets with indefinite lives. Identifiable intangible assets recognized as part of a business combination are recorded at their estimated fair value at the time of the business combination. Acquired intangible assets subject to amortization are amortized on a straight line basis, which approximates the pattern in which the economic benefit of the respective intangible is realized, over their respective estimated useful lives. Amortizable intangible assets are reviewed for impairment whenever events or circumstances indicate that the related carrying amount may be impaired. The remaining useful lives of intangible assets are reviewed to determine whether events and circumstances warrant a revision to the remaining period of amortization. |
Goodwill | Goodwill represents the excess of the acquisition cost of consideration transferred over the fair value of the identifiable assets acquired and liabilities assumed from business combinations at the date of acquisition. Goodwill is not amortized, but rather is assessed at least on an annual basis for impairment. If it is determined that it is more likely than not that the fair value is greater than the carrying value of a reporting unit then a qualitative assessment may be used for the annual impairment test. Otherwise, a one-step process is used which requires estimating the fair value of each reporting unit compared to its carrying value. If the carrying value exceeds the estimated fair value, goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. |
Debt Issuance Costs | Debt issuance costs represent legal, consulting, and other financial costs associated with debt financing and are reported netted against the related debt instrument. Amounts paid to or on behalf of lenders are presented as a debt discount and are also shown as a reduction of the associated debt instrument. Debt issuance costs on term debt are amortized using the straight line basis over the term of the related debt (which is immaterially different from the required effective interest method) while those related to revolving debt are amortized using a straight line basis over the term of the related debt. |
Investments | Investments in entities in which the Company has less than a 20 percent interest or is not able to exercise significant influence are carried at cost. Dividends received are included in income, except for those dividends received in excess of the Company’s proportionate share of accumulated earnings, which are applied as a reduction of the cost of the investment. Impairment losses due to a decline in the value of the investment that is other than temporary are recognized when incurred. |
Stock Based Compensation | The Company accounts for its stock based compensation using the fair value of the award estimated at the grant date of the award. The Company estimates the fair value of awards, consisting of stock options, using the Black Scholes option pricing model. Compensation expense is recognized in earnings using the straight line method over the vesting period, which represents the requisite service period. |
Revenue Recognition | Revenue is recognized by the Company upon shipment to customers when the customer takes ownership and assumes the risk of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists, and the sale price is fixed and determinable. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. |
Shipping and Handling | Shipping and handling costs are included in costs of sales as they are incurred. |
Income Taxes | A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the period. Deferred tax liabilities or assets are recognized for the estimated future tax effects of temporary differences between financial reporting and tax accounting measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company also evaluates the need for valuation allowances to reduce the deferred tax assets to realizable amounts. Management evaluates all positive and negative evidence and uses judgment regarding past and future events, including operating results, to help determine when it is more likely than not that all or some portion of the deferred tax assets may not be realized. When appropriate, a valuation allowance is recorded against deferred tax assets to reserve for future tax benefits that may not be realized. The Company recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon settlement with the relevant tax authority. The Company assesses all tax positions for which the statute of limitations remain open. |
Foreign Currency Adjustments and Foreign Currency Exchange | The Company’s functional currency for all operations worldwide is the United States dollar. Nonmonetary assets and liabilities of foreign operations are remeasured at historical rates and monetary assets and liabilities are remeasured at exchange rates in effect at the end of each reporting period. Income statement accounts are remeasured at average exchange rates for the year. Gains and losses from translation of foreign currency financial statements into United States dollars are classified in other income in the consolidated statements of operations. The expression of assets and liabilities in a currency other than the Company's functional currency, which is the United States dollar, gives rise to exchange gains and losses when such assets and obligations are paid in another currency. Foreign currency exchange rate adjustments (i.e., differences between amounts recorded and actual amounts owed or paid) are reported in the consolidated statements of operations as the foreign currency fluctuations occur. Foreign currency exchange rate adjustments are reported in the consolidated statements of cash flows using the exchange rates in effect at the time of the cash flows. At July 1, 2018 , the Company’s exposure to assets and liabilities denominated in another currency was not significant. To the extent there is a fluctuation in the exchange rates, the amount of local currency to be paid or received to satisfy foreign currency obligations in 2018 may increase or decrease. |
Derivative Financial Instruments | All derivative instruments are required to be reported on the consolidated balance sheets at fair value unless the transactions qualify and are designated as normal purchases or sales. Changes in fair value are reported currently through earnings unless they meet hedge accounting criteria. |
Use of Estimates | The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Recently Issued Accounting Pronouncements | In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . This ASU supersedes most of the existing guidance on revenue recognition in ASC Topic 605, Revenue Recognition, and establishes a broad principle that would require an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity identifies the contract with a customer, identifies the separate performance obligations in the contract, determines the transaction price, allocates the transaction price to the separate performance obligations and recognizes revenue when each separate performance obligation is satisfied. In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts with Customers (Topic 606): Deferral of the Effective Date, to defer implementation of ASU 2014-09 by one year. The guidance is now currently effective for fiscal years beginning after December 15, 2018 and is to be applied retrospectively at the entity's election either to each prior reporting period presented or with the cumulative effect of application recognized at the date of initial application. The ASU allows for early adoption for fiscal years beginning after December 15, 2016, however, the Company plans to adopt the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments to all contracts using the modified retrospective method in its first quarter of 2019. To assess the impact of the new standard, the Company analyzed the standard's impact on customer contracts, comparing its historical accounting policies and practices to the requirements of the new standard, and identifying potential differences from application of the new standard's requirements. The Company reviewed material contracts and related agreements with customers and confirmed that the performance obligations do not change under ASC No. 606. In addition, the Company considered all relevant commercial variables to identify transaction consideration and has concluded there is not a material change in the determination of transaction pricing. Therefore, the Company has concluded that the adoption of the new revenue standards will not have a material impact on its Consolidated Financial Statements as the method for recognizing revenue subsequent to the implementation of ASC No. 606 will not vary significantly from the revenue recognition practices under current GAAP. There are certain considerations related to internal control over financial reporting that are associated with implementing the new guidance under ASC No. 606 and the Company is currently implementing the necessary changes to its control framework for revenue recognition. In February 2016, the FASB issued ASU 2016-02, Leases, which will supersede the current lease requirements in Topic 840. The ASU requires lessees to recognize a right of use asset and related lease liability for all leases, with a limited exception for short-term leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the statement of operations. Currently, leases are classified as either capital or operating, with only capital leases recognized on the balance sheet. The reporting of lease related expenses in the consolidated statements of operations and cash flows will be generally consistent with current guidance. The ASU is effective for the Company for financial statements issued for fiscal years beginning after December 15, 2019. The Company believes the impact that the adoption of this guidance will have on its consolidated financial statements will be to materially increase assets and liabilities on the consolidated balance sheet, but it is not expected to materially impact the consolidated statements of operations. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , accounting guidance which removes Step 2 of the goodwill impairment test. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The ASU is effective for annual or interim reporting periods beginning after December 15, 2021. Early adoption is permitted. The Company adopted the provisions related to this ASU during fiscal year 2017 and the impact was not material. |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jul. 01, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consists of the following: July 1, December 31, Raw materials $ 8,661,634 $ 9,005,335 Work in progress 877,423 578,056 Finished goods 7,201,808 6,746,693 Total inventory $ 16,740,865 $ 16,330,084 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Jul. 01, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant, and equipment consists of the following: July 1, December 31, Depreciable Life – Years Land $ 1,663,153 $ 1,663,153 Buildings 6,806,125 7,606,125 23 – 40 Shop equipment 18,154,900 16,654,811 7 – 10 Leasehold improvements 1,059,276 997,277 3 – 10 Office equipment 1,566,319 1,442,082 3 – 7 Mobile equipment 271,269 223,474 3 Construction in progress 2,833,472 1,253,760 Total cost 32,354,514 29,840,682 Accumulated depreciation 7,992,703 6,865,281 Net property, plant, and equipment $ 24,361,811 $ 22,975,401 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jul. 01, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets of the Company consist of the following at July 1, 2018 : Gross Carrying Amount Accumulated Amortization Weighted Average Life – Years Customer contracts $ 26,523,065 $ 13,262,536 8.16 Trade names 4,673,044 1,306,423 16.43 Non-compete agreements 1,161,790 1,083,557 2.53 Unpatented technology $ 1,534,787 $ 665,215 5.00 Total $ 33,892,686 $ 16,317,731 Intangible assets of the Company consist of the following at December 31, 2017 : Gross Carrying Accumulated Weighted Average Customer contracts $ 26,523,065 $ 11,588,946 8.16 Trade names 4,673,044 1,160,569 16.43 Non-compete agreements 1,161,790 995,233 2.53 Unpatented technology 1,534,787 $ 512,156 5.00 Total $ 33,892,686 $ 14,256,904 |
Schedule of Future Amortization Expense | Estimated amortization expense is as follows: 2018 $ 2,006,572 2019 3,945,264 2020 3,913,627 2021 2,455,712 2022 1,305,314 Thereafter 3,948,466 Total $ 17,574,955 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jul. 01, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long term debt consists of the following: July 1, December 31, US Term Loan, payable to lenders in quarterly installments of $318,750 through March 31, 2018, $425,000 through March 31, 2019, and $531,250 through March 31, 2021, with a lump sum due at maturity. The effective interest rate was 5.7256% per annum at July 1, 2018. At July 1, 2018, the balance of the US Term Loan is presented net of a debt discount of $118,661 from costs paid to or on behalf of the lenders. $ 13,337,241 $ 14,060,065 US Term Loan II, payable to lenders in quarterly installments of $200,000 through March 31, 2021, with a lump sum due at maturity. The effective interest rate was 5.7256% per annum at July 1, 2018. At July 1, 2018, the balance of the US Term Loan II is presented net of a debt discount of $28,569 from costs paid to or on behalf of the lenders. $ 3,171,431 $ 3,566,398 CA Term Loan, payable to lenders in quarterly installments of $281,250 through March 31, 2018, $375,000 through March 31, 2019, and $468,750 through March 31, 2021, with a lump sum due at maturity. The effective interest rate was 5.7256% per annum at July 1, 2018. At July 1, 2018, the balance of the CA Term Loan is presented net of a debt discount of $58,544 from costs paid to or on behalf of the lenders. $ 12,316,456 $ 12,962,381 Note payable to the seller of former owner of business Unique acquired in 2014 which is unsecured and subordinated to the Credit Agreement. Interest accrues monthly at an annual rate of 6.00%. The note payable is due in full on February 6, 2019. 500,000 500,000 Other debt — — Total debt excluding Revolver 29,325,128 31,088,844 Less current maturities 4,606,248 3,799,998 Long-term debt – Less current maturities $ 24,718,880 $ 27,288,846 |
Schedule of Maturities of Long-Term Debt | Maturities on the Company’s Credit Agreement and other long term debt obligations for the remainder of the current fiscal year and future fiscal years are as follows: 2018 $ 2,000,000 2019 5,100,000 2020 4,800,000 2021 43,886,991 2022 — Thereafter — Total 55,786,991 Discounts (205,774 ) Debt issuance costs (197,257 ) Total debt – Net $ 55,383,960 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jul. 01, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Liability | The table below summarizes the activity in the restructuring liability for the 13 and 26 weeks ended July 1, 2018 . Employee Termination Benefits Liability Other Exit Costs Liability Total Accrual balance at January 1, 2018 $ — $ — $ — Provision for estimated expenses incurred during the year 238,128 742,256 980,384 Payments made during the year 163,440 705,873 869,313 Accrual balance at July 1, 2018 74,688 36,383 111,071 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 6 Months Ended |
Jul. 01, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Option Valuation Assumptions | The fair value of each option award is estimated on the grant date using a Black Scholes option pricing model that uses the weighted average assumptions noted in the following table. The expected volatility is based on the historical volatility of comparable companies. The expected term of the awards was estimated based on findings from academic studies investigating the average holding period for options adjusted for the Company’s size and risk factors. The risk free rate for periods within the contractual life of the option is based on the United States Treasury yield curve in effect at the time of grant. September 15, 2017 April 29, 2016 January 1, 2014 July 17, 2013 Expected volatility 40.00 % 40.00 % 34.00 % 34.00 % Dividend yield 7.00 % 5.00 % — % — % Expected term (in years) 5 5 4 4 Risk-free rate 1.81 % 1.28 % 1.27 % 0.96 % The fair value of each option award is estimated on the grant date using a Black Scholes option pricing model that uses the weighted average assumptions noted in the following table. The expected volatility is based on the historical volatility of comparable companies. The expected term of the awards was estimated based on findings from academic studies investigating the average holding period for options for adjusted for the Company’s size and risk factors. The risk free rate for periods within the contractual life of the option is based on the United States Treasury yield curve in effect at the time of grant. September 15, 2017 April 29, 2016 November 20, 2015 August 17, 2015 Expected volatility 40.00 % 40.00 % 35.00 % 38.00 % Dividend yield 7.00 % 5.00 % 5.00 % 4.80 % Expected term (in years) 5 5 5 5 Risk-free rate 1.81 % 1.28 % 1.70 % 1.58 % |
Schedule of Stock Options and Stock Appreciation Rights Award Activity | A summary of option activity under both plans is presented below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2017 602,480 $ 7.06 6.58 Granted — $ — 0.00 Exercised 16,200 $ 3.33 0 Forfeited or expired 5,000 $ 11.50 0 Outstanding at July 1, 2018 581,280 $ 7.13 6.09 $ 935,861 Vested and exercisable at July 1, 2018 474,360 $ 6.05 5.76 $ 1,276,028 (1) The aggregate intrinsic value above is obtained by subtracting the weighted average exercise price from the estimated fair value of the underlying shares as of July 1, 2018 and multiplying this result by the related number of options outstanding and exercisable at July 1, 2018 . The estimated fair value of the shares is based on the closing price of the stock of $8.74 as of July 1, 2018 . |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jul. 01, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year are as follows at July 1, 2018 : 2018 $ 1,334,451 2019 2,240,731 2020 1,694,667 2021 867,196 2022 735,500 Thereafter 31,274 Total $ 6,903,819 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 01, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share. Thirteen Weeks Ended July 1, 2018 Thirteen Weeks Ended July 2, 2017 Twenty-Six Weeks Ended July 1, 2018 Twenty-Six Weeks Ended July 2, 2017 Basic earnings per share calculation: Net income $ 1,751,009 $ 1,668,410 $ 3,262,898 $ 3,715,247 Net income attributable to common stockholders $ 1,751,009 $ 1,668,410 $ 3,262,898 $ 3,715,247 Weighted average shares outstanding 9,768,159 9,755,744 9,767,180 9,744,261 Net income per share-basic $ 0.18 $ 0.17 $ 0.33 $ 0.38 Diluted earnings per share calculation: Net income $ 1,751,009 $ 1,668,410 $ 3,262,898 $ 3,715,247 Weighted average shares outstanding 9,768,159 9,755,744 9,767,180 9,744,261 Effect of dilutive securities: Stock options (1)(2) 148,115 152,879 146,802 159,558 Warrants (1)(2) 725 1,575 706 1,644 Diluted weighted average shares outstanding 9,916,999 9,910,198 9,914,688 9,905,463 Net income per share-diluted $ 0.18 $ 0.17 $ 0.33 $ 0.38 (1) Options to purchase 329,080 shares of common stock remaining to be exercised under the 2013 plan were considered in the computation of diluted earnings per share using the treasury stock method in the 2018 calculation. Options to purchase 220,000 shares of common stock that were granted in August 2015 and November 2015 remaining to be exercised, as discussed in Note 9, under the 2014 plan, options to purchase 7,200 shares of common stock and 5,000 shares of common stock that were granted under the 2013 and 2014 plan, respectively, in April 2016, options to purchase 5,000 and 15,000 shares of common stock that were granted under the 2013 and 2014 plan, respectively, in September 2017, warrants to purchase 1,185 shares of common stock remaining to be exercised, and warrants to purchase 141,000 shares of common stock issued to the underwriters of the Company's IPO in July 2015, were not included in the computation of diluted earnings per share in the 2018 period because the effect would have been anti-dilutive. (2) Options to purchase 347,080 shares of common stock remaining to be exercised under the 2013 plan, and warrants to purchase 1,185 shares of common stock remaining to be exercised, were considered in the computation of diluted earnings per share using the treasury stock method in the 2017 calculation. Warrants to purchase 141,000 shares of common stock issued to the underwriters of the Company's IPO in July 2015, options to purchase 237,200 shares of common stock that were granted in August 2015 and November 2015 remaining to be exercised, as discussed in Note 9, under the 2014 plan, and options to purchase 7,200 shares of common stock and 5,000 shares of common stock that were granted under the 2013 and 2014 plan, respectively, in April 2016, were not included in the computation of diluted earnings per share in the 2017 period because the effect would have been anti-dilutive. |
Nature of Business and Signif33
Nature of Business and Significant Accounting Policies (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 01, 2018USD ($) | Jul. 02, 2017USD ($) | Jul. 01, 2018USD ($)reporting_unitsegment | Jul. 02, 2017USD ($) | Dec. 31, 2017USD ($) | |
Accounting Policies [Abstract] | |||||
Number of operating segments | segment | 1 | ||||
Number of reportable segments | segment | 1 | ||||
Allowance for doubtful accounts receivable | $ 583,615 | $ 583,615 | $ 768,500 | ||
Number of reporting units for goodwill testing | reporting_unit | 1 | ||||
Impairment charge | 0 | $ 0 | $ 0 | $ 0 | |
Debt issuance cost | 197,257 | 197,257 | 232,045 | ||
Unamortized discount | 205,774 | 205,774 | $ 242,059 | ||
Amortization of debt issuance costs | 35,536 | 33,019 | 71,072 | 66,039 | |
Dividend income | 0 | 0 | 0 | 0 | |
Concentration Risk [Line Items] | |||||
Unrecognized tax benefits | 0 | 0 | 0 | 0 | |
Penalties or interest recorded | $ 0 | $ 0 | $ 0 | $ 0 | |
Labor force concentration risk | Workforce Subject to Collective Bargaining Arrangements | Collective Bargaining Arrangements Expiring August 2019 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (percentage) | 30.00% | ||||
Labor force concentration risk | Workforce Subject to Collective Bargaining Arrangements | Collective Bargaining Arrangements Expiring January 2017 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (percentage) | 4.00% | ||||
Geographic concentration risk | Sales revenue, net | Mexico | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (percentage) | 16.00% | 15.00% | 16.00% | 14.00% | |
Geographic concentration risk | Sales revenue, net | Canada | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (percentage) | 10.00% | 11.00% | 10.00% | 11.00% | |
Geographic concentration risk | Sales revenue, net | Other foreign countries | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (percentage) | 2.00% | 1.00% | 2.00% | 1.00% | |
Geographic concentration risk | Production risk | Mexico | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (percentage) | 17.00% | 13.00% | 17.00% | 14.00% | |
Geographic concentration risk | Production risk | Canada | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (percentage) | 10.00% | 9.00% | 10.00% | 9.00% | |
General Motors Company | Customer concentration risk | Sales revenue, net | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (percentage) | 13.00% | 15.00% | 13.00% | 15.00% | |
General Motors Company | Customer concentration risk | Accounts receivable | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (percentage) | 11.00% | ||||
Fiat Chrysler Automobile | Customer concentration risk | Sales revenue, net | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (percentage) | 17.00% | 12.00% | 17.00% | 11.00% | |
Ford Motor Company | Customer concentration risk | Sales revenue, net | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (percentage) | 10.00% | 12.00% | 11.00% | 12.00% | |
Accounts payable | |||||
Concentration Risk [Line Items] | |||||
Checks issued in excess of available cash | $ 2,711,940 | $ 2,711,940 | $ 2,919,460 |
Business Combinations (Details)
Business Combinations (Details) - aquisition | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | |
Business Combinations [Abstract] | ||||
Number of new acquisitions | 0 | 0 | 0 | 0 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) - USD ($) | Jul. 01, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 8,661,634 | $ 9,005,335 |
Work in progress | 877,423 | 578,056 |
Finished goods | 7,201,808 | 6,746,693 |
Total inventory | $ 16,740,865 | $ 16,330,084 |
Inventory - Additional Informat
Inventory - Additional Information (Details) - USD ($) | Jul. 01, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Allowance for obsolete inventory | $ 693,049 | $ 434,712 |
Inventory – net | 16,740,865 | 16,330,084 |
Mexico | ||
Inventory [Line Items] | ||
Inventory – net | 3,323,839 | 3,173,944 |
Canada | ||
Inventory [Line Items] | ||
Inventory – net | $ 1,236,080 | $ 1,072,430 |
Property, Plant, and Equipmen37
Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) | 6 Months Ended | |
Jul. 01, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 32,354,514 | $ 29,840,682 |
Accumulated depreciation | 7,992,703 | 6,865,281 |
Net property, plant, and equipment | 24,361,811 | 22,975,401 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 1,663,153 | 1,663,153 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 6,806,125 | 7,606,125 |
Buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life, years | 23 years | |
Buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life, years | 40 years | |
Shop equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 18,154,900 | 16,654,811 |
Shop equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life, years | 7 years | |
Shop equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life, years | 10 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 1,059,276 | 997,277 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life, years | 3 years | |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life, years | 10 years | |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 1,566,319 | 1,442,082 |
Office equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life, years | 3 years | |
Office equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable life, years | 7 years | |
Mobile equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 271,269 | 223,474 |
Depreciable life, years | 3 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 2,833,472 | $ 1,253,760 |
Property, Plant, and Equipmen38
Property, Plant, and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 621,030 | $ 548,201 | $ 1,224,990 | $ 1,047,355 | |
Property, plant, and equipment – net | 24,361,811 | 24,361,811 | $ 22,975,401 | ||
Mexico | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment – net | 3,208,486 | 3,208,486 | 2,659,920 | ||
Canada | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment – net | $ 642,159 | $ 642,159 | $ 684,431 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets By Major Class (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jul. 01, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 33,892,686 | $ 33,892,686 |
Accumulated Amortization | $ 16,317,731 | 14,256,904 |
Weighted Average | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life – Years | 8 years 11 months 16 days | |
Customer contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 26,523,065 | 26,523,065 |
Accumulated Amortization | $ 13,262,536 | $ 11,588,946 |
Customer contracts | Weighted Average | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life – Years | 8 years 1 month 29 days | 8 years 1 month 29 days |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,673,044 | $ 4,673,044 |
Accumulated Amortization | $ 1,306,423 | $ 1,160,569 |
Trade names | Weighted Average | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life – Years | 16 years 5 months 6 days | 16 years 5 months 6 days |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,161,790 | $ 1,161,790 |
Accumulated Amortization | $ 1,083,557 | $ 995,233 |
Non-compete agreements | Weighted Average | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life – Years | 2 years 6 months 10 days | 2 years 6 months 10 days |
Unpatented technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,534,787 | $ 1,534,787 |
Accumulated Amortization | $ 665,215 | $ 512,156 |
Unpatented technology | Weighted Average | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life – Years | 5 years | 5 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 1,030,414 | $ 1,030,593 | $ 2,060,828 | $ 2,060,282 |
Weighted Average | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average amortization period | 8 years 11 months 16 days |
Intangible Assets - Finite-Live
Intangible Assets - Finite-Lived Intangible Assets, Future Amortization Expense Schedule (Details) - USD ($) | Jul. 01, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,018 | $ 2,006,572 | |
2,019 | 3,945,264 | |
2,020 | 3,913,627 | |
2,021 | 2,455,712 | |
2,022 | 1,305,314 | |
Thereafter | 3,948,466 | |
Total | $ 17,574,955 | $ 19,635,782 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Details) - USD ($) | Apr. 29, 2016 | Jul. 01, 2018 | Aug. 18, 2017 |
Credit agreement | Line of credit | Secured debt | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 62,000,000 | ||
Maximum increase to principal amount | 10,000,000 | ||
Credit agreement | Line of credit | Secured debt | Base Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Credit agreement | Line of credit | Secured debt | Base Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.75% | ||
Credit agreement | Line of credit | Secured debt | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.75% | ||
Credit agreement | Line of credit | Secured debt | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.75% | ||
Credit agreement | Letter of credit | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 2,000,000 | ||
New revolver | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Line of credit | $ 26,256,089 | ||
New revolver | Line of credit | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 30,000,000 | $ 3,643,911 | |
Senior notes | 22,900,000 | ||
Line of credit | $ 4,000,000 | ||
Effective interest rate | 5.7256% | ||
US Term loan | Line of credit | Secured debt | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 17,000,000 | ||
Effective interest rate | 5.7256% | ||
CA term loan | Line of credit | Secured debt | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 15,000,000 | ||
Effective interest rate | 5.7256% | ||
US Term Loan II | Line of credit | Secured debt | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 4 | ||
Effective interest rate | 5.7256% | ||
Senior credit facility, second amendment | Line of credit | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 100,000 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) | 6 Months Ended | |
Jul. 01, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Total debt excluding Revolver | $ 29,325,128 | $ 31,088,844 |
Less current maturities | 4,606,248 | 3,799,998 |
Long-term debt – Less current maturities | 24,718,880 | 27,288,846 |
Unamortized discount | 205,774 | 242,059 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Total debt excluding Revolver | $ 500,000 | 500,000 |
Stated Interest rate | 6.00% | |
Other debt | ||
Debt Instrument [Line Items] | ||
Total debt excluding Revolver | $ 0 | 0 |
Line of credit | US Term loan | Secured debt | ||
Debt Instrument [Line Items] | ||
Total debt excluding Revolver | $ 13,337,241 | 14,060,065 |
Effective interest rate | 5.7256% | |
Unamortized discount | $ 118,661 | |
Line of credit | US Term loan | Secured debt | Installments Through March 31, 2018 | ||
Debt Instrument [Line Items] | ||
Principal payment | 318,750 | |
Line of credit | US Term loan | Secured debt | Installments Through March 31, 2019 | ||
Debt Instrument [Line Items] | ||
Principal payment | 425,000 | |
Line of credit | US Term loan | Secured debt | Installments Through March 31, 2021 | ||
Debt Instrument [Line Items] | ||
Principal payment | 531,250 | |
Line of credit | US Term Loan II | Secured debt | ||
Debt Instrument [Line Items] | ||
Total debt excluding Revolver | $ 3,171,431 | 3,566,398 |
Effective interest rate | 5.7256% | |
Unamortized discount | $ 28,569 | |
Line of credit | US Term Loan II | Secured debt | Installments Through March 31, 2021 | ||
Debt Instrument [Line Items] | ||
Principal payment | 200,000 | |
Line of credit | CA term loan | Secured debt | ||
Debt Instrument [Line Items] | ||
Total debt excluding Revolver | $ 12,316,456 | $ 12,962,381 |
Effective interest rate | 5.7256% | |
Unamortized discount | $ 58,544 | |
Line of credit | CA term loan | Secured debt | Installments Through March 31, 2018 | ||
Debt Instrument [Line Items] | ||
Principal payment | 281,250 | |
Line of credit | CA term loan | Secured debt | Installments Through March 31, 2019 | ||
Debt Instrument [Line Items] | ||
Principal payment | 375,000 | |
Line of credit | CA term loan | Secured debt | Installments Through March 31, 2021 | ||
Debt Instrument [Line Items] | ||
Principal payment | $ 468,750 |
Long-term Debt - Schedule of Re
Long-term Debt - Schedule of Repayment of Maturities (Details) - USD ($) | Jul. 01, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,018 | $ 2,000,000 | |
2,019 | 5,100,000 | |
2,020 | 4,800,000 | |
2,021 | 43,886,991 | |
2,022 | 0 | |
Thereafter | 0 | |
Total | 55,786,991 | |
Discounts | (205,774) | $ (242,059) |
Debt issuance costs | (197,257) | |
Total debt – Net | $ 55,383,960 |
Derivative Financial Instrume45
Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | Dec. 31, 2017 | Oct. 02, 2017 | Jun. 30, 2016 | Jun. 29, 2016 | |
Interest rate swap | Not designated as hedging instrument | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fixed interest rate | 1.093% | 1.055% | ||||||
Notional amount | $ 1,900,000 | $ 16,681,250 | ||||||
Quarterly decrease in notional amount | $ 100,000 | 318,750 | ||||||
Derivative fair value assets (liabilities) | $ 184,418 | $ 184,418 | $ 159,320 | |||||
Interest rate swap | Not designated as hedging instrument | Interest expense | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Monthly settlement payments | 30,859 | $ 1,922 | 48,894 | $ 11,308 | ||||
Interest rate swap | Not designated as hedging instrument | Derivative Instrument, Periodic Payment, Installment Periods Through June Twenty Nine Two Thousand Eighteen | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Quarterly decrease in notional amount | 425,000 | |||||||
Interest rate swap | Not designated as hedging instrument | Derivative Instrument, Periodic Payment, Installment Periods Through June Twenty Eight Two Thousand Nineteen | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Quarterly decrease in notional amount | $ 531,250 | |||||||
Foreign exchange forward | Designated as hedging instrument | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | $ 3,300,000 | |||||||
Derivative fair value assets (liabilities) | $ 0 | $ 0 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) | Feb. 01, 2018employee | Aug. 09, 2018USD ($) | Jul. 31, 2018employee | Jul. 01, 2018USD ($) | Jul. 01, 2018USD ($) | Dec. 31, 2017USD ($) |
Restructuring Cost and Reserve [Line Items] | ||||||
Property, plant, and equipment – net | $ 24,361,811 | $ 24,361,811 | $ 22,975,401 | |||
Subsequent Event | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Agreed selling price | $ 1,000,000 | |||||
Manufacturing Facility | Fort Smith, Arkansas | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Property, plant, and equipment – net | 700,000 | 700,000 | ||||
Fort Smith Restructuring | Subsequent Event | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of positions eliminated | employee | 20 | |||||
Fort Smith Restructuring | One-time Termination Benefits | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs incurred | (58,933) | 173,359 | ||||
Fort Smith Restructuring | Other Exit Costs Liability | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs incurred | 423,705 | 444,358 | ||||
Port Huron Restructuring | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of positions eliminated | employee | 7 | |||||
Port Huron Restructuring | One-time Termination Benefits | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs incurred | (17,125) | 64,768 | ||||
Port Huron Restructuring | Other Exit Costs Liability | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs incurred | $ 190,470 | $ 297,899 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Liability (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | |
Restructuring Reserve [Roll Forward] | ||||
Accrual balance at January 1, 2018 | $ 0 | |||
Provision for estimated expenses incurred during the year | $ 538,117 | $ 0 | 980,384 | $ 0 |
Payments made during the year | 869,313 | |||
Accrual balance at July 1, 2018 | 111,071 | 111,071 | ||
Employee Termination Benefits Liability | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual balance at January 1, 2018 | 0 | |||
Provision for estimated expenses incurred during the year | 238,128 | |||
Payments made during the year | 163,440 | |||
Accrual balance at July 1, 2018 | 74,688 | 74,688 | ||
Other Exit Costs Liability | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrual balance at January 1, 2018 | 0 | |||
Provision for estimated expenses incurred during the year | 742,256 | |||
Payments made during the year | 705,873 | |||
Accrual balance at July 1, 2018 | $ 36,383 | $ 36,383 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Details) | Sep. 15, 2017$ / sharesshares | Apr. 29, 2016$ / sharesshares | Nov. 20, 2015$ / sharesshares | Aug. 17, 2015$ / sharesshares | Jan. 01, 2014$ / sharesshares | Jul. 17, 2013$ / sharesshares | Jul. 01, 2018USD ($)award_grant | Jul. 02, 2017USD ($) | Jul. 01, 2018USD ($)award_grant | Jul. 02, 2017USD ($) | Jun. 30, 2016shares | Jan. 04, 2015shares | Dec. 29, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Number of grants of awards | award_grant | 4 | 4 | |||||||||||
Tax benefit from share based compensation expense | $ | $ 8,919 | $ 11,380 | $ 15,700 | $ 22,542 | |||||||||
Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Unrecognized compensation cost | $ | 165,681 | $ 165,681 | |||||||||||
Compensation cost, weighted average period (in years) | 1 year 5 months 25 days | ||||||||||||
Selling, General and Administrative Expenses | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Allocated share-based compensation expense | $ | $ 32,681 | $ 37,508 | $ 65,940 | $ 75,016 | |||||||||
The 2013 Stock Incentive Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Number of shares reserved for future issuance (in shares) | 495,000 | ||||||||||||
Shares granted (in shares) | 5,000 | 7,200 | 120,000 | 375,000 | |||||||||
Granted (in dollars per share) | $ / shares | $ 7.65 | $ 12.58 | $ 3.33 | $ 3.33 | |||||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.41 | $ 2.80 | $ 0.35 | $ 0.23 | |||||||||
The 2013 Stock Incentive Plan | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Number of shares available for grant (in shares) | 495,000 | ||||||||||||
Expiration period | 10 years | ||||||||||||
The 2013 Stock Incentive Plan | Award vesting on grant date | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Award vesting rights, percentage | 20.00% | 20.00% | 20.00% | 20.00% | |||||||||
The 2013 Stock Incentive Plan | Award vesting, first anniversary | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Award vesting rights, percentage | 20.00% | 20.00% | 20.00% | 20.00% | |||||||||
The 2013 Stock Incentive Plan | Award vesting, second anniversary | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Award vesting rights, percentage | 20.00% | 20.00% | 20.00% | 20.00% | |||||||||
The 2013 Stock Incentive Plan | Award vesting, third anniversary | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Award vesting rights, percentage | 20.00% | 20.00% | 20.00% | 20.00% | |||||||||
The 2013 Stock Incentive Plan | Award vesting, fourth anniversary | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Award vesting rights, percentage | 20.00% | 20.00% | 20.00% | 20.00% | |||||||||
2014 Omnibus Performance Award Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Shares granted (in shares) | 15,000 | 5,000 | 15,000 | 230,000 | |||||||||
Granted (in dollars per share) | $ / shares | $ 7.65 | $ 12.58 | $ 11.50 | $ 12.50 | |||||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.41 | $ 2.80 | $ 2.23 | $ 2.72 | |||||||||
Number of shares authorized (in shares) | 450,000 | 250,000 | |||||||||||
2014 Omnibus Performance Award Plan | Award vesting on grant date | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Award vesting rights, percentage | 20.00% | 20.00% | |||||||||||
2014 Omnibus Performance Award Plan | Award vesting, first anniversary | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Award vesting rights, percentage | 20.00% | 20.00% | |||||||||||
2014 Omnibus Performance Award Plan | Award vesting, second anniversary | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Award vesting rights, percentage | 20.00% | 20.00% | |||||||||||
2014 Omnibus Performance Award Plan | Award vesting, third anniversary | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Award vesting rights, percentage | 20.00% | 20.00% | |||||||||||
2014 Omnibus Performance Award Plan | Award vesting, fourth anniversary | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Award vesting rights, percentage | 20.00% | 20.00% | |||||||||||
2014 Omnibus Performance Award Plan | Director | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Shares granted (in shares) | 45,000 | ||||||||||||
2014 Omnibus Performance Award Plan | Employee | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||||||||
Shares granted (in shares) | 185,000 |
Stock Incentive Plans - Valuati
Stock Incentive Plans - Valuation Assumptions (Details) - Employee Stock Option | Sep. 15, 2017 | Apr. 29, 2016 | Nov. 20, 2015 | Aug. 17, 2015 | Jan. 01, 2014 | Jul. 17, 2013 |
The 2013 Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected volatility | 40.00% | 40.00% | 34.00% | 34.00% | ||
Dividend yield | 7.00% | 5.00% | 0.00% | 0.00% | ||
Expected term (in years) | 5 years | 5 years | 4 years | 4 years | ||
Risk-free rate | 1.81% | 1.28% | 1.27% | 0.96% | ||
2014 Omnibus Performance Award Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected volatility | 40.00% | 40.00% | 35.00% | 38.00% | ||
Dividend yield | 7.00% | 5.00% | 5.00% | 4.80% | ||
Expected term (in years) | 5 years | 5 years | 5 years | 5 years | ||
Risk-free rate | 1.81% | 1.28% | 1.70% | 1.58% |
Stock Incentive Plans - Schedul
Stock Incentive Plans - Schedule of Stock Options and Stock Awards (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jul. 01, 2018 | Dec. 31, 2017 | |
Aggregate Intrinsic Value | ||
Share price (in dollars per share) | $ 8.74 | |
The Plan and the 2014 Plan | ||
Number of Shares | ||
Outstanding at beginning of period (in shares) | 602,480 | |
Granted (in shares) | 0 | |
Exercised (in shares) | 16,200 | |
Forfeited or expired (in shares) | 5,000 | |
Outstanding at end of period (in shares) | 581,280 | 602,480 |
Vested and exercisable (in shares) | 474,360 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of period (in dollars per share) | $ 7.06 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 3.33 | |
Forfeited (in dollars per share) | 11.50 | |
Outstanding at end of period (in dollars per share) | 7.13 | $ 7.06 |
Vested and exercisable (in dollars per share) | $ 6.05 | |
Weighted Average Remaining Contractual Term (in years) | ||
Outstanding weighted average remaining contractual term | 6 years 1 month 1 day | 6 years 6 months 28 days |
Granted | 0 years | |
Exercised | 0 years | |
Forfeited or expired | 0 years | |
Vested and exercisable | 5 years 9 months 5 days | |
Aggregate Intrinsic Value | ||
Outstanding at July 1, 2018 | $ 935,861 | |
Vested and exercisable at July 1, 2018 | $ 1,276,028 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 632,377 | $ 729,012 | $ 1,019,593 | $ 1,596,152 |
Actual effective rate | 26.50% | 30.40% | 23.80% | 30.10% |
Statutory rate | 21.00% | 34.00% | 21.00% | 34.00% |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2018USD ($) | Jul. 02, 2017USD ($) | Jul. 01, 2018USD ($)lease | Jul. 02, 2017USD ($) | |
Leases [Abstract] | ||||
Number of leases providing for escalating rents | lease | 5 | |||
Operating lease, total rent expense | $ | $ 665,269 | $ 565,355 | $ 1,334,451 | $ 1,110,630 |
Operating Leases - Schedule of
Operating Leases - Schedule of Future Minimum Lease Payments (Details) | Jul. 01, 2018USD ($) |
Leases [Abstract] | |
2,018 | $ 1,334,451 |
2,019 | 2,240,731 |
2,020 | 1,694,667 |
2,021 | 867,196 |
2,022 | 735,500 |
Thereafter | 31,274 |
Total | $ 6,903,819 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching contribution, percent of employees gross pay | 3.00% | |||
Employer contribution amount | $ 132,363 | $ 114,597 | $ 259,882 | $ 235,417 |
United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution amount | 194 | 677 | 1,502 | 1,955 |
Canada | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution amount | $ 12,707 | $ 11,230 | $ 28,365 | $ 25,319 |
Defined contribution plan, initial contribution | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching contribution, percent | 100.00% | |||
Employer matching contribution, percent of employees gross pay | 3.00% | |||
Defined contribution plan, additional contribution | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching contribution, percent | 50.00% | |||
Employer matching contribution, percent of employees gross pay | 2.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - Affiliated Entity - Management Agreement - USD ($) | Mar. 18, 2013 | Jul. 01, 2018 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 |
Related Party Transaction [Line Items] | |||||
Management agreement, term | 5 years | ||||
Annual management fees | $ 300,000 | ||||
Expenses from management contract | $ 56,250 | $ 56,250 | $ 112,500 | $ 112,500 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | |
Basic earnings per share calculation: | ||||
Net income | $ 1,751,009 | $ 1,668,410 | $ 3,262,898 | $ 3,715,247 |
Net income attributable to common stockholders | $ 1,751,009 | $ 1,668,410 | $ 3,262,898 | $ 3,715,247 |
Weighted average shares outstanding (in shares) | 9,768,159 | 9,755,744 | 9,767,180 | 9,744,261 |
Net income per share-basic (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.33 | $ 0.38 |
Effect of dilutive securities: | ||||
Stock options (in shares) | 148,115 | 152,879 | 146,802 | 159,558 |
Warrants (in shares) | 725 | 1,575 | 706 | 1,644 |
Diluted weighted average shares outstanding (in shares) | 9,916,999 | 9,910,198 | 9,914,688 | 9,905,463 |
Net income per share-diluted (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.33 | $ 0.38 |
The 2013 Stock Incentive Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of EPS (in shares) | 237,200 | |||
The 2013 Stock Incentive Plan | April 2016 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of EPS (in shares) | 7,200 | 7,200 | ||
The 2013 Stock Incentive Plan | September 2017 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of EPS (in shares) | 5,000 | |||
2014 Omnibus Performance Award Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of EPS (in shares) | 5,000 | |||
2014 Omnibus Performance Award Plan | April 2016 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of EPS (in shares) | 5,000 | |||
2014 Omnibus Performance Award Plan | September 2017 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of EPS (in shares) | 15,000 | |||
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities considered in the computation of earnings per share (in shares) | 329,080 | |||
Employee Stock Option | The 2013 Stock Incentive Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities considered in the computation of earnings per share (in shares) | 347,080 | |||
Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of EPS (in shares) | 1,185 | |||
Warrant | The 2013 Stock Incentive Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities considered in the computation of earnings per share (in shares) | 1,185 | |||
Warrants for Underwriters | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities considered in the computation of earnings per share (in shares) | 220,000 | 141,000 | ||
Antidilutive securities excluded from computation of EPS (in shares) | 141,000 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 09, 2018 | Jul. 01, 2018 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | Sep. 07, 2018 |
Subsequent Event [Line Items] | ||||||
Dividends declared (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.3 | ||
Forecast | ||||||
Subsequent Event [Line Items] | ||||||
Dividends | $ 1.5 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared (in dollars per share) | $ 0.15 |