Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Nov. 25, 2013 | Mar. 30, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'COURIER Corp | ' | ' |
Entity Central Index Key | '0000025212 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 28-Sep-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--09-28 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $123,529,077 |
Entity Common Stock, Shares Outstanding | ' | 11,507,119 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Net sales (Note A) | $274,919 | $261,320 | $259,375 |
Cost of sales (Note J) | 207,162 | 199,113 | 203,341 |
Gross profit | 67,757 | 62,207 | 56,034 |
Selling and administrative expenses (Note J) | 49,142 | 47,137 | 47,447 |
Impairment charge (Note G) | ' | ' | 8,608 |
Operating income (loss) | 18,615 | 15,070 | -21 |
Interest expense, net (Notes A and D) | 803 | 895 | 921 |
Other income (Note O) | ' | -587 | ' |
Pretax income (loss) | 17,812 | 14,762 | -942 |
Income tax provision (benefit) (Note C) | 6,590 | 5,595 | -1,076 |
Net income | 11,222 | 9,167 | 134 |
Net income per share (Notes A and K): | ' | ' | ' |
Basic (in dollars per share) | $1 | $0.77 | $0.01 |
Diluted (in dollars per share) | $0.98 | $0.77 | $0.01 |
Cash dividends declared per share (in dollars per share) | $0.84 | $0.84 | $0.84 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Unrealized loss on foreign currency cash flow hedge (Note A) | -48 | ' | ' |
Defined benefit pension plan (Note N) | 132 | -95 | -156 |
Other comprehensive income (loss) | 84 | -95 | -156 |
Comprehensive income (loss) | $11,306 | $9,072 | ($22) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents (Note A) | $57 | $64 |
Investments (Note A) | 1,012 | 765 |
Accounts receivable, less allowance for uncollectible accounts of $940 in 2013 and $944 in 2012 (Note A) | 43,837 | 35,152 |
Inventories (Note B) | 35,086 | 36,364 |
Deferred income taxes (Note C) | 3,954 | 4,273 |
Other current assets (Note I) | 2,579 | 950 |
Total current assets | 86,525 | 77,568 |
Property, plant and equipment (Note A): | ' | ' |
Land | 1,934 | 1,934 |
Buildings and improvements | 48,557 | 47,513 |
Machinery and equipment | 248,816 | 231,508 |
Furniture and fixtures | 1,469 | 1,727 |
Construction in progress | 6,946 | 6,537 |
Property, plant and equipment, gross | 307,722 | 289,219 |
Less - Accumulated depreciation and amortization | -214,671 | -199,267 |
Property, plant and equipment, net | 93,051 | 89,952 |
Goodwill (Notes A, G, I and M) | 21,820 | 15,988 |
Other intangibles, net (Notes A, G, I and M) | 4,033 | 1,892 |
Prepublication costs, net (Note A) | 6,717 | 7,135 |
Deferred income taxes (Note C) | 2,827 | 3,451 |
Other assets (Note H) | 2,021 | 1,374 |
Total assets | 216,994 | 197,360 |
Current liabilities: | ' | ' |
Current maturities of long-term debt (Note D) | 1,125 | 1,872 |
Accounts payable (Note A) | 13,699 | 11,364 |
Accrued payroll | 9,630 | 8,360 |
Accrued taxes (Note C) | 3,117 | 3,857 |
Other current liabilities (Notes J and N) | 8,403 | 7,417 |
Total current liabilities | 35,974 | 32,870 |
Long-term debt (Notes A and D) | 24,583 | 13,696 |
Contingent consideration (Note I) | 4,960 | 385 |
Other liabilities (Notes J and N) | 5,433 | 5,898 |
Total liabilities | 70,950 | 52,849 |
Commitments and contingencies (Note E) | ' | ' |
Stockholders' equity (Notes A, F and N): | ' | ' |
Preferred stock, $1 par value - authorized 1,000,000 shares; none issued | ' | ' |
Common stock, $1 par value - authorized 18,000,000 shares; issued 11,473,000 in 2013 and 11,464,000 in 2012 | 11,473 | 11,464 |
Additional paid-in capital | 20,066 | 18,958 |
Retained earnings | 115,370 | 115,038 |
Accumulated other comprehensive loss | -865 | -949 |
Total stockholders' equity | 146,044 | 144,511 |
Total liabilities and stockholders' equity | $216,994 | $197,360 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts receivable, allowance for uncollectible accounts | $940 | $944 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, authorized shares | 1,000,000 | 1,000,000 |
Preferred stock, issued shares | 0 | 0 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized shares | 18,000,000 | 18,000,000 |
Common stock, issued shares | 11,473,000 | 11,464,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 |
Operating Activities: | ' | ' | ' |
Net income | $11,222 | $9,167 | $134 |
Adjustments to reconcile net income to cash provided from operating activities: | ' | ' | ' |
Depreciation of property, plant and equipment | 19,058 | 20,381 | 18,129 |
Amortization of prepublication costs | 3,839 | 4,269 | 4,623 |
Amortization of intangible assets | 629 | 410 | 410 |
Impairment charge (Note G) | ' | ' | 8,608 |
Stock-based compensation (Note F) | 1,348 | 1,429 | 1,440 |
Deferred income taxes (Note C) | 746 | 479 | -5,479 |
Gain on disposition of assets (Note O) | ' | -587 | ' |
Change in fair value of contingent consideration (Notes H and I) | 275 | 100 | 165 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -8,682 | 168 | -197 |
Inventory | 1,321 | 2,989 | 580 |
Accounts payable | 2,102 | -697 | -2,338 |
Accrued and recoverable taxes | -740 | 1,672 | 2,825 |
Other elements of working capital | 2,292 | 1,112 | 103 |
Other long-term, net | -1,272 | -1,909 | 3,310 |
Cash provided from operating activities | 32,138 | 38,983 | 32,313 |
Investment Activities: | ' | ' | ' |
Capital expenditures | -22,168 | -9,934 | -15,666 |
Acquisition of business (Note I) | -5,000 | ' | ' |
Prepublication costs (Note A) | -3,421 | -4,069 | -4,345 |
Proceeds from disposition of assets (Note O) | 166 | 587 | ' |
Investments | -747 | 376 | -51 |
Cash used for investment activities | -31,170 | -13,040 | -20,062 |
Financing Activities: | ' | ' | ' |
Long-term debt borrowings (repayments) | 10,140 | -5,954 | -2,176 |
Cash dividends | -9,651 | -10,098 | -10,151 |
Share repurchases (Note L) | -1,568 | -10,000 | ' |
Proceeds from stock plans | 339 | 344 | 413 |
Contingent consideration | -235 | -275 | -340 |
Cash used for financing activities | -975 | -25,983 | -12,254 |
Decrease in cash and cash equivalents | -7 | -40 | -3 |
Cash and cash equivalents: | ' | ' | ' |
At the beginning of the period | 64 | 104 | 107 |
At the end of the period | 57 | 64 | 104 |
Supplemental cash flow information: | ' | ' | ' |
Interest paid | 548 | 609 | 635 |
Income taxes paid (net of refunds) | $6,901 | $3,960 | $1,814 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
In Thousands, unless otherwise specified | |||||
Balance at Sep. 25, 2010 | $162,949 | $12,057 | $17,762 | $133,828 | ($698) |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' |
Net income | 134 | ' | ' | 134 | ' |
Cash dividends | -10,151 | ' | ' | -10,151 | ' |
Change in other comprehensive income (loss) | -156 | ' | ' | ' | -156 |
Stock-based compensation (Note F) | 1,440 | 12 | 1,428 | ' | ' |
Other stock plan activity | 107 | 168 | -61 | ' | ' |
Balance at Sep. 24, 2011 | 154,323 | 12,237 | 19,129 | 123,811 | -854 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' |
Net income | 9,167 | ' | ' | 9,167 | ' |
Cash dividends | -10,098 | ' | ' | -10,098 | ' |
Change in other comprehensive income (loss) | -95 | ' | ' | ' | -95 |
Share repurchases (Note L) | -10,000 | -824 | -1,334 | -7,842 | ' |
Stock-based compensation (Note F) | 1,429 | 15 | 1,414 | ' | ' |
Other stock plan activity | -215 | 36 | -251 | ' | ' |
Balance at Sep. 29, 2012 | 144,511 | 11,464 | 18,958 | 115,038 | -949 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' |
Net income | 11,222 | ' | ' | 11,222 | ' |
Cash dividends | -9,651 | ' | ' | -9,651 | ' |
Change in other comprehensive income (loss) | 84 | ' | ' | ' | 84 |
Share repurchases (Note L) | -1,568 | -123 | -206 | -1,239 | ' |
Stock-based compensation (Note F) | 1,348 | 12 | 1,336 | ' | ' |
Other stock plan activity | 98 | 120 | -22 | ' | ' |
Balance at Sep. 28, 2013 | $146,044 | $11,473 | $20,066 | $115,370 | ($865) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 28, 2013 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
A. Summary of Significant Accounting Policies | |
Business: Courier Corporation and its subsidiaries (“Courier” or the “Company”) print, publish and sell books, providing content management and customization in new and traditional media. Courier has two operating segments: book manufacturing and publishing. In April 2013, the Company acquired FastPencil, Inc. (“FastPencil”), a California-based developer of end-to-end, cloud-based content management technologies for traditional publishers and self-publishers (see Note I). | |
Principles of Consolidation and Presentation: The consolidated financial statements, prepared on a fiscal year basis, include the accounts of Courier Corporation and its subsidiaries after elimination of all intercompany transactions. Such financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). Fiscal years 2013 and 2011 were 52-week periods compared with fiscal year 2012, which was a 53-week period. | |
Fair Value Measurements: Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis, generally as a result of impairment charges (see Note G). Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Assets measured at fair value on a nonrecurring basis include long-lived assets and goodwill and other intangible assets. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is: | |
Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. | |
Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |
Level 3—Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. | |
Financial Instruments: Financial instruments consist primarily of cash, investments in mutual funds, accounts receivable, accounts payable, debt obligations, and contingent consideration (see Note I). At September 28, 2013 and September 29, 2012, the fair value of the Company’s financial instruments approximated their carrying values. The Company classifies as cash and cash equivalents amounts on deposit in banks and instruments with maturities of three months or less at time of purchase. The fair value of the Company’s revolving credit facility approximates its carrying value due to the variable interest rate and the Company’s current rate standing (see Note D). | |
Short-term investments consist of mutual fund investments for which underlying funds primarily invest in equity securities. Such short-term instruments are held for trading purposes. These investments are classified as trading securities and are recorded at fair value utilizing quoted prices in active markets at year end. Earnings from such investments were $136,000 in fiscal 2013 and $238,000 in fiscal 2012; a loss of $40,000 was incurred on these instruments in 2011. Such amounts are included in the caption “Interest expense, net” in the accompanying consolidated statements of operations. | |
At September 28, 2013, the Company had a forward exchange contract to sell approximately 11 million South African Rands (ZAR) designated as a cash flow hedge against a foreign currency customer order to be settled for $1.2 million by December 2013. The fair value of the foreign exchange forward contract was valued using market exchange rates (Level 2). The unrealized loss on this foreign currency cash flow hedge of $48,000, net of tax, was included in accumulated other comprehensive loss at September 28, 2013. The Company expects to reclassify the unrealized gain or loss in accumulated other comprehensive loss into earnings upon settlement of the related hedged transaction. The Company does not use financial instruments for trading or speculative purposes. | |
Property, Plant and Equipment: Property, plant and equipment are recorded at cost, including interest on funds borrowed to finance the acquisition or construction of major capital additions. Interest capitalized was $30,000 in 2011; no such interest was capitalized in 2013 or 2012. The Company provides for depreciation of property, plant and equipment on a straight-line basis over periods ranging from 10 to 40 years on buildings and improvements and from 3 to 11 years on equipment and furnishings. Expenditures for maintenance and repairs are charged against income as incurred; betterments that increase the value or materially extend the life of the related assets are capitalized. When assets are sold or retired, the cost and accumulated depreciation are removed from the accounts and any gain or loss is included in income. | |
Goodwill and Other Intangibles: The Company evaluates possible impairment annually at the end of its fiscal year or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. These tests are performed at the reporting unit level, which is the operating segment or one level below the operating segment. The goodwill impairment test is a two-step test. In the first step, the Company compares the fair value of the reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value of its net assets, then goodwill is not impaired and the Company is not required to perform further testing. If the carrying value of the net assets of the reporting unit exceeds its fair value, then a second step is performed in order to determine the implied fair value of the reporting unit’s goodwill and compare it to the carrying value of its goodwill (see Note G). “Other intangibles” include trade names, customer lists and technology. Trade names with indefinite lives are not subject to amortization and are reviewed at least annually for potential impairment at the end of the fiscal year or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. | |
Prepublication Costs: Prepublication costs, associated with creating new titles in the publishing segment, are amortized to cost of sales using the straight-line method over estimated useful lives of two to four years. In fiscal 2011, an impairment charge of approximately $200,000 was recorded related to underperforming titles at Research & Education Association, Inc. (“REA”) (see Note G). In fiscal 2013, the Company changed its presentation of depreciation and amortization on the Consolidated Statement of Cash Flows to separately disclose the components of depreciation and amortization related to prepublication costs and intangible assets. Accordingly, the prior year amounts have been changed to reflect this presentation. | |
Long-Lived Assets: Management periodically reviews long-lived assets for impairment. In fiscal 2011, the Company recorded an impairment of long-lived assets of approximately $200,000 for REA, as discussed above in the caption “Prepublication Costs.” | |
Income Taxes: Deferred income tax liabilities and assets are determined based upon the differences between the financial statement and tax bases of assets and liabilities, and are measured by applying enacted tax rates and laws for the taxable years in which these differences are expected to reverse. | |
Revenue Recognition: Revenue is recognized upon shipment of goods to customers or upon the transfer of ownership for those customers for whom the Company provides manufacturing and distribution services. Revenue for distribution services is recognized as services are provided. Shipping and handling fees billed to customers are classified as revenue. In the publishing segment, revenue is recognized net of an allowance for sales returns. The process which the Company uses to determine its net sales, including the related reserve allowance for returns, is based upon applying an estimated return rate to current year sales. This estimated return rate is based on actual historical return experience. In the Company’s book manufacturing segment, sales returns are not permitted. | |
Use of Estimates: The process of preparing financial statements in conformity with generally accepted accounting principles requires management to make estimates of assets and liabilities and disclosure of contingent assets and liabilities and assumptions that affect the reported amounts at the date of the financial statements. Actual results may differ from these estimates. | |
Net Income per Share: Basic net income per share is based on the weighted average number of common shares outstanding each period. Diluted net income per share also includes potentially dilutive items such as stock options (Note K). | |
Inventories
Inventories | 12 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
B. Inventories | ||||||||
Inventories are valued at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO) method for approximately 55% and 57% of the Company’s inventories at September 28, 2013 and September 29, 2012, respectively. Other inventories, primarily in the publishing segment, are determined on a first-in, first-out (FIFO) basis. | ||||||||
Inventories consisted of the following at September 28, 2013 and September 29, 2012: | ||||||||
(000’s omitted) | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 6,750 | $ | 4,523 | ||||
Work in process | 8,724 | 8,763 | ||||||
Finished goods | 19,612 | 23,078 | ||||||
Total | $ | 35,086 | $ | 36,364 | ||||
On a FIFO basis, reported year-end inventories would have been higher by $5.4 million and $5.0 million in fiscal 2013 and fiscal 2012, respectively. | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ' | |||||||||||
C. Income Taxes | ||||||||||||
The income tax provision (benefit) differs from that computed using the statutory federal income tax rates for the following reasons: | ||||||||||||
(000’s omitted) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal taxes at statutory rate | $ | 6,234 | $ | 5,166 | $ | (330 | ) | |||||
State taxes, net of federal tax benefit | 634 | 1,104 | (170 | ) | ||||||||
Federal manufacturer’s deduction | (518 | ) | (458 | ) | (390 | ) | ||||||
Tax credits | (53 | ) | (235 | ) | (181 | ) | ||||||
Transaction costs | 226 | — | — | |||||||||
Change in fair value of earnout | 91 | — | — | |||||||||
Other | (24 | ) | 18 | (5 | ) | |||||||
Total | $ | 6,590 | $ | 5,595 | $ | (1,076 | ) | |||||
Federal and state tax benefits were recognized in fiscal year 2011 related to REA’s impairment charge (see Note G), however, a valuation allowance of approximately $200,000 was deemed necessary in fiscal 2012 related to the state tax benefit. | ||||||||||||
The provision for income taxes consisted of the following: | ||||||||||||
(000’s omitted) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | Federal | $ | 4,906 | $ | 3,977 | $ | 3,735 | |||||
State | 958 | 1,055 | 668 | |||||||||
5,864 | 5,032 | 4,403 | ||||||||||
Deferred: | Federal | 739 | 90 | (4,417 | ) | |||||||
State | (13 | ) | 473 | (1,062 | ) | |||||||
726 | 563 | (5,479 | ) | |||||||||
Total | $ | 6,590 | $ | 5,595 | $ | (1,076 | ) | |||||
The following is a summary of the significant components of deferred tax assets and liabilities as of September 28, 2013 and September 29, 2012: | ||||||||||||
(000’s omitted) | ||||||||||||
2013 | 2012 | |||||||||||
Current deferred tax assets (liabilities): | ||||||||||||
Vacation accrual not currently deductible | $ | 736 | $ | 767 | ||||||||
Other accruals not currently deductible | 528 | 684 | ||||||||||
State NOL and credit carryforwards | 299 | 0 | ||||||||||
Deferred Revenue | (450 | ) | 0 | |||||||||
Non-deductible reserves | 2,970 | 3,158 | ||||||||||
Other | 54 | 58 | ||||||||||
Total current deferred tax assets | 4,137 | 4,667 | ||||||||||
Valuation allowances | (183 | ) | (394 | ) | ||||||||
Total current deferred tax assets, net | 3,954 | 4,273 | ||||||||||
Non-current deferred tax assets (liabilities): | ||||||||||||
Deferred compensation arrangements | 1,709 | 1,646 | ||||||||||
Goodwill and other intangibles | 6,069 | 8,506 | ||||||||||
Accelerated depreciation | (6,816 | ) | (7,898 | ) | ||||||||
State NOL and credit carryforwards | 4,045 | 3,497 | ||||||||||
Pension obligation (Note N) | 302 | 217 | ||||||||||
Restructuring reserve | 895 | 1,141 | ||||||||||
Other | 496 | 543 | ||||||||||
Total non-current deferred tax assets | 6,700 | 7,652 | ||||||||||
Valuation allowances | (3,873 | ) | (4,201 | ) | ||||||||
Total non-current deferred tax assets (liabilities), net | 2,827 | 3,451 | ||||||||||
Total deferred tax assets | $ | 6,781 | $ | 7,724 | ||||||||
The Company fully provided valuation allowances for net operating loss and credit carryforwards in states where the Company does not expect to realize the benefit. The losses and credits expire in fiscal years 2014 through 2034. The Company decreased its valuation allowance by $0.5 million in 2013 and increased its valuation allowance by $0.8 million in 2012. | ||||||||||||
There was no liability for unrecognized tax benefits at the end of fiscal years 2013 and 2012 and the Company does not anticipate any significant changes in the amount of unrecognized tax benefits over the next twelve months. The Company recognizes any interest and penalties related to unrecognized tax benefits in income tax expense. | ||||||||||||
The Company files federal and state income tax returns in various jurisdictions of the United States. With few exceptions, the Company is no longer subject to income tax examinations for years prior to fiscal 2010. Substantially all U.S. federal tax years prior to fiscal 2011 have been audited by the Internal Revenue Service and closed. | ||||||||||||
In September 2013, the Internal Revenue Service released final tangible property regulations under IRC Sections 162(a) and 263(a), regarding the deduction and capitalization of expenditures related to tangible property as well as rules for expensing materials and supplies. Also released were proposed regulations under IRC Section 168 regarding dispositions of tangible property. These final and proposed regulations will be effective for the Company’s fiscal year ending September 26, 2015. The Company is currently assessing these rules and the impacts to the financial statements. | ||||||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended |
Sep. 28, 2013 | |
Long-Term Debt | ' |
Long-Term Debt | ' |
D. Long-Term Debt | |
The Company has a $100 million long-term revolving credit facility in place under which the Company can borrow at a rate not to exceed LIBOR plus 2.25%. The Company’s interest rate at September 28, 2013 was 1.4%. At September 28, 2013 and September 29, 2012, the Company had $24.6 million and $12.6 million, respectively, in borrowings outstanding under its long-term revolving credit facility, which matures in March 2016. | |
On March 26, 2010, the Company entered into a four-year term loan to finance the purchase of digital print assets and provided a lien on the assets acquired with the proceeds. At September 28, 2013, $1.1 million of debt was outstanding under this arrangement, with $0.5 million at a fixed annual interest rate of 3.9% and $0.6 million at a fixed annual interest rate of 3.6%, and was included in “Current maturities of long-term debt” in the accompanying consolidated balance sheet. | |
At September 28, 2013, scheduled aggregate principal payments under these obligations were $1.1 million in fiscal 2014 and $24.6 million in fiscal 2016. | |
The revolving credit facility and four-year term loan contain restrictive covenants including provisions relating to the incurrence of additional indebtedness and a quarterly test of EBITDA to debt service. The company was in compliance with all such financial covenants at September 28, 2013. The revolving credit facility also provides for a commitment fee not to exceed 3/8% per annum on the unused portion. These fees are included in the caption “Interest expense, net” in the accompanying Consolidated Statements of Operations. The revolving credit facility is available to the Company for both its long-term and short-term financing needs. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 28, 2013 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | ' |
E. Commitments and Contingencies | |
The Company is committed under various operating leases to make annual rental payments for certain buildings and equipment. Amounts charged to operations under such leases approximated $1,265,000 in 2013, $1,350,000 in 2012, and $1,835,000 in 2011. As of September 28, 2013, minimum annual rental commitments under the Company’s long-term operating leases were approximately $1,114,000 in 2014, $881,000 in 2015, $848,000 in 2016, $840,000 in 2017, $829,000 in 2018 and $1,507,000 in the aggregate thereafter. These rental commitments exclude the Company’s lease obligation for the Stoughton, Massachusetts facility, which was included in restructuring costs (see Note J). At both September 28, 2013 and September 29, 2012, the Company had letters of credit outstanding of $2,180,000. The Company was committed to purchase $5.5 million of equipment at September 28, 2013. | |
In the ordinary course of business, the Company is subject to various legal proceedings and claims. The Company believes that the ultimate outcome of these matters will not have a material adverse effect on its consolidated financial statements. | |
Stock_Arrangements
Stock Arrangements | 12 Months Ended | ||||||||||
Sep. 28, 2013 | |||||||||||
Stock Arrangements | ' | ||||||||||
Stock Arrangements | ' | ||||||||||
F. Stock Arrangements | |||||||||||
The Company records stock-based compensation expense for the cost of stock options and stock grants as well as shares issued under the Company’s 1999 Employee Stock Purchase Plan, as amended (the “ESPP”). The fair value of each option awarded is calculated on the date of grant using the Black-Scholes option-pricing model. Stock-based compensation recognized in selling and administrative expenses in the accompanying financial statements, and the related tax benefit, were as follows: | |||||||||||
(000’s omitted) | |||||||||||
2013 | 2012 | 2011 | |||||||||
Stock-based compensation expense | $ | 1,348 | $ | 1,429 | $ | 1,440 | |||||
Related tax benefit | (476 | ) | (519 | ) | (517 | ) | |||||
Stock-based compensation, net of tax | $ | 872 | $ | 910 | $ | 923 | |||||
Unrecognized stock-based compensation cost at September 28, 2013 was $1.5 million to be recognized over a weighted-average period of 2.1 years. | |||||||||||
Stock Incentive Plan: In January 2011, stockholders approved the adoption of the Courier Corporation 2011 Stock Option and Incentive Plan (the “2011 Plan”). Under the 2011 Plan provisions, stock grants as well as both non-qualified and incentive stock options to purchase shares of the Company’s common stock may be granted to key employees up to a total of 600,000 shares. The 2011 Plan replaced the Company’s Amended and Restated 1993 Stock Incentive Plan (the “1993 Plan”). No further options will be granted under the 1993 Plan. Under the 2011 Plan, the option price per share may not be less than the fair market value of stock at the time the option is granted and incentive stock options must expire not later than ten years from the date of grant. The Company annually issues a combination of stock options and stock grants to its key employees. Such options and grants were issued in November of 2013 and 2012 for fiscal years 2013 and 2012 and previously had historically been issued in September of each fiscal year. As such, no annual awards were issued during the fiscal year ended September 29, 2012. Stock options and stock grants generally vest over three years. | |||||||||||
The following is a summary of all option activity for these plans: | |||||||||||
Weighted Average | |||||||||||
Remaining | |||||||||||
Shares | Exercise | Term | |||||||||
Price | (Years) | ||||||||||
Outstanding at September 25, 2010 | 518,437 | $ | 21.94 | ||||||||
Issued | 97,540 | 7.4 | |||||||||
Expired | (28,281 | ) | 27.35 | ||||||||
Outstanding at September 24, 2011 | 587,696 | $ | 19.27 | ||||||||
Issued | 1,575 | 8.47 | |||||||||
Cancelled | (62,732 | ) | 11.91 | ||||||||
Expired | (154,864 | ) | 32.7 | ||||||||
Outstanding at September 29, 2012 | 371,675 | $ | 14.86 | ||||||||
Issued | 80,870 | 11.96 | |||||||||
Exercised | (521 | ) | 7.4 | ||||||||
Expired | (108,230 | ) | 20.1 | ||||||||
Outstanding at September 28, 2013 | 343,794 | $ | 12.54 | 3.7 | |||||||
Exercisable at September 28, 2013 | 237,369 | $ | 13.29 | 1.8 | |||||||
Available for future grants | 269,009 | ||||||||||
The aggregate intrinsic value for options outstanding at September 28, 2013 was $1,133,000. There were 115,080 non-vested stock grants outstanding at the beginning of fiscal 2013 with a weighted-average fair value of $9.26 per share. During 2013, 75,828 stock grants were awarded with a weighted-average fair value of $11.47 per share. There were 30,553 stock grants that vested in 2013 with a weighted-average fair value of $14.32 per share. During 2013, there were 100 stock grants forfeited, which had a weighted-average fair value of $8.47 per share. At September 28, 2013, there were 160,255 non-vested stock grants outstanding with a weighted-average fair value of $9.34. | |||||||||||
Directors’ Stock Equity Plans: In January 2010, stockholders approved the Courier Corporation 2010 Stock Equity Plan for Non-Employee Directors (the “2010 Plan”). On January 22, 2013, stockholders approved an amendment to the 2010 Plan increasing the shares authorized under the plan by 300,000 to an aggregate of 600,000 shares of Company common stock available for issuance under the plan. Under the plan provisions, stock grants as well as non-qualified stock options to purchase shares of the Company’s common stock may be granted to non-employee directors. The 2010 Plan replaced the previous non-employee directors’ plan, which had been adopted in 2005 (the “2005 Plan”). No further options will be granted under the 2005 Plan. Under the 2010 Plan, the option price per share is the fair market value of stock at the time the option is granted and options must expire not later than ten years from the date of grant. Stock options and stock grants generally vest over three years. | |||||||||||
The following is a summary of all option activity for these plans: | |||||||||||
Weighted Average | |||||||||||
Remaining | |||||||||||
Shares | Exercise | Term | |||||||||
Price | (Years) | ||||||||||
Outstanding at September 25, 2010 | 206,866 | $ | 24.39 | ||||||||
Issued | 43,477 | 14.76 | |||||||||
Expired | (49,572 | ) | 32.89 | ||||||||
Outstanding at September 24, 2011 | 200,771 | $ | 20.2 | ||||||||
Issued | 67,697 | 11.5 | |||||||||
Expired | (28,548 | ) | 39.18 | ||||||||
Outstanding at September 29, 2012 | 239,920 | $ | 15.49 | ||||||||
Issued | 85,498 | 11.77 | |||||||||
Expired | (36,000 | ) | 26.86 | ||||||||
Outstanding at September 28, 2013 | 289,418 | $ | 12.98 | 2.7 | |||||||
Exercisable at September 28, 2013 | 144,301 | $ | 13.97 | 1.6 | |||||||
Available for future grants | 243,646 | ||||||||||
The aggregate intrinsic value for options outstanding at September 28, 2013 was $829,000. Under the 2010 Plan, there were 27,832 non-vested stock grants outstanding at the beginning of fiscal 2013 with a weighted-average fair value of $12.77 per share. During 2013, 14,931 stock grants were awarded with a weighted-average fair value of $11.77 per share. There were 13,517 stock grants that vested in 2013 with a weighted-average fair value of $13.16 per share. At September 28, 2013, there were 29,246 non-vested stock grants outstanding with a weighted-average fair value of $12.07. | |||||||||||
Directors may also elect to receive their annual retainer and committee chair fees as shares of stock in lieu of cash. Such shares issued in 2013, 2012 and 2011 were 12,320 shares, 14,784 shares, and 11,520 shares at a fair market value of $11.77, $11.50 and $14.76, respectively. | |||||||||||
Employee Stock Purchase Plan: The ESPP allows eligible employees to purchase shares of Company common stock at not less than 85% of fair market value at the end of the grant period. On January 20, 2010, stockholders approved an amendment to the ESPP increasing the shares authorized under the plan by 300,000 to an aggregate of 637,500 shares of Company common stock available for issuance under the plan. During 2013, 2012, and 2011, 28,322 shares, 36,808 shares, and 48,774 shares, respectively, were issued under the plan at an average price of $11.84 per share, $9.35 per share, and $8.46 per share, respectively. Since inception, 478,901 shares have been issued. At September 28, 2013, an additional 158,599 shares were reserved for future issuances. | |||||||||||
Stockholders’ Rights Plan: On March 18, 2009, the Board of Directors renewed its ten-year stockholders’ rights plan. Under the plan, the Company’s stockholders of record at March 19, 2009 received a right to purchase a unit (“Unit”) comprised of one one-thousandth of a share of preferred stock for each share of common stock held on that date at a price of $100, subject to adjustment. Until such rights become exercisable, one such right will also attach to subsequently issued shares of common stock. The rights become exercisable if a person or group acquires 15% or more of the Company’s common stock or after commencement of a tender or exchange offer which would result in a person or group beneficially owning 15% or more of the Company’s common stock. When exercisable, under certain conditions, each right entitles the holder thereof to purchase Units or shares of common stock of the acquirer, in each case having a market value at that time of twice the right’s exercise price. The Board of Directors will be entitled to redeem the rights at one cent per right, under certain circumstances. The rights expire in 2019. | |||||||||||
Stock-Based Compensation: The fair value of each option grant was estimated on the date of the grant using the Black-Scholes option-pricing model. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Expected volatility was calculated primarily based on the historical volatility of the Company’s stock. The average estimated life was based on the contractual term of the option and historic exercise experience. The following key assumptions were used to value options issued: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Risk-free interest rate | 1.7%–2.0% | 0.9%–1.0% | 1.0%–2.0% | ||||||||
Expected volatility | 41%–42% | 49%–50% | 48%–49% | ||||||||
Expected dividend yield | 7.1%–7.6% | 7.3%–11.4% | 5.7%–11.4% | ||||||||
Estimated life for grants under: | |||||||||||
Stock Incentive Plan | 10 years | 5 years | 5 years | ||||||||
Directors’ Stock Equity Plans | 10 years | 5 years | 5 years | ||||||||
ESPP | 0.5 years | 0.5 years | 0.5 years | ||||||||
The weighted average fair value per share of options granted during fiscal years 2013, 2012 and 2011 were $2.10, $1.12 and $1.12, respectively, under the Company’s Employee 2011 Plan and $2.05, $2.70 and $3.98, respectively, under the Directors’ 2010 Plan. For all options issued, the exercise price was equal to the stock price on the grant date. | |||||||||||
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Goodwill and Other Intangibles | ' | |||||||||||||
Goodwill and Other Intangibles | ' | |||||||||||||
G. Goodwill and Other Intangibles | ||||||||||||||
The Company evaluates possible impairment annually at the end of its fiscal year or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable (a “triggering event”). These tests are performed at the reporting unit level, which is the operating segment or one level below the operating segment. The goodwill impairment test is a two-step test. There were no such events or changes in circumstances in the period ended September 28, 2013. | ||||||||||||||
During the third quarter of fiscal 2013, the Company acquired FastPencil (see Note I). The acquisition of FastPencil was recorded by allocating the fair value of consideration of the acquisition to the identified assets acquired, including intangible assets and liabilities assumed, based on their estimated fair value at the acquisition date. The excess of the fair value of consideration of the acquisition over the net amounts assigned to the fair value of the assets acquired and liabilities assumed was recorded as goodwill of $5.9 million. In addition, the Company recorded intangibles related to technology and customer lists totaling $2.8 million. | ||||||||||||||
In the third quarter of fiscal 2011, the Company recorded a pre-tax impairment charge of $8.4 million, representing all of REA’s goodwill. In addition, an impairment charge of approximately $200,000 for prepublication costs was recorded in the third quarter of fiscal 2011 relating to underperforming titles (see Note A). | ||||||||||||||
The following table reflects the components of “Goodwill” for each period presented: | ||||||||||||||
(000’s omitted) | ||||||||||||||
Book | Publishing | Total | ||||||||||||
Manufacturing | ||||||||||||||
Goodwill | $ | 16,289 | $ | 41,102 | $ | 57,391 | ||||||||
Accumulated impairment charges | — | (32,694 | ) | (32,694 | ) | |||||||||
Balance at September 25, 2010 | 16,289 | 8,408 | 24,697 | |||||||||||
Impairment charge and other | (264 | ) | (8,408 | ) | (8,672 | ) | ||||||||
Balance at September 24, 2011 | 16,025 | — | 16,025 | |||||||||||
Deferred tax adjustment | (37 | ) | — | (37 | ) | |||||||||
Balance at September 29, 2012 | 15,988 | — | 15,988 | |||||||||||
Acquisition of FastPencil (Note I) | 5,875 | — | 5,875 | |||||||||||
Deferred tax adjustment | (43 | ) | — | (43 | ) | |||||||||
Balance at September 28, 2013 | $ | 21,820 | — | $ | 21,820 | |||||||||
The following table reflects the components of “Other intangibles,” all within the book manufacturing segment, for each period presented: | ||||||||||||||
Trade | Customer | Technology | Total | |||||||||||
Name | Lists | & Other | ||||||||||||
Balance at September 25, 2010 | $ | 931 | $ | 726 | $ | 1,055 | $ | 2,712 | ||||||
Amortization expense | — | (164 | ) | (246 | ) | (410 | ) | |||||||
Balance at September 24, 2011 | 931 | 562 | 809 | 2,302 | ||||||||||
Amortization expense | — | (164 | ) | (246 | ) | (410 | ) | |||||||
Balance at September 29, 2012 | 931 | 398 | 563 | 1,892 | ||||||||||
Acquisition (Note I) | 240 | 290 | 2,240 | 2,770 | ||||||||||
Amortization expense | (7 | ) | (183 | ) | (439 | ) | (629 | ) | ||||||
Balance at September 28, 2013 | $ | 1,164 | $ | 505 | $ | 2,364 | $ | 4,033 | ||||||
“Other intangibles” at September 28, 2013 included customer lists related to Moore-Langen Printing Company, Inc. (“Moore Langen”), which are being amortized over a 10-year period, as well as customer lists, technology and other intangibles related to the acquisition of Highcrest Media, which are being amortized over a 5-year period. In addition, the Company recorded technology, trade name and other intangibles related to the acquisition of FastPencil, Inc. (“FastPencil”), which are being amortized over periods ranging from three to fifteen years (see Note I). “Other intangibles” also include trade names with indefinite lives which are not subject to amortization. Amortization expense was $629,000 in fiscal 2013, $410,000 in fiscal 2012, and $410,000 in fiscal 2011. Annual amortization expense over the next five years will be $925,000 in fiscal 2014, $651,000 in fiscal 2015, $519,000 in fiscal 2016, $503,000 in fiscal 2017 and $302,000 in fiscal 2018. At September 28, 2013, “other intangibles” were net of accumulated amortization of $1.8 million for the book manufacturing segment. | ||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
H. Fair Value Measurements | ||||||||||||||
Certain assets and liabilities are required to be recorded at fair value on a recurring basis. The Company’s only assets and liabilities adjusted to fair value on a recurring basis are short-term investments in mutual funds and contingent consideration (see Note I). In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities on a nonrecurring basis, generally as a result of acquisitions (see Note I) or the remeasurement of assets resulting in impairment charges. | ||||||||||||||
The following table shows the assets and liabilities carried at fair value measured on a recurring basis as of September 28, 2013 and September 29, 2012 classified in one of the three levels as described in Note A: | ||||||||||||||
(000’s Omitted) | ||||||||||||||
Total | Quoted | Significant | Significant | |||||||||||
Carrying | Prices in | Other | Unobservable | |||||||||||
Value | Active | Observable | Inputs | |||||||||||
Markets | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
As of September 28, 2013: | ||||||||||||||
Short-term investments in mutual funds | $ | 900 | $ | 900 | — | — | ||||||||
Investment in convertible promissory note | 500 | — | — | $ | 500 | |||||||||
Forward foreign exchange contract | 112 | — | $ | 112 | — | |||||||||
Contingent consideration liability | (4,960 | ) | — | — | (4,960 | ) | ||||||||
As of September 29, 2012: | ||||||||||||||
Short-term investments in mutual funds | $ | 765 | $ | 765 | — | — | ||||||||
Contingent consideration liability | (385 | ) | — | — | (385 | ) | ||||||||
The contingent consideration liability at September 28, 2013 relates to the acquisition of FastPencil in April 2013 (see Note I). The fair value of the contingent consideration was determined to be Level 3 under the fair value hierarchy and was measured using a probability weighted, discounted cash flow model, which uses significant inputs which are unobservable in the market. Increases or decreases in the fair value of the contingent consideration liability would primarily result from changes in the estimated probabilities of achieving revenue targets during the earn out period. | ||||||||||||||
In the third quarter of fiscal 2013, the Company invested $500,000 in a convertible promissory note issued by Nomadic Learning Limited, a start-up business focused on corporate and educational learning. The fair value of the convertible promissory note was determined to be Level 3 under the fair value hierarchy and was measured using a discounted cash flow model. Significant unobservable inputs include estimates of future revenues and earnings and the discount rate. | ||||||||||||||
The following table reflects fair value measurements using significant unobservable inputs (Level 3): | ||||||||||||||
(000’s omitted) | ||||||||||||||
Convertible | Contingent | |||||||||||||
Promissory | Consideration | |||||||||||||
Note | Liabilities | |||||||||||||
Balance at September 25, 2010 | $ | — | $ | (920 | ) | |||||||||
Change in fair value | (165 | ) | ||||||||||||
Amounts paid | 400 | |||||||||||||
Balance at September 24, 2011 | — | (685 | ) | |||||||||||
Change in fair value | (100 | ) | ||||||||||||
Amounts paid | 400 | |||||||||||||
Balance at September 29, 2012 | — | (385 | ) | |||||||||||
Change in fair value | (275 | ) | ||||||||||||
Amounts paid | 500 | 400 | ||||||||||||
Acquisition of business (Note I) | (4,700 | ) | ||||||||||||
Balance at September 28, 2013 | $ | 500 | $ | (4,960 | ) | |||||||||
During fiscal year 2011, assets remeasured at fair value on a nonrecurring basis subsequent to initial recognition are summarized below: | ||||||||||||||
Impairment | Fair Value | Net Book | ||||||||||||
Charge | Measurement | Value | ||||||||||||
(Level 3) | ||||||||||||||
Fiscal year ended September 24, 2011: | ||||||||||||||
Goodwill | $ | 8,408 | — | — | ||||||||||
Prepublication costs | 200 | $ | 7,334 | $ | 7,334 | |||||||||
$ | 8,608 | $ | 7,334 | $ | 7,334 | |||||||||
In the third quarter of fiscal 2011, the Company determined that the fair value of REA was below its carrying value using a valuation methodology based on a discounted cash flow and a market value approach (Level 3). Key assumptions and estimates included revenue and operating income forecasts and the assessed growth rate after the forecast period. The Company recorded a pre-tax impairment charge of $8.4 million, representing all of REA’s goodwill (see Note G). In addition, an impairment charge of approximately $200,000 for prepublication costs was recorded relating to underperforming titles (see Note A). | ||||||||||||||
Business_Acquisition
Business Acquisition | 12 Months Ended | ||||
Sep. 28, 2013 | |||||
Business Acquisition | ' | ||||
Business Acquisition | ' | ||||
I. Business Acquisition | |||||
On April 30, 2013, the Company acquired all of the outstanding stock of FastPencil, Inc. (“FastPencil”), a California-based developer of end-to-end, cloud-based content management technologies. FastPencil’s technology serves publishers and other companies interested in providing a self-publishing platform to their customers or communities. In addition, FastPencil provides a platform and services to thousands of self-publishers. The acquisition complements the Company’s content management and customization technology and gives the Company an entry into the rapidly growing self-publishing market. The Company paid $5 million at the time of acquisition, with additional future “earn out” potential payments conditioned upon the achievement of revenue targets from $0 to a maximum payout of three payments of up to $6.5 million, $1.25 million and $5.25 million (undiscounted) which may be paid out over the next five years. The future earn out potential payments were valued at acquisition at $4.7 million using a probability weighted, discounted cash flow model. Related acquisition costs of approximately $250,000 were included in selling and administrative expenses. The acquisition was accounted for as a purchase and, accordingly, FastPencil’s financial results are included as a reporting unit within the book manufacturing segment in the consolidated financial statements from the date of acquisition. | |||||
The acquisition of FastPencil was recorded by allocating the fair value of the consideration paid to the identified assets acquired, including intangible assets and liabilities assumed, based on their estimated fair value at the acquisition date. The excess of the fair value of the consideration paid over the net amounts assigned to the fair value of the assets acquired and liabilities assumed was recorded as goodwill, which is not tax deductible. Based on these valuations, the purchase price allocation was as follows: | |||||
(000’s omitted) | |||||
Cash paid | $ | 5,000 | |||
Fair value of contingent “earn out” consideration | 4,700 | ||||
Total | $ | 9,700 | |||
Accounts receivable | $ | 3 | |||
Inventories | 42 | ||||
Licensing contract receivable | 1,500 | ||||
Amortizable intangibles | 2,770 | ||||
Goodwill | 5,875 | ||||
Other assets | 32 | ||||
Accounts payable and accrued liabilities | (325 | ) | |||
Deferred tax liabilities, net | (197 | ) | |||
Total | $ | 9,700 | |||
A fair value assessment of the contingent earn out consideration payable was performed at year end resulting in recognition of $260,000 of expense in fiscal 2013. The balance at September 28, 2013 was $5.0 million. | |||||
The Company expects to finalize the preliminary estimates of the fair value of the intangible assets by the end of the second quarter of fiscal 2014. | |||||
Restructuring_Costs
Restructuring Costs | 12 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Restructuring Costs | ' | |||||||||||||
Restructuring Costs | ' | |||||||||||||
J. Restructuring Costs | ||||||||||||||
In fiscal 2012, approximately $3.3 million of pre-tax restructuring charges were recorded for cost reduction measures taken throughout the year in both of the Company’s operating segments, including a reduction in the Company’s one-color offset press capacity. Severance and post-retirement benefit expenses were $1.9 million and accelerated depreciation on an unutilized one-color press was $1.4 million. Approximately $1.7 million of these costs were included in cost of sales in the Company’s book manufacturing segment. Approximately $1.0 million and $0.6 million of these costs were included in selling and administrative expenses in the Company’s book manufacturing segment and publishing segment, respectively. At September 28, 2013, approximately $0.2 million of the remaining restructuring payments were included in “Other current liabilities” in the accompanying consolidated balance sheet. | ||||||||||||||
In fiscal 2011, the Company recorded restructuring costs of $7.7 million associated with closing and consolidating its Stoughton, Massachusetts manufacturing facility due to the impact of technology and competitive pressures affecting the one-color paperback books in which the plant specialized. Restructuring costs included $2.3 million for employee severance and benefit costs, $2.1 million for an early withdrawal liability from a multi-employer pension plan, and $3.3 million for lease termination and other facility closure costs; no sub-lease income was assumed at the time due to local real estate market conditions. Subsequently, a portion of the facility was sublet beginning in March 2013. Of the total $7.7 million of restructuring costs in the book manufacturing segment, $7.3 million was included in cost of sales and $0.4 million was included in selling and administrative expenses. Remaining payments of approximately $3.2 million will be made over periods ranging from 2 years for the building lease obligation to 18 years for the liability related to the multi-employer pension plan. At September 28, 2013, approximately $1.0 million of future restructuring payments were included in “Other current liabilities” and $2.3 million were included in “Other liabilities” in the accompanying consolidated balance sheet. The following table depicts the accrual balances for these restructuring costs. | ||||||||||||||
(000’s omitted) | ||||||||||||||
Accrual at | Charges | Costs | Accrual at | |||||||||||
September 29, | or | Paid or | September 28, | |||||||||||
2012 | Reversals | Settled | 2013 | |||||||||||
Employee severance, post-retirement and other benefit costs | $ | 870 | — | $ | (562 | ) | $ | 308 | ||||||
Early withdrawal from multi-employer pension plan | 2,072 | — | (71 | ) | 2,001 | |||||||||
Lease termination, facility closure and other costs | 1,665 | 26 | (450 | ) | 1,241 | |||||||||
Total | $ | 4,607 | $ | 26 | $ | (1,083 | ) | $ | 3,550 | |||||
Net_Income_per_Share
Net Income per Share | 12 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Net Income per Share | ' | |||||||
Net Income per Share | ' | |||||||
K. Net Income per Share | ||||||||
Following is a reconciliation of the outstanding shares used in the calculation of basic and diluted net income per share. Potentially dilutive shares, calculated using the treasury stock method, consist of shares issued under the Company’s stock option plans. | ||||||||
(000’s omitted) | ||||||||
2013 | 2012 | 2011 | ||||||
Weighted average shares for basic | 11,277 | 11,849 | 11,985 | |||||
Effect of potentially dilutive shares | 154 | 79 | 37 | |||||
Weighted average shares for dilutive | 11,431 | 11,928 | 12,022 | |||||
Share_Repurchase_Plan
Share Repurchase Plan | 12 Months Ended |
Sep. 28, 2013 | |
Share Repurchase Plan | ' |
Share Repurchase Plan | ' |
L. Share Repurchase Plan | |
On November 20, 2012, the Company announced the approval by its Board of Directors for the repurchase of up to $10 million of the Company’s outstanding common stock from time to time on the open market or in privately negotiated transactions, including pursuant to a Rule 10b5-1 nondiscretionary trading plan. This stock repurchase authorization is effective for a period of twelve months. Through September 28, 2013, the Company repurchased 123,261 shares of common stock for approximately $1.6 million. | |
In April 2012, the Company’s Board of Directors approved a similar program for the repurchase of up to $10 million of the Company’s outstanding common stock. In fiscal 2012, the Company repurchased 823,970 shares of common stock for approximately $10 million. | |
Operating_Segments
Operating Segments | 12 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Operating Segments | ' | |||||||||||||
Operating Segments | ' | |||||||||||||
M. Operating Segments | ||||||||||||||
The Company has two operating segments: book manufacturing and publishing. The book manufacturing segment offers a full range of services from production through storage and distribution for religious, educational and specialty trade book publishers. In April 2013, the Company acquired FastPencil, Inc. (“FastPencil”), which was included in the book manufacturing segment (see Note I). The publishing segment consists of Dover, Creative Homeowner and REA. | ||||||||||||||
Segment performance is evaluated based on several factors, of which the primary financial measure is operating income. Operating income is defined as gross profit (sales less cost of sales) less selling and administrative expenses, and includes severance and other restructuring costs but excludes stock-based compensation. As such, segment performance is evaluated exclusive of interest, income taxes, stock-based compensation, intersegment profit, other income, and impairment charges. The elimination of intersegment sales and related profit represents sales from the book manufacturing segment to the publishing segment. | ||||||||||||||
Stock-based compensation, as well as the elimination of intersegment sales and related profit, are reflected as “unallocated” in the following table. Impairment charges (discussed more fully in Note G) are also included in “unallocated” in the following table. Corporate expenses that are allocated to the segments include various support functions such as information technology services, finance, legal, human resources and engineering, and include depreciation and amortization expense related to corporate assets. The corresponding corporate asset balances are not allocated to the segments. Unallocated corporate assets consist primarily of cash and cash equivalents and fixed assets used by the corporate support functions. Dollar amounts in the following table are presented in thousands. | ||||||||||||||
Total | Book | Publishing | Unallocated | |||||||||||
Company | Manufacturing | |||||||||||||
Fiscal 2013 | ||||||||||||||
Net sales | $ | 274,919 | $ | 247,406 | $ | 37,635 | $ | (10,122 | ) | |||||
Operating income (loss) | 18,615 | 21,953 | (2,069 | ) | (1,269 | ) | ||||||||
Total assets | 216,994 | 177,313 | 28,610 | 11,071 | ||||||||||
Goodwill, net | 21,820 | 21,820 | — | — | ||||||||||
Depreciation | 19,058 | 17,865 | 463 | 730 | ||||||||||
Amortization | 4,468 | 629 | 3,839 | — | ||||||||||
Capital expenditures and prepublication costs | 25,589 | 21,294 | 3,857 | 438 | ||||||||||
Interest expense, net | 803 | — | — | 803 | ||||||||||
Fiscal 2012 | ||||||||||||||
Net sales | $ | 261,320 | $ | 233,040 | $ | 38,355 | $ | (10,075 | ) | |||||
Operating income (loss) | 15,070 | 20,713 | (4,364 | ) | (1,279 | ) | ||||||||
Total assets | 197,360 | 155,487 | 28,968 | 12,905 | ||||||||||
Goodwill, net | 15,988 | 15,988 | — | — | ||||||||||
Depreciation | 20,381 | 19,317 | 394 | 670 | ||||||||||
Amortization | 4,679 | 410 | 4,269 | — | ||||||||||
Capital expenditures and prepublication costs | 14,003 | 8,661 | 4,670 | 672 | ||||||||||
Interest expense, net | 895 | — | — | 895 | ||||||||||
Fiscal 2011 | ||||||||||||||
Net sales | $ | 259,375 | $ | 230,229 | $ | 40,829 | $ | (11,683 | ) | |||||
Operating income (loss) | (21 | ) | 14,822 | (4,821 | ) | (10,022 | ) | |||||||
Total assets | 213,026 | 169,758 | 32,874 | 10,394 | ||||||||||
Goodwill, net | 16,025 | 16,025 | — | — | ||||||||||
Depreciation | 18,129 | 17,061 | 355 | 713 | ||||||||||
Amortization | 5,033 | 410 | 4,623 | — | ||||||||||
Capital expenditures and prepublication costs | 20,011 | 15,128 | 4,522 | 361 | ||||||||||
Interest expense, net | 921 | — | — | 921 | ||||||||||
Export sales as a percentage of consolidated sales were approximately 23% in 2013, 21% in 2012 and 20% in 2011. Approximately 95% of export sales were in the book manufacturing segment in fiscal year 2013, 92% in 2012, and 90% in 2011. Sales to the Company’s largest customer amounted to approximately 33% of consolidated sales in 2013, and 30% in both 2012 and 2011. In addition, sales to another customer amounted to approximately 23% of consolidated sales in fiscal 2013, 25% in 2012 and 23% in 2011. These two customers are in the book manufacturing segment and no other customer accounted for more than 10% of consolidated sales. Customers are granted credit on an unsecured basis. Receivables for the customers that account for more than 10% of consolidated sales, as a percentage of consolidated accounts receivable, were 48% and 43% at September 28, 2013 and September 29, 2012, respectively. | ||||||||||||||
Retirement_Plans
Retirement Plans | 12 Months Ended | ||||||||||||||
Sep. 28, 2013 | |||||||||||||||
Retirement Plans | ' | ||||||||||||||
Retirement Plans | ' | ||||||||||||||
N. Retirement Plans | |||||||||||||||
The Company and its consolidated subsidiaries maintain various defined contribution retirement plans covering substantially all of its employees. Dover, acquired in September 2000, also provides retirement benefits through a defined benefit plan as described below. | |||||||||||||||
Retirement costs of multi-employer union plans consist of contributions determined in accordance with the respective collective bargaining agreements. Retirement benefits for non-union employees are provided through the Courier Profit Sharing and Savings Plan (“PSSP”), which includes an Employee Stock Ownership Plan (“ESOP”). Retirement costs included in the accompanying financial statements amounted to approximately $3,530,000 in 2013, $3,085,000 in 2012, and $3,286,000 in 2011. At September 28, 2013 and September 29, 2012 the Company had $1.5 million and $1.2 million, respectively, accrued for the PSSP, which is included in the accompanying consolidated balance sheet under the caption “Other current liabilities.” | |||||||||||||||
The PSSP is qualified under Section 401(k) of the Internal Revenue Code. The plan allows eligible employees to contribute up to 100% of their compensation, subject to IRS limitations, with the Company matching 100% of the first 2% of pay plus 25% of the next 4% of pay contributed by the employee. The Company also makes contributions to the plan annually based on profits each year for the benefit of all eligible non-union employees. | |||||||||||||||
Shares of Company common stock may be allocated to participants’ ESOP accounts annually based on their compensation as defined in the plan. During the last three years, no such shares were allocated to eligible participants. At September 28, 2013, the ESOP held 293,781 shares on behalf of the participants. | |||||||||||||||
Dover has a noncontributory, defined benefit pension plan covering substantially all of its employees. As of December 31, 2001, Dover employees became eligible to participate in the PSSP. As such, plan benefits under the Dover defined benefit plan (the “Dover plan”) were frozen as of that date. In September 2006, the FASB issued authoritative literature regarding accounting for defined benefit pension and other postretirement plans, which requires that employers recognize the funded status of defined benefit pension and other postretirement benefit plans as a net asset or liability on the balance sheet and recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as a component of net periodic benefit cost. Additional financial statement disclosures are also required. The Company adopted these recognition and disclosure provisions at the end of fiscal 2007, and accordingly, recognized an after-tax reduction of $0.5 million in accumulated other comprehensive income, a component of shareholders’ equity. In addition, companies are required to measure plan assets and benefit obligations as of their fiscal year end. The Company previously used this date as the measurement date so there was no impact on the consolidated financials as it relates to this portion of the adopted guidance. | |||||||||||||||
The following tables provide information regarding the Dover plan: | |||||||||||||||
Other changes in plan assets and obligations | (000’s omitted) | ||||||||||||||
recognized in other comprehensive income (loss): | 2013 | 2012 | |||||||||||||
Accumulated other comprehensive loss at beginning of year | $ | (949 | ) | $ | (854 | ) | |||||||||
Net gain/(loss) incurred in year, net of tax | 44 | (169 | ) | ||||||||||||
Amortization of actuarial net losses, net of tax | 87 | 74 | |||||||||||||
Accumulated other comprehensive loss at end of year | $ | (818 | ) | $ | (949 | ) | |||||||||
(000’s omitted) | |||||||||||||||
Change in projected benefit obligation: | 2013 | 2012 | |||||||||||||
Benefit obligation at beginning of year | $ | 3,183 | $ | 3,001 | |||||||||||
Administrative cost | 7 | 7 | |||||||||||||
Interest cost | 100 | 116 | |||||||||||||
Actuarial (gain)/loss | (155 | ) | 264 | ||||||||||||
Benefits paid | (298 | ) | (205 | ) | |||||||||||
Benefit obligation at end of year | $ | 2,837 | $ | 3,183 | |||||||||||
(000’s omitted) | |||||||||||||||
Change in plan assets: | 2013 | 2012 | |||||||||||||
Fair value of plan assets at beginning of year | $ | 2,323 | $ | 2,266 | |||||||||||
Actual return on plan assets | 34 | 120 | |||||||||||||
Employer contributions | 63 | 142 | |||||||||||||
Benefits paid | (298 | ) | (205 | ) | |||||||||||
Fair value of plan assets at end of year | $ | 2,122 | $ | 2,323 | |||||||||||
Funded status at end of year | $ | (715 | ) | $ | (860 | ) | |||||||||
Components of net periodic benefit cost: | 2013 | 2012 | 2011 | ||||||||||||
Administrative cost | $ | 7 | $ | 7 | $ | 7 | |||||||||
Interest cost | 100 | 116 | 128 | ||||||||||||
Expected return on plan assets | (132 | ) | (129 | ) | (138 | ) | |||||||||
Amortization of unrecognized net loss | 138 | 116 | 91 | ||||||||||||
Net periodic benefit cost | $ | 113 | $ | 110 | $ | 88 | |||||||||
Weighted-average assumptions used to determine: | |||||||||||||||
Projected benefit obligation | 2013 | 2012 | 2011 | ||||||||||||
Discount rate | 4 | % | 3.25 | % | 4 | % | |||||||||
Rate of compensation increase | None | None | None | ||||||||||||
Expected return on plan assets | 6 | % | 6 | % | 6 | % | |||||||||
Net periodic benefit cost | 2013 | 2012 | 2011 | ||||||||||||
Discount rate | 3.25 | % | 4 | % | 4.5 | % | |||||||||
Rate of compensation increase | None | None | None | ||||||||||||
Expected return on plan assets | 6 | % | 6 | % | 6 | % | |||||||||
The discount rate and expected return on plan assets used for calculating costs and benefit obligations are determined by the Company’s management after considering actuary recommendations. The assumed discount rates are based on the yield on high quality corporate bonds as of the applicable measurement date. Accrued pension cost of $715,000 at September 28, 2013 and $860,000 at September 29, 2012 was included in the accompanying consolidated balance sheet under the caption “Other liabilities.” | |||||||||||||||
The Company expects to make cash contributions of approximately $118,000 to its pension plan in 2014. The Company’s strategy is generally to achieve a long-term rate of return sufficient to satisfy plan liabilities while minimizing plan expenses and mitigating downside risks. Assets are currently allocated 100% to Guaranteed Insurance Contracts, however, the Company reviews this weighting from time to time in order to achieve overall objectives in light of current circumstances. The fair value of the insurance contracts was based on negotiated value and the underlying investments, and considers the credit worthiness of the issuer of such contracts. Insurance contracts held by the Dover plan are issued by a well-known, highly rated insurance company. The underlying investments are government, asset-backed and fixed income securities. | |||||||||||||||
Multi-Employer Pension Plans | |||||||||||||||
The Company contributes to two multi-employer pension plans under collective bargaining agreements, each of which was renewed in fiscal 2013, covering certain employees at its book manufacturing facility in Philadelphia. Multi-employer pension plans cover employees of and receive contributions from two or more unrelated employers pursuant to one or more collective bargaining agreements, and the assets contributed by each employer may be used to fund the benefits of all employees covered by the plan. | |||||||||||||||
The risks of participating in these multi-employer benefit plans are different from single-employer benefit plans in the following aspects: | |||||||||||||||
· Assets contributed to the multi-employer benefit plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||
· If a participating employer stops contributing to the multi-employer benefit plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | |||||||||||||||
· If the Company stops participating in either of its multi-employer pension plans, the Company may be required to pay those plans an amount based on its allocable share of the underfunded status of the plan, referred to as a withdrawal liability, subject to safe harbors based on its annual contribution level. | |||||||||||||||
The Company is required to make contributions to the multi-employer plans in accordance with two separate collective bargaining agreements covering the Company’s employees in each plan as well as the terms of such plan. | |||||||||||||||
The following table provides key information relative to each of the multi-employer pension plans for the fiscal years ended September 28, 2013, September 29, 2012, and September 24, 2011: | |||||||||||||||
Multi-employer Pension Plan | Company Contributions | Expiration | |||||||||||||
(000’s omitted) | Date of | ||||||||||||||
Collective- | |||||||||||||||
Bargaining | |||||||||||||||
Name | EIN Number | 2013 | 2012 | 2011 | Agreement | ||||||||||
Bindery Industry Employers GCC/IBT Pension Plan | 23-6209755 | $ | 193 | $ | 198 | $ | 193 | 1/5/18 | |||||||
GCIU — Employer Retirement Benefit Plan | 91-6024903 | 167 | 131 | 143 | 4/30/18 | ||||||||||
The Company’s contributions for the Bindery Industry Employers GCC/IBT Pension Plan represented approximately 70% of total contributions in each of the last three years. This plan currently includes only two other contributing employers. The Company contributed less than 5% of total contributions to the GCIU — Employer Retirement Benefit Plan in each of the past three years. The Company currently estimates that it would be required to contribute approximately $352,000 to these two plans in fiscal 2014. These contributions could significantly increase due to other employers’ withdrawals or changes in the funded status of the plans. Both plans are estimated to be underfunded as of September 28, 2013 and have a Pension Protection Act zone status of critical (“red”). Such status identifies plans that are less than 65% funded. Rehabilitation plans have been adopted for each plan. | |||||||||||||||
On January 6, 2013, a new 5-year contract was entered into for the Bindery Industry Employers GCC/IBT Pension Plan. This new contract provides the Company with the right to withdraw from the plan if certain future events occur. If one of these future events were to occur and the Company exercises its right to withdraw from the plan, the potential withdrawal liability would equal the Company’s proportionate share of the unfunded vested benefits based on the year in which the liability is triggered, subject to safe harbors based on the Company’s annual contribution level. In addition, a new 5-year contract was entered into for the GCIU — Employer Retirement Benefit Plan effective May 1, 2013. The Company was not subject to surcharges after entering the new contracts for both plans. | |||||||||||||||
The Company believes that the multi-employer pension plans in which it currently participates have significant unfunded vested benefits. Due to uncertainty regarding future withdrawal liability triggers or further reductions in participation or withdrawal by other employers, the Company is unable to determine the amount and timing of its future withdrawal liability, if any. The Company’s participation in these multi-employer pension plans could have a material adverse impact on its financial condition, results of operations or liquidity. Disagreements over a potential withdrawal liability for either plan may lead to legal disputes. | |||||||||||||||
During fiscal 2011, the Company recorded a $2.1 million pre-tax charge related to the complete withdrawal from a multi-employer pension plan resulting from the closure of its Stoughton, Massachusetts manufacturing facility. This charge was included in restructuring costs in fiscal 2011 and is discussed further in Note J. | |||||||||||||||
Other_Income
Other Income | 12 Months Ended |
Sep. 28, 2013 | |
Other Income | ' |
Other Income | ' |
O. Other Income | |
The Company historically leased non-operating real property to cell phone companies for two cell-tower sites on a month-to-month basis. In the first quarter of fiscal 2012, the Company recorded a gain of $587,000 associated with the sales and assignments of both of these interests. The Company does not have further financial obligations under these arrangements. | |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Sep. 28, 2013 | |
Subsequent Event | ' |
Subsequent Event | ' |
P. Subsequent Event | |
In October 2013, the Company announced plans to invest in the education market in Brazil, the largest such market in Latin America, through two agreements expected to close by the end of the first quarter of fiscal 2014. Under the first agreement, the Company expects to license its proprietary custom textbook platform to Santillana, the largest Spanish/Portuguese educational publisher in the world. With the second agreement, the Company would acquire a 40% ownership interest in Digital Page Gráfica E Editora (“Digital Page”), a Sao Paulo-based digital printing firm, which has a long-term print agreement with Santillana, for approximately $9 million. | |
SCHEDULE_II_CONSOLIDATED_VALUA
SCHEDULE II CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
SCHEDULE II CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||||
SCHEDULE II CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||||
COURIER CORPORATION | ||||||||||||||
SCHEDULE II | ||||||||||||||
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||
ADDITIONS | ||||||||||||||
BALANCE AT | CHARGED TO | BALANCE | ||||||||||||
BEGINNING | REVENUES AND | AT END | ||||||||||||
OF PERIOD | EXPENSES | DEDUCTIONS | OF PERIOD | |||||||||||
Allowance for uncollectible accounts: | ||||||||||||||
Fiscal year ended September 28, 2013 | $ | 944,000 | $ | 139,000 | $ | 143,000 | $ | 940,000 | ||||||
Fiscal year ended September 29, 2012 | 789,000 | 199,000 | 44,000 | 944,000 | ||||||||||
Fiscal year ended September 24, 2011 | 968,000 | 868,000 | 1,047,000 | 789,000 | ||||||||||
Returns allowance: | ||||||||||||||
Fiscal year ended September 28, 2013 | $ | 2,496,000 | $ | 1,972,000 | $ | 2,396,000 | $ | 2,072,000 | ||||||
Fiscal year ended September 29, 2012 | 2,377,000 | 3,332,000 | 3,213,000 | 2,496,000 | ||||||||||
Fiscal year ended September 24, 2011 | 2,108,000 | 3,823,000 | 3,554,000 | 2,377,000 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 28, 2013 | |
Summary of Significant Accounting Policies | ' |
Principles of Consolidation and Presentation: | ' |
Principles of Consolidation and Presentation: The consolidated financial statements, prepared on a fiscal year basis, include the accounts of Courier Corporation and its subsidiaries after elimination of all intercompany transactions. Such financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). Fiscal years 2013 and 2011 were 52-week periods compared with fiscal year 2012, which was a 53-week period. | |
Fair Value Measurements: | ' |
Fair Value Measurements: Certain assets and liabilities are required to be recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis, generally as a result of impairment charges (see Note G). Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Assets measured at fair value on a nonrecurring basis include long-lived assets and goodwill and other intangible assets. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is: | |
Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. | |
Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |
Level 3—Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. | |
Financial Instruments: | ' |
Financial Instruments: Financial instruments consist primarily of cash, investments in mutual funds, accounts receivable, accounts payable, debt obligations, and contingent consideration (see Note I). At September 28, 2013 and September 29, 2012, the fair value of the Company’s financial instruments approximated their carrying values. The Company classifies as cash and cash equivalents amounts on deposit in banks and instruments with maturities of three months or less at time of purchase. The fair value of the Company’s revolving credit facility approximates its carrying value due to the variable interest rate and the Company’s current rate standing (see Note D). | |
Short-term investments consist of mutual fund investments for which underlying funds primarily invest in equity securities. Such short-term instruments are held for trading purposes. These investments are classified as trading securities and are recorded at fair value utilizing quoted prices in active markets at year end. Earnings from such investments were $136,000 in fiscal 2013 and $238,000 in fiscal 2012; a loss of $40,000 was incurred on these instruments in 2011. Such amounts are included in the caption “Interest expense, net” in the accompanying consolidated statements of operations. | |
At September 28, 2013, the Company had a forward exchange contract to sell approximately 11 million South African Rands (ZAR) designated as a cash flow hedge against a foreign currency customer order to be settled for $1.2 million by December 2013. The fair value of the foreign exchange forward contract was valued using market exchange rates (Level 2). The unrealized loss on this foreign currency cash flow hedge of $48,000, net of tax, was included in accumulated other comprehensive loss at September 28, 2013. The Company expects to reclassify the unrealized gain or loss in accumulated other comprehensive loss into earnings upon settlement of the related hedged transaction. The Company does not use financial instruments for trading or speculative purposes. | |
Property, Plant and Equipment: | ' |
Property, Plant and Equipment: Property, plant and equipment are recorded at cost, including interest on funds borrowed to finance the acquisition or construction of major capital additions. Interest capitalized was $30,000 in 2011; no such interest was capitalized in 2013 or 2012. The Company provides for depreciation of property, plant and equipment on a straight-line basis over periods ranging from 10 to 40 years on buildings and improvements and from 3 to 11 years on equipment and furnishings. Expenditures for maintenance and repairs are charged against income as incurred; betterments that increase the value or materially extend the life of the related assets are capitalized. When assets are sold or retired, the cost and accumulated depreciation are removed from the accounts and any gain or loss is included in income. | |
Goodwill and Other Intangibles: | ' |
Goodwill and Other Intangibles: The Company evaluates possible impairment annually at the end of its fiscal year or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. These tests are performed at the reporting unit level, which is the operating segment or one level below the operating segment. The goodwill impairment test is a two-step test. In the first step, the Company compares the fair value of the reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value of its net assets, then goodwill is not impaired and the Company is not required to perform further testing. If the carrying value of the net assets of the reporting unit exceeds its fair value, then a second step is performed in order to determine the implied fair value of the reporting unit’s goodwill and compare it to the carrying value of its goodwill (see Note G). “Other intangibles” include trade names, customer lists and technology. Trade names with indefinite lives are not subject to amortization and are reviewed at least annually for potential impairment at the end of the fiscal year or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. | |
Prepublication Costs: | ' |
Prepublication Costs: Prepublication costs, associated with creating new titles in the publishing segment, are amortized to cost of sales using the straight-line method over estimated useful lives of two to four years. In fiscal 2011, an impairment charge of approximately $200,000 was recorded related to underperforming titles at Research & Education Association, Inc. (“REA”) (see Note G). In fiscal 2013, the Company changed its presentation of depreciation and amortization on the Consolidated Statement of Cash Flows to separately disclose the components of depreciation and amortization related to prepublication costs and intangible assets. Accordingly, the prior year amounts have been changed to reflect this presentation. | |
Long-Lived Assets: | ' |
Long-Lived Assets: Management periodically reviews long-lived assets for impairment. In fiscal 2011, the Company recorded an impairment of long-lived assets of approximately $200,000 for REA, as discussed above in the caption “Prepublication Costs.” | |
Income Taxes: | ' |
Income Taxes: Deferred income tax liabilities and assets are determined based upon the differences between the financial statement and tax bases of assets and liabilities, and are measured by applying enacted tax rates and laws for the taxable years in which these differences are expected to reverse. | |
Revenue Recognition: | ' |
Revenue Recognition: Revenue is recognized upon shipment of goods to customers or upon the transfer of ownership for those customers for whom the Company provides manufacturing and distribution services. Revenue for distribution services is recognized as services are provided. Shipping and handling fees billed to customers are classified as revenue. In the publishing segment, revenue is recognized net of an allowance for sales returns. The process which the Company uses to determine its net sales, including the related reserve allowance for returns, is based upon applying an estimated return rate to current year sales. This estimated return rate is based on actual historical return experience. In the Company’s book manufacturing segment, sales returns are not permitted. | |
Use of Estimates: | ' |
Use of Estimates: The process of preparing financial statements in conformity with generally accepted accounting principles requires management to make estimates of assets and liabilities and disclosure of contingent assets and liabilities and assumptions that affect the reported amounts at the date of the financial statements. Actual results may differ from these estimates. | |
Net Income per Share: | ' |
Net Income per Share: Basic net income per share is based on the weighted average number of common shares outstanding each period. Diluted net income per share also includes potentially dilutive items such as stock options (Note K). | |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventories | ' | |||||||
Schedule of inventories | ' | |||||||
(000’s omitted) | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 6,750 | $ | 4,523 | ||||
Work in process | 8,724 | 8,763 | ||||||
Finished goods | 19,612 | 23,078 | ||||||
Total | $ | 35,086 | $ | 36,364 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Income Taxes | ' | |||||||||||
Schedule of reasons for which income tax provision (benefit) differs from that computed using the statutory federal income tax rates | ' | |||||||||||
(000’s omitted) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal taxes at statutory rate | $ | 6,234 | $ | 5,166 | $ | (330 | ) | |||||
State taxes, net of federal tax benefit | 634 | 1,104 | (170 | ) | ||||||||
Federal manufacturer’s deduction | (518 | ) | (458 | ) | (390 | ) | ||||||
Tax credits | (53 | ) | (235 | ) | (181 | ) | ||||||
Transaction costs | 226 | — | — | |||||||||
Change in fair value of earnout | 91 | — | — | |||||||||
Other | (24 | ) | 18 | (5 | ) | |||||||
Total | $ | 6,590 | $ | 5,595 | $ | (1,076 | ) | |||||
Schedule of provision for income taxes | ' | |||||||||||
(000’s omitted) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | Federal | $ | 4,906 | $ | 3,977 | $ | 3,735 | |||||
State | 958 | 1,055 | 668 | |||||||||
5,864 | 5,032 | 4,403 | ||||||||||
Deferred: | Federal | 739 | 90 | (4,417 | ) | |||||||
State | (13 | ) | 473 | (1,062 | ) | |||||||
726 | 563 | (5,479 | ) | |||||||||
Total | $ | 6,590 | $ | 5,595 | $ | (1,076 | ) | |||||
Summary of significant components of deferred tax assets and liabilities | ' | |||||||||||
(000’s omitted) | ||||||||||||
2013 | 2012 | |||||||||||
Current deferred tax assets (liabilities): | ||||||||||||
Vacation accrual not currently deductible | $ | 736 | $ | 767 | ||||||||
Other accruals not currently deductible | 528 | 684 | ||||||||||
State NOL and credit carryforwards | 299 | 0 | ||||||||||
Deferred Revenue | (450 | ) | 0 | |||||||||
Non-deductible reserves | 2,970 | 3,158 | ||||||||||
Other | 54 | 58 | ||||||||||
Total current deferred tax assets | 4,137 | 4,667 | ||||||||||
Valuation allowances | (183 | ) | (394 | ) | ||||||||
Total current deferred tax assets, net | 3,954 | 4,273 | ||||||||||
Non-current deferred tax assets (liabilities): | ||||||||||||
Deferred compensation arrangements | 1,709 | 1,646 | ||||||||||
Goodwill and other intangibles | 6,069 | 8,506 | ||||||||||
Accelerated depreciation | (6,816 | ) | (7,898 | ) | ||||||||
State NOL and credit carryforwards | 4,045 | 3,497 | ||||||||||
Pension obligation (Note N) | 302 | 217 | ||||||||||
Restructuring reserve | 895 | 1,141 | ||||||||||
Other | 496 | 543 | ||||||||||
Total non-current deferred tax assets | 6,700 | 7,652 | ||||||||||
Valuation allowances | (3,873 | ) | (4,201 | ) | ||||||||
Total non-current deferred tax assets (liabilities), net | 2,827 | 3,451 | ||||||||||
Total deferred tax assets | $ | 6,781 | $ | 7,724 |
Stock_Arrangements_Tables
Stock Arrangements (Tables) | 12 Months Ended | ||||||||||
Sep. 28, 2013 | |||||||||||
Stock arrangements | ' | ||||||||||
Schedule of stock-based compensation recognized in selling and administrative expenses and related tax benefit | ' | ||||||||||
(000’s omitted) | |||||||||||
2013 | 2012 | 2011 | |||||||||
Stock-based compensation expense | $ | 1,348 | $ | 1,429 | $ | 1,440 | |||||
Related tax benefit | (476 | ) | (519 | ) | (517 | ) | |||||
Stock-based compensation, net of tax | $ | 872 | $ | 910 | $ | 923 | |||||
Schedule of key assumptions used to value options issued | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Risk-free interest rate | 1.7%–2.0% | 0.9%–1.0% | 1.0%–2.0% | ||||||||
Expected volatility | 41%–42% | 49%–50% | 48%–49% | ||||||||
Expected dividend yield | 7.1%–7.6% | 7.3%–11.4% | 5.7%–11.4% | ||||||||
Estimated life for grants under: | |||||||||||
Stock Incentive Plan | 10 years | 5 years | 5 years | ||||||||
Directors’ Stock Equity Plans | 10 years | 5 years | 5 years | ||||||||
ESPP | 0.5 years | 0.5 years | 0.5 years | ||||||||
Stock Incentive Plans | ' | ||||||||||
Stock arrangements | ' | ||||||||||
Summary of all option activity | ' | ||||||||||
Weighted Average | |||||||||||
Remaining | |||||||||||
Shares | Exercise | Term | |||||||||
Price | (Years) | ||||||||||
Outstanding at September 25, 2010 | 518,437 | $ | 21.94 | ||||||||
Issued | 97,540 | 7.4 | |||||||||
Expired | (28,281 | ) | 27.35 | ||||||||
Outstanding at September 24, 2011 | 587,696 | $ | 19.27 | ||||||||
Issued | 1,575 | 8.47 | |||||||||
Cancelled | (62,732 | ) | 11.91 | ||||||||
Expired | (154,864 | ) | 32.7 | ||||||||
Outstanding at September 29, 2012 | 371,675 | $ | 14.86 | ||||||||
Issued | 80,870 | 11.96 | |||||||||
Exercised | (521 | ) | 7.4 | ||||||||
Expired | (108,230 | ) | 20.1 | ||||||||
Outstanding at September 28, 2013 | 343,794 | $ | 12.54 | 3.7 | |||||||
Exercisable at September 28, 2013 | 237,369 | $ | 13.29 | 1.8 | |||||||
Available for future grants | 269,009 | ||||||||||
Directors' Stock Equity Plans | ' | ||||||||||
Stock arrangements | ' | ||||||||||
Summary of all option activity | ' | ||||||||||
Weighted Average | |||||||||||
Remaining | |||||||||||
Shares | Exercise | Term | |||||||||
Price | (Years) | ||||||||||
Outstanding at September 25, 2010 | 206,866 | $ | 24.39 | ||||||||
Issued | 43,477 | 14.76 | |||||||||
Expired | (49,572 | ) | 32.89 | ||||||||
Outstanding at September 24, 2011 | 200,771 | $ | 20.2 | ||||||||
Issued | 67,697 | 11.5 | |||||||||
Expired | (28,548 | ) | 39.18 | ||||||||
Outstanding at September 29, 2012 | 239,920 | $ | 15.49 | ||||||||
Issued | 85,498 | 11.77 | |||||||||
Expired | (36,000 | ) | 26.86 | ||||||||
Outstanding at September 28, 2013 | 289,418 | $ | 12.98 | 2.7 | |||||||
Exercisable at September 28, 2013 | 144,301 | $ | 13.97 | 1.6 | |||||||
Available for future grants | 243,646 | ||||||||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Goodwill and Other Intangibles | ' | |||||||||||||
Schedule of components of goodwill | ' | |||||||||||||
(000’s omitted) | ||||||||||||||
Book | Publishing | Total | ||||||||||||
Manufacturing | ||||||||||||||
Goodwill | $ | 16,289 | $ | 41,102 | $ | 57,391 | ||||||||
Accumulated impairment charges | — | (32,694 | ) | (32,694 | ) | |||||||||
Balance at September 25, 2010 | 16,289 | 8,408 | 24,697 | |||||||||||
Impairment charge and other | (264 | ) | (8,408 | ) | (8,672 | ) | ||||||||
Balance at September 24, 2011 | 16,025 | — | 16,025 | |||||||||||
Deferred tax adjustment | (37 | ) | — | (37 | ) | |||||||||
Balance at September 29, 2012 | 15,988 | — | 15,988 | |||||||||||
Acquisition of FastPencil (Note I) | 5,875 | — | 5,875 | |||||||||||
Deferred tax adjustment | (43 | ) | — | (43 | ) | |||||||||
Balance at September 28, 2013 | $ | 21,820 | — | $ | 21,820 | |||||||||
Schedule of components of other intangibles | ' | |||||||||||||
Trade | Customer | Technology | Total | |||||||||||
Name | Lists | & Other | ||||||||||||
Balance at September 25, 2010 | $ | 931 | $ | 726 | $ | 1,055 | $ | 2,712 | ||||||
Amortization expense | — | (164 | ) | (246 | ) | (410 | ) | |||||||
Balance at September 24, 2011 | 931 | 562 | 809 | 2,302 | ||||||||||
Amortization expense | — | (164 | ) | (246 | ) | (410 | ) | |||||||
Balance at September 29, 2012 | 931 | 398 | 563 | 1,892 | ||||||||||
Acquisition (Note I) | 240 | 290 | 2,240 | 2,770 | ||||||||||
Amortization expense | (7 | ) | (183 | ) | (439 | ) | (629 | ) | ||||||
Balance at September 28, 2013 | $ | 1,164 | $ | 505 | $ | 2,364 | $ | 4,033 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of assets and liabilities carried at fair value measured on a recurring basis | ' | |||||||||||||
(000’s Omitted) | ||||||||||||||
Total | Quoted | Significant | Significant | |||||||||||
Carrying | Prices in | Other | Unobservable | |||||||||||
Value | Active | Observable | Inputs | |||||||||||
Markets | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
As of September 28, 2013: | ||||||||||||||
Short-term investments in mutual funds | $ | 900 | $ | 900 | — | — | ||||||||
Investment in convertible promissory note | 500 | — | — | $ | 500 | |||||||||
Forward foreign exchange contract | 112 | — | $ | 112 | — | |||||||||
Contingent consideration liability | (4,960 | ) | — | — | (4,960 | ) | ||||||||
As of September 29, 2012: | ||||||||||||||
Short-term investments in mutual funds | $ | 765 | $ | 765 | — | — | ||||||||
Contingent consideration liability | (385 | ) | — | — | (385 | ) | ||||||||
Schedule of fair value measurements using significant unobservable inputs (level 3) | ' | |||||||||||||
(000’s omitted) | ||||||||||||||
Convertible | Contingent | |||||||||||||
Promissory | Consideration | |||||||||||||
Note | Liabilities | |||||||||||||
Balance at September 25, 2010 | $ | — | $ | (920 | ) | |||||||||
Change in fair value | (165 | ) | ||||||||||||
Amounts paid | 400 | |||||||||||||
Balance at September 24, 2011 | — | (685 | ) | |||||||||||
Change in fair value | (100 | ) | ||||||||||||
Amounts paid | 400 | |||||||||||||
Balance at September 29, 2012 | — | (385 | ) | |||||||||||
Change in fair value | (275 | ) | ||||||||||||
Amounts paid | 500 | 400 | ||||||||||||
Acquisition of business (Note I) | (4,700 | ) | ||||||||||||
Balance at September 28, 2013 | $ | 500 | $ | (4,960 | ) | |||||||||
Schedule of assets remeasured at fair value on a nonrecurring basis subsequent to initial recognition | ' | |||||||||||||
Impairment | Fair Value | Net Book | ||||||||||||
Charge | Measurement | Value | ||||||||||||
(Level 3) | ||||||||||||||
Fiscal year ended September 24, 2011: | ||||||||||||||
Goodwill | $ | 8,408 | — | — | ||||||||||
Prepublication costs | 200 | $ | 7,334 | $ | 7,334 | |||||||||
$ | 8,608 | $ | 7,334 | $ | 7,334 | |||||||||
Business_Acquisition_Tables
Business Acquisition (Tables) | 12 Months Ended | ||||
Sep. 28, 2013 | |||||
Business Acquisition | ' | ||||
Schedule of purchase price allocation | ' | ||||
(000’s omitted) | |||||
Cash paid | $ | 5,000 | |||
Fair value of contingent “earn out” consideration | 4,700 | ||||
Total | $ | 9,700 | |||
Accounts receivable | $ | 3 | |||
Inventories | 42 | ||||
Licensing contract receivable | 1,500 | ||||
Amortizable intangibles | 2,770 | ||||
Goodwill | 5,875 | ||||
Other assets | 32 | ||||
Accounts payable and accrued liabilities | (325 | ) | |||
Deferred tax liabilities, net | (197 | ) | |||
Total | $ | 9,700 | |||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 12 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Restructuring Costs | ' | |||||||||||||
Schedule of accrual balances for restructuring costs | ' | |||||||||||||
(000’s omitted) | ||||||||||||||
Accrual at | Charges | Costs | Accrual at | |||||||||||
September 29, | or | Paid or | September 28, | |||||||||||
2012 | Reversals | Settled | 2013 | |||||||||||
Employee severance, post-retirement and other benefit costs | $ | 870 | — | $ | (562 | ) | $ | 308 | ||||||
Early withdrawal from multi-employer pension plan | 2,072 | — | (71 | ) | 2,001 | |||||||||
Lease termination, facility closure and other costs | 1,665 | 26 | (450 | ) | 1,241 | |||||||||
Total | $ | 4,607 | $ | 26 | $ | (1,083 | ) | $ | 3,550 | |||||
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 12 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Net Income per Share | ' | |||||||
Schedule of average number of basic and diluted shares outstanding | ' | |||||||
(000’s omitted) | ||||||||
2013 | 2012 | 2011 | ||||||
Weighted average shares for basic | 11,277 | 11,849 | 11,985 | |||||
Effect of potentially dilutive shares | 154 | 79 | 37 | |||||
Weighted average shares for dilutive | 11,431 | 11,928 | 12,022 | |||||
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Operating Segments | ' | |||||||||||||
Schedule of segment information | ' | |||||||||||||
Total | Book | Publishing | Unallocated | |||||||||||
Company | Manufacturing | |||||||||||||
Fiscal 2013 | ||||||||||||||
Net sales | $ | 274,919 | $ | 247,406 | $ | 37,635 | $ | (10,122 | ) | |||||
Operating income (loss) | 18,615 | 21,953 | (2,069 | ) | (1,269 | ) | ||||||||
Total assets | 216,994 | 177,313 | 28,610 | 11,071 | ||||||||||
Goodwill, net | 21,820 | 21,820 | — | — | ||||||||||
Depreciation | 19,058 | 17,865 | 463 | 730 | ||||||||||
Amortization | 4,468 | 629 | 3,839 | — | ||||||||||
Capital expenditures and prepublication costs | 25,589 | 21,294 | 3,857 | 438 | ||||||||||
Interest expense, net | 803 | — | — | 803 | ||||||||||
Fiscal 2012 | ||||||||||||||
Net sales | $ | 261,320 | $ | 233,040 | $ | 38,355 | $ | (10,075 | ) | |||||
Operating income (loss) | 15,070 | 20,713 | (4,364 | ) | (1,279 | ) | ||||||||
Total assets | 197,360 | 155,487 | 28,968 | 12,905 | ||||||||||
Goodwill, net | 15,988 | 15,988 | — | — | ||||||||||
Depreciation | 20,381 | 19,317 | 394 | 670 | ||||||||||
Amortization | 4,679 | 410 | 4,269 | — | ||||||||||
Capital expenditures and prepublication costs | 14,003 | 8,661 | 4,670 | 672 | ||||||||||
Interest expense, net | 895 | — | — | 895 | ||||||||||
Fiscal 2011 | ||||||||||||||
Net sales | $ | 259,375 | $ | 230,229 | $ | 40,829 | $ | (11,683 | ) | |||||
Operating income (loss) | (21 | ) | 14,822 | (4,821 | ) | (10,022 | ) | |||||||
Total assets | 213,026 | 169,758 | 32,874 | 10,394 | ||||||||||
Goodwill, net | 16,025 | 16,025 | — | — | ||||||||||
Depreciation | 18,129 | 17,061 | 355 | 713 | ||||||||||
Amortization | 5,033 | 410 | 4,623 | — | ||||||||||
Capital expenditures and prepublication costs | 20,011 | 15,128 | 4,522 | 361 | ||||||||||
Interest expense, net | 921 | — | — | 921 | ||||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||
Sep. 28, 2013 | |||||||||||||||
Retirement Plans | ' | ||||||||||||||
Schedule of other changes in plan assets and obligations recognized in other comprehensive income (loss) | ' | ||||||||||||||
Other changes in plan assets and obligations | (000’s omitted) | ||||||||||||||
recognized in other comprehensive income (loss): | 2013 | 2012 | |||||||||||||
Accumulated other comprehensive loss at beginning of year | $ | (949 | ) | $ | (854 | ) | |||||||||
Net gain/(loss) incurred in year, net of tax | 44 | (169 | ) | ||||||||||||
Amortization of actuarial net losses, net of tax | 87 | 74 | |||||||||||||
Accumulated other comprehensive loss at end of year | $ | (818 | ) | $ | (949 | ) | |||||||||
Schedule of change in projected benefit obligation | ' | ||||||||||||||
(000’s omitted) | |||||||||||||||
Change in projected benefit obligation: | 2013 | 2012 | |||||||||||||
Benefit obligation at beginning of year | $ | 3,183 | $ | 3,001 | |||||||||||
Administrative cost | 7 | 7 | |||||||||||||
Interest cost | 100 | 116 | |||||||||||||
Actuarial (gain)/loss | (155 | ) | 264 | ||||||||||||
Benefits paid | (298 | ) | (205 | ) | |||||||||||
Benefit obligation at end of year | $ | 2,837 | $ | 3,183 | |||||||||||
Schedule of change in plan assets | ' | ||||||||||||||
(000’s omitted) | |||||||||||||||
Change in plan assets: | 2013 | 2012 | |||||||||||||
Fair value of plan assets at beginning of year | $ | 2,323 | $ | 2,266 | |||||||||||
Actual return on plan assets | 34 | 120 | |||||||||||||
Employer contributions | 63 | 142 | |||||||||||||
Benefits paid | (298 | ) | (205 | ) | |||||||||||
Fair value of plan assets at end of year | $ | 2,122 | $ | 2,323 | |||||||||||
Funded status at end of year | $ | (715 | ) | $ | (860 | ) | |||||||||
Schedule of components of net periodic benefit cost | ' | ||||||||||||||
Components of net periodic benefit cost: | 2013 | 2012 | 2011 | ||||||||||||
Administrative cost | $ | 7 | $ | 7 | $ | 7 | |||||||||
Interest cost | 100 | 116 | 128 | ||||||||||||
Expected return on plan assets | (132 | ) | (129 | ) | (138 | ) | |||||||||
Amortization of unrecognized net loss | 138 | 116 | 91 | ||||||||||||
Net periodic benefit cost | $ | 113 | $ | 110 | $ | 88 | |||||||||
Schedule of weighted-average assumptions used | ' | ||||||||||||||
Projected benefit obligation | 2013 | 2012 | 2011 | ||||||||||||
Discount rate | 4 | % | 3.25 | % | 4 | % | |||||||||
Rate of compensation increase | None | None | None | ||||||||||||
Expected return on plan assets | 6 | % | 6 | % | 6 | % | |||||||||
Net periodic benefit cost | 2013 | 2012 | 2011 | ||||||||||||
Discount rate | 3.25 | % | 4 | % | 4.5 | % | |||||||||
Rate of compensation increase | None | None | None | ||||||||||||
Expected return on plan assets | 6 | % | 6 | % | 6 | % | |||||||||
Schedule of multi-employer pension plans | ' | ||||||||||||||
Multi-employer Pension Plan | Company Contributions | Expiration | |||||||||||||
(000’s omitted) | Date of | ||||||||||||||
Collective- | |||||||||||||||
Bargaining | |||||||||||||||
Name | EIN Number | 2013 | 2012 | 2011 | Agreement | ||||||||||
Bindery Industry Employers GCC/IBT Pension Plan | 23-6209755 | $ | 193 | $ | 198 | $ | 193 | 1/5/18 | |||||||
GCIU — Employer Retirement Benefit Plan | 91-6024903 | 167 | 131 | 143 | 4/30/18 | ||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 28, 2013 | Sep. 28, 2013 | |
USD ($) | USD ($) | USD ($) | Foreign exchange contract | Foreign exchange contract | |
item | ZAR | ZAR | |||
USD ($) | |||||
Business: | ' | ' | ' | ' | ' |
Number of operating segments | 2 | ' | ' | ' | ' |
Principles of Consolidation and Presentation: | ' | ' | ' | ' | ' |
Length of fiscal year | '1 year | '1 year 7 days | '1 year | ' | ' |
Financial Instruments: | ' | ' | ' | ' | ' |
(Loss) earnings from trading securities | $136,000 | $238,000 | ($40,000) | ' | ' |
Forward exchange contract to sell as a hedge against the future sales price amount | ' | ' | ' | 1,200,000 | 11,000,000 |
Unrealized loss on foreign currency cash flow hedge | $48,000 | ' | ' | $48,000 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Property, Plant and Equipment | ' | ' | ' |
Interest capitalized | $0 | $0 | $30,000 |
Buildings and improvements | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Period over which depreciation is provided on a straight-line basis | '10 years | ' | ' |
Buildings and improvements | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Period over which depreciation is provided on a straight-line basis | '40 years | ' | ' |
Equipment and furnishings | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Period over which depreciation is provided on a straight-line basis | '3 years | ' | ' |
Equipment and furnishings | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Period over which depreciation is provided on a straight-line basis | '11 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
Sep. 24, 2011 | Sep. 28, 2013 | Sep. 28, 2013 | |
REA | Minimum | Maximum | |
Prepublication costs | ' | ' | ' |
Estimated useful life | ' | '2 years | '4 years |
Impairment charge for prepublication costs relating to underperforming titles | $200,000 | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
Inventories | ' | ' |
Percentage of inventories whose cost is determined using the last-in, first-out (LIFO) method | 55.00% | 57.00% |
Raw materials | $6,750,000 | $4,523,000 |
Work in process | 8,724,000 | 8,763,000 |
Finished goods | 19,612,000 | 23,078,000 |
Total | 35,086,000 | 36,364,000 |
LIFO reserve | $5,400,000 | $5,000,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Income tax provision (benefit) as different from that computed using the statutory federal income tax rates | ' | ' | ' |
Federal taxes at statutory rate | $6,234,000 | $5,166,000 | ($330,000) |
State taxes, net of federal tax benefit | 634,000 | 1,104,000 | -170,000 |
Federal manufacturer's deduction | -518,000 | -458,000 | -390,000 |
Tax credits | -53,000 | -235,000 | -181,000 |
Transaction costs | 226,000 | ' | ' |
Change in fair value of earnout | 91,000 | ' | ' |
Other | -24,000 | 18,000 | -5,000 |
Total | 6,590,000 | 5,595,000 | -1,076,000 |
Valuation allowance for state tax benefit on impairment charge for REA | ' | 200,000 | ' |
Current: | ' | ' | ' |
Federal | 4,906,000 | 3,977,000 | 3,735,000 |
State | 958,000 | 1,055,000 | 668,000 |
Total | 5,864,000 | 5,032,000 | 4,403,000 |
Deferred: | ' | ' | ' |
Federal | 739,000 | 90,000 | -4,417,000 |
State | -13,000 | 473,000 | -1,062,000 |
Total | 726,000 | 563,000 | -5,479,000 |
Provision for income taxes | ' | ' | ' |
Total | 6,590,000 | 5,595,000 | -1,076,000 |
Current deferred tax assets (liabilities): | ' | ' | ' |
Vacation accrual not currently deductible | 736,000 | 767,000 | ' |
Other accruals not currently deductible | 528,000 | 684,000 | ' |
State NOL and credit carryforwards | 299,000 | ' | ' |
Deferred Revenue | -450,000 | ' | ' |
Non-deductible reserves | 2,970,000 | 3,158,000 | ' |
Other | 54,000 | 58,000 | ' |
Total current deferred tax assets | 4,137,000 | 4,667,000 | ' |
Valuation allowances | -183,000 | -394,000 | ' |
Total current deferred tax assets, net | 3,954,000 | 4,273,000 | ' |
Non-current deferred tax assets (liabilities): | ' | ' | ' |
Deferred compensation arrangements | 1,709,000 | 1,646,000 | ' |
Goodwill and other intangibles | 6,069,000 | 8,506,000 | ' |
Accelerated depreciation | -6,816,000 | -7,898,000 | ' |
State NOL and credit carryforwards | 4,045,000 | 3,497,000 | ' |
Pension obligation | 302,000 | 217,000 | ' |
Restructuring reserve | 895,000 | 1,141,000 | ' |
Other | 496,000 | 543,000 | ' |
Total non-current deferred tax assets | 6,700,000 | 7,652,000 | ' |
Valuation allowances | -3,873,000 | -4,201,000 | ' |
Total non-current deferred tax assets (liabilities), net | 2,827,000 | 3,451,000 | ' |
Total deferred tax assets | 6,781,000 | 7,724,000 | ' |
Increase (decrease) in valuation allowance | -500,000 | 800,000 | ' |
Liability for unrecognized tax benefits | $0 | $0 | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Mar. 26, 2010 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 |
Revolving credit facility | Revolving credit facility | Revolving credit facility | Term loan | Term loan | 3.9% term loan | 3.6% term loan | |||
Maximum | |||||||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' |
Interest rate margin on variable rate basis (as a percent) | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | 1.40% | ' | ' | ' | ' | ' | ' |
Outstanding amount | ' | ' | 24,600,000 | 12,600,000 | ' | ' | ' | ' | ' |
Term of loan | ' | ' | ' | ' | ' | '4 years | ' | ' | ' |
Borrowings outstanding | 24,583,000 | 13,696,000 | ' | ' | ' | ' | 1,100,000 | 500,000 | 600,000 |
Fixed annual interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 3.90% | 3.60% |
Scheduled aggregate principal payments obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | $24,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee on unused portion of debt (as a percent) | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Commitments and Contingencies | ' | ' | ' |
Amounts charged to operations under operating leases | $1,265,000 | $1,350,000 | $1,835,000 |
Minimum annual rental commitments under long-term operating leases | ' | ' | ' |
2014 | 1,114,000 | ' | ' |
2015 | 881,000 | ' | ' |
2016 | 848,000 | ' | ' |
2017 | 840,000 | ' | ' |
2018 | 829,000 | ' | ' |
Thereafter | 1,507,000 | ' | ' |
Letters of credit outstanding | 2,180,000 | 2,180,000 | ' |
Commitments to purchase equipment | $5,500,000 | ' | ' |
Stock_Arrangements_Details
Stock Arrangements (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Mar. 18, 2009 | Mar. 18, 2009 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Jan. 31, 2011 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Jan. 31, 2011 | Sep. 28, 2013 | Jan. 31, 2010 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Jan. 22, 2013 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Jan. 31, 2010 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Jan. 20, 2010 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 28, 2013 | |
Stockholders' Rights Plan | Stockholders' Rights Plan | Stock options | Stock options | Stock options | Stock options | Stock options | Stock options | Stock Incentive Plans | Stock Incentive Plans | Stock Incentive Plans | Stock Incentive Plans | Stock Incentive Plans | Stock Incentive Plans | Directors' Stock Equity Plans | Directors' Stock Equity Plans | Directors' Stock Equity Plans | Directors' Stock Equity Plans | Directors' Stock Equity Plans | Directors' Stock Equity Plans | Directors' Stock Equity Plans | Directors' Stock Equity Plans | Directors' Stock Equity Plans | Directors' Stock Equity Plans | Directors' Stock Equity Plans | Directors' Stock Equity Plans | Employee Stock Purchase Plan (ESPP) | Employee Stock Purchase Plan (ESPP) | Employee Stock Purchase Plan (ESPP) | Employee Stock Purchase Plan (ESPP) | Employee Stock Purchase Plan (ESPP) | ||||
Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Stock options | Stock options | Stock options | Stock options | Stock awards | Stock options | Stock options | Stock options | Stock options | Stock awards | Stock awards | Stock awards | Minimum | |||||||||||||||
Maximum | Maximum | |||||||||||||||||||||||||||||||||
Stock Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | $1,348,000 | $1,429,000 | $1,440,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related tax benefit | -476,000 | -519,000 | -517,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation, net of tax | 872,000 | 910,000 | 923,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation cost | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period over which unrecognized stock-based compensation cost is to be recognized | '2 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | 637,500 | ' | ' | ' | ' |
Stock options expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in lieu of cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,320 | 14,784 | 11,520 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 371,675 | 587,696 | 518,437 | ' | ' | ' | ' | ' | ' | ' | 239,920 | 200,771 | 206,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,870 | 1,575 | 97,540 | ' | ' | ' | ' | ' | ' | ' | 85,498 | 67,697 | 43,477 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -521 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -62,732 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -108,230 | -154,864 | -28,281 | ' | ' | ' | ' | ' | ' | ' | -36,000 | -28,548 | -49,572 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 343,794 | 371,675 | 587,696 | ' | ' | ' | ' | ' | ' | ' | 289,418 | 239,920 | 200,771 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.86 | $19.27 | $21.94 | ' | ' | ' | ' | ' | ' | ' | $15.49 | $20.20 | $24.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.96 | $8.47 | $7.40 | ' | ' | ' | ' | ' | ' | ' | $11.77 | $11.50 | $14.76 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.10 | $32.70 | $27.35 | ' | ' | ' | ' | ' | ' | ' | $26.86 | $39.18 | $32.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.54 | $14.86 | $19.27 | ' | ' | ' | ' | ' | ' | ' | $12.98 | $15.49 | $20.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,369 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,301 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price, Exercisable (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.97 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Term, Exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available for future grants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 269,009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 243,646 | ' | ' | ' | ' | ' | ' | ' | 158,599 | ' | ' | ' |
Intrinsic value for options outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,133,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 829,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested stock grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,832 | ' | ' | ' | ' | ' | ' | ' |
Awarded (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,828 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,931 | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,553 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,517 | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,255 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,246 | 27,832 | ' | ' | ' | ' | ' | ' |
Weighted-average fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.77 | ' | ' | ' | ' | ' | ' | ' |
Awarded (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.77 | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.16 | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.07 | $12.77 | ' | ' | ' | ' | ' | ' |
ESPP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price expressed as a percentage of the company's common stock at the end of the grant period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% |
Increase in number of shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' |
Number of ESPP shares issued in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,322 | 36,808 | 48,774 | ' |
Average per share price of ESPP shares issued in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.84 | $9.35 | $8.46 | ' |
Number of ESPP shares issued since inception | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 478,901 | ' | ' | ' |
Stockholders' Rights Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial term of Stockholders' Rights Plan | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unit expressed as a percentage of preferred stock | ' | ' | ' | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of unit | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of purchase rights issued per Common Share subsequently issued | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multiple of share market value to exercise price when purchased | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common stock to be acquired for rights to become exercisable | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial ownership percentage of common stock to be held by a person or a group, for rights to become exercisable | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption value per right | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Key assumptions used to value options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (as a percent) | ' | ' | ' | ' | ' | 1.70% | 0.90% | 1.00% | 2.00% | 1.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (as a percent) | ' | ' | ' | ' | ' | 41.00% | 49.00% | 48.00% | 42.00% | 50.00% | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield (as a percent) | ' | ' | ' | ' | ' | 7.10% | 7.30% | 5.70% | 7.60% | 11.40% | 11.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated life for grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '5 years | '5 years | ' | '6 months | '6 months | '6 months | ' |
Weighted average fair value per share of options granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.10 | $1.12 | $1.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.05 | $2.70 | $3.98 | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 25, 2010 | Sep. 26, 2009 | Apr. 30, 2013 | Sep. 24, 2011 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 26, 2009 | Apr. 30, 2013 | Sep. 25, 2010 | Sep. 26, 2009 | Jun. 25, 2011 | |
FastPencil | REA | Book Manufacturing | Book Manufacturing | Book Manufacturing | Book Manufacturing | Book Manufacturing | Publishing | Publishing | Publishing | ||||||
FastPencil | REA | ||||||||||||||
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangibles related to technology and customer lists | ' | ' | ' | ' | ' | $2,770,000 | ' | $2,770,000 | ' | ' | ' | ' | ' | ' | ' |
Impairment charge for prepublication costs relating to underperforming titles | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | 200,000 |
Goodwill rollforward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 15,988,000 | 16,025,000 | 24,697,000 | ' | 57,391,000 | ' | ' | 15,988,000 | 16,025,000 | 16,289,000 | 16,289,000 | ' | 8,408,000 | 41,102,000 | ' |
Accumulated impairment charges | ' | ' | ' | -32,694,000 | ' | ' | ' | ' | ' | ' | ' | ' | -32,694,000 | ' | ' |
Acquisition of FastPencil | 5,875,000 | ' | ' | ' | ' | 5,875,000 | ' | ' | ' | ' | ' | 5,875,000 | ' | ' | ' |
Impairment charge and other | ' | ' | -8,672,000 | ' | ' | ' | ' | ' | ' | -264,000 | ' | ' | ' | ' | -8,408,000 |
Deferred tax adjustment | -43,000 | -37,000 | ' | ' | ' | ' | ' | -43,000 | -37,000 | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | $21,820,000 | $15,988,000 | $16,025,000 | ' | $57,391,000 | ' | ' | $21,820,000 | $15,988,000 | $16,025,000 | $16,289,000 | ' | $8,408,000 | $41,102,000 | ' |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles (Details 2) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 28, 2013 | Sep. 28, 2013 | Apr. 30, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 28, 2013 | Sep. 24, 2011 | Sep. 25, 2010 | |
Moore Langen | Highcrest Media | FastPencil | FastPencil | FastPencil | Book manufacturing | Book manufacturing | Book manufacturing | Book manufacturing | Book manufacturing | Book manufacturing | Book manufacturing | Book manufacturing | Book manufacturing | Book manufacturing | Book manufacturing | Book manufacturing | ||||
Minimum | Maximum | Customer Lists | Customer Lists | Customer Lists | Technology & Other | Technology & Other | Technology & Other | Trade Name | Trade Name | Trade Name | ||||||||||
Other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | $1,892,000 | ' | ' | ' | ' | ' | ' | ' | $1,892,000 | $2,302,000 | $2,712,000 | $398,000 | $562,000 | $726,000 | $563,000 | $809,000 | $1,055,000 | $931,000 | $931,000 | $931,000 |
Acquisition | ' | ' | ' | ' | ' | 2,770,000 | ' | ' | 2,770,000 | ' | ' | 290,000 | ' | ' | 2,240,000 | ' | ' | 240,000 | ' | ' |
Amortization expense | -629,000 | -410,000 | -410,000 | ' | ' | ' | ' | ' | -629,000 | -410,000 | -410,000 | -183,000 | -164,000 | -164,000 | -439,000 | -246,000 | -246,000 | -7,000 | ' | ' |
Balance at the end of the period | 4,033,000 | 1,892,000 | ' | ' | ' | ' | ' | ' | 4,033,000 | 1,892,000 | 2,302,000 | 505,000 | 398,000 | 562,000 | 2,364,000 | 563,000 | 809,000 | 1,164,000 | 931,000 | 931,000 |
Amortization period | ' | ' | ' | '10 years | '5 years | ' | '3 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated annual amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 925,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 651,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 519,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 503,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | $1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Recurring basis, USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Total Carrying Value | ' | ' |
Fair Value Measurements | ' | ' |
Short-term investments in mutual funds | $900 | $765 |
Investment in convertible promissory note | 500 | ' |
Forward foreign exchange contract | 112 | ' |
Contingent consideration liability | -4,960 | -385 |
Quoted Prices in Active Markets (Level 1) | ' | ' |
Fair Value Measurements | ' | ' |
Short-term investments in mutual funds | 900 | 765 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value Measurements | ' | ' |
Forward foreign exchange contract | 112 | ' |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value Measurements | ' | ' |
Investment in convertible promissory note | 500 | ' |
Contingent consideration liability | ($4,960) | ($385) |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (Recurring basis, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 |
Recurring basis | ' | ' | ' |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3), Contingent Consideration Liabilities | ' | ' | ' |
Balance at the beginning of period | ($385) | ($685) | ($920) |
Change in fair value | -275 | -100 | -165 |
Amounts paid | 400 | 400 | 400 |
Acquisition of business | -4,700 | ' | ' |
Balance at the end of period | -4,960 | -385 | -685 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3), Convertible Promissory Note Investment | ' | ' | ' |
Amounts paid | 500 | ' | ' |
Balance at the end of period | $500 | ' | ' |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (USD $) | 12 Months Ended | ||
Sep. 24, 2011 | Sep. 28, 2013 | Sep. 29, 2012 | |
Fair Value Measurements | ' | ' | ' |
Goodwill impairment charge | $8,672,000 | ' | ' |
Impairment Charge | 8,608,000 | ' | ' |
Prepublication costs | ' | 6,717,000 | 7,135,000 |
Nonrecurring basis | ' | ' | ' |
Fair Value Measurements | ' | ' | ' |
Goodwill impairment charge | 8,408,000 | ' | ' |
Prepublication costs impairment charges | 200,000 | ' | ' |
Impairment Charge | 8,608,000 | ' | ' |
Nonrecurring basis | Fair Value Measurement (Level 3) | ' | ' | ' |
Fair Value Measurements | ' | ' | ' |
Prepublication costs | 7,334,000 | ' | ' |
Assets | 7,334,000 | ' | ' |
Nonrecurring basis | Total Carrying Value | ' | ' | ' |
Fair Value Measurements | ' | ' | ' |
Prepublication costs | 7,334,000 | ' | ' |
Assets | $7,334,000 | ' | ' |
Business_Acquisition_Details
Business Acquisition (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Apr. 30, 2013 | Sep. 28, 2013 | |
item | ||
Purchase price allocation | ' | ' |
Goodwill | ' | $5,875,000 |
FastPencil | ' | ' |
Business acquisition | ' | ' |
Cash paid | 5,000,000 | ' |
Fair value of contingent "earn out" consideration | 4,700,000 | 5,000,000 |
Maximum number of payouts | 3 | ' |
Potential earn out period | '5 years | ' |
Acquisition costs | 250,000 | ' |
Purchase price allocation | ' | ' |
Accounts receivable | 3,000 | ' |
Inventories | 42,000 | ' |
Licensing contract receivable | 1,500,000 | ' |
Amortizable intangibles | 2,770,000 | ' |
Goodwill | 5,875,000 | ' |
Other assets | 32,000 | ' |
Accounts payable and accrued liabilities | -325,000 | ' |
Deferred tax liabilities, net | -197,000 | ' |
Total | 9,700,000 | ' |
Recognition of expense on fair value assessment of the contingent earn out consideration payable | ' | 260,000 |
FastPencil | Minimum | ' | ' |
Business acquisition | ' | ' |
Additional potential earn-out payments under acquisition | 0 | ' |
FastPencil | Maximum | Potential payment, one | ' | ' |
Business acquisition | ' | ' |
Additional potential earn-out payments under acquisition | 6,500,000 | ' |
FastPencil | Maximum | Potential payment, two | ' | ' |
Business acquisition | ' | ' |
Additional potential earn-out payments under acquisition | 1,250,000 | ' |
FastPencil | Maximum | Potential payment, three | ' | ' |
Business acquisition | ' | ' |
Additional potential earn-out payments under acquisition | $5,250,000 | ' |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 24, 2011 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 24, 2011 | Sep. 28, 2013 | Sep. 24, 2011 | Sep. 28, 2013 | Sep. 24, 2011 | Sep. 29, 2012 | |
Accelerated depreciation of equipment | Employee severance, post-retirement and other benefit costs | Employee severance, post-retirement and other benefit costs | Early withdrawal from multi-employer pension plan | Lease termination, facility closure and other costs | Book Manufacturing | Book Manufacturing | Book Manufacturing | Book Manufacturing | Book Manufacturing | Book Manufacturing | Book Manufacturing | Book Manufacturing | Book Manufacturing | Book Manufacturing | Book Manufacturing | Publishing | |||
Selling and administrative expenses | Selling and administrative expenses | Cost of sales | Cost of sales | Employee severance, post-retirement and other benefit costs | Early withdrawal from multi-employer pension plan | Early withdrawal from multi-employer pension plan | Lease termination, facility closure and other costs | Lease termination, facility closure and other costs | Selling and administrative expenses | ||||||||||
Restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax charge | ' | $3,300,000 | $1,400,000 | ' | $1,900,000 | ' | ' | $7,700,000 | ' | $1,000,000 | $400,000 | $1,700,000 | $7,300,000 | $2,300,000 | ' | $2,100,000 | ' | $3,300,000 | $600,000 |
Restructuring payments included in Other current liabilities | 200,000 | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring payments included in Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected payment | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period over which remaining payments for restructuring costs will be made | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 years | ' | '2 years | ' | ' |
Remaining accrual balances for restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrual at the beginning of the period | 4,607,000 | ' | ' | 870,000 | ' | 2,072,000 | 1,665,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges or Reversals | 26,000 | ' | ' | ' | ' | ' | 26,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs Paid or Settled | -1,083,000 | ' | ' | -562,000 | ' | -71,000 | -450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrual at the end of the period | $3,550,000 | $4,607,000 | ' | $308,000 | $870,000 | $2,001,000 | $1,241,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_Income_per_Share_Details
Net Income per Share (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 |
Net Income per Share | ' | ' | ' |
Weighted average shares for basic | 11,277 | 11,849 | 11,985 |
Effect of potentially dilutive shares | 154 | 79 | 37 |
Weighted average shares for dilutive | 11,431 | 11,928 | 12,022 |
Share_Repurchase_Plan_Details
Share Repurchase Plan (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |
Nov. 20, 2012 | Apr. 30, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Share Repurchase Plan | ' | ' | ' | ' |
Authorized share repurchase amount | $10,000,000 | $10,000,000 | ' | ' |
Effective duration of plan | '12 months | ' | ' | ' |
Shares repurchased | ' | ' | 123,261 | 823,970 |
Value of shares repurchased | ' | ' | $1,568,000 | $10,000,000 |
Operating_Segments_Details
Operating Segments (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 25, 2010 | Sep. 26, 2009 |
item | |||||
Operating Segments | ' | ' | ' | ' | ' |
Number of operating segments | 2 | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Net sales | $274,919 | $261,320 | $259,375 | ' | ' |
Operating income (loss) | 18,615 | 15,070 | -21 | ' | ' |
Total assets | 216,994 | 197,360 | 213,026 | ' | ' |
Goodwill, net | 21,820 | 15,988 | 16,025 | 24,697 | 57,391 |
Depreciation | 19,058 | 20,381 | 18,129 | ' | ' |
Amortization | 4,468 | 4,679 | 5,033 | ' | ' |
Capital expenditures and prepublication costs | 25,589 | 14,003 | 20,011 | ' | ' |
Interest expense, net | 803 | 895 | 921 | ' | ' |
Export sales as a percentage of consolidated sales | 23.00% | 21.00% | 20.00% | ' | ' |
Receivables | Credit concentration | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Concentration risk percentage | 48.00% | 43.00% | ' | ' | ' |
Book Manufacturing | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Net sales | 247,406 | 233,040 | 230,229 | ' | ' |
Operating income (loss) | 21,953 | 20,713 | 14,822 | ' | ' |
Total assets | 177,313 | 155,487 | 169,758 | ' | ' |
Goodwill, net | 21,820 | 15,988 | 16,025 | 16,289 | 16,289 |
Depreciation | 17,865 | 19,317 | 17,061 | ' | ' |
Amortization | 629 | 410 | 410 | ' | ' |
Capital expenditures and prepublication costs | 21,294 | 8,661 | 15,128 | ' | ' |
Percentage of export sales in particular segment | 95.00% | 92.00% | 90.00% | ' | ' |
Book Manufacturing | Sales | Customer concentration | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Number of major customers | 2 | ' | ' | ' | ' |
Book Manufacturing | Sales | Customer concentration | Largest customer | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Concentration risk percentage | 33.00% | 30.00% | 30.00% | ' | ' |
Book Manufacturing | Sales | Customer concentration | Another customer | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Concentration risk percentage | 23.00% | 25.00% | 23.00% | ' | ' |
Publishing | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Net sales | 37,635 | 38,355 | 40,829 | ' | ' |
Operating income (loss) | -2,069 | -4,364 | -4,821 | ' | ' |
Total assets | 28,610 | 28,968 | 32,874 | ' | ' |
Goodwill, net | ' | ' | ' | 8,408 | 41,102 |
Depreciation | 463 | 394 | 355 | ' | ' |
Amortization | 3,839 | 4,269 | 4,623 | ' | ' |
Capital expenditures and prepublication costs | 3,857 | 4,670 | 4,522 | ' | ' |
Unallocated | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Net sales | -10,122 | -10,075 | -11,683 | ' | ' |
Operating income (loss) | -1,269 | -1,279 | -10,022 | ' | ' |
Total assets | 11,071 | 12,905 | 10,394 | ' | ' |
Depreciation | 730 | 670 | 713 | ' | ' |
Capital expenditures and prepublication costs | 438 | 672 | 361 | ' | ' |
Interest expense, net | $803 | $895 | $921 | ' | ' |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | |||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 29, 2007 | |
Retirement Plans | ' | ' | ' | ' |
Retirement costs | $3,530,000 | $3,085,000 | $3,286,000 | ' |
Accrued liability of PSSP | 1,500,000 | 1,200,000 | ' | ' |
Percentage of employee's compensation which eligible employees can contribute towards the plan | 100.00% | ' | ' | ' |
Percentage of employer's contribution under 401(k)/PSPP matching the first 2 percent of employee's compensation | 100.00% | ' | ' | ' |
Percentage of the first portion of employee's compensation eligible for employer's matching contribution | 2.00% | ' | ' | ' |
Percentage of employer's contribution under 401(k)/PSPP matching the next 4 percent of employee's compensation | 25.00% | ' | ' | ' |
Percentage of the second portion of employee's compensation eligible for employer's matching contribution | 4.00% | ' | ' | ' |
Period over which no shares were allocated to the participants of the plan | '3 years | ' | ' | ' |
Number of shares that ESOP held on behalf of the participants | 293,781 | ' | ' | ' |
Dover plan | ' | ' | ' | ' |
Retirement Plans | ' | ' | ' | ' |
After-tax reduction of prior service costs | ' | ' | ' | 500,000 |
Other changes in plan assets and obligations recognized in other comprehensive income (loss): | ' | ' | ' | ' |
Accumulated other comprehensive loss at beginning of year | -949,000 | -854,000 | ' | ' |
Net gain/(loss) incurred in year, net of tax | 44,000 | -169,000 | ' | ' |
Amortization of actuarial net losses, net of tax | 87,000 | 74,000 | ' | ' |
Accumulated other comprehensive loss at end of year | -818,000 | -949,000 | -854,000 | ' |
Change in projected benefit obligation: | ' | ' | ' | ' |
Benefit obligation at beginning of year | 3,183,000 | 3,001,000 | ' | ' |
Administrative cost | 7,000 | 7,000 | 7,000 | ' |
Interest cost | 100,000 | 116,000 | 128,000 | ' |
Actuarial (gain)/loss | -155,000 | 264,000 | ' | ' |
Benefits paid | -298,000 | -205,000 | ' | ' |
Benefit obligation at end of year | 2,837,000 | 3,183,000 | 3,001,000 | ' |
Change in plan assets: | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | 2,323,000 | 2,266,000 | ' | ' |
Actual return on plan assets | 34,000 | 120,000 | ' | ' |
Employer contributions | 63,000 | 142,000 | ' | ' |
Benefits paid | -298,000 | -205,000 | ' | ' |
Fair value of plan assets at end of year | 2,122,000 | 2,323,000 | 2,266,000 | ' |
Funded status at end of year | -715,000 | -860,000 | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Administrative cost | 7,000 | 7,000 | 7,000 | ' |
Interest cost | 100,000 | 116,000 | 128,000 | ' |
Expected return on plan assets | -132,000 | -129,000 | -138,000 | ' |
Amortization of unrecognized net loss | 138,000 | 116,000 | 91,000 | ' |
Net periodic benefit cost | 113,000 | 110,000 | 88,000 | ' |
Projected benefit obligation | ' | ' | ' | ' |
Discount rate (as a percent) | 4.00% | 3.25% | 4.00% | ' |
Rate of compensation increase | 0.00% | 0.00% | 0.00% | ' |
Expected return on plan assets (as a percent) | 6.00% | 6.00% | 6.00% | ' |
Net periodic benefit cost | ' | ' | ' | ' |
Discount rate (as a percent) | 3.25% | 4.00% | 4.50% | ' |
Rate of compensation increase | 0.00% | 0.00% | 0.00% | ' |
Expected return on plan assets (as a percent) | 6.00% | 6.00% | 6.00% | ' |
Expected cash contributions to pension plan by the company | $118,000 | ' | ' | ' |
Percentage of assets allocated to guaranteed insurance contracts | 100.00% | ' | ' | ' |
Retirement_Plans_Details_2
Retirement Plans (Details 2) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||
Sep. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 24, 2011 | Jan. 06, 2013 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | 2-May-13 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Multi-employer pension plan | Multi-employer pension plan | Multi-employer pension plan | Multi-employer pension plan | Bindery Industry Employers GCC/IBT Pension Plan | Bindery Industry Employers GCC/IBT Pension Plan | Bindery Industry Employers GCC/IBT Pension Plan | Bindery Industry Employers GCC/IBT Pension Plan | GCIU - Employer Retirement Benefit Plan | GCIU - Employer Retirement Benefit Plan | GCIU - Employer Retirement Benefit Plan | GCIU - Employer Retirement Benefit Plan | GCIU - Employer Retirement Benefit Plan | GCIU - Employer Retirement Benefit Plan | GCIU - Employer Retirement Benefit Plan | ||
item | Minimum | Maximum | Early withdrawal from multi-employer pension plan | item | Maximum | Maximum | Maximum | |||||||||
item | ||||||||||||||||
Multi-employer pension plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of plans | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of contributing employers | ' | ' | 2 | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of collective bargaining agreements | ' | 2 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contributions | ' | ' | ' | ' | ' | ' | $193,000 | $198,000 | $193,000 | ' | $167,000 | $131,000 | $143,000 | ' | ' | ' |
Percentage of employer's contribution | ' | ' | ' | ' | ' | ' | 70.00% | 70.00% | 70.00% | ' | ' | ' | ' | 5.00% | 5.00% | 5.00% |
Employer contributions | ' | 352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of under funded plan with status of critical "red" | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract term of the plan | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' |
Pre-tax charge | $3,300,000 | ' | ' | ' | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Income_Details
Other Income (Details) (USD $) | 12 Months Ended | 3 Months Ended |
Sep. 29, 2012 | Dec. 24, 2011 | |
Cell phone company | ||
item | ||
Disposition of assets | ' | ' |
Number of cell-tower sites with leased non-operating real property to cell phone companies | ' | 2 |
Gain on sale and assignment of non-operating real property | $587,000 | $587,000 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent event, USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
item | |
Subsequent event | ' |
Number of agreements expected to be closed | 2 |
Digital Page | ' |
Subsequent event | ' |
Ownership interest (as a percent) | 40.00% |
Purchase price | 9,000 |
SCHEDULE_II_CONSOLIDATED_VALUA1
SCHEDULE II CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | |
Allowance for uncollectible accounts | ' | ' | ' |
Valuation and qualifying accounts | ' | ' | ' |
BALANCE AT BEGINNING OF PERIOD | $944,000 | $789,000 | $968,000 |
ADDITIONS CHARGED TO REVENUES AND EXPENSES | 139,000 | 199,000 | 868,000 |
DEDUCTIONS | 143,000 | 44,000 | 1,047,000 |
BALANCE AT END OF PERIOD | 940,000 | 944,000 | 789,000 |
Returns allowance | ' | ' | ' |
Valuation and qualifying accounts | ' | ' | ' |
BALANCE AT BEGINNING OF PERIOD | 2,496,000 | 2,377,000 | 2,108,000 |
ADDITIONS CHARGED TO REVENUES AND EXPENSES | 1,972,000 | 3,332,000 | 3,823,000 |
DEDUCTIONS | 2,396,000 | 3,213,000 | 3,554,000 |
BALANCE AT END OF PERIOD | $2,072,000 | $2,496,000 | $2,377,000 |